UNITED STATES DISTRICT COURT 


DISTRICT OF MINNESOTA 


Federal Deposit Insurance Corporation, 

as receiver for Indy Mac Bank, F.S.B. 

Plaintiff, 

v. 


Emily L. Poulson, Northland Appraisal 


Service, and Cascade Mortgage, Inc., 

Defendants. 

Court File No.: 09-CV-3673 

(JRT/LIB) 

SE'ITLEMENT AGREEMENT AND 


RELEASE 


NOW THEREFORE, in consideration of the covenants, promises and 

payments set forth herein, Plaintiff Federal Deposit Insurance Corporation, as receiver 

for IndyMac Bank, F.S.B (hereinafter referred to as "FDIC") and Defendants Emily 

Poulson ("Poulson"), Northland Appraisal Service ("Northland") and Cascade 

Mortgage, Inc. ("Cascade") do hereby agree as follows: 

1. 	 PAYMENT AND RELEASE: 

FDIC agrees to accept payment of One Hundred Twenty-Eight Thousand 

and 00/100 Dollars ($128,000.00) according to the following terms: 

A) 	 Cascade and its insurer agree to pay FDIC a total of One Hundred 

Thousand and 00/100 Dollars ($100,000.00) immediately upon 

execution ofthis Settlement Agreement and Release by FDIC, and FDIC 

hereby acknowledges receipt of $100,000.00 from Cascade and its 

insurer. 

B) 	 Cascade, individually, agrees to pay FDIC a total of Twenty-Five 

Thousand and 00/100 Dollars ($25,000.00) according to the following 

terms: 

i) 	 Cascade will pay FDIC $10,000.00 within forty-five (45) days of 

June 1, 2011 by certified check made payable to ..RJ Landau 

Partners PLLC, Attorneys for FDIC;" 
ii) 	 Cascade will pay $15,000.00 within ninety (90) days of June 1, 

2011 by certified check made payable to "RJ Landau Partners 

PLLC, Attorneys for FDIC;" 

iii) 	 As part of the consideration for the Release obtained herein 

Cascade agrees to execute Confessions of Judgment, further 

described in paragraph 5 of this Settlement Agreement and 

Release, as security for the $25,000.00 due and owing under 

paragraph l.B) of this Settlement Agreement and Release, the 

terms of which are specifically set forth in the Confessions of 

Judgment which are incorporated herein. 

C) 	 Poulson and Northland agree to pay FDIC a total of Three Thousand 

and 00/100 Dollars ($3,000.00) with in forty-five (45) days of June 1, 

2011 by certified check made payable to "RJ Landau Partners PLLC, 

Attorneys for FDIC." 

The foregoing payments aie made by Cascade, Cascade's insurer, Poulson and 

Northland, and accepted by FDIC, in full compromise, settlement and satisfaction of, 

and as sole consideration for the final release and discharge of, all actions, claims and 

demands whatsoever, that now exist, or may hereafter accrue, by and between 

Defendants Cascade, Cascade's insurer, Defendants Northland and Poulson 

(hereinafter referred to collectively as the "Released Parties"), FDIC, and any other 

person, corporation, association or partnership charged with responsibility for 

damages to the parties herein as a result of and arising from certain mortgage loans 

issued by the former IndyMac Bank, F.S.B. ("IndyMac") identified as first mortgage 

(b)(4),(b)(6) 	 (b)(4),(b)(6) loan numbeq .. - n jand second mortgage loan number! - ·!which were 

issued to finance the purchase of real property located at 521 S. jffi Street, Unit 105, 

Minneapolis, Minnesota (the "Loans"), and the consequences flowing therefrom, as 

further described in the pleadings filed in United States District Court in the abovecaptioned matter, and for which the parties claim any of the Released Parties are 

legally liable in damages. 

By signing this Settlement Agreement and Release, FDIC and each of the 

Released Parties acquit and forever discharge each other and any of their employees, 

agents and representatives as well as their officers, directors, attorneys, insurers, 

reinsurers, subsidiaries, affiliates, predecessors and successors-in-interest, from any 

and all claims causes of actions, demands, liabilities, court costs, attorney fees, 

interest, costs, and expenses and damages whatsoever including but not limited to all 

known and unknown and anticipated and unanticipated damages as a result of and 

arising from the Loans. 

