SETTLEMENT AGREEMENT AND RELEASE 

This Settlement Agreement and Release ("Agreement") is made as ofthisMay of 

February, 2012, by, between, and among the Federal Deposit Insurance Corporation as Receiver 

for lndyMac Bank, F.S.B. ("FDIC-R"), and Gregory Glanville, an individual, "Glanville") 

(individually, the FOIC-R and Gregory Glanville, may be referred to herein as a "Party" and 

collectively as the "Parties"). 

WHEREAS: 

Prior to July II, 2008, lndyMac Bank, F.S.B. ("lndyMac" or the "Bank"), was a 

depository institution organized and existing under the laws of the United States. 

On July II, 2008, the Office ofThtift Supervision closed the Bank and appointed the 

Federal Deposit Insurance Corporation as its receiver. In accordance with 12 U.S.C. § 1821 (d), 

the FDIC-R succeeded to all rights, titles, powers, and privileges of the Bank, including those 

with respect to its assets. 

FOIC-R initiated a lawsuit on May 2, 20 II, against Glanville entitled federal Deposit 

Insurance Cmporation, as Receiverfor lndyMoc Bank, F.S.B. v. Glanville, eta/., Case No. 5:11­

cv-00694-YAP -OP, currently pending in the United States District Court, Central District of 

California, Western Division (the "Lawsuit"). FDIC-R's May 2, 2011 complaint in the Lawsuit 

references three appraisals (the "Appraisals") completed by Glanville on three different 

properties: a property located at 12118 Cheshire Street, Norwalk, California 90650 (the 

"Cheshire Property"); a property located at 14002 Eastbrook Ave., Bellflower, California 90706 

(the "Eastbrook Property"); and a property located at 5989 Eucalyptus Drive, Highland, 

California 92346 (the "Eucalyptus Property") (the Cheshire Property, Eastbrook Property, and 

Eucalyptus Property are collectively referred to herein as the "Properties"). FDIC-R's May 2, 
20 II complaint in the Lawsuit also references three loans funded by IndyMac and secured by the 

Properties: a mortgage loan in the amount of$489,565 to Emerson Franco, secured by the 

Cheshire Property (the "Cheshire Loan"); a mortgage Joan in the amount of $445,000 to Eduardo 

Acevedo, secured by the Eastbrook Property (the "Eastbrook Loan"); and a mortgage loan in the 

amount of $391 ,200 to Rashida and Christopher Lee, secured by the Eucalyptus Property (the 

"Eucalyptus Loan") (the Cheshire Loan, Eastbrook Loan, and Eucalyptus Loan are collectively 

referred to herein as the "Loans"). 

A dispute has arisen between the Parties with respect to claims by the FDIC-R against 

Glanville for damages arising from the Loans (hereinafter any and all present and future claims 

by the FDJC-R against Glanville arising from losses associated with the Loans is referred to as 

the "Claims"). The Parties engaged in settlement negotiations as a result of the Claims and a 

settlement was reached at a mediation on December, 19.20 II. The Parties now deem it in their 

best interests to enter into this Agreement to avoid the uncertainty, trouble, and expense of 

litigation. 

NOW, THEREFORE, in consideration of the promises, undertakings, payments, and 

releases stated herein, the sufficiency of which consideration is hereby acknowledged, the 

undersigned Parties agree, each with the other, as follows: 

SECTION 1: Payment to FDIC-R. 

A. As an essential covenant and condition to this Agreement, on or before thirty (30) 

days following the date that all Parties execute this agreement, Glanville shall pay the FDIC-R 

the total sum ofOne Hundred Fifty Thousand Dollars ($150,000) (the "Settlement Payment"). 

The Settlement Payment shall be made by check made payable to "Mortgage Recovery Law 

Group Client Trust Account." 

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B. If the FDIC-R does not receive the Settlement Payment in full on or before the date 

determined by subparagraph A above ("Settlement Payment Due Date"), then the FDIC-R, in its 

sole discretion, shall have the right to: 

I. extend the period of time for payment, including interest accruing from the 

Settlement Payment Due Date through the date of payment at a rate calculated in 

accordance with 26 U.S.C. § 6621 (b)(3); or 

2. enforce this Agreement and, in such event, Glanville agrees to jurisdiction 

in Federal District Court in California and to pay all of the FDIC-R's reasonable 

attorney's fees and costs expended in enforcing the terms of this Agreement; or 

3. declare this Agreement null and void, move to vacate any dismissal order, 

to which Glanville agrees to consent, and institute an action on the FDIC-R's claims, as 

to which Glanville waives any and all objections and defenses and covenant and agree 

not to assert any objections and defenses; and/or 

4. seek any other relief available to it in law or equity. 

