SETTLEMENT AGREKMJt:NT 

THIS SETTLEMENT AGREEMENT ("Settlement Agreement") is entered into 

and made effective as of the ___day of December 20 II ("Effective Date"), by and 

between FEDERAL DEPOSIT rNSURANCE CORPORATION as Receiver for 

INDYMAC BANK, F.S.B. ("FDIC) ond BARREIT VALUATION CORPORATION 

and BARRY CORlNDIA (collectively "CORINDIA"). The FDIC and CORINDIA may 

hereinafter be referred to individually as a "Party" or collectively as the "Parties". 

1. RECITALS 

1.1 On or about February 8, 20 II, the FDIC filed a lawsuit entitled FEDERAL 

DEPOSIT INSURANCE CORPORATION as Receiver for JNDYMAC BANK, F.S.B. vs. 

BARRE7T VALUA110NCORPORATJON. a California cmporation; BARRY 

CO RIND/A, an individual; and Cf}vfARRON COVA~ type ofentity unknown, Cuse No. 

EDCVII-0245-JAK (OPx) (hereinafter "Action"). · 

1.2 The Action alleged that on or about October I I, 2007, CORINDIA 

prepared an Appraisal for mortgage lending purposes of the real property located at 

31481 Calle Amigos, Cathedral City, California in the Cimarron Cove development 

("Proper1y"). CORrNDIA's Appraisal valued the Property at $670,000 as of October 5, 

2007. The Appraisal was submitted to IndyMac Bank, FSH for the purpose offacititating 

the mortgage finance transaction. The FDIC alleges the Appraisal was inadequate and 

misrepresented the value of the subject property. 

I.3 The Action alleged that non-party L W Premier and/or Loomis brought 

buyers to CIMARRON COVE, LLC to purchase the real property located at 31481 Calle 

1\.migos, Cathedral City, CA in the Cimarron Cove development at an artificially inflated 

sales price to order generate a kickback to LW Premier and/or Loomis. At closing, 

CIMARRON COVE, l.LC credited back to LW Premier/Loomis a "marketing fee" which 

was essentially the difference between the true value of the property and the artificially 

inflated sales price- approximately $193,000. The FDIC sued CIMARRON COVE, 

LLC for aiding and abetting fraud. 

1.4 CORrNDIA disputes and denies the FDIC's claims in the Action. 

1.5 The Purties desire and have agreed to settle nil claims relating to tht: 

Action. 

2. AGREKI.,IENT 

NOW, THEREFORE, in consideration of the mutual covcn~nts and promises 5el 

forth hcrcirt, and for other good and valu~ble consideration, the receipt and sufficiency of 

which are hereby acknowledged by the Parties, the Parties, imcnding to be legally bound, 

agree as follows: 

?2l877 I 
SEHLEMENT AGREEMENT 

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2.1 Recitals. The Recitals sd forth above are incorporated into the body of 

this Settlement Agrt:ement as though fully set forth herein. 

2.2 Payment to the FDIC by BARRY CORINDIA. Payment ofOne 

Hundred Forty Thou9and Dollars and no/cents ($140,000.00) shall be paid on behalf of 

CORTNDIA to the FDIC. Payment shall be made on or before February 15,2012. 

Payment shall be made by wire transfer marie ryable to Mortgage Recoycrv l.aw Group (b)(4) (b)(4) .. Trust Account, Account Number1 -... -- _Routing Number: I -- -.._Reference:--

Corindia Settlement. 

2.3 Within 5 business days of the FDIC's counsel's receipt of the settlement 


funds, the FDIC shall file a stipulation for dismissal of the Action with prejudice as to 


CORINDlA. . 


2.4 The Parties shall bear their own costs and attorneys' fees incurred in the 


Action. 


2.5 Each Party agrees that Section 664.6 of the Code of Civil Procedure of !he 

State of California shall apply to this Settlement Agreement and requests that the court 

retain jurisdiction over the Parties to enforce this Settlement Agreement. 

3. RELEASE 

3.1 Known and Unknown Claims. The Parties acknowledge and agree that 

the release they give to each other upon executing this Settlement 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 they may have against each other arising from or in conjunction with the Action or 

relating, in any way to the Appraisal. 

3.2 The Parties hereby expressly waive application of California Civil Code 

§154? as it relates to the Action. The Parties certify that they have read and understood 

the following provisions of California Civil Code §1542 which states in pertinent part ns 

follows: 

A general release does not extend to claims which the 

creditor docs not know or suspect to exist in his or her 

favor at the time of executing the release, which if known 

b>' him or her must have materially affected his or her 

settlement with !he debtor. 

