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Home My WebLink About95-01354 ":,. .J . . ;c~, _ fj' I: ,-~ , -.t'.., . ..~,.;:{: . : .~<, {~i~\ ...,:~iAij,~~~;i~'li;:;:; ,.. ",', I- } . . t' ',',..'j..-,. - fc~. .. IN THE COURT OF COHMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA v. ) ) ) ) ) ) ) ) ) ) ) Civil Division No. 1':;- /j1-q 0~&.vL CONSUMERS LIFE INSURANCE COMPANY, a Delaware corporation, plaintiff, ., GENEVA PROPERTIES, INC., a pennsylvania corporation, Defendant. HOTICE or SHERIrr's SALE or REAL PROPERTY PURSUANT TO PBNNSYLVANIA RULE or CIVIL PROCEDURE 3129.2 KINDLY TAKE NOTICE: That the Sheriff's Sale of Real property (real estate) will be held: DATE: June 7, 1995 TIME: 10:00 A.M. LOCATION: CUmberland County courthouse commissioner's Hearing Room - 2nd Floor One courthouse square Carlisle, PA 17013 THE PROPERTY TO BE SOLD is delineated in detail in a legal description mainly consisting of a statement of the measured boundaries of the property, together with a brief mention of the buildings and any other major improvements erected on the land. (SEE DESCRIPTIOtl A'1"l'ACHED HERETO AS EXHIBIT "A"). THE LOCATION of the property to be sold is: All that tract of land situate, lying and being in upper Allen Township, Cumberland county, Pennsylvania, being known as Kensing- ton on a plan of lots, I o THE JUDGMENT under or pursuant to whioh the property is being sold is dooketed in the within Commonwealth and County tOI No. . THE NAME OF THE OWNER OR REPUTED OWNER of this property iSI Genova Properties, Inc. A SCHEDULE OF DISTRIBUTION, being a list of the persons and/or governmental or corporate entities or agenoies being en- titled to receive part of the prooeeds of the sale received and to be disbursed by the Sheriff (for example, to bankS that hold mortgages and munioipalities that are owed taxes) will be filed by the Sheriff of this county not later than thirty (30) days after the sale and distribution of the prooeeds of sale in ac- oordanoe with this sohedule will, in faot, be made unless someone objeots by filing exoeptions to it within ten (10) days of the date it is filed. ' Information about the Sohedule of Distribution may be ob- tained from the Sheriff of the Court of common Pleas of the within county at the Courthouse address speoified herein. CUMBERLAND COUNTY SHERIFF'S OFFICE ALL THAT CERTAIN tract of land situate in Upp~c Al1en Township, Cumberland County, Pennsylvania, as shown on a Topographic & Boundary Survey Plan for Geneva Properties, Inc, "Kensington" dated November 13, 1989, last revised January 29, 1990, as prepared by J, Michael Bril1 & Associates, Inc., more particularly bounded and described as follows, to wit: , ' BEGINNING at an icon pin on the noctherly right-of-way line of Geneva Drive (filty (50) feet wide) at the dividing line between lands herein described and lands now or formerly of Meadowood Apartments; thence along said lands now or formecly of Meadowood Apartments and continuing along lands now or formerly of George J, Adams (Delancey Court Condominiums and The Gacdens Apartments), Nocth twenty degrees fifty-nine minutes zero seconds West (N 200 59' 00' W), a dislance of eight hundced forty-four and forty-tWO hundcedths (844.42) feet to an icon pin at lands now or focmerly of Village of Moceland, Inc.; thence along said lands now or focmerly of Village of Moreland, Inc., North sixty- seven degrees thirty-eight minutes forty-five seconds East (N 670 38' 45" E), a distance of five hundced forty and seventy-thcee hundcedths (540.73) feet to an icon pin at lands noW or formerly of Harlin J, Wall (Sunguild Condominiums); thence along said lands now or formerly of Harlin J, Wall (Sunguild Condominiums), South twenty-two degrees twenty-five minutes thirty seconds East (S 220 25' 30" E), a distance of six hundced sixty-two and twenty-four hundredths (662.24) feet to a point on the northerly right-of-way line of Geneva Drive; thence along said northecly right-of-way line of Geneva Drive, by a curve to the left having a radius of eight hundced twenty-live (825.00) feet, an arc dislance of one hundred fifty-four and nine hundredths (154,09) feet to a point; thence along same, by a curve to the right having a radius of seven hundced seventy-live (775.00) feet, an arc distance of four hundred forty-four and eighty-two hundredths (444,82) feet to an icon pin, the point and place of BEGINNING, TOGETHER with any and all rights of the Grantor in and to that portion of the pcemises which extends into Geneva Drive. TOGETHER with the impcovements ecected theceon. BEING the same pcemises which R. A. Ortenzio and Nancy M. Ortenzio, his wife, by deed dated October 3, 1989, cecorded October 13, 1989, in Cumberland County Deed Book F, Volume 34, Page 476, granted and conveyed unto Geneva Properties, Inc" a Pennsylvania corporation. SAID PROPERTY having been subdivided, subjected to a condominium regime and .- developed pucsuant to a development plan as fol1ows: A, The Initial Plats and Plans cecorded in Plan Book 61, Page 93, as amended, including, but not limited to, the fol1owing: (i) Plats and Plans for First Amendment to Declacation recorded in Plan Book 63, Page 98; , " (Ii) Plats and Plans for Thlcd Amendment to Declaration recorded in Plan Book 64, Page 12; (iii) Plats and Plans for Fourth Amendment to Declaration recocded in Plan Book 66, Page 34, as subsequently amended; (iv) Plats and Plans for Fifth Amendment to Declaration recorded in pla1l Book 66, Page 100, as subsequently amended; and (v) Plats and Plans for Sixth Amendment to Declaration cecorded in Plan Book . 67, Page 84. B. Declaration of Condominium foc Brighton Place, a Condominium, dated October 11, 1990, recocded in Book 388, Page 265. as amended, including, but not limited to, the following: (i) First Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated October 30, 1991, cecocded in Book 407, Page 92; (Ii) Second Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated November 26, 1991, cecocded in Book 407, Page 1169; (Iii) Thicd Amendment to Declaration of Condominium of Brighton Place, a Condominium. dated March 2, 1992, recocded in Book 413, page 59: (iv) Fourth Amendment to Declaration of Condominium of Brighton Place. a Condominium, dated May 21. 1993, cecorded in Book 444, Page 985; (v) Fifth Amendment to Declaration of Condominium of Brighton Place. a Condominium, dated August 10, 1993, cecorded in Book 451. Page 517; (vi) Sixth Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated February 8, 1994, cecorded in Book 465. page 1040: and (vii) Seventh Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated July 18, 1994, recocded in Book 478, Page 292. C, Final Land Development recocded in Plan Book 60, Page 26. .; TOGETHER with undivided intecests in common aceas, both limited and general, as described in the foccgoing documents. \.... . TOGETHER with Geneva Pcopertles, Inc. 's rights as "Developer" andlor "Declarant" under the organizational documents and agreements with respect to the Brighton Place Condominium Association, including, but not limited to, the by-laws and rules and regulations for such association, EXCEPTING, however, from the focegolng the following Condominium Units, which have heretofore been conveyed to third parties, together with the undivided interests in Cbmmon areas associated therewith: Units 482 thcough 514,531,533,535,537,540,541,544,545, 547, 552, 554, 558, 559,560, and 562 through 598. .;, rrn161147.1 IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA plaintift , ) ) ) ) ) civil Division l No. qj.. /jC4 (1_~L-L JJAr' ) ) ) ) CONSUMERS LIFE INSURANCE COMPANY, a Delaware corporation, v. GENEVA PROPERTIES, INC., a pennSYlvania corporation, Defendant, AFrIDAVIT PURSUANT TO RULE 3129.1 Consumers Life Insurance company, plaintiff in the above- captioned action, sets forth as of the date of the Praecipe for the Writ of Execution was filed, the fOllowing information concerning the real property situate in Upper Allen Township, cumberland county, Pennsylvania, and described more particularly on Exhibit "A" attached hereto. 1. Name and address of owner or reputed owner: Geneva Properties, Inc. c/o Dr. Domingo T. Alvear, president 60 Pleasant Grove Road Mechanicsburg, PA 17055 2. Name and last known address of Defendant in the judg- ment: Geneva Properties, Inc. c/o Dr. Domingo T. Alvear, President 60 Pleasant Grove Road Mechanicsburg, PA 17055 ."-""""",",,,..._..-_._...,,.,-<',--,--~-.,~ , . 3. Name and address of every jUdgment creditor whose jUdgment is a record lien on the real property to be Boldl Consumers Lite Inaurance company 1200 Camp Hill By-pass Camp Hill, PA 17011 Denlinger, Inc. P.O. Box 369 Paradise, PA 17562 Eberly Lumber Company of Mechanicsburg 135 West Allen street Mechanicsburg, PA 17055 George J. Adams 3780 Trindle Road, suite 3 Camp Hill, PA 17011 4. Name and address of the last recorded holder of every mortgage ot record I consumers Lite Insurance company 1200 camp Hill By Pass camp Hill, PA 17011 Matt Corporation 1200 camp Hill By Pass Camp Hill, PA 17011 Keeter, Wood, Allen' Rahal 210 Walnut street Harrisburg, PA 17101 Venerand G. Bruno-Alvear, M.D. 60 Pleasant Grove Road Mechanicsburg, PA 17055 Domingo T. Alvear, M.D. " 60 Pleasant Grove Road Mechanicsburg, PA 17055 Miller , Norford, Inc. 700 Ayers Avenue Lemoyne, PA 17043 5. Name and address of every other person who has any record lien on the property: Tax Claim Bureau of Cumberland county 1 Courthouse square CarliSle, PA 17013 -2- ,."....,-- .. 6. Name and address of every other person who has any record interest on the property and whose intsrest may be af- fected by the salel None. 7. Name and address of every other person of whom the plaintiff has knowledge who has any interest in the property which may be affected by the salel Brighton Place, a Condominium Association clo property Management, Inc. P.O. Box 622 Lemoyne, PA 17043 The information provided in the foregoing Affidavit is provided solely to comply with the Pennsylvania Rules of civil Procedure 3129.1 and it is not intended to be a comprehensive abstract of the condition of the title of the real estate which is being sold under this execution. No person or entity is entitled to rely on any statements made herein in regard to the condition of the title of the property or to rely on any state- ment herein in formulating bids which might be made at the sale of the property. [Remainder of page intentionally blank.] -3- Respectfully submitted, CONSUMERS LIFE . . . . I verifY that the statements made in this Affidavit are true and correct to the best of my personal knowledge or information and belief. I understand that false statements herein are made subject to the penalties of 18 Pa. c.S. 5 4904 relating to unsworn falsification to authorities. es c. Robertson, president Dated: March I?', 1995 "SIP . , , j',..\ '."..1 -4- ".i ;; ,. t;, ,..t ;,' ': 1 . ! IJ"> en - ~>- -d: lJj r;S ~',~ (..);:,-c.'.," l:n'.J:;; IL, :1:,~~... f., .*. ~t: ...1 , ~ "'l>~ i'),;'; ;'/l ..J:_ec.."'= ;! .....~L!t~ '-\::;iiw.. 1..8 '-' ~ 0..... 0'> ..... M L.r> "'" -< = . . IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CONSUMERS LU'E INSURANCE COMPANY, a Delaware corporation, ) ) ) ) ) civil Division l No. ClJ - d5!( O~ ) ) ) ) plaintiff, v. GENEVA PROPERTIES, INC., a pennsylvania corporation, Defendant. AP~IDAVIT PURSUANT TO RULB 3129.1 Consumers Life Insurance company, Plaintiff in the above- captioned action, sets forth as of the date of the Praecipe for the writ of Execution was filed, the following information concerning the real property situate in Upper Allen Township, cumberland county, Pennsylvania, and described more particularly on Exhibit "A" attached hereto. 1. Name and address of owner or reputed owner: Geneva properties, Inc. c/o Dr. Domingo T. Alvear, president 60 Pleasant Grove Road Mechanicsburg, PA 17055 2. Name and last known address of Defendant in the judg- ment: Geneva properties, Inc. c/o Dr. Domingo T. Alvear, President 60 Pleasant Grove Road Mechanicsburg, PA 17055 : , .. , 3. Name and address of every judgment or editor whose judgment is a reoord lien on the real property to be sold: consumers Life 1200 Camp Hill Camp Hill, PA Inauranoe company By-pass 17011 Denlinger, Ino. P.O. Box 369 Paradise, PA 17562 Eberly Lumber Company of Meohaniosburg 135 West Allen street Mechaniosburg, PA 17055 George J. Adams 3780 Trindle Road, suite 3 camp Hill, PA 17011 4. Name and address of the last recorded holder of every mortgage of record: Consumers Life Insuranoe company 1200 camp Hill By Pass Camp Hill, PA 17011 Matt corporation 1200 camp Hill By Pass camp Hill, PA 17011 Keefer, Wood, Allen' Rahal 210 Walnut street Harrisburg, PA 17101 Venerand G. Bruno-Alvear, M.D. 60 Pleasant Grove Road Mechanicsburg, PA 17055 Domingo T. Alvear, M.D. 60 Pleasant Grove Road Mechanicsburg, PA 17055 Miller , Norford, Inc. 700 Ayers Avenue Lemoyne, PA 17043 5. Name and address of every other person who has any record lien on the property: Tax claim Bureau of Cumberland county 1 Courthouse Square Carlisle, PA 17013 -2- . . .6. Name and address of every other person who has any record interest on the property and whose interest may be af- fected by the sale: None. 7. Name and address of every other person of whom the Plaintiff has knowledge who has any interest in the property which may be affected by the sale: Brighton Place, a condominium Association c/o Property Management, Inc. P.O.BOK 622 Lemoyne, PA 17043 The information provided in the foregoing Affidavit is provided solely to. comply with the pennsylvania Rules of civil Procedure 3129.1 and it is not intended to be a comprehensive abstract of the condition of the title of the real estate which is being sold under this execution. No person or entity is entitled to rely on any statements made herein in regard to the condition of the title of the property or to rely on any state- ment herein in formulating bids Which might be made at the sale of the property. [Remainder of page intentionally blank.] -3- Dated: March I~ , 1995 13549 COMPANY . . I verify that the statements made in this Affidavit are true and correct to the best of my personal knowledge or information and belief. I understand that false statements herein are made subject to the penalties of 18 Pa. e.s. S 4904 relating to unsworn falsification to authorities. Respectfully sUbmitted, By -4- . . I' IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CONSUMERS LIFE INSURANCE COMPANY, a Delaware corporation, plaintiff, ) ) ) ) ) civil Division ) ) No. 95-1354 civil ) ) ) ) v. GENEVA PROPERTIES, INC., a Pennsylvania corporation, Defendant. II CZRTIPIC~TB OP SERVICE I hereby certify that on May ~, 1995, copies of a Amended Notice of Sheriff'S Sale of Real property pursuant to pennsylvania Rule of civil procedure 3129.2 were duly served, via first-class United states mail, postage prepaid, on the following parties pursuant to Rule 3129.2 of the pennsylvania Rules of civil procedure: , consumers Life Insurance company :.-- 1200 camp Hill By-Pass ~Ucamp Hill, PA 17011 Denlinger, Inc. P.O. Box 369 Paradise, PA 17562 Eberly Lumber company of Mechanicsburg 135 West Allen street Mechanicsburg, PA 17055 George J. Adams 3780 Trindle Road, suite 3 Camp Hill, PA 17011 Matt corporation 1200 camp Hill By Pass camp Hill, PA 17011 ....., en - :,h... .~.~. -, - lJJ ~_~ ;':-1 (~l -j U:~ ~ .. = -:-r N III > ~ I<~~;: Lrl - -. = r:%..t- :~; ;-' ,\, .fl. .,. " ~ " Keefer, Wood, Allen , Rahal 210 Walnut street Harrisburg, PA 17101 Venerand G. Bruno-Alvear, M.D, 60 pleasant Grove Road Mechanicsburg, PA 17055 Domingo T. Alvear, M.D. 60 Pleasant Grove Road Machanicsburg, PA 17055 Miller , Norford, Inc. 700 Ayers Avenue Lemoyne, PA 17043 Tax Claim Bureau of cumberland county 1 courthouse square carlisle, PA 17013 pennsylvania power & Light company 2 North Ninth street Allentown, PA 18101 Mechanicsburg Water company 317 North Market street Mechanicsburg, PA 17055 Sammons communications of pennsylvania, Inc. 4601 Smith street Harrisburg, PA 17109-1597 The Bell Telephone company of pennsylvania One parkway Philadelphia, PA 19102 Socony Vacuum oil company, Incorporated 26 Broadway New York, NY 10006 commonwealth of pennsylvania Department of Revenue Bureau of corporation Taxes 7th Floor, strawberry square Harrisburg, PA 17128 ., c::u ,'-' - 2 - '",~,\l<<"'Ift- LI"> en \-,"1 ~..~ .~~_: l"~: . ; ...... ti ;..;() -~, ::>r.U", ~- ~ .~. ~:. ':1;~ ,:.-,-::. . ~.'u 1"." .J ~:;U ., ~ N t.n >- _t = I, ~ ~l113fL>"",'...'i ~~<", ',',"', .~~~~i'~'~I:?~",;~':c"t["';""':'" 0':"0 ~."..,.. \..,. 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I' ... ..... 41 41 t ~ ~ Ul ... ~ 'Q\ B' ~ 11 ~ ~ ~ '.... ;;; 1'1 ~ M c;J {8 ~ "- Ie ... on o , ... on ... , o .. .. .. ... ... o ;!:z :Jill _0 <(0 ~J ...i l!!~ <('" ~h wd ~.. ~! all! D~ w 15~ UI ~~ ~ filo: ~ ..0 I;; ,,~ 0.... l\. cog vi )0> " if :~~:~:.'X, ':~?:~~;;:.~.:.~.':'-~ - I. --'1 - (I [' I' I'. ~, > ,l " , Cl '0 :0: ~ , ~ III ~ .... ~ 41 g \.A Cl ... , l: Eo< ~ ~ ~ ~ r~ ; '" OJ ... \.A ... l ~ ill l: '.... ~ 41 ti ~ ~ 8l In In . o '.... .... c ..... jj 8 ..; 1 ,~ '" ; u il B> i :0: .B e !il lji -a 'M , 0 C . ... 113 '0 U) {j 8 ..... Ql! .l:J :I: A U ... ~ ... VI ... ~ ~ 1'1 c;J ... ~ ~ . " '.,\ ' \" Brighton Place, a Condominium Association clo property Management, Inc, P.O.Box 622 Lemoyne, PA 17043 copies of each certificate of Mailing are attached to this certificate of service. Chr Pa. ECKERT SEAMANS CHERIN , MELLOTT One South Market square Building 213 Market Street Harrisburg, PA 17101 (717) 237-6000 Attorneys for plaintiff, Consumers Life Insurance company \ , PIT: 171014.1 - 3 - ~ :.'" -'...... .1-, .. .1 IJ j';: ;.~:~ '-' ;~-~ ,- .:. :,.1 . , , g:; N '" - - If. - <"}i"' ) ,... -, ~ ... ~ t":" .., . ;- . ,~ " IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA plaintiff, ) ) ) ) ) ) ) ) ) ) ) civil Division CONSUMERS LIFE INSURANCE COMPANY, a Delaware corporation, v. No. 9.1'- /Jfj/ {:tt/~/~\ GENEVA PROPERTIES, INC., a pennsylvania corporation, Defendant. NOTICB OF SHBRIFF'S SALB OF RIAL PROPERTY pURSUaNT TO PBNNSYLVANIA RULB or CIVIL PROCBDURB !129.2 ~INDLY TAKE NOTICE: That the Sheriff's Sale of Real property (real estate) will be held: DATE: TIME: June 7, 1995 10:00 A.M. LOCATION: cumberland county courthouse commissioner's Hearing Room - 2nd Floor One courthouse square carlisle, PA 17013 THE PROPERTY TO BE SOLD is delineated in detail in a legal description mainly consisting of a statement of the measured boundaries of the property, together with a brief mention of the buildings and any other major improvements erected on the land. (SEE DESCRIPTION ATTACHED HERETO AS EXHIBIT "A"). THE LOCATION of the property to be sold is: All that tract of land situate, lying and being in upper Allen Township, cumberland county, pennsylvania, being known as Kensing- ton on a plan of lots. I ~ l~ r I 1 THE JUDGMENT under or pursuant to which the property is being sold is docketed in the within Commonwealth and County to: No. THE NAME OF THE OWNER OR REPUTED OWNER ot this property is: Geneva properties, Inc. A SCHEDULE OF DISTRIBUTION, being a list ot the persons and/or governmental or corporate entities or agencies being en- titled to receive part ot the proceeds ot the sale received and to be disbursed by the Sheritf (for example, to banks that hold mortgages and municipalities that are owed taxes) will be filed by the Sheriff of this county not later than thirty (30) days after the sale and distribution of the proceeds of sale in ac- cordance with this schedule will, in fact, be made unless someone objects by filing exceptions to it within ten (10) days of the date it is filed. Information about the Schedule of Distribution may be ob- tained from the Sheriff of the Court of Common Pleas of the within county at the Courthouse address specified herein. CUMBERLAND COUNTY SHERIFF'S OFFICE .1 -2- BEGINNING at an Iron pin on lhe northecly right-of-way line of Geneva Drive (fifty (50) feet wide) at lhe dividing line betwecn lands herein described and lands now or formeriy of Meadowood Apartments; lhence along said lands now or formerly of Meadowood Apartments and continuing along lands now or formerly of George 1. Adams (Delancey Court Condominiums and The Gardens Apartments), North twenty degcees fifty-nine minutes zero seconds West (N 200 59' 00" W), a distance of eight hundced forty-four and forty-two hundcedths (844.42) feet to an icon pin at lands now or formecly of VlIIage of Moceland, Ine,; lhence along said lands now or focmerly of VlIIage of Moceland, Inc., North sixty- seven degrees thirty-eight minutes forty-five seconds East (N 670 38' 45" E), a distance of five hundced forty and seventy-lhrec hundcedlhs (540.73) fect to an Iron pin at lands now or formerly of Harlin 1. Wall (Sunguild Condominiums); thence along said lands now or formerly of Harlin 1, Wall (Sungulld Condominiums). South twenty-two degcees twenty-five minutes thirty seconds East (S 220 25' 30" E). a distance of six hundred sixty-two and twenty-four hundredths (662.24) fectto a point on the northerly right-of-way line of Geneva Drivej thence along said northerly right-of-way line of Geneva Drive. by a curve to lhe left having a radius of eight hundced twenty-five (825.00) feci, an arc distance of one hundced fifty-four and nine hundredths (154.09) fectto a pointj thence along same, by a curve to the right having a radius of seven hundced seventy-five (775.00) fect. an arc distance of four hundced fony-four and eighty-two hundcedths (444,82) feci to an iron pin, the point and place of BEGINNING. .. , ALL THAT CERTAIN tract of land situate in Upper Allen Township, Cumbecland County. Pennsylvania, as shown on a Topographic & Boundary Survey Plan for Geneva Properties, Ine, "Kensington" dated November 13. 1989, last revised 1anuary 29. 1990. as pcepared by 1. Michael Brill & Associates, Ine,. more particularly bounded and described as follows, to wil: TOGETHER with any and all rights of the Grantor in and to that portion of the pcemises which extends into Geneva Drive. BEING the same pcemises which R, A, Ortenzio and Nancy M, Ortenzio, his wife, by deed daled October 3, 1989, recocded October 13. 1989. in Cumbecland County Deed Book P, Volume 34, Page 476, granted and conveyed unto Geneva Properties, Ine" a Pennsylvania corporation, EXCEPTING, however, those units hecetofoce conveyed, Those units being 482 through 514,531,533.535,537,540,541,544,545.547,552.554. 558, 559, 560, and 562 thcough 598. 1:1491.\ " .. ..,., CII'7 - "'" .Ilf_ .c .1': ':': ~.",'I U't f. :.'- (.,) % i.'.., ~O -.,>'. I.. :r.~:: _; CJ 1"'". '). " '-:'4 \,-'1 '---,.....~ ~i ...~~ '~.; ,..!':'~-i~~ ... .~ -,... ,..; 140"''' '" ~ "" ~ "'" lr7 - '" -. ::0:: -.C_'"" ...., "..~ - '",",-./'o,::i,k.:.c IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CONSUMERS LIFE INSURANCE COMPANY, a Delaware corporation, ) ) ) ) ) ) ) ) ) ) ) civil Division No, 95-1354 civil plaintiff, v. GENEVA PROPERTIES, INC., a pennsylvania corporation, Defendant. AKBNDID HOTICI or SHERIFF'S SALI OF REAL PROPERTY PURSUANT TO PBNNSYLVANIA RULB OF CIVIL PROCBDURB 3129.2 KINDLY TAKE NOTICE: That the Sheriff's Sale of Real Property (real estate) will be held: DATE: June 7, 1995 TIME: 10:00 A.M. LOCATION: Cumberland County Courthouse commissioner's Hearing Room - 2nd Floor One Courthouse square carlisle, PA 17013 THE PROPERTY TO BE SOLD is delineated in detail in a legal description mainly consisting of a statement of the measured boundaries of the property, together with a brief mention of the buildings and any other major improvements erected on the land. (SEE DESCRIPTION ATTACHED HERETO AS EXHIBIT "A"). THE LOCATION of the property to be sold is: Brighton Place Upper Allen Township cumberland County Mechanicsburg, Pennsylvania Geneva Properties, Inc. A SCHEDULE OF DISTRIBUTION, being a list of the persons and/or governmental or corporate entities or agencies being en- titled to receive part of the proceeds of the sale received and to be disbursed by the Sheriff (for example, to banks that hold mortgage. and municipalities that are owed taxes) will be filed by the Sheriff of this county not later than thirty (30) days after the sale and distribution of the proceeds of sale in ac- cordance with this schedule will, in fact, be made unless someone objects by filing exceptions to it within ten (10) days of the date it is filed. ., Information about the Schedule of Distribution may be ob- tained from the Sheriff of the Court of Common Pleas of the within county at the courthouse address specified herein. . THE JUDGMENT under or pursuant to which the property is being sold is docketed in the within commonwealth and county to: No. 95-1354 civil THE NAME OF THE OWNER OR REPUTED OWNER of this property is: CUMBERLAND COUNTY SHERIFF'S OFFICE 1'IT:17116l.1 - 2 - Exhibit A ALL THAT CERTAIN tract of land situate in Upper Allen Township, Cumberland County, Pennsylvania, as s~own on a Topographic & Boundary Survey Plan for Geneva Properties, Inc. "Kensington" dated November 13, 1989, last revised January 29, 1990, as prepared by J. Michael Brill & Associates, Inc., more particularly bounded and described as follows, to wit: BEGINNING at an iron pin on the northerly right-of-way line of Geneva Drive (My (50) feet wide) at the dividing line between lands herein described and lands noW or formerly of Meadowood Apartmentsj thence along said lands now or formerly of Meadowood Apartments and continuing along lands now or formerly of George J. Adams (Delancey Court Condominiums and The Gardens Apartments), North twenty degrees fifty-nine minutes zero seconds West (N 200 59' 00" W), a distance of eight hundred forty-four and forty-two hundredths (844.42) feet to an iron pin at lands now or formerly of Vi\1age of Moreland, Inc.; thence along said lands noW or formerly of Village of Moreland, Inc., North sixty- seven degrees thirty-eight minutes forty-five seconds East (N 670 38' 45" E), a distance of five hundred forty and seventy-three hundredths (540.73) feet to an iron pin at lands now or formerly of Harlin J. Wall (Sunguild Condominiums); thence along said lands now or formerly of Harlin J. Wall (Sungulld Condominiums), South twenty-two degrees twenty-five minutes thirty seconds East (S 220 25' 30" E), a distance of six hundred sixty-two and twenty-four hundredths (662.24) feet to a point on the northerly right-of-way line of Geneva Drive; thence along said northerly right-of-way line of Geneva Drive, by a curve to the left having a radius of eight hundred twenty-five (825.00) feet, an arc distance of one hundred fifty-four and nine hundredths (154.09) feet to a pointj thence along same, by a curve to the right having a radius of seven hundred seventy-five (775.00) feet, an arc distance of four hundred forty-four and eighty-two hundredths (444.82) feet to an iron pin, the point and place of BEGINNING. TOGETHER with any and all rights of the Grantor in and to that portion of the premises which extends into Geneva Drive. TOGETHER with the improvements erected thereon. BEING the same premises which R. A. Ortenzio and Nancy M. Ortenzio, his wife, by deed dated October 3, 1989, recorded October 13, 1989, in Cumberland County Deed Book F, Volume 34, Page 476, granted and conveyed unto Geneva Properties, Inc., a Pennsylvania corporation. SAID PROPERTY having been subdivided, subjected ~o a condominium regime and developed pursuant to a development plan as follows: A. The Initial Plats and Plans recorded in Plan Book 61, Page 93, as amended, including, but not limited to, the following: <I> Plats and Plans for First Amendment to Declaration recorded in Plan Book 63, Page 98; (Ii) Plats and Plans for Third Amendment to Declaration recorded in Plan Book 64, Page 12; (Hi) Plats and Plans for Fourth Amendment to Declaration recorded in Plan nook 66, Page 34, as subsequently amended; (iv) Plats and Plans for Fifth Amendment to Declaration recorded in PlaII Book 66, Page 100, as subsequently amendedj and (v) Plats and Plans for Sixth Amendment to Declaration recorded in Plan Book 67, Page 84. B. Declaration of Condominium for Brighton Place, a Condominium, dated October 11, 1990, recorded in Book 388, Page 265, as amended, including, but not limited to, the following: ' (i) First Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated October 30, 1991, recorded in Book 407, Page 92; (ii) Second Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated November 26, 1991, recorded in Book 407, Page 1169; (iii) Third Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated Mareh 2, 1992, recorded in Book 413, page 59; (iv) Fourth Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated May 21, 1993, recorded in Book 444, Page 985; (v) Fifth Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated August 10, 1993, recorded in Book 451, Page 517; (vi) Sixth Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated February 8, 1994, recorded In Book 465, page 1040; and (vii) Seventh Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated July 18, 1994, recorded in Book 478, Page 292. C. Final Land Development recorded in Plan Book 60, Page 26. .; TOGb'THER with undivided interests In eommon areas, both limited and general, as described in the foregoing documents. ;".,....,.,~.......- = it ~:' . . .'. . , . . \1 F " I TOGETHER with Geneva Properties, Inc. '5 rights as "Developer" and/or "Declarant" under the organizational documents and agreements with rcspcctto the Brighton Place Condominium Association, including, but notllmiled to, the by-laws and rules and regulations for such association. EXCEPTING, however, from the foregoing the following Condominium Units, which have heretofore been conveyed to third parties, together with the undivided interests in Cbmmon areas associated therewith: Units 482 through 514, 531, 533,535,537, 540, 541, 544, 545, 547, 552, 554, 558, 559. 560, and 562 through 598. i . . -- 'w IV .;, Prr:I6I~7,1 .-, ,..,_<~\..\~_:.".:,::..'..,,:.,:;"~*-to,...........;.......:.. Lri' -- C1')' . >- -- \l: .~ .\ . ::r.: )-' . ., 0<:1: ~IF .. ' .. \ .... ~ ;~~ VI ... - f:, , - tti , - ,. ".1: = .3 () r.~u PROOF OF PUBLICATION OF NOTICE IN CUMBERLAND LA W JOURNAL (Under Act No. 587. approved May 16. 1929), P. L.1784 STATE OF PENNSYLVANIA : 55. COUNTY OF CUMBERLAND : Roger M. Morgenlhal, Esquire. Editor of the Cumberland Law Journal, of the County and State aforesaid, being duly swom, according to law, deposes and says that the Cumberland Law Journnl, 0 legal periodical published in the Borough of Carlisle in the County and State aforesaid, was established January 2. 1952, and designated by the local courts as the official legal periodical for the publication of 011 legal notices, and has. since January 2. 1952. been regularly issued weekly in the said County. and that the printed notice or publication attached hereto is exactly the same as was printed in the regular editions and issues of the said Cumberland Law Journal on the following dotes, viz: APRIL 28. MAY 5. 12.1995 Affiant further deposes that he is authorized to verify this statement by the Cumberland Law Journal, a legal periodical of general circulation, and that he is not interested is the subject matter of the aforesaid notice or advertisement. and that all a\1egations in the foregoing statements as to time. place and character of publication are true. r.vD/l~ Roger M. Morgenthal. Editor SWORN TO AND SUBSCRIBED before me this 12 day of MAY , 1995 Loq!Ah~ Notary , NOIARIAl. SEAL UERl.ENE 1lARHEVKA. NoIIty Me c.riI~, CunCol1ard COtny. PI. M, eomm_ EIllitI eN.I8 '. '.. R1tAL BIlTATE llAUt NO.7 Writ Nu. 9.\.1141 CIvil JudR, Nu, 9.\.1141 Civil Fedemlllmue Loon MortgaRe Curporatlun vs. areA L, Anderson. Koren D. AnderMOn. Dorts J. Anderson, Indlvldulllly IInd liS heirs of Dlllke E. Anderson Jr. and 111C United 51111es of America Ally.: Dradfonl J. III1rr1s ALL l1lAT CERTAIN lot of land ond reol eslllle. helng Lot 16 shown on UlDt eertotn l'rellmlnllry/Flnal Suhdtvlslon Plnn for Golfvlew re- ferred to In the wtthtn tnstrument. In Hnmpden Township. Cumberlond larly bounded ond descrtbed In ac- cordnnce wtth BIlld Prellmlnllry/Fl. nnl sulxllvlslon Pllln o. follow.: BEGINNING ot 0 point on U,e eastcrly cdgc ond rtght.of.wny line of Cluhhouse Drive. which heRlnnlnR polnl I. on the 1I".tcrly cnd of the C0l11111on boundary line between Lot 16 herein described ond Lot 16 of Golfvlew slluote to U.e south U.ercof: Ihence olong the easterly edge of Clubhouse Orh'e nlong n curve to the right on nrc distance of 11.83 fcet to a point: lhcnce along the easlerly edRe of Cluhhouse Drive. Norlh 25 degrees, 09 minutes. 50 seconds West. n dlslonce of 70.56 fccl to n point: U1t~nce along n cun'C to the rlghl. nnnrc dlslnnce of29.71 feet to o point: lhence nlong Ute soulherly edge of Cluhhouse Drive Norlh 59 degrees, 56 mlnules, 15 seconds Ensl. 120,04 fcetlo n polnl: thence' along the common boundary line be. tween Lol 16 hereIn described ond Lot 18 ofGolfvlew. 5oUU129 degrees. 20 minutes, 38 seconds East. n dls- Illnce of 100.0\ feet to 0 polntthence nlong the common boundary line be. tween Lol 16 herein descrthed and Lot 16 of Golfvlew, 5ouU. 59 dcgrees, 56 minutes, 15 seconds West, n dIs- tnnce of 142.28 feel to 0 poInt on the eastern side or Clubhouse Drive. the polnl of BEGINNING. BEING THE SAME rREMISE5 which 5 & ^ Custom Dullt Homes, Inc. n Pennsylvanlll CorpornUnn. by d,,,d dnled ~'ehnlllry 22. 1990 IInd reconlcd Mnreh 2. 1990 III the Re- corder of Deeds Office In nnd for Cumbcrlnnd County. f'ennsylmnlo In Del'tl nook 1...34, Pane 35. wanted unci conveyed unto Orc~ 1... Anderson nnd Karen D. Anderson, his \Io1re nnd B1nke E. Alldel1lOlI, Jr. nnd Dort. J. Anderson. his wIfe. Joint Tennnhl Mlh lhe RighI of Suni"orshl\lliS Ile- twren the Murrled Parties. TIIX Mnp No. 18.1314,114 Seized In execllllon IInder Judg. ment No. 1141 Chil 1994 III the Court of Common Plens of Cumher. land County. Jlennsylvnnln "nei BOld "' the \lrnIK'rly nf llIum I,. A.~m:ll. SON, KAIU:N Il, ANllImSON, 1l0lllS .1. ANlllmSoN. IIl1l1vlclulllly 111,,111' hl'lr nf IlI..i\KI; I;. ANllImSON. .lIt ,. .. " ,/ I . Proof of Publication of Notite in The Patriot and The Evening News and The Sunday Patriot-News Uader .,.. 1(0. lilT, "ppro..d M.f Id. lo:!O. Cllmmanwta/lh of Ptnnalllvania, } COllntv of Dallphin AA: ................................~~,~~~.~f.....~~f..~9.':'!.......................beIng duly sworn according to law, deposes and saya: Asst. Controller That he 18 the ............................of THE PATRIOT- NEWS CO., a corporation organized and existing under the laws of the Commonwealth of Penns)'lvanla. with Ita principal office and place of business at 812 to 818 Market Street, In the City of Harrl~burg, County of Dauphin, State of Penn8ylvanla, owner and publisher of THE PATRIOT and THE EVENING NEWS and the SUNDAY PATRIOT-NEWS neW8papers of general circulation, printed and published at 812 to 818 Market Street, In the City, County and state aforesaid: that THE PATRIOT and THE EVENING NEWS and the SUNDAY PATRIOT-NEWS were established March 4th, 1864, and February 16th, 1917 and September 18th, 1949, respectively, and all have been contlnuou81y published ever since; That the printed notice or publication which Is securely atteched hereto Is exactly as printed and Metro Weat 2nd, 9th, and 16th published in their reguJa.r' editions and (S8ues which appeared on the .......................................................... days of May 1995. ....."...........................................................................,...................................,................................................................. " That neither he nor said Company Is Interested In the subject matter of said printed notice or adver- tlslnll'. and that all of the allegations of this statement as to the time, place and character of publication are true: and That he has personal knowledge of the facts aforesaid and Is duly authorized and empowered to verify this statement on behalf of The Patriot-News Co. aforeaald by virtue and pursuant to a resolu- tion unanimously passed and adopted severally by the stockholders and board of directors of the said Company and subsequently duly re.:orded In the office for le ecordlQg of Deeds In and for said County of Dauphin In MIIe.non.oul Book "M". Volum.H. POK. 317. t(r) Cop,. of Notice or Publication ............................ . ....................~.......................... _ UTIli SIll No. , WriI No. ...1141 dCW'_ ~ ,l.4i. Nt. ".1141 . CMI Torm ,..... _ lo. ~ . \" ....... CoIpototIon ,.;_,." _,. ..,._ ..W'..!, ...GroIL.........,;_D. _Dorist_ ,. ........., .... .. '*" " ,..." .....L.-..lr,and ......;'\1loy=--ol ';.., AIIr,,'-.nlI.1tcInk . . . AI1=T cnTAIN lot ollond and ....... . ..... 1oI11""""'Oftthol_r..IlmI. ".., SIIbdI-IltIon........GoIMownftntd t. '" !hi within "'trvmtnl, in Hompd'" Town- ahlp 'umb.rtolMl COiIntr. '.nnl","."lo mort p'ort(culo1i1 b.und.d onli ""cribod I" auor. itone. wlth 1014 ".Umlnary/flnol ,,,,",trillon .......-. . IIGlHN1NO 01 0 po!n! Oft .... ...lolfr "'" .... """ 01_'" 01 CMhovst om.._ ItttlMlnt pol,,1 h on th, wttttrtt .nd 0' the CHII!ft.II'.~ UM'Wwt.n 1.01 U h.,..l" I ..............IoIUol__...... ~~"":.. ~ i:"t'::&':: I 'ercdkfoftct,f.ll.1ffHl"oHlnl,ih.nt. DIona the ...ftrtr HI' '1tf au".".. Dm.. I. '~~,'&..~=~ . him I, 1M ~.. *' dillonc, .1 29.11 ~_:rz~.:.t::.: S IS _.1011. '10.04 .... .. . ....., -- I' oIoM common bounHfy IIn. b.twttn Lot I' II: __....IoII1.IGolMtw.s...to : 2t....... 10 ...... 31 _.Iad. . ..... ; -"5'.......,.1.._"""''''' ',._ dI/fU..IN.....nlolllhiloln _ 1oI11olGo~J_It.... ,,_M__U'_n.....- "if 14UI.... to. poin! Oft ""' _tWo" . a.w.- DoIoo. lhi polnt .f IIGINNING, ... Q IHI WII "1MIllhhlch \I I Cui. ~ .~DIE.i\ i=:"'~ 'I~~."""" .__'=i:i~"'~-~ AMeno", N. wife ond 110" I. And.n.", J,. cU'" Do,tt I. w.!tOftt N. wiI., Joint '.noll', wfth 1M Itght .f SuniYftJhlp .. ........ thl -_. Sworn to and subscribe b fore ....~.~~~...., A. D. .~.~.~~. Yo.... .. . 'Lu;(.!.,f,u,.. NoM'. .1 'N t P bl' Torry L. Ru'~II. NOIll'1 Pu 0 4f'11 U Ie M qJ~_gn_gJ~~~'I~~;1" ......................... SflIfIitlt'MlJ Ising Costs cu~~.~r..!~~.~...9~h1.n.~':(....€h.~~.J.~.~.~...Qt.f.!.g~........ CarliSle, PA. 17013 .................................................................................. To THE PATRIOT.NEWS CO., Dr. For publishing the notice or publication attached hereto on tbe 348.00 above stated dates.. . $............................ 1.00 Probating same $.........:!.4!l.~.()'1l.... Total $............................ r's Receipt for Advertising Costs lJUbll8her of TilE PATRIOT and THE EVENING NEWS and Nspapers of general clrculn tlon, hereby acknowledge receIpt of costs and certifies that the same have been duly paid. TilE PATRlOT.NEWS CO. the the By ...................,................................................................. ADVERTISING LAW JOURNAL PATRIOT SHARE OF BILLS DEEDS Distribution of Proceeds ; ! I . . >;~~"iI:,.. . 't-,' BALe No. 9 ~.nno.oo AdV~no~ Coots Pd. - AttY"_Christpoher M. Ciccor ASseSsed V~lU~tion $5,660,00 _ WRIT NO. 95-1354 Civil Term, 199 eon'n." Lie. In.n'.no. eo.. . n"".r. eo'P. Vs REAL DEBT INTEREST ATTV's COMM. WRIT COSTS, ATTY. WRIT COSTS, PLIFF ESCROW LATE CHARGES GeneV~l'prOPortios Inc. II p~. Corpor~ t ion 2,527,706.00 32.00 SHERIFF'S COSTS, DOCKETING POUNDAGE POSTING BILLS ADVER'I'lSING ACKNOWLEDGING DEED AUCTIONEER LAW LIBRARV COUNTY MILEAGE MONEV MADE WRIT CERT MAIL POSTPONE SALE LEVY SURCHARGE - 30.00 16,388.53 30.00 30.00 30.00 10.00 .50 1.00 11.20 , 1, .':0 17.65 30.00 6.00 Leg/ll Se~rch - - - - Sheriff's Doed - 655.10 709.00 49.50 25.00 f'odor~l S ttlmpll Pa. RO~lty Tr~n8for 'l'wp ROlllty Tr~nsfer TAXES Co T".'" !2?L_ I/Ydrnn t tllK 1995 TAKOIl T~K Cl11im - - 14.00 - 186.78 8.02 584.91 '}i , I J 113/1~"Ud 1~:3~ 'Uili 23idlllU E.~C:MI CONSUMERS UJlIlINSURANCE COMPANY, : l\ Delaware Corporation, Plaintiff/Petitioner, IN THE COURT OF COMMON I'LI!AS OF CUMBERLAND COUNTY, PENNSYLVANIA v. Civil Division GENEVA PROPERTIES, INC., DcfcndanllRespondcnt No. 95-1354 Civil Tcnll DOMlNGO 1'. ALVEAR, M.D., VENERANDA G. BRUNO-ALVEAR, M.D., M. JEFFREY MAISEL.';. M.D. CAROL Y. MAISELS Respondents. QJU> F. It G tl, I AND NOW. tJlis JL day of ~f?), -1 ,1996, pursuant to Local Rule 208.2, it is hcrcby Ordered that the fair market value for the relll property identified in the Pctition to Fix Fair Market Value of Re.1l Propcrty filed by Pctitioncr Consumers Life Insurancc Company is fixed, as of June 7, 1995, at $2,209,000. IlY THE COURT: ] VlI16,l 1i!I1I1I~ :, >~~ ""'~"";"':"""~" .~....:'.. ,,_ ","'.> Wilt> C".,....~ Film. 'I'i)"\:.,." .......,... I'''''''!'.' .. \";'''1 f;\.:. " . '.' ( r ..~. '..1 flO II, () .,l ,';'" I. I,;" I:" ~ " .Q.. ~. ,~ '" -Q Il) cu:,',.., \'lJ\ , .L~'I\://'~ :!;\ ."....'f \1 i ~ ., ~ ~ CIVIL ACTION - LAW '. .' i.t .# ~\ W :,~ " ~( {' \. , :! j l; .,.. ". .( .. ~ t 'N ~ !ft. i z: \ i; I '. 'i " l: , ."y [ " ;~. tr '~{ ~," fi jf 1i . is f. K ~ ~ ~, K: ,i. r- D ~ n \~. , jr, j, p ;.~ .:' , ~f; , ;;,' ';;. i~ ;J f~ '1+ ;-~ CONSUMERS LIFE INSURANCE COMPANY, a Delaware Corporation, Plaintiff/Petitioner IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA v. . . GENEVA PROPERTIES, INC., A Pennsylvania corporation, Defendant/Respondent DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 . . . . . . . . . . VENERANDA G. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 . . . . . . . . . . M. JEFFREY MAISELS, M.D., I 1933 Lone Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAISELS 1933 Lone Pine Road Bloomfield Hills, MI 48302 Respondents NO. 95-1354 CIVIL TERM ORDER OF COURT AND NOW, this "t4 day of March, 1996, upon consideration of the attached letter from Douglas J. Davison, Esq., the hearing scheduled for March 20, 1996, in the above-captioned matter is CANCELLED. BY THE COURT, CU'!l' .' ., .,. . ,I.H. I .1~'\.' ,'.. ,., Ii (.,......".,.". .j<I'\ \.... :l ' /, ~ I:.. ... _,,""'1..;.....\ "" 'I. .~ ~. ....'" ~ ~ I"l '1 ~ F F'I "0 "r.I"''''~ ,....,-"\.JI It),. (.r 7' "~ I ,.r.,;' "...!",~,.. ...., ~ ' I ' '. i " ',I Ct'"..,,..O {' II '0 .. 'J 111':"1 f: ,; ; : I~ )€J " r j . ~ f . r ~ i . t j! :y i . , - . I Christopher M. Cicconi, Esq. Douglas J. Davison, Esq. One South Market Square Bldg. 213 Market Street Harrisburg, PA 17101 Attorneys for Plaintiff Ronald M. Lucas, Esq. Mellon Bank Bldg. 10 South Market Square, Suite 500 P.O. Box 1265 Harrisburg, PA 17108-1265 Attorney for Respondents Alvear Dean Weidner, Esq. 508 North Second Street P.O. Box 845 Harrisburg, PA 17108 Attorney for Respondents Maisels Geneva Properties, Inc. c/o Dr. Domingo T. Alvear, President 60 Pleasant Grove Road Mechanicsburg, PA 17055 Irc 'f U3'1~'~U 13:33 . . . . I.. "Ii ~"II"IM41~'t S.llIlIft.lill~ JI~.\'Ij,l.d 4"(i' :. :.., ()~.~h' n.n I~~:I H.rrn,J.llrs.I'A ,7rUJ l..tl'1llnlllr :1: :'~.l;.oOOf) '.:.'l'lfllil"",:'~.1;,t'tlJ' U,11l1~"iI'$ :':/I,I.u,.\1I .'jf,,'MIII ;"'I:.I,')/pl'/II F,t'/l'II [..'I ~lIhlnJJI\' ['111..1 ~J"''' ',1:':"11 :,..:i;/IJ'lfJ \\:,..I1"1~1.'" [I( 1/: 1I11~ .- '6'; 1 i 2.1iUU I ~ I:SCf,.ll ECKOO SEAMANS CHERIN & MELu)'rr ~lII\lll!l~"'k"l''''.'''W. March 18. 1996 ViA FACSIMilE 240.6462 'Ibe 1I0norahle J. Wcsl~y Oler, Jr. Cumberland CO\1lIlY COUrlhflUSU I Courthouse Square Carlisle Ph 17013 Re: Q:m'illJll~Il..lw;!1[l\nce CompaD}: v. (ilm~va I'rn~~UJl. No. 95-1354: Cancellation of Hc.1ring Dear Judgu Olur: In accordance with my cOJ\\'matlon with your orncu today. I write to confirm IlIat IIlls maUur has beun amicably rusolvlll! and, lIecordlnc1y. Ihe bearing now scbcdu!ed before you with ruspcctto Consumers 1.lfe Insurance (;nmpany's Petition 10 Fix Fair Market Valuc or Real Propcrty Sold to Judgmcnt Creditor. !)eficieney Judgment ("Pelition") for March 20, 1996 at 9:30 a.m. in Courtroom No.5 may be cancelled. Additionally, the seulemcnt is conditioned upon entry of an Order by 1I1\s Coun, pursuant to Local Rule 208-2, fixing the fair market value of the property described In the Petition at $2.209.000: Ihe alllount requestlll(ln the I'etltlon. More specllically. Consumers Ufe InsuranCe Company ("Consumers") med its petition on November 17. 1995. On November 20. H/95. this Coull signed a Itule III Show Canse dlrectloc tbe RespondenLs to shnw canse why the relief requested in the Petition should not be granted. Each Responlient was served with Ihe I'etltlon, aod. pursuant to Pellltsylvania Hule or Civill'rocedure 402. each or lhllltespondenls executed Acceptance or Service forms. coplc.s of which have heen filed of record willi the Prothonotary's Office. No Answer to Consulllers' I'etltlon ha.s ever bcen liIed by any Re.sponlienl. ACcordiugly, lJUrsuant 10 Local Rule :!OR-2. which allows this Coun 10 enter n final Orlier whcn nO Answer has been tiled to a Petition whcnllrOOr of service Is properly made. we respcctfully request. Ihat Ihe Court fix the fair market value ror the real property Identified in the Petition as of Juue 7.1995 at $2,209,000. For yt'ur eonvenlenCl1, 1 allll'rovllilnc a copy of a I'roposed Order which grants the requc.slcd relief. MAR 1 8 1996 l)oIlCH.AS J. 1l.\Ylsol'I '/l11 7.37.6069 O~ ,'18,' ~U . . '. QJIIII~ ECKEKf SEAMANS CI-IERIN & MELLarr ......I.I!l.:'t""".y~,....W- Tbll11k you for your cooperation In this mailer. Respcc11l,IY ~uhmltted. ~ >>.~ I v D ugla.~ 1. Dnvl~on DJD:d/l t'nclosure cco' Ronald M. Lut'u)', Esquire Dran A. Weidner. Esquire Peler J. Kramer. Esquire, General CoUl/sel Christopher M, Clcconl, Esquire 1()I,m,1 plllintiff, ) ) ) ) ) ) ) ) ) ) ) civil Division No. f.f - /3.11/ t<<jj~pt CONSUMERS LIFE INSURANCE COMPANY, a Delaware corporation, v. GENEVA PROPERTIES, INC., a pennsylvania corporation, Defendant. ,RABCIPB WOR WRIT OW BXBCUTION TO THE PROTHONOTARY: I ,,'Please issue a Writ of Execution directed to the Sheriff of cumberland County, against the Defendant in the above- captioned case, and index said writ against the Defendant, Geneva propertie~, Inc., a Pennsylvania corporation: Amount due: $2,527,706 Respectfully submitted, J:-Jt, (j It.... chri~~er M:'''ctcconi Pa. 1.0. # 19331 Timothy A. HaY Pa, 1.0. # 47597 ECRERT SEAMANS CHERIN & MELLOTT One South Market square Building 213 Market Street Harrisburg, PA 17101 (717) 237-6000 Attorneys for plaintiff, consumers Life Insurance company Dated: March 15, 1995 '1~9 tn -. ~ r) I") ~~ M~ ';.\~ V)~ ~t ILn en - ....,.. ~., '"'.-;. U10; _ J ,_1 Q'~CI~ t::,f.'t'_ ..., !~ t.."l" .-:0'; ~~' t :;"-"'1': . ::~ l~. ..i; ", "i. ,.. / :~}~-~' <, :s i:, ~~~ ~ \~ ~ ~~~ "~C'6 " t s= '" o-i' 0')' \ ''-\ ~'J <>: ... ::l::: . CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA v. Civil Division GENEVA PROPERTIES, INC" a Pennsylvania Corporation, Defendant/Respondent No. 95-1354 Civil Term DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 VENERANDA G, BRUNO-ALVEAR, M.D,. 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 n ~; .olJi l:}U.i ~-; ,'i .'.l, \11. : '. . t ';1.... " r~C) ~.'~C; ;'"!-; :j ", ,n n en "'il '-' :cl ."'I~' :1l ;..-.:.: ; l\j~~ - :;j(lJ C') ,'J-L ~ l~? i:': i-!s~J _1o~J """'HI q~ ~.:\ u', ~J:1 co -, M. JEFFREY MAISELS, M,D, 1933 Lone Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAISELS 1933 Lone Pine Road Bloomfield Hills, MI 48302 Respondents, ORDER AND NOW, this ~ day of J 1/) U zJ , . 1996, upon consideration of the concurred in request for continuance by the parties in the above- captioned proceeding, it is hereby ORDERED that the hearing previously schcduled on this matter is continued, A hearing on the Petition to Fix Fair Market Value of Real Property . I I filed by Petitioner Consumers Life Insurance Company wlll be held at 9:30 a,m" on the 20th day of March, 1996, In courtroom number 5. BY THE COURT: Date: :/ ,~, /}. )fdnut! n1. rl!G-<:a4, Cao . xCba.--v ~~~ I ~3' J fk<.( tf/,t.'I f). LJa.1^<..~ ~c. r ~ 0' C~'QJ ~.e Illt/9b. .~,t? , 'f' ~. . J t:.! t . I . , I i ,/ , tJnV 2 0 1995~ IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANIA , I CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, plaintiff/petitioner, Civil Division v. GENEVA PROPERTIES, INC., a Pennsylvania Corporation, Defendant/Respondent No, 95-1354 Civil Tern\ DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlcsburg, pennsylvania 17055 ~'~ . ' VENERANDA 0, BRUNO-ALVEAR, M,D., 60 Pleasant Grove Road Mechanlcsburg, pennsylvania 17055 M. JEFFREY MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents, .-_..._--_.................--,.....~......--.-.- RULE TO SHOW CAUSE AND NOW, this .;;l()~y of ':Q.aw".,.t.v, 1995, upon consideration of the Petition to Fix Fair Market Value of Real Property filed by Petitioner Consumers Life Insurance Company, a Rule Is hereby Issued upon the Respondents to show cause why the relief requested In the Petition should not be granted. The Rule shall be returnable atQ.. days from service. A hearing on this matter will be held at J.l...2.9 o'clock, on the "J ..ti..day of 1'19" ' ~Q"l.wt'\l . 1995; In courtroOm number L. BY THE COURT: /~/ ~. -kL.,jl'J_ tOe", 9") , J. h!Yt''''fI''"'D I '-,' , , 1".'1:;/ 'r: ('0"","..1/ ri'(....,\_.1 DATED: ..it '" ~I '1l av- " l'i r,Ei ."..""".,,..~h,~.1; CA.,If~<#~.,,,. bjdl:,r' 1""1"';''': ilY i ~.~ .,....-.-- " CONsUMERS LIFE INSURANCB COMPANY, : a Delaware Corporation, plaintiff/Petitioner, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANlA v. Civil Division GBNEVA PROPERTlBS, INC" a Pennsylvania Corporation, Defendant/Respondent No. 95-1354 Civil Term ., DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlcsburg, pennsylvania 17055 ,) VENERANDA G. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechan1csburg, pennsylvania 17055 . M. JBFFREY MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents, . ' . ORDER AND NOW, this _ day of , 1995, upon consideration of the within Petition to Fix Fair Market Value of Real Property filed by Petitioner Consumers Ufe Insurance Company, it is hereby ordered that the Petition be, and hereby is granted and that the fair market value for the real property identified in the Petition as of June 7, 1995 is fIXed at $2,209,000.00, and that a deficiency judgment in favor of Consumers Life Insurance Company is entered In the amount of $418,616,00. BY THB COURT: J. DATED: . CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANlA v. Civil Division GENEVA PROPERTIES, INC" a Pennsylvania Corporation, Defendant/Respondent No, 95-1354 Civil Term DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 1'1055 VENERANDA G, BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 M. JEFFREY MAISELS, M,D, 1933 Loan Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents, PETITION TO FIX FAm MARKET VALUE OF REAL PROPERTY SOLD TO .mDGMENT CREDITOR - DEFICIENCY .1UDGMENT Pursuant to 42 Pa,C.S, fi 8103, judgment creditor Consumers Life Insurance Company ("Consumers") petitions this Court to fix the fair market value of real property sold to Consumers and to establish a deficiency judgment, and avers In support thereof as follows: favor of Consumers for the amount of $2,527,706.00, 2. A Cumberland County Sherifrs Sale ("Sherifrs Sale") was duly noticed for and held on June 7, 1995 with respect to real property known and generally described as Brighton Place, Upper Allen Township, Cumberland County. Mechanicsburg, pennsylvania. The location of such real property Is more specifically identified in the legal description attached hereto and ',' . 1. On March 15, 1995, Consumers entered judgment by confession, Including Interest and costs ("Judgment"), against Defendant Geneva Properties, Inc. ("Geneva") and In incorporated herein as Exhibit" A" and hereinafter referred to as the "Real Property". 3. Consumers purchased Real Property at the Sheriffs Sale for $17,817.19. 4. The price for which the Real Property was sold is not sufficient to satisfy the amount of Consumer's Judgment and Consumers, therefore, pursuant to 42 Pa.C.S, ~ 8103(a), seeks to collect the balance due on the Judgment. 5. On June 19, 1995, R. Thomas Kline, the Cumberland County Sheriff, executed a deed In favor of Consumers ("Sherifrs Deed") with respect to the Real Property. A true and correct copy of the Sheriffs Deed Is attached hereto and incorporated herein as Exhibit "B". 6. On June 20, 1995, the Sherifrs Deed was delivered to Consumers, 7. The Deed Is recorded with the Cumberland County Recorder of Deeds at nook 123, Page 964. 8, The total debt owing to Consumers as of June 7, 1995, the date of the Sheriffs Sale, was: Unpaid total principal Unpaid total accrued Interest through June 7, 1995 Unreimbursed costs and expenses Subtotal $2,305,261.00 170,004.00 9.305.00 $2,484.570.00 2 ..'" ,," Attorney's Commission (5%) Subtotal $ 124.229.00 $2,608,799.00 $ 16,388.00 $ 2.429.00 ~ Poundage Other Sherifr s costs Total Due: 9. On October 4, 1995, James J. McGraw, a Pennsylvania Certified General Real Estate Appraiser of Joseph McGraw, Inc., appraised the Real Property, as of June 7, 1995, setting Its fair market value at $2,209,000,00, A true and correct copy of Mr. McGraw's October 4, 1995 appraisal Is attached hereto and incorporated herein as Exhibit "C". 10. The following named persons are the only persons known to Consumers, or ascertainable by Consumers upon reasonable inquiry, who may be direcUy or indlrecUy liable to Consumers for payment of the debt for which judgment was entered and any owners of the property affected thereby: Geneva Properties, Inc. c/o Dr. Domingo T. Alvear, President 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 Domingo T, Alvear, M.D. 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 Veneranda G. Bruno-Alvear, M.D. 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 M. Jeffrey Malsels, M,D. 1933 Loan Pine Road Bloomfield H\IIs, MI 48302 Carol Y. Malsels 1933 Loan Pine Road Bloomfield H\IIs, MI 48302 3 ~} ~. 11. No prior liens, costs, taxes and municipal claims not discharged by the Sherifrs Sale exist. "I 12. Because the total debt owing to Consumers as of June 7, 1995, the date of the Sherifrs Sale, was $2,627,616.00 and Mr. McGraw's appraisal of the Real Property, as of June 7, 1995, set the fair market value of the real property at $2,209,000.00, Consumers is entitled to the entry of a deficiency judgment in the amount of $418,616.00. WHEREFORE, Petitioner Consumers Life Insurance Company respectfu\1y requests that the Court fix the fair market value of the herein described Real Property as of June 7, 1995 at $2,209,000.00, and enter a deficiency judgment in favor of Consumers in the amount of $418,616.00. ECKERT SEAMANS cr & MELLOlT ~ ~ , Chri 0 er . icconl, Supreme Ct. I. . #19331 Douglas J. Davison, Esquire Supreme Ct. I.D. #69368 One South Market Square Building 213 Market Street Harrisburg, PA 17101 (717) 237-6000 Attorneys for Plaintiff Consumers Life Insurance Company DATED: /I //(,/rG' 4 .." VERIFICATION 1, James C. Robertson, President, Consumers Life Insurance Company, hereby verify and state that the facts set forth In the foregoing document are true and correct to the best of my information, knowledge nnd belief. I understand that false statements herein are made subjcct to the penalties of 18 Pa, C.S.A. G 4904 relating to unswom verification to authorities. C, Robertson, president C sumers Life Insurance Company 93114.1 ,..,,,.t,,...." .-""'.. CONSUMERS LIPE INSURANCE COMPANY, : a Delaware Corporation, plaintiff/Petitioner, Nav 2 0 1995 tk IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANIA , v. Civil Division GENEVA PROPERTIES, INC., a pennsylvania Corporation, Defendant/Respondent DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlesburg, pennsylvania 17055 VENERANDA O. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechanlesburg, Pennsylvania 17055 No. 95-1354 Civil Term M. JEFPREY MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents, ., RULE TO SHOW CAUSE AND NOW, this .JQ..~ay of I\ n~ 1995, upon consideration of the Petition to ~ Fix Fair Market Value of Real Property filed by Petitioner Consumers Life Insurance Company, a Rule Is hereby Issued upon the Respondents to show cause why the reUef requested In the Petition should not be granted. The Rule shall be returnable ~ days from service. A hearing on this matter wl11 be held at I ~ 30 o'clock, on the .'J;JJ.. day of 19'1(., -=~I~{luA.'d ,-1995; in courtroOm number L. BY THE COURT: I < 'S. tU.LA1l...\- ~ cr-; !,l""rr'"'T) . 1 .. ....l,..,.,1 I' . , ) ill'; hund ~. !: ('t \ ,,) DATED: .' .. ,! ~ L . l' .\. 1;, .:2/-4.t cd 71 ~"-, 1'1,9.5:" ......,,,Jf/~..A;lJl. , "'P~"fV'.' .\............ ,DfJ1:i.l'rtllliul'\JI;'IY ,..,..H;,.;.".I.;!,I--,'H'....'.M............ v. IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA Civil Division CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, GENEVA PROPERTIES, INC., a pennsylvania Corporation, Defendant/Respondent DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mcchanicsburg, Pennsylvania 17055 VBNERANDA G. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mcchanicsburg, Pennsylvania 17055 No. 95-1354 Civil Term . M. JEFFREY MAISBLS 1933 Loan Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAlSELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents. ~. l' pRDER AND NOW, this _ day of , 1995, upon consideration of the within Petition to Fix Fair Market Value of Real Property filed by Petitioner Consumers Ufe Insurance Company, it Is hereby Ordered that the Petition be, and hereby is granted and that the fair market value for the real property Identified in the Petition as of June 7, 1995 is fIXed at $2,209,000.00, and that a deficiency judgment In favor of Consumers Ufe Insurance Company Is entered in the amount of $418,616.00. BY THE COURT: J. DATED: GENEVA PROPERTIES, INC., a pennsylvania Corporation, Defendant/Respondent No. 95-1354 Civil Tenn CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, plaintiff/Petitioner, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA v. Civil Division DOMINGO T. ALVEAR, MD" 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 vENERANDA G. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 M. JEFFREY MAlSELS, M.D. 1933 Loan Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents, PETITION TO FIX FAIR MARKET V AWE OF REAL PROPERTY :;OI.D TO JUDGMENT CRF.DlTOR - DEFICIENCY .11IDGMENT Pursuant to 42 Pa,C.S. fi 8103, judgment creditor Consumers Life Insurance Company ("Consumers") petitions this Court to fix the fair market value of real property sold to Consumers and to establish a deficiency judgment, and avers in support thereof as fo1\ows: '; ,',' ",~',Ji 1. On March 15, 1995, Consumers entered judgment by confession, Including Interest and costs ("Judgment"), against Defendant Geneva Properties, Inc, ("Geneva") and In favor of Consumers for the amount of $2,527,706.00. 2.A Cumberland County Shcrifrs Sale ("Sherifrs Sale") was duly noticed for and held on June 7, 1995 with respect to real property known and generally described as Brighton Place, Upper A\1en Township, Cumberland County. Mechanlcsburg, Pennsylvania. The location of such real property Is more specifically identified In the legal description attached hereto and incorporated herein as Exhibit" A" and hereinafter referred to as the "Real Property". 3. Consumers purchased Real Property at the Sherifrs Sale for $17,817.19. 4. The price for which the Real Property was sold is not sufficient to satisfy the amount of Consumer's Judgment and Consumers, therefore, pursuant to 42 Pa.e.S. G 8103(a), seeks to collect the balance due on the Judgment. 5. On June 19, 1995, R. Thomas Kline, the Cumberland County Sheriff, executed a deed in favor of Consumers ("Sherifrs Deed") with respect to the Real Property. A true and correct copy of the Sherifrs Deed is attached hereto and incorporated herein as Exhibit "8". 6. On June 20, 1995, the Sherifrs Deed was delivered to Consumers. 7. The Deed Is recorded with the Cumberland County Recorder of Deeds at Book 123, Page 964. 8. The tolal debt owing to Consumers as of June 7, 1995, the date of the Sherifrs Sale, was: Unpaid tolal principai Unpaid tolal accrued interest through June 7, 1995 Unreimbursed costs and expensesÿSubtolal $2,305,261.00 170,004,00 9,305.00 $2,484,570,00 2 Attorney's Commission (5%) Subtotal S 124,229,00 $2,608,799.00 $ 16,388.00 $ 2.429,00 ~ Poundage Other Sherlfr s costs Total Due: 9. On October 4, 1995, James J. McGraw, a Pennsylvania Certified General Real Estate Appraiser of Joseph McGraw, Inc., appraised the Real Property, as of June 7, 1995, setting Its fair market value at $2,209,000.00. A true and correct copy of Mr. McGraw's October 4, 1995 appraisal Is attached hereto and incorporated herein as Exhibit .C.. 10, The following named persons are the only persons known to Consumers, or ascertainable by Consumers upon reasonable Inquiry, who may be directly or Indirectly liable to Consumers for payment of the debt for which judgment was entered and any owners of the property affected thereby: Geneva Properties, Inc. clo Dr. Domingo T. Alvear, President 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 Domingo T. Alvear, M,D. 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 Veneranda G. Bruno-Alvear, M,D. 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 M. Jeffrey Malsels, M.D. 1933 Loan Pine Road Bloomfield HlI1s, MI 48302 Carol Y. Malsels 1933 Loan Pine Road Bloomfield Hills, MI 48302 3 11. No prior liens, costs, taxes and municipal claims not discharged by the Sherlfrs Sale exist. . 12. Because the total debt owing to Consumers as of June 7, 1995, the date of the Sherirrs Sale, was $2,627,616,00 and Mr. McGraw's appraisal of the Real Property, as of June 7, 1995, set the fair market value of the real property at $2,209,000.00, Consumers is entitled to the entry of a deficiency judgment in the amount of $418,616.00. WHEREFORE, Petitioner Consumers Life Insurance Company respectfully requests that the Court fix the fair market value of the herein described Real Property as of June 7, 1995 at $2,209,000.00, and enter a deficiency judgment In favor of Consumers In the amount of $418,616.00. FA:KERT sEAMANS T & >mLWn , Chri 0 er . icconi, Supreme Ct, I. . #19331 Douglas J. Davison, Esquire Supreme Ct. I.D. #69368 One South Market Square Building 213 Market Street Harrisburg, PA 17101 (717) 237-6000 Attorneys for Plaintiff Consumers Life Insurance Company DATED: 11/1~/~ 4 ~: .. VERIFICATION I, James C. Robertson, President, Consumers Life Insurance Company, hereby verify and state that the facts set forth in the foregoing document are true and correct to the best of my information, knowledge and belief. I understand that false statements herein are made subjcct to the penalties of 18 Pa, C,S.A. f 4904 relating to unsworn verification to authorities. m C. Robertson, President C sumers Life Insuranee Company GENEVA PROPERTlES,INC., a Pennsylvania Corporation, Defendant/Respondent DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 VENERANDA G. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 M. JEFFREY MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 No. 95-1354 Civil Term CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, NOIf 2 0 1995 ~ IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLV~NIA ... .! . v. Civil Division CAROL Y. MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents. Rm.E TO SHOW CAUSE AND NOW, this % .tiaay of nq~..J.i...., 1995, upon consideration of the Petition to Fix Fair Market Value of Real Property filed by Petitioner Consumers Life Insurance Company, a Rule is hereby Issued upon the Respondents to show cause why the relief requested in the Petition should not be granted. The Rule shall be returnable ~ days from service, A hearing on this matter will be held at /: 30 o'clock, 011 the r day of I ~ ql.o ~ .l/.v..UV\.o< ,i995, In courtroom number ...E-. II' BY THE COURT: ;'j;t,'E t.I",~,'-" 1.5{ 8, I,') ..12..&'" cr ;' r'..--r~.~D ~'\J.r' J. DATED: r. "". ..., , -~ , .1 '.\< , ,I,',. 111:, .p,,<'.Ai ,:., '" -t7uv-., 1'11S- J l . /J .. '":l~ "IUfllllfl..~;(,.t.lfI:iJ.".l.l.,1 .fI-iyfJ.tl............... '/:J fLo ' l'rolloon:x'lIY GENEVA PROPERTIES, INC., a pennsylvania Corporation, Defendant/Respondent DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 VENERANDA G. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 No. 95-1354 Civil Term .' .. CONSUMERS UFB INSURANCB COMPANY, : a Delaware Corporation, : Plaintiff/Petitioner, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PBNNSYLVANlA v. Civil Division 01 M. JEFFREY MAISELS 1933 Loan Pine Road Bloomfield Hl11s, MI 48302 CAROL Y. MAISBLS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents, 9RDER AND NOW, this _ day of , 1995, upon consideration of the within petition to Fix Fair Market Value of Real Property filed by Petitioner Consumers Ufe Insurance Company, it is hereby Ordered that the Petition be, and hereby is granted and that the fair market value for the real property identified in the Petition as of June 7, 1995 is fIXed at $2,209,000.00, and that a deficiency judgment in favor of Consumers Ufe Insurance Company is entered In the amount of $418,616.00. BY THE COURT: J, DATED: ;' . CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVA~A v, Civil Division GENEVA PROPERTIES, INC., a Pennsylvania Corporation, DefendanURespondent No. 95-1354 Civil Term DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 VENERANDA G, BRUNO-ALVEAR, M,D" 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 M. JEFFREY MAISELS, M.D. 1933 Loan Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents. PETITION TO FIX FAIR MARKET VALUE OF REAL PROPERTY SOLD TO .rnDGMENT CREDITOR. DEFlCffiNCY JUDGMENT Pursuant to 42 Pa.C.S. G 8103, judgment creditor Consumers Life Insurance Company ("Consumers") petitions this Court to fix the fair market value of real property sold to Consumers and to establish a deficiency judgment, and avers in support thereof as follows: " .. 1. On March 15, 1995, Consumers entered judgment by confession, including Interest and costs ("Judgment"), against Defendant Geneva Properties, Inc. ("Geneva") and In favor of Consumers for the amount of $2,527,706.00. 2. A Cumberland County Sherifrs Sale ("Sherifrs Sale") was duly noticed for and held on 1une 7, 1995 with respect to real property known and generally described as Brighton Place, Upper A\1en Township, Cumberland County. Mechanicsburg, Pennsylvania. The location of such real property is more specifically identified in the legal description attached hereto and Incorporated herein as Exhibit" A" and hereinafter referred to as the "Real Property". , 3. Consumers purchased Real Property at the Sherifrs Sale for $17,817,19. 4. The price for which the Real Property was sold is not sufficient to satisfy the amount of Consumer's Judgment and Consumers, therefore, pursuant to 42 Pa,C,S. G 8103(a), seeks to co\1ect the balance due on the Judgment, 5. On June 19, 1995, R, Thomas Kline, the Cumberland County Sheriff, executed a deed in favor of Consumers ("Sherifrs Deed") with respect to the Real Property. A true and correct copy of the Sherifrs Deed is attached hereto and incorporated herein as Exhibit "B". 6. On June 20, 1995, the Sherifrs Deed was delivered to Consumers, 7. The Deed is recorded with the Cumberland County Recorder of Deeds at Book 123, Page 964. 8, The total debt owing to Consumers as of June 7, 1995, the date of the Sherifrs Sale, was: Unpaid total principal Unpaid total accrued Interest through June 7, 1995 Unreimburscd costs and expenses Subtotal $2,305,261.00 170,004.00 9.305,00 $2,484,570.00 2 Attorney's Commission (5%) Subtotal $ 124.229.00 $2,608,799.00 $ 16,388.00 $ 2.429.00 ~ . poundage Othcr Sheri fr s costs Total Due: 9. On October 4, 1995, lames J. McGraw, a Pennsylvania Certified General Real Estate Appraiser of Joseph McGraw, Inc., appraised the Real Property, as of June 7, 1995, setting Its fair market value at $2,209,000.00. A true and correct copy of Mr. McGraw's October 4, 1995 appraisal Is attached hereto and incorporated herein as Exhibit "C". 10, The following named persons are the only persons known to Consumers, or asccrta1nablc by Consumers upon reasonable Inquiry, who may be directly or indirectly liable to Consumers for payment of the debt for which judgment was entered and any owners of the property affected thereby: Geneva Properties, Inc. c/o Dr. Domingo T. Alvear, president 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 Domingo T. Alvear, M.D. 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 Veneranda G. Bruno-Alvear, M.D. 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 M. Jeffrey Malsels, M.D. 1933 Loan Pine Road Bloomfield Hills, MI 48302 Carol Y. Maisels 1933 Loan Pine Road Bloomfield Hills, MI 48302 3 12. Because the total debt owing to Consumers as of June 7, 1995, the date of the Sherifrs Sale, was $2,627,616.00 and Mr. McGraw's appraisal of the Real Property, as of June 7, 1995, set the fair market value of the real property at $2,209,000,00, Consumers Is entitled to the entry of a deficiency judgment in the amount of $418,616.00. WHEREFORE, Petitioner Consumers Life Insurance Company respectfully requests that the Court fix the fair market value of the herein described Real Property as of June 7, 1995 at ;. 11. No prior liens, costs, taxes and municipal claims not discharged by the Sherifrs Sale exist, $2,209,000.00, and enter a deficiency judgment In favor of Consumers In the amount of $418,616,00. Chri 0 er . Icconl, Supreme Ct. I. . #19331 Douglas J. Davison, Esquire Supreme Ct, I.D. #69368 One South Market Square Building 213 Market Street Harrisburg, PA 17101 (717) 237-6000 Attorneys for Plaintiff Consumers Life Insurance Company DATED: /1//'-/0.5' 4 C, Robertson, President sumers Life Insurance Company . VERIFICATION I, James C. Robertson, President, Consumers Life Insurance Company, hereby verify and state that the facts set forth in the foregoing document are true and correct to the best of my information, knowledge and belief. I understand that false statements herein are made subject to the penalties of 18 Pa, C.S,A. A 4904 relating to unsworn verification to authorities. ".. ECKERT SEAMANS CHERlN Ie MELt.OIT P.O.llOX 1218 lWUUSUURC, PA 17108 (7\7)231-'110O " ~\;'" , ,',' . . , . ". ,. '," ""L ":)' ~^ , :1 :', ! ), " '!':( ., ~.' , r.,.e,_ )~~;,~_-> i' . f:~j , 6 ~ " ;'- "~, , ~-.' ;~::~;;k." ~j. '.-'" 'I {) . "" ",,' ~: ',' . 'y" "'-}j -'I, '._ :,',".' .'. "'- . "_L ;-'-'.' ",-- .... .' -.~-'~ 1 ,:.;_,-~; : _~.' f :.,/."~"~ " .' ..' . , " , . . , . .. . . . , , " . : "j . CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, IN mE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANlA '. v. Civil Division GENEVA PROPERTIES, INC., a Pennsylvania Corporation, Defendant/Respondent DOMlNOO T. ALVEAR, M.D" 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 . VENERANDA O. BRUNa-ALVEAR, M,D., 60 Pleasant Orove Road Mechanicsburg, Pennsylvania 17055 M. JEFFREY MAISELS, M.D. 1933 Lone Pine Road Bloomfield Hills, MI 48302 No, 95-1354 Civil Term CAROL Y. MAISELS 1933 Lone Pine Road Bloomfield Hills, MI 48302 Respondents, ACCEPrANCE OF SERVICE I accept service of the Petition to Fix Fair Market Value of Real Property Sold to Judgment Creditor - Deficiency Judgment on behalf of Domingo T. Alvear, M.D, and -.', ~ #..,' '. Veneranda O. Bruno-Alvear, M.D., Respondents In the above-captioned proceedings, and certify that I am authorized to do so. Date: ;Viti ~ (/ ri~ j'"' By: Pl. (.f.<..." onald ,Lucas, Esquire Mellon Bank Building 10 South Market Square, Suite 500 Post Office Box 1265 Harrisburg, PA 17108-1265 Attomey for Respondents Domingo T. Alvear, M,D. and Veneranda G. Bruno-Alvear, M.D, d --;': <\' .: ,\' ':-'< "'.'. ; j,.'" .~ '~;.. ' :-' " ',I, "J-, :',: ,.' .. " ",':" . ~ ~,. , , ; ~ 'c ~ '-;,.' ~'"" ~- .. '. - ~. j ~ " .:.--.~ j~~' '-;n ;: . ~- 'C :: {_:~. '. "'. J,,' :,. " " -..---~ , .-' ECKERT SEAMANS OmuN 8< MELLOlT P.o. BOX 12" ItAIlIlIS8IlRC. PA 17101 ,.".,.._..' m7lZl7-6llOO ,-" , .; "---'~ . --.