Loading...
HomeMy WebLinkAbout01-05-07 Jw5 -00'125 FAMILY SETTLEMENT AGREEMENT AGREEMENT made this Iq ~ day of October 2006 by and among Sonia B. Frederick and Keith N. Bahner. WHEREAS, Sonia B. Frederick, the only child of Anne Marshall Bahner, and Keith N. Bahner are the sole Beneficiaries named in the Last Will and Testament of Anne Marshall Bahner; and WHEREAS, each of the parties has personally examined the Last Will and Testament of Anne Marshall Bahner, a true and correct copy of which is attached hereto and made a part hereof as Exhibit "A"; and WHEREAS, Sonia B. Frederick and Keith N. Bahner have been duly appointed The Personal Representatives of the Estate of Ann Marshall Bahner; and WHEREAS, each of the parties has reviewed the First and Final Account of Keith N. Bahner and Sonia B. Frederick, Personal Representatives of the Estate of Ann Marshall Bahner; and WHEREAS, each of the parties acknowledge receipt of their distribution in accordance with the Last Will and Testament and mutual agreement of the beneficiaries; and r--.:> ("") gg WHEREAS, the Beneficiaries desire to settle the Estate informally in order ~~ ~ avoid the expense and delay involved with the formal adjudication of a First '~al ~ Account by the Orphans Court Division of the Court of Common Pleas of Cil~d J, County, Pennsylvania; and~i ~ ~:~ _" >-, ~--- -0 ::_~~ Tl ~ NOW THEREFORE, intending to be legally bound, the parties hereby agree1fs C) \.D Follows: 1. Recitals. All of the foregoing premises are true and correct, and are incorporated By reference in this Agreement. 2. Waiver of Formal Account. Each party waives his or her right to have the First And Final Account of Keith N. Bahner and Sonia B. Frederick, Personal Representatives of the Estate of Ann Marshall Bahner filed with the Register of Wills of Cumberland County, Pennsylvania. Each party accepts and approves the accou~ with the same force and effect as if it had been filed in the Office of the Register of Wi~ls of Cumberland County, Pennsylvania, audited in the Orphans' Court of that count~, adjudicated and confirmed absolutely, and the amounts distributed as shown thereiq paid to the persons entitled after having been duly awarded to those persons by order o~the Orphans Court. ..' '-- .' 3. Acknowledgment of the Distributive Shares. Each party acknqwledges that the Distributive share or amount received shall be in full satisfaction of their respective entitlements under the Will, and acknowledge that they have received their respective share. 4. Release of Personal Representatives. Each party hereby absolutely releases and Discharges Keith N. Bahner and Sonia B. Frederick, Personal Representatives of the Estate of Ann Marshall Bahner, of and from any and all claims and rights he or she now has or may in the future have against the Estate and Personal Representatives, whether due to negligence or otherwise, which he or she may have by reason of administration of the Estate. 5. Agreement Binding on Heirs. This Agreement shall be binding and shall inure To the benefit of the parties hereto and their respective heirs, next-()f-kin, devisees, legatees, beneficiaries, appointees, executors, administrators, personal representatives, and assigns. 6. Indemnification. Each party agrees to indemnify and hold harml1ess the Personal Representatives from and against any and all claims, loss, liability pr damage (whether or not related to negligence of the Personal Representatives) that mayihereafter be asserted against the Estate or Personal Representatives. 7. Refund. Each party agrees and understands that it is the duty of the residuary beneficiary to refund to the Estate any amount which may be necessary in the future to discharge any obligations and liabilities of the Estate of which the party may hereafter receive notice. 8. Personal Jurisdiction. Each party consents to the Court exercising personal Jurisdiction over him or her in any suit or action arising out of enforcement of this Agreement. 9. Counterparts. This Agreement may be executed in counterparts. 10. Entire Understanding. This Agreement represents the entire understanding Among the parties hereto with respect to the subject matter hereof, and this Agreement Supersedes all previous representations, understandings, or agreements, oral or written, between the parties with respect to the subject matter hereof. No promise or inducement that is not herein expressed has been made to any of the parties, and those parties do not rely upon any statement or representation made by any person. 11. Modification. This Agreement may not be modified except bya written Instrument signed by all of the parties and acknowledged by each of the parties before a notary public or other office qualified to administer oath. 12. Controlling Law. This Agreement shall be interpreted according to and Governed by the laws of the Commonwealth of Pennsylvania. 13. Severability. If any term, condition, clause or provision of this Agreement shall Be determined or declared to be void or invalid in law or otherwise, then only that term, Condition, clause or provisions shall be stricken from this Agreemtnt. In all other respects, this Agreement shall be valid and continue in full force, e feet, and operation. 14. Recording. Each party consents to the recording and indexing. f this Agreement In the estate proceedings. IN WITNESS WHEREOF, the parties have set their hands and seals on the day and year Aforesaid. c~~~ Witnj:Li' \ Witness K~ '-"~ t2J~~ Sonia B. Frederick