AGREEMENT OF SETTLEMENT AND MUTUAL RELEASE 

THIS AGREEMENT OF SETTLEMENT AND MUTUAL RELEASE (the 

"Agreement") is made and entered into by and between Federal Deposit Insurance 

Corporation, as Receiver for IndyMac Bank, FSB ("FDIC' or "Plaintiff'), and 

Christine K. Yost, an individual, doing business as Yost Appraisal, a California 

company (collectively, "Yost" or "Defendant"). (Plaintiff and Defendant may be 

referred to herein collectively as the "Parties.") 

RECITALS 

This agreement is made with reference to the following facts: 

A. On or about June 29, 2011, Plaintiff filed a complaint for money 

damages against Yost and others (the "Complaint"), alleging causes of action 

against Yost for breach of contract and negligent misrepresentation, in connection 

with a mortgage loan (the "Loan") funded by IndyMac Bank, F.S.B. ("IndyMac"), 

which was secured by the residential real property located at 6363 Plummer Ave., 

Newark, California 94560 (the "Property"). The pending action, which the 

Complaint initiated, is entitled Federal Deposit Insurance C01poration as Receiver 

for IndyMac Bank, FSB v. Yost, eta/., and is currently pending in the United States 

District Court for the Central District ofCalifornia Case No. CV ll-05313 

DMG(PJWx) (the "Action"). 

Page 1ofl6 
B. On or about August 23, 201 1, Yost answered the Complaint, generally 

denying its allegations and asserting affirmative defenses. 

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

to avoid the uncertainty, trouble, and expense of further litigation. By this 

Agreement, the Parties intend to memorialize the tenns oftheir compromise and 

settlement of the Action. 

AGREEMENT AND RELEASE 

NOW, THEREFORE, in consideration of the undertakings contained in 

this Agreement, and other good, valuable and sufficient consideration, the 

sufficiency of which is hereby acknowledged, the Parties agree as follows: 

I. Preamble. Recitals and Exhibits. The foregoing preamble and recitals 

are true and correct and are integral parts of this Agreement. 

2. Settlement Payment to Plaintiff. No later than thirty (30) business 

days following full execution ofthis Agreement, Defendant shall cause Plaintiff to 

be paid the amount ofTwo Hundred Forty Thousand Hundred Dollars and No 

Cents ($240,000.00) (the "Settlement Payment"). The Settlement Payment shall be 

made in the form of a settlement draft, made payable to "Mortgage Recovery Law 

Group Client Trust Account,". The Parties agree that timely receipt of the 

Settlement Payment is an essential tenn of this Agreement, and a condition to the 

effectiveness ofthis agreement. 

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3. Dismissal ofthe Action. Upon receipt of a copy ofthis Agreement 

which has been duly signed by Defendant, Plaintiffshall file appropriate notice 

with the United States District Court for the Central District of California advising 

that the Action has been settled. Together with the execution of this Agreement, 

counsel for Plaintiff and Defendant shall execute a Stipulation of Dismissal ofthe 

Action, with prejudice. Upon the receipt and clearing ofthe Settlement Payment, 

so that good and clear funds in the amount agreed to herein are actually received 

by Plaintiff, counsel for Plaintiffshall file the executed Stipulf:ltion of Dismissal 

with the Court. 

4. Court to Retain Jurisdiction. The Parties agree that the Court shall 

have continuing jurisdiction to enforce the provisions ofthis Agreement to the 

fullest extent pennitted by law. 

5. Release by Plaintiff. The FDIC, on behalf of itself and· IndyMac 

Bank, FSB, hereby releases and forever discharges Yost and her current and 

fonner officers, directors, employees, agents, sureties, bonding companies, insurers 

(including but not limited to National Fire Insurance Company ofPitttsburgh PA 

and Chartis Claims, Inc.), attorneys, subsidiaries, predecessors, related companies, 

parent companies, successors, assigns and affiliates, of and from any and all 

claims, and demands ofevery kind and nature, in law, equity or otherwise, known 

and unknown, suspected and unsuspected, disclosed and undisclosed, for damages 

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actual and consequential, attorneys' fees and costs, past, present and future, arising 

out of the claims set forth in the Action, except as expressly reserved in Paragraph 

6, below. 

6. Express Reservations from Release by Plaintiff. Notwithstanding any 

other provision contained herein, by·this Agreement, Plaintiff does not release, and 

expressly preserves fully and to the same extent as ifthe Agreement had not been 

executed (a) any claims or causes of action that do not arise from or relate to 

(i) loans issued by IndyMac Bank, F.S.B., (ii) the Property, or (iii) the facts, 

occurrences and transactions alleged in the Action; (b) any claims brought on 

behalf of another failed institution or another governmental entity; or (c) any 

claims arising from the closing ofthe Loans against any other transaction 

participant concerning the Loans, including, but not limited to, Mary Cherylynn 

Nicanor. This Agreement does not waive or release any claim Plaintiffmay have 

relating to or arising from any loans issued by lending institutions other than 

IndyMac Bank, F.S.B. In addition, this Agreement does not purport to waive, nor 

is it intended to waive, any claims which could be brought by the United States 

through either the Department ofJustice, the United States Attorney's Office, or 

any other federal judicial district, including any rights, if appropriate, to court 

ordered restitution pursuant to the relevant provisions of the Victim and Witness 

Protection Act, 18 U.S.C. § 3663, et seq. 

