<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-004517
<TYPE>424B5
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20040412
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LENNAR CORP /NEW/
<CIK>0000920760
<ASSIGNED-SIC>1520
<IRS-NUMBER>954337490
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>424B5
<ACT>33
<FILE-NUMBER>333-65244
<FILM-NUMBER>04729205
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
<PHONE>3055594000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PACIFIC GREYSTONE CORP /DE/
<DATE-CHANGED>19940323
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>y96080bbe424b5.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE>PROSPECTUS SUPPLEMENT</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="right">
Filed Pursuant to Rule&nbsp;424(b)(5)
</DIV>

<DIV align="right">
Registration No. 333-65244
</DIV>

<DIV align="left">
PROSPECTUS SUPPLEMENT
</DIV>

<DIV align="left">
(To Prospectus dated October&nbsp;9, 2001)
</DIV>

<P align="center">
<IMG src="y96080bby9608099.gif" alt="LENNAR LOGO">

<DIV align="center">
<B><FONT size="5">$50,000,000</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="6">Lennar Corporation</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="5">Senior Floating-Rate Notes due 2009</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes offered by this prospectus supplement are in addition
to $250,000,000 aggregate principal amount of Notes we issued in
March 2004.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We pay interest on the Senior Floating-Rate Notes due 2009
quarterly on March&nbsp;19, June&nbsp;19, September&nbsp;19 and
December&nbsp;19 of each year, beginning on June&nbsp;19, 2004.
Interest on the Notes will be reset on each interest payment
date, beginning on June&nbsp;19, 2004, based on the 3 Month
LIBOR Rate plus 0.75% per year. The interest rate on the Notes
for the initial interest period, which ends on (but does not
include) June&nbsp;19, 2004, is 1.86% per year. The Notes will
mature on March&nbsp;19, 2009.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may redeem the Notes on any interest payment date on or after
March&nbsp;19, 2006, in whole or in part, as described in this
prospectus supplement under the caption &#147;Description of
Notes &#151; Redemption at Our Option.&#148; The Notes do not
have the benefit of any sinking fund. The Notes are our senior
unsecured and unsubordinated obligations and rank equally with
all of our other unsecured and unsubordinated indebtedness from
time to time outstanding. Substantially all of our subsidiaries,
other than finance company subsidiaries, will guarantee the
Notes. However, our current subsidiaries formed or acquired
after October&nbsp;9, 2001 will not become guarantors unless and
until their guarantees are registered under the Securities Act
of 1933, as amended.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Investing in the Notes involves risks. See &#147;Risk
Factors&#148; beginning on page S-5.</B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<CENTER>
<TABLE width="70%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="71%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Per Note</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Total</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Public Offering Price (1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">99.997</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,998,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting Discount
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0.500</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Proceeds to Us (before expenses)(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">99.497</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">49,748,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    Plus accrued interest from March&nbsp;19,
    2004. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined that this prospectus supplement or the
accompanying prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect the Notes will be ready for delivery only in
book-entry form through the facilities of The Depository Trust
Company on or about April&nbsp;15,
2004. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="4">Banc of America Securities LLC</FONT></B>

<P align="center">
The date of this Prospectus Supplement is April&nbsp;8, 2004.

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>You should rely only on the information contained or
incorporated by reference in this prospectus supplement and the
accompanying prospectus. We have not, and the underwriter has
not, authorized anyone to provide you with different
information. We are not, and the underwriter is not, offering
these securities in any state where the offer is not permitted.
You should not assume that the information contained in this
prospectus supplement or the accompanying prospectus is accurate
as of any date other than the date on the front of this
prospectus supplement.</B>

<!-- link1 "TABLE OF CONTENTS" -->

<P align="center">
<B>TABLE OF CONTENTS</B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="5" align="center" valign="top">
    <B><FONT size="2">Prospectus Supplement</FONT></B></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forward-Looking Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Risk Factors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio Of Earnings To Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use Of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description Of Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Underwriting
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Matters
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Independent Auditors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">S-19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="5" align="center" valign="top">
    <B><FONT size="2">Prospectus</FONT></B></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forward-Looking Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use Of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio Of Earnings To Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description Of Debt Securities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description Of Warrants
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description Of Common Stock And Preferred Shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description Of Participating Preferred Stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description Of Depositary Shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Matters
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Experts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Incorporation Of Certain Documents By Reference
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Information We File
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<!-- link1 "FORWARD-LOOKING INFORMATION" -->

<P align="center">
<B>FORWARD-LOOKING INFORMATION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Some of the statements contained in this prospectus supplement,
the accompanying prospectus and the documents incorporated by
reference in this prospectus supplement and the accompanying
prospectus are &#147;forward-looking statements&#148; as that
term is defined in the Private Securities Litigation Reform Act
of 1995. By their nature, forward-looking statements involve
risks, uncertainties and other factors that may cause actual
results to differ materially from those which the statements
anticipate. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They contain words such as &#147;anticipate,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148;
&#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148;
&#147;may,&#148; &#147;can,&#148; &#147;could,&#148;
&#147;might,&#148; &#147;guidance,&#148; &#147;goal,&#148;
&#147;visibility,&#148; and other words or phrases of similar
meaning in connection with any discussion of future operating or
financial performance. Factors which may affect our results
include, but are not limited to, changes in general economic
conditions, the market for homes and prices for homes generally
and in areas where we have developments, the availability and
cost of land suitable for residential development, materials
prices, labor costs, interest rates, consumer confidence,
competition, terrorist acts or other acts of war, environmental
factors and government regulations affecting our operations. Our
reports filed with the Securities and Exchange Commission and
the section of this prospectus supplement captioned &#147;Risk
Factors,&#148; which begins on page S-5, contain further
discussions of these and other risks and uncertainties
applicable to our business.