2 

2. NO ADMISSION OF LIABILITY: 

It is understood and agreed that the Released Parties admit no liability to FDIC, 

or others, as a result of and arising from the Loans, and for which said liability is 

expressly denied by the Released Parties. 

3. PARTIES TO BEAR THEIR OWN COSTS: 

FDIC and the Released Parties agree to bear their own costs and attorney fees 

incurred in connection with the disputes set forth herein and the resolution thereof. 

4. ADDITIONAL DOCUMENTS- STIPULATION FOR DIMISSAL: 

FDIC and the Released Parties agree to cooperate fully and execute any and all 

supplementary documents and to take all additional actions that may be necessary or 

appropriate to give full force and effect to the basic terms and the intent of this 

Settlement Agreement and Release. The parties agree that their respective counsel 

shall execute a stipulation for dismissal with prejudice of all claims and cross-claims 

filed by any party in above captioned United States District Court action. 

5. ADDITIONAL DOCUMENTS -CONFESSIONS OF JUDGMENT: 

Cascade agrees to execute two Confessions of Judgment. One Confession of 

Judgment shall be in the amount ofTen Thousand and 00/100 Dollars ($10,000.00) 

and secure the payment due within forty-five (45) days ofJillle 1, 2011 as described in 

paragraph I .B) of this Settlement Agreement and Release. One Confession of 

Judgment shall be in the amount of Fifteen Thousand and 00/100 Dollars 

($15,000.00) and secure the payment due within ninety (90) days of June 1, 2011 as 

described in paragraph l.B) of this Settlement Agreement and Release. These 

documents shall be in a form acceptable to FDIC. Cascade agrees to cooperate fully 

and execute any and all supplementary documents and to take all additional actions 

that may be necessary or appropriate to give full force and effect to these Confessions 

ofJudgment and the intent ofthis Settlement Agreement and Release. FDIC agrees to 

destroy the Confession of Judgment in the amount of Teo Thousand and 00/100 

Dollars ($10,000.00) upon full payment of$10,000 within forty-five (45) days of June 

1, 20 I 1. FDIC agrees to destroy the Confession ofJudgment in the amount of Fifteen 

Thousand and 00/100 Dollars ($15,000.00) upon full payment of $15,000 within 

ninety (90) days of June I, 2011. Cascade expressly consents to entry of the 

Confessions of Judgment as set forth above without notice of presentment, objections 

to form waived, if FDIC does not receive full and timely payment from Cascade 

according to the tenns ofthis Settlement Agreement and Release. 

3 

6. SECTION HEADINGS: 

Section headings contained herein are for the purposes of convenience only and 

are not intended to define or limit the contents ofsaid sections. 

7. CONSTRUCTION: 

FDIC and the Released Parties agree that this Settlement Agreement and 

Release shall be construed without regard to the party or parties responsible for its 

preparation and will be deemed to be prepared jointly by FDIC and the Released 

Parties. In resolving any ambiguity or uncertainty relating to this Settlement 

Agreement and Release, FDIC and the Released Parties agree that no consideration or 

weight shall be given to the identity ofthe party or parties drafting the document. 

8. GOVERNINGLAW: 

This Settlement Agreement and Release shall be deemed to be a contract under 

the laws of the State of Minnesota and enforced in exclusive accordance with the law 

of the State of Minnesota. without regard to its conflict of laws provisions. Any 

dispute arising hereunder shall be adjudicated in United States District Court, District 

ofMinnesota. 

9. ENTIRE AGREEMENT- INTEGRATION CLAUSE: 

This Settlement Agreement and Release, along with the additional documents 

contemplated by this agreement, constitutes the entire agreement of FDIC and the 

Released Parties with respect to the subject matter hereof and may not be modified, 

amended or terminated except by written agreement by the parties. No promise, 

inducement or agreement not herein expressed has been made. The terms of this 

Settlement Agreement and Release are contractual and not a mere recital. 

