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D 

RELEASE AGREEMENT 

This Release Agreement ("Agreement") is executed and effective the date that it is 

executed by the Claimant, Federal Deposit Insurance Corporation, as Receiver for 

lndyMac Federal Bank, FSB, set forth below. 

DEFINITIONS 

The tenn "Claimant" refers to Federal Deposit Insurance Corporation, as 

Receiver for lndyMac Federal Bank, FSB and includes not only the named entity, but 

also its fiduciaries, administrators, representatives, a~slgns, predecessors, successors, 

related entities, parent companies. owners, shareholders, and subsidiaries. 

The term "Alleged Tortfeasor'' refers to JaJ:T~eS J. Fish and Appraisal Group of SE 

Michigan, LLC, (i) their heirs, fiduciaries, executors, administrators, representatives, 

successors, assigns, or any other person, firm, corporation or entity charged or chargeable 

with responsibility for their acts or omissions, and (ii) the predecessors, successors, 

assigns, past or present employees, servants, agents, partners, fiduciaries, insurers-and 

any other person, firm, corporation or entity charged or chargeable with responsibility for 

their ads or omissions. 

The term "Defendant" refers to Julia· Myers (i) her heirs, fiduciaries, executors, 

administrators, representatives, successors, assigns, or any other person, firm, corporation 

or entity charged or chargeable with responsibility for their acts or omissions, and (ii) the 

predecessors, successors, assigns, past or present employees, servants, agents, partners, 

fiduciaries, insurers and any other person, firm, corporation or entity charged or chargeable 

with responsibility for their acts or omissions. 

The term "Insurer" refers to Liberty Surplus Insurance Corporation and includes 

not only the named entity, but also Its fiduciaries, administrators, representatives, assigns, 

predecessors, successors, related entities, parent companies, owners, shareholders, and 

subsidiaries. · 

The term "Claims· refers to all claims which the Claimant may have or might possess 

against the Alleged Tortfeasor and Defendant arising out of any and all real property 

appraisal services performed by or on behalf of Alleged Tortfeasor and/or Defendant. 

The term "lawsuit" refers to the following action filed in the Genesee County Circuit 

Court: 

Federal Deposit Insurance Corporation, as Receiver for lndyMac Federal 

Bank, FSB v. Great Lakes Broker Funding, LLC, eta/, Docket No. 06-83931-

CZ 

The term "lnsura.nce Lawsuit" refers to the following action filed in the Genesee 

County Circuit Court: 
Liberty Surplus Insurance Corporation v James J. Fish, The Appraisal Group 

of SE Michigan, Federal Deposit Insurance Corporation, as Receiver for 

lndyMac Federal Bank, F.S.B., Estate of Jonathan C. Butcher, Patricia 

Butcher, and Julie Myers, Docket No. 07-87609-CK. 

· The term "Parties• refers to the Claimant, the Alleged Tortfeasor, Defendant and the 

Insurer. 

TERMS 

1. Settlement of Claims. The Parties have agreed that further litigation of the 

Claimant's Claims would not be in the best interest of the Claimant, the Alleged 

Tortfeasor, Defendant or the Insurer. As a result, the Parties have agreed to 

amicably resolve and settle all Claims which have been or which could be brought 

or asserted by Claimant against the Alleged Tortfeasor and/or Defendant as a result 

of professional services performed by the Alleged Tortfeasor and/or Defendant as 

well as the claims asserted In the Insurance Lawsuit. 

2. Consideration. The sole and full consideration to be given by and on behalf of the 

Alleged Tortfeasor and Defendant in exchange for the agreements, promises and 

acknowledgments of the Claimant expressed herein, shall be payment of Seventy 

Five Thousand ($75,000) Dollars, which shall be paid on behalf of the Alleged 

Tortfeasor, Defendant and Insurer forthwith to the Claimant's attorneys, which shall 

be fully inclusive of all interest, costs and fees which are or might be taxable. 

3. 

4. 

5. 