<P align="center">S-1

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "SUMMARY" -->

<P align="center">
<B>SUMMARY</B>

<!-- link1 "The Company" -->

<P align="center">
<B>The Company</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are one of the nation&#146;s largest homebuilders and a
provider of financial services. Our homebuilding operations
include the sale and construction of single-family attached and
detached homes, as well as the purchase, development and sale of
residential land directly and through our unconsolidated
partnerships. Our financial services subsidiaries provide
mortgage financing, title insurance, closing services and
insurance agency services for both buyers of our homes, and
others, and sell the loans they originate in the secondary
mortgage market. These subsidiaries also provide high-speed
Internet access, cable television and alarm installation and
monitoring services to residents of communities we develop and
others.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following is a summary of our growth history:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1954&nbsp;&#151;</TD>
    <TD align="left">
    Founded as a Miami homebuilder.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1969&nbsp;&#151;</TD>
    <TD align="left">
    Began developing, owning and managing commercial and
    multi-family residential real estate.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1971&nbsp;&#151;</TD>
    <TD align="left">
    Completed initial public offering.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1972&nbsp;&#151;</TD>
    <TD align="left">
    Entered the Arizona homebuilding market.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1991&nbsp;&#151;</TD>
    <TD align="left">
    Entered the Texas homebuilding market.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1992&nbsp;&#151;</TD>
    <TD align="left">
    Materially expanded our commercial operations by acquiring,
    through a joint venture, an AmeriFirst portfolio of loans,
    mortgages and properties from the Resolution Trust Corporation.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1995&nbsp;&#151;</TD>
    <TD align="left">
    Entered the California homebuilding market through the
    acquisition of Bramalea California, Inc.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1996&nbsp;&#151;</TD>
    <TD align="left">
    Expanded in California through our acquisition of Renaissance
    Homes, Inc., significantly expanded our operations in Texas with
    the acquisition of the assets and operations of both
    Houston-based Village Builders and Friendswood Development
    Company and acquired Regency Title in Texas.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1997&nbsp;&#151;</TD>
    <TD align="left">
    Completed spin-off of our commercial real estate investment
    business to LNR Property Corporation. We continued our expansion
    in California through homesite acquisitions and unconsolidated
    partnership investments. We also acquired Pacific Greystone
    Corporation, which further expanded our operations in California
    and Arizona and brought us into the Nevada homebuilding market.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1998&nbsp;&#151;</TD>
    <TD align="left">
    Acquired the properties of two California homebuilders, ColRich
    Communities and Polygon Communities, acquired a Northern
    California homebuilder, Winncrest Homes, and acquired North
    American Title with operations in Arizona, California and
    Colorado.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>1999&nbsp;&#151;</TD>
    <TD align="left">
    Acquired Eagle Home Mortgage with operations in Nevada, Oregon
    and Washington and with operations in Arizona, California and
    Colorado Southwest Land Title in Texas.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2000&nbsp;&#151;</TD>
    <TD align="left">
    Acquired U.S. Home Corporation, which expanded our operations
    into New Jersey, Maryland/ Virginia, Minnesota, Ohio and
    Colorado and strengthened our position in other states, and
    expanded our title operations in Texas through the acquisition
    of Texas Professional Title.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2002&nbsp;&#151;</TD>
    <TD align="left">
    Acquired Patriot Homes, Sunstar Communities, Don Galloway Homes,
    Genesee Company, Barry Andrews Homes, Cambridge Homes, Pacific
    Century Homes, Concord Homes and Summit Homes, which expanded
    our operations into the Carolinas and the Chicago, Baltimore and
    Central Valley, California homebuilding markets and strengthened
    our position in several of our established markets. We also
    acquired Sentinel Title with operations in Maryland and
    Washington, D.C.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2003&nbsp;&#151;</TD>
    <TD align="left">
    Acquired Seppala Homes and Coleman Homes which expanded our
    operations in South Carolina and California. We also acquired
    Mid America Title in Illinois.</TD>
</TR>

</TABLE>

<P align="center">S-2

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>2004&nbsp;&#151;</TD>
    <TD align="left">
    Acquired The Newhall Land and Farming Company through an entity
    of which we and LNR Property Corporation each owns 50%. We also
    expanded into San Antonio, Texas through the acquisition of
    substantially all the real estate assets of Connell-Barron Homes.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our revenues from homebuilding operations increased to
$8.3&nbsp;billion in fiscal 2003 from $2.8&nbsp;billion in
fiscal 1999, which represents a compound annual growth rate of
31%. Over the same period, our net earnings grew to $751 million
from $173&nbsp;million, a compound annual growth rate of 44%. We
delivered 32,180 homes in fiscal 2003 compared with 27,393 homes
in fiscal 2002 and 12,606 homes in fiscal 1999.

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<P align="center">
<B>Recent Developments</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In January 2004, a company of which we own 50% (LNR Property
Corporation owns the other 50%) acquired The Newhall Land and
Farming Company for approximately $1&nbsp;billion. The purchase
price was paid with (1)&nbsp;approximately $200&nbsp;million we
contributed to the jointly-owned company, (2)&nbsp;approximately
$200&nbsp;million LNR contributed to the jointly-owned company,
(3) $400&nbsp;million borrowed by the jointly-owned company
under $600&nbsp;million of bank financing and
(4)&nbsp;approximately $217&nbsp;million from the proceeds of a
sale by the jointly-owned company of Newhall income-producing
properties to LNR. Newhall owns approximately 48,000 acres in
California, including approximately 34,000 acres in north Los
Angeles County that includes two master planned communities. In
connection with the acquisition, we agreed to purchase 687
homesites, and received options to purchase an additional 623
homesites, from Newhall.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
During our fiscal quarter ended February&nbsp;29, 2004, we had
consolidated net earnings of $139.3&nbsp;million ($0.84 per
share diluted) on revenues of $1.9&nbsp;billion, compared with
net earnings of $106.3&nbsp;million ($0.68 per share diluted) on
revenues of $1.6&nbsp;billion in the quarter ended
February&nbsp;28, 2003.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We received 8,704 new home orders in the quarter ended
February&nbsp;29, 2004, which was 30% more than the 6,711 new
home orders we received in the same period last year. At
February&nbsp;29, 2004, the dollar value of our backlog of homes
under contract totaled $4.5&nbsp;billion (15,798 homes),
compared with $3.5 billion (13,038 homes) at February&nbsp;28,
2003.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In March 2004, we entered the San Antonio market by acquiring
substantially all the real estate assets of Connell-Barron Homes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are always looking at the possibility of acquiring
homebuilders and other companies. We currently are engaged in
discussions regarding possible acquisitions. However, we have no
agreements or understandings regarding any significant
transactions, and it is possible we will not enter into any
significant transactions in the near future.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On March&nbsp;19, 2004, we issued $250&nbsp;million aggregate
principal amount of Senior Floating-Rate Notes due 2009 and used
the proceeds to reduce the balance on our Term Loan B due 2008
under our senior credit facility. We used cash on hand to repay
the remaining balance on the Term Loan B.

