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RELEA$EANDSETTLEMENTAGR£EMrnNT 

This Release and Settlemellt Agreement (hereinafter referred to as the "Agreement"} is 

effective on the date that all parties have executed the Agreement (the "Ffftctive Date"), aod is 

entered into by and between Federal Deposit Insurance Corporation as Receiver for lndyMac 

Federal Bank, FSB (hereinafter referred to as .. FDIC') and Dale Burke (hereinafter referred to as 

"Borrowffr") with respect to the claims made in the case captioned Federal Depo.vit /hsurance 

Corporal ion, as Receiver for In.dyMac Federal Bank, FSB v, Great Lake.s Broker Funding, UC, 

et al., Genesee County Circuit Court Case No. 06-83931-CZ (hereinafter referred to as the 

"Litigation"). 

Ig(gTALS 

WHEREAS • .Borrower entered into a Buy and Sell Agreement wiih 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 

"Purcfwse Transaction"); 

WHEREAS, Borrowe-r entered into a mortgage ioan transaction whereby Borrowe'!' 

·. r.eceived ··a· wammty-·deed-from ·Grear·· bakes Broker Funding;·LLC for certain-·teal-property------·· -·· · · 

located in Genesee County, Michigan, which is recorded as Instrument No. I , ... ·············· ~~~(~),(b} 

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

referred to as the ••Mortgage") on certain real property located in Genesee County, Michigan, 

(b)( 4) ........ whieh·· is ... reoorded(lslnsrrumentNol'-_·· _____ _,lwitb the Register of Deeds of Gt:ut:~~ 

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

Transaction"); 
(b)( 4),(~) 

(6) 

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WHEREAS, FDIC has asserted cJaims in the Litigation against the Borrawer 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 sucl1 other good and valuable consideration, the 

sum and sufficiency of which is hereby acknowledged and based on the mutual promises and 

conditions contained l1erein, Borrower and FDIC agree as follows: 

L Recitals. The above Recitals are incorporated herein by reference and made a 

part of this Agreement. 

2. Interest io Real Property. Borrower shall transfer and convey to FDJC any and 

aU interest obtained by Borrower, as a resuJt of the Purchase Transaction. the Mortgage 

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

----(hereirrafterreferred-tu- as·-the '"-Propertj'). · · BvrrQWf1r agrees-· to execute -and-deliverwsuch ····· --- · ····--------- --. 

documents necessary to transfer any and all interest heJd by Bormwer in the Property to FDIC or 

its designated party and to do anything else that is necessary in the future to ensure that any and 

all interest held by Borr()wer in the Property is transferred to FDIC or its designated p3rty. 

Borrower expressly agrees that the execution and delivery of the documents necessary to transfer 

any and all 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 

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Mortgage. The Mortgage shall be and remain in full force and effect according to its tenns for 

purposes of foreclosing the Mortgage should FDIC in its sole discretion, determine to do so. 

Borrower shall execute a deed in lieu of foreclosure to FDIC or any entity designated by 

FDIC. The deed in lieu 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 I ieu is attached hereto and incorporated 

herejn by reference as Exhibit D. Borrower agrees that it may be necessary for FDIC to 

foreclose the Mortgage even though the Borrower has exe1;uted a deed in lieu. Borrower also 

expre..'SSJy 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 nece.~sary ro ensure that any and all interest in the Property 

obtained by Borrower as a result of the Purchase Transaction, the Mortgage Transaclicn, or any 

other transaction is vested in FDIC or its designated party. Exc-ept as provided in this 

Agreement, Borrower sha11 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 counseJ, shall execute a 

· --Dismissal-with-Prejtldtce and witbout costs or attorney>~ fees-to any paa;r-regarding all-elajms· ·· 

asserted by FDIC against Borrower in the Litigation) and the parties sbaJI release one another as 

follows, 

For and in consideration of the payment of $9,000 (Nine Thousand DoJJars) to •'RJ 

Landau Partners PLLC, as Attorneys for Federal Deposit fnsurance Corporation" to be made 

within 15 (fifteen) days of the Effectiv"i! Date, and in consideration of the tenns and conditions of 

this Agreement, FDIC, its officers, directors, shareholders, employees1 agents, affiliates, 

successors, and assigns, jointly and severally do absolutely and unconditionally release Borrower 

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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 lhe Litigation, 

which FDJC had, has, claims to have, or may hereafter acquire against Borrower, arising out of 

the facts and circumstances alleged by FDIC in lhe Liiigation. Provided, however, that, in the 

event the payment set forth above must be set aside, refunded, ot othelVIise 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 frauduJent 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 its designated party, the release provided by FDIC herein shall be deemed null and void and 

FDIC shall be allowed to pursue any and an claims it had prior to this release. 

For and in consideration of the terms and cond)tions of this Agreement, .Borrower and 

Borrower's estates, heirs. fiduciaries, and assigns) jointly and severally, do aboolutely and 

unconditionally release FDIC, i1s officers, directors, shareholders, employees, agents, affiliates, 

···· successors-and-assigns;jointly Rrrd severatty~ rom-anyamhrl aims;1'.1ern-and~; attions nrcauses 

of action, of whatever nature or description, known or unknown, now existing cr hereafter 

acquired, and whether or not asserted in the Litigaiiorr, which Borrower had, has, claims to have, 

or may hereafter acquire against FDIC arising out of the facts and circwnstances alleged in the 

Litigation. 