Dismissal of Related Claims. The parties acknowledge and agree that this 

Agreement is contingent upon the dismissal with prejudice and without costs of the 

Third Party Complaint filed in the Lawsuit by Defendants/Third Party Plaintiffs Estate 

of Jonathan C. Butcher and Patricia Butcher against Julia Myers, Appraisal Group 

of SE Michigan, LLC and James J. Fish and the execution of a Release by 

Defendants/Third Party Plaintiffs Estate of Jonathan C. Butcher and Patricia Butcher 

in favor of the Alleged Tortfeasor, Defendant and Insurer. 

Dismissal of lawsuit and Insurance Lawsuit. Upon the execution of this Agreement, 

the execution of the documents necessary to satisfy Paragraph 3 of this Agreement 

and the payment ofthe consideration set forth in Paragraph 2 of this Agreement, the 

Parties agree to execute and prepare such documents as are necessary to 

effectuate the dismissal of the Lawsuit and Insurance Lawsuit with prejudice and 

without costs. 

Release bv Claimant. In consideration of the payments and agreements made 

herein, the Claimant hereby releases and discharges the Alleged Tortfeasor, 

Defendant and Insurer of and from any and all claims, actions, causes of action, · 

demands, rights, damages, costs, loss of services, expenses, and compensation 

whatsoever on account of, or because of, or In any way growing out of the Claims 

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or the events relateo to any and all services performed by the Alleged Tortfeasor, 

Defendant and Insurer. It Is understood and agreed that this Settlement Agreement 

and Release is intended to effect a complete release of all Clai'ms or actions of any 

type which the Claimant now has or may hereafter acquire against the Alleged 

Tortfeasor, Defendant and lnsl)rer for damages and losses arising out of the 

services performed by the Alleged Tortfeasor and/or Defendant. The Claimant 

understands and agrees that this Is a release in full and that, with the exception of 

enforcing this Agreement, It will never again be able to recover damages, monies, 

or benefits of any type from the Alleged Tortfeasor, Defendant or Insurer as a result 

of services performed by the Alleged Tortfeasor and/or Defendant, even though its 

damages or injuries may be greater or more extensive than currently anticipated. 

6. Release by Alleged Tortfeasor, Defendant and Insurer. In consideration of the 

terms and conditions of this Agreement, the Alleged Tortfeasor, Defendant and 

Insurer hereby release and discharge the Claimant of and from any and all claims, 

actions, causes of action, demands, rights, damages, costs, loss of services, 

expenses, and compensation whatsoever on account of, or because of, or in any 

way growing out of the Claims or the events related to any and all services 

performed by the Alleged Tortfeasor, Defendant and Insurer. It is understood and 

agreed that this Settlement Agreement and Release is intended to effect a complete 

release of all Claims or actions of any type which the Alleged Tortfeasor, Defendant 

or Insurer now has or may hereafter acquire against the Claimant for damages and 

losses arising out of the services performed by the Alleged Tortfeasor and/or 

Defendant. The Alleged Tortfeasor, Defendant and Insurer understand and agree 

that this is a release in full and that, with the exception of enforcing this Agreement, 

they wiH never again be able to recover damages, monies, or benefits of any type 

from the Claimant as a result of services performed by the Alleged Tortfeasor and/or 

Defendant, even though Its damages or injuries may be greater or more extensive 

than currently anticipated, 

7. Covenant Not to Pursue Further Action. In further consideration of the 

aforementioned payments and agreements, and with the exception of taking action 

to enforce the terms of this Agreement, the Claimant hereby agrees to refrain from 

initiating or filing any further lawsuit or legal proceeding against the Alleged 

Tortfeasor, Defendant or Insurer pertaining to services performed by the Alleged 

Tortfeasor and/or Defendant, including the filing of any formal or informal complaint 

with any state licensing or regulating authority. 

8. Hold Harmless. The Claimant agrees that it is its responsibility, and not the 

responsibility of the Alleged Tortfeasor, Defendant or Insurer, to pay all expenses, 

and liens claimed by any person, insurer, company, or non-governmental entity in 

connection with this matter. The Claimant agrees to reimburse, indemnify, and hold 

harmless the Alleged Tortfeasor, Defendant or Insurer for any money they may be 

called upon or required to pay for any expenses incurred in defending any such 

claims and any lawsuits relating to such claims brought against them by any person, 

Insurer, company, or non-governmental entity, including actual attorney fees. 