<P align="center">S-3

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<!-- link1 "The Offering" -->

<P align="center">
<B>The Offering</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The summary below describes the principal terms of the Notes.
Certain of the terms and conditions described below are subject
to limitations and exceptions. The &#147;Description of
Notes&#148; section of this prospectus supplement contains a
more detailed description of the terms and conditions of the
Notes.

<DIV>&nbsp;</DIV>

<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="28%"></TD>
    <TD width="1%"></TD>
    <TD width="71%"></TD>
</TR>

<TR>
    <TD valign="top">
    Securities Offered</TD>
    <TD></TD>
    <TD valign="top">
    $50,000,000 aggregate principal amount of Senior Floating-Rate
    Notes due 2009. These are in addition to the $250,000,000
    aggregate principal amount of Notes we sold in March&nbsp;2004.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Maturity Date</TD>
    <TD></TD>
    <TD valign="top">
    March&nbsp;19, 2009.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Interest Payment Dates</TD>
    <TD></TD>
    <TD valign="top">
    Payable quarterly on March&nbsp;19, June&nbsp;19, September 19
    and December&nbsp;19 of each year, beginning June 19, 2004 based
    on the 3 Month LIBOR Rate plus 0.75% per year. The interest rate
    on the Notes from and including March&nbsp;19, 2004 to but
    excluding June&nbsp;19, 2004, is 1.86%.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Sinking Fund</TD>
    <TD></TD>
    <TD valign="top">
    None.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Ranking</TD>
    <TD></TD>
    <TD valign="top">
    The Notes are our senior, unsecured and unsubordinated
    obligations and rank equally with all of our other unsecured and
    unsubordinated indebtedness from time to time outstanding. The
    Notes are effectively subordinated to the obligations of our
    subsidiaries which are not guarantors and to our obligations
    that are secured to the extent of the security. As of
    February&nbsp;29, 2004, we had $0.7&nbsp;billion of secured
    indebtedness outstanding, including $295&nbsp;million of
    borrowings that were repaid primarily with the proceeds of the
    March&nbsp;2004 offering of $250,000,000 aggregate principal
    amount of Notes.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Guarantees</TD>
    <TD></TD>
    <TD valign="top">
    Substantially all of our subsidiaries, other than finance
    company subsidiaries, will guarantee the Notes. However, our
    current subsidiaries formed or acquired after October&nbsp;9,
    2001 will not become guarantors unless and until their
    guarantees are registered under the Securities Act of 1933, as
    amended. We agreed to cause them to file a registration
    statement or join in an existing registration statement by
    March&nbsp;31, 2004 and to use our best efforts to cause the
    registration to become effective as promptly as possible after
    that. The registration statement was not filed by March&nbsp;31,
    2004, but will be filed by April&nbsp;30, 2004. It would be an
    Event of Default if the registration statement were not filed
    within 30&nbsp;days after notice from the Trustee or holders of
    25% of the outstanding Notes. The guarantees by our subsidiaries
    may be suspended under certain limited circumstances. See
    &#147;Description of Notes&nbsp;&#151;&nbsp;The Guarantees.&#148;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Redemption at our Option</TD>
    <TD></TD>
    <TD valign="top">
    We may redeem any or all of the Notes on any interest payment
    date on or after March&nbsp;19, 2006 at a redemption price equal
    to 100% of their principal amount plus accrued and unpaid
    interest to the redemption date.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Certain Indenture Provisions</TD>
    <TD></TD>
    <TD valign="top">
    The Indenture governing the Notes contains covenants limiting
    our and some of our subsidiaries&#146; ability to create liens
    securing indebtedness or enter into sale and leaseback
    transactions. These covenants are subject to important
    exceptions and qualifications. See &#147;Description of Notes
    &#151; Certain Covenants.&#148;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Use of Proceeds</TD>
    <TD></TD>
    <TD valign="top">
    We will add the net proceeds from the sale of the Notes offered
    by this prospectus supplement to our working capital and use
    them for general corporate purposes. See &#147;Use of
    Proceeds.&#148;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">
    Risk Factors</TD>
    <TD></TD>
    <TD valign="top">
    Investing in the Notes involves risks. See &#147;Risk
    Factors&#148; for a description of risks you should particularly
    consider before investing in the Notes.</TD>
</TR>