3.3 The Parties understand and acknowledge that the significance and 

consequence of their waiver of California Civil Code §1542 is that even if either Par1y 

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SETTLEMENT AGREEMENT 

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should eventually sutTer additional damages arising from or in conjunction with the 

Action relating to the Appraisal or any facts or circumstances related to the Action 

relating to the Appraisal, that Party will not be able to make any claim against any other 

Party for those damages. Furthermore, each Party acknowledges that they consciously 

intend these consequences even as to claims for damages that may exist as of the date of 

this release relating to the Action, but which that Party does not know exists, and which, 

if known, would materially atlect 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. 

3.4 Except for the rights, duties, and obligations set forth in this Settlement 

Agreement, the Parties each hereby fully, finally, and forever release and discharge the 

other Parties, and any and all of its respective, employees, brokers, investors, members, 

partners, joint venturers, independent contractors, attorneys, accountants, insurers, agents, 

investors, representatives, onicers, directors, and any corporation, partnership or limited 

liability company which was or is at any time the parent or wholly owned subsidiary of 

such entity, and any such corporation's, partnership's or limited liability company's 

officers, directors, employees and/or agents, or any corporation, partnership or limited 

liability company which was or is an affiliate of such entity by virtue of common 

ownership or control, and any such corporation's, partnership's or limited liability 

company's, officers, directors, employees and/or agents of and from any and all actions, 

causes of action, claims, demands, damages, debts, losses, costs, expenses, attorney fees 

or other liabilities of every kind and nature whatsoever, whether legal or equitable and 

whether known or unknown, arising out of, resulting from, or relating to, in any manner, 

to any damages, loss, or liability arising from or in conjunction with the Action relating 

to the Appraisal. 

3.S Notwithstanding any other provision of this Settlement Agreement, the 

FDIC does not release, and expressly preserves fully and to the same extent as if the 

Settlement Agreement had not been executed any claims against CORINDJA arising out 

of uny other tronsactions or appraisals (other than set 1\)rth in the Action) and arising out 

of any other existing or failed timmcial institutions other than 11\0YMAC BANK, F.S.B. 

3.6 Notwithstanding any other provision, by this Settlement Agreement, the 

FDIC docs not release, and expressly preserves fully and to the same extent as if the 

Settlement Agreement had not been executed, any action taken hy any other federal 

agency. In addition, this Settlement 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 judicial 

district. In addition, the FDIC specifically reserves the right to seek court onlcn:d 

restitution pursuant to the relevant provisions of the Victim and Witness Protection Act, 

18 U.S.C. § 3663, et seq., if appropriate. 

!111877.1 
SETTLEMENT AGREEMENT 


Puge 4 on 


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4. MISCELLANEOUS 

4.1 Conditions of Execution. Each Party acknowledges and warrants that its 

execution of this Settlement Agreement is free und voluntary. 

4.2 No Admission. It is agreed that no Party hereto admits liability or 

wrongdoing of any nature, and that this Settlement Agreement is made as a compromise 

ofdisputed claims. 

4.3 Fair Menning. The Parties hereto further agree that the language ofall 

parts of this Settlement Agreement shall in all c2ses be construed as a whole, nccording to 

its fair meaning, and not strictly for or against any of the Parties. 

4.4 Governing Law. The Parties agree to submit to the Courts of the City 


and County of Los Angeles, California, for any dispute arising out of this Settlement 


Agreement, or related thereto, and consent to the jurisdiction of said Courts and further 


agree that any and all matters of dispute shall be adjudicated, governed and controlled 


under California law. 


4.5 Attorneys Fees and Costs. Should any action be commenced to enforce, 

interpret, or seck damages, injunctive relief: or specific performance for violation of this 

Settlement Agreement, the prevailing party shall, in addition to any other available relief, 

be entitled to an award of reasonable attorney's fees and litigation expenses incurred in 

the prosecution or defense of the action, including any appeal. 

4.6 Severability. The Parties hereto agree that if any provision of this 

Settlement Agreement is declared by any court to be illegal or invalid, the validity of the 

remaining parts, tenns or provisions shall not be affected thereby, and such illegal or 

invalid part, term or provision shall he deemed not to be part of this Settlement 

Agreement. 

4.7 Dioding Effect. This Settlement Agreement shall be binding upon and 

inure to the be.nefit of the Parties and their respective heirs, personal representatives, 

successors, and assigns. 