Claimant further agrees to reimburse, indemnify, and hold harmless the Alleged 

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Tortfeasor, Defendant and Insurer for any expenses incurred in defending any action 

filed by any third party seeking indemnity, contribution or other damages arising out 

of real property appraisal services performed by or on behalf of the Alleged 

T ortfeasor and/or Defendant. 

The provisions of this Paragraph 8 are applicable only to claims arising out of or 

relating to re~l estate appraisals of the p(lrcels of real property identified In the First 

Amended Complaint filed by the plaintiff in the Lawsuit. The provisions of this 

Paragraph 8 do not apply to any court or governmental agency ordered restitution 

payments nor to any expenses, including attorneys fees, incurred with respect to 

any criminal prosecution. In no event shall Claimant's financial obligations under 

this Paragraph 8 exceed an aggregate total of $75,000.00. 

9. Representations by Claimant. Claimant represents and warrants to the Alleged 

Tortfeasor, Defendant and Insurer that no person or entity other than the Claimant 

presently has or ever had any Interest in the claims, damages, rights, causes of 

action, or other matters to which this Agreement applies; that the Claimant has the 

sole right and authority to execute this Agreement and covenants that it has not 

sold, assigned, transferred, conveyed, or otherwise disposed of any of the claims, 

demands, rights, or causes of action referred to, compromised, or surrendered In 

this Agreement. 

10. Non-Admission of Liability, Claimant acknowledges that this settlement is a 

compromise of a disputed claim, and that the payment made by or on behalf of the 

Alleged Tortfeasor, Defendant and Insurer is not to be construed as an admission 

of liability on the part of the Alleged Tortfeasor, Defendant or Insurer, by whom 

liability is expressly denied. 

11. Advice Concerning Settlement. Claimant acknowledges and represents that, before 

deciding to enter into this Agreement and signing this Agreement, it obtained the 

advice of counsel. Claimant executed this Agreement knowingly and voluntarily 

without relying on any statements or representations by any other Party, person or 

entity other than the statements or representations contained in this Agreement. 

12. Binding Effect. All the terms and conditions of this Agreement shall be binding upon 

and inure to the benefit of the Claimant, Its successors and assigns. 

13. Authority to Execute Agreement. Claimant represents that it is legally competent 

and has full authority to enter into this Agreement. 

14. Counterpart Execution. This Agreement may be executed in two or more 

counterparts, each of which shall be deemed an original, but all of which together 

shall constitute one in the same instrument. 

15. Entire Agreement. Except as otherwise provided, this Agreement contains the entire 

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understanding among the Parties with respect to the subject matter of this 

Agreement and supercedes all prior and contemporaneous Agreements, 

understandings and/or negotiations. No parol evidence of prior or contemporaneous 

agreements, understandings, and/or negotiations shall be used to modify this 

Agreement. No modification or alteration shall be deemed effective unless in writing 

and signed by all of the Parties. 

16. Michigan Law Applies. The Parties agree that Michigan law governs and controls 

this Agreement and any disputes to be resolved hereunder. 

FEDERAL DEPOSIT INSURANCE 

CORPORATION, AS RECEIVER FOR 

INDYMAC FEDERAL BANK, FSB 

) 

By: ~<\c.u. ...... ~ s·, CJ:.; u 

Its: C:. OU W <;e \ 

{..oft\~~ 

S1=ATE OF l>"~"S' t\\~ 

) ss 

COUNTY OF ffr\i~) 

Subscribed and sworn to before 

me this ...d. day of ~ 2009. 

