SF:TTLF:MRNT AND RELEASE AGREEM!'.NT 

This Settlement and Release Agreement ("Agreement") is made by, between, and among 

the following undersigned parties: 

The Plaintiff Federal Deposit Insurance Corporation as Receiver for Bank.United, F.S.B. 

("FDIC-R"), and Wolkowitz Appraisal Consultants, Inc., and Richard Wolkowitz (collectively 

the "Settling Defendants"), (individually, the FDIC-R, the Settling Defendants may he referred 

to herein as "Party" and collectively as the "Parties"). 

RECITALS 

WIIEREAS: 

Prioi- to May 21, 2009, BanklJnitcd, F.S.B. ("Bank") was a depository institution 

organized and existing under the laws ofthe United States; 

On May 21, 2009, the Office ofThrift Supervision closed the Bank and pursuant to 

12 U.S.C. § 1821(c), the Federal Deposit Insurance Corporation was appointed Receiver. In 

accordance with 12 U.S.C. ~ 1821 (d), the FDIC-R succeeded to all rights, titles, powers and 

privileges ofthe Bank, including those with respect to its assets. 

Among the assets to which the FDIC-R succeeded were all ofthe Bank's claims, 

demands, and causes of action against its former directors, officers, and employees arising from 

the performance, nonperformance, and manner of performance oftheir respective functions, 

duties and acts as directors, officers, and employees ofthe Bank; 

On May 16, 2012, the FOIC-R filed a complaint for money damages against the Settling 

Defendants. Those claims for damages arc now pending in the United States District Court for 

the Southern District of Florida in f1JIC-R v. Wolkowitz, Case Number 0:12-cv-60916-KMW 

(the "Action"). The Settling Defendants have denied liability in the Action. 

The undersigned Parties deem it in their best interests to enter into this Agreement to 

avoid the uncertainty and expense of further litigation. 
NOW, THEREFORE, in consideration ofthe 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 I: Payment to FDIC-R 

A As an essential covenant and condition to this Agreement, on or before September 

1, 2014, the Settling Defendants,jointly and severally, agree to pay the FDIC-R the sum of 

$150,000 ("the Settlement Payment"). 

B. The Settling Defendants shall deliver the Settlement Payment to the FDIC-R by 

direct \Vire transfer into the Mortgage Recovery Law Group Client Trust Account or by certified 

or cashier's check drawn upon a depository institution acceptable to FDIC-Rand made payable 

to the Mortgage Recovery Law Group Client Trust Account. 

In the event that the Settlement Payment is not delivered to the FDIC-R ( or its counsel) 

by September 1, 2014, interest shall accrue on all unpaid amounts at the rate of5% per annum 

from September 2, 2014 until the date of payment. I lowever, ifsaid Settlement Funds are not 

delivered to the FDIC-R by September 1, 2014, as a result of the FDIC-R's failure to execute this 

Agreement, no interest shall accrue until five days after the FDIC-R executes the Agreement. 

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

date determined by subsection A above, then the FDIC-R, in its sole discretion, shall have the 

right at any time prior to receipt of the Settlement Payment in full (including all accrued 

interest) to: 

1. Extend the period oftime for the Settlement Payment, including interest 

accruing from the date detcnnincd by subsection A above, through the date of payment at a rate 

calculated in accordance with 26 U.S.C. § 662l(a)(3); or 

2. Enforce this Agreement, in which event the Settling Defendants and 

fnsurer agree to jurisdiction in the United States District Court for the Southern District of 

Florida and to pay all of the FDIC-R's reasonable attorney's fees and costs expended in 

enforcing the terms of this Agreement; or 

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3. Terminate the Agreement, move to vacate any dismissal order, to which 

the Settling Defendants and Insurer agree to consent, and re-institute the Action on the FDIC-R's 

claims. The Settling Defendants further agree to \Vaive any defense based on any statute of 

limitations that would bar any ofthe FDIC-R's claims, and covenant and agree not to assert any 

objections, defenses, claims or counterclaims that did not exist or were otherwise unavailable as 

ofthe date this Agreement was fully executed; and/or 

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

Any extension of time under Section I.C.1 for delivery of the Settlement Payment or 

acceptance of a p011ion of the Settlement Payment shall not prejudice the FDIC-R's rights to take 

any ofthe actions set forth in Section LC.2 through LC.4 at any time prior to receipt of 

Settlement Payment (including all accrued interest) in full. 

SECTION II: Stipulation and Dismissal 

Within ten business days after the latter of(l) full execution of this Agreement by all of 

the Parties, and (2) receipt of the Settlement Payment, plus any accrued interest, the FDIC-R 

shall file a stipulation of dismissal with prejudice, executed by the attorneys for all Parties 

hereto, in the Action. 

SECTION lll: Releases 

A. The E_DIC-R's Releases. 

Upon receipt of the Settlement Payment in full and except as provided in Section III.C., 

the FDIC-R, for itself and its successors and assigns, hereby releases and discharges: 

1. The Settling Defendants and their respective heirs, executors, trustees, 

administrators, representatives, insurers, successors, and assigns, from any and all claims, 

demands, obligations, damages, actions, and causes of action, direct or indirect, in law or in 

equity, belonging tu the FDJC-R, that arise from or relate to, the performance, nonperformance, 

or manner of performance of the Settling Defendants' respective functions, duties and actions as 

appraisers as alleged in the Action. 

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B. 

Effective simultaneously with the release granted in Section III.A. above, the Settling 

Defendants, on behalf ofthemselves individually, and their respective heirs, executors, trustees, 

administrators, agents, representatives, attorneys, insurers, successors, and assigns, hereby 

release and discharge the FDIC-R, and its employees, officers, directors, representatives, 

attorneys, successors and assigns, from any and all claims, demands, obligations, damages, 

actions, and causes of action, direct or indirect, in law or in equity, that arise from or relate to, 

the Bank or to the performance, nonperformance, or manner of performance of the Settling 

Defendants' respective functions, duties and actions as appraisers as alleged in the Action. 