</TABLE>

<P align="center">S-4

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<P align="center">
<B>RISK FACTORS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Investors considering an investment in the Notes should give
particular consideration to the matters described in our Annual
Report on Form&nbsp;10-K for the fiscal year ended
November&nbsp;30, 2003 under the heading &#147;Particular
Factors Which Could Affect Us,&#148; and to the following
factors:</I>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Because the Notes are structurally subordinated to the
    obligations of our subsidiaries that are not guarantors, you may
    not be fully repaid if we become insolvent. </I> Substantially
    all of our operating assets are held by our subsidiaries.
    Holders of any preferred stock of any of our subsidiaries that
    are not guarantors and creditors of any of those subsidiaries,
    including trade creditors, have and will have access to the
    assets of those subsidiaries that are prior to those of the
    Noteholders. As a result, the Notes are structurally
    subordinated to the debts, preferred stock and other obligations
    of those subsidiaries.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Because the Notes are unsecured, you may not be fully repaid
    if we become insolvent. </I>The Notes will not be secured by any
    of our assets or our subsidiaries&#146; assets. Our obligations
    under our $1.3&nbsp;billion senior secured credit facilities, as
    well as our obligations under our outstanding 7&nbsp;5/8% Senior
    Notes due 2009, are secured by a pledge of the stock of
    substantially all of our subsidiaries. As of February&nbsp;29,
    2004, we had $0.7&nbsp;billion of secured indebtedness
    outstanding, including $295&nbsp;million of borrowings that were
    repaid primarily with the proceeds of a March 2004 offering of
    $250,000,000 aggregate principal amount of Notes. If we become
    insolvent, the holders of any secured debt would receive
    payments from the assets securing it before you receive payments
    from sales of those assets.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>There is no public market for the Notes, so you may be unable
    to sell the Notes. </I>The Notes are not listed on an exchange
    or included on any automated quotation system, and we do not
    intend to apply to list them or to include them in an automated
    quotation system. Consequently, the Notes may be relatively
    illiquid, and you may be unable to sell your Notes.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Our senior secured credit facilities may prohibit us from
    redeeming the Notes. </I>Our senior secured credit facilities
    may not permit us or our subsidiaries to make payments on any
    outstanding indebtedness other than regularly scheduled interest
    and principal payments as and when due. As a result, our senior
    secured credit facilities could prohibit us from making any
    payment on the Notes in the event that the Notes are redeemed.
    Any failure to pay the redemption price on the Notes would
    result in an event of default under the indenture governing the
    Notes, which in turn is likely to be a default under the senior
    secured credit facilities and other outstanding and future
    indebtedness. Therefore, we are unlikely to call the Notes for
    redemption at a time when we are not permitted to pay the
    redemption price.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    <I>Fraudulent conveyance considerations. </I>Under fraudulent
    conveyance laws, the guarantees by our subsidiaries might be
    subordinated to existing or future indebtedness incurred by
    those subsidiaries, or might not be enforceable, if a court or a
    creditors representative, such as a bankruptcy trustee,
    concluded that those subsidiaries:</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="3%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#151;&nbsp;</TD>
    <TD align="left">
    Received less than fair consideration for the guarantees;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#151;&nbsp;</TD>
    <TD align="left">
    Were rendered insolvent as a result of issuing the guarantees;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#151;&nbsp;</TD>
    <TD align="left">
    Were engaged in a business or transaction for which our or our
    subsidiaries&#146; remaining assets constituted unreasonably
    small capital;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#151;&nbsp;</TD>
    <TD align="left">
    Intended to incur, or believed that we or they would incur,
    debts beyond our or their ability to pay as those debts matured;
    or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#151;&nbsp;</TD>
    <TD align="left">
    Intended to hinder, delay or defraud our or their creditors.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The measure of insolvency varies depending upon the law of the
relevant jurisdiction. Generally, however, a company is
considered insolvent if its debts are greater than the fair
value of its property, or if the fair saleable value of its
assets is less than the amount that would be needed to pay its
probable liabilities as its existing debts matured and became
absolute.

<P align="center">S-5

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<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->

<P align="center">
<B>RATIO OF EARNINGS TO FIXED CHARGES</B>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="2">Years Ended November 30,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1999</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of earnings to fixed charges (1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.6x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.3x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.5x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    For the purpose of calculating the ratio of earnings to fixed
    charges, &#147;earnings&#148; consist of income from continuing
    operations before income taxes plus &#147;fixed charges&#148;
    and certain other adjustments. &#147;Fixed charges&#148; consist
    of interest incurred on all indebtedness related to continuing
    operations (including amortization of original issue discount)
    and the implied interest component of our rent obligations.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There was no preferred stock outstanding for any of the periods
shown above. Accordingly, the ratio of earnings to combined
fixed charges and preferred stock dividends was identical to the
ratio of earnings to fixed charges.

<!-- link1 "USE OF PROCEEDS" -->

<P align="center">
<B>USE OF PROCEEDS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We expect to receive net proceeds of approximately
$49.7&nbsp;million from the sale of the Notes offered by this
prospectus supplement, after deducting underwriting discounts
and our expenses related to this offering. We will add these
proceeds to our working capital and use them for general
corporate purposes.

<P align="center">S-6

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "CAPITALIZATION (In thousands, except per share amounts)" -->

<P align="center">
<B>CAPITALIZATION</B>

<DIV align="center">
<B>(In thousands, except per share amounts)</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The table below shows our capitalization at November&nbsp;30,
2003 and as adjusted to give effect to (1)&nbsp;the issuance of
$250,000,000 aggregate principal amount of Notes in March 2004,
(2)&nbsp;the repayment of the Term Loan&nbsp;B with the proceeds
of the issuance of the Notes issued in March 2004 and cash on
hand, and (3)&nbsp;the issuance of the Notes offered by this
prospectus supplement (all share information, except par value,
has been adjusted for our January 2004 two-for-one stock split):

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="64%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">Actual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">As Adjusted</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Cash</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,201,276</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,203,626</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Debt:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Revolving credit facilities
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Term Loan B due 2008
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">296,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Zero Coupon Convertible Senior Subordinated Notes
    due 2021 (1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">261,012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">261,012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.95% Senior Notes due 2013
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">344,260</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">344,260</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">7&nbsp;5/8% Senior Notes due 2009
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">273,593</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">273,593</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.95% Senior Notes due 2010
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">301,995</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">301,995</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Floating-Rate Notes due 2009
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">300,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other public debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,990</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,990</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total homebuilding debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,552,217</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,556,217</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Financial services debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">734,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">734,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Limited-purpose finance subsidiaries debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,812</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,812</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,292,686</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,296,686</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">Stockholders&#146; equity:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Class&nbsp;A Common Stock of $0.10 par value per
    share, 125,328 shares issued (2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,533</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,533</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Class&nbsp;B Common Stock of $0.10 par value per
    share, 32,508 shares issued (3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,251</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,251</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,358,304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,358,304</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,914,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,914,963</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned restricted stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,301</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,301</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred compensation plan&nbsp;&#151; 534
    Class&nbsp;A common shares and 53 Class&nbsp;B common shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,919</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,919</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred compensation liability
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,919</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,919</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20,976</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(20,976</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,263,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,263,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,556,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,560,460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="4" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    At November&nbsp;30, 2003, the Zero Coupon Convertible Senior
    Subordinated Notes due 2021 were convertible into 8,970 shares
    of Class&nbsp;A common stock because the average closing price
    of our Class&nbsp;A common stock over the last twenty trading
    days of the fourth quarter of 2003 exceeded 110% ($32.28) of the
    accreted conversion price.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(2)&nbsp;</TD>
    <TD align="left">
    Does not include 8,970 shares of Class&nbsp;A common stock
    issuable upon conversion of the Zero Coupon Convertible Senior
    Subordinated Notes due 2021, or 6,021 shares of Class&nbsp;A
    common stock issuable upon exercise of stock options which were
    outstanding at November&nbsp;30, 2003.</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>(3)&nbsp;</TD>
    <TD align="left">
    Does not include 640 shares of Class&nbsp;B common stock
    issuable upon exercise of stock options which were outstanding
    at November&nbsp;30, 2003.</TD>
</TR>