Any extension of time for delivery of the Settlement Payment shall not prejudice the FDIC-R's 

right to take other action or seek any relief during or after such period of extension, including the 

right to bring an action to enforce the Agreement, or declare the Agreement null and void. 

SECTION II: Releases. 

Each Party acknowledges that this 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 that Party may have against another 

Party arising from the Claims. Each Party hereby expressly waives application of California 

Civil Code §/542 and any other similar statute or rule. 

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Each Party certifies 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. 

Each Party understands and acknowledges that the significance and consequence of its 

waiver of California Civil Code §/542 is that even if any Pa11y should eventually suffer 

additional damages arising out ofthe Claims, the claims and causes of action that were or could 

have been asserted relating to the Claims, or any facts or circumstances related to the Claims, 

that Party will not be able to make any claim against the other Party for those damages. 

Furthennore, each Party acknowledges that it consciously intends these consequences even as to 

claims for damages that may exist as of the date of this release 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. 

A. The FDIC-R's Release. 

Upon receipt of the Settlement Payment, plus any accrued interest, and except as 

provided in PARAGRAPH II.C., the FDJC-R, for itself and its successors and assigns, hereby 

releases and discharges Glanville and its respective employees, officers, directors, 

representatives, heirs, executors, administrators, successors and assigns, from any and all claims, 

demands, contracts, obligations, damages, actions, and causes ofaction, direct or indirect, in Jaw 

or in equity belonging to the FDIC-R, arising out of or relating to the facts and circumstances 

giving rise to the Claims. 

B. Glanville's Release. 

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Effective simultaneously with the release in PARAGRAPH II.A. above, Glanville, on 

behalfof itself, and its respective employees, officers, directors, representatives, heirs, executors, 

administrators, successors and assigns, hereby releases and discharges the FDJC-R, and its 

employees, officers, directors, representatives, successors and assigns, from any and all claims 

belonging to Glanville, arising out of or relating to the facts and circumstances alleged by the 

Claims. 

C. Exceptions to Release by FDIC-R. 

I. Notwithstanding any other provision of this Agreement, the FDIC-R does 

not release, and expressly preserves fully and to the same extent as ifthis Agreement had not 

been executed, any claims or causes of action: 

a. against Glanville or any other person or entity for liability, if any, 

incurred as the maker, endorser or guarantor of any promissory note or indebtedness payable or 

owed by them to FDIC-R, the Bank, other financial institutions, or any other person or entity, 

including without limitation any claims acquired by FDIC-R as successor in interest to the Bank 

or any person or entity other than Bank; 

b. against any person or entity not expressly released by the FDIC-R 

in this Agreement; or 

c. which are not expressly released in PARAGRAPH II.A. above. 

2. Notwithstanding any other provision of this Agreement, nothing herein 

limits, waives, releases, diminishes or compromises the jurisdiction and authority of the Federal 

Deposit Insurance Corporation in the exercise of its supervisory or regulatory authority to 

institute administrative enforcement or other proceedings seeking removal, prohibition, civil 

penalties, restitution or other relief it is authorized to seek pursuant to its supervisory or 

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regulatory authority against any person, or which may arise by operation of law, rule, or 

regulation. 

3. Notwithstanding any other provision of this Agreement, this Agreement 

does not waive any claims which could be brought by the United States through the Department 

of Justice, the United States Attorney's Otlice for any federal judicial district. In addition, the 

FDIC-R specifically reserves the right to seek comt ordered restitution pursuant to the relevant 

provisions of the Victim and Witness Protection Act, 18 U.S.C. § 3663, et. seq., if appropriate. 

SECTION Ill: Insolvency. 

A. Insolvency. 

Glanville warrants as to payments made by or on his behalfthat at the time of such 

payment, it is not insolvent nor will the payment made by or on its behalf render him insolvent 

within the meaning and/or for the purposes of the United States Bankruptcy Code. This warranty 

is made by Glanville and not by his counsel. 

B. Preferences. 

In the event that the FDIC-R is required to return any portion of the Settlement Payment 

due to a final order by a court that the transfer of the Settlement Payment or any portion thereof 

constituted a preference, voidable preference, fraudulent transfer or similar transaction, then, in 

its sole discretion, the FDIC-R may, without waiver of any other rights it may have in Jaw or 

equity, pursue any of the rights and remedies set forth above, and/or otherwise pe1mitted by law. 

SECTION IV: Termination. 