C. Exceptions fr_o_m Releases by FDIC-R. 

1. Notwithstanding any other provision ofthis Agreement, the FDIC-R docs 

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

been executed, any claims or causes of action: 

a. Against the Settling Defendants 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 such claims acquired by FDIC-Ras 

successor in interest to the Bank or any person or entity other than Bank; and 

b. Against any person or entity not expressly released hy the FDIC-R 

in this Agreement. 

2. Notwithstanding any other provision ofthis Agreement, nothing in this 

Agreement shall be construed or interpreted as limiting, waiving, releasing, or compromising the 

jurisdiction and authority of the Federal Deposit Insurance Corporation in the exercise of its 

supervisory or regulatory authority or to diminish its ability to institute administrative 

enforcement or other proceedings seeking removal, prohibition, or any other relief it is 

authorized to seek pursuant to its supervisory or regulatory authority against any person. 

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

docs not purport to waive, or intend to waive, any claims that could be brought by the United 

States through the Department ofJustice, the United States Attorney's Office for any federal 

judicial district, or any other department or agency of the United States as defined by 18 U.S.C. 

§ 6. In addition, the FDIC-R specifically reserves the right to seek court-ordered restitution 

pursuant to the relevant provisions of the Mandatory Victims Restitution Act, 18 U.S.C. 

§§ 3322 and 3663, et. filill.,., if appropriate. 

SECTION IV: Representations and Acknowledgements 

i\. Authorized Signatories. All of the undersigned persons represent and warrant that 

they are Parties hereto or arc 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, trustees, administrators, representatives, 

successors and assigns. 

B. AdviC(,"'...Qf Com1sel. Each Party hereby acknowledges that he, she, 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 her counsel. 

SECTION V: Reasonable Cooperation 

A The 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 conclude the Action, and to otherwise perform the 

terms of this Agreement. 

SECTION VI: Other Matters 

A. No Admission ofLia_bili!y. 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 ofthem regarding any claim or defense, and that the Agreement shall not be offered or 

received in evidence by or against any Party except to enforce its terms. 

B. Execution in.CounterpartJ,. This Agreement may be executed in counterparts by 

one or more ofthe Parties and all such counterparts when so executed shall together constitute 

the final Agreement, as if one document had been signed by all Parties; and each such 

counterpart, upon execution and delivery, shall be deemed a complete original, binding the 

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

C. Choice of Law. This Agreement shall be interpreted, construed and enforced 

according to applicable federal law, or in its absence, the laws ofthe State ofFlorida. 

D. Notices. Any notices required hereunder shall be sent by registered mail, first 

class, return receipt requested, and by email, to the following: 

Ifto the FDIC-R: 

Paul A. Levin, Esq. 

Mortgage Recovery Law Group 

(b)(6) 700 N. Brand Blvd., Suite 830 

Glendale, California 91203 

818) 630-7901 

Ifto the Settling Defendants: 

Jonathan E. Kanov, Esq. 

Marshall Dcnnehey (b )(6) l00 NE 3rd Ave., 11th floor 

Ft. Lauderdale, Florida 33301 

954 847-4943 

E. Entire Agree.rn~o.t <!119. .f\.mendmcnts. 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. This Agreement may 

not be amended or modified, nor may any ofits provisions be waived, except in writing signed 

by the Parties bound thereby, or by their respective authorized attorncy(s), or other 

rcpresentative(s). 

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F. Titles and Captions. All section titles and captions contained in this Agreement 

arc for convenience only and shall not affect the interpretation ofthis Agreement. 

G. No Confidentia!hy. The undersigned Parties acknowledge that this Agreement 

shall not be confidential and will be disclosed pursuant to the Federal Deposit Insurance 

Corporation's applicable policies, procedures, and other legal requirements. 

IN WITNESS WI IEREOF, the Partfos hereto have caused this Agreement to be executed 

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

FEDERAL DEPOSIT {b){6) INSURANCE 

CORPORATION AS RECEIVER f,OR 

BANKUNITED, F.S.B. 

Date: ~)--z_-i,J ·2-c11:-:/_ By: 

'--------,---------~ Title: __ S .;2 ,v· 'c1-y · / H·q,-..-;i,, '< -::::1 

Print Name: ~c;bav·t -:.-S-, G. b,2~-' •\..l ·----

WOLKOWITZ APPRAISAL 

CONSULTANTS, INC. 

Date: By: 

Title: 

Print Name: 

RJCHARD WOLKOWITZ 

Date: By: 

Print Name: Richard Wolkowitz 

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F. Titles and Captions. All section titles and captions contained in this Agreement 

are for convenience only and shall not affect the interpretation ofthis Agreement. 

G. o Confidentialirv. The undersigned Parties acknowledge that this Agreement 

shall not be confidential and will be disclosed pursuant to the Federal Deposit insurance 

Corporation·s applicable policies. procedures. and other legal requirement . 

lN WITNESS WHEREOF. the Panies hereto have caused this Agreement to be executed 

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

FEDER.t\L DEPOSIT lNSURA CE 

CORPORATlO AS RECEfVER FOR 

BAl"lKU ITED. f.S.B. 

Date: By: 

Title: 

Print ame: 

{b )(6) 

Date: 7/v//Y By: 

Title: f/.,Ul '7PN7 

Print ame: fl,/e,rf4Jf.O t{J ('?/(fllV,' / c 

(b)(6) 

RICHARD WOLKOWlTZ 

Date: z/-i:>/11/ By: 

I , 

Print ame: Richard Wolkowit 

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