Page 5

4.7 Binding Effect. This Settlement Agreement shall inure to the exclusive benefil
of the Parties, and shall be binding upon the Parties and their respective heirs, personal
representatives, successors, and assigns.

43 Review and Understanding. The Parties have entered into this Settlement
Agreement voluntarily, having read in full and understood in fidl the meaning and offect of all of
its terms and provisions, and further fully understand its and their costs and risks. Each of the
Parties has consulted with legal counsel concerning this Settlement Agreement and has
conducted such inquiry as they deem necessary and advisable, to be fully informed prior to
entering into this Settlement Agreement. The Parties efter into this Settlement Agreenient
understanding that facts or other circumstances may exist which are presently unknown or
undisclosed, or which are or may be different from or other than those which they believe to be
the case, and the Parties voluntarily assume all risks attendant to such unknown, undisclosed,
different, or additional facts or other circumstances.

4.9 Approval, Authority, and Nonassignament, The Parties represent and warrant to
one another that the approval of this Settlement Agreement has been undertaken in a proper and
lawful manner and that they have the requisite power and authority to enter into and to perform
their obligations under this Setdement Agreement. The FDIC represents and warrants that it is
the real party in interest to, and possesses the exclusive right to both prosecute and release the
claims asserted in the Action against PMC. The FDIC further warrants and represents that il has
not sold, assigned, granted or transferred, and will not sell, assign or transfer to any other person,
corporate or natural, or to any entity, any claim, action, demand, or cause of action released by
this Settlement Agreement. PMC further warrants and represents that is has not sold, assigned,
granted or transferred, and will not sell, assign or transfer to any other person, corporate or
natural, or to any entity, any clair, action, demand, or cause of action released by this Settlement
Agreement.

4.10 Number. Whenever applicable, the singular shail include the plural, and the
plural shall include the singular.

4.11 Counterparts/Execution. This Settlement Agreement may be executed in one or
more counterparts, all of which shall form a single Agreement. A Party’s signature on this
Settlement Agreement delivered by facsimile or e-mail shall be valid and effective for all
purposes as an original signature, provided, however, that a fully ratified copy of this Settlement
Agreement with complete original signatures shall be delivered to each Party, within two (2)
business days of execution.

4.12 Waiver. No term or condition of this Settlement Agreement shall be deemed to
have been waived, nor shall there be an estoppel against the enforcement of any provision of this
Settlement Agreement, except by written instruments signed by the Party charged with the
waiver or estoppel. No written waiver shall be deemed e continning waiver unless specifically
stated therein, and the written waiver shall operate only as to the specific term or condition
waived, and not for the future or as to any other act than that specifically waived.

SAPMC IndymaccFDIC SetiemennSettlemen Agreement (FINAL -



Page 10

(b)(4),(b) (The foan tof lia the-principal. amount (b)(4),(b)
(6) of $84,400,00, secured by veal property located at L.a-Puente,.California_(8)(4),(b)
(b)(4),(b)_ Goan.No. and which was submitied and sold to INDYMAC on or about March 15, (6)
(6) 2007.
(b)(4),(b) {a} ee The loan to. the-principal_amiountof (D)(4),()
(6) $238,006.00, secured by real property located at West-Hollywood, (6)(4),(b)
(b)(4),(b)_ California (Lean No. and which was submitted and sold to INDYMAC on or about (6)
(6) March 15, 2007, :
Bae £y) ~the-loan-to} in_the principal amount of $72,000.00,
6 (4),(0) secured by real property Jocated-ai pa Mirada, California (Loan No.
(6)(4),(b) [== and which was submitted and sold to INDYMAC on or about March 22, 2007.
6
(Bia), (b) Gj) The foan to [7 J n-the.- principal mount of (b)(4),(b)
(6) $400,000.00, secured by real property located at |_oee i California (Loan (6)(4),(b)
(b)(4),(b) No[——— fad which was submitted and sold To MAC on er about March 28, 2007. (6)
(6) ,
(b)(4), (0) &) a | ~ The loan to in-the..principal.amount_of (0)(4),(b)
(6) $365,750.00, scoured by real property located af |Moreno.-Valley, .(B)(4),()
(b)(4),(b)_ California (Loan No. and which. was submitted and sold to INDYMAC on or about ©)
(6) April 2, 2007.
(b)(4),(b) £99: f |-Fhetoartd in the principal amount of $640,000.00,
(8)(4),(b)_ secured by real property located ai Fountain Valley, California (Loan No.
(6)(4),(b) Cand which was submitted and sold to INDY MAC on or about April 13, 2007,
6
(Px(4),(b) (Q —L————— «~The loan te in-the-prineipal-amount.of..(2)(4),(0)
(6) $548,006.00, secured by real property located at Corona, California _(6}(4),()
(b)(4),(b),.. (Loan No. [= and which was submitted and sold to INDYMAC on or about April 13, (6)
(6) 3007,
1 . (0)(4), (0)

