(b)(4)
(b)(4)

Page 5

Borrower existing currently or arising in the future, against any other individual or entity not
expressly released by this Agreement, including but not limited to any other party in the
Litigation.

Notwithstanding any other provision, by this Agreement, FDIC does not release, and
expressly preserves fully and to the same extent as if the Agreement had not been executed, (a)
any claims or causes of action that do not arise from or relate to the facts and circumstances
alleged in the Litigation, or the defense of the same, or (b) any action taken by any other federal
agency. In addition, this dgreement does not purport to waive, or intend to waive, any claims
which could be brought by the United States through either the Department of Justice or the
United States Attorney’s Office in any federal judicial district. In addition, FDIC specifically
reserves the right to seek court-ordered restitution pursuant to the relevant provisions of the
Victim and Witness Protection Act, 18 U.S.C. § 3663, et seq., if appropriate.

3 Assignment. Borrower, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, hereby assigns without recourse to FDIC all of
Borrower's right, title, and interest in and to any and all claims, demands, actions, and causes of
action of whatever nature or description, known or unknowa, at law or in equity, whether arising
by contract, tort, or otherwise, whether or not asserted and whether or not well founded in fact or
in law, which Borrower ever had, now had or may hereafter acquire, arising out of or related in
any manner pending in the Litigation and any related transactions described or referred to therein

including without limitation: (1) the Purchase Transaction, (2) the Mortgage Transaction, (3)

the title insurance.policy..issued—b: (hereinafter
referred to-as to Borrower with respect to the Purchase Transaction and the Mortgage
Transaction; (4) any closing protection letter issued b [with respect tothe Purchase

(b)(4)



i

(b)(6)

Page 8

other party to enter into this Agreement or to abide by or consummate any transactions

contemplated by any terms of this Agreement, except representations and warranties, if any,

expressly set forth herein, In entering into this Agreement, the parties hereto represent that they

had the opportunity to proceed with the advice of an attomey of their own choice, that they
completely read the terms of this Agreement, and that those terms are fully understood and
voluntarily accepted by the parties,

13. Integrated Agreement; Exhibits. This Agreement and any Exhibits hereto set
forth the entire understanding between the parties concerning the subject matter of this
Agreentent and incorporates all prior negotiations and understandings, There are no covenants,
promises, agreements, conditions or understandings, either oral or written, between them relating
to the subject matter of this greement other than those set forth herein,

14, Authority. Each person signing this Agreement on behalf of any entity warrants
or represents that he/she has the fidl and complete authority to enter into this Agreement on
behalf of that entity,

The parties to this Agreement have executed this Agreement as of the date indicated by
each party’s signature.

Federal Deposit Insurance Corporation, es
Receiver for IndyMac Federal Bank FSB

By: -

Name: Re Wak S.Ct \
{

Title: Cg uwie

Dae: 2 “26 ~Qe la



Page 4

successors, and assigns, jointly and severally do absolutely and unconditionally release Borrower
and Borrower's estates, heirs, fiduciaries, and assigns, jointly and severally, from any and all
claims, demands, actions or causes of action, of whatever nature or description, known or
unknown, now existing or hereafter acquired, and whether or not asserted in the Litigation,
which DIC had, has, claims to have, or may hereafter acquire against Borrower, arising out of
the facts and circumstances alleged by FDIC in the Litigation, Provided, however, that, in the
event the payment set forth above must be set aside, refunded, or otherwise reduced in amount
by operation of law, including, but not limited to, as a result of any bankruptcy filing or
adjudication that such payment constitutes a fraudulent transfer, or in the event Borrower fails to
completely transfer and convey any and all interest in the Property obtained by Borrower as a
result of the Purchase Transaction, the Mortgage Transaction, or any other transaction to FDIC
or fts designated party, the release provided by FDIC herein shall be deemed null and void and
FDIC shall be allowed to pursue any and all claims it had prior to this release.

For and in consideration of the terms and conditions of this Agreement, Borrower and
Borrower's estates, heirs, fiduciaries, and assigns, jointly and severally, do absolutely and
unconditionally release FDIC, its officers, directors, shareholders, employees, agents, affillates,
successors and assigns, jointly and severally, from any and all claims, demands, actions or causes
of action, of whatever nature or description, known or unknown, now existing or hereafter
acquired, and whether or not asserted in the Litigation, which Borrower had, has, claims to have,
ot may hereafter acquire against FDIC arising out of the facts and circumstances alleged in the
Litigation.