4.8 Review and Understanding. The Parties have entered into this 

Settlement Agreement voluntarily, having fully read and fully understood the meaning 

and effect of all of its terms and provisions, and fully understanding its and their costs 

and risks. Ench of the Parties has consulted with legal counsel concerning thi; Senlcmcnt 

Agreement and has conducted such inquiry as they deem necc.'isary and advisable prior to 

entering into this Settlement Agreement. The Parties enter into this Settlement 

Agreement understanding that facts or other circumstances may exist which are presently 

unknown or undisclosed, or which are different from or other than those which they 

922S77.1 5662-099 
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SETTLEMENT AGREEMENT 


PageS or? 


believe to be the case, and the Parties voluntarily ussume all risks attendant to su~h 

unknown, undisclosed, different, or additional facts or other circumstances. 


4.9 Number. Whenever applicable, the singular shall include the plural, and 

the plural shall include the singular. 

4.10 Counterparts/Execution. This Settlement Agreement may be executed 

in one or more counterparts, all of which shall form a single agreement. A Party's 

signature 011 this Settlement Agreement by facsimile or e-mail shall be valid and effective 

for all purposes as an original signature, provided, however, that the original signature 

shall be produced upon request. 

4.11 Waiver. No term or condition of this Settlement Agreement shall be 

deemed to have been waived, nor shall there be an estoppel against the enforcement of 

any provision of this Settlement Agreement , except by written instruments signed by the 

Party charged with the waiver or estoppel. No written waiver shall be.dt:cmed a 

continuing waiver unless specifically stated therein, and the written waiver shall operate 

only as to the specific term or condition waived, and not for the future or as to any other 

act than that specifically waived. 

4.12 Headings. The headings of paragraphs herein are intended solely for the 

convenience of reference and shall not control the meaning or interpretation of any of the 

provisions of this Settlement Agreement. 

4.13 Subsequent Agreements. The Parties agree that, upon the reasonable 

request of the other Pm1y, they shall execute, acknowledge, and deliver any additional 

instruments or documents that may reasonably be required to catTy out the intentions of 

this Settlement Agreement, including such instruments ns may be required by the laws of 

any jurisdiction, now in effect or hcrcinaticr enacted, that may affcc.t the rights of the 

Parties as between themselves or others with respect to their rights and obligations 

created by this Settlement Agreement. 

4.14 No Administrative Grievances. In executing this Agreement, each of the 

Parties warrants that it will not initiate nor cause to be initiated any action or proceeding 

pertaining to or concerning the appraisal licenses of Corindia and/or uny of its agt:nt!i or 

employees, which arises our of or relates, in whole or in part, lo the claims, demands, 

causes of action, chases in llclion, or matters relating to or arising out oft.he Action or 

Corindia's appraisal of the Property. 

4.15 Entire Agt·eemcnt. The Parties f1creto further agree and promise that this 

Settlement Agreement sets forth tht: entire agrccm~nt between and among the Pnrties and 

fully supersedes any and all prior negotiations, agreements or undl:rstandings made 

~662-099 
SETfLElvlENT _I\GREe1ENT 

Page 6 of7 

between or among the P~rties. This Settlement Agreement shall not be modified except 

in a writing signed by the Parties or their authorized representatives. 

lN WITNESS WHEREOF, and intending to be legally bound hereby, the P11rties 

have executed this Settlement Agreement as ofthe date set torrh in the opening paragraph 

of rhis Settlement Agreement. 

DATED: Jan\lary ___!_!___, 2012 MANNING & KASS, ELLROD, RAMIREZ, 

APPROVED AS TO FORM TRESTERLLP 

(b)(6) JL-~~=---~P~e~te-r~R~u-s~ti-n~--------------------

Attotneys for Defendant, 

BARRYCORINDIA 

(b)(6) 

DATED: January /h , 2012 

DATFD: .Tanuarv __ Li.7,_____ 2012 

(b)(6) t~-E~ VALUATlOMCORPO~<TIOrl----­

~-~rt. ,{~o,-·, ;-~de._ j_o,_4 ;J;-:>c.--C 

1ypaiPn 1t _I-.,· ame and I ul.: 

.~662-099 
SETTLEMENT AGREEMENT 

Page 7 of 'I 

DATED: January E. 20 12 

APPROVED AS TO FORM 

DATED: January _l_'i__, 2012 

?11KJ11 

MORTGAGE RECOVERY LAW GROUP 

(b)(6) 

Attorneys for Plaintiff, 


FEDERAL DEPOSIT INSURANCE CORPORATION 


as Receiver for INDYMAC BANK, P.S.B. 


FEDERAL DEPOSIT INSURANCE CORPORATION 


as Receiver for INDYMAC BANK, F.S.B. 


(b)(6) 

By: ~~---,-----------'"--ul--­ Signall/re 

5662·099