SETTLEMENT AND RELEASE AGREEMENT 

TillS SEITLEMENT AND RELEASE AGREEMENT ( .. Agreement") is made and 

entered into by and between the FDIC as Conservator oflndyMac Federal Bank. FSB~ lo~ted at 

888 East Walnut Street, Pasadena, CA 91101 ("IndyMacs.), and Michael J. Greene ('iGreene"). 

Indy Mac and Greene are sometimes referred to herein individually as the "Party•• and 

collectively as the "Parties.u 

RECITALS 

WHEREAS, Indy Mac has filed claims against Greene in the action The F£deral Deposit 

Insurance Corporation, as ConservaJor of Indy Mac Federal Bank, FSB v. Michael Greene, et al. 

King County Superior Court Case No. 07~2-32560-3 SEA related to loans he obtained for certain 

residential real estate C'Claims"); 

WHEREAS, lndyMac obtained an order of default and default judgment against Greene 

in the amount of$424,477.96 plus post-judgment interest ( .. Judgment .. ); 

WHEREAS, Greene believes that there are grounds for vacating th.e default judgment 

against him; 

WHEREAS, the Parties now seek to settle the Claims as described in this Agreement. 

In consideration of the recitals listed above, the covenants and promises in this 

Agreement; and for other good and valuable consideration, the receip1 and sufficiency of which 

are here,by acknowledged, the Parties ~gree as follows: '\ 

1. INCORPORATION OF RECITALS. The Recitals are iucorporated herein by 

reference as though fully set forth herein. 

2. PAYMENT AND TERMS OF PAYlylENT. Greene shalJ pay to IndyMac a total 

of $12,000 as toUows; 

2.1 On or before April 1 S, 2009, Greene will pay $1 0~000 to Indy Mac~ 

2.2 Greene shall pay the remaining $2,000 on or before December 31, 2009; 

2.3 ALl payments under this agreement shall be postmarked by the r.espective due dates 

Listed above and made by check payable to the Larkins Vacura LLP client trust account 

and mailed to: Christopher J. Kayser. Larkins Vacura, LLP 621 SW Morrison Street, 

Suite 1450, Portland Oregon 97212 

· 3. RELEASE. Upon the fmal payment of$12,000 pursuant to the express terms 

described above in paragraph 2, IndyMac will release and discharge Greene from the Claims 

which were brought or could have been brought, whe1her known or unknown or suspected to 

exist related to the Claims. After receiving the final payment under the tenns of this agreement, 

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Indy Mac will within two weeks consent to a motion for and/or stipulate to an order vacating the 

default order and default judgment entered against Greene in the above-referenced matter AND 

stipulate to the dismissal of said action against Greene with prejudice and without costs to any 

party. Mr. Greene will prepare and file the required documents. 

4. EVENT OF DEFAULT. Time is of the essence with respect to Greene's 

performance of its obligations under this Agreement and Greene shall be deemed in default if it 

fails to make timeJy payment of any of its obligations under this Agreement. 

5. @MEDIES. In the event that Greene is in default of any of his obligations Wlder 

this Agreement. and such default is not cured within five days of the default, the entire remaining 

unpaid amount owing under the Judgment will become immediately due and payabte to lndyMac 

by Greene and Indy Mac will have the right to pursue any and all remedies to collect the 

Judgment. In addition, in the event Indy Mac makes any attempt to colle<:t the judgment by 

virtue of Greene's default. Greene agrees be wiU not challenge the validity of the Judgment or 

otherwise seek to have it vacated. In the event of defau1t, IndyMac shall be entitled to collect 

attorney fees and costs incurred in collection, regardless of whether jt institutes fonnat legal 

proceedings to enforce its right to payment under this Agreement. 

6. LEGAL ADVICE. The Parties acknowledge that they have sought and obtained 

independent legal advice, to the extent they deemed necessary, prior to the execution of this 

AgTeement. Further, the Parties acknowledge that they have read this Agreement in its entirety, 

understand fully its consequences. and agree freely and voluntarily with its contents prior to the 

execution of this Agreement. 

7. BINDING EFFEGI. This Agreement shall be binding upon and inure to the 

benefit of the parties beretoJ their respective heirs, legal representatives, successors and assigns. 

Each party .hereto and the persons, signing below warrant that the person signing below on such 

party's behalfis authorized to do So and to bind sucli party to the tenns of this Agreement. 

8. CONSTRUCTION. The Parties to this Agreement have had the opportunity to 

read, negotiat~ review and present this Agreement to counsel of their own choosing and agree 

that any rule of construction to the effect that ambiguities are to be resolved against the drafting 

Party, sbaJJ not apply to the interpretation of this Agreement. This Agreement shall be construed 

as a whole in accordance with its fair meaning and in accordance with the laws of the United 

States of America~ and to the extent that state law would apply under applicable federal law. the 

state of Washington. The language of this Agreement shall not be construed for or against any 

particular Party. 

9. SEPARATE COUNTERPARTS. This Agreement may be executed in one or 

more counterparts. each of which shall be deemed an original document, and all of which, when 

taken together. shall be deemed to constitute a single document Fax signatures and 

electronically transmitted signatures (for example~ pdffiles) shall constitute original signatures 

fo.r the purpose of this Agreement. 

10. DISPUTED CLAIM. This Agreement represents a compromise of a disputed 

chrlm. Liability for the Claims is expressly denied by Greene. The acceptance of thjs 

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Agreement shall not operate as an admission of liability on the part of Greene~ nor as an 

estoppel, waiver, or bar with respect to any claims Greene may have against third parties. 

IN WITNESS WHEREOF, the undersigned have executed this Settlement and Release 

Agreement. 

Michael J. Greene 

(b)(6) ·l·-

Date: /"<-7. ]-; 01 

(b )(6) . " ........ : ............................. J-·- -· 

W1tness: . 

A~n~d~re-a~K~a-00----------~ 

Legal Assistant 

Moran Windes& Wong 

Seattle, W A 98107 

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The Federal Deposit Insurance Corporation, 

as Conservator for lndyMac Federal Bank, 

::~~ I' l ::.:::= (b)(6) 

Printed Name: --'J'"'"gq"':'=ac;;..:i~o.....;Go;;;...:;.;.:m=ez=---­ Vice President 

Title: --------

Date: QB - (!) tJ..::..Il.-<J.. ........... __