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7. No Admission of Liability. Plaintiff acknowledges that this 

Agreement does not constitute an admission by Defendant as to the merits of any 

claim that the FDIC or its predecessors in interest, including lndyMac, has 

asserted, or could have asserted, in the Action and that Defendant has denied and 

continues to deny that Defendant has any liability to Plaintiff as alleged in the 

Action. Likewise, Defendant acknowledges that this Agreement does not 

constitute an admission by Plaintiff that any asserted claim is or was in any way 

lacking in merit, and Defendant also acknowledges that this Agreement does not 

constitute an admission by Plaintiff as to the merits of any claim that Defendant 

has asserted, or could have asserted, in the Action. Nevertheless, Plaintiff and 

Defendant have concluded that continued litigation would be expensive and 

protracted and that it is desirable that.the Action be settled fully and finally as 

between Plaintiff and Defendant in the manner and upon the tenns and conditions 

set forth ·in this Agreement. 

8. Waiver under Section 1542 of California Civil Code. Subject to the 

limitations contained herein and in paragraph 6, above, the releases as set forth in 

paragraphs 5 and 7 are intended by the Parties to be read and interpreted as broadly 

as possible to affect the releases set forth therein regardless of whether the claims 

.are presently known or unknown to the Parties. This agreement is made by the 

Plaintiff and Defendant freely and with independent legal advice and counsel, and 

Page 5 ofl6 
Plaintiffand Defendant are fully aware of the provisions ofSection 1542 ofthe 

Civil Code ofthe State of California, which reads 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." 

However, this is a limited release and not a general release and is only intended to 

release those claims as specifically identified in paragraphs 5 through 7 of the 

Agreement and is specifically limited by the limitations contained in those 

paragraphs. Nevertheless, to the extent Civil Code section 1542 (as well as any 

other or successor law of similar effect) applies to the Agreement, Plaintiff and 

Defendant waive any rights, benefits and protections they may have under section 

Civil Code 1542 to the extent necessary to effectuate the Releases set forth herein 

in paragraphs 5 through 7, inclusive, of this Agreement. 

9. Representations and Warranties. The Parties represent and warrant to 

and agree with each other as follows: 

a. 	 Plaintiff and Defendant have received independent legal advice 

from attorneys of their choice with respect to the advisability of 

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entering into this Agreement and ofgiving the releases 

provided herein. 

b. 	 In connection with the execution ofthis Agreement and the 

making of the settlement provided for herein, no Party to this 

Agreement has relied upon any statement, representation or 

promise of any other Party not expressly contained herein. 

c. 	 This Agreement is fully integrated and contains the entire 

agreement of the Parties hereto. There are no agreements or 

understandings between the Parties hereto relating to the 

matters and releases referred to in this Agreement other than as 

set forth in this Agreement, and this Agreement supersedes and 

replaces any and all prior negotiations and agreements between 

the Parties hereto, whether written or oral. 

d. 	 Plaintiff and Defendant have made such investigation ofthe 

facts pertaining to the releases contained herein as they deem 

necessary. 

e. 	 The terms ofthis Agreement are contractual and are the result 

of negotiation among the Parties. Each Party has cooperated in 

the drafting and preparation of this Agreement. Hence, in any 

construction to be made ofthis Agreement, the role ofthe Party 

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in drafting and preparation ofthe Agreement shall not be 

referred to in order to construe the Agreement against that 

Party, and that canon of contractual interpretation shall not be 

applied. 

f. 	 This Agreement has been carefully read by each of the Parties 

and the contents thereof are known and understood by each of 

the Parties. This Agreement is signed freely by each Party 

executing it. 

g. 	 The Parties have not assigned or transferred any oftheir claims 

being released herein. 

l0. Consideration. The consideration received in connection with this 

Agreement is fair, adequate and substantial and consists only ofthe tenns set forth 

in this Agreement. 

11. Modifications. This Agreement may not be amended, canceled, 

revoked or otherwise modified except by written agreement subscribed by all of 

the Parties to be charged with such modification. 