-- --~ ~- CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANIA v. Civll Division GENEVA PROPERTIES, INC" a Pennsylvania Corporation, Defendant/Respondent DOMINGO T. ALVEAR, M.D" 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 No. 95-1354 Civil Term VENERANDA G. BRUNO-ALVEAR, M.D" 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 M. mFFREY MAISELS, M.D, 1933 Lone Pine Road Bloomfield Hills, MI 48302 CAROL Y. MAlSELS 1933 Lone Pine Road Bloomfield Hills, MI 48302 Respondents. ACCEPTANCE OF SERVICE I accept service of the Petition to Fix Fair Market Value of Real Property Sold to Judgment Creditor - Deficiency Judgment on behalf of M, Jeffrey Malsels, M,D. and Carol "...;-,,'.,....,-.-.'" ...,"'-.... Y. Maisels, Respondents In the above-captioned proceedings, and certify that I am authorized to do so. Date: Mu" / I I H5' WIX WENGER AND WIDDNER By: ~lt(A1 tl !lfttdICk- Dean Weidner, Esquire 508 North Second Street Post Office Box 845 Harrisburg, PA 17108 Attorney for Respondents, M. Jeffrey Maisels and Carol Y. Maisels ,., 94141.1 "'"- $:",-,,-; ";0 " " ;: ',:;, , ~ : ':,,'! . .. ~i . i ,,' :, ".',',.. :~ '" ..:. .,.le': I"'" ,-.'. I,,?, ,: -',: ~ , ,,'~ , .'[.;-~ , ': -;'\.\'- -,' .;~':' , :'t':-- ':':::.'~,~;{~ ..;? " ,~;.',: :,,' ., .~ .y, '.~ >' , . '. . .":'.' ;. ..... ECKERT SEAMANS CHERlN &: MELLOI1" P.O. BOX 12C1 IIARIU5B1JRll. PA 17101 . . mn ZJ7.6IlOO -,~ . ,.. .. ~ , CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVANIA v. Civil Division GENEVA PROPERTIES, INC., a Pennsylvania Corporation, Defendant/Respondent No. 95-1354 Civil Term DOMINGO T. ALVEAR, M,D., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 VENERANDA G. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 M. JEFFREY MAISELS, M.D. 1933 Lone Pine Road Bloomfield Hills, MI 48302 -I ~ CAROL Y. MAISELS 1933 Lone Pine Road Bloomfield Hills, MI 48302 Respondents. Af:CRP1'ANCE OF SERVICE I accept service of the Petition to Fix Fair Market Value of Real Property Sold to Judgment Creditor - Deficiency Judgment on behalf of Geneva Properties, Ine" Respondent In the above-captioned proceedings, and certify that, as President of Geneva Properties, Inc., I am authorized to do so. ,_""-,__..~...."".",,,Jl-'-.~;...~,.. .. Date: 1J-/7/rJ" GBNEVA PROPERTIES, INC, By: fd~,., -r: Ut~~ Domingo . Alvear, M,D., President Geneva Properties, Inc. . STATE OF PENNSYLVANIA, COUNTY OF CUMBERLAND } ss. Robor P Ziegler I, ___..__...._.______.__.___.__._____..__._..__.._._____________._.__...___.____Recorderof J Deeds In and lor aald COUnl)' and Slale do hen:b)' certil)' Ihat Ihe She.lfra Deed In which _n___...___n._ Consumers Life Insurance Co ___n_._____.____n__._._._ .___n.__n___._'.__' _.n_.__________..__._____n..._..__ U lhe granlee 7th Ihe aame having been sold 10 said gran Ice on Ihe _____..___n.__..___._._.____....._..._..___... day of June 95 __.n_______..._..____._____________.___ A. D" 19________, under and by virtue of a wrll__...._____.__ Execution 15th _____. .__'''' ._____._ .____ ___ ___. _ _ _ __ _ __ __ _.__ . Issued on Ihe _ _. ___ ._____.. _..... _...__ .__. __ __ _._ day of ____M!!-!..~.'!.n._________.. A. D., 19___!lA, oUI ollhe Court of Cornman PI... of Illid Counly IU of Civil 95 __________________.____ __n__ _.. _____._ .__ __. _ _ _. ....____. _.. _... _. __._ _n _. _ __.. _ Tenn, 19__..___ Number ____!~_~~_____, allhe auit of ___.n~9_~~.':~.~:::._!:~!_c:._!~.~~_t.:~_'!.:!:._E.<!__':_E~_!~."!~!:~__Corp _____.______.___ _..._.nm___ _ _. __ against_ _ _ 9.~!1.~ y_~_.~ !"_~ p_~ !."_t:.! ~ ~__!!1_ <:._~__~!l_. ~_~!."p. ___ U , 123 964 duly n:corded in Shenfrs Deed Book No, ___.__._.___, Page -_____._____, ) IN TESTIMONY WHEREOF. I have hen:ualo sel my hand and seal of said office Ihu .A.?:____ day of ______O:~~__________.n_ A. D., 19:?.~__ ~r-----&.;;;j.-...;i~ .J ,_."_~ .... _.'i.~_.",,,_,-"~_,,",,,.,,-+-,"'- l~; Consumer Properties Inc. a Pa, Corp vs Geneva Properties Inc. a Pa. Corp. In the Court of Common Pleas Cumberland County, Pennsylvania No. 95-1354 Civil .' , steven Whisler, Deputy Sheriff, who being duly sworn according to law, says on April 27, 1995 at 11125 o'clock A.M., E.D.S.T, he posted the property of Geneva Properties Inc. a Par Corp. at Geneva Drive, Mechanicsburg, Cumberland County, pennsylvania with two copies of Real Estate Writ, Amended Notice, Poster and Description according to law. . Michael Barrick, Deputy Sheriff, who being duly sworn according to law, says on May 1, 1995 at 9113 o'clock A.M., E.D.S.T., he served Real Estate Writ, Amended Notice, Poster and Description in the abov. entitled action upon the within named defendant, to wltl Dr. Domingo T. Alvera President of Geneva Properties Inc. by making known unto Dita Bruno Mother in Law of Dr. Domingo T. Alvers President of Geneva properties Inc. at 60 Pleasant Grove Road, Mechanicsburg, Cumberland County, Pennsylvania its contents and at the same time handing to her personally the said true and attested copies of the same. R. Thomas Kline, Sheriff, who being duly sworn according to law, says that he served the above Real Estate Writ, Amended Notice, Poster and Description in the following manner I The Sheriff mailed one of the within named defendants, to witl Dr. Domingo T. Alvers President of Geneva Properties Inc. at 60 Pleasant Grove Road, Mechanicsburg, Pennsylvania 17055. This letter was mailed under the date of April 10,1995 and was never returned to the Sheriff's Office. R. Thomas Kline, Sheriff, who being duly sworn according to law, says that after due and legal notice had been given according to law, exposed the within described premises at public venue or outcry at the Court House, Carlisle, Cumberland County, Pennsylvania, on June 7, 1995 at 10100 o'clock A.M., E.D.S.T., and sold the same for the sum of $1.00 ti Attorney Christopher M. Cicconi for Consumer Life Insurance Company, its successors and assigns at 1200 Camp Hill By Pass P.O. Box 26, Camp Hill, Pa. 17001-0026. It being the highest bid and the best price received for the same Consumer Life Insurance Company P.O. Box 26, Camp Hill, Pa. 17001-0026, being the buyer in this Execution paid Sheriff R. Thomas Kline the sum of $18,817.19, it being poundage stamps etc. Sheriff's Costs listed below. See attached distribution sheet for additional costs. Sheriff's COStSI Docketing 30.00 poundage 16,388.53 posting Bills 30.00 Advertising 30.00 Auctioneer 10.00 Law Library .50 county 1.00 Mileage 11.20 Cart Mail 17.65 Levy 30.00 Surcharge 6.00 16,584.68 Pd. by Atty. 6-7-95 . .~ ... '.. . . .' '0 _,.... ........,"<".~ sworn and subscribed to before me this :J j,k( day of q....-- 1995 (l, ........ Q. )~~..... ,.JIG: . ~honotary ,r-( So answe~~ #' ~ ., .~~ ':,e..-' 'of' ..... /. . R. Thomas Kline, Sheriff by au.~. A. t>>~ Deputy Sheriff '1,1 ~'1 , Qq ~~ ,.,1J \, ,.. Proof of Publication of Notlte In The Patriot and The Evening News and The Sunday Patriot-News UDder Act 110, lIaT. "rprorocl Mo, Ill, 1_, Co",,"onwtallll 01 PtnnlUIVRn{O,} . Cormlll 01 Dal/pMn RR, ......It..........I"II....".....~.!~.b.'?~.*...!i~.t~.g~.....................bcInK duly sworn according to law. deposes and 8SY": Asst. Controller That he Is the ............................or THE PATRIOT - NF.WS CO" a corporation organized and existing under the laws or the Commonwealth or Penns)'lvanla, with Its principal office and place or business at 812 to 818 Market Street, In the City of Harrl,burg, County or Dauphin, State or Pennsylvania, owner and publlsher or THE PATRIOT and THE EVENING NEWS and the SUNDAY PATRIOT-NEWS newspapers or general circulation, printed and publlsh~d at 812 to 818 Market Street, In the City, County and State aroresald; that THE PATRIOT and THE EVENING NEWS and the SUNDAY PATRIOT-NEWS were establlshed March 4th, 1854, and February 15th, 1917 and September 18th. 1949, respectively, and all have been continuously published ever since; That the printed notice or publlcatlon which Is securely attached hereto Is exactly R8 printed and Metro Wes.t 2nd, 9th, and 16th published In theIr resrulaveditlona ana issues which appeared on the .......................................................... days of May 1995. ........................111.................................,........................."...................................,.........,..,............................................... That neither he nor said Company Is Interested In the subject matter or said printed notice or adver- tising, and that all or the allegations of this statement as to the time, place and character or publleatlon are true I and That he has personal knowledge or the racts ntoresald and Is duly authorized and empowered to verlry this statement on behalr or The Patriot-News Co. aroresald by virtue and pursuant to a resolu- tion unanimously passed and adopted severally by the stockholders and board of directors or the said Company and SUbsequently duly rc.:orded tn the office ror e R ordlng or Deeds In and ror said County or Dauphin In MI",elloneoul Book "M". Volume 14. PI~e 317. ~ ~ ,. .... "0"_ ft. Publication n .......day of 1: L'~ ~. . ... '.. .c,!.Lla4... ftZ.,sburQ.Oa'lllJ!lln oumy' Notal1l Pubhc My clthl 0 June 6. 10'99 ......................... Siate~8id'".;tOC>Acr~;t'ising Costs .............. .- ~-- cul!!p..~"!.~.~f.1.g...!;.gMu.ty....~h~.;:l~.t.p....QK.~,1.S1.~....... carlisle, . FA. 17013 .................................................................................. To THE PATRIOT-NEWS CO., Dr. For publishing the notice or publication attached hereto on the 708.UO above stated dates - $............................ . LOO Probatlng same ............~.{j;J~'{j(i.. Total ............................. Publisher's Receipt for Advertising Costs THE PATRIOT-NEWS CO., IJubllsher of TilE PATRIOT and THE EVENING NEWS and the SUNDAY PATRIOT-NEWS, newspapers of general circulation, hel'eby aeknowledge receipt or the aroresald notice and publication costa and certifies that the same have been duly psld. TilE PATRIOT.NF.WS CO, Jly ......................,........."................................................... . ,'., "'--. LoP) 01 i,.ou.... !!. - ~.w ..-.._:.~,. alAl. 1\111l1AU 1M. , Will 1M, '!.1I14 CMlte,," l.q. H.. 11,1114 eMI h"" tontvmtf Ufe,lMVfOftc. Ct. o_"C",. VI GtMW ',operfi.. Inc. II ro. c~.. Atty.1 ,.thy Sptor ALL THAT CUTAIN tflct r.f lond ,11110" In Upper AU,n """Ihlp, ClImbtflond Coltnty, ,."",,1.01'110, a. ,h."" on 0 foP.,tophic "& .'II"dol'J SIIN.' Pion I" 0'1'1,\11 'fOP.rtl.., Inc. "I(enllnl""" 11...11 Nov.mber U. "n, ~ ,..,ktd JonuOf'Y 19, '''0.01 pttparH by ,. IMha" IriII & ,..,Odoltl, 11'11'1 mor' pnrtic\llarl, "",ndeel .rId dttUibed at '.1 uwt. t. wit. .IGINNING III on kiln p!" ,n the ".rth,tI, ,""'......., .... .1 Gonna 0.... II"" 11011", \ wWol ot tho d....... Iond. "'101. dotcribod .... 10M' now .r lomerly.ol Mtod..,.od Aport. ......,-""".............",..,;.,.ty .1 "...d.w.od Ip.rtm.." ..d ...11,,1.. . ...... Iond. .... " ,.....IIt 01 -.. I. M. om. (D.I."ct, C.",. CorHIomlnlwlftl OM Th. _ 1pOo1ftIOnIJI, H..... _" doo<ot. rd. I fr.nt". mlnu'.. ..re "cOIMh W..t (.., 20 st' 00" VII, . dl._ 01 .Ight Iwndnd ""'.1"" E .nd ,.rty.... hund"dl). 11...411,,,,1... I 1ron............_,,'....."'OIYillotOoI I .......... Inc., IheMt III"" ..,I41ond1 now Of' l ~~~....tl.~~~~~. ......... " 31' U"ll. . oli._ ... , ....... tem ,end ."."tr.th,.. ~1hI 1$40,'11 foal 10... iIon'" ..Iond, - ""," !..... if,..... J. Won IS,,"gulld C.nllomlnl. "",,11 thentl oIonI taW Iondl now or fonntrlr' I ,I Hartin J. Wolf (Su",vlld CondornlnhtmsJ, , S.wth twttnty.fWO "fI"" lw.ntJ.fj.,. ",Inul.' ~ Ihlrtr "cO/'lCk fent IS n 25' JO" I), . IIlstone. \ .1 ,II hund,," ,\Ity...o ond ",ntr.,.", hv". drodthlIIlU'I"" I. . poInIon oho .....,oty right-ol.way lint 01 G.nnCl Drive, th.ne. along I Uid noffhtffy riGht-ol..., lint 01 Gtntva Drivt. byo....."Ilio""~rodi..oI.lgh' ........- _.fioo 111I,0 "...... OIl olil' - 01 ... ........ ..,. .... """ """. , _,'14M) foal... .....'- -'1 _;..,. _.... r!lN............... _........ .._ Iooms.DOl....... OIl db"'" 01 I..' hund,,1 ,,,,,.foui ond oIghty. I ... hundrodthl ,UU'1 I,,, I. on 1ft. pin. .... poinl .nd piau of IIG NNING. .. I 10GlTHII .nth on, and 011 rlght..f thl Gntn'" In""" !hot pao1Ion of oho"""'" whidl.......I... _ 0...., 10GlTHU with the Imp,..."""" 'f.ct,d Ih..- allNG ,'" "... ......... which U 0..... do ,nd Honey M. Ort,nd., hi, .il., by d..d doltd Oct~~~or'Jlf, ,."rd,d Odobe, 11. '''',In C C..." o.od ~'=.'~ Vol. ""'" )4. hgt .11, ,rented and C ,,",0 GonftO hoport1... 'oe. . ................ co.p.... lion. ,..-- SlID 1l01f1lY """'" boon wbdMdod. lub. j4dod .. . c............. ...... .... doft!opod ,..,.... .. . """"""n1 plan .. ,......, A. Tho inlrial P\aIJ ~ """ ",onlod In 110. look ", ,og. U, ot cirntndtd, lnWding, bvt ....11onltod ", ....,.........' {II P101, and rlon' for finl AmIM",.nt to D.do,aUon monltd In ftan look '3, 'og. 91; 1111 ,latl and Pionl lot Thl,d Am,ftdm.ftt 10 Declaration "cord.d In fton 10011 &.I, 'Oat 12, (ii~ rtcm and rtaftl 'A' 'tv"'" Amtndm.nI 10 D.doratton mo,dtd In Plaft 10011 ", roa. 1., at lubltqu,ndy am,nd.d, 11'11 P1011 and Plonl 10' 'ihh Am.ndm.nt to D.dorOlion mordtd In PIon look ". 'lIa' 100, _..............."'_......,f....... , .. . " '1 , ".., .."" . .. (:i";io~; .~~d ;I~;~.;;; ii~h Am,ndm,n' 10 Oftlorolian rflordtd In PIon 100\ 67, Poot u. I. O,dorollo" 01 Condomlnl"m f,' lri,hl'" t&oc" 0 Condominium. doted Odobtr 11, "0, r.cordtd in 1..\ 311, '01' US, ItS omtMtd, Iml"'"" bill ... ,"",,0.1 10, .... ,.nowl"" ~I flnl Amtndmonl '0. Otdoration of condo- m1iWm of lriohton rkI(f, a Condomlnlu"" dot- .d Oelob" ~O, U91, "cord.1I hi look .01, 'og.n; ~n S"ond AmtMm.nl to D"lororio" of Con- dominium 01 lrighlon 'Iou, a Condominium, dOl'. Nov,mber 26, U91, "cord,d In Io.k .01, 'Of' 11"1 ~1I1 Thlrd AmtndrMnl to O"k1""l," 01 Con. dominium 01 lri,hlOn lIou, 0 C,ndomlnlum, ! dol,d Monh 2, 992, "cord,d il,looll .U, 'og,SfI . Ii'" fOllrth .Atntndmtftllo O.ckl,olion " Con. domlnlll", .1 1,I,hlon rlol', a Condominium, dol.d 11'0" 21, 19n, ucord.d In 100\ ...., ._"51.. . j .,. .. !7i;)'fiflh:M.tl~","'t. ~~ ot'Condo- .l1n"Io."_'Ito<~lbC''''",,",,,",,' """ .d,Au,"" 10, UU,",oe....d.ln Iook'451, lot' Sll/ 1>>, SI"" AmondmonllO D._ 01 Con' dominium of 1,I,hlon ,Ioe" a Condominium, dal.d ftlHvot7 " "94, ,"ontdln look OS, Po.' 1040, .... Ivll) S.v.nlh Am.nJ'mtnt to O.dorotlon 01 Condominium of lri,hl.n 'loco, 0 Cond.mlnl. I' "I'll, dattd J'*t II, I"', monied In book 411, .ove 212. c. ronol lAnd Do>ol"""'" ....nlod In PIon took 60, 'og' 26. TOGETHU -.llh undivided Inl.,.." In com' .1 m'" ouo'l both Ilmlt.c1 and ,'n,,'ol, o. d.. I ,",bod in "" longolng doc~b. , TOGETHER wllh G,n.vo 'fOp.rtl... Ine." rightt Dl ..0IYt1o~,,, ond/Of "Dtcklront" unciOf Ih. o'1onllollonol doc"m.n'" ond o",,,m.nl' with ,,~ to tho .riatlltn P1cK. Condomlnl""" /.Uockmon, lndud~ Dvt not limited 10, !h, bJ'. """ oM rulot oM ro'iIula1ioftt ,.. .odI....... tion. UClnlMG, ~ from Iht 'orflOlna tho 1.11ow1", Condominium Unitt, whkh hem ~.... lof... ....n ,......,0.1 10 "'lnI ponIot. '''- wllh Iho "ndivld,d Inl",,'" In lommon 0'''' ....dol.d lhtrowilhl JlnUI 02 th,ouglt "4, nt, S13, us, 5U, s.tO,~1, SU, 545. 50, 552, 5,.., 551, 5st, 560, oM 562 ttdutlt 59'. 1100 AI toOfl Of Iht proporty It bMbcI down 10 0 ~" 100oftht~prlc.oroncotf, ...._ .... ... hltM', oldl'" doIOmd I. .... _.".... Ill"P<l"'O" k not modo.. roquoolod, .... Shoriff ...U d.... tho ._, Io,...n....,..,..", TN Wane. d~ aha" be poW to th. $heritI b-t NOT LATII THAN frid"'~:::.', IlU ., ~~~ ~~.:...ond ~;;::. ".will b. ""Id on Ivn' 21, 1995 ot to:oo f.M. Pmo1Ung TImo In .... c~ CGIInIy _. Oftkt eo.oot _. Coditlo, 'A. . alAl mATt $AU DAns fOl1tf$ Sal. Dot" Cut Off 001" Sepl''''', t9U '"M 21, 1.95 OK'.' 't 1995 Stpl.mbtr 13, "'5 March 6, 1996 -Dec.rnbt, U. 1995 R, Thomas I<lIno Sheriff Cumborland Caunty, Ca,U"., rA -- ('Obi, u: 1.Inf,,"r n' ;,. . .' ,. (..~'':'~/d PROOF OF PUBLICATION OF NOTICE IN CUMBERLAND LAW JOURNAL (Under Act No, 587, approved Muy 16, 1929). P. L.1784 STATE OF PENNSYLVANIA : COUNTY OF CUMBERLAND : 55. Roger M, Morgenthnl, Esquire. Editor of the Cumberland Low Journul. of the County and Stote uforesald, being duly sworn, uccording to low, deposes und suys thutthe Cumberlund Law Journal, 0 legal periodical published in the Borough of Cur lisle In the County and State aforesuld, was estubllshed Junuury 2.1952, und deslgnuted by the locul courts as the official legal periodical for the publication of ulllegal notices, und hus, since Junuury 2. 1952, been regularly issued weekly In the said County, and that the printed notice or publication attached hereto is exactly the some os wus printed in the regulur editions and Issues of the said Cumberland Luw Journul on the following dates, vlz: APRIL 28. MAY 5. 12. 1995 Affiant further deposes that he is authorized to verify this statement by the Cumberland Low Journal. u legal periodicul of general circulation, and that he is not Interested is the subject matter of the aforesaid notice or udvertisement. und thut all allegations in the foregoing statements as to time, place and character of publication ure true, f. Ro er M, Morgenthul, Editor ~ SWORN TO AND SUBSCRIBED before me this 12 duyof MAY ,1995 l.;'X)PAJU I~W'....eL. Notury NOl/oRIALSEN. UERU:NE IIIoRHEVAA. Il<WI P\IlIi: Clr1o.. Cu/rtiWrd eo"..,. p~ UICom/II_E~'1NlIl '. . 1\1l1E!1 It:\t ";Ih Ih<, U"I"'''''''''''''' C'ff"C\l"d thr(n'u, '\ . l\\-:\~G th(" ~'lmr \1I1'''\\~'~ wh\rh It. A. Orlrnt\ll i\nd s.un')' M. llrh'''' dO. h\5 \\1ft'. \1\' t\rt"t\ ,l,\h'll l'k'\U\M'r ~\. 11\89. ,r<""inl O<,llIh<,' I~\, 1\\8\1. \n CUln\)('r\,\I\l' ell\"'t)' llt'<"'\ \\4...IK r. \'0\\1"'<' :H, I"'~<' .\10. ~nlll,,,1 "".1 , <lII,,<,y<,.1 \I"'" \1<'",,'.\ 1'1'11..,11"" hlt'.. n ''t'nns)'"'''''''' ('lll1,11r.\UUIl, , liMO I'\tlll't:trr. hll'\"~ h<,"\I i Ku\)c.\Mdrd. Kuh}t"l'\\'1.\ tU il rUlU"'. , lII''''\l1\I...~\I\lr "",I .1t'\'rllll"',1 ,1\.'" I 8\U,nt \0 " Ih.\.(.\ll\nnrl\t \,\.\1' l\~ hl\' I"""" I\. '1"" \1\\\tI\\ \'l,"~ 1\1\1\ ,'t,tlll" U' rurtll.., \1\ "\,\1\ nt'll1~ lH. l',Ij!.(' o:,,"~ 11\1\r,,",~I. I\I,.,,,.II"~' b\ll "III \\11\11'" tn. tht' ro\\o\\11\~~ III """ "",I ""'" [II' 1'\1",1 ""11.,,,1, \1\l'nt III urdi\O'thJ1\ ",('uoh'" \1\ \'hU\ \\l.'lu'K U:\. ",,~t' mt (Ill I~"" ","I I~"'" ~1I11,,"1 1\11\1"'" ow,t' to tll,t'h\rnthll\ ('t'I'Ollh"t\ U' 1'\i'I' l\Uu'KU'\, \'il)!." \2: 1111\ 1'\"" """ 1""1\' (II' 1'1I",lb "'\1"""""'1\' 1"llr.'\II",II"" ,""1111\1'.1 in \'10\1\ HoOK tiO, "i1~t" :\.\. n~ Kuhsc." qUl'n\\)' nntt'lu\t"t\~ th" \'\i\\~ ill.I I'\;.\I\."Io hlr 1:'\\\\\ Iu,U'lllI- 11\t'n\ \U Ut,,'\iU'l,unn n.''t!flb..I In 1'1an I~..k 1;0. I'i\~r lOll. II' "\lh..~\II..IIII). U,,\CI$\r(\: unl\ M 1'1i\\Hl\l.I \'\.\1\~furHlX\\' AU"'I"l- "\l'n\ \U l)cdarnIIU1\ rt"rullb",I \1\ 111.'1\ \\t'll.\~U1.I'i\t-!.("tH. U. lwdilruHun of cunlln"""\"'" fur urtil,,,\nn I'l.U'l'. u cunlllnllln\U"" (\a\l",l Ol'lu$l'r 11. lOno, (\'l'ulllt..I 'n 1\1.'Il.\\\ :\Hti. I','t-!.t' '.Lim. n~ mnl',uh'lI. ,"dl,lIn~, 1111' IIl1t \\1111\..,1 ,,,.\111' '0\' luw\l\Il,: U\ fill'll ^",,'nl.hnrnt \u Il,'diu'" uun uf contlUllltn'''''' uf l\rlJ.thtnU \Ilnce, 1\ cunc.lum'ntUlU, dntl'" lW1U' 1)1" :Ill, \UnI, ",<'1111".111\ I~"k .\07. Pn~C O'J.; (Ill Scrolld ,","l<lIdlllel\\ \0 11<,1'111' rnUon of Condonl,,,,,,'1\ of Hrtll,htun ",'nre, R condmntnhun. natrd N(J'Jl'U" Il<'f 20. IUU\, ",<,,"1<'\ \1\ l~lIlk .107, I'II~<' I IOU: ... I ;,. . " " ,/ , 1111) 1111nl AUIC'lulmrnlllJ Ilrl'lnnl- tlon or Condomlnlulll or IJrt~hlfln Plocc, 0 CondOllllllllllll, IlnlNI Mllrl'll 2. IOU2. recorded III Bouk ,II a. pa/.tl! GO; (Iv) fuurth Amendment to lJl"')'" nlUon or Condomlnllll11 or UrI/.thlnn Plnce. n Condominium, dnll"tJ Mny 21.I003.rccordcdlnllookH4.l'lI~e mm: !vi fifth Amcndmcul tn Ocelli"" lion or Cmuloll1lnlUI11 or UOAhtun l'll1r~. n Cuncloltllnlllln.clllll"Cl AII/.t'INt 10, lun:J, rl'f'onh',lln Iluuk4fil.I'lIAc' li17: (vII Shelh AUIf'lu!lIl"lIllu I "'dill II tlflll flf CIIIIIIIIIIIIIIIIIIII III 1Ir1J!1I11l1l "Ill"', n f'flllfhlllllllllllll, ,ll1h11 r,'hlll IHV II. 11l!!1. "'flllllrtllll II1111k ,wn, JI<lI.!" HHO;ull,1 (vIII Sf>vrlltll ^mf'wlllll'1I1 'f! Ih'l' IlIrnllllll'lff',,,ulllllllllllllllfl"hIJtlllllll "Jar", II CfIIlfltlflllflltllfl. tllllt." ,Jlllv HI, H)(I1, rrffJUlrtlIII IIllllk .r/ll, "lilt" ~~".l. C. fltlftl I.nfltl O,'Vl'lfJPlllf'1I1 fr', 'hr,I",llflI1f1f1,klllk f10. I'll!!" ~n 'rf)(;Jnlf~~H wlU,IIII,lIvhh"llfll", ,."'."Iu 'hllUIlt'f1 IHf'II". 1,.-,.111111I11,.,1 nfl,l~rfl"rt1I,II",h'''''I''HIIII tllI""ff" ~t,jIll('I"f'lllllf'tJl~. 'rOfHn""~H wlfh O""f'ViI "WI"'" fir". rfl".'~ rl~hl'l n'l ~f)f'vrlfl,,"r. "rill/fir '"I )rrlilrnrtl. ,,,,drr fllf' 0"~1lf1 1IlIIIIITlfll,Ir,r"IUI""I..uFlt'nl!ff'rlllrrtl', wllh ''''''''H'l Iff III" flrlfthlflfl "I:lt" t:'IWlurlll"hIfU ^",~"rlll'lfJfI. Iflfl,,,' Jtll!. llllt 'lilt IImltl'tl tfl. '"I' hv 111\',''' flllIl rul"... I1l1d r"l.!1I1aU"t1"l lit' tlU'" t1!ollUM"lnllrtJl ~~Xff~I'nNq, ",rNt'v,.,. "011I IIIf' r'I""lhlrl't l'lt, "llhlwllll! f"'II,I"1II111 hllll 111111.., with" IllIv" 1It'II"ul"", ,,,.,.,, fflllV,.v,...1 II' lhlrd Illlfl"''', I" ~rlh,.t willi III,. 11f1l1lvlll,.,1 Illh'Jr..'" III I'/IIIllIIftll III"n... 1I"''''lI:ll1lrll IIIN'" wllh: IIl1llq 'l"~ 1II'"II1I.h ft14. n~lI. n:l:1. n:m. r,~'-" ft,ll), rdl, fH4, fHr.. IH1, nr.'/.. nfl'l, m'm, firm, r,no III1lI r,n:J.lIl1l1l1l~lIli!tH. '. . ,._,-.... ~. . .;. . . . '" " -I I . . . ~ " :. : I ..I.... ,". ..~,"'.j ......w-~~.',...._.. RItAI. UTA'I1t IIALZ NO. II , , " W,It No. 1l5.1354 CIvil ,1IulJ.t. Nu. 05.135-1 CI\'II CunSUll1rr Life InKlloll1re Cu.. n [lrlnwure Cnrp. v.. Ot"m'vII Itropcrtlrfllnc.. n Pll. CUIlK)mtlnn Alty.: Jrrr",y Slx'II' AI.!. n IAT C~:IITAIN Im,l or IlIlId oltllllle III Upper AlI,n To""ohlp. CUlI1hcrlnnd County. l'cnuKylvnntll. us KIIUWlI un nTopo~rnl'hlc & I~()und. nry Sur\'l'Y Plnn for OCl1l"\'O Proper- UCK.lnc. -KrnshlAton- dlltl"C1 N{)\'l~III' be, 13. WHO. 11101 m11lCd .1111111111)' 21l, WOO, n" 1''''I"",d by J. Mlchnel Utili & A.'\,!,ucintrs. Inc.. more PilI". u,uln,ly bounded olld dcacrthcd 0lI rollo...., 10 wit: BEGlNNINO olon lroll pin on the northerly rtght,or.woy line or Gellovn IJrt"" (OOy (501 reel wldel ntlhe dlvld. InA line belYoTCIl Inulls herein de. 8crthed nnd lauch. now or formerly of : Mendowood ^Jlurlmcnl8: thence nlnnlt said Innds nOW or formerly or Meadowood Apartments and con. t1nutng nlol1A lands nOW or forull'rly orOco,ge J. Mnmo (Delnllcey COllrt Condominiums nnd TIle OnrdenK Apartmentsl, North Iwenty degrees fifty-nine minutes zero 5CConds W~t IN 20' 50' 00" W), n dlstnnce or elghl . hundred rorty.rour nnd rorly,two hundrL'llhs (844.421 rcetlo nn Iron , pin ntlnndo nOW or ronnerly or Vtl. , la~e of Moreland. Inc.: thence nlouR t !Intel lands noW or fonuerly ofVlIIngc or Mo",lnnd, Inc.. North slxty.sevcn deg",es thlrty.elght mlnntes rorty. five s~cond!l Enst (N 610 38' 45" El. n dlstnnce of n\'e hundred forty nnd , sevenly.II,,,,e hundredlhs (540.731 feet to nn Imn Illn at lands now or ro,me,ly or Ih"lIn J. Wall (5\1ngutld Condominiums): Ulcnce nlong said \ Innds now or formerly of lIarlln J. Wnll (Snngutld Condomtntums), South t\\'enty-two dc~ree8 twenty.. O,oe mlnules Ihlrty ""ronds En..t 15 22025' 30" EI. a distance of sIX hun- tlu''ll sixty-two and twenty-four hUll- d,..lIhs (662,2.1) rcellOn polnl on lhe northerly rt~ht'or.wny line of Gent"\'R Ur1vc; Ihence.. nlunJt said northerly rlf.!,ht.ur-way line ufOcneva DriVe. by II CUr\'t" to the len havtng n radius of ('Ighl InlOldR,1 twenly.Ove (625,001 ft'el. nil nre dhUnnce of one huUtlu'd Uhy'fllur nnd nine hundredths (IM,Onl fl~e.~t to n (NJlnt: tllt!nce nlonR tiin1ll~, hy n curve to the right hR\'lnR II radius of M'\'clI hundred Sl"\'cnty. O\'c (775.00) (t'Ct. nn lire dlstnnet. of four hundred furty.fnur anti t'lJ.!,hty, twu humlredthM (4."'.8:.!1 (l't't tn nn Irun ptn. the potnt lInd place or Ul-:. GINNING. Tom:Tm:11 wllh nil)' nlld 1111 nghts o( Iht. Urnntur In Imll to thnt INJl1101) of thl" Im.nll~s whlrh t"X' lrncts Inlo <lfonrvlI l>r1vr. yo . " .1 ~ . IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CONSUMERS LIFE INSURANCE COMPANY, a Delawar~ corporation, ) ) CIVIL DIVISION ) ) l No. 91 - )351/ t~th/~"" ) ) ) ) ) Plaintiff, vs. GENEVA PROPERTIES, INC, a Pennsylvania corporation, Defendant. pONFBSSION or JUDGMBNT Pursuant to the authority contained in the Warrants of Attorney contained in the Term Note and Revolving Credit Term Note, true and correct copies of which are attached as EXhibits A and B to the Complaint in Confession of Judgment filed in this action, the undersigned hereby appears for the Defendant and con- fesses judgment in favor of plaintiff, Consumers Life Insurance company, and against Defendant, Geneva properties, Inc., in the following amount: unpaid total principal Unpaid total accrued interest through March 14, 1995 unreimbursed costs and expenses subtotal: Attorney's commission (5%) $2,304,261 $ 93,773 $ 9.305 $2,407,339 $ 120.367 Total Due: ~2.527.706 Respectfully submitted, # ... plus interest from the date of jUdgment, additional unreimbursed expenses and costs of suit. . /-:- ~L {l. It... Christ~h~ M. c~coni Pa. 1.0. # 19331 Timothy A. Hoy Pa. 1.0. # 47597 ECKERT SEAMANS CHERIN , MELLOTT One south Market square Building 213 Market street Harrisburg, PA 17101 (7177) 237-6000 Attorneys for Defendant Dated: March 15, 1995 J3S49 \' .) : ';u 'u -2- , .-._.....0_......;:. ..,., ~ - ~>- ....... ~~.;..t ~;,eC)..;.. u.",-')<<":;" h.~l':C ". ~(l~ r: ~ E~~ ;,..,-,,-'= : ...,.Li.r ,..,_.OloJ ,..::rn.. ...."" "," ::- c.-= ~ '=> "'" l.f') 01: ~ =. .. : IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA vs. ) ) CIVIL DIVISION ) ) ) ) No. ) ) ) ) ) CONSUMERS LIFE INSURANCE COMPANY, a Delaware corporation, plaintiff, GENEVA PROPERTIES, INC., a Pennsylvania corporation, Defendant. COMPLAINT IN CONFESSION OF JUDGMENT Plaintiff, Consumers Life Insurance company ("consum- ers"), by and through its attorneys, Eckert Seamans Cherin , Mellott, brings this Complaint in confession of Judgment, as follows: 1. consumers is a Delaware corporation with an office located at 1200 camp Hill Bypass, Camp Hill, Pennsylvania 17011. 2. Defendant, Geneva properties, Inc., (the "Defen- 'dant"), regularly conducts business in Cumberland county and has an address of c/o Dr. Domingo T. Alvear, president, EO Pleasant Grove Road, Mechanicsburg, Pennsylvania 17055. 3. on or about December 7, 1992, the Defendant exe- cuted and delivered to Consumers a Term Note in the original principal amount of $1,500,000, bearing interest at the rate of ten and two-tenths percent (10.2%) per annum, increasing to fourteen and two-tenths percent (14.2%) per annum upon the occurrence of an event of default. A true and correct copy of the Term Note is attached hereto as Exhibit A and is fully incorporated herein by reference. 4. on or about December 7, 1992, the Defendant exe- : cuted and delivered to Consumers a Revolving Credit Term Note in the original principal amount of $1,000,000, bearing interest at the rate of ten and two-tenths percent (10.2') per annum, in- creasing to fourteen and two-tenths percent (14.2') per annum upon the occurrence of an event of default. A true and correct copy of the Revolving credit Term Note is attached hereto as , Exhibit B and is fully incorporated herein by reference. The Term Note and the Revolving credit Term Note are hereafter referred to as the "Notes". II 5. The transactions between Consumers and the Defen- dant were commercial transactions. 6. There has been no assignment or transfer of the Notea. 7. Judgment has not been entered on the Notes in any jurisdiction. 8. The Defendant has defaulted in its obligations under the Notes by, inter AliA, failing to make payments when due and said payments have remained unpaid and continue to remain unpaid. 9. By virtue of the foregoing Notes, the Plaintiff is authorized and empowered to confess judgment against the Defen- dant for all of the principal and interest provided by the Notes, together with costs of suit and an attorney's commission of five percent (5'). -2- : 10. The itemization of the amount due is as follows: Attorney's commission (5\) Total Due: $2,304,261 $ 93,773 $ 9,305 $2,407,339 $ 120.367 Unpaid total principal unpaid total accrued interest thruugh March 14, 1995 Unreimbursed costs and expenses subtotal: $2,527.706 plus interest from the date of judgment, additional unreimbursed expenses and costs of suit. WHEREFORE, Plaintiff, consumers Life Insurance company, as authorized by the Notes, demands judgment in its favor against Defendant, Geneva Properties, Inc., in ths amount of $2,508,350, plus interest from the date of judgment and costs of suit. Dated: March 15, 1995 1350 Respectfully submitted, ;;C~oni Pa, 1.0. # 19331 Timothy A. HOY Pa. 1.0. # 47597 ECKERT SEAMANS CHERIN , MELLOTT One South Market square Building 213 Market street Harrisburg, PA 17101 (7177) 237-6000 Attorneys for plaintiff, consumers Life Insurance company -3- , . VBRIrICATIOH I, James C. Robertson, President or Consumers Lire Insurance company, veriry that the averments or ract set rorth in the roreqoinq complaint in conression or Judqment ("Complaint") are true and correct to the best or my knowledqe, inrormation and belier, and that the copies or the Notes attached as Exhibits A and B to the Complaint are true and correct copies. I understand that this verirication is made subject to the penalties or 18 Pa, C.S. S 4904, relating to unsworn ralsirication to authorities. ~ Dated: March I:), 1995 C!RTI~ICATB O~ RESIDBNCB We, attorneys tor the plaintitf, certify as follows I 1. The preoise mailing address of plaintiff, Consumers Lite Insuranoe company is 1200 Camp Hill Bypass, Camp Hill, Pennsylvania 17011. 2. The last known address ot Geneva properties, Inc. is 010 Dr. Domingo T. Alvear, president, 60 Pleasant Grove Road, Mechanicsburg, Pennsylvania 17055. /C. ~. () /.C..., Chri~PhZr M~-~icconi Pa, 1.0. # 19331 Timothy A. Hoy Pa, 1.0. # 47597 ECKERT SEAMANS CHERIN & MELLOTT One South Market square Building 213 Market Street Harrisburg, PA 17101 (717) 237-6000 Dated: Karch~, 1995 "'I.I'IlI'.II.04<_Oi'Utl'" t1'" "'~'(lll' @ : : " t(Q)~~ : TERM NOTE $1,500,000.00 ~C"'''' b,u 7 ,1992 Harrisburg, Pennsylvania FOR VALUE RECEIVED, the undersigned, GENEVA PROPERTIES, INC., a Pennsylvania corporation ("Borrower"), promises to pay to the order of CONSUMERS LIFE INSURANCE COMPANY ("Lender") the lesser of (i) the principal sum of ONE MILLION FIVE HUNDRED THOUSAND DOLLARs ($1,500,000.00) or (b) an amount equal to all Obligations owed by Borrower to Lender, as of the Closing Date, under prior loans advanced by Lender to Borrower to acquire the Property, build Condominium Buildings and otherwise construct Improvements. The principal amount hereof is payable in one (1) installment on December 7, 1994, and is subject to mandatory and optional prepayment in accordance with Section 5.3 and section 15 of the Construction Loan Agreement, dated as of the date hereOf, by and between Borrower and Lender (as such agreement may be amended, modified or supplemented from time to time, the "Loan Agreement"). Borrower further promises to pay to the order of Lender interest on the unpaid prinCipal amount of this Note from time to time outstanding at a per annum rate equal to ten and two tenths (10.2%) percent, with such amounts being payable monthly in arrears on the first day of each month and being calculated for the actual number of days elapsed on the basis of a 365-day year. Amounts payable hereunder which are overdue shall bear interest at the Default Rate of Interest, as specified in Section 2.4 of the Loan Agreement, which interest shall be payable in accordance with Section 2.4 of the Loan Agreement. In no contingency or event whatsoever shall the interest paid by Borrower on this Note exceed that authorized by applicable law. In the event that Lender shall ever receive from BorrOWer as interest an amount which would be prohibited by applicable law, such amount which would be prohibited interest shall be applied to the reduction of the unpaid principal balance of the Term Loan, and not to the payment of interest. Payments and prepayments to be made in respect of principal, interest or other amounts due from Borrower under this Term Note will be payable at 2:00 p.m., Harrisburg time, on the day when due and will be made to Lender at its office located at 1200 camp Hill By-Pass, P. O. Box 26, camp Hill, Pennsylvania 17001-0026, or at such other place as Lender may designate in writing, in lawful money of the United States of America, without setoff, counterclaim or other deduction of any nature. If any payment of principal, interest or other amount under this Note becomes due on a day which is not a Business Day, the payment will be due on the next following Business Day and the " extension of time will be included in computing interest in connection with such payment. This Note is the Term Note referred to in, is secured by the security interest granted in, and is entitled to the benefits of, the Loan Agreement, which provides, among other things, for the acceleration of the maturity hereof upon the occurrence of certain events. Capitalized terms used in this Note which are defined in the Loan Agreement have the meanings assigned to them in the Loan Agreement. Payment of this Note is secured by, among other things, the Property Mortgage from Borrower to Lender, of even date herewith and intended to be recorded forthwith, secured upon the Property located in Upper Allen Township, Cumberland County, Pennsylvania, more particularly described in the Property Mortgage. All of the agreements, conditions, covenants, provisions, and stipulations contained in the Property Mortgage and the other Loan Documents, as defined in the Loan Agreement which are to be kept and performed by Borrower are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully Det forth herein, and Borrower covenants and agrees to keep and perform them, or cause them to be kept and performed, strictly in accordance with their terms. At its option (but after any required notice contained in the Property Mortgage), Lender may pay any tax, or installment thereof, assessments or water rent, or insurance premium or any s~ms which under the terms of the Property Mortgage Borrower is obligated to pay but fails so to do for the account of Borrower, and the amount so paid shall be added to and become part of the principal sum payable hereunder and secured by the Property Mortgage and shall be payable on demand with interest at the Default Interest Rate. If any payment is not paid within the periOd allowed in the Property Mortgage before an Event of Default occurs thereunder ("Grace Period") the amount thereof shall bear interest at the Default Interest Rate until paid. If an Event of Default occurs under the Loan Agreement or the Property Mortgage, then Lender, at its option and without further notice to Borrower, may declare immediately due and payable the entire unpaid balance of principal with interest accrued thereon at the rate specified to the date of default and thereafter at the Default Interest Rate and all other sums due by Borrower under the Loan Documents, anything in any of the Loan Documents to the contrary notWithstanding; and payment thereof may be enforued and recovered in whole or in part at any time by one or more of the remedies provided Lender in the Loan Documents. In such case Lender may also recover all costs of suit and other expenses in connection therewith, together with an 2 ; attorney's commission for collection of five (5%) percsnt of the total amount then due by Borrower to Lender, but in any event not less than TWENTY FIVE THOUSAND DOLLARS ($25,000.00), together with interest on any judgment obtained by Lender at the Default Interest Rate, through and including the date of any Sheriff's Sale until actual payment is made by the Sheriff of the full amount due Lender. The remedies of Lender as provided in the Loan Agreement and Loan Documents shall be cumulative and concurrent, and may be pursued singly, successivelY or together at the sole discretion of Lender, and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. Borrower hereby waives and releases all errors, defects and imperfections in any proceedings instituted by Le.nder under the terms of the Loan Documents, as well as all benefit that might accrue to Borrower by virtue of any present or future laws, exempting the Mortgaged Premises, or any other property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Borrower agrees that any real estate and/or personal property that may be levied upon pursuant to a jUdgment obtained by virtue hereof, on any writ of execution issued thereon, may be sold upon any such writ in whole or in part in any order desired by Lender. Borrower and all endorsers, sureties and guarantors, hereby jointly and severally waive presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest and notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note, and they agree that the liability of each of them shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by an indUlgence, extension of time, renewal, waiver or modification granted or consented to by Lender. Borrower and all endorsers, sureties and guarantors consent to any and all extensions of time, renewals, waivers or modifications that may be granted by Lender with respect to the payment or other provisions of this Note, and to the release of the Collateral or any part thereof, with or without substitution, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. Lender shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by Lender, and then only to the extent specifically set forth in the J writing. A wavier on one eVent shall not be construed as continuing or as a bar to or waiver of any right or remedy to a sUbsequent event. If this Note is executed by more than one Person as Borrowor, the obligation, responsibility and liability of each such Person shall be joint and several. Whenever used, the singular number shall include the plural, the plural the singular, and the Use of any gender shall be applicable to all genders, and the words "Lender" and "Borrower" shall be deemed to include the respective heirs, personal representatives, SUccesso~s and assigns of Lender and Borrower. This Term Note is governed by, and will be construed and enforced in accordance with, the Laws of the Commonwealth of Pennsylvania. Borrower consents to the jurisdiction and venue of the Federal and State courts located in Dauphin County, Pennsylvania in any action on, relating to or mentioning this Note. BORROWER HEREBY AUTHORIZES AND EMPOWERS THE PROTHONOTARY OR CLERK OR ANY ATTORNEY OF ANY COURT OF RECORD WITHIN THE UNITED STATES OR ELSEWHERE TO APPEAR FOR AND CONFESS JUDGMENT AGAINST BORROWER FOR SUCH SUMS AS SHALL HAVE BECOME DUE UNDER THIS NOTE, WITH OR WITHOUT DECLARATION, WITH COST OF SUIT, ATTORNEY'S FEES, RELEASE OF ERROR, WITHOUT STAY OF EXECUTION, AND ALSO WAIVES THE RIGHT OF INQUISITION OF ANY REAL ESTATE LEVIED ON, VOLUNTARILY CONDEMNS THE SAME, AUTHORIZES THE PROTHONOTARY OR CLERK TO ENTER THE WRIT OF EXECUTION OF SAID VOLUNTARY CONDEMNATION, AGREES THAT SAID REAL ESTATE MAY BE SOLD ON A WRIT OF EXECUTION; AND ALSO WAIVES AND RELEASES ALL RELIEF FROM ANY AND ALL APPRAISEMENT, STAY OR EXEMPTION LAW OF ANY STATE NOW IN FORCE OR ENACTED IN THE FUTURE. IF A COpy OF THIS TERM NOTE, VERIFIED BY AFFIDAVIT OF THE HOLDER OF THIS NOTE OR SOMEONE ON THE HOLDER'S BEHALF, HAS BEEN FILED IN SUCH ACTION, IT WILL NOT BE NECESSARY TO FILE THE ORIGINAL TERM NOTE AS A WARRANT OF ATTORNEY. THE AUTHORITY AND POWER TO APPEAR FOR AND ENTER JUDGMENT AGAINST THE BORROWER WILL NOT BE EXHAUSTED BY THE INITIAL EXERCISE OF THE AUTHORIZED POWER, AND THE POWER MAY BE EXERCISED FROM TIME TO TIME AS OFTEN AS THE HOLDER DEEMS NECESSARY OR DESIRABLE; AND THIS INSTRUMENT WILL BE A SUFFICIENT WARRANT. BY SIGNING THIS NOTE, BORROWER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS AND AGREES TO THE PROVISIONS CONTAINED IN THIS NOTE, INCLUDING THE CONFESSION OF JUDGMENT PROVISION WHICH MAY RESULT IN A COURT JUDGMENT AGAINST BORROWER WITHOUT PRIOR NOTICE OR HEARING, AND THAT THIS NOTE MAY BE COLLECTED FROM BORROWER 4 REGARDLESS OF ANY CLAIM IT MAY HAVE AGAINST THE HOLDER OF THIS NOTE. Intending to be legally bound, Borrower has executed, issued and delivered this Term Note as of the date and year set forth at the beginning. ATTEST: GENEVA PROPERTIES, INC., a Pennsylvania Corporation ~____ ~ --e ~ r.