SETTLEMENT AND RELEASE AGREEMENT 

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 Inter Savings Bank, 

fsb d/b/a Inter Bank, fsb of Maple Grove, Minnesota ("FDIC-R"), and Jason M. Schmidt and 

Aspen Appraisals, LLC ( collectively the "Settling Defendants"), (individually, the FDIC-Rand 

the Settling Defendants may be referred to herein as "Party" and collectively as the "Parties"). 

RECITALS 

WHEREAS: 

Prior to April 27, 2012, Inter Savings Bank, fsb d/b/a Inter Bank, fsb of Maple Grove, 

1.1innesota ("Bank") was a depository institution organized and existing under the laws of the 

United States; 

On April 27, 2012, the Office of the Comptroller of the Currency 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 of the Bank, including those with respect to its assets. 

Among the assets to which the FDIC-R succeeded \Vere the Bank's claims against 

Settling Defendants for the appraisal services Settling Defendants performed for a different 

entity; 

On July 28, 2011, the Bank filed a complaint for money damages against the Settling 

Defendants. FDIC-R was substituted as the Receiver for InterBank. Those claims for damages 

are now pending in the Court for Hennepin County, State of Minnesota in FDIC, as Receiver for 

Inter Savings Bankfsb dlbla InterBank,fsb v. Jason }vf Schmidt and Aspen Appraisals, LLC, 

Court File No. 27-CV-11-15518 {"Appraiser Action"). The Settling Defendants have denied 

liability in the Appraiser Action, including but not limited to that Settling Defendants provided 

appraisal services to Bank. 

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 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 I: Payment to FDIC-R 

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

calendar days following the date the FDIC-R executes this Agreement and provides the Settling 

Defendants with a W-9, the Settling Defendants,jointly and severally, agree to pay the FDIC-R 

the swn of $15,000 ("the Settlement Payment"). 

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

date detern1ined 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 to: 

1. Extend the period oftime for the Settlement Payment; or 

2. Enforce this Agreement. in which event the Settling Defendants agree to 

jurisdiction in Minnesota State District Court; or 

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

SECTION II: Stipulation and Dismissal 

Within ten business days after the latter of (1) full execution of this Agreement by all of 

the Parties, or (2) receipt of the Settlement Payment the FDIC-R shall file a stipulation of 

dismissal with prejudice, executed by the attorneys for all Parties hereto, in the form attached 

hereto as Exhibit A, in the Appraiser Action. 

SECTION III: Releases 

A. The FDIC-R's Releases. 

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

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

Defendants and their respective heirs, executors, trnstees, administrators, representatives, 

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

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causes of action, direct or indirect, in law or in equity, belonging to the FDIC-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 for the property located at 

B. The Settling Defendants· Release. 

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

Defendants, on behalf of themselves individually, and their respective heirs, executors, trustees, 

administrators, agents, representatives, attorneys, 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 

performance, nonperformance, or manner of performance of the Settling Defendants' respective 

functions, duties and actions as appraisers for the property located at 

~------~ 

C. Exceptions from Releases by FDIC-R. 

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

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 by the FDIC-R 

in this Agreement. 

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

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

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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. 

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

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

States through the Department of Justice, 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.~. if appropriate. 

SECTION IV: Waiver of Dividends and Proceeds from Litigation 

To the extent, if any, that Settling Defendants are or were shareholders of the Banlc or its 

holding company and by virtue thereof are or may be entitled to a dividend, payment, or other 

distribution upon resolution of the receivership of the Bank or proceeds in any litigation that has 

been or could be brought against the Federal Deposit Insurance Corporation in any capacity or 

against the United States based on or arising out of, in whole or in part, the closing of the Bank, 

or any alleged acts or omissions by the Federal Deposit Insurance Corporation in any capacity, 

the United States government, or any agency or department of the United States government in 

connection with the Bank, its conservatorship, or receivership, Settling Defendants hereby 

knowingly assign to the FDIC-R any and all rights, titles, and interest in and to any and all such 

dividends, payments, or other distributions, or proceeds. 

SECTION V: Representations and Acknowledgements 

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

they are Parties 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 

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undersigned Parties and their respective heirs, executors, trustees, administrators, representatives, 

successors and assigns. 

B. Advice of Counsel. 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 VI: Reasonable Cooperation 

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 Appraiser Action and to otherwise perform the 

terms of this Agreement. 

SECTION VII: Other Matters 

A. No Admission of Liabilitv. 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 except to enforce its terms. 

B. Execution in Counterparts. This Agreement may be executed in counterparts by 

one or more of the 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 of the State of Minnesota. 

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

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

Ifto tl1e FDIC-R: 

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(b )(6) 

(b )(6) 

(b )(6) 

(b )(6) 

--~Jo.hn V. Church, Esq. 

Federal Deposit Insurance Corporation. 

3501 Fairfax Drive, Room VS-B-7056 

Arlington, VA 22226-3500 

Telephone No. 703-516-1394 

AND 

Drake Metzger, Esq. 

Metzger Law Finn, LLC 

5775 Wayzata Blvd, Suite 700 

St. Louis Park, MN 55416 

Te!enhone No 952-525-2299 

If to the Settling Defendants: 

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David J. McGee, Esq. 

Thomsen & Nybeck, P.A. 

3600 American Boulevard West, Suite 400 

Bloomington, MN 55431 

Telephone No. 952-835-7000 

AND 

Jason Schmidt 

Aspen Appraisals, LLC 

800 Woodland Hills Boulevard 

Victoria, MN 55386 

Telephone No. 612-325-1647 !.__ ______ _, 

E. Entire Agreement and Amendments. 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 of its provisions be waived, except in writing signed 

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

representative( s ). 

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(b )(6) 

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

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

G. No Confidentiality. 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 VIHEREOF, the Parties hereto have caused this Agreement to be executed 

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

Date: _____ _ 

Date: _____ _ 

FEDERAL DEPOSIT INSURANCE CORPORATION AS 

RECEIVER FOR INTER SAVINGS BANK, FSB d/b/a 

INTER BA'IK, FSB 

BY' T!TL'-,~-,.,...-,c-,,-,-; .. ,:.,.,-/-----~ 

PRINTNAY!E: jJ r,;vJ Clv<-L,l 

JASON M, SCHMIDT 

ASPEN APPRAJSALS, LLC 

BY: -----------

TITLE: --------

PRINT NAME: 

[The remainder of this page intentionally left blank.] 

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(b )(6) 

(b )(6) 

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

are for convenience only and shall not affect the intel'J)retation of this Agreement. 

G. No Confidentiality. The undersigned Parties acknowledge that this Agreement 

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

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

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be exocuted 

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

Date: -----

Date: 11/&-IV 

FEDERAL DEPOSIT INSURANCE CORPORATION AS 

RECEIVER FOR INTER SAVINGS BANK, FSB d/b/a 

INTER BANK, FSB 

BY: _________ _ 

mLE: ______ _ 

PRINT NAME: ____ _ 

J ON M. SCHMIDT 

BY:~~---~~---~ 

TITLE: Ow~ r ,u,[.{(' 

PRINTNAME:1~~lltlSC.~ MI ti--t-

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