12. Agreement Binding on Successors and Assigns. This Agreement shall 

be binding upon, and shall inure to the benefit of, the Parties hereto and their 

respective officers, directors, joint venturers, partners, employees, agents, servants, 

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

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13. Applicable Law. This Agreement has been negotiated and exchanged 

in the State of California. As such, this Agreement and all matters relating thereto 

shall be governed by the laws ofthe State ofCalifornia without regard to its 

principles ofconflicts of law. ln addition, in the event of any disputes arising 

between the Parties out of this Agreement, the Parties agree that the exclusive 

venue in which all disputes shall be resolved shall be by way ofan action filed in 

the United States District Court for the Central District ofCalifornia. 

14. Execution and Delivery Required -Effective Date. This instrument 

shall not be considered to be the Agreement (defined above) or an enforceable 

contract, nor shall it create any obligation whatsoever on the part ofany or all of 

the Parties, nor shall it or any ofits terms constitute an undertaking by any of the 

Parties unless and until the date on which counterparts of it have been signed by 

and exchanged amongst all Parties (via facsimile, e-mail or otherwise) (the 

"Effective Date"). Until the Effective Date, any Party who may already have 

signed and exchanged one or more counterparts of this agreement with other 

Parties shall have the right to revoke such signature. On the Effective Date, this 

instrument shall become the Agreement and shall become a binding and 

enforceable contract. 

I5. Counterparts. This Agreement may be executed in one or more 

counterparts, each of which when executed and delivered shall be an original, and 

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all ofwhich when executed shall constitute one and the same instrument. 

Signatures on this Agreement, or any counterpart of this Agreement, transmitted by 

facsimile machine or electronic mail in pdf format shall have the same force and 

effect as original signatures. 

16. Construction. Each of the masculine, feminine and neuter genders 

shall include the others. The singular shall include the plural and vice-versa. 

17. Severability. In the event any provision of this Agreement shall be 

held to be void, voidable or unenforceable, the remaining provisions shall remain 

in full force and effect. 

18. Warranty of Authority. Each Party or attorney whose signature is 

affixed hereto in a representative capacity represents and warrants that he or she is 

authorized to execute this agreement on behalf of and to bind the entity on whose 

behalf his or her signature is affixed and that he or she is acting in the scope of 

such agency and authority. Each Party specifically represents and warrants that no 

signatures other than those made on this Agreement are necessary to bind the 

Parties to all of the obligations imposed by the Agreement. 

19. Attorneys' Fees and Costs. Plaintiff and Defendant each agree to pay 

their own costs, attorneys' fees and expenses incurred in connection with the 

Action. 

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20. Captions and Headings. The captions, paragraph numbers and 

paragraph headings appearing in this Agreement are inserted only as a matter of 

convenience and in no way define, limit, construe or describe the scope or intent of 

this agreement, nor in any way affect this Agreement. 

21. Notices. Any notice required under this Agreement shall be in writing 

and shall be sent via both e-mail and either by (i) hand delivery or certified or 

registered mail, postage prepaid, with retum receipt requested, or (ii) fax, with a 

conformed copy by US Mail, postage prepaid, and with such writing to be 

addressed to the Parties as follows: 

(b)(6) 

-

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

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

Person To Receive Notice Notification Information 

Defendant Christine K. Yost 

- -­ - - --­ --­

With a copy to: 

-­ ----­

- - - - - ·­

·­

_ 

----

Ari L. Markow, Esq. 

Spile, Leff & Goor, LLP 

1650 I Ventura Blvd., Suite 610 

Enci to. CA 91436 

Tel:_ - --­

Fax: I

Email 

Page 11 of 16 
Person To Receive Notice Notification Information 

Plaintiff Dana J. Clausen, Esq. 

Mortgage Recovery Law Group 

700 N. Brand Blvd., Suite 830 

Glendalt: CA 921 03 

Tel. No.: -­ --­ - -­

Fax No· -­ ----­ -

With a copy to 

Email:jMaurice Wainer, Esq. 

I 

Snipper, Wainer & Markoff 

270 N. Canon Drive, Penthouse 

Beverly Hills CA 90210 

Tel. No: 

Fax No: -­

- - -­ - ----­ - ---­ ------ Email:! __ - - - I 

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

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

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

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

The above addresses may be changed by any Party as to such Party by providing 

the other Parties notice of any address change in the same manner as is provided 

above, and which change shall be effective as to any Party upon receipt of written 

notice from the other Party. In the event that written notice, demand, or request is 

made as provided in this paragraph, that writing shall be deemed to have been 

received by the Party to whom it was addressed on the earliest of (i) the date that 

the notice was hand delivered, (ii) the date the notice was sent via facsimile (so 

long as a facsimile transmittal confirmation sheet is contemporaneously generated 

by the facsimile machine from which the transmission occurred), or (iii) three days 

after properly addressed notice was deposited with the U.S. Postal Service, 

applicable postage prepaid. 

Page 12 of 16 
22. Remedies. All Parties shall be entitled to all remedies available at law 

or in equity for any violation of this Agreement, including, but not limited to the 

remedy of specific performance. 