</TABLE>

<P align="center">S-7

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<!-- link1 "DESCRIPTION OF NOTES" -->

<P align="center">
<B>DESCRIPTION OF NOTES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have summarized certain terms of the Notes and the Indenture
in this section. This summary is not complete. The following
description of the particular terms of the Notes supplements the
description in the accompanying prospectus of the general terms
and provisions of the debt securities. To the extent that the
following description of Notes is inconsistent with that general
description in the accompanying prospectus, the following
description replaces that in the accompanying prospectus.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We issue the Notes under an Indenture dated as of
December&nbsp;31, 1997 between us and J.P. Morgan Trust Company,
N.A. (as successor to First National Bank of Chicago, N.A.), as
trustee (the &#147;Trustee&#148;), as supplemented by a
Supplemental Indenture to be dated as of March&nbsp;19, 2004
(the &#147;Indenture&#148;). We have filed the Indenture with
the Securities and Exchange Commission. You should read the
Indenture for additional information before you purchase any
Notes. The Indenture is subject to, and governed by, the Trust
Indenture Act of 1939, as amended (the &#147;TIA&#148;).
Capitalized terms used but not defined in this section have the
meanings specified in the Indenture. For purposes of this
&#147;Description of Notes,&#148; &#147;we,&#148;
&#147;our&#148; or &#147;us&#148; refers to Lennar Corporation
and does not include our subsidiaries except in references to
financial data determined on a consolidated basis.

<P align="left">
<B>General</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes are our direct, unsecured obligations and will rank
equal in right of payment by us with all of our other unsecured
and unsubordinated indebtedness from time to time outstanding.
The Notes are issued in denominations of $1,000 principal amount
and integral multiples of that amount and are payable, and may
be presented for registration of transfer and exchange, without
service charge, at the Trustee&#146;s office in New York, New
York.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes issued on March&nbsp;19, 2004 were limited in
aggregate principal amount to $250,000,000, but we may, without
consent of the Holders, issue additional Notes at any time,
including the Notes we offer by this prospectus supplement. The
Notes we offer by this prospectus supplement will be identical
with, and will bear the same CUSIP number as, the Notes we
issued in March&nbsp;2004. The Notes will mature on
March&nbsp;19, 2009 and will bear interest at the 3 Month LIBOR
Rate plus 0.75% per year. The interest rate on the Notes will in
no event be higher then the maximum rate permitted by New York
law as the same may be modified by United States law of general
application. Interest on the Notes will be payable quarterly on
March&nbsp;19, June&nbsp;19, September&nbsp;19 and December 19
of each year, commencing June&nbsp;19, 2004; provided that if
any interest payment date (other than an interest payment date
that falls on the maturity date or on a redemption date) is not
a Business Day, then the interest payment date will be postponed
until the first following Business Day. If the interest payment
date falling on the maturity date or on a redemption date is not
a Business Day, then the interest payment due on that date will
be paid on the next Business Day and no additional interest will
accrue.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Business Day&#148; means each Monday, Tuesday, Wednesday,
Thursday or Friday which is not a legal holiday in New York, New
York.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;3 Month LIBOR Rate&#148; means the rate for deposits in
U.S. dollars for the 3-month period commencing on the applicable
interest reset date which appears on Telerate Page 3750 at
approximately 11:00&nbsp;a.m., London time, on the second London
banking day prior to the applicable interest reset date. If this
rate does not appear on Telerate Page 3750, the calculation
agent will determine the rate on the basis of the rates at which
deposits in U.S. dollars are offered by four major banks in the
London interbank market (selected by the calculation agent) at
approximately 11:00&nbsp;a.m., London time, on the second London
banking day prior to the applicable interest reset date to prime
banks in the London interbank market for a period of three
months commencing on that interest reset date and in a principal
amount equal to an amount not less than $1,000,000 that is
representative for a single transaction in such market at such
time. In such case, the calculation agent will request the
principal London office of each of the aforesaid major banks to
provide a quotation of such rate. If at least two such
quotations are provided, the rate for that interest reset date
will be the arithmetic mean of the quotations, and, if fewer
than two quotations are provided as requested, the rate for that
interest reset date will be the arithmetic mean of the rates
quoted by major banks in New York City, selected by the
calculation agent, at approximately 11:00&nbsp;a.m., New York
City time, on the second London banking day prior