4. Express Reservation from Rel.easea. Nothing in this Agreement waives any 

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

Borrower existing currently or arising in the ft~ture, against any other individual or entity not 

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expressly released by this Agreement, including but not limited to any other party in the 

Liliguiion. 

Notwithstanding any other provision, by this Agreement. FDJC does not release; and 

expressly preserves fully and to the same extent as if the Agreement bad 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. Jn addition, this Agreement 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 judic1a1 district. In addition, FDIC specifically 

reserves the right to seek court-<>rdered restitution pursuant to the relevant provisio11s of the 

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

5. .Assigamut. Borrower. for good and valuable coMideration, the receipt and 

sufficiency of which is hereby acknowledged, hereby assigns without recourse to FDIC aU 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 unknown, at law or in equity, whether arising 

· · ·· · ·- · ·· - y-eontract;-tort~·or-ot erwise;-whether or not asserred·anrl'whetlrer-onrot well founded in-fact-or-··· · 

(b)(4) .... 

(b)(4) 

in law, which Borrower ever had, now had or may hereafter acqllire, arising out of or related in 

any manner pending in the Litigation and any related transactions described or referred to therein 

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

... Jh.e ... Jitlc ...... insllrance policy ..... issued ..... b~ I (hereinafter 

refeued .. to asEJto Bon-ower with respect to the Purchase Transaction and the Mortgage 

TransDction; (4) any closing protection letter issued by[3with-respeet o-the-Pw-cht.Ue ----"(b)( ) 

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

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as the "Assigned Claims"), against any person or entity. including withmlt limitation:G (b)(

4

) 

~~j(4),(~)m l•• 

~~~t~~,~~) •••••••••••• I······· ···········JGreat···Lakes···Broker···Funding Lte;f 

(b)(4),(~) 

(6) ................ JL_m··----·····-m·m_·····-······-·······-·· ----------'~nd the affiliates, successors, assigns, and alter-egos, if 

any, of any of the foregoing. 

Subject to the exceptions stated in this Agreemem, this assignment includes, but is not in 

any way limited to, the assignment of any right, title. and interest in and to cmy claims~ causes of 

action, remedies at law) or remedies in equity that may be available against any person or 

business entity involved in any wayt directly or indirectly, with the Litigation, and includes, by 

way of illustratjon 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, receipts, or other sufficient discharges for the same, as could 

I 

I 

-- --·- -- - ·· · · Borrower,-·in-the---same-·manner-his own name;-but forthe-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 

FDlC, conducted by FD/Cs counsel or the representatives of FDJC's counsel in which 

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

involvement in the Purchase Trcmsaclion, the Mortgage TransacJion, and any other related 

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transactions relevant to the Litigation as well as Borrower's knowledge regarding the 

involvement of other parties and non·partles in such transactions. Upon completion of this 

interview process, Borrower agrees to provide sworn testimony in a fonn satisfactory to FDIC to 

preserve the infonnation provided by Borrower through the interview process. 

7. Attorney?s Fees and Costs. Each pany shaH bear its own attorney's fees and 

costs with respect to the Litigation. 

8. Amendment. This Agreement may not be amended or m<>dified 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 

or which shall be deemed an original, but all of which together shall constitute one in the same 

instrument. The parties also agree that, wifrtout rece1ving 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 thjs Agreement effective. 

I 0. Governing Law. This Agreement shall be governed by and construed in 

accordance with Michigan law (exduding any conflict of Jaws rule or principle that might refer 

· -· --· ------ -- ···-·· the-govemanee·-or'Wtlstruction ofthis-.ttgreement to· the law ofarrotln:rjurisdictiorr);-Nothing-in·---- ·- - ····· --· 

this Agreement shall require any unlawful action or inaction by any party hereto. 

11. Severability. lf any portion of this Agreement is found to be unenforceable, the 

parties desire that an other portions that call be separated from the unenforceable portion or 

appropriately limited in scope shall remain fully valid and enforeeab]e. 

I 2. 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 

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

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contemplated by any tenns 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 attorney of their own choice, that they 

completely read the tenns of this Agreemenl. 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 

Agreement and incorporates all prior negotiations and understandings. There are no covenants, 

promises, agreements, conditions or understandings, either oral or writtent between them relating 

to the subject matter of this Agreement other than those set forth herein. 

14. Authority. Each person signing this Agreement on behalf of any entity warrants 

or represenls that he/she has the full 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. 

'··--·-- ·---· ·Federa-l· Beposit-lnsurance eorporatiOtr,'"'aS"'"' ..... 

Receiver for lndyMac Federal Bank FSB 

(b)(6) --- ~1-....... ......... _ _ ... ________ __. 

Name; R) c..\~o ~ S .. G ; \i 

Title: C @ (1 1u $sa- ( 

Date: L( - L "6 ·- .:;& Q \6 

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(b)(6) rle Burke 

Printed Name: f) 2 f £0 (J · 

Date: _ _..:S::___" ..::...5__:/_...__. _/_:.0 __ _ 

.... ,.. -·- ··--··--·· ..... . ....... _. . ·····- ... ··-··-............ ------····- ., __ ,.,._._ ·- --··- ·-····- . -·· . ·-·-····----·-- .. . .. . .. . 

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