4. Express Reservation from Releases. Nothing in this Agreement waives any

claim, cause of action, or any rights to contribution or other claims held by either FDIC or


Page 6

Transaction and the Mortgage Transaction; ot (5) otherwise (hereinafter referred to collectively

(b

(4)

as the “Assigned Claims”), against any person or entity, including without limitation:
(b)(4),(b) Great Lakes
(6)
(b)(4).(b) Broker. Funding LLC.
(6)
(b\(4),() and/or and the affiliates, successors, assigns, and alter-egos, if any, of any of

(6)

the foregoing.

Subject to the exceptions stated in this dgreement, this assignment inchides, but is not in
any way limited to, the assignment of any right, title, and interest in and to any claims, causes of
action, remedies at law, ot remedies in equity that may be available against any person or
business entity involved in any way, directly or indirectly, with the Litigation, and includes, by
way -of illustration and not limitation, the right to forgive, request, demand, sue for, recover,
collect, receive, and hold all amounts that are or may become due on account of such claims, and
the right to take all lawful means and equitable and legal remedies and proceedings with respect
to such Assigned Claims in furtherance of the collection and recovery thereof, and to adjust, sell,
further assign, compromise, and agree with respect to such Assigned Claims, and to execute and
deliver, all endorsements, releases, reesipts, or other sufficient discharges for the same, as could
Borrower, in the same manner his own name, but for the effect of this assignment. Borrower
shall not assign, release, settle or otherwise compromise any of the Assigned Claims and
represents and warrants that he has not.

6. Cooperation. Borrower, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, agrees to submit to an interview, if requested by
FDIC, conducted by FDIC’s counsel or the representatives of FDIC's counsel in which

Borrower will make a full and complete disclosure regarding the scope of Borrower's



Page 9
(b)(6)



(b)(4)

Page 1

RELEASE AND SETTLEMENT AGREEMENT

This Release and Settlement Agreement (hereinafter referred to as the “Agreement’) is
effective on the date that all parties have executed the Agreement (the “Effective Date”), and is
entered into by and between Federal Deposit Insurance Corporation as Receiver for IndyMac
Federal Bank, FSB (hereinafter referred to as “FDIC”) and Douglas E. Anderson (hereinafter
referred to as “Borrower") with respect to the claims made in the case captioned Federal Deposit
Insurance Corporation, as Receiver for IndyMac Federal Bank, FSB v. Great Lakes Broker
Funding, LLC, et af., Genesee County Cireuit Court Case No. 06-8393 1-CZ, {hereinafter referred
to as the “Litigation”.

RECITALS

WHEREAS, Borrower entered into a Buy and Sell Agreement with Great Lakes Broker
Funding LLC, attached hereto as Exhibit A, whereby Borrower agreed to purchase certain real
property located in Genesee County, Michigan for $250,000 (hereinafter referred to as the
“Purchase Transaction’),

WHEREAS, Borrower entered into a mortgage loan transaction whereby Borrower

received a warranty deed from Great Lakes Broker Funding LLC for certain real property located

in Genesee County, Michigan, which is recorded as Instrument No jannd

attached: hereto as Exhibit B, and granted a mortgage to IndyMac Bank, F.S.B. (hereinafter

referred to as the “Morigage”) on certain real property located in Genesee County, Michigan,

whichis recorded-as Instrument No: ith the Register of Deeds of Genesee

County, Michigan, and attached hereto as Exhibit C, (hereinafter referred to as the “Mortgage

Transaction’;

(b)(4).(b)
(6)



Page 7

involvement in the Purchase Transaction, the Mortgage Transaction, and any other related
transactions relevant to the Litigation as well as Borrower's knowledge regarding the
involvement of other parties and non-parties in such transactions. Upon completion of this
interview process, Borrower agrees to provide swom testimony in a form satisfactory to FDIC to
preserve the information provided by Borrower through the interview process.

7 ‘Aftorney’s Fees and Costs, Each party shall bear its own attomey’s fees and
costs with respect to the Litigation.