Notary Public 

Aot-1 \~ County, 

...-./:.-·····...... . <ao~·· .In ".: · Ai~!iifN~b~ -~ UBLIC : .,.,.. m SSICIJT s. . .. i fi;JM'/ ..... i ~ommon:J~ of V~tgtn1a i ~u OF t;!' Reg. #702i57& 

\. +~c~~,.,~ ~..., My Com million Explrll 

' ... ~~v P"l' November 30, 201 0 lftlltlll"' 

LIBERTY SURPLUS INSURANCE 

CORPORATION 

By: 

Its: 

STATE OF 

COUNTY OF __ _ 

) 

) ss 

) 

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APPRAISAL GROUP OF SE MICHIGAN, 1: ·.. I . JAMESJ.~t.,....-"'" 

Its: PRESIDENT 

STATE OF MICHIGAN ) 

-•" l)ss 

COUNTY OF~) 

Subscribed and swam to before 

me thisV*day of ~20@t!F.:\b 

'"' Notary Public 

~County, Michigan 

acting in ~ou1ty ) My Commission Expires: 2' "$. )3' 

Subscribed and sworn to before 

me this_ day of __ , 2009. 

Notary Public _____ County, 

acting in County 

My Commission Expires: 

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(b)(6) 

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!~~~~'~·ndln.Q. amo.~.SJ t}_ltl :Parties .with. r~~pe¢t :J~ ~tfi~ .. $.ti'l11~ m..~:tt~r ~o,ct~~: AQ~ern~m :~l'rtl: ·llJJPe.~c.Qd.~~ !~~· P.~Pr • :.t:ontemporaoeotr:s· ~re.emtm'ts.; 

u_ ·flder&tandif1gs-an __ dlor lll'i!9_ o11atiom$., No P_·.i~it.dl ~Yi_.aerl~:~f.~n~N~t c»j'l~f;injp~rarre<ltis· 

:r~sr.~m~~~· :tm.~t.s~~~~Q.~;. -~ndl~ :n_aQ!)HaUO_ll$' _~na1f ·~;~,:- u.~~ to: m.O,qlf¥:';th1$: ~eeme11t, NQ.:I'f;1.o~~~~:~;9i'.alfel':i3;l!oh~t,l.(ll_U~~~~J:O-~~~&Cliv$.u"less·ln.Wri11n~t .~Jith~JQ!i¢d by·an :Of1lnJ ·p-wties. 

16. . JV1ici)t9Ji!h.!-e9{;6~plias. til~ .:Rer.ti~tt t?-Qree ·th~t ~!chis~o Jiiw iiwt~fi\$. ·-~t:f ,~~n:tt.Q.ts ·_.thl~::Agr~~m~~~-1Jnd·:~n.Y·'df$pu'te~no 1)6· resolved hereunoer. · · · · 

.'By: JAME&~J· .. :fliH 

It$; PflJ;$1QE~T· 

r;iTATE OF'MleH!GAN 1 

·cqUNTYOf ___ .). >• 

Subscribed and. :>w..o.m· toj~EdQr~ 

me thi~ _. _ d~y Q( __ .- :266:9. 

· . t-t9t~rY P.uiiti~ _____ Cbucity1_Mi~lg~n 

acJing in GO'unl}i 

My Commi$sipn Expil'es:· 

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STATE OF MICHIGAN ) 

COUNTYOF ·o~>ss ) 

A . , .- Notary Public 

_Y=-- ~;;..;.......;==-,,;,--,..--County, Michigan 

acting in ~County '\ 

My Commission Expires: ~ \'a \'·3 

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JULIA MYERS 

STATE OF MICHIGAN ) 

) 55 

COUNTYOF ) 

Subscribed and sworn to before 

me this_ day of __ , 2009. 

Notary Public 

-----County, Michigan 

acting in County 

My Commission Expires: 
(b)~-6) 

JAMES J. FISH 

STATE OF MICHIGAN 

COUNTY OF---

) 

)ss 

) 

Subscribed and sworn to before 

me this_ day or __ , 2009. 

Notary Public _____ County, Michigan 

acting In County 

My Commission Expires: 

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JULIA MYERS (b)(6l 

STATE OF MICHIGAN 

COUNTY OF Q.Y.\tat 

) 

) ss 

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