- t:Jt.. ~. Dom ngo T. Alvear, President By: - M.D. 31161.1 5 .. ~l ,1"tllf~,"",",lnl ,...,""" It-t. {] r;-:-:""~' ,- to,\\;j REVOLVING CREDIT TERM NOTE $1,000,000.00 HOar"rL\'s""bul:><r'g'-, 1 , 1992 1 Pennsylvania FOR VALUE RECEIVED, the undersigned, GENEVA PROPERTIES, INC., a pennsylvania corporation ("Borrower") promises to pay to the order of CONSUMERS LIFE INSURANCE COMPANY ("Lender"), the lesser of (i) the principal sum of ONE MILLION DOLLARS ($1,000,000.00) or (ii) the aggregate unpaid principal amount of all advances made by Lender to Borrower under the Revolving Credit Term Loan pursu~nt to section 5.2 of that certain Construction Loan Agreement dated as of the date hereof, by and between Borrower and Lender (as such agreement may be amended, modified or supplemented from time to time, the "Loan Agreement"). The principal amount hereof is payable in one (1) installment on December 7, 1994, and is subject to mandatory and optional prepayments in accordance with section 5.3 and section 15 of the Loan Agreement. Borrower further promises to pay to the order of Lender interest on the unpaid principal amount of this Note from time to time outstanding at a per annum rate equal to ten and two tenths (10.2\) percent, with such amounts being payable monthly in arrears on the first day of each month and being calculated for the actual number of days elapsed on the basis of a 365-day year. Amounts payable hereunder which are overdue shall bear interest at thG Default Rate of Interest, as specified in section 2.4 of the Loan Agreement, which interest shall be payable in accordance with section 2.4 of the Loan Agreement. In no contingency or event whatsoever shall the interest 'paid by Borrower on this Note exceed that authorized by applicable law. In the event that Lender shall ever receive from Borrower as interest an amount which would be prohibited by applicable law, such amount which would be prohibited interest shall be applied to the reduction of the unpaid principal balance of the Revolving Credit Term Loan, and not to the payment of interest. Payments and prepayments to be made in respect of principal, interest, or other amounts due from Borrower under this Revolving Credit Term Note will be payable at 2:00 p.m., Harrisburg time, on the date when due and will be made to Lender at its office located at 1200 camp Hill By-Pass, P. O. Box 26, Camp Hill, Pennsylvania 17001-0026, or at such other place as Lender may designate in writing, in lawful money of the United states of America in immediately available funds without setoff, counterclaim or other deduction of any nature. If any payment of principal, interest or other amount under this Revolving Credit Term Note becomes due on a day which is not . a Business Day, the payment will be due on the next following Business Day and the extension of time will be included in computing interest in connection with such payment. This Ilote is the Revolving credit Term Note referred to in, is secured by the security interest granted in, and is entitled to the benefits of, the Loan Agreement, which provides, among other things, for the acceleration of the maturity hereof upon the occurrence of certain events. capitalized terms used in this Note which are defined in the Loan Agreeu,ent have the meanings assigned to them in the Loan Agreement. Payment of this Note is secured by, among other things, the property Mortgage from Borrower to Lender, of even date herewith and intended to be recorded forthwith, secured upon the Property located at Upper Allen Township, Cumberland county, Pennsylvania, more particularly described in the Property Mortgage. All of the agreements, conditions, covenants, provisions, and stipulations contained in the property Mortgage and the other Loan Documents, as defined in the Loan Agreement, which are to be kept and performed by Borrower are hereby made a part of this Note to the same extent and with the same force and effect as if they were fully set forth herein, and Borrower covenants and agrees to keep and perform them, or cause them to be kept and performed, strictly in accordance with their terms. At its option (but after any required notice contained in the Property Mortgage), Lender may pay any tax, or installment thereof, assessment or water rent, or insurance premium or any sums which under the terms of the property Mortgage Borrower is obligated to pay but fails to do so for the account of Borrower, and the amount so paid shall be added to and become part of the principal sum payable hereunder and secured by the property Mortgage and shall be payable on demand with interest at the Default Interest Rate. If any payment is not paid within the period allowed in the property Mortgage before an Event of Default occurs thereunder ("Grace Period") the amount thereof shall bear interest at the Default Interest Rate until paid. If an Event of Default occurs under the Loan Agreement or the property Mortgage, then Lender, at its option and without further notice to Borrower, may declare immediately due and payable the entire unpaid balance of principal with interest accrued thereon at the rate specified to the date of default and thereafter at the Default Interest Rate and all other sums due by Borrower under the Loan Documents, anything in any of the Loan Documents to the contrary notwithstanding; and payment thereof may be enforced and recovered in whole or in part at any time by one or more of the remedies provided to Lender in the Loan Documents. In such case Lender may also recover all costs of -2- suit and other expenses in connection therewith, together with an attorney's commission for collection of five (5%) percent of the total amount then due by Borrower to Lender, but in any event not less than TWENTY FIVE THOUSAND DOLLARS ($25,000.00), together with interest on any jUdgment obtained by Lender at the Default Interest Rate, through and including the date of any Sheriff's Sale until actual payment is made by the Sheriff of the full amount due Lender. The remedies of Lender as provided in the Loan Agreement and Loan Documents shall be cumulative and concurrent, and may be pursued singly, successively or together at the sole discretion of Lender, and may be exercised as often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as a waiver or release thereof. Borrower hereby waives and releases all errors, defects and imperfections in any proceedings instituted by Lender under the terms of the Loan Documents, as well as all benefit that might accrue to Borrower by virtue of any present or future laws, exempting the Mortgaged Premises, or any other property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Borrower agrees that any real estate and/or personal property that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued thereon, may be sold upon any such writ in whole or in part in any order desired by Lender. ., Borrower and all endorsers, sureties and guarantors, hereby jointly and severally waive presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest and notice of protest of this Note, and all other notices in connection with the delivery, acceptance, performance, default or enforcement of the payment of this Note, and they agree that the liability of each of them shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by an indulgence, extension of time, renewal, waiver or modification granted or consented to by Lender. Borrower and all endorsers, sureties and guarantors consent to any and all extensions of time, renewals, waivers or modifications that may be granted by Lender with respect to the payment or other provisions of this Note, and to the release of the Collateral or any part thereof, with or without substitution, and agree that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. Lender shall not be deemed, by any act of omission or commission, to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by Lender, -3- and then only to the extent specificallY set forth in the writing. A waiver on one event shall not be construed as continuing or as a bar to or waiver of any right or remedy to a subsequent event. If this Note is executed by more than one Person as Borrower, the obligation, responsibility and liability of eRch such Person shall be joint and several. Whenever used, the singular number shall include the plural, the plural the singular, and the use of any gender shall be applicable to all genders, and the words "Lender" and "Borrower" shall be deemed to include the respective heirs, personal representatives, successors and assigns of Lender and Borrower. This Revolving Credit Term Note is governed by, and will be construed and enforced in accordance with, the Laws of the Commonwealth of Pennsylvania. Borrower consents to the exclusive jurisdiction and venue of the Federal and state courts located in Dauphin County, Pennsylvania in any action on, relating to or mentioning this Note. BORROWER HEREBY AUTHORIZES AND EMPOWERS THE PROTHONOTARY OR CLERK OR ANY ATTORNEY OF ANY COURT OF RECORD WITHIN THE UNITED STATES OR ELSEWHERE TO APPEAR FOR AND CONFESS JUDGMENT AGAINST BORROWER FOR SUCH SUMS AS SHALL HAVE BECOME DUE UNDER THIS NOTE, WITH OR WITHOUT DECLARATION, WITH COST OF SUIT, RELEASE Of ERROR, WITHOUT STAY OF EXECUTION AND WITH ATTORNEYS' FEES, AND ALSO WAIVES THE RIGHT OF INQUISITION OF ANY REAL ESTATE LEVIED ON, VOLUNTARILY CONDEMNS THE SAME, AUTHORIZES THE PROTHONOTARY OR CLERK TO ENTER THE WRIT OF EXECUTION OF SAID VOLUNTARY CONDEMNATION, AGREES THAT SAID REAL ESTATE MAY BE SOLD ON A WRIT OF EXECUTION; AND ALSO WAIVES AND RELEASES ALL RELIEF FROM ANY AND ALL APPRAISEMENT, STAY OR EXEMPTION LAW OF ANY STATE NOW IN FORCE OR ENACTED IN THE FUTURE. IF A COpy OF THIS REVOLVING CREDIT TERM NOTE, VERIFIED BY AFFIDAVIT OF THE HOLDER OF THIS NOTE OR SOMEONE ON THE HOLDER'S BEHALF, HAS BEEN FILED IN SUCH ACTION, IT WILL NOT BE NECESSARY TO FILE THE ORIGINAL REVOLVING CREDIT TERM NOTE AS A WARRANT OF ATTORNEY. THE AUTHORITY AND POWER TO APPEAR FOR AND ENTER JUDGMENT AGAINST THE BORROWER WILL NOT BE EXHAUSTED BY THE INITIAL EXERCISE OF THE AUTHORIZED POWER, AND THE POWER MAY BE EXERCISED FROM TIME TO TIME AS OFTEN AS THE HOLDER DEEMS NECESSARY OR DESIRABLE; AND THIS INSTRUMENT WILL BE A SUFFICIENT WARRANT. BY SIGNING THIS NOTE, BORROWER ACKNOWLEDGES THAT IT HAS READ AND UNDERSTANDS AND AGREES TO THE PROVISIONS CONTAINED IN THIS NOTE, INCLUDING THE CONFESSION OF JUDGMENT PROVISIONS WHICH MAY RESULT IN A COURT JUDGMENT AGAINST BORROWER WITHOUT PRIOR NOTICE OR HEARING, AND THAT THIS NOTE MAY BE COLLECTED FROM BORROWER REGARDLESS OF ANY CLAIM IT MAY HAVE AGAINST THE HOLDER OF THIS NOTE. -4- ..---- -- // ----- GENEVA PROPERTIES, INC., a Pennsylvania corporation HY: ~ (.~ Domingo T. Alvear, M.D. President Intending to be legally bound, Borrower has executed, issued and delivered this Revolving credit Term Note as of the day and year set forth at the beginning. ATTEST: ."~ ";'< .,..."'" , . , ,-","- ,'1 ~.,..,. ~~, t"-' 31166) -5- ',' ,L.l ~ ~~ \t ~ \1~ l~ ~ "~ .~ ~\~ ~ l ~ '\ ~ ~~ t ~ "'I' 'Y/. '. .. ~ ''--/ ':1 ~~ ~~ ,~, '\\1 .~ ~ ~ ~ ).. 'J,.' ~ :"; C~ .,.:_;;". ,..... ,~.;,\ ;- \ ,'~ Q...l,I;",. f"') . ;<~ '::.., lJj "-l ~ I~ ',' I., -- :,.., ... "" 'c ~"':...i " ~,l ~ ..;j~' '...,J /.... '- ~ " , ";;i- .,'- , .-:' ';: " ,."" " H" < '\" '."- ~'f ',,',I ..':; . ;:-" ". ~ .: '. .. " 'J':~~~;';:,1,\<,}.~ '.,' '"'I '\3.$ -j~ ...::;'t~l ,':f._~(,t~ '.' ;-.~<;j~3 :,;- ::'j' S~~~:~ , ~., ~ .<4J , _' I,., f ;.!l, .,. '" \ ';"\"1.:.0',\> . ,-. 0-""":"""",,, . ;:.:_~.~(-': :,::,<~~:~~l't .,....j~.. h ~1;~ --'_.,f..1 ,;L-.:\,' :1 '" 'i- " ~ . , , ',; .~,1 ,'0 , ,.' .,1 >:.... .' L. .' ; :', -'" , "" .,: ,'I. :\ . ., ~;. . '. " . "', i;-~f . - , ~. ^- -.; :'; .;- "'r'- ,,!. . -... .. . . -;,_ .1; '. .~ . ECKERT SEAMANS CHERlN 6< MELLOIT " P.",BOX1U8 11AIUUSlIURC. P^ \71011 l7I71DHOOO . . .... .. v. IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA Civil Division CONSUMERS UFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, GENEVA PROPERTIES, INC., a Pennsylvania Corporation, Defendant/Respondent DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 VENERANDA G, BRUNO-ALVEAR, M,D., 60 Pleasant Grove R()lI(i Mcchanlcsburg, Pennsylvania 17055 No. 95-1354 Civil Term M. JEFFREY MAISELS 1933 Loan Pine Road Bloomfield Hi\1s, MI 48302 CAROL Y. MAISELS 1933 Loan Pine Road Bloomfield Hi\1s, MI 48302 Respondents. JULE TO SHOW CAUSE AND NOW, this ~day of~, 1995, upon consideration of the Petition to Fix Fair Market Value of Real Property filed by Petitioner Consumers Life Insurance Company, a Rule Is hereby Issued upon the Respondents to show cause why the relief requested In the Petition should not be granted, The Rule shall be returnable 1.E. days from service, A hearing on this matter wl\1 be held at Li3!l o'clock, on the 14 day of J /' ;19';' -- .ILI PI II () a ,1995;in courtroom number L. ,a DATED: ~",L/ 1-4,. I C j~f!;/I"; { , /tI' . ~. //} " . I 1'1 I) I') I ,I t~) / I ,; .' . _",cO'" ~,c' . 'I;.~',h'u; v, IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA Civil Division CONSUMERS UFE INSURANCE COMPANY, : a Delaware Corporation, Plalntlff/Pctitloner, GENEVA PROPERTIES, INC., a Pennsylvania Corporation, DefcndanVRespondent DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 VENBRANDA O. BRUNO-ALVEAR, M.D., 60 Pleasant Orove Road Mechan1csburg, Pennsylvania 17055 No. 95-1354 Civil Term M. JEFFREY MAISELS 1933 Loan Pine Road Bloomfield Hl11s, MI 48302 CAROL Y. MAISELS 1933 Loan Pine Road Bloomficld Hl11s, MI 48302 Respondents. ORDER AND NOW, this _ day of , 1995, upon consideration of the within Petition to Fix Fair Market Value of Real Property filed by Petitioner Consumers Life Insurance Company, It Is hereby Ordered that the Petition be, and hereby is granted and that the fair market value for the real property Identified in the Petition as of June 7, 1995 is fixed at $2,209,000.00, and that a deficiency judgment In favor of Consumers Life Insurance Company Is entered In the amount of $418,616,00. BY THE COURT: J. DATED: f:i v. IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY,PENNSYLVA~A Clv1\ Division CONSUMERS LIFE INSURANCE COMPANY, : a Delaware Corporation, Plaintiff/Petitioner, \'1. GENEVA PROPERTIES, INC., a Pennsylvania Corporation, Defendant/Respondent DOMINGO T. ALVEAR, MD., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 No. 95-1354 Clv1\ Term ;' ,<' "; VENERANDA G. BRUNO-ALVEAR, M.D., 60 Pleasant Grove Road Mechanlcsburg, Pennsylvania 17055 " , M. JEFFREY MAISELS, M.D. 1933 Loan Pine Road Bloomfield Hills, MI 48302 ., .,~ :'. CAROL y, MAISELS 1933 Loan Pine Road Bloomfield Hills, MI 48302 Respondents. ; PEmION TO FIX FAm MARKET V AWE OF REAL PROPERTY SOLD TO JUDGMENT CREDITOR - DEFICIENCY .JUDGMENT 5 " Pursuant to 42 Pa,C,S, G 8103, judgment creditor Consumers Life Insurance Company ("Consumers") petitions this Court to fix the fair market value of real property sold to Consumers and to establish a deficiency judgment, and avers In support thereof as f01\ows: 1. On March IS, 1995, Consumers entered judgment by confession, Including Interelt and costs ("Judgment"), against Defendant Geneva Properties, Inc. ("Geneva") and In favor of Consumers for the amount of $2,527,706.00. 2. A Cumberland County Sherifrs Sale ("Shcrlfrs Sale") was duly noticed for and held on June 7, 1995 with respect to real property known and gcnerally described as Brighton Place, Upper Allen Township, Cumberland County. Mechanlcsburg, Pennsylvania, The location of such real property Is more specifically Identified In the legal description attached hereto and incorporated herein as Exhibit "A" and hereinafter referred to as the "Real Property". 3. Consumers purchased Real Property at the Sherifrs Sale for $17,817.19. 4. The price for which the Real Property was sold is not sufficient to satisfy the anlount of Consumer's Judgment and Consumers, therefore, pursuant to 42 Pa.C.S. G 8103(a), seeks to collect the balance due on the Judgment. S, On June 19, 1995, R. Thomas Kline, the Cumberland County Sheriff, executed a deed In favor of Consumcrs ("Sherifrs Deed") with respect to the Real Property. A trUe and correct copy of the Sherifrs Deed is attached hereto and Incorporated herein as Exhibit "B". 6, On June 20, 1995, the Sherifrs Deed was delivered to Consumers. ,", 7. The Deed is recorded with the Cumberland County Recorder of Deeds at Book 123, Page 964. 8. The total debt owing to Consumers as of June 7, 1995, the date of the Sherifrs Sale, was: Unpaid total principal Unpaid total accrued Interest through June 7, 1995 Unrelmbursed costs and expenses Subtotal $2,305,261.00 170,004.00 9.305.00 $2,484,570.00 2 Attorney's Commission (5%) Subtotal S 124,229.00 $2,608,799,00 $ 16,388,00 S 2.429.00 ~ Poundqe Other Sheriff's costs Total Due: 9. On October 4, 1995, James J. McGraw, a Pennsylvania Certified Oeneral Real Estate Appraiser of Joseph McGraw, Inc., appraised the Real Property, as of June 7, 1995, setting Its fair mar1cct value at $2,209,000.00. A true and correct copy of Mr, McGraw's October 4, 1995 appraisal Is attached hereto and incorporated herein as Exhibit .C.. 10. The following named persons are the only persons known to Consumers, or ascertainable by Consumers upon reasonable Inquiry, who may be directly or indirectly liable to Consumers for payment of the debt for which judgment was entered and any owners of the property affected thereby: Oeneva Properties, Inc. clo Dr. Domingo T. Alvear, President 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 Domingo T. Alvear, M,D. 60 Pleasant Grove Road Mechanicsburg, Pennsylvania 17055 Veneranda G. Bruno-Alvear, M,D. 60 Pleasant Orove Road Mechanlcsburg, Pennsylvania 17055 M. Jeffrey Malsels, M,D. 1933 Loan Pine Road Bloomfield Hills, MI 48302 Carol Y. Maisels 1933 Loan Pine Road Bloomfield Hills, MI 48302 3 ~"-" 11. No prior liens, costs, taxes and municipal claims not discharged by the Sherifrs Sale exist. 12. Because the total debt owing to Consumers as of June 7, 1995, the date of the Sherifrs Sale, was $2,627,616.00 and Mr, McGraw's appraisal of the Real Property, as of June 7, 1995, set the fair market value of the real property at $2,209,000.00, Consumers Is entitled to the entry of a deficiency judgment in the amount of $418,616,00. WHEREFORE, Petitioner Consumers Life Insurance Company respectfu\1y requests that the Court fix the fair market value of the herein described Real Property as of June 7, 1995 at $2,209,000.00, and enter a deficiency judgment In favor of Consumers In the amount of $418,616,00. ECKERT s~s cr & MELIDTI' , Chri 0 er , icconl, Supreme Ct. I. . #19331 Douglas J. Davison, Esqui~ Supreme Ct, I.D. #69368 One South Market Square Building 213 Market Street Harrisburg, PA 17101 (717) 237-6000 Attorneys for Plaintiff Consumers Life Insurance Company DATED: /I //,,/~ 4 YF..RIFICA TION I, James C. Robertson, president, Consumers Life Insurance Company, hereby verify and state that the facts set forth In the foregoing document are true and correct to the best of my Information, knowledge and belief. I understand that false statements herein are made subject to the penalties of 18 Pa, C.S.A. I 4904 relating to unsworn verification to authorities. C. Robertson, President sumers Life Insurance Company 91114.1 p , '. .;" r. .. ..UIl,lt"lll\1Io hr'''1t '1'11 atnUln @ :/ , . , 4 t -... >,. . . 'Exhibit ^ . .' 'ALL :rHAT CERTAIN tract of land.situatC'in:Upper Allen Township, 9umberland ~Ul\ly, . . .. ":~. Pennsylvania, as *q.wn on a Topographic & Boundary Survey' Plan for Geneva Properties, . Inc. "Kensington" dated November 13, 1989, last revised Ianuary 29, 1990, as prepared by I. Michael Brill & Associates, Inc., more particularly bounded and described. as follows, to wit: BEGINNING at an iron pin on the northerly right-of-way Une of Geneva Drive (fifty (50) feet wide) at the dividing Une between lands herein described and lands now or fonnedyof Meadowood Apartments; thence along said lands now or formerly of Meadowood Apartments and continuing along lands now or fonnerly of George I. Adams (Delancey Court Condominiums and The Gardens Apartments), North twenty degrees fifty-nine minutes zero seconds West (N 200 59' 00" W), a distance of elght hundred forty-four and forty-two hundredths '(844.42) feet to an iron pin at lands now or fonnerly of Village of Moreland, Inc.; thence along said lands now or fonnerly of Village of More!and,.Inc".North sixty- seven degrees thlrty-elght minutes forty-five seconds East (N 670 38' 45" E), a distance of . five hundred forty and seventy-three hundredths (540.73) feet to an iron pin at lands now or formerly of Harlin I. Wall (Sungulld Condominiums); thence along said lands now or . formerly of Harlin I. Wall (Sungulld Condominiums), South twenty-two degrees twenty-fivc-' minutes thirty seconds East (S 220 25' 30" B), a distance of six hundred sixty-two and twenty-four hundredths (662.24) feet to a point on the northerly iight-of-way Ilne of Geneva Drive; thence along said northerly right-of-way line of Geneva Drive, by a curve to the left having a radius of eight hundred twenty-five (825.00) feet, an arc distance of one hundred fifty-four and nine hundredths (154.09) feet to a point; thence alo.ng same, by a curve to tile right having a radius of seven hundred seventy-five (775.00) feet, an arc distance of four hundred forty-four and eighty-two hundredths (444.82) feet to an iron pin, the point and 'place of BEGINNING. TOGETHER with any and all rig~ts of the Grantor in and to that portion of the premises which extends Into Geneva Drive. TOGETHER with the improvements erected thereon. ' BEING the same premises which R. A. Ortenzio and Nancy M. Ortenzlo, his wife, by deed dated October 3, 1989, recorded October 13, 1989, in Cumberland County Deed Book F, Volume 34, Page 476, granted and conveyed unto Geneva Properties, Inc., a Pennsylvania corporation. SAID PROPERTY having been subdivided, subjeCted.$.O a condominium regime and developed pursuant to a development plan as follows: . . .,: . A. TIle Initial Plats and Plans recorded in Plan Book 61, Page 93, as amended, including, but not limited to, the following: (i) Plats and Plans for First Amendment to Declaration recorded in Plan Book 63, Page 98; . . . . " , .\ .. (il) (iii) Plats and PIDJ\S for Third Amendment to Declaration recorded in Plan Book 64"Page 12; .' . .. Plats and Plans for Fourth Amendment to Declaration recorded in Plan Book 66, Page 34, as subsequenUy amended;. " (Iv) . Plats and Plans for Fifth Amendment to Declaration recorded in Plart l309k 66, Page 100, as subsequenUy amended; and (v) Plats and Plans for Sixth Amendment to'Declaration recorded in Plan Book 67, Page 84. B. Declaration of Condominium for Brighton Place, a Condominium, dated. October 11, 1990, recorded in Book 388, Page 265, as amended,lncludlng, but not limited to, the following: ' ' . (Iv) Fourth Amendment to Declaration of CondomInIum of Brighton Place, a Condominium, dated May 21, 1993, recorded In Book 444, Page 985j' (v) Fifth Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated August 10, 1993, recorded in Book 451, Page 517j (vi) Sixth Amendment to Declaration of CondomInIum of Brighton Place, a Condominium, dated February 8, 1994, recorded in Book 465, page 1040j and (vii)' SevenUI Amendment to Declaration of Condominium of Brigbton Place, a Condominium, dated July 18, 1994, recorded In nook 478, Page 292, C. Final Land Development recorded in Plan Book GO, Page 26. ~. TOGETHER wiUI undivided interests in common areas, both limited and general, as described in Ule foregoing documents. (I) (Ii) First Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated October 30, 1991, recorded in Book 407, Page92j " (ill) Second Am\1lldment to Declaration of CondomInIum of Brighton Place, a Condominium, dated November 26, 1991, recorded In Book 407, Page 1169j ThIrd Amendment to Declaration of Condominium of Brighton Place, a Condominium, dated Mai-ch 2, 1992, recorded In Book 413, page 59; .j ." .. .' .' , ,~ '" '. . ~ TOGETHER with Geneva Properties, Inc.'s rights as "Developer" and/or "Declarant" under the organizational documents and agreements with respect to the Brighton Place Condominium Association, including, but not limited to, the by-laws and rules and regulations for such association. EXCEPTING, however, from Ute foregoing the following Condominium Units, which have heretofore been conveyed to third parties, together with the undivided interests in cbmmon areas associated therewith: Units 482 through 514,531, 533, 535; 537, 540, 541, 544, 545, 547,552,554,558, 559, 560, and 562 through 598. ' ., , ' ," .;r ." PlT:I6I147.1 " . .. ~l .~.u.'114.Iol. ....,N..... ItllI Nntlll;l @ t , t," " ~ I: ': A ~t .~ ;: i 'i', I=vhlhlt B . .n...u~w au lVJ.en DY tnese Presents ,.' o That I, R, Thomas Kline Sh.rlIl oIlh. County 01 Oumbuland In lb. Slal. of F,olllylvanla, lor and In condd.rat!lln 01 lb. Nm of $' nn One ---- --- - --------- - - -- - - - - - - - --- -- - -- - - - - -- - - - ---- -- --- -- - -dollm. 10 m. In hand pald, do bereby lrant and coovey 10 Its successors and assigns . ..... ALl. 'IlIAT CERTAIN tract 01 land IlIUlle In . Upper Allen Townahlp. Cumberland Counll'. I'aU\l)'lvanl.. ulhownon lTopagraphlc& 1low1d. Ir'/ 5wvey I'\In lor ocncva Proper- Uea.lnc. "KcnaJn&ton' dal<d 1Iov<ol.: bel' IS. 1959. wt rcv1Icd J.._ 29. 1990. U prepared by J. Mlchlcl BrU1 I( Auodatcl. Inc.. more par. Ucularly bounded Il1d dOlUlbod II rouow.. to WIt: BEOlNNINO at an Iron pm on the norlhuly rliht-ol....y \In. of OcneVa Dn..llll\Y (ISO) I..t wtd.llUhe dlvld. tor line between IandI hetdn de. aei1bed and IandI now or loro>etIy 01 Mcadowood Apartmcnlll; thence aIona IIId \andI now or lonnerly or Meaaowood Aputmenta and con. Unulna aIonj IandI now or lonoerly ollleOr&'.I. _ (Delancey Court Condomtnlum' and '1110 Oardena ApaMlenlal. Nor1h \wenll' d...... Dlty'.n1nI mtnulellUO ICCOnd.a WClt IN 20" 811' 00" WI. I dla..... or eljhl hundred lony.lour and IOfty.two . hundrallha IB44.4211..tlo .. IrOn pin II \andI now or fonouly orvu. lea. or lloreJaod.Inc.; thcnec ,oIDna . uld IandI now or lormu1y ofYUlt&. 01 Moreland. lnc.. North lIxt)'oaeYtn cJe&re<o lh1r1l'-el&ht _ulea !or1l" lIvlI_EutINB7'Sll'4S'EI.I dla"'ce or a.. hW1dmllony and _ll'.three hundred"'" 1840.751 led to an &:on pin at 1andI now or lormerly or Ilarlln.l, Wall (SWljIIlld CoodomlnlUlQlI; thcnec alon& uId \andI now or fonnerly or llarI1n J. Wall (Sunautld Condomlnlum.l. South twalll'.two depwl twalll" D.. lIlllluWlIhlrV ""'nda EIIt (s :12' 116' SO" E1. I d1alan<O ohlx hun. dmIllld;y.l9oO and lwen\)'-/OUI' bun. dmI"'" (ll82.24I/ee1 10 I polntonlha IlOrtberlYrljbt-ol.wayllneofOcncva Drive; thenCe alon& IIId northerly n",t-ol.wa,y line orOcn<va Dnve. by' .. cwve to tho ld\ havtna.. radJUI of eljht bundred lWcnll'.o,. IB2lS.00) reel. an arc d.LIt&nce or one hundred oCty.(our and nine hundredth. (1154.09) leeI 10 I palnU thence aIona .ame. by al;W\'C to the I1&ht having . radJUII or IC\"CII hundRd aevcnty- n..177D.QO)I..~ .. ... d1atanco or lour hW1dmlIorll"lour and el&l1ll" "'" bundred"'" 1444,82) ree' \0 .. ItOO plQ. th4 point IOd plata 01 DII' OINNINO. roomiER WIth Iny Ind all n",.. of th4 Orantor In and 10 ""'t porIlon or the premllu wh1cb ox. tenda Inlo 0enevIl Drive. 4 Consumsrs Life InDurance Company (a Delaware Corporation) . ,.oomll!R v.ith the ImpnM:nl<lllll _I<d \hmOn. DElNO the ..... premll<o whlcl1 R. A. 0rtcnJl0 and Naney M. Or1cn. do. bJI W.. by deed dal<d Delober S. 1959, reccrde<! Detober 13. 1989. In Cumberland Counll' Deed Book F. Volume 34. I'll' 478. granl<d ..d convcycd unto Qencva PropertJe., Inc.. . Pmnaylvan1a corporaUon. 81010 PROPERTi bavtna been .ubdMded. .ubJect.ed to . condo- minium reglm. Il1d developed pur. .uant 10 I development plan II 101. Iowa: ' . A. The lnIual Pla.. and Plana reo ",nle<! In I'\In DooI< BI.I'aI' 9S... amended. lndudlng. but nol Umll<d 10. th4 loUowlnj: III P1ale and I'\anJ lor f1ntAll1end. ment to DedaraUon reCOlded in Plan . Book 63. PlIO 98: UQl'Iotaandl'\anJlorThlnl_' mcnt to DcdaraUon recorded In Plan Book 64. Pale 12: (W) Plale and Plana lor Fourth Amendment to OedaraUon recorded In Plan Book 68; Page 34. u .ub.e. quentlyamended; 1M I'Iota andP\anolorFUlb_' mcnt 10 JlecluaUon reoonled In Plan Dock 68. Pl&e 100. u .ubecquenUy amended: and Ml'IotaandP\anolorSblh_' . mcnt to Dec1uaUon I"tCO{ded In Plan Book 67. faie 84. D. DeclaraUon 01 Condominium (or Drt&htOn Place. I Condomlnlum. dated October II. 1990. reallded In Book 388. PaCe 268, u amended. ' lndudlng. butllOt UIIlII<d 10. the /01. Iowtnj: III Plrot Amendmenl 10 Dedara. Uoo of COndominium or Drlahloo PIaco. I Condominium. dal<d Deto- ber 30. 1991, rceonled In DooI< 407. . I'll' 52; : lUl Second Amendmenllo Deda. ..lion or Condominium or Drlahlon : PIaco. I Condomln1um. dal<d Novem. ber 2.0. 1991, recorded tn Dook 407. : 1'1&' \189; ", ,~.. ",.:' 80'OK 123 r.1\f 964 (W)1b1nI Amendment 10 Decl&ra. llon or Condomlnlum 01 Dnahlon Place. . Condominium. dated March 2. 1992, reoonla! In Book 413, paj. :59; (Iv) Founh Amendment to Decla. "llon or Condominium or Dr1&hton Place. . Condomlnlum, dated May 21,l993.RCOrdedlnDook444.Page GSS: (vi FUIb Amendment 10 Declara. Uon of Condomlnlum of Drtghton Place. aCondomln!um,dalcd August 10. 19B5. rea>nle<!lnBook451. 1'1&' . 8171 . (v1l5lxtb Amendment 10 llecIara. ; Uon of Condomlnlum or Dl1&bton : P1&cc. a Condomlnium. dated P'tbN. OJ'/ 5. 1994. reoorded In Book 48S. p"e 1040: and IVII) Seventh AIl1endmenllo Jle.. ; laraUonclcondocnlnlumolDrtghton ! Place. . Condom1nlum, dated July . 10. 1994. reeordedlnllOOk47B. 1'1&' .292- . C. FInal Land o..elopment reo eorded In l'Ian Book 00. Po", 28. TOOETllER with undivided Inter. catlin common areas, l.ioth Umlted . and acnenl. II _In the I.... 10111& doewoen". TOOE1lIER with 0enevIl Proper. Uu, Ine:. rt&bta u -Dcveloper- and/or'Declarant'llIlder the ora", . tuUonaldoeumenleond_enle with ",peet.1o the Drl&htoo Place . CondoOllnlum _lion. lndud. Inj. but not UIIllI<d 10. lb. by.la.... and rul.. and rel\llallona tor IUch _lion. EXCEPIU;O. howeYcr. from the lorejOlnl the IollowIn& Coodomln. . lum Unita, whJch have heretofore . been c:onveyed 10 third partIe.I. 10- , a.ther wtIb the \IlldIvIded lntereole lD common arcu USf""4.tHl there- , with: Ulllle 482 1hn>u,d1 814. 631, 533, ~.lS37.'640, 641. 544, 545, 1547. 1Ill2. SB4. 8B8. SS9. B50 and 002 Uuou'" SBB. I . U> U1 C- == - N .... n ~:n '.'11 ~I wnt'J '"flOCI ;n :u "1 ,- :,u ~. O-i :.:'" CI ::a '0 nO~ ",'"'- c:o'" -=,n n .....m:;; 1~;Q '\I '0 :n ::!I .Q) . c.3 U> " .! .' . . ... parcel Numbere 42-24-0791-164 42-24-0791-164 U527 42-24-0791-164 U561 42-24-0791-164 U557 42-24-0791.164 'US56 42-24-0791-164 U555 42-24-0791-164 U553 42-24-0791-164 U551 42-24-0791-164 U550 42-24-0791-164 U549 42-24-0791-164 U548 42-24-0791-164 U546 42-24-0791~164 U543 42-24-0791-164 U542 42-24-0719-1~4 U539 42-24-0791-164 U538 42-24-0791-164 U536 42-24-0791-164 U534 42-24-0791-164 U532 42-24-0791-164.U530 42-24-0791-164 U529 42-24-0791-164 U528 42-24-0791_164 U526 42-24-0791 f64'US24 42-24-0791-164 U522 42-24-0791-164 U520 42-24-0791-164 U518 42-24-0791-164 U516 . '. 7th Ibo.SI.d .'.e bu.dJJr.'aty five by vlrlue 0' a wrll 0/ Ex'cu~~n ruutd on the March Geneva Drive 527 Brighton Place 561 Brighton Place 557 Brighton Place 556 Brighton Place 555'Brighton Place 553 Brighton Place 551 Brighton Place 550 Brighton Place 549 Brighton Place 548 Brighton Place 546 Brighton Place 543 Brighton.Place 542 Brighton Place 539 Brighton Place 538 Brighton Place 536 Brighton Place 534 Brighton Place 532 Brighton Place 530 Brighton Place 529 Brighton Place 528 Brighton Place 526 Brighton Place 524 Brighton'Place 522 Brighton Place 520 Brighton Place 518 Brighton Place 516 Brighton Place r 200 200 260 200 200 200 200. 200 200 200 200 200 200 ..200. 200 200 200 200 200 200 .200 200 200 200 200 200 200 200 $5,660 .