10. SURVIVAL: 

Any enforceable provision of this Settlement Agreement and Release shall 

remain in full force and effect, notwithstanding that any other provision or provisions 

of this document may be detennined to be unenforceable. 

11. AUTIIORITY TO EXECUTE: 

Any person or entity executing this Settlement Agreement and Release on 

behalf of FDIC or the Released Parties represents and warrants that he or she or is 

4 

duly authorized to enter into this Settlement Agreement and Release on behalf of that 

party. 

12. 	 EXECUTION AND COUNTERPARTS: 

This Settlement Agreement and Release may be executed in any number of 

multiple originals, each of which shall be deemed an original for all purposes. This 

Settlement Agreement and Release may be executed in simultaneous counterparts, 

each of which shall be considered an original for all purposes. FDIC and the Released 

Parties further contemplate that this Settlement Agreement and Release may be 

executed by facsimile and/or email attachment, and that certain actions may be taken 

in reliance on faxed or emailed signatures by the parties hereto. Accordingly, the 

parties hereto agree that a faxed or emailed signature will have the same legal effect as 

physical delivery of an original signature. Any party submitting a faxed or emailed 

signature will deliver the original signature to counsel for the other party as soon as 

practicable, but no later than seven (7) business days following transmission by 

facsimile or email attachment. 

13. 	 KNOWING AND VOLUNTARY FULL FINAL RELEASE OF 

ALLCLAIMS: 

FDIC and the Released Parties hereby affirm and acknowledge that they have 

read the foregoing Settlement Agreement and Release and they have had consulted 

with their attorney prior to signing and executing this document. FDIC and the 

Released Parties agree that the provisions set forth in this Settlement Agreement and 

Release are written in language understandable to them and further affirm that they 

understand the meaning of the terms of this Settlement Agreement and Release, and 

that they understand the effect of this Settlement Agreement and Release herein. 

FDIC and the Released Parties acknowledge that they enter into this Settlement 

Agreement and Release freely and voluntarily. 

5 

FEDERAL DEPOSIT INSURANCE 

CORPORATION, AS RECEIVER FOR 

INDYMAC BANK, F.S.B. 

Date: 1 - \'6 - \( 

(b)(6) 

Its: (. o U w <l4L 

SIGNATURE PAGE TO SETTLEMENT AGREEMENT AND RELEASE, FEDERAL DEPOSIT INSURANCE 


CORPORATION, AS RECEIVER FOR INDYMAC BANK, F.S.B. v. EMILY POULSON, NORTHLAND 


APPRAISAL SERVICE, AND CASCADE MORTGAGE, INC., UNITED STATES DISTRICT COURT, 


DISTRICT OF MINNESOTA, CASE NO. 09-CV·3673 


(JRTILIB) 


6 
:JSCADE MORTGAGE, !Nl· (b)(6) 

c; __ r 1- 1 

Date: (

Femi Oriogun 

Its: Vice President 

SIGNATURE PAGE TO SETILEMENT AGREEMENT AND RELEASE, FEDERAL DEPOSIT INSURANCE 


CORPORATION, AS RECEIVER FOR lNDYMAC BANK, F.S.B .v. EMILY POULSON, NORTHLAND 


APPRAISAL SERVICE, AND CASCADE MORTGAGE, INC., UNITED STATES DISTRICT COURT, 


DISTRICT Of MINNESOTA, CASE NO. 09-CV-3673 


{JRTILIB) 

7 
(b)(6) 

Emily Poulsonlu 

NORTHLANDAPPRAffiAL 

SERVICE 

(b)(6) 

By:::-:':'"""""::--::------__j Emily Poulson 

Its: President 

SIGNATURE PAGE TO SETTLEMENT AGREEMENT AND RELEASE, FEDERAL DEPOSIT INSURANCE 


CORPORATION, AS RECEIVER FORJNDYMAC BANK, F.S.B. v. EMILY POULSON, NORTHLAND 


APPRAISAL SERVICE, AND CASCADE MORTGAGE, INC., UNITED STATES DISTRICT COURT, 


DISTRICT OF MINNESOTA, CASE NO. 09..CV-3673 


(JRT/LJB) 


8