23. Further Assurances. The Parties shall execute such other documents 

as may be reasonably necessary to carry out the terms and conditions ofthis 

Agreement. 

24. Survival. All wan·anties, representations, covenants, and agreements 

set forth herein shall survive the Effective Date. 

25. Compliance Dates. In the event that any date specified in this 

Agreement shall be on a Saturday, Sunday, or a nationally-declared holiday, then 

the date so specified shall be deemed to be the next business day following such 

date, and compliance by such business day hereunder shall not be deemed a default 

by either ofthe Parties under this Agreement. 

26. Waiver. The waiver by one Party of the perfonnance of any covenant 

or condition herein shall not invalidate this Agreement, nor shall it be considered 

to be a waiver by such Party of any other covenant or condition or ofany later 

instance of the previously waived covenant or condition. The waiver by any 

Parties of the time for performing any act shall not constitute a waiver at the time 

for perfonning any other act or an identical act required to be perfonned at a later 

time. 

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27. Entire Agreement. This Agreement contains the complete agreement 

of the Parties concerning the subjects ofthis Agreement and supersedes all prior 

drafts ofthis Agreement and all other prior agreements, promises, 

acknowledgements, representations and warranties, if any, that may have been 

made between or among the Parties concerning that subject of this Agreement, 

whether in connection with the negotiation of this Agreement or otherwise. This 

Agreement has been the product of negotiation. The Parties have had the 

opportunity to obtain independent advice from counsel. Prior draft documents 

were prepared, exchanged and discussed by some or all of the Parties before finally 

reaching and entering into this Agreement. In any number of instances, words 

used in prior drafts may have been changed or removed from the language 

ultimately agreed to in this Agreement. In the event of a dispute over the meaning 

of any of the provisions or requirements ofthis Agreement, the fact that other 

words may have been used or deleted from earlier draft documents or provisions in 

such draft documents that were modified before being included herein, shall not be 

used to aid in the construction of the meaning and legal effect ofthis Agreement. 

This Agreement may not be modified or changed except by a written instrument 

executed by all of the Parties and no rights under it may be waived except by a 

writing signed by the waiving Party. No promises, representations, warranties, 

agreements or other understandings exist between the parties with respect to the 

Page 14 of 16 
----------------------------

subject matter ofthis Agreement, and this Agreement supersedes and discharges 

any and all prior promises, acknowledgements, representations, warranties, 

agreements or other understandings that existed or may have existed between the 

Parties. 

lN WITNESS WHEREOF, the Parties hereto have executed this Agreement 

on the dates set forth below. 

FEDERAL DEPOSIT INSURANCE 

CORPORATION, AS RECEIVER FOR 

INDYMAC BANK, F.S.B. 

(b)(6) 

Dated: April 1.2.., 2012 By:lc.______ jt---­

Its: C c2 rl U S'c 

CHRISTINE K. YOST, an individual doing 

business as YOST APPRAISAL 

Dated: April __, 2012 By: 

Christine K. Yost 

APPROVED AS TO FORM: 

MORTGAGE RECOVERY LAW GROUP, 

LLP 

(b)(6) 

Dated: April~. 2012 

sen 

or Plaintiff Federal Deposit 

Insurance Corporation, as Receiver for 

IndyMac Bank, F.S.B. 

Page 15of16 
subject matter ofthis Agreement, and this Agreement supersedes and discharges 

any and all prior promises, acknowledgements, repres.entations, wammtie~, 

agreements or other understandings that existed.or may have existed between the 

Parties. 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement 

on the dates set. forth below .. 

.·· 	 'FEDERAL DEPOSIT INSURANCE 

CORPORATION, AS RECEIVER FOR 

INDYMAC B~:F.S.B. 

Dated; April__, 2012 

~~=~~~~--~~~~~~---

CHRISTINE K. YOST~ an individual doing 

business a~ YOST APPRAISAL . 

(b)(6) 

Dated: April .I ~·, 20l2 Byj /~'K:Yo~ ..•• ! (b)(6) 

~,_.-):'/' 

APPROVED AS TO FORM: 

MORTGAGE RECOVERY LAW GROUP, 

LLP 

Dated: April-.---' 2012 By: ~--~~------------------ DanaJ. Clausen 

Attorney for Plaintiff Federal Deposit 

Insurance Corjloration, as Receiver for 

r.I 	 fudyMac Bank, F.S.B. 

Page 1Sofl6 
,--------­

. ' ' 

f·· 

SPILE, LEFF &GOOR, LLP 


(b)(6) 1 

f 

Dated: April ftu 2012 

ri . Markow (bJ(GJ 

........--:-::=--:--o----!
 Attorney for Defendant Christine K. 

Yost, an individual doing business as 

Yost Appraisal 

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