(b)(4),(b) {aa} ~ The lean. to inthe privicipal amour of 7g
(6) $692,000.00, secured Dy real property located at Corona, Califomia (Bea), (0)
(b)(4),(b)__ (Loan No.) and which was submitted and sold fo INDYMAC on or about June 27, (6)
(6) 2007.
(B)(4),(B) {bby -- The loan to in-the-prineipal_amount.of_(0)(4), (0)
B {4}(8} $361,000.00 seared by real property located-at Riverside, California (6)
8 4),(5) (Lean-No; aod which was submitted and sold to INDYMAC on or about July 31,

2007,
ae (ec) "the Joan-tef a the principal amount of $695,000.09,
6 (4),(b)__secured by real property located-ac| iverside, California (Loan No.
(8)(4),(b) and shich was submitted and sold to INDYMAC on er about May 16, 2007. DO
(6)

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Page 7

ANDERSON, MePHARLIN & CONNERS LLP

APPROVED AS TO FORM

Vanessa HW. Widener, Esq,

FEDE.

Attorneys for Plaintiff,

FEDERAL DEPOSIT INSURANCE
CORPORATION, as Receiver for
INDYMAC BANK, E\S.B.

RAL DEPGSIT INSURANCE

CORPORATION AS RECEIVER FOR INDYMAC
BANK, F.S.B.

By:

SAPMC Indymac(FDIC) Settlement Sevlement Agreement (FINAL -

Sighature

Teck zg, ‘Dencan fawn 2
Type/Print Name and Title

-7
11-158-46}.00


Page 6

4.13 Headings. The headings of paragraphs herein are intended solely for the
convenience of reference and shall not control the meaning or interpretation of any of the
provisions of this Setdement Agreement.

4.14 Subsequent Agreements. The Parties agree that they shall execute,
acknowledge, and deliver any additional instruments or documents that may reasonably be
required to carry out the intentions of this Settlement Agreement, including such instruments as
may be required. by the laws of any jurisdiction, now in effect or hereinafter enacted, thet may
affect the rights of the Parties as between themselves or others with respect to their rights and
obligations created by this Settlement Apreement.

4.15 Entire Agreement. ‘The Parties hereto further agree and promise that this
Settlement Agreement sets forth the entire agreement between and among the Partics and fully
supersedes any and all prior negotiations, agreements or uaderstandings made between or among
the Parties. The Parties understand, acknowledge and agree that this Seulement Agreement shall
not be amended or modified except in a writing signed by the Parties.

IN WITNESS WHEREOE, and intending to be legally bound hereby, the Parties have
executed this Settlement Agreement as of the date set forth in: the opening paragraph of this
Settlement Agreement.

GREEN & HALL, APC
APPROVED AS TO FORM

By:

Howard D. Hall, Esq.

Artin Betpera, Esq.