- the &am. hlvln, botn IOId by m. 10 the &aid '....1.. on lb. day 01 June' ADno Domlnl ona (19..Jl5) aller due ad"nh.m..1 acaudln,lo law. under and 15th day 0/ Anno Domlnll9-21...oul 01110. Coun 0/ CollUllon .' Plea. 01 Cumberland Count~. P~nnlflvanl.. U 0/ Ci v 11 . ninety five nIne hundred and .. - (19 q~ Number 111;d t"nnfilllm,,"'a r.f FA ( ",' Tn"","",n,." Tenn, an, lhouland , a, 110. .ult 0' f"nmp""y ... nAl""'''''A ,.nrp",....ttnn .,&lntt I':AnAV,. p","p,.",.. f 'HI Tnr.. It D" rn"pnr" t t nn BOOK 123 fAcr ~6[j , . In WI..... Wh....I, I have h,reunlo affixed my'dgnatu,. thll 19 th day 01 June h d d d ninety five 0< . un re an (19...........) ""no Domini on. Ibowand nln. ~k.,..r~' "Sh..ul R. Thom~R K1inA ~hAriff Commonwel\.lth of Pennsylvania, ss. B.lo,. lh. und.n1gntd. Lawrence E. Welker Prothonotary or the Court or Co~on Plea. 01 Cumberland Coun,y - Pcnn.ylvanla. penonally appeared Sh.1l1/01 In th. loregolng . , . . -..... --...... ~...-~ ..WiCQlf1'Y~HOUII MY-~ JMIXJ'IIIIJNlJN(tl.'... ,. .. . I h.reby cenlfy Ibat the resld,n.. aod POll OUIce . add,... 01 lb. within Grantee Is 1200 Camp Hill By Pass P.O. Box 26 600K t 23 'let 900 . ~-~;..n ;".' '1' ',~ J' :~i ;. \'" j' !i c a ... ... ~" ...J a{i. & B ~-rl ...J e~5 0 " el " It'" a. el ~ & 5 I ~ ~ el....e 0 :::J 8 0 l.: o.l " W " ...e" " el W S ... ..u el>Ou 0 ~ c " tl " " "0. C S " , o ... 0: UUH <I . lUll&lI.UQ.fll, .,.m." 'D'I IllIc'ClIII @ . C"..I..lt/"'! , I " , I . " I 1 , " , I ., I '1 ..... 27 TownhDuoe condominium unito BrightDn Place upper Allen Townohip cumberland county, peMoylvania ..... I I ,I , -' ., J I I -I ,I J JOBBPH KcGRAW, INC. /lppralBorD - ConBultantD . 302 Harkat Street, Lemoyne, PA . A --' '"' McGRAW\ . STATE CERTIFIED APPRAISERS REAL ESTATE CONSULTANTS JAMESJ. McGRAW. PRESIDENT MARTHA R. McGRAW. SRPA RODERT J. OLIVER ALLEN R. pn'ER (717) 737.0415. FAX 975-1626 october 4, 1995 Hr. A. Defuge Investment Dirsctor Consumsra Life Insurance company 1200 Camp Hill Bypass P.O. Box 26 Camp Hill, PA 17001-0026 REI 27 ecattered unite, Brighton place " Upper IIllen Township, cumberland county, penneylvania Dear Hr. Defugel Ae rsqueeted I completed a market value appraieal of the 27 ecattered townhouee unite which are further identified in the attached report. The 27 townhouse unite are located in 9 buildinge and compriee 3 baeic designe. The buildings have all been constructed but ths interiors of all but one of the properties being valued have not yet bsen finished. The development is deeigned ae a condominium, with a buyer receiving fee simple interest in the individual unit and an undivided common intereet in the common areae. The total number of townhouse units in Brighton place is B7, of which all but the 27 unite being valued in this appraisal had been Rold by the previOUS owner, prior to June 7, 1995, the effective date of valuation. In thie appraisal I have eetimated the retail market value of each of the townhouse units. since the purpose of thie assignment is to value all 27 units as a bulk sale to a single buyer, the sum of the retail valuee dose not equal the current value of the whole. I have discounted gross value by euch factore ae the COBt of carrying and Delling the unite, the cost to finiBh the interiorB of the unitB, and a reasonsble return to the owner in termB of profit and return on equity. BaBed on my inBpection of the property and my analyBiB of the market, and contingent on aBBumptions and limiting conditions deecribed in the report, I eBtimate the market value of the 27 townhouse unitB in Brighton place, as of June 7, 1995 to bel Two Hillion, Two Hundred Nine Thoueand DollarD ."1$2,209,000)." ?L~ s1~ed' ~ 7::-Z ~cG~aw PA Certified General Real EBtate AppraiBer Certification fOIl-000022-L 302 MARKET STREET. P.O. BOH 7 . LIMOVNE. PENNSYLVANIA 17043 ::'j TI\BLB or CON'l'BNTS ------ 1 SUMMARY OF SALIENT FACTS . . . . . . . . . . . 2 APPRAISER'S CERTIFICATION . . . 3 ASSUMPTIONS AND LIHITATIONS . . . . . . . . . 5 PURPOSE OF THE APPRAISAL . . . . . . B NON-REAL PROPERTY . . . . . . . . . . . . . . 9 FUNCTION OF TIlE APPRAISAL . . . . . . . . . . . 9 1 DATE OF THE APPRAISAL . . . . . . . . . . . . . . 9 PROPBRTY IDENTIFICATION . . . . . . . . . . . . . . . . . 9 OWNERSHIP HISTORY . . . . . . . 11 SCOPE OF TUB APPRAISAL . . . . . . 12 'I TAX AND IISSESSMENT ANALYSIS . . . . 13 AREA AND NEIGHBORHOOD DESCRIPTION . . . 17 SITE AND IHPROVEIlENT DESCRIPTION . . . . . . . . 26 'I HARRBT ANALYSIS . . . . . . . . . . 34 HIGUBST AND BBST USE . . . . . . . . . . . 51 VALUATION HETIIODOLGY . . . . . . 53 SALBS COMPARISON APPRAOCH . . . . . . . . . . 55 1 SUBDIVISION APPROACH TO VALUE (INCOME APPROIlCH) . . . . . . 64 RECONCILIATION AND CONCLUSION . . . . . 76 J TABLES. I Table 1 PROPERTY IDENTIFICATION . . 10 Table 2 TAX AND ASSESSMENT ANALYSIS . . 13 Table 3 POPULATION TRENDS . . . . . . 22 ,I Table 4 MEDIAN INCOME BY MUNICIPALITY, 1990 . . 23 Table 5 NEW DWELLING UNITS 39 Table 6 NEW TOWNHOUSES . . . . 40 Table 7 ADJUSTMENT GRID . . . . . . . 59 Table 8 ADJUSTMENT GRID . . 60 Table 9 I ADJUSTMENT GRID 61 Table 101 RETAIL VALUES . 63 Table 111 ABSORPTION RATES . . . . . . . . 65 . Table 121 FINISHED SCHEDULE 67 Tabla 131 DISCOUNTING TO PRESENT VALUE . . 73 _I BXIIIBITS. Bxhibit 11 LEGAL DESCRIPTION . . . . . . 14 Bxhibit 21 AREA HAP . . . . 15 Bxhibit 31 COUNTY ROllO HAP . . . . . . . . 16 Bxhibit 41 TAX HAP . . . . 43 .I Bxhibit 51 BUILDING HAP . 44 Bxhibit 61 PHOTOS . . . . . . . 45 Exhibit 71 OVERALL SUBDIVISION SCHEME 46 Bxhibit B I PHOTOS . 47 -, APPBNDIX j J JOSBPH HcGRAW, INC. . /lppralooro - Conoultonto 302 Harket street, Lemoyne, PA .ito, ......,.~..-"...- ,( i7 Townbouee COndominium Unite Brighton Piece ootqber, 1995 PAge' 2 of 7& SUHHlIRY or SALIBNT rllCTS Property Locationl 27 TownhouBe unite 'Brighton Place, Upper Allen Townehip Cumberland County, PA Tax Hap Parcell 42-24-0791-164 Owner of Recordl ConBumerB Life InBurance Company Deed Reference, Volume 123, Page 964 Property Description 1 27 Bcattered townhouBe units, based on condominium ownership, in 9 buildings. All are 1.5 Btoriee, and there are three ., (3) basic deBignB. Zoning, Utilities I Urban ReBidential Public watsr and sewer. Commercial electric, telephone snd cable Flooding I None of Record HigheBt and Best Usel AB dsveloped - townhouses Real Bstato AssesBmentl Avg/DSV. Unit $200.00 $31.10 Real EBtate TaXI Value BBtimatesl Purpossl Harket Value Intsrestl Fee Simple (Condominium) Dato of Report I October 4, 1995 Date of InBpectionl September 6, 1995 Date of Valuationl June 7, 1995 COnclusion I $2,209,000 JOSEI'll McGRAW, INC. /lppralooro . Conoultanto 302 Harket Street, Lemoyne, PA I 1 1 I 1 i .I I .1 I .J 27 Townhouse COndDlDinlum unito Brighton Placs . ' october, 1995 . Page 3 of 76 APPRAISBR'S CERTIFICATION I certify that, to the beBt of my knowledge and belief, ... The statemento of fact contained in thiB roport are true and correot. The reported analyoeB, opinionB, and concluBionB are limited only by the reported assumptionB and limiting conditions found on the next page, and are my pereonal, unbiaBed profeBeional analyeeB, opinions, and concluoions. I have road and understand the competency proviBion of the Uniform standards of profesBional IIppraiBal Practice (USPAP), and I believs that I am capable of competently completing the assignment. This appraisal complies withl Uniform Standarde of ProfoBBional AppraiBal praotice, as adopted by the AppraiBal standardB Board of the Appraisal Foundation. The code of profeoBional EthicB and the standardB of ProfeBBional AppraiBal Practice adopted by the Appraieal InBtitute. I h~ve no present or proBpective interest in the property that ie the subject of this report, and I have no personal intereBt or biaB with reBpect to the partieB involved. My compensation iB not contingent on any action or event reBulting from the ana1YBeB, opinione, or conclusions in, or the UBe of, thiB report. Ths appraiBal aSBignment waB not baBod on a requeBted minimum valuation, specific valuation, or the approval of a loan. I am currently a candidate for the HAl designation of the Appraieal InBtltute. The use of thiB report is subject to the requiremente of the AppraiBal Institute relating to review by its duly authorized representativeB. I am the Broker of Record for JOBeph HcGraw, Inc., aB regietered with the Pennsylvania Real EBtate commiBsion snd am therefore authorized to perform real eBtate appraiBa1 BerviceB. I am oertified aB a General Appraioer by the pennBylvania Department of / state, Bureau of ProfeoBional and Occupational AffairB. JOSBPD McGRAW, INC. . JlPpraioarD. CCnoultanto 302 Market Street, LeIIlDyne, l'A I. 1 1 'I 1 27 'l'oMnhouDe condominium Units Brighton place 'octobtir, 1995 . Page 4 of 76 APPRAISBR'S CBRTIPICATIOK (cont'd) I per80nally inspected the property that is the 8ubject of thiB report. In thlD report I relied on finiehing cost 8stimateB provided by MATT corporaticn, a property management ccmpany. No other significant profesBional aa8i8tance was uaed. eB J. Il Graw PA certified General Real Estate Apprai8er certification 'GA-000022-L I '\ I I " .... ,j JOSBPH McGRAW, INC. . /lppralooro . conoultanto . 302 Harket Street, Lemoyne, PA ] 1 'I I 27 Townhouoe Condominium unite Brighton Place 'octobOr, 1995 Page 5 of 76 ASSDHPTIONS AND LIHITATIONS OF APPRAISAL Thio appraisal iB an unbiaBsd estimate of the nature, quality, value or utility of an intereBt in, or aBpect Of, identified real ostate. An appraisal is based on selectivo research into appropriate market arsasl aBBemblage of pertinent datal the application of appropriate analytical techniques I and the knowlodge, experienco, and profeBBional judgement neceBBary to develop an appropriate Bolution to a problem. · 1 I Appraieal is not a survey I j It iB aBeumed that the utilization of the land and improvements iB within the boundarieB of the property lineB of the property described and that there iB no enoroachment or treBpasB un1eBB noted with the report. No survey of the property haB boen made by the appraiser and no responBibility iB aSBumed in connection with Buch matterB. Any maps, plats, or drawings reproduced and includsd in this report are intended only for the purpoBe of showing spatial relationships. " Appraisal is not a Legal Opinion I .1 NO reBponsibility is aBBumed for mattere of legal nature affecting title to the property nor is an opinion of title rendered. The title iB aseumed to be good and marketable. The value eBtimate is given without regard to any queBtionB or title, boundarieB, encumbrances, or encroachmentB, except aB noted within the report. It is assumed that there iB full compliance with all applicable federal, otate, and local environmental regulationB and lawB and that all applicable zoning and UBe of regulationB and reBtrictionB havo boen complied with, unlese a non-compliance or non-conformity is Btated, defined, end conBidered in the appraisal report. i ..J Appraioal ie not an Bngineering Report 1 J Although the appraiBal may contain information about the physical itemB being appraiBed (inCluding theJr adequacy and/or condition), it Bhou1d be clearly understood that this information is only to be uBed aB a general guide for property valuation and not as a complste and dstailed physical report. ,j Some itemB Buch aB conditions behind walls, above ceilings, locked doorB, or under the ground are not expoBed to caBua1 therefore, were not inBpected. If not expoBed to view, the any BtatementB about insulation cannot be guaranteed. behind view and, accuracy of I JOSBPD McGRAW, INC. . AppraloorD - Ccnoultanto 302 Market Stroot, Lemoyne, PA - L 1 1 1 J 1 I I ] 'I I :I ., J :1 '1 .. 27 Townhouoe condominium Unito nrighton place 'octobGr, 1995 Page 6 of 76 ASSUMPTIONS AND LIHITATIONS or APPRAIBAL (Cont1d) It io aSBumed that there are no hidden conditiono of the property'o geology or etructureB that render it more or leBB valuable. No reBponeibility is aBBumed for such conditionB or the enginsering Bt.UdieB whioh may b& required for diBcovery. Since no engine~ring or percolation teetB wero made, no liability iB aBBumed for soil conditione. SUb-Bur face rightB (mineral and oil) were not conBidered in making thiB appraieal. 1 etrongly BuggeBt that an appropriate oxpert be hired for a detailed inveotigation, it deBired. . The AppraiBal of Real EBtate, Eighth Edition 19B3, AIREA Appraioal io Hade Under COnditiono of Uncertainty Information provided by informed local BourceB, Buch aB government agenciee, financial inBtitutions, realtors, buyerB, Bellere, proporty ownero, bookkeepers, accountants, attorneYB, and otherB ie aBBumed to be true, correct, and roliab1e. No reBpDnBibility for the accuracy of such information is aBsumed by the appraiBer. sometimee, the individual ordering the appraiBa1, a veeted intereBt, will BupplY crucial information necoBBary to completion of the appraieal. When the appraiBer findB thiB information to be coneiBtent with hiB experience, inBpection of the property and overall market indicatione, he acceptB and UBeB it to reach the defined value eBtimato. The appraiBer accepte no liability for fraudulent behavior of any veBted intereBt. The comparable BaleB data relied upon in the appraisal io bolieved to be from reliable BourCOB. Though all the comparableB were examined, it wae not pOBBible to inBpect them all in detail. The value conc1uBione are Bubject to the accuracy of eaid data. All valueB shown in the appraisal roport are projectione baBed on the appraieer'B analyseB aB of the date of the appraieal. TheBe valueB may not be valid in other time periodB or ae conditionB change. since mathematical modelB are baBed on eBtimateB Bnd aBBumptionB that aro inherently Bubject to uncertainty and variation, we do not repreBent them ae resultB that will actually be achieved. Bxiotence of Ua~ardouB BubBtances In thiB appraiBal aBoignment, the exiBtonce of potontially hazardouB subetanceB UBed in the conBtruction, maintenance, occupancy or environment of the real eetate wae not obeerved by me. While I have madp a reasonable effort to detect any baBie for concern by pereonal inepection and inquiry regarding the nature of current and previOUS JOSBPH McGRAW, INC. /lppralsorD . conoultanto 302 Harket Stroot, LeIDOyne, PA . 27 Townhouse condominium Units Brighton place 'octo~r, 1995 Page 7 of 76 1, ] ] I ASSUMPTIONS AND LIMITATIONS OF APPRAISAL (cont'd) occupancy, I am not qualifisd to profoBBional1y detect or verify the existenne of hazardous BubBtances. The client is cautioned that subBequent verification of ths exietonce of hazardouB substancee may have an effect on the value of the property as estimated in this report. I urge the client to retain an expert in thiB field if desired. " use of thio Appraioal This report is "Proprietary and confidential" and is tho exclusive property of Joeeph HcGraw, Inc., and neither all, nor any part of the content of the report, or copy thereof (including concluoions as to the property value,) shall be copied or diBBeminated or UBed for any purpoBeB by anyone but the client epecified in tho Function of tho Appraiea1 without the previous written consent of the AppraiBer. Neither all, nor any part of tho content of this report may be conveyed by anyone to the public through advertising, publiC relatione, newo, Bales, or other media, without the written conBont and approval of the AppraiBer. The intent of this proviBion is to limit ths liability of the Appraiser to the Bpecified client only. JOBeph McGraw, Incorporated aBBumeB no reBponBibility or liability for the reliance hereon or UBe horeof by anyono othor than the client otated in the Function of the Appraieal. If the client deBireB to give a copy of this report to a third party not named in the report, the client must agreo in writing to defend, indemnify, and hold JOBsph McGraw, Inc., harmleBo from any claim for liability for injury or 10BB suatained or alleged by any person or entity not a party to thiB aSBignment, which claimB injury due to rsliance on the contontB of thiB report. Teotimony by Appraisor I am not required to give teBtimony or to appear in court by reason of this appraiBal with referanco to the property in queBtion, unloBs arrangements have been previously made. .I I J JOSEPn McGRAW, INC. /lppralooro - consultanto 302 Markat Street, LeIIlOyne, PA 1, 1 1 I 1 \ I 1 ] \ I :1 I , " I I "j J 27 Townhouue eondOlDinium unitu Brighton place OotobBr, 1995 Page 8 of 76 PURPQ9B OF '1'IIB lIPPRAIBAL Thio appraiual eBtimatea the market value of a fee simple interest in the land, and improvemants (exiBting and proposed) of 27 scattered townhouBo condominium dwellings, owned by consumer'B Life InBurance Company, a Delaware corporation, aubjeot to condominium documents, located on Brighton place, upper Allen TownBhip, cumberland county, pennBylvania. Fee Simple IntereBt - A per eon who owna all the proparty righte ia Baid to have fee simple title. A fae simple estate implieB abBolute ownership unoncumbered by any other intereBt or oBtate. In the case of a condominium, in addition to fee simple title to a Bpecific unit (as defined), there is alBo an undivided common interaBt in certain ccmmon areas, aB defined. Harket Value ie defined aB "The most probable price which a property Bhould bring in a compatitive and open markot under all conditionB requiBite to a fair eale, the buyer and ee11er each acting prudently and knowledgeably, and aBeuming the price 10 not affected by undue stimuluB".* Implicit in thiB definition is the conBummation of a aale aB of a Bpecified date and the paBsing of title from seller to buyar under conditionB whereby I 1. buyer and Ballar are typically motivated. 2. both partiaB are well informad or well adviBad, and acting in what they consider their baBt intereBt. 3. a reasonable time iB allowed for exposure in the open market. 4. payment ia made in caBh in united States dollarB or in terme of financial arrangementB comparable thereto, and 5. the price repreBentB the normal conaideration for the property Bold unaffected by epecial or creative financing or Balea conceBBions granted by anyone aBBociatad with the Bale. *Sourcel Uniform standards of profeBBional practice, 1993 Edition AppraiBal standardB Board of tha Appraioal Foundation JOSEPH McGRAW, INC. /lppraloerD . consultants 302 Markot Stroot, LealOyne, PA 1, 'I '] I 1 I . ,I .I I oJ 27 Townhouoe condominium UnitB Brighton place . octobGr, 1995 Page 9 of 76 NON-RBAL PRoPBRTY The Federal Reserve Board rsquireB the appraiBer to identify and Beparately value any perBonal property, fixtureB, or in~angible itemB that are not real property but are included in the appraisal, and discUBS the impaot of their inclueion or exclusion on the eBtimate of market value. The values expreesed in thiB report do not include any non-real property. l'UNCTION OF TUB APPRAISAL This appraiBal is prepared at the direction of conoumer'B Life InBuranco company to be uBed in pOSBible litigation regarding a deficiency judgment againBt the previoue ownere of the subject property. DATE OF TUB APPRAISAL The effective date of thiB appraiBal iB the 7th day of June, 1995, which iB the date that Coneumer'B Life InBurance company acquired title to the 27 townhouse units. This is considered to be a retrospective appraiBal, valuing the property aB of a previouB point in time, from the proBpective of partioe at that time. II retroepective appraisal iB complicated by the fact that the appraiser a1roady knowB what occurred in the market after the effective date of the appraiBa1. Data BubBBquent to the effectivB date may be conBidered in eBtimating a retroBpective value as a confirmation of trends that would reaBonably be coneidered by a buyer or Beller as of that date. PROPBRTY IDBNTIFICATION ThiB appraiBal BeekB to value 27 ecattered condominium units contained within 9 buildingB, aB well aB related common elemente, of the Brighton placo Townhouse condominium property which includes, in all, 87 units in 19 buildingB. The unitB and common elements are located on Geneva Drive in Upper Allen Townohip, cumberland county, pennBylvania. The unite and common elementD are contained within cumberland county Tax Hap' Parcel .42-24-0791-164, with the unit numberB used by the tax office JOSBPIl HcGRAW, INC. AppraloorD . conoultanto 302 Narket stroot, L8IIlOyne, PA I , I '1 I 1 1 I :1 I I J .J I J 1 J 27 Townhouae condominium unita Brighton Place ' . ' october, 1995 Page 10 of 76 PROPERTY IDENTIrICATION (cont'd) coinoiding with the unit addroBooa. Each unit owner ownB, in addition to hiD/her unit, a spacified individual interest in tha common element (the "capital Peroentage, capital Interest") UBually oxproBBod in the form of a percentage or a decimal. The individual unito being appraiBed, along with their reBpeotive percentage ownerBhip of common elements, and monthly condominium aaBociation feeB are liBted in the following Table No.1. ------------------------------------------ Table No. 11 PROPERTY IDBNTIFICATION unita and poroent of COmmOn Area Qwnerahip ------------------------------------------ 516 BrlghtGn Plsce Claiborne 1659 1.16 $60.00 518 BrlghtGn Place Brighton II 1631 1.16 $59.00 520 BrlghtGn Place Brighton II 1631 1.16 $59.00 522 BrlghtGn Place Brighton II 1631 1.16 $59.00 524 BrlghtGn Place Brighton II 1631 1.16 $59.00 526 Brighton Place Claiborne 1659 1.16 $60.00 527 BrlghtGn Place Brighton II 1631 1.16 $59.00 528 Brlghton Place Claiborne 1659 1.18 $60.00 529 Brlghton Place Brighton II 1631 1.16 $59.00 530 Brighton Place Brlghton II 1631 1.16 $59.00 532 Brlghton Place BrlghtGn II 1631 1.16 $59.00 534 Brlghton Place Brlghton II 1706 1.21 $62.00 536 Brlghton Place BrlghtGn II 1706 1.21 $62.00 538 Brlghton Plsce Claiborne 1696 1.21 $62.00 539 BrlghtGn Place BrlghtGn I 1641 1.17 $60.00 542 Brighton Piece Claiborne 1698 1.21 $62.00 543 Brighton Place Brighton II 1631 1.16 $59.00 546 Brlghton Place BrlghtGn II 1706 1.21 $62.00 548 Brlghton Place Brighton II 1706 1.21 $62.00 549 Brlghton Place Brighton II 1706 1.21 $62.00 550 Brlghton Place Brlghton II 1706 1.21 $62.00 551 Brlghton Place Brlghton II 1706 1.21 $62.00 553 Brighton Place Claiborne 1698 1.21 $62.00 555 Brlghton Place Claiborne 1698 1.21 $62.00 556 Brighton Place Brighton II 1754 1.25 $84.00 557 Brighton Place Brlghlon II 1706 1.21 $62.00 561 Brighton Place Brighton II 1498 1.07 $55.00 27 44987 31.99 $1.634.00 per Unit: $60.52 JOSBPII HcGRAW, INC. . /lppraloorD - Conoultonto . 302 Marltet Street, ~e, PA ~Jt.~...__ ..__ 'g -- I 27 Townhouoe condOlllinium unito :~: , Brig~ton Place , I , 1 I 1 , ., 1 I " , .,' I :~ ~> :-; , ,.'",':"~.'..,,"..--~- 'oototHir, 1995 . Page 11 of 76 OHNBRSHIP HISTORY The Bubject 27 t~wnhouBe unitB wore acquired by thB current ownerBhip, Coneumers Life InBurance company from R. ThomaB Kline, sheriff of cumberland county by virtue of a doed dated Juno 7, 1995, and recorded in Cumberland county Recorder of DeBdB Office in Record Book 123, PagB 964. The indicated sale price for the larger tract, including Bome lot approvale, wae $1.00. ConsumerB Life InBurance Company waB the mortgage holder and took title to the propertioo due to default by the mortgagor. The property prBviously tranBferred from R.A.OrtBnzio and Nancy M. ortonzio, on october 13, 19B9. ThiB tranBfer waB recorded in Deed Book Volume 34, Page 476, and involvsd vacant land. The property waB BubBequently .ubdivided, subject to a Condominium Declaration. subsequent tranBfers of developed lots have occurred out of the larger tract, prior to the effective date of the appraisal. JOSEPII KcGRAW, INC. . Appraloero. ConoultantD 302 Market stroet, Lemoyne, PA . 'I ,I J 27 Townhouse condt'lDinium units Brighton place october, 1995 Page 12 of 76 SCOPB or TIlIl I\PPRAISAL The appraieal report deBcribes the appraiBa1 procesB. To tho extent that some data iB not in the report, it ie retained in the appraiser's files. In general, the appraiBal proceSB proceeds from an analYBiB of the area, Bite, and improvemente, to tho actual valuation. The baBis for the valuation proceBB ie the "HigheBt and BeBt UBe" of the property, which mayor may not coinoide with the property aB improved. The higheBt and best UBe represento the most profitable of the POBBible, permitted, and fsasible UBOS. Harket value iB estimated using three traditional approaches I COBt, Sales comparison, and Income. The methodology and rationale of these approacheB are contained in the BBction entitled "Valuation." Tho cost Approach looks at value in relation to the COBt to rBplace it with equal utility. The SaleB compariBon Approach compares the Bubject proporty with aotual Balee priceB of similarlY improved properties. The Income Approach VBlusB the property from the point of view of an invBstor. .1 In thie caBe, ths appraiser relied on the Bales compariBon approach to derive retail valuee for the individual townhouee units, and the income approach (BubdiviBion or development approach) to eBtimate the bulk value of all 27 unitB to a single buyer. I researched competitive and comparable townhouBe eubdiviBions to aid in estimating a projected sale pace. I have relied on finishing COBt propoBa1e Bubmitted by MATT corporation. .1 JOSEPH McGRAW, INC. Appraioora . ocnoultanto 302 Markot Stroot, x.emoyne, PA L 1 '\ "I 1 \ " I nj 1 j "j 27 Townhouse condominium Units BriQhton piscO 'octotMir, 1995 Page 13 ot: 76 TAX l\Nll I\BSBSSMENT ANALYSIS The 27 individual unitB are currently aSBessed by tho cumberland county Tax Assessment Office at $200 each. This is baBod on a land value, and the amount will remain eo until the unite aro Bold to the eventual owner occupanto. The lowor aeseesment is a concesBion made by the AsseBement Office to developerB, BO that the inventory of lots and newly conBtruoted buildings do not become prohibitive, tax burden. Based on the current millage rates in effect for propertieB within upper Allen TownBhip and cumberland county, I have computed the annual real estate tax on the individual condominium unit held in inventory in the following Table No.2. ---------------------------------------- Table No. 21 TAX AND ASSESSMENT ANALYSIS Individual condominiWII unit Brighton Place, U2PBr Allen Townehip ----------------------------------------- .. -......... .., Townshl School .. Total Coun 1996 Millage Rates: 165,50 24.5 4 127 .. .1994-1995 Ml1Iage Land: Improvementa: Total: Assessment <<<<<<<<<<<<< Taxes >>>>>>>>>>>>>>> $200 $4.90 $0.80 $25.40 $31.10 $0 $0,00 $0.00 $0,00 $0.00 $200 $4.90 $0.80 $25.40 $31.10 Common leval Ratio: (7/96 to 7/96) Indicated Market Value: 7.3% $2740 JOSEPn McGRAW, INC. /lpprolooro - conoultanto 302 Market street, x.emoyne, PA .. I. 1 '1 OctobOr, 1995 Page 14 of 16 21 TownhouaD Condominium Unito Brighton Placo Exhibit 11 LIIGl\L DESCRIPTION -I I i ALL THAT CERTAIN tract of land situate in Upper Allen Township, cumberland county, pennsylvania, as shown on a Topographic' Boundary Survey plan for Geneva Properties, Inc. "Kensington" dated November 13, 1989, last revised Januar~ 29, 1990, as prepared by J. Michael Brill' Associates, Inc., more particularly bou~~~d and described as follows, to wit: ,EGINNIllr. at an. , pin on the northerly right-of-\,'ay line of eneva D::e (fi; (SO) feet wide) at the dividing line etween :_~ds her~.n described and lands nOW or formerly of ~eadowoo~ Apartmentsl thence along said lands now or formerly of Meadowood Apartments and continuing along lands now or formerly of George J. Adams (Delancey Court Condominiums and The Gardens Apartments), North twenty degrees fifty-nine minutes zero seconds West (N 20. 59' 00" wI, a distance of eight hundred forty-four and forty-two hundredths (844.42) feet to an iron pin at lands noW or formerly of Village of Moreland, Inc.1 thence along said lands nOW or formerlY of Village of Moreland, Inc., North sixty-seven degreeS thiJty-eight minutes forty-five seconds East (N 670 38' 45" E), a distance of five hundred forty and seventy-three hundredths (540.73) feet to an iron pin at lands noW or formerly of Harlin J. wall (Sunguild condominiumall thence along said lands now or formerly of Harlin J. Wall (sunguild condominiums), south twenty-two degrees t~enty-five minutes thirty seconds East (5 220 25' 30. EI, a dir 3nce of six hundred sixty-two and twenty-four hundredths (662.24) feet to a point on the northerly right-of-way line of Geneva Drivel thence along said northerly right-of-way line of Geneva Drive, by a curve to the left having a radius of eight hundred twenty-five 1825.001 feet, an arc distance of one hundred fifty-four and nine hundredths (154.09) feet to a pointl thence along same, by a curve to the right having a radius of seven hundred seventy-five (775.00) feet, an arc'~istance of four hundred forty-fo~r and eighty-two hundredths (444.82) feet to an iron pin, the point and place of BEGINNING. , I I ..J BEING the same premises which R. A. ortenzio and NancY H. Ortellzio, his wife, by deed dnted octoher J, 1909, recorded October 13, 1989, in cumberland county Deed Book F, Volume 34, page 476, granted and conveyed unto Geneva Properties, Inc., a Pennsylvania corporation. TOGETHER with any and all rights of the Grantor in and to that portion of the premises which extends into Geneva Drive. JOSBP/I HcGRAW, INC. . Jlppra1Doro' ConDultanto . 302 Harkot Streot, Lomoyno, PA , 27 Townhouoe Condominium Unito Brighton place 'october, 1995 pago 15 of 76 1 Exhibit 21 AREA HAP I j 1""lh'~ :*"..'IlIl"I'_' I.......... ,,,,,,,,'II",,~ "........."... ...U'......l"...'.. .~..........,"".. .......U"....IAII"".. Il.........'..U.... .1111".......".. ,. ..-'I...... "'1",,,,,,,,,, 'lu._..,,~1t It ................. -,,,.,............... 'IllIlt."...,.."... 4 HARRISBURG - - ,....-~ 1 AHD VICINITY tlllll 1111'. I ... . I or I 'I I J ,_. ,j JOBBPII HcGRAW, INC. /lppralooro . Conoultanto 302 Markot street, Lemoyne, PA ~ . 27 Townhouso Condominium unito Brighton place 'ootobur, 1995 Page 16 of 76 1 Bxhibit 31 COUll'1'Y ROAD HAP I. 1 I I 1 I I -. j .J . , October, 1995 Page 17 of 76 27 Townhouse condominium units Brighton Place AREA I\ND NBIGItBORBooD DBSCRIPTION OENBRAL Kl\RKBT AREA The property iB located in the HarriBbur.g market area. Harrisburg, the capital of pennBylvania and the Dauphin county seat, iB the transportation, commercial, industrial, military and governmont centsr of Central PennBylvania. The last fedoral cenBUS liBted over 469 manufacturing firms and 513 diBtribution eBtablishmentB in the HarriBburg SHSA, which had a 1980 population of 446,000 porBons, includeB Dauphin, cumberland and Perry CountieB, and hae eince been extended and reclaseified to include Lebanon County on the eaet. The preliminary 1990 cenBUS ehowB an increaoe of only 6' to 474,242. IFor Dauphin, Perry and cumberland Counties). The area'o excellent transportation facilitieB include the pennBylvania Turnpike (1-76), InterBtateB 81 and B3, U.S. RouteB 11, 15 and 22, the Conrail, Amtrak and WeBtern Maryland railroad Byetems, and the recently updated HarriBburg International and Capitol city airports. Harrioburg iB located 200 mileB east of Pittsburgh, 100 mileB weBt of Philadelphia, 120 miles northweBt of waohington, D.C., and 160 miles BouthweBt of Now York City. The Harrieburg area, with over 300,000 omployoee in a diverse government, tranBportation, service, commercial and induBtrial base, coneiBtently reportB low unemployment rateB, lower than thoBe reported for the state and the nation aB a whole. This phenomenon iB partially attributable to the high level of governmental employment in the area, which hae contributed to a population influx over tho laBt Beveral yoars and does not appoar to have diBcouraged expansion in the private Bector, particularly by office centored bueineBBeB and warehouBerB. Hanufactured goodB include Bteel and stoel products, aircraft componentB, electronic components, fabrication of extruded aluminum, candy, food productB and JOSIlPII KcGRAW, INC. /lppraloero . COnoultanto 302 Market street, LeIDOyne, PA , 1 i 1 ! " i 27 'l'ownhouoe condominiUll\ Unlt:o Brighton Placo October, 1995 page 10 of 76 AlUlA AND NBIGnllORHOOD DESCRIPTION (cont'd) precision machinory. In addition, the aroa hOUBeB the Naval Shipe parto Control Center, New cumborland Army Depot and Indiantown Gap Military Baoe. BHPLOYMENT Employment in non-agricultural wage and Balary industries in the Harrisburg-Lebanon-carliBle HSA waB 31B,900 in AUgUBt, 1993, compared with 31S,600 in July. The increase from August, 1992 waB 4,200 jobB, repreoenting a 1.3 percent gain. The greateBt gains were in service producing induetrieo (3,500 jobe). IncroaBeB in factory jobB was only 200. There were 600 more people employed in the building tradeB Bince laBt year. The eeaBonally adjuBted unemployment rate for the Harrioburg-Lebanon-Carliele Hetropo1itan StatiBtical Area (Cumberland, Dauphin, Lebanon and perry Counties) 1n AUgUBt, 1993 was 5.0 pBrcent of the labor force. In July, the rate was 4.9 porcent. In Auguet, 1992 the unemployment rate waB 5.7 percent. For comparieon purposos, I have included a listing of employment/unemployment rates for the nation, Btate and other Btate HSAB. These numbere differ Blightly in that thoy include agricultural employment. PBNNSYLVANIA Hl\JOR LABOR HlIIUtBT ARIlAS, PBNNSYLVANIA, AND UNITED STATES JANUARY, 1995 SEASONALLY ADJUSTED CIVILIAN ......................................... LABOR EMPLOY' UNEMPLOY' RATB LAIlOR EMPLOY' UN1!KPLOY RATE 1JlI!A lWIB PORCB KBIll' IIBIll' t\l PORCB HEIll' MEN'l' 1\) ------------------------------------------------------------------------------------- 'Allontown,a,thloh,m IISA 267, SOO 250,400 17,200 6.4 271,300 255,400 15,900 5.9 Altoona IISA 62,200 57,600 4,700 7.5 63,400 59,200 4,200 6.6 Brie IISA 134,800 125,500 9,300 6.9 136,900 12B,300 8,600 6.3 HarrilburQoLab..Car. IISA 327,900 312,200 15,600 4.B 330,400 316,300 14,100 4.3 ,j John,town IISA 101,600 92,000 9,600 9.4 102,100 93,500 s,600 8.4 Lanca.t:..r HSA 222,300 211,600 10,700 4,B 227,400 21B,200 9,200 4.0 philadelphia PHSA 2,397,600 2,254,200 143,500 6.0 2,425,900 2.2B2,100 143,800 5.9 pittlburoh PHSA 1,113,400 1,038,900 74,500 6.7 1,125,300 l,05B,OOO 67,300 6.0 Readln; MIlA 172,200 162,500 9,700 5.6 173,600 164,700 s,900 5.1 scranton/W..a./Ha.. IISA 333,600 30B,100 25,500 7.6 336,BOO 313,400 23,400 6.9 sharon IISA 51,800 46,700 3,200 6.1 53,200 50,400 2,BOO 5.3 state Colloq8 HSA 60.100 57,500 2,700 4.5 62,900 60,500 2,400 3.8 Willlam,port HSA 56.900 52,200 4,700 B.3 57,300 53,300 4,000 7.0 York HSA 166,200 176,800 9.400 5.0 187,000 17B,500 8.500 4.5 PBNNSYLVANIA 511~2. 