8. Amendment. This Agreement may not be amended or modified at any time
except by any instrument in writing executed by all of the parties hereto.

9 Execution. This Agreement may be executed in two or more counterparts, each
of which shail be deemed an original, but all of which together shall constitute one in the same
instrument. The parties also agree that, without receiving further consideration, they will sign
and deliver such documents and do anything else that is reasonably necessary in the future to
make the provisions of this Agreement effective.

10, Geverning Law. This Agreement shall be governed by and construed in
accordance with Michigan Jaw (excluding any conflict of laws rule or principle that might refer
the governance or construction of this 4greement to the law of another jurisdiction). Nothing in
this Agreement shall require any unlawful action or inaction by any party hereto.

ll. Severability. If any portion of this Agreement is found to be unenforceable, the
parties desire that all other portions that can be separated from the unenforceable portion or
appropriately limited in scope shall remain fully valid and enforceable.

12. Representation, No representation or warranty has been made by or on behalf of

any party to this Agreement (or any officer, director, employee or agent thereof) to induce any



(b)(6}.

Page 2

WHEREAS, FDIC has asserted claims in the Litigation against the Borrower and others;
and

WHEREAS, to avoid any further expense of litigation, Borrower and FDIC voluntarily
enter into this Agreement,

In consideration of the above and for such other good and valuable consideration, the
sum and sufficiency of which is hereby acknowledged and based on the mutual promises and
conditions contained herein, Borrower and FDIC agree as follows:

1. Recitals. The above Recitais are incorporated herein by reference and made a
part of this Agreemem,

2. Interest in Real Property. Borrower shall transfer and convey to FDIC any and
all interest obtained by Borrower, as a result of the Purchase 7) vansaction, the Mortgage

Transaction, or any other transaction, in the real property described as:

/

(hereinafter referred to as the “Property’). Borrower agrees fo execute and deliver sch

documents necessary to transfer any and all interest held by Borrower in the Property to FDIC or
its designated Party and to do anything else that is necessary in the fiture to ensure that any and
all interest held by Borrower in the Property is transferred to FDIC or its designated party.
Borrower expressly agrees that the execution and delivery of the documents necessary to transfer
any and ail interest held by Borrower in the Property to FDIC shall not in any manner be

deemed a merger with or extinguishment of the Mortgage, or a release of the debt secured by the


Page 3

Morigage. The Mortgage shall be and remain in full force and effect according to its terms for
purposes of foreclosing the Mortgage should FDIC in its sole discretion, determine to do so.

Borrower shall execute a deed in liew of foreclosure to FDIC or any entity designated by
FDIC. The deed in liew shall be in a form acceptable to FDIC and will not merge the Mortgage
with ownership, A true and accurate copy of the deed in lieu is attached hereto and incorporated
herein by reference as Exhibit D. Borrower agrees that it may be necessary for FDIC to
foreclose the Mortgage even though the Borrower has executed a deed in lieu. Borrawer also
expressly agrees that Borrower may need to execute and deliver documents in addition to the
deed in lieu in order to fully comply with this paragraph, and agrees to fully cooperate with and
to perform any additional acts necessary to ensure that any and all interest in the Property
obtained by Borrower as a result of the Purchase Transaction, the Mortgage Transaction, or any
other transaction is vested in FDIC or its designated party. Exeept as provided in this
Agreement, Borrower shall not transfer, encumber, or otherwise compromise in any way his
interest in the Property and represents and warrants that he has not,

3. Dismissal and Release. Borrower and FDIC, through counsel, shall execute a
Dismissal with Prejudice and without costs or attorney’s fees to any party regarding all claims
asserted by RDIC against Borrower in the Lifigation and a Stipulated Order for Dissolution of
the Preliminary Injunction dated June 5, 2006 as to Borrower: and the parties shall release one
another as follows.

For and in consideration of the payment of $30,000 (Thirty Thousand Dollars) to “RJ
Landau Partners PLLC, as Attorneys for Federal Deposit Insurance Corporation” to be made
within 15 (fifteen) days of the Effective Date, and in consideration of the terms and conditions of

this Agreement, FDIC, its officers, directors, shareholders, employees, agents, affiliates,