Attorneys for Defendant PMC
BANCORP

PMC BANCORP

By

nature

Type/Print Name and Title

[SIGNATURES CONTINUED ON FOLLOWING PAGE]

~G-
SAPMC Indymact FDIC) Sertlement\Seulement Agreement (FINAL » 11-15-10}.dec

Gonetentine Cobcalas, Moregiag Duceche



Page 9

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SAPMC Indymac(#DIC)}Getdement Settlement Agreement (FINAL - 11-15-10}.doe

(b)(4),(b) L The loan to in-the-pringipal_amountof_(D)

(6)(4),(b)_ $650,000.00, senued by. real properly located at Union City, California (6)

(6)(4),(b)_ (Loan No, and which was submitted and sold to INDYMAC on or about February

(6) 28, 2007.

aah {k) The ioant in the principal amount of $240,000.00,

8)(4),(5) secured by.real_property-located-at Las Vegas, Nevada (Loan No.

(B}(4),(b) [= Jand which was submitted and sold to INDY MAC on or about March 9, 2007.

6

{B}¢4).(b) Q. |. ‘The~lean—te-{ in the principal amount of

(6) $358,000.00, secured _by real property located at | |Gardena, (b)

(b)(4),(b)_ California.{Loan.No. and which was submitted and sold to INDYMAC on or about (6)

(6) March 16, 2006

(b)(4),(b) (9) - The loan to| in-the-principal amount (b)

(6) of $508,000.00, secured By Teal property located at Garden Grove, (6)

(b)(4),(b)_ California (Loan No. and which was submitted and sold to [INDYMAC on or about (6)

(6) March 16, 2007.

(b)(4),(b) {n} -~ The loan to Co jin the—principal amount of (b)

(6)(4),(b)_ $30,700.00, steuren-py—remrproperty..lacated_al Co pve nraento. California (6)

(6)(4),(b)_ (Loan. Ne-[ and which was submitted and sold ta AU on or about March 15,

(6) 2007.

(b)(4), (0) {9} ee © The loan to inthe principal amount of (b)

(8)(4),(5) 586,900.00, secured [property located-a Ontario, California (Loan No. (6)

(Bia) and which was submitted and sold to INDY MAC on or about March 15, 2007,

Bi(4),(B) fn) eTheloant in the principal amount of $200,000.00,

J (4),(b)_ secured. by. real property located—at Irvine, California (Loan No.

(6)(4),(b) land which was submitted and sold to INDYMAC on or about March 15, 2007,

(6)

(b)(4),(b) q : The lean to in-the-pringipal-amount (0)

(6) of $87,200.00, Secured By real property located at Coachella, California (8)

(b)(4),(b) (Loan No. and which was submitted and SORTTO IND YMAT on or about March 15, (6)

(6) 2007.

(b)(4),(0) 1) - The taan to in—the-principal_amount_af _ (b)

(6) $195,600.00, secured by real property locaied at Westminster, California (6)

(b)(4),(b)_. Caan. No, and which was submitted and sold to INDYMAC on or about March 15, (6)

(6) 2007.

eo {s¥ ~ The loan to intl incipal-amountof (0)
$30,000.00, secured Gy real property located at San Bernardino, 8}

(b)(4),(b)_ California.<Loan-No- and which was submitted and sol to IN whine ‘on or about (6)

(6) March 15, 2007, { }



Page 1

SETTLEMENT AGREEMENT

THIS SETTLEMENT AGREEMENT (“Settlement Agreement”) is entered into and
made effective as of September 30, 2010 (“Effective Date”), by and between FEDERAL
DEPOSIT INSURANCE CORPORATION, as Receiver for INDYMAC BANK, F.S.B.
(hereinafter “FDIC”) and PMC BANCORP, @ California corporation (hereinafter “PMCTM).
FDIC and PMC may hereinafter be referred to individually as a “Party” or collectively as the
“Parties”.

om RECITALS

1 On or about April 9, 2004, IndyMac Bark, F.S.B. (INDYMAC") and PMC
entered into a business relationship controlled by a Mortgage Loan Purchase and Interim
Servicing Agreement, and amendments thereto (hereinafter “Purchase Agreement”).