000 5,353.000 369,000 6.5 5,'92,000 5,45:1,000 341,000 5.9 UNITBD STATBS 130,698,000 122,597,000 8,101,000 6.2 132,136,000 124,639,000 7.498.000 5.7 JOSBPII McGRAW, INC. Appralooro - ConoultantD 302 Markat streot, Lomoyn8, PA l. 1 1 , ,1 'l 27 ToWnhouse condClDinium unito Brighton placD ootober, 1995 page 19 of 76 AlUlA AND NBIGIUIORIlOOD DBSCRIPTION (cont'd) Non-agricultural wage and Balary smployment includeB approximately 94\ of all smployment on a etatewide basiB, the rsmaining 6\ of total employment being either se1f~employed or in the agricultural sectore. Additionally, the data diecussed here repreBent fUll-time equivalent jobs and not smployees. A greater or lesser number of peoplo may be employed, Bome "under-employed" and holding only part-time employment and/or Bome people holding more than one, full-time equivalent job. Unemployment in the HarriBburg area has not roached the heights of otato or national rates, nor of Bome of the larger metropolitan areaB of "1 Philadelphia or pittBburgh. While there were deeper cuts in the government .j 1 i -. eector than in previouS receBsionB, the local economy iB Btil1 relatively stable. The following two charts,include the projscted omployment levels from 1985 to 1995 aB concluded by the Department of Labor and Industry. ThiB Bhould be updated soon. The second chart inc1udeB the largeBt employerB in the HarriBburg area. The latter chart givee an indication of the diversity of the area. JOSRPH McGRAW, INC. . /lppralooro - Conoultanto 302 Harkot street, LeIIlOyIle, PA 1. "I I 27 Townhouse COndominium Unita Brighton place October, 1995 Page 20 of 76 . MBA IUlD HBIGUBORBOOI1 DBSCItIPTION (cont'd) "' I HarriBburg-Lebanon-carliBle Hctropo1itan Statiotical Area Projected Employment Change, 1985-1995 Non-Agricultural Wage and salary Workers '1 1985 1990 1995 i TOTAL EHPLOYHBNT* 276,900 320,900 305,500 Manufaoturing 52,000 49,800 49,100 Durable Goods 24,200 22,500 23,800 Non-Durablo GoodB 27,900 27,500 27,510 Non-Hanufacturing 224,800 255,600 256,400 Mining 400 400 400 Conetruction 10,300 15,000 11,400 Transportation & Publio utilities 18,100 19,BOO 18,400 Wholesale Trade 16,000 19,700 18,400 Retail Trade 45,400 53,600 53,900 Finance, InBurance and Real EBtate 15,100 22,000 17,500 Services 55,700 71,900 69,600 Government 63,900 68,600 66,000 Federal 14,400 13 ~ 200 15,000 state & Local 49,500 55,400 30,100 Source I PennBylvania statewide and Major Labor Harket AreaB InduBtry Trends and outlook Non-Agricultural Wage and Salary Employment For 1985 and projscted 1995 commonwealth of psnneylvania Departmsnt of Labor and InduBtry Office of Employment Security February 1, 1991 .., * Does not include Bslf-employed personB and Belf-employed contractorB. Wago and salary employment includeB approxLmatoly 92' of all employment on a Btatewide baBis. IncludsB count of jobB and not number of employed persons I Bome individualB may hold more than one job. Job count is baBed on full-time equivalento aB defined. JOBEPII McGRAW, INC. /lppralDero . COnoultantD 302 Market Street, ~yne, PA ~ , 27 Townhouse Condominium units Brighton Place October, 1995 pago 21 of 76 lUIBII AND NBIGUBORDooD DESCRIPTION (cont'd) LarQeBt Emo1overo in the HarriBburq Market Name Emolovees !i!m!! EmoloveeB I Commonwealth of PA 27,589 Bethlehem Steel Corp. 1,500 I Penndylvania Blue Shield 6,5B5 IBM/HorriBon-KnudBon 1,4B5 Herehey Foods corporation 6,500 C. D. school Dietrict 1,450 1 Hershey Hedical Center 5,550 U. S. Army War college 1,440 I Navy Ships Parts control ctr 4,900 HarriBburg Post Office 1,430 AMP, INC 4,500 Web Harke to 1,412 HBRCO 4,151 conrail 1,325 DefenBe DiBt. Region EaBt 4,136 Electronic Data SYBtems 1,300 Kinney ShoeB/Service Corp. 2,600 C.H. Hasland & Sons 1,300 Polyclinic Medical Center 2,422 HarriBburg School DiBt. 1,275 Capital Health system 2,337 Roadway ExpreBB 1,240 Giant Foods 2,316 CarliBls Hospital 1,100 Dauphin Deposit Bank 1,804 GPU NucleBr 3 Hile Isd. 1,100 Capital Blue CroBs 1,800 unitsd Telephone 1,093 Holy Spirit HOBpital 1,652 carolina Freight Corp. 995 Rite Aid corporation 1,650 PNC Bank 991 Unitod Parcel service 1,530 city of Harrisburg 988 ISourcel Patriot-NswB ReBearch Department, united Way of the Capital Region) The population of the Harrisburg SMSA iB only one of four in Pennsylvania which incrsased by more than 5 percent oince the 1970 cenBUS. The majority of thiB growth haB been in Bouthern Dauphin and eaBtern Cumberland counties -- the area Burrounding the City of Harrieburg, and that growth trond appears to have continued over the last Beven ysarB, expanding into Perry and Lebanon countieB. LOCAL AREA .I I .I upper Allen TownBhip iB bounded on the north by HechanicBburg Borough, on the weBt by Honroe TownBhip, on the eaBt by Lower Allen TownBhip, and on the south by the Yellow'BreecheB creek and York county. The townBhip is intersected by US Route 15 and the PennBylvania Turnpike (1-76). PA Route 114 iB also a major connector route which interoectB with Interstate 81 and HechanicBburg to the north. The ease of acceBB to the intsrBtate Bystem along with the extenBive " rail network which funne1B through the HarriBburg HSA. TranBportation-related I busineBB such aB trUCking have grown DubBtantia11y in the area over the paBt two J JOSEPH McGRAW, INC. /lppralooro . Conoultonto . 302 Market Stroot, LomOyno, PA 1. 27 Townhouse condOlDiniUID unito Brighton P1aco octobOr, 1995 page 22 of 76 1 ! ARBA AND NBIGIIBORllOOD DBSCRIl'TION (cont'd) dscadeB. ., i I The market area of the subject property includeB most of the area eurrounding the Borough of Hechanicsburg. The following Table '1 illuBtratee the population trend in thiB market area, with the groateBt increase 119BO-1990) ohown in Upper Allon TownBhip (2,B14 persono). liB the following chart rsvsale, mOBt townBhipo in the area have grown Bignificantly ovor the past three decadsS in population, while the boroughs have held their own or declined. ThiB is mOBtly due to changing lifeBty1es in America. with the automobile becoming more and more eBsential to modern lifeBtyleB, growth of suburban nsighborhoods haB increaBed Bubstantial1Y over the paBt 30 yearB. Upper A110n TownBhip is in a good pOBition for continued future growth. The lower denBity of population in Upper Allen Township tendB to BuggeBt large areaB of unimproved land that could be used for future suburban growth, uBpscially in the Bouthern portionB of the townBhip which are best claesified aB being on the urban fringe. It also enjoys a otrategic poeition in the cumberland/york county area. cumberland and York counties combined enjoysd subBtantial growth between 19BO and 1990. TheBe countieB grew by 42,182 pereonB whilo the state of PennBylvania as a whole grew by only 16,293 personB. This BuggeBtB that the area haB grown at the exponse of other areaB throughout the Btate. ---------------------------------- Municipality illQ Deneity/ 1970 1980 ill.!? Sq Mile - - carroll TWP, York count~ 1,55B 2,386 3 097 3,2B7 216.25 Fairview Twp, York coun Y 6,530 9 24B 11:941 13,25B 373.46 Hampden ~ 6,55B 11:847 17,732 20,384 1,171.49 Silver s~r n~TWP 4 404 6 324 7 148 B 369 249.08 Lower 1\1 en 11: 614 13:690 14: 077 15:254 540.S1 MechanicBburg orough B,123 9,3B5 9,487 9,452 5,251.11 Honroe ~ 2,29B 3,326 4,B36 5,46B 204.03 Honaghan , York County 943 1,134 1,645 2,009 156.95 ShiremanBtown BOrough 1,212 1,773 1,719 1 567 5,223.33 Upper Allen TwP 2,631 7,325 10,533 13:347 953.36 ------ ------ ------ ------ Total Area population 45,111 66,43B B2,215 92,395 percentage Change 110 yrs) +47.3\ +23.7 +12.4' population Change +21,327 +15,777 +10,180 ---------------------------------- Table 31 pOPULATION TREND Sourcol U.s. Bureau of Cenous, connun of population and HouBing JOSBPII McGRAW, INC. /lpprol0erD . conoultnnto 302 KBrket street, LomOyne, PA " I. 1 1 1 27 TownboUDD condominium unito Brighton Place october, 1995 Page 23 of 76 MIlA l\ND NBIGBDORllOOD DBSCRIPTION (cont'd) the area io also characterized by above avorage income 1evelB. The following Not only haD the market area experiencsd significant population expaneion, but Table '3 Dhows the median incomeB for the ,market area by family, household, and , i I on a por capita baoiB. Table 41 HBDIAN INCOHB BY IlUNICIPALITY, 1990 Median Median Per Family Household capita Municipality Income Income Income Carroll Twp, York county $43,651 $41,449 $18,183 Fairview Twp, York county 42,15B 37,343 15,627 Hampden Twp 50,246 44,250 20,3BO Silver spring Twp 41,74B 3B,760 17,614 Lowor IIllen TwP 44,456 37,461 18,304 Mechanicoburg Borough 39,583 32,153 15,312 Monroo TwP 45,493 41,426 16,554 Monaghan Twp, york county 41,987 39,8B6 16,993 Shiremanstown Borough 38,125 30,873 16,601 upper Allen TWp 50,525 43,598 17,69B cumberland county 40,989 34,493 15,796 , York county 37,590 32,605 14,544 '. PennBylvania 34,B56 29,069 14,06B Source I U.S. Bureau of the Census, 1990 CenBUS of population and Housing Allen TownBhipB with all municipalitieB registoring mBdian family, houBehold, and The higheBt median family and household incomes wsre in Hampden and Upper .l por capita income abovo the Btate medianB. Only the BoroughB of Mechanics burg and Shiremanetown had median income meaBures below the Cumberland county moasureo. While Upper 1I11en TownBhip had the highest median family income and I I .1 second highest median houBehold income, the wider diBparity between theBe '. measures and the psr capita income BuggeBtB a skewing of the normal diBtribution I " curve by a small concentration of wealthy familieB with houBsholds. The healthy .J JOSBPIl McGRAW, INC. /lppralDoro - Conoultanto . 302 Harkat stroot, Lcmoyne, PA 1 i. '1 l I . 27 Townhouao Condominium Unita Brighton placo october, 1995 page 24 of 76 AREA AND IIBIGIDlORBOOD DBSCRIPTION (cont'd) per capita income meaaure, which exceedB both the Btate and Cumberland county meaBureB, auggeBts a relatively affluent population with low numberB of people below the poverty level. For Upper Allen Township, only 1.8\ of the total population waB below the federal government'B designatad poverty level whilo for cumbarland county it is 5.3\ and 11.1\ for the state. upper Allen TownBhip haB seen significant rasidential dwelling growth in the past. In 1992, 71 houBing unita were conetructed. ThiB iB fifth in numbera of dwellinga for all of cumberland county. In the immediate marketing area only Silver spring and Hampden TownahipB exceadad this number of new dwelling unita (117 and 209 reBpectively). Since 19B7, 754 new dwelling unitB were conetructed in Upper A110n TownBhip. Hampden and Silver Spring TownshiPB have had 1,161 unitB and 742 neW unitB respectively since 19B7. HouBing growth in Upper Allen TownBhip droppad Bharply batwoen 1989 and 1990. Between 1987 and 1989, 566 new unitB were conBtructed. since 1990, only lBB new unitB have been conBtructed. Hampden and silver spring TownBhips have been more conBiBtent with new unite ranging between 162 to 210 por year in Hampden Townehip and 108 to 145 in Silver Spring TownBhip Bince 19B7. The drop in housing construction in Upper Allen TownBhip waB duo to a Bubdivieion moratorium that waB in effect for two yoarB. It iB anticipated that the number of new dwelling unitB conBtructed ehould riBe Bignificantly now that the moratorium iB over. In summary, Upper Allen TownBhip iB well pOBitioned for future growth, with eignificant unimproved tracte of land Buitable for future development. population and income meaBuree are good and suggeBt a relatively affluent croBB aection of inhabitentB in the township. AcceSB to major employment and commercial center a in good via either us Route 15 or the PennBylvania Turnpike. Therefore, it ia believed that the future outlook for the township iB good economically and demographically. JOSBPII HcGRAW, INC. /lppraloorD . conoultantD 302 Market Stroot, LemOyne, PA '1. 1 1 I l i j J I . octobBr, 1995 Page 25 of 76 27 TownhouBe condominium UnitB Brighton Placo ARKA l\Hll NBIGUBORHOOD DBSCRIPTION (cont1d) NBIGHBORHooD Brighton place io a compact, 81 unit, 19 building townhouBe BubdiviBion Bituated on a 9.866 acre lot on the north Bide of Geneva Drive, between LancaBter Boulevard and Allendale Road. It iB located in an aroa of eimilar compact multi- family developments of townhouse or apartment Btyle configurations. Immediately weBt of the propBrty are 3 multi-family deve10pmentBI villago of Moreland four- plex townhouBe unitB, Dolancey Court Townhouse condominiumB, and MeadOW Wood , Apartmente, a garden type elderly houBing project. Immediately eaBt of the subject development ie Geneva Place, a combination townhouBe and garden typo condominium development. Immediately north of the property iB oxford Manor and WilliamBburg apartment buildingB and townhouseB, and acrOBB Geneva Drive aro low riee condominium buildingo. The property io acceBBed from HechanicBburg by either Allendale Road or LancaBter Boulevard, or from US Route 15 from weBley Drive to WilBon Drive to LancaBter Boulevard. AcroeB LancaBter Boulevard iB a large HealthSouth Rehab Hospital complex. There are alBo 3 two-Btory office buildingB at LancaBter Boulevard and WilBon Drive. Geneva place ie eituated at the bcrder of Upper and Lower Allen TownBhipB, and leBe than a 1/4 mile from the MochanicBburg Borough border. Grocory ehopping is available at the corner of SimpBon Ferry and WOBley Drive and alBo at the corner of SimpBon Ferry and A11endale Road. Infact, there aro 3 neighborhood Bhopping centerB on Simpson Ferry Road in the area eaBily acceBsed from Wesley Road to Allendale Road. AccoBe to omployment is roadily available from either simpBon Ferry Road or US Route 15. J Appraiooro . conoultanto 302 Harket Street, LllIIlOyno, PA JOBBPJI McGRAW, INC. 27 Townhouae condominium Units Brighton place october, 1995 page 26 of 76 BI'I1l AND IHPROVBHBN'l' DJlSCRIPTION BITS - - Tha ovora1l devalopment tract aiza ia 9.B66 acreB. It waS originally deaignod for 92 townhouBe unitB in 19 buildingB according to a plan approved in Decembor 21, 19B9 and recorded in cumbsrland county Plan Book 60, page 26. The deBign waB aubBoquently changed to the curront total of B~7unite in the same 19 buildinga. Building No. 7 waB roduced from 6 to 5 units, Building No. 9 waB reduced from 5 to 4 units, Building NO. B waB reduced from 5 to 4 units, Building NO. 13 waB reducod from 6 to 5 unite, and Building No. 16 was raducod from 4 to 3 unite. '1 The main entrance from Geneva Drive iB on Brighton Way, which iB a wide brick boulevard ending in a circle. It contains two landacaped planting ialandB running down tha center and a gate houBe (not uBed) at the entrance. Interior acceBO to the townhouBe unitB iB by a oircu1ar private Btroet known as Brighton Placo, which beginB and ends at Brighton Way. There ie an additional indirect access to Geneva Drive at the extreme BouthweBt corner of the tract. Exterior topography iB relativelY level, about 4 to 5 foet about Genova Drive elevation. There is a black wrought iron style vinyl fonce along the front of the property and Victorian ornamental etreet lightB with electric lighting. The interior private Btreeto are asphalt coverod, with no curbS, gutterB or aidewalko. Buffer treeB around the exterior Beparate Brighton P1aco from adjacent dovelopmento. UTILITIES Public wBter and Bewor are connected to the site ae well aB commorcial electric, telephone and ceble. UnitB have propane gase tanko for fireplaceB. Urban ReBidential. ThiB clasBification permits detached dwellingB and apartmentB (maximum denBity 12 unitB per acre), and churcheo. Hinimum lot size iB 15,000 square foot. The maximum building covorage iB 50\. off Btreot parking iB required at a rate of 2 spaces for each dwolling unit. ZONING - FLOODING - The HUD Flood Inourance Map, community Panel ,420372-0005-0 with an effective date of February 15, 1980 iB inconc1uBive with rogard to the Bubject property. It would appear from all evidence that the proporty iB not within ahY flood hazard zone, howevor, the appraioer iB not qualified to make thiB determination. I have I j J09BPII McGRAW, INC. /lppral0ero . conoultantD 302 Market Street, LemOyne, PA I. 27 Townhouso condominium unito Brighton Placo october, 1995 pago 27 of 76 ., I I SITE AND IIIPROVEHBNT DBScnIP'l'ION (Cont'd) .., I i enclosod a copy of the Flood Map aB well ae other identification mapB in thiB report. .., CONDOMINIUM CONCEPT - Tho dovelopment iB dosigned for townhouseB, and io legally Btructured as a condominium. The term "condominium" refers to a form of property ownership, which in effect combineB 2 older formB of ownership. A reBidential condominium unit owner is at the Bame time, both thB Bole owner of the portion of a building which encloses hio or her living quarterB (the "unit") and ono of many mutual ownoro (collectively "unit ownerB" and individually a "unit owner") of common faci1itioB which sBrvicB hiB or her living quarterB aB wsll as common areaB which a unit owner may use end enjoy along with unit owners of other unitB. The "common olementB" are all portions of the property which aro not included within the unitB. In tho caBe of a condominium, the common elements include (but are not limitod to) the land on which the condominium iB located, all exterior wallB, roofB and atructural e1emsnte of thB condominium buildingo, all common utility BYBtemB, the yard areaB and the outdoor parking faci1itioB. A rOBidentiBl condominium unit owner iB also entitled to the UBe of certain portions of thB premiBBs Bither exc1uBively or in conjunction with oome, but not all, of the other unit ., ownsrB. TheBe "limitsd common elements" include any patioB, porcheB and/or privacy fenceB adjacent to each unit. Each individual unit ownor ownB, with hie unit, a Bpecified undivided intereBt in the common elementB (the "percentage intereBt") uBually expressed in thB form of a percentage or a decimal. This mBanB that all unit ownerB Bhare in the ownerohip of all common elementa. -\ J Brighton Place, a condominium, iB a flexible condominium which conBiotB of 87 units in 19 buildingB. All the buildings have bsen declared to be n part of tho condominium at the offectivB date of the amended and reBtated public Offering Btstement. All of the 19 buildingB have been completely conBtructed, except for certain interior itomo which ate Bubject to owner oelectionB. UnitB compriBing the completed buildings havB either been eold to unit ownere or remain available for oa1e by the declarant. The declarant as of June 7, 1995 iB ConBumbr'e Life Inouranco Company. common areao in tho vicinity of all buildingB have been I j 302 Market stroet, Lcmoyno, PA ApprsloarD . Conoultsnto JOSBPIl HcGRAW, INC. . I , . 27 TownhouBe condominium units Brighton Place October, 1995 Page 28 of 76 SITB AND IHPROVllHBHT DBSCRIPTION (cont'd) substantially completed aB of the effective date of thiB appraieal. Due to weather or other unforeBeen future conditions, it might be neceBsary to perform some romedial work with reBpoct to such common areas. The declarant stateB that they have no knowledge of any currently outBtanding noticeB of uncured viclationB of the Upper Allen Township Building Codo or other municipal requiroments governing the condominium, except for the foundatione of and coverB ovor propane tankB inBtalled in certain units, which the declarant ie in the proCoSB of correcting. Tho unit includeB the living unit, the encloaed deck serving the unit, if any, and the garage. Title lines of each unit include the following planeBI (1) The unit-Bide Burface of all doore and their BillB and their hardware leading from the unit to the exterior of the building and the unit- Bido Burface of the door frameB in which such doors are Bet. (2) The unit-Bide surface of tho saBh of windowB which are Bet in the exterior walle of the unit, the oxterior BurfaceB of the paneB of such windowB and glaBB and the unit-Bide surface of the frames and Bi11B of Buch windowe. -' (3) The unl.t-eide Budace of the wallboard conBtituting the ceiling of the unit, except that for thoBe unitB having Bky lightB, the title lines run along the unit-Bide Burface of the shaft of the Bky light up to the exterior of the paneB of euch windowB and glaBB, including tho unit-side Burface of the framee and sille for Buch windowB, and for thoBe portionB of the unit which have a dropped ceiling, the title 1ineB run along the Burface oppoBite the unit- Bide surface of the dropped ceiling. (4) The plane formod by the unit-Bide eurface of the drywall of all porimeter wal1B and party wallB and the unit-sido Durfaco of the BaBh of windowB or doorB of the units and the exterior of tho BcreenB or glaBB in Buch doore or windowe or encloDureB. (5) The unit-side face of the concrete slab, brick or underlayment constituting the floor of JOSBPII HcGRAW, INC. /lppraJooro . Conoultonto 302 Market Street, Lcmoyne, PA -' . 27 TownhouDe condominium unitB Brighton Placo . ' ootobBr, 1995 Pallo 29 ot 76 SITS AND IHPROVBHBNT DBSCRIP'l'ION (cont'd) such unit and the entirD brick facade or other facade of the fireplace, if any, Borving ouch unit. (6) The unit-side Durface of the furring, as extended, around the columnD and "Btaoko" containing pipes, ductB, wiroB, conduitB, chuteB, mechanical chaBeD, structural elementD and flueB that are eithor common elementD or limited common elementB and in the garage portion of units. (7) The unit-Dide Durface of all grillB and regiBterB covering exhaust fan~ for ventilation ductB. OVERALL PLIIN The original recorded plan called tor 92 townhoUBe unitB in 19 buildings with 7 actual building configurations. subBequent reviDions have reduced the total number of townhoUBee to 8~~within the Bame 19 buildings, and uDing the Bame 7 building typeB. Further, therD are three (3) townhouoe planol Brighton I, Brighton II, and the Claiborne. The Brighton I plan includeo three (3) exposed walls and one long party wall. The Brighton II plen inc1udoB a long and ehort expoBed wall and a long and Bhort party wall. The Claiborne planB are interior unite with two (2) long party walls and two Bhort expo Bed walle. A party wal1B conBiBtB of two (2) one- inch gypsum panelo Bet in steel H-Btudo evory 24 incheB on center. 2"x4" Btudo are Det at 16 inches on center on each Bide of the separation wall. This allowe a 3/4" airBpace between studding and the ooparation wall. 3 i-inch fibergleBo inBu1ation is Btapled on one eide of the wall. i-inch drywall io then applied to the interior walls of each unit. The wall providee a 2 hour fire Beparation between unito. All unito include a PP & L comfort home deBignation with free heat comfort extender. Comfort Home corporation warrantB the heating and cooling uBage in writing for 3 yearB. Average monthly heating end cooling COBtB for the Claiborne unit iB $44.00 and for tho Brighton unitB is $4S. All unitB have R-30 ceiling inBulation and are R-19 wall inBulation. All entry doorD aro inoulated metal. Each unit has a 50 gallon tast recovery electric hot water heater. The roofe are 20 year aBphalt Bhing1es. Each unit has a 200 amp electric service panel box, 2 hard/wired Dmo~e detectors, 5 prewired telephone out1etD, and 5 prewired cable teloviBon outlDtB. Units I .I J JOSEPII McGRAW, INC. Appralooro . conoultanto . 302 Harket street, LemOyne' PA 27 Townhouae Condominium Unita Brighton Placo october, 1995 pago 30 of 76 SITE AND IHPROVEKENT DBSC1UPTION (Cont'd) have a GE appliance packags, including a quick clean electric range/oven, BPaCe maker pluB above range miorowAve oven, 3 cyole dishwaBher, and garbage diBposal. Each unit has washer and dryer hook-upB. The windowB are Alside vinyl windowe with 7/8 inch thick insulating glaBs paneB. Having high performance, low E G1aBS with argon. Interior and exterior doors have razed panels. BRIGHTON II - GROSS LIVING AREAl (9) 1,631 square feet (B) 1,706 Bquare feet (1) 1,496 Bquare fest ROOM LAYOUT AND FINISHI Notel these are baBed on condominium documents. Brighton II unitB have front corner covered porcheB with the entry door to the living room which iB situated on the firBt floor and roughly the middle of ths building. The living room has a cathedral ceiling exposed to the second floor, and is high1ightsd by a gaB fired fireplace with mantle. Tho dining room and kitchen are to the left (front) and a short hall BitB to the right (rsar) to a powdBr room, Bmall study and master bsdroom (with master bath). A utility room is adjacont to the kitchen, aB is the entrance to the one car attachsd garage. There'B a Bet of open stairs from the living room to the second floor with a loft type hallway with railing overlooking the living room. The front bedroom haB an adjacent unfiniehed Btorage area (B' x 14') and 2 largo clossts. Also off the Becond floor hall ia a full bathroom. The interior finiBh when complete will be wall to wall carpeting on ~-inch padding over mOBt of the area, with no wax vinyl flooring in the kitchen and bathroomB. The wallB and ceiling have l inch gyp Bum wall board, taped and painted with latex paint. The baBe window and door trim iB average. All of the interior dooral The front kitchen measureB 10' x B' and will have u-shaped finiBhed wood base and wall cabinetB with Formica countar top. It will contain a cornor dishwaBher, BtainleBB steel Bink undor the front window, electric range/oven, diBposal, and microwave oven. The maotor bathroom io equipped with a whirlpool tub/shower, toilet, and 4' vanity with Bink. It aloo has vinyl flooring, and no windows. The oecond floor bathroom has fiberglaoe tub/Bhower JOSBPII HcGRAW, INC. . IIppralDcro. ConoultantD . 302 Harkot Street, Lemoyno, PA . . 27 TownhouBe condominium units Brighton Place October, 1995 Pago 31 of 76 SITS AND IHPROVKHBNT DBSCRIPTION (cont'd) unit, toilet, and vanity with eink, aB well aB vinyl flooring. The firBt floor powder room also haD vinyl flooring, and a ema11 vanity with sink and toilet. The one car attached garage iD equipped with automatic garage door opener with fiberglaBB overhead door. The utility room in equipped with waBher and dryer hook-ups. BRIGHTON I - GROSS LIVING AREAl 1,641 Bquare feet (only 1 unit available aD June 7, 1995. ROOH LAYOUT AND FINISHl The Brighton I unitB are Bimilar to tho Brighton II units except that the maeter bodroom haD 2 windowB whereaB the Brighton II maBter bedroom has no windows. There iB a large walk-in cloBet in the Brighton I compared to 2 typical c10Bete for the Brighton II unit. The eecond floor iB exactly the Bame. The finieh and remaining layout iB a1BO the Bame. The greateBt difference occurB from the fact that the Brighton I unitB havs only 1 party wall compared with the Brighton II units which have 2 party wallB. CLIIIBORNE - GROSS LIVING IIRSAI (3) 1,659 Bquare feet (4) 1,69B BqUare feet ROOM LAYOUT AND FINISH I Notel BaBed on condominium documents. The claiborne unitB have a corner covered porch with door to an entry foyer with cloBet. From the entry foyer, one enters the living room which iB cloBer to the front half of the building than in the Brighton deBigns. It is Beparated from the dining area by a protrUding gae fired fireplace, and eeparated from the kitchen by a breakfaBt bar. The living room iB expoeed to the Becond floor, having a cathedral ceiling. off tho kitchen iB a utility room with waeher and dryer hook-upB. Next to the utility room is a powdor room, end a Bhort hall to a rear Bitting room and adjacent maBter bedroom. ThiB eitting room has double glaBs doorB to a rear patio. The master bedroom haB 2 windowe, and 2 averago cloBetB aD well as a linen c10Bet and maBter bathroom. The stairway ie from the dining room to the second floor which hae 10ft/Btudy area (larger than that of the Brighton unitB). 'The loft area haB a Bkylight. The bedroom has a largo walk~in closot and linon closet. There'S , I .1 JOSBPJI McGRAW, INC. /lppcalooco . conDultantD 302 Harkot stroot, LcmOyno, PA .. 27 Townhouoe Condominium Unite Brighton Placo . . ootobor, 1995 pago 32 of 76 SITE AND IKPROVBHBNT DBSCRIP'l'ION (Cont'd) ACTUAL INTERIOR FINISH (6/7/95) aloo a full bathroom and an additional walk-in c100et from the hallway. Finally, at tho rear of the oocond floor is a largo 10' x 26' unfiniBhed attic otorage aree eKtending the full width of the unit. The finiBh iB Bimilar to that of the Brighton unitB. The kitchen on the firBt floor haB no windowo and meaBuraB approximately 10' x 10', with 1 corner olanted in reducing the ares Blight1y. It haB baBe and wall cabineto on 2 wa11B, and a door to the attached one car garage. And alBo haB a pantry. The utilitioe are oimi1ar to that of the Brighton unitB. The maeter bathroom io the Bame aB the Brighton unitB, aB ie the aecond floor bathroom, and firot floor powder room. AB of the effoctive dato of this appraisal, all the unitB were finiBhed on the outBide, but the interior finiBh wae incomplete. They were left unfinished to allow buyere to Belect from an aasortment of finiehed quality. Some finish work had begun prior to my september 6, 1995, inspection. AB such I have relied on owner descriptionB aB to the condition of the units ao of June 7, 1995. In general, the interior floore were unfiniBhed concrete on the mein floor and particle board plywood on the eecon~ floor. The wal1B and coilingB were gypsum wall board, inata11ed and taped, but BOme needed to be painted and otherB morely touched up. Baoe, wall and door trim were not inBtalled. The rough end plumbing waB complete, however, the 50 gallon (A.O. smith) hot water heaterB had not been inBtalled. The whirlpool tubeB were installed in the master bathroomB, but the ceramic tile BurrollndB were not. None of the vanitieB, sinkB or toilets were inetalled in any of the bathroomB. Kitchen cabinets, countero, BinkB, and appliances were not inBta11ed. The buyer allowance for cabinetB in the kitchen and bathroomB waB $3,419 for the Brighton unito, $2,595 in tho claiborne unitB. The allowance for ceramic tile tub Burround waB $426. The interior doors and herdware, electric fiKtures, outloto and switcheB, HVAC grateB and closet Bhelving were not yet inBtal1ed. The electrical fiKture allowance waB $500. The buyer allowance for carpet and Bheet vinyl'wao $2,625 for the Brighton unit and $2,760 for the claiborno unit. The allowance for ceramic tile JOSEPlI McGRAW, INC. AppraJoorD . conuultanto 302 Harket street, LemOyno, PA 'I 1 Page 33 af 76 27 TOwnhouse Condominium Unito Brighton place october, 1995 SITB AND IKPROVEHBNT DESCRIPTION (cont'd) '1 for ths Brighton unit waB $440 and for the claiborne unit $495. l I In ths Appendix of this report, I have included the Town Home Unit completion Specificationo Bupplied by conBumsr's Life InBurance company to finiBh contractors for bidding purpoBoB. I have a1Bo included completion Cost summary as of June 7, 1995 aB supplisd conBumer's Lifo Insurance company. The COBt to complete the firBt 5 units (by 6M conBtruction) waB $74,723 or $15,945 psr unit. The cost to finiBh the final 21 unite (according to Hatt corporation, which solicited bids) is $248,040, or $11,Bl1 per unit. one of the units waB a model (527 Brighton Place) and did not require finiBh COBte. 1 , I ! JOSBPII HcGRAW, INC. APpralDorD . Conoultanto 302 Markot Stroet, LomOyne, PA 27 TownhoUBe condominium unitD orighton place , ' october, 1995 Page 34 of 76 Hl\RDT ANALYSIS General Economy _ Since thiB iB a "retroBpective" appraiBal, I have reviewed earlier appraisal reportD, news clippings and trade magazineD in an effort to deBcribe market conditionB aB of June 7, 1995. The national economy at that time waD being viewed aD growing Blowly, with Bome worrioB about a poseiblo roceeDion later in the year. The consumer confidence Index had bBen relatively flat for Dix monthD, and the GrOBB DomeBtic product for the firBt quarter of 1995 waD revised down to 2.7', after a eurging 5.1\ in the 1aBt quarter of 1994. payroll jobe were down in May 1995, with the sharpeet decline Bince April, 1991. Bringing about thiB slowdown waB a concerted effort by the Federal ReBerVe Board to Btave off inflation. During 1994, the Fed raiBed Bhort term intereBt rates 2.5'. The trick for the Fed _ which haB never been achieved - iB to slow the economy without bringing about roceBBion, in what has been labeled a "soft landing". The oconomiBtB Burveyed at the time predicted the ConBumsr price Index ICPI) will avsrage 3.4', within a range of opinions of from 2.2\ to 4.9'. The 30-year treasury bond rate was expected to be 7.94\ (on average) by June 30, 1995, and 7.61' by the end of 1995. Long term T-bondB Btarted 1994 at 6.2S\, and rose Bteadily to 8.03' by November, 1994. Long term rateB declined Dince, to a Harch, 1995 rate of 7.37\. a 31 month decline from a high of 7.7\ in Hay, 1992. The above-referenced Wall Unsmployment increased in March through Hay from a February low of 5.4', after street Journal survey predicted the rate will be around 5.5' by June, 1995, and 5.6\ by Docember, 1995, eBBential1y looking for unemployment to remain through the end of the year. The Index of Loading Indicators, the government'B gouge of future economic activity, declined for the Becond conBecutive month in April 1995. The Index had been on an upward trend since January, 1993. LikewiBe, the ConBumer Confidence I Index reached a 4.5 year high in December, 1994. At 101, the index level reflecto JOSBPII McGRAW, INC. . Appralooro . Conoultanto 302 Markat Street, LeIIlOyne, PA " . i ,I '! I , .J 27 Townhouse Condominium Units Brighton Place , . OctobBr, 1995 Page 35 of 76 HAIWIT ANALYSIS Icont'd) growing job availability and rising psreonal income. In January and February the index fell, the rose in Harch and April, before falling Bteep1y in Hay and June. In general it iB Btagnating. In eummary, all indicationB pointod to a Blowdown in 1995 and 1996, led by declining eales and followed by durable goode. While the conBenBUB waD for a "eoft landing", the Fed hao nsver been BucceBsful in bringing thio about in the paet. AB of June, 1995, therefore, the oconomy waB Been to be balancing on the odge, with an equal chance of falling into a recession by 1996. In a ohanging economy, caution iB generally the better course. Local Economy - The seaBonally adjusted unemployment rate for the State of PennBylvania waB 5.7\ in Hay, 1995 with the Bame 5.7\ rate for the United statee. Local adjuBted unemployment ratee were aB folloWB in Hay, 19951 HarriBburg-Leb.-Cumb.HSA 4.3\ York HSA 4.4\ LancaBter HSA 4.3\ In ehort, the local economy continued to benefit from the diverBity of employment remaining below the Btate and nation in termB of unemployment, and continuing to fall Blow1y. National HouBing Harket - SaleB of previouBly owned homeB had fallen eteadily from December 1993, until April of 1995. AB of June 7, 1995, the inventory of exiBting homeB waB B.3 monthB. However, mortgage rateB in June were down to 7.89\ (30 year fixed), and there was an expectation that Hay or June numbere would ehow an increaBe. Salee of new homeB had been relatively level Bince a steep decline in January, 1994, but declined sharply 14\ from January to February, 1995. AB of June 1995, available statiBticB Bhowed a continuation of thiB trend (over the following'three weeks, ealee began to show an upwerd trend). JOSBPn McGRAW, INC. AppraloarD . Conoultanto 302 Harket Stroot, Lemoyne, PA . 27 TownhouBe Condominium Unito Brighton Place , ' october, 1995 Page 36 of 76 HAJlXB'l' ANALYSIS (cont'd) New homo construction had boon goneral1y rieing oince the low point of January, 1991 through December, 1994. The DecBmber, 1994 annual rate ladjuBtod) waD 1,529,000 homo Btarto, comparod with only B50,000 in January, 1991. single- family startB in December, 1994 rose 2.B\ from November to 1,226,000, compared with 632,000 etartB in January, 1991. However, in January 1995, housing etartB fell eharply, and continued to decline through March, 1995. AB of June 1995, available data ehowed a olow riBe in April and May. The growth waB leBB than 1\ each month. Building permite and home priceB were alBo flat, and invontories of -' exioting homee were Btill high. Employment had been ourging, and perBonal income had been rising (though at a Blow rate). These factorB combined to boleter houBing BtartB through 1994. The Fed, however, was concerned about the economy being at full capacity and Btructural inflationary preBBures being in place. The increase in ohort term rateB were expected to Boon reduce the relative attractiveneBs of adjuetable rate mortgageB (ARIIB), which had helped to protect home ealeB. ARlIe accounted for half of all 10anB cloBed in october, 1994. The National ASBociation of Home Builders predicted a Blowdown in 1995 of B\, and another B\ in 1996. Their Builder poll had been declining (expectationB for the next Bl,x monthB) since December, 1993, but did Bhow a turnaround in their June edition. In Bummary, the Fedoral ReBerve policy had put the breaks on home building, and while there were faint Bigns of posBible turneround by June 7th, 1995, recovery waB not aBBured. Local Economy - central pennBylvania haB one of the bOBt economies in the Btate due to diverBity and quality of labor. unemployment in Harrieburg-Carliele- Lebanon waB only 4.3\ in Hay 1995 with Bimilar low rateB in York and Lancaster. A recent PNC Bank Btudy projectB a 2.1\ growth in HarriBburg area jobs 17,000) ~n 1995 and an unemployment rate of 4.2\. JOSBPn HcGRAW, INC. Appralooro - conoultanto 302 Market stroet, LOmOyne, PA ...,,"~;, . 