(b)(2i 

D 

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RELEASEANDSETTLEMENTAGREEMENT 

This Release and Settlement A~eement ("Agreem~nt") is entered into this ~Ltlay of 

-"O::::.-..l,,_,:..,_,_·\..lo!b_,.~._.e"'-'ll:.J,..-__ ,, 2009, by and between the Federal Deposit Insurance Corporation, as 

Receiver for IndyMac Federal Bank, FSB ("FDIC'), Extol Mortgage Services, Inc. ("Exto"f'), · 

John W.- Reiher ("Reiher"), Yuri R. Antanovich ("Ant~novich"), and Appraisal Dynamics, 

Incorporated ("Appraisal Dynamics"), with respect to the claims made in the· case captioned 

Federal Deposit Insurance Corporation, as Receiver for IndyMac Federal Bank, FSB v. 

Antanovich, et al., United States District Court for the Northern District of illinois, Case No. 09-

CV -2395 (the "Litigation"). 

RECITALS 

WHEREAS, IndyMac Bank, F.S.B ("lndJIMac") purchased from Extol mortgage loans 

secured by the property located at 2535 W. Chicago Ave., Unit 2, Chicago, Illinois (the 

"Property"); 

WHEREAS, Extol entered into a contract with lndyMac relating to Extol's submission of 

mortgage loans to IndyMac (the "Contract") and Reiher ~xecuted a personal guaranty regarding 

the obligations of Extol under the. Contract (the "Guaranty"); 

WHEREAS, FDIC asserted claims in the Litigation against Extol and Reiher based on the 

Contract and Guaranty; 

WHEREAS, Antanovich perfonned an appraisal of the Property in the name of Appraisal 

Dynamics (the "Appraisal"); 

WHEREAS, FDIC asserted claims in the Litigation against Antanovich and Appraisal 

Dynamics based on the Appraisal; 

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· WHEREAS, FDIC owned the Propertj as of September 9, 2009; 

WHEREAS, Antanovich, Appraisal Dynamics, Extol, and Reiher expressly deny any 

liability relating to the asserted claims in the Litigation; and 

WHEREAS, to avoid any further expense of litigation, the parties voluntarily enter into 

this Agreement. 

In consideration of the above and for such other good and valuable consideration, the 

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

conditions contained herein, the parties agree as follows: 

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

part of this Agreement. 

2. Release. For and in consideration of the total payment of $92,500 (Ninety Two 

Thousand Five Hundred Dollars) to be payable to "RJ Landau Partners PLLC, Attorneys for 

Federal Deposit Insurance Corporation" within 30 days of execution of this Agreement by Reiher 

and Extol, and in consideration of the terms and conditions of this Agreement, FDIC, its 

successors and assigns, does absolutely and unconditionally release Extol and Reiher, and their 

officers, directors, shareholders, insurers, employees, owners, agents, affiliates, successors, 

estates, heirs, insurance carriers, fiduciaries, and assigns, jointly and severally, from any and all 

· claims or causes of action raised in the Litigation by FDIC. 

For and in consideration of the total payment of $92,500 (Ninety Two Thousand Five 

Hundred Dollars) to be payable to the client trust account ofRJ Landau Partners PLLC within 30 

days of execution of this Agreement by Appraisal Dynamics, and in consideration of the terms 

and conditions of this Agreement, FDIC, its successors· and assigns, does absolutely and 

unconditionally release Antanovich and Appraisal Dynamics and their officers, directors, 

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Page 26 

shareholders, insurers, employees, owners, agents, affiliates, successors, estates, heirs, insurance 

carriers, fiduciaries, and assigns, jointly and severally, from any and all claims or ·causes of 

action raised in the Litigation by FDIC. 

3. Express Reservation from Releases by FDIC. Notw.ithstanding any other I 

provision, by this Agreement, FDIC does not release,. and expressly preserves fully and to the 

same extent as if the Agreement had 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. In addition, this Agreement does 

not purport to waive, or intend to waive, any claims which could be brought by the United States 

through eit~er the Departmentof Justice or the United States Attorney's Office in any federal 

judicial district. 

4. Attorney's Fees and Costs. Each party shall bear its own attorney's fees and 

costs with respect to the Litigation. 

5. Press Release. FDIC "Will not issue a press release regarding the Agreement or 

the settlement of the parties as to the Litigation. 

6. Amendment. This Agreement may not be amended or modified at any time 

except by any· instrument in writing executed by all of the parties. 

7. Execution. This Agreement may be executed in two or more counterparts, each 

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

instrument. The parties·also agree that, without receiving 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 this Agreement effective. 
---------------~--------~ ---------------------------

Page 27 

8. Integrated Agreement. This Agreement sets 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 'written, between them relating to the subject matter of this 

Agreement other than those set forth herein. 

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

accordance with Illinois law (excluding any conflict of laws rule or principle that might refer the 

governance or .construction of this Agreement to the law of another jurisdiction). Nothing in this 

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

10. Severability. If any portion of this Agreement is found to be unenforceable, the 

parties desire that all oth~r portions that can be separated from the unenforceable portion or 

appropriately limited in scope shall remain fully valid and enforceable. 

11. 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 Agreement or to abide by or consummate any transactions 

contemplated by any terms. of this Agreement, except representations and warranties, if any, 

expressly set forth herein. In entering into this Agreement, the parties hereto represent that they 

have proceeded with the advice of an attorney of their own choice, that they have read the terms 

of this Agreement, that the terms of this Agreement have been completely read and explained to 

the parties by their attorney, and that those tenns are fully understood and voluntarily accepted 

by the parties. 

.. 
Page 28 

12. Authority. Each person signing this Agreement on behalf of any en tit}' warrants 

or represents that he/she has the full and complete authority to enter into this Agreement on 

behalf of that entity. 

1N WITNESS WHEREOF, the parties tci this Agreement have executed this Agreement as 

of the date indicated by each party's signature. 

Yuri Antanovich 

Date: 

Appraisals Dynamics, Incorporated 

By: 

Name: __ ~------------~------­

Title: 

Date: 

·John W. Reiher 

Date: 
----------- --------------------

Page 29 

Extol Mortgage Services, Inc. 

By: 

Name:---------'-----

Title: 

Date: 

Federal Deposit Insurance .Corporation •. as 

Receiver for Indy Mac Federal Bank, FSB 

By: I 

~--------------~ 

Name: --'-'R'--')u..c__,\!lau. o..""-v=l~S,_, .. _,G_..·!t:r.._,~._t"'-{ __ 

Title: Cct>!U-:<2--l 

Date: I 6 - \ ':l- ()Cf \1 

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