12 Between 2004 and 2008, PMC acquired and offered for sale on the secondary
market certain residential whole mortgage loans, which INDYMAC offered to purchase, both by
direct flow or competitive auction bids, and subsequently did purchase directly from PMC
pursuant to the terms of the Purchase Agreement (hereinafler “LOANS"). From the body of
these LOANS, INDYMAC asserted thal there existed a defect in the 29 loans enumerated in
Exhibit “1”, and identified by borrower name, loan number(s), principal amount(s) and address.
The 29 loans described in Exhibit “1* are collectively referred to herein as the "SUBJECT
LOANS".

1.3 On or about November 3, 2009, the FDIC filed a lawsuit entitled Federal Deposit
Insuronce Corporation as Receiver for IndyMac Bank, F.S8.B. v. PMC Bancorp, a California
Corporation, United States District Court Case CV0908045 PS{SSx) (hereinafter “Action").
Pursuant to its Complaint in the Action, FDIC sought damages from PMC for alleged losses on
the SUBJECT LOANS. The Complaint in the Action included thirty (30) separate claims for
relief, (wenty-nine for breach of contract, and one for specific performance.

14 The FDIC alleges that the SUBJECT LOANS were Early Payment Default loans
as defined by Section 3.05 of the Purchase Agreement, and contends that PMC breached the
Purchase Agreement by refusing to repurchase the SUBJECT LOANS,

15 PMC disputes the FDIC's claims relating to the SUBJECT LOANS. Specifically,
and without limitation, PMC denies that INDYMAC provided proper notice under the Purchase
Agreement, and that PMC owed any duty to INDYMAC under the Purchase Agreervent.

1.6 On July 11,2008, INDYMAC was closed by the Office of Thrift Supervision and
the PDIC was named as Receiver. Thereby, the FDIC is the real party in interest to, and
possesses the exclusive night to both prosecute and release the claiina asserted in the Action
against PMC, and holds the exclusive right utle, and interest in and to any and all claims of any
nature whatsoever, arising oul of any and all of the LOANS, and the Purchase Agreement.

1.7 The Parties desire and Have agreed to settle any and all claims relating to or
arising out of the LOANS and the Purchase Agreement (the “RELEASED CLAIMS”),

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Page 12

Settlement Payments
Payment No. Payment Due Date Payment Amount Total Paid
27 February 16, 2015 $40,000.00 $1,090,000.00
28 March 16, 2013 $40,000.00 $1,136,000.90
29 April 16, 2083 $40,000.00 $1,170,000.00
30 May 16, 2013 $40,000.00 $1,210,000.00
31 June 16, 2013 $40,000.00 $1,250,000.00
32 aly 16, 2013 $46,000.00 $1,290,000,00
33 August 16,2013 $40,000.00 $1,330,000.00
a4 September 16, 2013 $40,000.00 $1,370,000.00
35 October 16, 2013 $40,000.00 $1,410,000,00
36 November 16, 2013 $40,000,060 $1,450,000,00

END OF DOCUMENT

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Page 11

EXHIBIT *2”
Payment Schedule

Settlement Payments
Payment No, Payment Due Date Payment Amount Total Paid
i December 16, 2010 : $50,000.00 $50,000.00
2 January 16, 2011 $40,000.60 $90,000.00
3 February 16, 2011 $40,000.00 $130,000.00
4 March 16, 2011 $40,000.00 $176,000.00
5 April 16, 2011 $40,000.00 $210,000.00
6 May 16, 201] $40,000.06 $250,000.00
a Jane 16, 2011 340,000.00 $290,000.00
8 July 16, 2011 $40,000.00 $330,000,00
9 August 16,201] $40,000,00 $370,000.00
10 September 16, 2011 $46,000.00 $410,009,00
Ul October 16, 201) $40,000.00 $450,000.00
12 November 16, 2011 $40,000.00 $496,000.00
13 December 16, 2011 $40,000.00 $530,000.00
14 January 16, 2012 $46,000.00 $870,000.00
L$ February 16, 2012 $40,000.00 $610,000.00
16 Match 16, 2012 $40,000.00 $650,000.00
17 April 16, 2012 $46,000.00 $690,008.00
18 May L6, 2012 $46,000.00 $736,000.06
19 June 16, 2012 $40,000.00 $770,800.00
20 July 16, 20142 $40,000.00 $810,000.00
2h August 16, 2012 $40,000.00 $850,000,00
22 September 16, 2012 $40,000.00 $890,000.00
23 October 16, 2012 $40,000.00 $930,000.00
24 November 16, 2012 $46,000.00 $970,000,00
25 December 16, 2012 $40,000.00 $1,010,000.00
26 January 16, 2013 $40,000.00 $1,050,000.00
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SAPMC ladymacl FDIC) Settlement Settlement Agreement (FINAL » (1-15-10}dox