27 Townhouoe Condominium Unito Brighton Place October, 1995 Page 37 of 76 , HARItE'1' ANALYSIS (cont'd) Local Houeing Market - The recent PNC Bank etudy predicte a 2\ decline in the number of new houoing permitB in 1995, and a 2.5\ decline in Bingle-family home conBtruction. This followe a 7.5\ decline in permitB in 1994 and a 2.5\ decline in new home conetruction in 1994. Tho Harriaburg area houeing market hit its recent high in 1993, with 5,767 BaleD reported by Central pennBylvania Hulti-LiBt (CPHL). Typically CPHL doeo not record all new home BaleB, eo BtatiBticB are bost viewed as a trend rather than by absolute nUmbors. Sales fell off 5\ in 1994, with 5,501 oaleo. Hedian Dales priceD have continued to increaBe from 2.6\ to 4.2\ (the lattor in 1993). FOllowing is a eummary of local homo BaleB statistics reported by CPHL. ALL AREAS AREA NO. 6 '; ---------------------------------------------- -------------------------------- MEDIAN AVG HKT $100,000 SETTLED ~ !!!!! ~ $125,000 \ TOTAL \AREA 6 1991 4,676 $95,313 87 1403 (30\) 224 4.B 15.9 1992 5,106 $97,620 90 1611 (31.6\) 285 5.6 17.6 1993 5,767 $101,688 8B lS26 (31.7\) 354 6.1 19.3 1994 5,501 $104,5B5 82 1609 (29.4\) 330 6.0 20.5 1994 I1Bt Half) 2,31B SB 656 (28.3') 1995 (1st Half) 2,272 B9 60B (26.8') Source 1 central Penn Hulti-List lire a . 6 includeB mOBt of the immediate WSBt Shore communitieB from the Perry County line at ths north to Nowberry Township to the Douth, and from the Susquehanna River on the oaBt to HiddleBex and Carroll TownBhips on the eBBt. It inoludes the following I TOWNSHIPS 80ROUGHS Hampdsn saBt Pennsboro Lowsr Allen Uppor Allen Silver spring P'airview Monroo Camp Hill Lemoyne Wormleysburg New Cumberland HschanicBburg ShiremanBtown West P'airvisw JOSBPH HcGRAW, INC. Appralooro . Conoultanto 302 Market Street, Lemoyne, PA 1 1 '] I HJIIOOI'1' MJ\LYS IS (cont'd) . 27 TownhouDe Condominium UnitD Brighton Placo october, 1995 Page 3B of 76 AS can be seen from the abovo BtatiDticD, Area '6 has repreBented about 30\ of total CPHL DaleD. Harket area ealeB to date in 1995 were only about 7\ below aaleB from the firDt half of 1994. Total CPHL sales showed only a 2\ decline from 1 I the firet half of 1994. Thie wae due to a Btrong second quarter salea which eraaed a first quarter deficit of 28\. The Bubject development will be marketing homeB in the $112,000 to $120,00 range. CPHL reportB a wider category of $100,000 to $124,000. This Begment of " the market represents about twenty percent of total CPHL ealeB. SaleB of homes in '1 I the $100,000 to $124,000 price range within Area '6 numbered 330 in 1994 lagain, not all new home BaleB are recorded). Demand Factors - The median household incomes for municipalitieB ropreBenting the market aroa for Brighton Place are summarized belowl camp Hill Borough EaBt PennBboro Township Hampden TownBhip Lemoyne Borough Lower Allen TownBhip MechanicBburg Borough Honroe TownBhip New cumberland Borough shiremanBtown Borough Silver spring Township upper Allen Townehip Weet Fairview Borough wormleysburg Borough $35,433 $33,4B2 $44,250 $27,635 $37,461 $32,153 $41,426 $34,072 $30,B73 $38,760 $43,598 $27,823 $33,579 J pennBylvania Cumberland County $29,069 $34,493 Source I U.S. BureaU of the CsnBUB, 1990 CenBUS of population and HouBing Except for EaBt PennBboro Township, all other townshipB reported median houBehold income above the county-wide level, and all are well above the Pennsylvania level. All of the borougho, except Lemoyne and WeBt Fairview, have I median incomeB above the county 1avsl. JOSEPII HcGRAW, INC. APpralooro - conoultanto 302 Markot Stroot, Le1DOyne, PA .. , 1 '\ I l .\ \ ". ! ,I 1 .i .. lJ II : I II I ~ 27 TOwnhouae condominium units Brighton Place october, 1995 Page 39 of 76 HI\RIUlT I\IlALYSIS (cont'd) Based on a proDpective home saleB price of $112,000 to $llS,OOO and a typical loan-to-value ratio of 90\-95\, the required groSB houBehold income would be in a range of $40,000 to $50,000. About 14\ of the total houuaholdo fall in thio range. For the target area, thiB represents about 6,600 houBeholdB. Thie coincideB with the CPHL BtatiBticB on BaleS of $100,000 to $124,000 homes, which repreBent about 20\ of total home Bales. RenterB repreBent a larger proportion of lower income hOUBeholdB. supplY FaotorB _ New home conBtruction has been BteadilY inoreaeing eince 1991 in the target market area, with the greateBt volume in Upper Allen and Baet PennBboro townBhipe. These two municipalitieB also demonBtrated the fasteet growth rate. DeclineB in new home construction have been Been in Lower Allen and silver Spring townehips. In fact, Lower Allen TownBhip Baw only 22 new homes conBtructed in 1994. Following is a liBting of new home conBtruction in the market area from 19B7 through 1994. -.---------------------------------- Table 51 NBiI DWELLING UNITS UPPDr Allen Townehip Market Area ------------------------------------ c S 1987 1988 1989 1990 1991 1992 1993 1994 TOTAL poEN TWP 177 205 210 192 162 209 185 1S1 1501 EAST PENNSBORO TWP 204 221 114 95 91 117 151 206 1201 . . LOWER ALLEN TWP 127 69 95 125 129 fiT 54 22 698 UPPER ALLEN TWP 81 192 170 71 4B 71 97 2B3 1011 CAMP HILL BORa 1 lS 4 3 2 4 0 1 31 SILVER SPRINGS TWP 108 123 139 145 110 117 130 92 964 TOTAl.: 698 846 732 631 540 575 617 767 5406 , l_' In the following table, we have allocated out the new townhouBe unitB only. I Upper Allen TownBhip haB witnesBed very few new townhouse unitB. Obviously, mOBt , ' i i l .; 302 "arltet stroet, x.omoyne, PA u JOSBPD HcGRAW, INC. /lppralooro . ConoultantD . I 1 27 Townhouoe condominium units Brighton Place october, 1995 Page 40 of 76 . HI\RJ\BT ANALYSIS (cont'd) '1 conBtruction waB in aing1e family datached homeo. East PennBboro and Hampden TownBhipo have the greateBt number of new townhouBeB. --------------------------------- '1 Table 61 NEW TOllIIIIOUSES uPPDr Allen Township Market Aroa --------------------------------- MUNICIPALI1Y 1991 1992 1993 1994 TOTAL POEN lWP 54 55 53 59 222 EAST PENNSBORO lWP 6 0 46 103 155 'I LOWER AlLEN lWP 12 37 2B 12 B7 UPPER AlLEN lWP 0 32 0 4 3S CAMP HILL BORO 0 0 0 0 0 SILVER SPRINGS lWP 36 23 B 27 94 Competitive TownhouBe Development - Following are current and propooed townhoUBe developmentB againBt which Brighton place will need to compete. WeBtwood court, EaBt PennBboro TownBhip, cumborland county, PA 1 . .J . of UnitB I, Type Townhoueel price Rangel size Rangel Bullderl commentBI 48 approved, 35 built, 1B unBold 2-story briCk/vinyl townhouBe Ifee oimple) $89,900 to $110,730 1,500 to 1,54B square feet Fine Line HomeB ThiB iB a emaller sUbdiviBion etarting in July of 1993 selling 7 unitB before yearo end, followed by 15 oaleo in 1994. No other unito are planned following completion of WeBtwood Court. Subdivioion io FHA approved, however few ealeo are actually uBing thiB financial tool. TownhouseB include a ono-car attached garage, block party wall and eprinkler BYBtem. HomeD have a 10 year homeowne~ warranty, and PP & L Comfort Home guarantee. JOBEPII McGRAW, INC. AppraloorD . Conoultanto 302 Market Stroot, LemOyIIe, PA 1 ] 1 27 Townhouae Condominium UnitB Brighton Place october, 1995 pago 41 of 76 Kl\RKBT ANALYSIS (cont'd) Gable Park, Silver spring TownBhip, cumberland County, PA ~ I I price Rangel Size Rangel Builderl Comment a I 64 approved, 24 built, 23 unaold 2-atory colonial (briCk/vinyl) townhouBe (fee Bimple) $99,900 to $118,400 1,400 to 1,462 Bquare foet Fine Line HomeB Located juat weBt of the Cumberland Valley High School off Routo 11 (Carliale Pike) along community with project juat Btarting in December, 1994. Subdivioion is FHA approved plus allowing 1,000 concoBeion for cloBing coets. Townhouse units provide threo bedrooms, dining room, living room, kitchen, snd 1.5 bath with upper-end priceD having a ons-oar garage. several units have exposed walk-out full baBements. ABsociation fee of $25 covers lawn care. . of Unitsl Type Townhoueel Pleasant View, Off PleaBant View Road (PA 117), Vairview TownBhip, York county, PA .. Builderl comments I 40 approved/ 40 built/ 2B sold Fee simple/ two-etory brick and vinyl townhouBes $94,900 to $112,900 ($2,000 toward clooing COBtS) 1,600 Bquare feet, plus garage 40 total, 32 sold, 8 remaining Public Btreet/ aBsociation fee of $66 per year c1aragay HomeB, Canterbury Builders Part of a larger PUD with single-family and duplex homes. Located just off I-B3, bstween HarriBburg and York. . of Units I Type. House Pries Rangel House Size Rangel . of UnitB I Utilitiee/Amenities J I southfield CroBBing, off US Route 11 (Hain Street, New KingBton), Silver ~pring Townohip, cumberland County, PA . of UnitB I Typel HouBe Price Rangel HOUBe Size Rangel UtilitieB/Amenitiea Builder. ' comment a I 123 approved and 84 unsold 2-Btory brick/vinyl townhouse Ifoe simple) $112,700 1,256 to 1,952 Bquare feet All available Ketter line BuilderB This is a relatively unsucceesfu1 project, being aituated behind older homes in New Kingaton, and accsBaib1e from ths northbound 1aneB of US Route 11 only. The I homee are two etory with etone veneer and vinyl aiding. They have full baBementB and 2.5 baths. J JOSBPII HcGRAW, INC. /lppralDorD - Conoultanto 302 Harkot street, Lemoyne, PA 27 Townhouee Condominium unito Brighton placo october, 1995 Page 42 of 76 Hl\RllBT Ml\LYSI8 (cont'd) Laurel Hi110 North (CondominiumB), Wert&ville Road, EaBt PennBboro TownBhip, Cumberland County, PA 'I . of unitsl Typel Houee Price Rangel HOUBe Si&e Rangel BuUderl commentDI 50 approved, lB built, 7 un Bold Condominium $110,500 lB44 Bquare feet Laurel Hille DDvelopment Corp. Frame townhouBe condominium development which haB beon Blow in BaleB. Maplewood (Beacon Hill) Lower Allen TownBhip, cumberland county, PA I of unital Type Townhoueel price Range I Si&e Rangel BuUderl commentBI 113 approved, 113 built, 35 unBold Fee Dimple $115,000 to 143,000 1550 to 1956 square feet Benchmark HomeB TownhouBe development with a mix of 1.5 and 2-Btory unitB with integral garageB. Hempden court, off Skyport Road, Hampden TownBhip, cumberland county, PA I of Unitel Type TownhouBel price Rangel Size Rangel BuUderl CommentBI 26 approved, 4 built, 3 unBold Fee B implo $116,900 1320 Bquare feet windsor Homes Two Btory freme townhouBeB with buck frontB, vinyl sideB and reare, full, unfinished basBmentB and detached 2-car garages. The rear 1ivingroom hae a gaB fireplace and 100kB out to a Bmal1 concrete patio between the houBe and garage. The unitB have two bedrooms, two full baths and a laundry cloBet on the Becond floor. There iB a powder room, front kitchen, dining room and living room on the firet floor. They have an open finiBhed stairway from the living room to the baeement. SaleB have been slow. JOSBPII HcGRAW, INC. /lppraloorD . Conoultanto 302 Harkot Street, Lemoyne, PA j 'lit"',' .~ ~ n'~ ...,t II '. . .. .' '- ,0 '. " ,~ . .' ,," ~ " -- 01 . ~. off.' . "- Il"Io ; ;i"v' ;. . . I'''' . " ,.' . .\.""~..' . . 0 ~ "'...:. "t.".. ..rr 'I,..... ::to'1I . ." f. V" " ..' .' ~."'. ". ,- .. . ,. , .. ... " ',' " ...,' " . . .. . . . , .' .. .. II 'O. . . . . ,1" . ~ .. .. ... ... . , . ". ~o . - . ", .~ ,"; .' , ,I . ~ ~ " .. ,. " . ..~ .. . 0' " . " .. . ,( ~% '.. . ~ 0' . . J' .. Gl ,J 1A ,; . . . .. '. .-- ~ . ., ~ ~. . . . - ~. .. . . " .. ., nO, .. ' --- ~. 0 .' . .. .. ms MAP'RarTO DI . , . . .. .'~ U8lD FOR AIlCURAft , 0 ~ . .~PUfll'?SlS ':.'if'.. .. " " :~.:.\'" o' .. . \?~-7~1 . . ~." " '. ',. . .~.:... -',' . '.:~ . . 'II . .. . .' . 1 27 Townhouee cond~inium unite Brighton Place 'october, 1995 page 43 of 76 1 Bxhibit 41 TAX HAP 1 JOSBPH McGRAW, INC. /lppraloero . conoultanto 302 Market street, x.-oyne, PA 1 1 27 TOwnhouse condominium Unito october, 1995 Brighton Place Page 44 of 76 Rxhibit 51 FLOOD KlU' , I 1 ZONE C \\ .- \ ~ f% \ I' :,i1!i\i"I\1 Ill~'~:1 COM"'UHITY-PAHEL HUIlBEI qlj 420312 0005 C ~ :'i~i EFFECnVEDATE: - '\ ,00 FEBRUARY 15, lS80 '\i:\~li~ il'l u,s. DEPARTMENT OF HOUSING ,! lillll AND URsAN DEVELOPMENT i t, \11 ~ flDEAAL INSUR'\NCI ADMINISTRATION) 1 ~~' \ I I J ZONE C JOSBPII HcGRAW, INC. /lppra1soro . Conoultanto . 302 Markot street, Lemoyne, PA .J 1. 27 Townhouue condominium Unitu Brighton place october, 1995 Page 45 of 76 1 I I Bxhibit 61 ZONING HAP c S B\ R G .,..... " \\ "J'''' .~N ". ~....- "' ~Gt10'lltl ..- , . ) . ,-"" , . I~ - l-.:... . '.. - - 1 \ .---:..:.;.. ---- . l - ... ~. --~.. IN IP ~ " PENNSYl.VANIA .-1 ---- -:. ::=--.-...---:= I .J JOSBPII HcGRAW, INC. /lppraloorD - COnoultantD 302 Market street, LeulOyne, PA 27 TownhouBe Condominium Units Brighton Placo October, 1995 Pago 46 of 76 Ellhibit 71 OVERlILL SUBDIVISION SClIBKE , r i ,,,, "., .,,,. ".. .... l t' 'tl Iii c1 I . ::IIII'! ::1111'. "III '. JlIlI '1 . ......'\ .......t. 1/"'" 11'1111 .::"" ..:.,., . .. , " . . ::1111" ::1111" "'II 'I "III '1 . ,. ff'" If. tf . It fl-"" "'UlI '" " . "",, "4 .. II ~ .. :.!" . . . ::1"1" , JlIlI 'II . I. ,.. "I II',"" "'. ", .. , . ::III!'r JlIII '. ., 1,...:11 iii/III .uu': , . 11111 "F -:iU ",. ~:I.: HI~ :-1 ~ , . 1 l)( -::::: .... JOSBPII McGRAW, INC. AppraloorD . Conoultonts 302 Market stroot, LCIllOyne, PA ,;,' . 27 Townhouso Condominium Units Brighton Placo october, 1995 Page 51 of 76 DIGHBS~ AND BEST USE HigheBt and best UBe is defined in Real EBtate Appraisal Terminology, published by the American Institute of Real EBtate IIppraiBerB and the Society of Roal BBtate AppraiBere, aB follows I 1 Tho mOBt profitable likely use to which the property can be put. The opinion of Buch use may be baBed on the higheBt and mCBt profitable continuous uee for which the property iB adapted and needed or likely to be in demand in the reaeonably near future. However, elements affecting valuo which depend on events or a combination of occurrences Which - while within the realm of pOBsibility - ere not fairly shown to be reaBonably probable, Bhould be excluded from coneideration. A1BO, if the intended UBO iB dependent on an uncertain act of another pereon, the intention cannot be coneidered. HigheBt and beBt use is conBidered aB that UBe of the land which may reasonably be expected to produce the higheBt and beet return to the land, over a given period of time. HigheBt and beBt UBe ie that legal UBe which will yield to the land the higheet preeent value. It iB eometimeB referred to a8 "optimum uue." 1. 2. 3. 4. 5. 6. The UBe mUHt be legal. The UBe must be probable and not Bpeculative or conjectural. There mUBt be a demand for Buch UBe. The use mUBt be profitable. The UBe mUBt be Buch to return to land the higheet net return. The UBe muet be euch to deliver the return for the 10ngeBt period of time. Ae Vacant The HigheBt and Best UBe for the eite aB vacant and unepproved would be eBBentially ae approved for townhouBe development. AB notod earlier, the Bite ie zoned urban residential diBtrict (UR). This clasBification permits apartments, which include all multi-family housing. The maximum density permitted is 12 unite per acre. Given the total parcel area of 9.866 acreB, the maximum unitB per minute would be liB townhouBe unitB. In fact, only 87 unite were conetructed. The actual deneity therefore, io 8.8 unitB per acre. Thio io more typical of a townhouBe development, while 12 unitB per acre would be more typical of a garden or mid-riee apartment building. JOSBPH McGRAW, INC. . /lppralocrD - Conoultanto 302 Market Street, LeIlloyne, PA 27 Townhouse condomlnium unito B!tigbt,on Place . october, 1995 page 52 of 76 IIIOIIBST AND BBST USB Icont'd) AB Improved (and propooedl As improved, the highest and beat uea iB obviouB1Y for a continuod UBO as a townhouBe development. . . JOSBPII McGRAW, INC. /lppralooro - Conoultonto 302 Markot street, Lemoyne, PA 27 Townhouse Condominium units Brighton place october, i995 Page 53 of 76 VALUATION HBTJlOOOLOGY In real eBtate appraiein9' there aro three recognized approaches to value I COST APPROACH - ThiB iu baBud on the propoBition that the informed purchaser would pay no more than the coet of producing a BubBtitute property with the same '. utility au the subject property. It iu particularly applicable when the propsrty being appraised involveB relatively new improvuments which repreBent the higheet and beBt UBe of the land, or whon relatively unique or Bpecialized improvsmentB are located on the eite and for Which there exiBto no comparable propertieB on the market. Since the eubdiviBion iu already conBtructed, and we are merely valuing 27 Bcattered units, the cOBt approach would not be a ueeful indicator of value. SALES COMPARISON APPROACH - ThiB iB the mOBt direct approach to property valuation. It involveu the compariBon of the property with other uimilar properties which have sold and for which there ie a dollar conuideration. The reliability of thiB approach iB dopendent upon (a) the availability of comparable ualeB data, (b) the verification of that data, (c) the degree of comparability'or extent of adjuBtment necesBary for time differences, and (d) the abBence of non-typical conditione affecting the ealeB price. I have utilized the GalBo compariBon approach in valuing the individual townhouBe unitB. I do not have sufficient data on bulk Baleu of scattered townhouBe unite on which to baBe a bulk valuo by the Bales compariBon approach. INCOME APPROIlCH - This technique converts expected income from the property over the holding period of the investmont into a value estimate. Anticipated future income and/or reversion (resalo) ars discounted to a preBent worth through the / capitalization proceBe. The Income Approach is moot applicable when valuing JOSEPJI McGRAW, INC. JlpprolOCrD - COnoultanto . 302 Market Street, Lemoyne, l'A Ji~. ... ." , 'I j . 27 Townhouse Condominium unite Brighton Place october, 1995 Page 54 of 76 1 VALUATION IIITIIODOLOGY Icont'd) ~ incomo-produoinq propertieD. The Income Approach in the caBe of a proposed Bubdivision, iB typically known as the Subdivision or Development Approach. Since the purpose of thie appraisal is to value the 27 units as a group, to a single buyer, the income approach iB neceBsary to detive a value from tho 'I perspective of sn investor who would purchase all 27 units, and sell them off to derive a net rsturn. I .J I , J JOSEPH McGRAW, INC. Jlppralooro . COnoultanto . 302 Market Street, LeIIloyne, PA 27 TownhouDo Condominium units Brighton Place october, 1995 Page 55 of 76 SALBS COHPI\RISON APPROACU The SaleB comparison APproach yieldB an indication of value by comparing rocent Bales of similar propertieB and making adjuetmentB for time, location, physical and othsr differsnceB. , Hethodology _ ThiB appraiBal involveB 27 ecatterod townhoUBe condominium unite, which can be divided into 3 deBign types. Within the deBign typeB, there 10 some variance in size. The Brighton plBce townhouse sUbdiviBion haB a hiBtory, with the first saleB occurring in 1991, and continuing through to the present date. AB suoh, there iB sufficient data from previouB Bales to dsrive a probable selling price for the oubjsct units. I have, however, bolBtered the analysiD of Brighton place salsB with saleB of comparable townhouseB in other competing sUbdivisione. In general, I have included a description of the comparable sales selected. In the following pageB I have alBo included adjuBtment gridB wheroby the salsB priceB of the comparable townhouBe unitB are adjuBted to account for distanceB betwsen them and the variouB Brighton Placs townhouBe deBigns. Based on theBe adjuBtment gridB, I have derived a value range for the variouB townhouBs types within which to analyze the paBt sa1eB of Brighton place townhouses. Finally, I have derived a conc1UBion aB to the retail value of each of the 27 townhoUBe units being valued in thiB apprBiBal aB of June 7, 1995. The overall averago value per unit, is then utilized in the following income approach (development approach) in estimating a discounted bulk value for all 27 units aB Bold to a eingle buyer. summary of Brighton Place Sales - The first unit sale in Brighton place occurred in May of 1991. In ell, 6 unitB were sold in the 1991 calendar year. The prices I ranges from $93,400 to $10B,900. In 1992, 9 unitB were Bold, with an avorage JOSSPII HcGRAW, INC. /lppra1Doro . conoultanto 302 Market stroet, LemOyne, PA . 27 TownhouBo condominium unito Brighton Placo Oatober, 1995 Page 56 of 76 SALES COHPARISOH lU'PROIIClJ (cont'd) price of $99,096. In 1993, 13 unito were sold, with an avorage price of $110,19S. The increaBe in the average Bales price wae 11.2\. Finally, in 1994 28 townhouseo were sold, with an average price of $113,046, representing a 2.6\ " increaBe over the 1993 average. The BaleD in 1995 have besn very olow with only 1 Dale prior to Juno 5, 1995. Thio is due in part to the financial problem. of the previouo owner, and the Dink hole problemB which have occurred in Dome of the oldsr sections of the development. In February of 1995, unit SOB waB Bold for a reported price of $114,900. This waB a Claiborns deBign, and roflecto tho increase in the 1iot price for the Claiborne to $114,900 from the previouo liBt price of $112,900. As of 1995, the claiborne units have an asking price of $114,900, the Brighton II unitB have a price of $112,900 and the Brighton unit haD a price of $118,500. The 1994 BaleD ehow that the units oold for the aBking price with Boveral Delling for high Dr amountB given increaBeB due to optione. In addition, it iB, noted that the priceB have been increaBed since the beginning of the project, with annual epikee of approximately $2,000 per unit. DeBcription of Comparable Sa1eB - Following are deBcriptione of 4 comparable townhouBe unitB which Bold from April to Auguet of 1995. Even though eome of the Dales occurred after the June 5, 1995 date, the agreementB would have occured at that time reflecting the market ae of June, 1995. Following the deBcriptionB I have alBo included pictureB of the comparable unitB. JOBEPII HcGRAW, INC. /lppra1ooro . Conoultanto 302 Harket street, LBmoyne, PA A 27 Townhouse condominium Unite Brighton place oatobor, 1995 Page 57 of 76 SI\LBS COMPARISON APPROAClI (cont'd) 1. 6 Turnbridge Lane (Greenfield Court) south Hiddleton TownBhip, cumborland county, PA sale price I $114,000 Datel 6-30-95 GrOBB Building Areal 1,664 square feet Lot sizel 4,356 square feet Doscriptionl 2 otory brick and vinyl townhouBe (fee Bimple) with Blab foundation, one-car integral garage. ThiB unit was the model, and haD a master Buite with double vanity, gardsn tub with csramic tile, walk-in cloBet and linen closet. There ars 2 additional bedroomB with a full bath on the sscond floor. It haB dishwBBher, diBpoBal and electric range. The garage is finiBhed and hae heat and a garage door oponer. HVAC iB by gaD firod baBsd forced hot air and central air. Thore'B a vaultod ceiling in the master bedroom and a breakfaBt bar at the eat-in kitchon. The Association fee of $45 per month includoB lawn care. 2. 6189 Haymarket Way (Hampden court) Hampden Township, cumberland county, PII Sale Pricel $117,900 ~I B-2S-95 Gross Building Areal 1,4BO Bquare feet Lot sizel 4,500 ~ square feet DOBcriptionl 2 story brick and vinyl townhouse (interior unit) with detached two-car garage. It haB a full unfinished baBemont, 3 bedrooms, 2.5 bathe and six roomB overall. ThiB particular unit had upgraded cabinotB and carpet. A total of 26 lotB have been approved for this new phaee, of which 4 were built in the fall of 1994, with only 2 units having Bett1ed, and 1 currently under contract. An additional 6 unitB are under conBtruction. Theao units are being Bold by the builder, windBor HomeD, without the UBe of a roal eetate broker. The developmont is part of a larger mixed UBe land residential dovolopmont with Bingle-family detached homeB adjacont to it. 3. B ABhburg Drive (Gable Park) silver spring Townehip, cumberland county, PA sale price I $160,000 Datel S-OB-95 Grose Building IIreal 1,460 Bquare fset Lot Sizel 4,B~Bquare feet Doocriptionl 2 Btory interior brick and vinyl townhouBe unit on Blab with no garage. conBtructed by Fine Line HomeB, theBe units are built high above US Route 11, adjacent to cumberland Valley High School. The seller concesBionB range from $1,000 to $3,000. Unit'8 had no fireplace. It does have diBhwaBher, diBpoBal, electric rango, and hard wired smoke detector. Interior foatureB vaulted cei1ingB, and veBtibu1e foyer. It is PP & L comfort Homo and includoB a 10 year homeownor warranty. The first floor includeB a laundry/utility room, and there'B a rear patio and storage Bhed. JOSSI'll HcGRAW, INC. /lppralooro . conoultanto 302 Harkot street, x.emoyne, PA . , october, 1995 pago 50 of 76 27 Townhouoe Condominium unito Brighton placa 1 I SALBS COKPI\RIBON APPROlICU (cont'd) 4. 39 wOBtwood court (wootwood court) East ponnsboro Township, cumberland County, PA Sale Price I $105,00D ~I 7-12-95 GrOBS Building Aroal 1,496 square foet Lot Sizel 4,BOO t equare feot Doscriptionl 2 otory briok and frame interior townhouBe unit with attached ono-car garage, and no baBement. It has 2 bedroomB, 2.5 bathB, and 5 roomo overall. The unitB are constructed by Fine Line Homes and include a 10 year Home OWner Warranty. party wallo are concrote block, there iB a sprinkler oYBtom, and a prewired oecurity oYBtem. Interior includoo an entrance foyer, laundry room, and a kitchen with dishwaBher, diepoBal and electric range/oven. The kitchen deBign includea a Bnack bar. The garage hao an automatic door oponer. No Beller conceBBions were involved. '1 ) Valuation Analysio _ On the following pageo I have included adjustmont gridB Bhowing the valuation proceBB for the 3 deBign types included in Brighton Place. AB noted earlier, each of the comparable Bales pricoe iB adjueted to account for differencos between them and the subject property. " JOSBPII McGRAW, INC. Appralooro . conoultanto 302 Market street, LemOyne, PA '. 27 TownhouuD Condominium Unito Brighton Placo Octobor, 1995 Pago 59 of 76 SI\LBS COKPMISON IIPPROIICII (cont'd) -------------------------------- Tablo No 71 ADJUSTMBNT GRID Brighton Placo - Brighton I --------------------------------- 1 2 3 4 Brighton -I 6 Tumbrldge 61B9 HlIvmar1\el #8 Ashburn 39 Westwood ct. Greenfield CI. Hamoden CI. Gable Psr1\ Westwood ct. UNIT OF COMPo SUBJECT S. Middleton Hsmlilen Twp Sliver Spring E. Pennsboro Solo Pl1cII N1A $114000 $117.900 $100,600 $105600 Sa:os Concessions N1A $0 l$2 000\ - l$1.000l $0 Adlusted PrIce N1A $114.000 $115,900 $99,600 $105,600 Date of Solo 6m95 6/30/95 8/2B/95 8/8195 7/12/95 $0 $0 $0 $0 Adlusted PrIce N1A $114,000 $115,900 $99,600 $105600 Location GGod $1,000 ($l,OOOl $1,000 $2,000 LotSlzo Condominium $0 $0 $0 $0 Orlentstlon End Unit -- $0 $0 $2,000 $2,000 DesTciiJ 1.5 st. wllon $0 $1,000 $2,000 $3.000 Construe/Ion Mat. Vlnvl & Brick $0 ($1,000) $0 $0 Qua/iiV Above Ava, l$l,OOOl $0 $0 $0 Rms/BRs/Blh Rms/8 6/3~ Room Count 6/2/2.! 6 I 3 / 2.5 6 / 3 I 2.5 6 / 3 / 1.5 $0 $0 $1,000 $0 Gross uViriii Arlla 1641 1684 1320 1460 1496 $0 $4,000 $2,000 $2,000 Basoment None $0 l$3,500\ $0 $0 Finished N1A $0 $0 $0 $0 Exoosod N1A $0 $0 $0 $0 Geraoo 1-r.ar aUach. $0 ($3,000) $3,000 $500 Porohes/Decks 1(2) Cov. PanG $0 $0 $0 $0 FJroD/ace One /1\ - L.R. $2,000 $0 $2,000 $0 KItchen AnDilences MICIllwave $500 $500 $500 $500 KItchen Cabinets Above Avn. $0 $0 $0 $0 Other Totsl Adjustments $2,500 ($3,000) $13,500 $10,000 Indlested Volue $116,500 $112,900 $113,100 $115,600 Per Sq, Ft. G.LA. $70.01 $B5.53 $77.47 $77.27 J09BPII McGRAW, INC. . Appralooro' Con/lultanto . 302 Hnrket stroot, LeIIloyne, PA 27 Townhouae COndominium Unita Brighton Place octobar, 1995 Page 6D of 76 SAI.RS COMPARISON APPROIlCII (cont'd) --------------------------------- Tablo No BI ADJUSTMENT GRID Brighton Placo - Brighton II --------------------------------- 1 2 3 4 Brighton II 6 Tumbridge 6189 Havmarl<el #8 Ashburn 39 Westwood ct. Greenneld ct. HamlXl en Ct. Gable Parl< Wastwood CI. UNIT OF COMPo SUBJECT S. Middleton HamlXlen Twp Sliver Spring E. Pennsboro Ss/e PrIce N1A $114,000 $117 900 $100,600 $105,600 Sales ConcessIons N1A $0 1$2 0001 ($1 0001 $0 Adjusted PrIce N1A $114,000 $115,900 $99,600 $105,600 Date of Sole 6m95 6/30/95 8/28/95 8/8/95 7/12/95 $0 $0 $0 $0 Adlusted PrIce N1A $114,000 $115,900 $99 600 $105600 Locetlon Good $1,000 1$1,000) $1000 $2 000 Lot SIze Condominium $0 $0 $0 $0 Orlentotlon Semi-End 1$1,0001 1$1,000) $1000 $1 000 Deslan 1.5 st. VII loft $0 $1000 $2 000 $3,000 ConstructIon Met. V1nvl & Brick $0 1$1,000) $0 $0 Qual/tv Above Ai; i$l~ $0 $0 _ $0 RmsIB RmsIBRsJalh RmsIBRslBlh 6/3~ Room Count 6/2/2] 6 / 3 / 2.5 6 / 3 / 2.5 6 / 3 / 1.5 $0 " $0 $1,000 $0 Gross LMno Ares 1631 1664 1320 1480 1496 $0 $4,000 $2,000 $2,000 Basement NGne $0 1$3,500) $0 $0 FinIshed N1A $0 $0 $0 $0 Exposed N1A $0 $0 $0 $0 Gsraaa 1-car aUsch. $0 1$3,0001 $3,000 $500 Porches/Decks 1'21 Cov. Pallo $0 $0 $0 $0 F/trJDlsce One C1l - L,R. $2,000 $0 $2,000 $0 Kitchen APIJ//snces Microwave $500 $500 $500 $500 Kitchen CabInets Above Avo. $0 $0 $0 $0 Olher Totsl Adjustments $1,500 ($4,000) :ii12,500 $9,000 Indicated Valua $115,500 $111,900 $112,100 $114,600 Per SQ. Ft. G.LA. $69.41 $84.17 $76.76 $76.60 JOSBPII HeGRAW/ INC. . /lppralooro. Conoultanto . 302 Harket Stroet, LeDlOyne, l'A 27 TownhoUD8 condominium Unita Brighton PlacD october, ,1995 Page 61 of 76 SALBS COMPARISON /lPPRO/lCIJ (Cont'd) ---------------------------------- Tabla No 91 nDJUSTKBNT aRID Brighton Place - claiborne ----------------------------------- 1 2 3 4 Claiborne 6 Tumbrldge 6189 Havmarket #8 Ashburn 39,Westwood C\. Greenneld C\. HamO( anC\. Gsble Psrk Westwood Ct. UNIT OF COMPo SUBJECT S. Middleton Hamlld en TWO Sliver Spring E. Pennsboro Sskl Price N1A $114,000 $117,900 $100,600 $105,600 Sakis Concessions N1A $0 ($2.000\ ($1 000\ $0 Adlusted Price N1A $114,000 $115900 $99,600 $105,600 Dale of Sele 6n/95 6/30/95 B/28/95 8/8195 7/12/95 $0 $0 $0 $0 AiiTusted Price N1A $114 000 $115,900 $99,600 $105600 Location Good $1,000 ($1.000\ $1,000 $2 000 Lol SIze Condominium $0 $0 $0 $0 Orlentatlon Interior ($2,0001 ($2,000) $0 $0 Deslan 1.5 st. wllot1 $2,000 $3,000 $4,000 $5,000 ConstructIon Mat. Vlrlvl & Brick $0 1$1,000) $0 $0 Qualllv I:mOO:S~';:h ($1,000\ $0 $0 $0 s/Bifl Room Count 6/ 2 / 2.1 6 / 3 / 2.5 6 I 3 / 2.5 6 / 3 / 1.5 6/3/2.5 $0 $0 $1,000 $0 Gross UvIna Areo 1659 1664 1320 1460 1496 $0 $4,500 $2,500 $2 500 Bssement None $0 ($3,500\ $0 $0 Finished N1A $0 $0 $0 $0 Exoosed N1A $0 $0 $0 $0 G8flIlJ/J I-car aUae/l. $0 ($3,000) $3,000 $500 Porches/Decks 2\ Cov. Pallo $0 $0 $0 $0 Fl1iDface One (1\. L.R, $2,000 $0 $2,000 $0 KItchen ADDI/snces Microwave $500 $500 $500 $500 KItchen Csb/nets Above Avo. $0 $0 $0 $0 Other Total Adjustments $2,500 ($2,500\ $14,000 $10,500 Indicated Value $116,500 $113,400 $113,600 $116,100 Per Sa. Ft. G.LA. $70.01 $85.91 $77.81 577.61 JOSEPII HcGRAW, INC. . /lppraJooro' Conoultanto . 302 Harket Street, Lomoyne, PA . 27 'lowDhouaG condominiWl Dnito Brighton Plftoe oct:obor,'1995 Palle 62 of 76 SALBS OOIlPARISON I\PPROIIClI (cont'd) Valuation Conc1uoiono _ BaBed on the preceding adjuetment gridB, I would eetimate the following market value ranges for the 3 deBignol Claiborne $113,400 to $116,500 Brighton II $111,900 to $115,500 Brighton I $112,900 to $116,500 The actual sale pricee havs evolved through a hiotory of the saleB aotivity and an intimate underotandinll of what buyers are Beeking. The aotual aBking price for the claiborne unit ae of the effeotive date of the appraiBal wao $114,900 compared with $112,900 for the Brighton II unit. In diBcuBBing the difference with the lieting broker, it appearB that the claiborne unit, although an interior unit, is more popular than the Brighton II unit, which io a partial end unit. The greateBt difference betweon the unitB appearo to be the supsrior deBign of the Claiborne unit with entry foyer, coat cloBet, two_wa1k-in clossts and breakfast bar, as well aB more windowB in the m8Bter bsdroom. The Claiborne deaign io olightly larger than the Brighton II design. It would appsar, that as of June 1995, the asking price for the Brighton II unit Bhould be increased from the $112,900 being aBked at the time to $114,900. Bince the Claiborne unit is more popular, a price of $115,900 to $116,900 is called for. Both of theBe valueD follow the history of Brighton place sale prices, as well as the curront price sohedule. The one remaining Brighton I unit was listed at $11B,900 as of June 1995. since thio unit was the most popular deBign, and Bince there was only 1 unit aB of the effective date of this appraisal, the $11B,900 liBt price, although higher than the value range derived from the Ba1eB compariBons, would appear to be a rsasonable reflection of market value. Base~ on th~,above ana1ysiB, I estimate the current market value of the 27 townhouse units as of the effective date of the appraisal to be as follows I JOSBPH HcGRAW, INC. ~pralDerB - Conoultanto 302 Harkot street, Lcmoyne, PA 1 ,. 27 Tawnhouoe condominium unito Brighton place 1 , october, 1995 SJ\LBS COKPARISON APPRDACII (cont'd) -------------------------------- Tablo No. 101 RETAIL VALUIlS Brighton place -------------------------------- page 63 or 76 _."'@II'......... ...III_r 1=1~.HMVALtIEI . ";'. ,'''' ...., . . V"..'.'" i~,I'~":.';(.,': ,tl s . s , .... ".SIZE. .' ,ltM/IIS. 516 Brlnhton Place Clalborna 1659 1491 $116,900 \ J 516 Brlnhton Place 520 Brlahton Place 522 Brlnhton Place 524 Brlahton Place 526 Bi\ilhton Place . 527 Brlahton Place 528 Bifahton Place 529 Brlahton Place 530 BifahtGn place 532 BrlahtGn Place 534 Bi\ilhton place 538 Brlahton Place 538 Bifuhton Place 539 Bitahton Place 542 Brlahton Placo 543 Bitahton Placo 546 Brlahton Placo 548 Bilnhton Placo 549 Brlahton Placo 550 Bilnhton Placo 551 Briahton Placo 553 BriahtGn Placo 555 Bnahton Placo 556 Brinhton Placo 557 Briahton Placo 581 Brighton Placo 27 Briahton II 1631 1650 BiIlihton II 1631 1695 Brlnhton II 1831 1650 Brlahton II 1831 1650 Clalborna 1659 1491 Brlahton II. 1831 1695 Clalborna 1659 1491 Brlahton II 1831 1695 Brlnhton II 1631 1650 Brlahton II 1631 1650 Bi\ilhton II 1706 157B Brlahton II 1706 157B Claiborne 1698 1530 Brlahton I 1641 1695 Claiborne 1698 1530 Brlahton II 1631 1695 Brlnhton II 1706 1695 Bitahton II 1706 1695 Brinhton II 1706 1650 BilahtGn II 1706 1695 BrinhtGn II 1706 1650 Claiborne 1698 1491 Clelborne 1698 1491 BriahtGn II 1754 1755 Brlnhton II 1706 1850 Brighton II 1498 1650 Avaraae Retail Value: $114,900 $114 900 $114900 $114.900 $116.900 $114.900 $116.900 $114.900 $114,900 $114.900 $114,900 $114.900 $116,900 $118,900 $116,900 $114.900 $114.900 $114.900 $114.900 $114.900 $114.900 $116,900 $116,900 $114,900 $114.900 $114.900 $115.567 * _ Size per Condominium Declaration. ** _ Size per Cumberland County Tax Assessor. JOSEPJI HcGRAW, INC. . /lppralDoro. conoultonto . 302 Harltot streot, Lomoyne, PA l 1 ~1 "I J '1 ." -I , , : I '\ .J i i Li \\ r! .. , . 27 Townhouse condominium Units Brighton place October, 1995 pags 64 of 76 SUBDIVISION APPIlOIIClI TO VIILUB (Income Approaoh) This method of eetimating the value iB also referred to as the "Development". The objective of the appraiBal is to eBtimate the fair marknt value of each townhoUBe unit (finiBhed) and the total or bulk value of the 27 townhouBo unitB to a single buyor who will then Boll the unitB individually. The retail value of each finished townhouee unit is estimated by a compariBon with market tranBactions of other similar 10tB in the aroa. The bulk total value of the 27 townhouBeB is estimatsd ae fo110WBI The groSB proceedS that would accrue to the marketer are estimatod for the sale of lote at retail value. From thie amount are deducted the direot and indirect COBtB of finiBhing, holding and selling the unito, together with the marketer'B management and overhead to arrive at an amount of net proceeds. A preBent worth factor, or discount rate, iB then applied to the nBt proceedB to arrive at the fair market value of the 27 townhouBe units. since it is aBsumed that the unitB will be reBold over a period of time, an absorption Btudy is needed to indicato the time required to market the 27 townhouse unitB. The appropriate discount rate iB then applied to the annual (quarterly) net proceeds over the anticipated eellout period in order to obtain an indicated present value or pre Bent market value for the 27 unitB in bulk. The following data is required in completing a SubdiviBion IIpproaohl 1. Retail Value of LotB 2. AbBorption Rate (Sel10ut'period) 3. Direct and indirect COBtB to finiBh the units 4. Selling and carrying cOStB 5. Marketer ManBgement and overhead 6. Diecount Rate JOSEPII KcGIU\W, INC. Appraisero - conoultanto 302 Market street, LemOyne, PA . 