<P align="center">S-8

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
to the applicable interest reset date for loans in U.S. dollars
to leading European banks for a period of three months
commencing on that interest reset date and in a principal amount
equal to an amount not less than $1,000,000 that is
representative for a single transaction in such market at such
time. A London banking day is any Business Day in which dealings
in U.S. dollars are transacted in the London interbank market.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Telerate Page 3750&#148; means the display page with that
designation on the Moneyline Telerate, Inc. (or such other page
as may replace that page on that service or any successor
service as the place where the London interbank offered rates of
major banks are displayed).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The 3 Month LIBOR Rate will be reset quarterly on each interest
payment date (each of these dates is called an &#147;interest
reset date&#148;), beginning on June&nbsp;19, 2004. Interest
will accrue on the Notes from March&nbsp;19, 2004 until the
principal amount of each Note is paid or duly made available for
payment. We will pay interest to the persons in whose names the
Notes are registered at the close of business 15 calendar days
before the interest payment date; provided that the interest
payable at the maturity date or on a redemption date will be
paid to the person to whom principal is payable.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The interest rate on the Notes from and including March&nbsp;19,
2004 to but excluding June&nbsp;19, 2004, is 1.86%. Interest
will be calculated on the basis of a 360-day year and the actual
number of days in each quarterly interest payment period. The
calculation agent will, upon the request of the holder of any
Note, provide the interest rate then in effect. The calculation
agent is J.P.&nbsp;Morgan Trust Company, N.A. until such time as
we appoint a successor calculation agent. All calculations made
by the calculation agent in the absence of manifest error shall
be conclusive for all purposes and binding on us and the holders
of the Notes. We may appoint a successor calculation agent with
the written consent of the trustee.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All percentages resulting from any calculation of the interest
rate with respect to the Notes will be rounded, if necessary, to
the nearest one-hundred thousandth of a percentage point, with
five one-millionths of a percentage point rounded upwards (e.g.,
9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)
and 9.876544% (or .09876544) being rounded to 9.87654% (or
..0987654)), and all dollar amounts in or resulting from any such
calculation will be rounded to the nearest cent (with one-half
cent being rounded upwards).

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There is no sinking fund applicable to the Notes.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the Notes, we have not agreed to any
financial covenants or any restrictions on the payment of
dividends or the issuance or repurchase of our securities. We
have agreed to no covenants or other provisions to protect
Holders (as defined below) of the Notes in the event of a highly
leveraged transaction or a change in control transaction.

<P align="left">
<B>Redemption at Our Option</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may, at our option, redeem the Notes in whole or in part on
any interest payment date on or after March&nbsp;19, 2006 on at
least 30 but not more than 60&nbsp;days&#146; prior notice, at a
redemption price equal to 100% of the principal amount of the
Notes being redeemed plus accrued and unpaid interest on the
Notes being redeemed to the date of redemption.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In determining the redemption price and accrued interest,
interest will be calculated on the basis of a 360-day year
consisting of twelve 30-day months.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If money sufficient to pay the redemption price of and accrued
interest on the Notes to be redeemed is deposited with the
Trustee on or before the redemption date, on and after the
redemption date interest will cease to accrue on the Notes (or
such portions thereof) called for redemption and such Notes will
cease to be outstanding.

<P align="left">
<B>The Guarantees</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each of the guarantors will unconditionally guarantee on a joint
and several basis all of our obligations under the Notes,
including our obligations to pay principal, premium, if any, and
interest with respect to the

<P align="center">S-9

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
Notes. The guarantees will be general unsecured obligations of
the guarantors and will rank <I>pari passu </I>with all existing
and future unsecured indebtedness of the guarantors that is not,
by its terms, expressly subordinated in right of payment to the
guarantees or other senior Indebtedness of the guarantors. The
obligations of each guarantor are limited to the maximum amount
which, after giving effect to all other contingent and fixed
liabilities of such guarantor and after giving effect to any
collections from or payments made by or on behalf of any other
guarantor in respect of the obligations of such other guarantor
under its guarantee or pursuant to its contribution obligations
under the Indenture, will result in the obligations of such
guarantor under its guarantee not constituting a fraudulent
conveyance or fraudulent transfer under federal or state law.
Each guarantor that makes a payment or distribution under a
guarantee shall be entitled to a contribution from each other
guarantor in an amount <I>pro rata,</I> based on the net assets
of each guarantor, determined in accordance with United States
generally accepted accounting principles, or GAAP.
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Indenture requires that each of our existing and future
Subsidiaries (other than any foreign Subsidiary and any finance
company Subsidiary) that guarantees any Indebtedness of us or
any other Subsidiary (other than guarantees by Subsidiaries of
U.S. Home Corporation (one of our Subsidiaries) solely of U.S.
Home&#146;s obligations as a guarantor under the Senior Secured
Credit Facilities) be a guarantor. Current Subsidiaries formed
after the effective date of the registration statement under
which the Notes are being issued will not become guarantors
unless and until we register their guarantees under the
Securities Act of 1933, as amended. We agreed to cause them to
file a registration statement or join in an existing
registration statement by March&nbsp;31, 2004 and to use our
best efforts to cause the registration to become effective as
promptly as possible after that. The registration statement was
not filed by March&nbsp;31, 2004 but will be filed by
April&nbsp;30, 2004. If the registration statement were not
filed within 30&nbsp;days after notice from the Trustee or the
holders of at least 25% of the principal amount of the
outstanding Notes, that would constitute an Event of Default
with regard to the Notes entitling the Trustee or the Holders of
not less than 25% in principal amount of the then outstanding
Notes to declare the principal and accrued interest, if any,
with regard to the Notes to be due and payable immediately. The
guarantee of the Notes by a Subsidiary will be suspended, and
that Subsidiary will not be a guarantor and will not have any
obligations with regard to the Notes, during any period when the
principal amount of our (i.e. Lennar Corporation&#146;s)
obligations or any Restricted Subsidiary&#146;s obligations with
regard to our (i.e. Lennar Corporation&#146;s) obligations, in
each case other than the Notes and any other debt obligations
containing provisions similar to this, that the Subsidiary is
guaranteeing totals less than $75&nbsp;million.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Indenture provides that if all or substantially all of the
assets of any guarantor or all of the capital stock of any
guarantor is sold (including by consolidation, merger, issuance
or otherwise) or disposed of (including by liquidation,
dissolution or otherwise) by us or any of our Subsidiaries, then
such guarantor or the Person acquiring such assets (in the event
of a sale or other disposition of all or substantially all of
the assets of such guarantor) shall be deemed automatically and
unconditionally released and discharged from any of its
obligations under the Indenture without any further action on
the part of the Trustee or any Holder of the Notes.