In the event the FDJC-R exercises its right to declare this Agreement null and void as 

provided herein, then, for the purposes of any statute of limitations or other time-based defense 

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to any ofthe claims of the FDIC-R, the parties to this Agreement shall be deemed to have 

reverted to their respective status as of 5:00p.m. Eastern Time, January 17, 2012. 

SECTION V: Notices. 

Any notices required hereunder shall be sent by registered mail, first class, return receipt 

requested, and may also be sent by email, to the following: 

lfto the FDIC-R: 

Paul Levin 

Mortgage Recovery Law Group 


700 North Brand Boulevard, Suite 830 


Glendale California 91201 


(b)(4),(b)(6) 

---1'---­

If to Glanville: 

Todd Stevens 


Keeney Waite & Stevens 


402 West Broadway, Suite 1820 


San Djego CA 92101 


(b)(4),(b)(6) 

+ 

SECTION VI: Other Matters. 

A. No Admission of Liability. 

The undersigned Parties each acknowledge and agree that the matters set forth in this 

Agreement constitute the settlement and compromise of disputed claims and defenses, that this 

Agreement is not an admission or evidence of liability or infirmity by any of them regarding any 

claim or defense, and that the Agreement shall not be offered or received in evidence by or 

against any Party hereto, except to enforce its terms. 

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B. Execution in Countemarts. 

This Agreement may be executed in counterparts by one or more of the Parties named 

herein and all such counterparts when so executed shall together constitute the final Agreement, 

as if one document had been signed by all Parties hereto; and each such counterpart, upon 

execution and delivery, shall be deemed a complete original, binding the Party or Parties 

subscribed thereto upon the execution by all Parties to this Agreement. 

C. Binding Effect. 

All of the undersigned persons represent and warrant that they are a Party hereto or are 

authorized to sign this Agreement on behalf of the respective Party, and that they have the full 

power and authority to bind such Party to each and every provision of this Agreement. This 

Agreement shall be binding upon and inure to the benefit of the undersigned Parties and their 

respective heirs, executors, administrators, representatives, attorneys, successors and assigns. 

D. Entire Agreement. 

This Agreement constitutes the entire agreement and understanding between and among 

the undersigned Parties concerning the matters set forth herein and supersedes any prior 

agreements or understandings. No representations, warranties or inducements have been made to 

or rei ied on by any Patty concerning this Agreement and its exhibits other than those contained 

therein. 

E. Amendments. 

This Agreement may not be amended or modified, nor may any of its provisions be 

waived, except in writing by the Party or Parties bound thereby, or by their respective authorized 

attorncy(s) or other representative(s). 

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F. Reasonable Cooperation. 

I. The undersigned Parties agree to cooperate in good faith to effectuate all 

the terms and conditions of this Agreement, including doing, or causing their agents and 

attorneys to do, whatever is reasonably necessary to effectuate the signing, delivery, execution, 

filing, recording, and entry, of any documents necessary to perform the terms of this Agreement. 

G. Choice of Law. 

This Agreement shall be interpreted, construed and enforced according to applicable 

federal law, or in its absence, the internal laws of the State of California. without regard to its 

conflicts of Jaws. 

H. Advice of Counsel. 

Each Party hereby acknowledges that he or it has consulted with and obtained the advice 

of counsel prior to executing this Agreement, and that this Agreement has been explained to that 

Party by his or its counsel. 

I. Title and Captions. 

All section titles and captions contained in this Agreement are for convenience only and 

shall not affect the interpretation of this Agreement. 

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J. Authorship/Construction. 

This Agreement sets forth terms and agreements jointly negotiated by the Parties. It is 

expressly agreed that this Agreement shall not be construed for or against any party by reason of 

which party drafted it. 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed 

by each of them or their duly authorized representatives on the dates hereinafter subscribed. 

FDIC as Receiver for lndyMac Gregory Glanville 

Bank, F.S.B. 

(b)(6) 

~H --Byo IL-··_____________, By: 

Name: r< ,· c l. &b VI>~ s > cl!J' lL Date: 

Title: C.. Cl U IN., e. \ 

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J. Authorship/Construction. 

This Agreement sets forth tenns and agreements jointly negotiated by the Panies. It is 

expressly agreed that this Agreement shall not be construed for or against any party by reason of 

which party drafted it 

IN WITNESS WHEREOF. the parties hereto have caused this Agreement to be executed 

by each of them or their duly authorized representatives on the dates hereinafter subscribed. 

FDIC as Receiver for IndyMac Gregory Glanville 

Bank, F.S.B. (b)(6) 

By: By: I 

Nrune: _______________________ Date: 

I I 

Title: 

Date: 

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