SESE ST STS SS

Page 8

EXHIBUT “1°
SUBJECT LOANS
fa} The toa to 1-the-principal..amount_of (b)(4),(b)
$376,000.00, secured by real property located at Redlands,-Califonia(Loan(8)(4),(b)
and which was submitted and sdidT INDY MAC on or about October 23, 2006. (6)
(5) - The Loan to] in-the principal amount of (D)(4),(b)
$320,000.00, Secured by teal property located at Noetls(8)(4),(b)

(4),(b)__ Hollywood, California (Loan Ne-f and which was submitted and sold to INDYMAC (6)
on or about November 17, 2006.
b)(4),(b
(4),() {ej ~ The loan to ii the principar amount of a) (0)
$424,000.00, secured by real property located at Chino,..California (Lo { 114),(b)
(4),(B)__.No, and which was submitted and sold to INDYMAC on or about December 6, (6)
2006
(b)(4),(b) {a} ~ The loan to Ismael in-the prinipal-amount-of (2)(4), (2)
(6) $600,000.00, secured by real_property lecated at Los. Angeles, B}(4),(b)
(b)(4),(b)_ California (Lean No and which was submitted and sold to INDYMAC on or about (6)
(6) December 15, 2006,
(b)(4),(b) (> The Loan to in-the-principal-amount..of .(6)(4),(0)
(6) $432,000.00, secured by real property located at San. Bernardino, Catifornia (B)(4),(b)
(b)(4),(b),_ (Loan No] and which was submitted and sold to INDYMAC on or about December (6)
(6) 29, 2006,
(b)(4),(b) @ ~ The loan to in-the~principal.amount.of _(0)(4), (0)
(6) $560,000.00, secured_by real property located at| |BellGardens,. (6)(4), (0)
(b)(4),(b) California {Loan Ne. and which was subniitted and sold to INDYMAC on or about (6)
(6) January 26,2007,
(b)(4), (0) (g} — The loan to arthe prindipal-amount-of- (b)(4),(6)
(6) $624,000.00, secured by real property. located at Jsan Beano, (B44) (b)
(b)(4),(b) California, California (Loan No. and which was submitted and sold to INDYMAC (6)
(6) on or about January 26, 2007.
(b)(4),(b) (h) The loan to_Luca Rosales in the principal amount of
(6) $447,200.00, SECured_By Teal propeity located aD eee sAngeles,.California.(b)(4),(b)
(b)(4),(b) (Loan No. and which was submitted and sold to INDY MAC on or about January 26, (6)
(6) 2007.
b)(4),(b
(b)(4),(b) @ - The loan to in HE principal ainount of {BX 4)
(6) $324,000.00, secured by real property located ai] |Long. Beach,.California (B34), cb)
(b)(4),(b) (Loan No. nd which was submitted and sold to INDYMAC on or about January 26, (6)
(6) 2007.
(b}(6)

SAPMC tadymac( FDIC} Seiten Sottlemenl Agree:


Page 4

was or is at any time the parent or wholly owned subsidiary of such entity, and aay such
corporation's, partnership's or limited liability company’s officers, directors, employees and/or
agents, or any corporation, partnership or limited liability company which was or is an affiliate
of such entity by virtue of common ownership or control, and any such carporation's,
partnership's or limited liability company’s, officers, directors, employees and/or agents of and
from any and all actions, causes of action, claims, demands, damages, debts, losses, costs,
expenses, attorney fees or other habilities of every kind and nature whatsoever, whether legal or
equitable and whether known or unknown, arising oul of, resulting from, or relating to, in any
manner, the RELEASED CLAIMS, the clairns-and causes of action that were or could have been
asserted relating to the RELEASED CLAIMS, or any facts or circumstances related to the
RELEASED CLAIMS. The Parties further acknowledge and agree that neither Party will take
any action or assert any adverse claims or demands against the other Party with any federal,
siate, nvunicipal, or other governmental agency or court or private parties or entities relating to or
m any manner arising out of the RELEASED CLAIMS.

4. MISCELLANEOUS

4.1 Conditions of Exeeution. Each Party acknowledges and warrants that its
execution of this Settlement Agrcement is free and voluntary.

4.2 No Admission. [tis agreed that no Party hereto admits liability or wrongdoing of
any nature, and that this Setilement Agreement is made as a compromise and expedited
resolution of disputed claims.

43 Fair Meaning. The Parties hereto further agree that the language of all parts of
this Settlement Agreement shall in all cases be construed as a whole, according to its fair
meaning, and not strictly for or against any of the Parties

44 Geverning Law, The Parties agree and request thal the original Court within
which the Action was filed shall retain jurisdiction te enforce or resolve any claims pertaining to
this Settlement Agreement, or any dispute related thereto, and hereby consent to the jurisdiction
of said Court and further agree that any and all matters of dispute shall be adjudicated, governed
and controlled under California law.

4.5 Atiorneys Fees and Costs. Should any new action be commenced.to enforce,
interpret, or seck damages, injunctive relief, or specific performance for violation of this
Settlement Agreement, the prevailing party shall, in addition to any other available relief, be
entitled to an award of reasonable attorney’s fees and litigation expenses incurred in the
prosecution or defense of the new action, including any appeal.

4.6 Severability. The Parties hereto agree that if any provision of this Settlement
Agreement is declared by any court to be illegal or invalid, the validity of the remaining parts,
terms or provisions shall hot be affected thereby, and sich illegal or invalld part, term or
provision shall be deemed not to be part of this Settlement Agreement.

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SAPMC. Ind ymac(F DIC) Settlement Settlement Agreement (FINAL » LL5-10}. doc



Page 3

thereupon pursuant to section 2.4 above, the FDIC shall also be entitled to recover its reasonable
attorneys’ fees and costs incurred in the Action.

2.6 Immediately, upon ratification and execution of the Settlement Agreement by the
Parties, or their respective agents and representatives, and their respective counsel, the PDIC’s
counsel shall file ¢ Stipulation for Dismissal of the entire Action, with prejudice.

2.7 Except as set forty in Paragraph 2.5 above, the Parties shall bear their own. costs
and attorneys’ fees incurred in the Action.

3. RELEASE

3.4 Unknown Claims, The FDIC and PMC wnderstand, acknowledge and agree that
the release they give to each other upon executing this Settlement Agreement applies to all
claims for injuries, damages, or losses of any type or nature (whether those injuries, damages, or
losses are known or unknown, foreseen or unforeseen, patent or latent) which they have or may
have against each other arising from or in conjunction with the RELEASED CLAIMS.

3.2 The FDIC end PMC understand, acknowledge and agree that the Parties hereby
expressly waive application of California Civil Code $1542. The Parties certify that they have
read and understood the following provisions of California Civil Code $1542 which states in
pertinent part as follows:

A general release does not extend to claims which the creditor does
not know or suspect to exist in his or her favor at the time of
executing the release, which if known by him. or her must have
materially affected his or her settlement with the debtor.