<P align="left">
<B>Certain Covenants</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Limitation on Liens. </I>We will not, nor will we permit any
Restricted Subsidiary to, create, assume, incur or suffer to
exist any Lien upon any of our or its properties, whether owned
on the date of original issuance of the Notes (&#147;Issue
Date&#148;) or thereafter acquired, unless:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if such Lien secures indebtedness ranking equal in right of
    payment with the Notes, then the Notes are secured on an equal
    and ratable basis with the obligation so secured until such time
    as such obligation is no longer secured by a Lien;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if such Lien secures Indebtedness which is subordinated to the
    Notes, then the Notes are secured and the Lien securing such
    Indebtedness is subordinated to the Lien granted to the Holders
    of the Notes to the same extent as such Indebtedness is
    subordinated to the Notes; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    such Lien is a Permitted Lien (as defined below).</TD>
</TR>

</TABLE>

<P align="center">S-10

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following Liens are &#147;Permitted Liens&#148;:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens on property of a Person existing at the time such Person
    is merged into or consolidated with or otherwise acquired by us
    or any Restricted Subsidiary, provided that such Liens were in
    existence prior to, and were not created in contemplation of,
    such merger, consolidation or acquisition and do not extend to
    any assets other than those of the Person merged into or
    consolidated with us or any Restricted Subsidiary;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens on property existing at the time of acquisition thereof by
    us or any Restricted Subsidiary; provided that such Liens were
    in existence prior to, and were not created in contemplation of,
    such acquisition and do not extend to any assets other than the
    property acquired;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens imposed by law such as carriers&#146;, warehouseman&#146;s
    or mechanics&#146; Liens, and other Liens to secure the
    performance of statutory obligations, surety or appeal bonds,
    performance bonds or other obligations of a like nature incurred
    in the ordinary course of business;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens incurred in connection with pollution control, industrial
    revenue, water, sewage or any similar bonds;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens securing Indebtedness representing, or incurred to
    finance, the cost of acquiring, constructing or improving any
    assets, provided that the principal amount of such Indebtedness
    does not exceed 100% of such cost, including construction
    charges;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens securing Indebtedness (A)&nbsp;between a Restricted
    Subsidiary and us, or (B)&nbsp;between Restricted Subsidiaries;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens incurred in the ordinary course of business to secure
    performance of obligations with respect to statutory or
    regulatory requirements, performance or return-of-money bonds,
    surety bonds or other obligations of a like nature, in each case
    which are not incurred in connection with the borrowing of
    money, the obtaining of advances or credit or the payment of the
    deferred purchase price of property and which do not in the
    aggregate impair in any material respect the use of property in
    the operation of our business taken as a whole;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    pledges or deposits under workmen&#146;s compensation laws,
    unemployment insurance laws or similar legislation, or good
    faith deposits in connection with bids, tenders, contracts
    (other than for the payment of indebtedness) or leases to which
    Lennar or any Restricted Subsidiary is a party, or deposits to
    secure public or statutory obligations of us or of any
    Restricted Subsidiary or deposits for the payment of rent, in
    each case incurred in the ordinary course of business;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens granted to any bank or other institution on the payments
    to be made to such institution by us or any Subsidiary pursuant
    to any interest rate swap or similar agreement or foreign
    currency hedge, exchange or similar agreement designed to
    provide protection against fluctuations in interest rates and
    currency exchange rates, respectively, provided that such
    agreements are entered into in, or are incidental to, the
    ordinary course of business;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens arising solely by virtue of any statutory or common law
    provision relating to banker&#146;s Liens, rights of set off or
    similar rights and remedies;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens arising from the Uniform Commercial Code financing
    statements regarding leases;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens securing indebtedness incurred to finance the acquisition,
    construction, improvement, development or expansion of a
    property which is given within 180&nbsp;days of the acquisition,
    construction, improvement, development or expansion of such
    property and which is limited to such property;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens incurred in connection with Non-Recourse Indebtedness;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens existing on the Issue Date;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens for taxes, assessments or governmental charges or claims
    that are not yet delinquent or that are being contested in good
    faith by appropriate proceedings promptly instituted and
    diligently concluded; provided that any reserve or other
    appropriate provision as shall be required in conformity with
    GAAP shall have been made therefor;</TD>
</TR>

</TABLE>

<P align="center">S-11

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Liens securing refinancing Indebtedness; provided that any such
    Lien does not extend to or cover any property or assets other
    than the property or assets securing Indebtedness so refunded,
    refinanced or extended;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    easements, rights-of-way and other similar encumbrances incurred
    in the ordinary course of business and encumbrances consisting
    of zoning restrictions, licenses, restrictions on the use of
    property or minor imperfections in title thereto which, in the
    aggregate, are not material in amount, and which do not in any
    case materially detract from our properties subject thereto; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any extensions, substitutions, modifications, replacements or
    renewals of the Permitted Liens described above.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing, we may, and any Restricted
Subsidiary may, create, assume, incur or suffer to exist any
Lien upon any of our properties or assets without equally and
ratably securing the Notes if the aggregate amount of all
Indebtedness then outstanding secured by such Lien and all other
Liens which are not Permitted Liens, together with the aggregate
net sales proceeds from all Sale-Leaseback Transaction which are
not Permitted Sale Leaseback Transactions (as defined below),
does not exceed 20% of Total Consolidated Stockholders&#146;
Equity.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Sale and Leaseback Transactions. </I>We will not, nor will we
permit any Restricted Subsidiary to, enter into any
Sale-Leaseback Transaction, except for any of the following
&#147;Permitted Sale-Leaseback Transactions&#148;:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a Sale-Leaseback Transaction involving the leasing by us or any
    Restricted Subsidiary of model homes in our communities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a Sale-Leaseback Transaction relating to a property which occurs
    within 180&nbsp;days from the date of acquisition of such
    property by us or a Restricted Subsidiary or the date of the
    completion of construction or commencement of full operations on
    such property, whichever is later;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a Sale-Leaseback Transaction where we, within 365&nbsp;days
    after such Sale-Leaseback Transaction, apply or cause to be
    applied to the retirement of our or any Restricted
    Subsidiary&#146;s Funded Debt (other than our Funded Debt which
    by its terms or the terms of the instrument pursuant to which it
    was issued is subordinate in right of payment to the Notes)
    proceeds of the sale of such property, but only to the extent of
    the amount of proceeds so applied;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a Sale-Leaseback Transaction where we or our Restricted
    Subsidiaries would, on the effective date of the relevant sale
    or transfer, be entitled, pursuant to the Indenture, to issue,
    assume or guarantee Indebtedness secured by a Lien upon the
    relevant property at least equal in amount to the then present
    value (discounted at the actual rate of interest of the
    Sale-Leaseback Transaction) of the obligation for the net rental
    payments in respect of such Sale-Leaseback Transaction without
    equally and ratably securing the Notes;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a Sale-Leaseback Transaction between (A)&nbsp;Lennar and a
    Restricted Subsidiary or (B)&nbsp;between Restricted
    Subsidiaries, so long as the lessor is Lennar or a wholly-owned
    Restricted Subsidiary; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    a Sale-Leaseback Transaction which has a lease of no more than
    three years in length.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notwithstanding the foregoing provisions, we may, and may permit
any Restricted Subsidiary to, effect any Sale-Leaseback
Transaction involving any real or tangible personal property
which is not a Permitted Sale-Leaseback Transaction, provided
that the aggregate net sales proceeds from all Sale-Leaseback
Transactions which are not Permitted Sale-Leaseback
Transactions, together with all Indebtedness secured by Liens
other than Permitted Liens, does not exceed 20% of Total
Consolidated Stockholders&#146; Equity.