27 TownhouDe Cond~inium unitD Brighton Place October, 1995 Page 65 of 76 SUBDIVISION APPROAC11 TO VALUE (cont'd) Retail Value of LotB _ This was diBcuBBed in the saleB compariBon Approach Bection of the report. My conclusion iB that the average value of the townhOuBe units aB of June 7, 1995 iB $113,344. I aBsume the townhouBe values will increaBe at a rate of 5\ per yeBr compounding. Abeorption _ In estimating the number of townhouee BaleB per quarter, I havo reviewed ealeB in comparable subdiviBions. TheBo are eummarized aB folloWD I -------------------------------------- Tablo NO. 111 ABsoRPTION RATES competitive DevolOpmDnto -------------------------------------- J ~ T1mbof Chase $6Il 000 $91 000 . '62 . 0 wOl\1lel<lS $16600 $129 400 40 30 22 1 . 0 0 siiivioccl COUr1 $16700 $89300 1 99 G BeaCon Hill- Phase \II $19000 SO 96 0 Greenlleld UoIaNIa/eonciOI $81 000 $84000 2 1 7 4 1 45 0 ~NorUi(f"1 ~m2000 $96 400 4 13 3 117 0 Place $64 000 $99 700 6 20 14 20 13 41 0 Beaumont SqUll/1l $89 000 $137300 19 42 46 1 . 0 0 WOstwccd COUr1 $89 000 $110,730 6 15 4 23 0 SoUthlleld CrouIna $89 000 $115,500 7 5 6 4 0 64 0 piOaUnl WIN $89 000 $120 000 11 17 1 10 0 Gable PaI1I $99 000 $116400 1 63 0 Laurel HIDa Noc1h-;;:;;;;;n $103 000 $136.006 1 2 5 3 0 39 0 G/llOOlIeId $104000 $152.500 6 11 24 26 5 32 0 Brlnhlon Place $110000 $119000 6 9 13 26 1 29 G Hamndon COUr1 $115000 $117,000 1 9 16 Ma _Hiiil $115000 $143,500 5 12 9 34 16 2 35 0 _HIiIIT~1 $126 500 $153 500 2 $136000 $158 000 5 3 9 6 16 0 r 6 103 1 197 167 40 619 16 JOSBPH HcGRAW, INC. APpraloorD . Ccnoultanto 302 Market Stroet, ~yno, PA . .. 27 Townhoue. Condominium Unite Brighton place October, 1995 Page 66 of 76 SUBDIVISION APPROACII TO VALUB (Cont'd) The actual saleB history of Drighton place ie the beBt indicator of an anticipated BaleB pace. SaleB incroaBed from nine (9) in 1992 to thirteen (13) in 1993 to twentY-Bix (26) in 1994. only one (1) eale occured in 1995 prior to June 7th. The reaBonB for the slowdown in 1995 inc1udo the financial probleme , with the previouB owner and the Binkhole in the original eection of the development. competition includeBI Beacon Hill, which iB reelly at a higher price level, Weetwood court (which had 16 Dales in 1994) and Gable Park. Of theBe, Oab1e Park ie new, and Beacon Hill hae added new productB. Ae Buch, I would expect a olightly elower Bales rate than 1994, in the range of 16 to 20 eBleB per year. Within thiB range, I have used a BaleD rate of 18 per year, at an average of 4.5 per quarter. Finishing COBtBI The eppraiser iB not an expert in conetruction or finish coetlng. Ae Buch, I have relied on cOBt eBtimates Bubmitted by MATT corporation. InclUded in the Appendix 10 the "Town Home Unit completion Specifications" issued to Bubcontractoro (2 pageB), "Brighton Place completion Checklist" (3 pages), "Matt corporation Bid" (2 pageB), and the "completion coste" (firBt 5 units). The actual cOBt to finieh the firBt five (5) unitB ('520, '529, '534, '548, and '556) waB $74,723, or $14,945 per unit. The COBt eBtimate to finiBh the other 21 unitB 1'527 waB a model unit and therefore, already finiBhed as of June 7, 1995), iB eBtimated to be $24B,040, or $11,B11 per unit. I have alBo added a 3' contingency factor for unknown circumDtanceB. ThiB brings the COBt to $255,481, or $12,166 per unit. The total COBt to finiBh all 26 unitB not already finiBhed aB of June 7, 1995 iB $330,204, or $12,700 per unit. Tho COBt to finiBh the final 21 unitB includeB $21,000 in management (Bupervisory) feeB. It doeB not include any contingencieD. JOBEPII HcGRAW, INC. /lppraJDoru . Conoultuntu 302 Harket stroot, Lemoyne, PA I. " ~.\ 27 TownhouDe Condominium unitD Brighton Place October, 1995 Palle 67 of 76 SUBDIVISION I\PPROAClI TO VALUE (Cont1d) Tho typical finiBh BchedUle would seek to have one or two unitB of each daDign finishod at any given time, to be available to Bhow to potential buyerD. A number of unitD would remain unfinished to accommodate buyerB who want to chooDe colors, quality changeB and other options. Baoed on a BaleB paco of 4 to 5 unite per quarter, I have projected the fOllowing finiBh Bchedule. ---------------------------------- Table No. 121 FINISH SCHBDULE Brighton Place, 26 unite ---------------------------------- Quarter QUBrtor Quarter Quarter Quarter Quarter Quarter , 6195-8/95 9/95-11/95 12/95-2/96 3196-5/96 6/96-6196 9/96-11/96 12/96-2197 Units Beglnnlng: F1nIshed 1 3 4 4 4 1 0 Unl\nlshed 26 19 14 10 6 3 0 Total 27 22 16 14 9 4 0 prll88le F1nl6h 5 3 2 2 0 1 0 Safes: FInIshed 3 2 2 2 3 2 0 Unl\nlshed 2 2 2 3 2 2 0 Total 5 4 4 5 5 4 0 post-tlBle Finish 2 2 2 3 2 2 0 Units End: FInIshed 3 4 4 4 1 0 0 Unl\nlshed 19 14 10 5 3 0 0 Total 22 16 14 9 4 0 0 .' Total Units FInIshed 7 5 4 5 2 3 0 Cumulative FInIshed 7 12 18 21 23 26 26 ., ThiB schedule aBBumee that Borne unitB will be finiohed prior to BaleB to prepare unitB for Bhowing, aB well ao the fact that units will have to be finiBhed after an agreement of BaleB is in hand. I have aBBumed that the POBt- JOSBPH McGRAW, INC. /lppralDoro . Conoultanto 302 Harkot Street, LomOyno, PA . I. . 27 Townhouae COndominium unita Brighton Placo October, 1995 pago 68 of 76 SUBDIVISION APPROIIClI TO VIILUB (Cont1d) sale finiBh will be done in the same quarter aB the Bale, although in realty, many would lag into the following quarter. The difference iB not believad to be aUbBtantial given all the aBBumptions made. " In summary, then, the initial fivo (5) unitB cOBt $74,723 to finiBh. I have included thiB in the firBt quarter. The remaining units are aBBumed to be finished over the ee110ut period, at an average COBt of $12,700 per unit. carrying/selling coetB - Transfer Tax - In Pennoylvania, the buyer and seller typically divide evenly the 2' tranBfer tax impeBed on the BaleB of real eBtate. Ae ouch, I have included as a eelling COBt l' of the Bale proceede. CommisBionB & other Selling COBtB - In new home developments, the Bales commisoion ie generally negotiated to about 5' of the Bale price. While Dome developerB are themBslveB brokerB, and may share the commiBsion, I have used 5' of the Bales proceedB aB a Belling price. In addition, the seller must prepare the deed, and will typically incur other legal COBtS. I have added another 2' to cover theBs COBtB, bringing this catsllory to 7\ of sales proceeds. AdminiBtration Overhead - In any real eBtate investment, there are management and overhoad coatB over and above typical profit and rsturn on inveBtment. TheBe cOBts would include non-job related BtBff and general office sxpenBes, aB well aD advertiBing, travel, profesBional serviceB, and other miocellaneous oxpsnseB. In valuing tho improved 10tB value, thiB category would be at a minimum, eBpecially over a Bhort time span. There are Bome maintsnance, inBurance, and management COotB which go with the bulk purchase of mant units aB opposed to merely purchaBing one lot at a time. I have included JOSBPJI HcOIU\W, INC. Appralsoro . conoultanto 302 Harkot street, Lemoyno, PA I I i' 27 Townhouae condominium UnitD Brighton place octob.ar, 1995 Page 69 of 76 SUBDIVISION l\PPROAClI TO VALUE (cont'd) 2' for management ard overhead in my valuation of the 27 townhouBe units. Carrying COBts - Since the buysr/marketer would be hold 27 conetructed townhouBe units, he/ehe would be reBponBib1e for paying inBurance , (liability coverage, aD well aB builders risk), real eBtato taxee, electric on model unitB and during finish work, aB well aB the condominium feoB. Real eBtate taxsB are minimal, thankB to the policy of county aSBessors of keeping the aBBeBBment at lot value until the unitB are Bold to individual buyerB. AB computed in the previouB tax and aSBeBBment analysis, the annual tax per unit iB oBtimatsd to be only $31.10. InBurance (liability builderB riek) is estimated to COBt, on an annual basio, to be about $60 per unit. The condominium fee includeB inBurance on the exterior Btructure. The COBt declineB as the inventory of unitB decline. The cOBt is baBed on the average units in inventory per quarter. The condominium fee varieB per unit baBed on the percentage intereBt of the unitB. They range from $55 to $62 per month, per unit. The ovsrall average iB $60.52 per unit. Finally PP & L electric cost iB included baeed on an eBtimated $25 per unit per month. Adding all theBe coets, except real eBtate taxeB Iwhich iB inCluded separately) the total additional carrying COBt is eBtimated to be $10B6.24 per unit in an ennual baBiB, or $271.56 per unit on a quarterly basis. Owner compenBation - A recent (1/95) Burvey conducted by Builder magazine of almoBt 500 builderB (of 1993 financial numbers) asked the queBtionl How iB the builder doing? Net income was down from their previouB 1990 eurvey. combining net profit and owner'B compenBation, the I overall return averaged 12.4\, with 6.2 percent net profit margin before taxeB. While tho 27 townhouseB are moot1y conBtructed, thiB Burvey JOSBPII HcGRAW, INC. /lppralDcro . Conoultonto . 302 Harket Street, LemOyne, PA 1. , october, 1995 page 70 of 76 27 TownhOUDe condominium unitB Brighton P1aco 1 j , i 1 SUBDIVISION APPROACH TO VALUE (cont'd) repreeente a good meaBure of builder'e expectationD. The Durvey broke down their reBulto by product type, BaleB volume, by region of the country and by population. TheBe are Bummari~ed aD followSI POPULATION I OWNER COMPENSIITION NET PROFIT MARGIN B-4 TAX LeBe than 50,000 50,000 - 249,999 250,000 - 500,000 5.7\ 5.3\ 5.1\ 5.5\ 5.1\ 6.0\ REGIONI NortheaBt 5.4\ 5.7\ SALES VOLUIlEI LeBB than $1 million $1-$1.99 million $2-$4 million 7.7\ 4.5\ 4.3\ 4.B\ 5.3\ 4.2\ BaBed on theee numberB, I have accounted for Bn owner'B compeneation baBed on 5\ of total revenues. Financing COBtB _ A major COBt in BubdiviBion development and marketing io the interest on the acquiBition and deve10pmont mortgage. I have included interest on a Bimple baBiB aB a percent of tho averago outBtanding balance on the loan on a quarterly basiB (although tho paymBntB would typically be on a monthly baeiB). The principle amount iB paid off at a rate of 110\ of the loan per lot, prorated. LenderB typically "front load" the principle repayment to increaoe their return and reduce their expoeure. I have used an 8.5\ intereBt rate and a mortgage equally to 75\ of the net pre Bent value of the doveloped loto in valuing tho 96 developed 10to in Beacon Hill III. In addition, I have included an initiBl 2\ loan fee. TheBe rateD are derived from my Burvey of local lenderB active in BubdiviBion financing. It iB noted that intereBt rateB are in a Btate of I flux, and thiB rate iB baBed on recent trendB. JOSBPH HcGRAW, INC. /lppraIooro . Conoultanto 302 Market Street, LeIIloyne, PA I. 27 Townhouao eondoGinium unita Drighton placo october, 1995 pago 71 of 76 1 , SUBDIVISION APPROl'oClI TO VALUE (cont'd) Oiscount Rate (RiBk Rate) - ThiB'iB eBBentially intereBt in reverse. It refleots a return on equity. If I inveBt $1.00 today at 10\, in five yeare I will have $1.61, thankB to compounding of intereBt. Thereforo, it iB logical to state that $1.61 rsceived in fivs yoars iB equivalent lall other things " , being oqual) to $1.00 received today. In any project that attempts to value income which will be received in future, the pre Bent value of the project in bulk ie equal'to the "discounted" future incomes. In the previously deBcribed Builder magazine Burvey, the range of reported net profit margin before taxes waB from 4.2\ to 6.0\. Again, this '. was baBed on 1993 financial numbers, and baBed on ownor's compenBation ranging from 4.3\ to 7.7\. BaBed on thiB survey, I have decided to discount antioipatsd net income at a rate of 6\. In othsr wordB, the present value is derived iB conBistent with a net profit of 6\ (given an owners compensation of 5.0\). DiBcounting To Pre Bent Value On the following Table 13, I have illustrated all of tho above aeeumptione applied to the 27 townhouBe units in Brighton Place. I have sBBurned a oix quarter (1.5 year) sellout period, and an average retail price of $115,048 per unit with a 2\ increaBe after ons year. I have deducted carrying and Bolling cOBts, aB well as the cost to finiBh ths interiorB of the townhouBe unitB and a compensation to the owner to derive a Net operating Income (NOI) before taxeB for each quarter. I have deducted financing COBtS at market rate to derive a caBh flow to equity (bsfore taxoB). Finally, I have discounted the net profit (caeh flow) before taxeB for each quarter to a present value equivalent baBed on a typical return rate. The Bum of the quarterly present value equivalents equals the market value of the 27 townhoUBe unitB to a single buyer. JOSEPII McGRAW, INC. AppraloorD . Conoultanto 302 Market street, Lemoyno, l'A ~ '27 TownhoU.. Cond~iniWD Unite Brillhton Plac. Octobllr, lS95 Pallo 72 of 76 SUBDIVISION APPROAClI TO VALUE (cont'd) The market value of the 27 townhouBe unite ae a bulk ea1e, ae of June 7, 1995 is e.timated to bel ".$2,209,000". " JOSBPU HaORAW, INC. /lppralooro . Conoultanto 302 Market street, ~yn., PA " 27 Townhou.e Condominium Unito October, 1995 Page 73 of 76 Brighton Place SUBDIVISION APPROl\C11 TO Vl\LUB (Cont'd) --------------------.--------------------- Tabla No. 131 DISCOUNTING TO PRBSBNT VALUB Brighton place - 27 TownboueoB ---------------.--.----.--.--------------.., NoI 80bl V"": " --- P."'.1tI 12,310,010 '.Y. or TIM"'''' rt; lUOI,22G 141,113 Pot~ 70.311 01 R.... IIorfoogo Arnoln: IUII,ooo MorIgo;o: 71,0ll 01_ Vallo MorI;ogo _ Rile: UOll lUll 01 N.III..... v..... a_ RaIo lI4lIVl: lOOll (0...1. ,"",od): 1.OQll \ 0JIIt" au.." Qulrt" Qulrt" Qulrt" Quwt" 1 I 5 . I I TOCtl D6VELOPMEHT PRll.IECTION8 0MI0p0d l.OCIlI9'I'*'lI 27 22 \1 14 I 4 27 No.l.OCI_ I 4 4 I I 4 27 AVD-PIIooPot_T_ tOll 1 1tS.&17 I tts.&17 I 1\1.&17 I tts.&17 I l17,l71 I l17,I71 I 1l1,S37 _Ftam_ I In.m I 412,281 I .12,281 I In,ass I 11Im I m.s13 I 3,141.111 _ofT...._ lUll \UII lUll lUll lUll \4.111 100.01l No.lkII_ Pot Pot1ocl 0 0 0 0 0 ' 0 0 No.lkII R..-.HnQ 2:l 11 \4 I 4 0 lkII Flrl_ Pot eu.1<< 7 5 4 I 2 3 28 TaItIll_ I In,m I 482.204 I 485.2ea 1 sn,lSS 1 11Im 1 4n.stS 13.141,111 EXPENSEa T_.7u 1.011 I I,m I 4,113 I 4,123 I I,m 1 5,184 I 4.711 I:II.4Il c:onmlll... 5.011 I 21,181 I :/3.113 I :/3,t\S I 2un 1 ZJ,470 I :/3.171 I 1S7.ose RooI_,Tom 131,10 I 110 I III I t24 1 II .. II I 18 I 128 oc.. CIII)4ng CotIt lI,oq,24 I 1.111 I 1,051 I .,345 I 3,1:/3 I t.711 I 54S I 21,MI FlrlINrq CotIt IItroo I llI,lIOO I 13,100 I 10,100 I 13.100 I 21,400 I lS.100 I 330,200 __'~d 2.011 I 1\,S57 I 1.345 I 1.345 I 11.117 , 1I.71l1 I 1,430 I 12.122 o.nor COrrIItnItIlan 5,011 I 2U92 I :/3, tt3 I 23,t\S I 21,112 , ZJ,470 I 23.578 I "7,011 TOCoI "-"" 1 170,162 I IZJ,II2 I 1I1~ I 141,131 I 103.07 I t9,J1S I 7It.031 N,O,L ~ DEaT SERVICE I 40U73 I )33,011 I ltI,104 I .It,OO4 I l45m I 37Usa I ~O,OIO H.... ~ I 14,104 I :&,115 I 11,441 I It!164 I U07 I 1.101 I 128,33:2 PMclpoI ROIlOlmri I :137,7.1 I 270.1113 5 270,185 I 337,741 , 337,741 I 10.,185 I 1.111.000 TOCoIDoIll_ 1 'OU.5 I 29S,3n I 211,138 I llO,72S I S41.l41 I 10I,102 I 1,717,33:2 CAIlH FLOW TO EOUITY I .,421 I 17,709 I 57,211 I 15210 I IttOOl I 211,018 I IU,748 Cun.loItIw Calli Flow I 4,421 I 42,117 I 89.401, I 114.115 I 3<1.1112 I 592,741 LOAN REPAYMENT Ilog.Pot1ocl_ I 1.IlI,ooo I 1,520.2S9 I 1,010,017 I m,174 I 442,1:13 I 104,lt3 I 1.IlI.000 N... Loon Drno I I '. I I I I I IItw Loon_ I 1.111,000 I 1.520.21' I 1,010,017 I nl.ll4 I <<tl:13 I 104m RIP"/mIIC 1l0ll I SS7,m I 270,185 I 270.115 I 337.741 I 337.741 I 104)13 I USI,ooo End of _ Btlonco I 1,320,21' I 1,010,017 I m,174 1 <<tlSl 1 104,lt3 1 . ......."'- I 1.019,150 I 1,185,183 I 1\4,170 I 111,004 I 273m I 52,1" H.... UlI I 31.~ I 21.1" I 11,443 I It!164 I 5,107 I 1.1011 I ".172 Loon F.. 2.0ll I :13,110 I :13,110 TOCoI Loan EIpno I .02,105 I 29S,sn I 211,138 I llO,72S I S41,S41 I 10I,102 I 1.787,33:2 .. P.V. of Catll F10ir II 0IIt RoI.: t.lll I .,)83 I ".SOl I IO,7M I 10.341 I 131.120 I 245,320 "'- V.... of E<JlIy. I 51 1.220 2511 MOI1_ Arnoln: I 1.1511,000 7511 v.... ftIcalIonby_~, I 2.201.220 uxm P,V. 01 N,O,L II o...ttlti Rile:' tl3l1 I 3N,lOS I 311,389 I :US,," I 400,132 I 057,017 I 521.117 V....""_by_~. I 2.201,011 c JOSBPU HcGRAK, . INC. Appraloero . OOnoultanto 302 Harket straet/ temoyoe, PA :1 27 Townhoue. condominiUm Unite Bri\lhton Place October,' 1995 Page 74 of 76 , SUBDIVISION APPROAClJ TO VM.UB (Cont'd) . seneitivity Analyeie - In order to underetand the effect of aaeumptione mad. in the preceding analyeia, I have illuetrated below the effect on valuo by different ...umptiona. OWner ComponsallGn Value Indlcallon 4.0% $2,238,000 5.0% $2,209,000 6.0% $2,180,000 Discount Rate Valua Indlcallon 4.0% $2,222,000 5.0% $2,216,000 6.0% $2,209,000 7.0% $2,203,000 Avg. Retail Value Value Indlcallon $113,000 $2,153,000 $114,000 $2,175,000 $115,567 $2,209,000 $116,000 $2,219,000 ! SellGul Period Value IndlcallGn 5 Quarters $2,242,000 6 Quarlers $2,222,000 7 Quarters $2,218,000 8 Quarters $2,182,000 JOSEPH McGRAW, INC. . /lppraJooro. Conoultanto . 302 Itarlu1t: Street, Lemoyne, PA r ;-, 27 TowDhou.. COndoaWlium Unite Bz:lghton place , , october, 1995 Page 75 of 76 SUBDIVISION APPROACII TO VALUE (cont'd) Note that the greateBt variance is leBs than 2 percent either Dido of the value conolusion. of course the cumulative effect of multiple assumption changeD would be greater. Ae an example, assuming an average retail prioe per unit of $113,000 and an owner compensation of 6' and a discount rate of 7', and a 8evon (7) quartsr Bellout, would reBult in a value indication of $2,101,000 t, a loss of 4.9' from my value conclusion. JOSEPH HcGRlIH, INC. . Al'praJ.Doro - Conoultanto . 302 Harkot Street, LeIIIoyne, PA 27 Townhcuee condominium units Brighton Place oCtober; 1995 pago 76 of 76 RECONCILIATION AND CONCLUSION The goal of this appraiBal aBBignment iu to eutimate the market value of a fee Dimple intereBt in 27 townhouBe units in srighton Place, aa purchaued in bulk by a uing1e buyer. since the unitB are scattered among numerOUB bui1dingB, the coet approach was not deemed to be a valid indicator of market value. In addition, I have been unable to find sufficient market datB on bulk purchaees of townhouee unitB (with the highest and best UBe for reBa1e) to utili~e a direct oaloo comparison approach. I have uBed the Bale comparison approach methodology in estimating the market value of each of the 27 townhouBe units aB if Bold individuallY. This iB often referred to as a retail value. AB such, I have I; relied on the Bubdivision approach, or a diBcounting of the anticipated eele of the individual townhouBe units, in eBtimating market value aB a bulk salo. In my analYBis I have eutimated an average market value for the 27 townhouBe unitB of $115,000 based on individual valuation of each unit. All except one of the unitB was unfinished as of the effective date of this appraisal which waB June 7, 1995. I have relied on estimates provided by Matt corporation to put a COBt to finish the remaining 26 units. Thiu COBt iB deducted from the potential grose revenue based on a phaBed finishing program. I have also deducted for reaBonable selling end carrying cOBte as well as reasonable compeneation to the owner in terms of profit and return on equity. BaBed on my inspection of the property and my analYBiB of the market, I eBtimate the market value of the 27 townhouBe unitu in Brighton Place, ae deBcribed in the report, aB of June 7, 1995 and contingent on aSBumptions'end limiting conditionu, also deBcribed in the report, to bel Two Killion, Two lIundred Nine Thouuand DollarB ($2,209,000) JOSEPII HcGRAW, INC. Appraloora - Consultants 302 Harkot stroot, LomOyne, PA APPBNDIX JOSBPH McGRAW, INC. /lppralooro . conoultantD 302 Market streot, LomOyne, PA " 1 ., I I 1 \ ! i I 1 . "., ,...-.^' , , CONSUMERS LIFE INSURANCE COMPANY BRIGHTON PLACE TOWN HOME UNIT COMPLETION SPECIFICATIONS -, 1. TOUCH UP DRYWALL AND SAND WHERE REQUIRED. 2. PAINT AS REQUIRED AND/OR TOUCH UP AS REQUIRED USING DURON PRO- KOTE (WALLS-FLAT, TRIM-SEMI GLOSS). 3. INSTALL KITCHEN AND BATH CABINETRY WITH LAMINATE TOPS IN KITCHEN AND CULTURED TOPS IN BATHS, BUYER ALLOWANCE: BRIGHTON $3,419 CLAIBORNE $2,595 4. INSTALL HVAC GRATESNENTS AND FINISH HEATING SYSTEM AS NECESSARY. 5. INSTALL THE FOLLOWING HOT WATER HEATERS, TOILETS AND COMPLETE FINAL HOOKUPS. HOT WATER HEATER: A.O. SMITH MODEL #: EES52-913 6. COMPLETE ELECTRICAL WORK(RECEPT ACLES, SWITCHES AND BREAKER BOXES) AS NECESSARY AND INSTALL LIGHTING FIXTURES. BUYER FIXTURE ALLOWANCE: $500 7. INSTALL INTERIOR LOCKSETS AND DOOR HARDWARE AS IN PREVIOUS UNITS. 8. INSTALL CLOSET SHELVING AS IN PREVIOUS UNITS, 9. INSTALL CERAMIC TILE TUB SURROUND AS IN PREVIOUS UNITS. BUYER ALLOWANCE: $426 .'. 10. INSTALL CARPET, SHEET VINYL AND MARBLEIZED CERAMIC ENTRY FOYER AS IN PREVIOUS UNITS. BUYER ALLOWANCE: BRIGHTON CARPET AND SHEET VINYL $2,625 MARBLEIZED CERAMIC $ 440 CLAIBORNE $2,760 $ 495 " . II. INSTALL THE FOLLOWING GENERAL ELECTRIC APPLIANCES: DISHWASHER GSDSOO CHOICE OF WHITE. ALMOND OR BLACK FACE) DISPOSAL RANGE GFC290 mS03G CHOICE OF WHITE OR ALMOND, BUYER UPGRADE TO SELF CLEAN JBP24GS RVM2258BL WITH RECmCULATING KIT MICROWAVE 12. 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WK4 BRIGHTON PLACE COMPLETION COSTS (FIRST 5 UNITS) CONST, llAIE UNIT II DESCRIPTION DRAWS 07/07/95 520 BUILDING PERMITS 158 07/07/95 522 BUILDING PERMITS 170 07/07/95 529 BUILDING PERMITS 170 07/07/95 534 BUILDING PERMITS 152 07/07/95 548 BUILDING PERMITS 146 07/19/95 529&534 DRAW 15,921 07/19/95 ALL KEYS 74 08/02/95 DRAW 28,016 09/01/95 534,556 RECORDING FEES 24 548,556 FINAL DRAW 29,380 522 PARTIAL WORK 512 74,723 .l 09/05/95 BRIGHBID.WK4 . BRIGHTON PLACE COMPLETION COST SUMMAllY AS OF 617195 DESCRIPTION AMOUNT FIRST FIVE UNITS (6M CONST). 74,723 LAST 21 UNITS (MATT CORP.) 248,040 LAST 21 UNITS (CONTINGENCIES) 10,500 TOTAL CONSTRUCTION COSTS 333,263 OTHER CARR YlNG COSTS 11 I ,115 ., TOTAL COST TO COMPLETE 444,378 ~~ r, ,..._,.".".~".^ ""'..e, .~,.;u"'_ l' ..~ ... ] :J l ] .. . BRIGHTON pLACE CONDOMINIUM ASSOCIATION 1995 BUDGET INCOME: MONTHLY ASSESSMENTS INITIATION FEES INTEREST INCOME SPECIAL ASSESSMENTS RESERVE FUNDING TOTAL INCOME $61,524 2,640 120 o (2,4oo~ , $61,884 . I " . OPERATING EXPENSES: ELECTRIC WATER MANAGEMENT FEES PROFESSIONAL FEES ADMINISTRATIVE EXP. GROUNDS & LANDSCAPING SNOW REMOVAL BUILDING REPAIRS & MAl NT. PAINTING INSURANCE INCOME TAXES $2,700 840 11,106 1,900 600 17,500 . 8,000 1,800 1,000 13,760 o , ' ;,.., '. '.. . . '.. . 59,206 ,- TOTAL EXPENSES , - . - Of ~ :.J 'J ',' , ,1 , ,J I '1] - . NET CASH FLOW $2,678 . " 1 I, [ 1 f I f r , , t, -. I' " -., 1 Urban Residential Districts (UR) In areas which can be feasibly supplied with public facilities, a higher density of residential use can be accomodated. Also, such areas can be used for a variety of housing types to include multi-family dwellings. Commercial uses are permitted only for the convenience of the residents. Such commercial uses must be subordinate to the residential use, must be an integral part of a residential Subdivision or Land Development, or must be designed to serve one or more existing residential SubdiviBion or Land Developments located in the immediately vicinity and not served by integral commercial uses. USB SCHEDULE -B- NO. OF USE ----- 1. 2. 3. 4. 5. 6. 7. 'B. 9. 10. 11. 12. 13. 14. 15. 16. 17. lB. 19. 20. 21. 22. 23. 24. 25. 26. SECTION P"PERMITTED SE=SPECIAL EXCEPTION ------- -------------------- . P Per Acre) P SE P SE P SE P P P P SE P P P SE 5E P 5E 5E P P 5E P 5E P Additional Detached Dwelling Apartment (Max. Density 12 Units Boarding House Church Cluster Development Communication Facility (Public Regulated) Conversion - Apt. Crop Farming Cultural Facility Day Nursery Center Day Nursery Home Drive-In Stand Fire Station Golf Course Greenhouse Group Home Home Occupation Hospital Personal Service Establishment Planned Residential Development Private Club Private Recreational Facility Professional Offices Public Building Public Entertainment Facility Public Recreational Facility , -43- . ,J . . ' III B. A driveway or access drive shall not cross the street right of way line: a. Within forty feet of the street right-of-wayline of an intersecting street, and in no case less than ten feet from the point of t6ngency where the intersecting street lines are joined by a curb. Notwithstanding the aforesaid and when deemed reasonably necessary for safety by the Zoning Hearing Board, this dimension shall be increased for driveways or access drives to shopping centers and other commercial, industrial, public, or institutional uses; I I . I ! I I b. Within fifteen (15) feet of a fire hydrant, catch basin, or drain inlet. B02 _ Off-Street parkinq - Required Spaces off-street parking spaces shall be provided and satisfactorily maintained in accordance with the following provisions for each building which, after the effective date of this ordinance, is erected, enlarged or altered for use for any of the fOllowing purposes in any district: Residential Uses _ Two (2) off-street parking spaces for each dwelling unit, plus one (1) for each bed in an authorized rooming house. ~ J Churches - One (1) off-street parking for each five (5) seats provided for pat:on use, or at least one (1) space for each two hundred fifty ( 250) patrons where seating is not provided. Schools _ One (1) off-street parJ:ing space for each teacher staff member and service member plus one (1) space for every five (5) seats in the gymnasium or auditorium (whichever has greatest capacity), plus spaces for visitors convenient to administration offices. Cultural Facilities - One (1) off-street parking space per five (5) seats or one (1) space per two hundred fifty (250) square feet of gross floor area where no seats are provided. Municipal Building - As required by the governing body. Industrial/Wholesale Buildinqs - One (1) off-street parking space for each eight hundred (BOO) square feet of gross building area. -94- ".~~..-;".~ . "021YD \ -( ". \ c.~,\ \ r:t'l ~\, . , - , . .' ~..... ," : ~.: . ,: '.' ,... . 'J..... .. ........ SEVENTH AMENDMENT TO DECLARATION OF CONDO~:i:N'i'UM" :J:;; '(. ,'~ 'SII JUI OF BRIGHTON pL,&,CE. A CONDOMIlIIUM . 1:1 PI'I 1 26 THIS S~V N'rH AMElIDMENT TO DECLARATION ("Seventh Amendment") is made this Ix day or July, 1994, by GENEVA PROPERTIES, INC., a Pennsylvan a corporation (hereinarter calleel "Declarant"), having its principal place or business at its mailing address in care or MATT corporation, P. O. BoX 901, Camp Hill, pennsYlvania 17011, pursuant to the provisions of sections 3201, 3211 and 3219 of the pennsylvania Uniform condominium Act (the "Act"), 6B Pa.C.S.A. ~S 3201, 3211 anel 3219. Recitals: The background to this Seventh Amendment is as follows: R-1. Pursuant to a certain Declaration of condominium executeel by Declarant and recordeel on October 12,1990, in cumberland county Miscellaneous Book 388, page 265 (the "Declara- tion"), Declar&nt submitted to the provisions of the Pennsylvania Uniform Condominium Act, 68 Pa.C.S. sections 3101, at sea. (the "Act"), certain real estate described in Exhibit A to the Decla- ration and created a flexible condominium known as Brighton Place, A Conelominium (the "Conelominium"). R-2. The sixth Amenelment to Declaration of condominium of Brighton Place, A Condominium ("Sixth Amendment") was recorded on February 8, 19~4. R-3. The percentage COMon Element Interest Schedule attached to said sixth Amendment as Exhibit C-6 requires revision. R-4. The Declarant desires to revise the percentage common Element Interest Schedule attached to said sixth Amendment to Declaration. R-5. All capitalizeel terms useel herein that are not elefineel herein shall have the meanings specified in Article II of the Declaration. '. NOW, THEREFORE, pursuant to the provisions of Article XVI Declaration and Section 3211 of the Act, Declarant hereby the Declaration as folloWS: of the amends 1. Recitals. The Recitals set forth above are incorporateel herein by reference as though fully set forth at length. 2. Sauare Footaae and Percentaae InterestS. In accorelance with Article XVI of the Declaration, the Square Footage and Percentage Interests appurtenant to each unit that is a part of the Condominium shall henceforth be as set forth in Exhibit C-7 8~a~ ~7b I.',tr ~~)? [ [ l [ [ [ r - [ [ [ -r - I - '[ [ -[ [ l L L ~. .I r , .J , .J ~ - J . - . .. . . .. .. J J J J il J i~ attached hereto and incorporated herein by reference, which Exhibit C-7 is hereby substituted for Exhibit C attached to the Declara- tion. The numerical designation for each unit as set forth on Exhibit C-6 shall remain unchanged for purposes of Exhibit C-7. J. convertible Real Estate. This Seventh Amendment shall not exhaust or in any way limit the right of the Declarant to withdraw convertible real estate pursuant to the Declaration or the Act. 4. Effective Date. This Seventh Amendment shall be effective at the time of recordation in the Office of the Recorder of Deeds of Cumberland county, Pennsylvania. 5. Paraqranh Headinas. Paragraph headings in this Seventh Amendment are inserted for convenience of reference only and shall not be construed in interpreting this Seventh Amendment. 6. Full Force and Effect. Except as specifically modified herein, the Declaration shall remain in full force and effect in accordance with its terms. IN WITNESS WHEREOF, Declarant, INTENDING TO BE LEGALLY BOUND HEREBY, has duly executed this Seventh Amendment to Declaration as of the day and year first above written. ATTEST: ~ ~ - (Assistant) Seer (CORPORATE SEAL) DECLARANT: GENEVA PROPERTIES, INC. By: MATT CORPORATION, ager By: Charles R. Da COMMONWEALTH OF PENNSYLVAlIIA COUNTY OF D~~ On this, the li'I-J-.. day of July, 1994, before me, a Notary pUblic, the undersigned officer, personally appeared Charles R. Davis, who acknowledged himself to be the Manager of MATT Corpora- tion, Manager of Geneva Properties, Inc., a Pennsylvania corpora- tion, and that he, as such Manager, being authorized to do so, executed the foregoing instrument for the purposes therein contained by signing the name of the corporation himself as.. , Manager. ,'..;~M1f~i"" IN WITNESS WHEREOF, I hereunto set my hand and official ~~~~.~'''~~~?rl ~. ':. d~' /I,' . \ . (1:;",1'. N.-4.i tJ\...I: ,,~,t , 't''r.i!, ,~[ -...~~':(j . ....1,.. \:.. .,,,,,~ '~:~h.tfl"t .\i'" . ':?~~~~~1"\'''''' ,.1I;l;..." SS. 6:CX 478 ~^CE 2D3 IloT.\n'^L SE^L leA TlInY" C tl\JLLlf-:oen UO""y rtltbhC tl~lIl\bUf9, Oo1\lpllln COUll'" '-1'1 Conlin'","'''" F, "('1 F'cl)f"" 13 1C)lJ~ -2- " ~ "'~'"'-"~lt..'t7"~ ri ::~.~~:t;~,:'1I.1'; . ,'." . . . un'it No. square percentage footaqe Interes..t 554 1754 1.25 556 1754 1.25 558 1855 1. 32 560 1754 1.25 490 1754 1.25 492 1855 1.32 494 1855 1.32 496 1754 1.25 482 1754 1.25 484 1855 1.32 486 1855 1.32 488 1754 1.25 546 1706 1.21 548 1706 1.21 550 1706 1.21 552 1706 .1.21 549 1706 1.21 551 1706 1.21 553 1698 1.21 555 1698 1.21 557 1706 1.21 559 1706 1.21 534 1706 1.21 536 1706 1.21 .. 538 1698 1.21 540 1698 1.21 542 1698 1.21 " 544 1852 1.32 ~ 522 1631 1.16 ~ 524 1631 1.16 526 1659 1.18 528 . . lG59 1.18 . 530 1631 1.16 !r ~ 532 1631 1.16 1 512 1641 1.17 514 1659 1.18 516 1659 1.18 .. 518 1631 1.16 520 . 1631 1.16 i . . f.!()~ MI~K 478 I^~E ., ., . square percentage pnit NOL footaqe Interest 541 1631 1.16 543 1631 1.16 545 1659 1.lB 547 1641 1.17 533 1641 1.17 535 1659 1.1B 537 1659 1.1B 539 1641 1.17 527 1631 1.16 529 1631 1.16 531 1641 1.17 504 1641 1.17 506 1659 1.1B 50B 1659 1.18 510 1641 1.17 Totals B7 Units 140,456 100.00% (99.94/%) The Percentage Interest for each unit was computed by dividing the floor area (in square feet) of each unit (measured at the floor) by the sum of the floor area (in square feet) of all units in the condominium (measured at the floor). The floor area for each unit shal;L mean the total number of square feet contained within a unit as measured to the Title Lines adjacent to all Perimeter Walls and party Walls. All linear measurements have a tolerance of plUS or minus two (2%) percent. please note that these measurements do not ta~e into account the presence of interior partitions, columns, pipe runs, ducts and the li~e. The percentage Interest may be changed by Declarant without joinder of unit owners upon conversion of Convertible Real Estate. '. . . . .~.. \ ",,- . .....&.I..'.'~ . : .,:;~;'~"':.. ~). \or, .. "", :t,,> r':j('.~....",1, . ........!'\... / '. .n~l.., . ,.1' I.- .J ,; . '1','1" " ,." , "'I'":'"" ,:r' ....". . 0,#1" ''':1/'.' ..I'I\tV' . . ".......'... '.' 1":" ., . '" . '~"" 1,,1 J.....~. ..r-....lf: . , I"J ~ ..),~.....,-: I "or':' {'J~':'" ~ I" . I . ,.... \ '" . " '.,/::', "\0 ,- . c,o. ....It.l. . ..\...., . .[ J' , , of .., ..v:v,.... .,,' It .;:';'_1 t ,,. , " '.: to l..-:o;~ . r " , .....:r ..,.:14.. ':p::a.r . .J ~ , t. ,.... I "'0'.. ,. ..-. , (,\,IJ;.'-\" II ''''1 , ..... . I ,if "'i' C'...~ r-, ~~;. ..... ..' , """.t:ft,.,.~",:-.. ,',,~ 'I I'~ 1''''''I~''''. " ..6. "Ir .. " '.t/,:J\' '"" ...... '.th;:r~.L. ..- " ',." l'....,n~ylyunID } ,~ ;:lImhMland SS n ~:-..t oj!'r.c ,,,. lOP, recording of Oeilr.~ ^ (\ '{,::ii' ,...q..,'d COllntY. f!\ I\\>l-' '<'+1"- " ..-:-- f'~Il~ hJ.. . I '.I~d 1. ". . II "\1 f,Hlce of ~~vo: \ 19.QY,. I B:lOK it 78 r^CE 2~)() L. [- [- c., [ L [ [' [ [ 'C. [- [ [- [ [ [" l L ~ to. Jl\HIlB J. MOORAW, APPRAISBR/BROIOIR JOSBPU KcGRAW, INC. 302 Harket street LcIIloyne, PA 17043 717-737-0415 QUALIFICATION SUBBT , BDUCATION Univeroity of Notre Dame (1971) B.S. Dogroe in BueineBo Administration Penn state University 50 Credite toward H.R.P. (MaBter Regional planning) American InBtitute of Real BBtate AppraiBers CouroeB PaBBodl Roal EBtate AppraiBal princip1eB (lA-1) BaBic Valuation ProceduroB (lA-2) capitalization Thoory & Techniqueo I, II, I1B-1, 2) Valuation AnalYBio and Ropert Writing (2-2) Standarde of profeBsional Practice (2-3) CERTIFICATIONS, LICENSBS AJID KIlHBB1UIBIPS ponnoylvania Certified General Real EBtato Appraioer 'GA-00DD22-L PennBylvania Real EBtate Broker LicenBe 'RH-045089-A American Inotitute of Real Betate AppraiBerB-candidate (M.A.I.) National ABBociation of Realtoro-/Greater HBrriBburg Board Hember RBI\L BSTATE EXPERIENCE 1986-PreBent 1981-1986 1980-19Bl 1979-19B1 1975-1979 preBident/Broker of Record - JOBeph McGraw, Inc. Staff Appraiser/Vice ProBident/ Broker of Rocord - JOBoph McGraw, Inc. Redevelopment Director - City of Col1idge, Az. Real EBtate/Relocation Officer - City of st. CharleB, Ho. Real BBtate/Relocation Officor - Dauphin county Redevelopment Authority, Steelton, Pa. 'l'BACBING EXPBRIBNCB "Appraiea1 of Income produoing Property" The InBtitute of R.B. studies (3D-hour, 2 credit course) 'l'BSTIHONY U.s. Bankruptcy court Dauphin County Court of Common PleaB Dauphin county Board of AeBeBoment Appea1B Cumberland county Board of ABseBDment Appeale AdamB County Board of AeseBsment AppealB Dauphin county Board of View , ~ ''!' " . JAKES J. MCGRAW, QUALIFICATIONS TYPBS OF APPRAISlILS OOHPLB'1'BD ReBidential - Single, Multifamily COndominiums - ReBidential, Office Farms, Acreage Offices - Single to HighriBe Stores Nursing Homes Sorvice Stations ROBtaurants, Taverns, Motels Truck Stope GBOORl\PBICI\L lUUlAS SERVED I -.,."" .,~" n_'" '.1',"""."" l'ago 2 subdivioions WarehouBeB, ManUfacturing Truck TerminalB SchOOls churchoe Partial Intereetl LeaBehold Life Bstate Easements, Rights-of-way Primary I Dauphin, CUmberland, ~ork, Perry, Adams, Lebanon, LancaBter Counties Other AreaBI Chester, Berks, Lehigh, Franklin, Northumberland, Schuylkill, Monroe Counties APPRAISALS CUlUUlHTLY ACCEP'l'BD AT. Hellon Bank (Commonwealth) Dauphin Deposit Bank & TruBt Fulton Bank Harris SavingB Farmere FirBt of Lititz The Hershey Bank Penneylvania State,Bank Farmero Home AdminlBtration Hamilton Bank York Federal Savingo Aeeociation PennBylvania National Bank Commerce Bank Lebanon Valley National Bank Dauphin National Bank Resolution Truet Corporation