3.3 The FDIC and PMC understand, acknowledge and agree that the significance and
consequence of its waiver of California Civil Code $1542 ts that even if either Party should
eventually suffer additional damages arising out of the RELEASED CLAIMS, the claims and
causes of action that were or could have been asserted relating to the RELEASED CLAIMS, or
any facts or circumstances related to the RELEASED CLAIMS, that Party will not be able to
make any claim for those damages. Furthermore, each Party acknowledges that they consciously
intend these consequences even as to claims for damages that may exist as of the date of this
release relating to or in any manner arising out of the RELEASED CLAIMS, the claims and
causes of action that were or could have been asserted relating to the RELEASED CLAIMS, or
any facts or circumstances related to the RELEASED CLAIMS, but which that Party does not
know exists, and which, if known, would materially affect that Party's decision to execute this
release, regardless of whether that Party’s lack of knowledge is the result of ignorance, oversight,
error, negligence, or any other cause.

3.4 The FDIC and PMC acknowledge and agree that, with the exception of the rights,
duties, and obligations set forth in this Settlernent Agreement, the Parties each hereby fully,
finally, and. forever release and discharge the other Party, and any and ali of its respective,
employees, brokers, investors, menibers, partners, joint venturers, independent contractors,
attorneys, insurers, agents, investors, representatives, officers, directors, shareholders,
independent contractors, and amy corporation, partnership or limited lability company winch

ade
SPMC. Indymac( FDIC) ett tement Settlement Agreement (FINAL - (1-15-10) doe

(b)(



Page 2

2. AGREEMENT

NOW, THEREFORE, in consideration. of the mutual covenants and promises set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged by the Parties, the Parties, intending to be legally bound, agree as follows:

21 Recitals. The Recitaly set forth above are incorporated into the body of this
Settlement Agreement as thaugh fully set forth herein.

2.2 Payment to INDYMAC. Payment of One Million Four Hundred Fifty Thousand
and noveents ($1,450,000.00) (the "Settlement Funds") shall be paid by PMC ta the FDIC. PMC
shall pay the Settlement Funds to the FDIC pursuant to the Payment Schedule attached hereto as
Exbibit “2°. Payments shall be made by wiring the funds as follows:

Bank:
Braneh:

Branch Address:

Account Name: Federal Deposit: Insurance Corporation, as
Receiver for IndyMac Bank, F.S.B,

Account Narober:
Routing Number:
Reference: PMC Settlement

2.3 In the event PMC defaults by failing to make a timely payrnent to the FDIC as set
forth in Exhibit °2” within 30 days of the payment due date, the FDIC shall give written nolice
of the default to PMC via Overnight Delivery and Electronic Mail to: (1) PMC Baneorp, ATTN:
Ryan Kim 17800 Castleton Street, Suite 488, City of Indust alifornia 91748, Voice: (626)
964-4040 and Fax: (626).316-7371,-¢-mail: nd (2) Howard D. Hall,
Green & Hall, A Professional Corporation, 1851 East First Street, 10th Ploor, Santa Ana. CA
92705-4052, Voice: (714) 918-7000 and Fax: (714) 918-6996, e-mail:

2.4. PMC shall have five (5) days from receipt of the overnight delivery and electronic
mail of the notice to cure the default. If PMC fails to cure the default within the time set forth
above, the FDIC shall retain all consideration received pursuant to the Settlement Agreement and
the entire balance of the Settlement Agreement (less any payments made by PMC pursuant to the
terms of the Settlement Agreement) sball be immediately due and payable. The FDIC may
pursue the immediate payment in full of all sums remaining due without, further demand_ or.
notice, subject to other provisions in this Setdement Agreement, and may invoke all remedies
permitted by applicable law.

25 The prevailing party to any dispute arising front this Settlement Agreement shall
be entitled to recover its reasonable attorney fees incurred in any action to enforce the
responsibilities under the terms of this Settlement Agreement. In the event PMC defaults by
failing to rake a payment to FDIC as set forth in Exhibit “2* and fails to timely cure such
default as provided in Paragraptis 2.3 and 2.4 above, and should the FDIC obtain a judgment

~2-

o{ FDIC} Settlement Seitiement Agreement (PINAL - 11-15-10}. dae

S8PMC Indya

(b)(6)