<P align="left">
<B>Compliance Certificate</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We must deliver to the Trustee, within 120&nbsp;days after the
end of each fiscal year, an Officers&#146; Certificate as to the
signer&#146;s knowledge of our compliance with all conditions
and our covenants in the Indenture. The Officers&#146;
Certificate also must state whether or not the signer knows of
any Default or Event of Default. If the

<P align="center">S-12

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<DIV align="left">
signer knows of such a Default or Event of Default, the
Officers&#146; Certificate must describe the Default or Event of
Default and the efforts to remedy it. For the purposes of this
provision of the Indenture, compliance is determined without
regard to any grace period or requirement of notice under the
Indenture.
</DIV>

<P align="left">
<B>Events of Default and Remedies</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following are Events of Default under the Indenture:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if we fail to pay any interest on the Notes continuing for
    30&nbsp;days after it was due;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    if we fail to pay any principal or redemption price due with
    respect to the Notes;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our or any Restricted Subsidiary&#146;s failure to fulfill an
    obligation to pay Indebtedness for borrowed money (other than
    Indebtedness which is non-recourse to us or any Restricted
    Subsidiary), which such failure shall have resulted in the
    acceleration of, or be a failure to pay at final maturity,
    Indebtedness aggregating more than $50&nbsp;million;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our failure to perform any other covenant or warranty in the
    Indenture, continued for 30&nbsp;days after written notice as
    provided in the Indenture;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    final judgments or orders are rendered against us or any
    Restricted Subsidiary which require the payment by us or any
    Restricted Subsidiary of an amount (to the extent not covered by
    insurance) in excess of $50 million and such judgments or orders
    remain unstayed or unsatisfied for more than 60&nbsp;days and
    are not being contested in good faith by appropriate
    proceedings; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    certain events of bankruptcy, insolvency or reorganization with
    respect to us or any Restricted Subsidiary.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If an Event of Default has occurred and is continuing, the
Trustee or the Holders of not less than 25% in principal amount
of the Notes then outstanding may declare the principal amount
of the Notes then outstanding and interest, if any, accrued
thereon to be due and payable immediately. However, if we cure
all defaults (except the nonpayment of the principal and
interest due on any of the Notes that have become due by
acceleration) and certain other conditions in the Indenture are
met, with certain exceptions, such declaration may be annulled
and past defaults may be waived by the Holders of a majority of
the principal amount of the Notes then outstanding. In the case
of certain events of bankruptcy or insolvency, the principal
amount of the Notes will automatically become and be immediately
due and payable.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Within 90&nbsp;days after a Trust Officer (as defined in the
Indenture) has knowledge of the occurrence of a Default or any
Event of Default, the Trustee must mail to all Holders notice of
all Defaults or Events of Default known to a Trust Officer,
unless such Default or Event of Default is cured or waived
before the giving of such notice. However, except in the case of
a payment default on any of the Notes, the Trustee will be
protected in withholding such notice if and so long as a trust
committee of directors and/or officers of the Trustee in good
faith determines that the withholding of such notice is in the
interest of the Holders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Holders of a majority in principal amount of the Notes then
outstanding will have the right to direct the time, method and
place of conducting any proceedings for any remedy available to
the Trustee with regard to the Notes, subject to certain
limitations specified in the Indenture.

<P align="left">
<B>Modifications of the Indenture</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
With the consent of the Holders of not less than a majority in
principal amount of the Notes at the time outstanding, we and
the Trustee may modify the Indenture or any supplemental
indenture or the rights of the Holders of the Notes. However,
without the consent of each Holder of Notes which is affected,
we cannot:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    extend the fixed maturity of any Note;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    reduce the rate or extend the time for the payment of interest;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    reduce the principal amount of any Note or the redemption price;</TD>
</TR>

</TABLE>

<P align="center">S-13

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<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    impair the right of a Holder to institute suit for the payment
    thereof; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    change the currency in which the Notes are payable.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In addition, without the consent of the Holders of all of the
Notes then outstanding, we cannot reduce the percentage of Notes
the Holders of which are required to consent to any such
supplemental indenture.

<P align="left">
<B>Global Securities</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes issued in March&nbsp;2004 were, and the Notes offered
by this prospectus supplement will be, issued in the form of one
or more global securities (&#147;Global Securities&#148;) that
will be deposited with, or on behalf of, The Depository Trust
Company, New York, New York (the &#147;Depositary&#148;).
Interests in the Global Securities will be issued only in
denominations of $1,000 principal amount or integral multiples
of that amount. Unless and until it is exchanged in whole or in
part for securities in definitive form, a Global Security may
not be transferred except as a whole to a nominee of the
Depositary for such Global Security, or by a nominee of the
Depositary to the Depositary or another nominee of the
Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.

<P align="left">
<B>Book-Entry System</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Initially, the Notes will be registered in the name of Cede
&#38; Co., the nominee of the Depositary. Accordingly,
beneficial interests in the Notes will be shown on, and
transfers thereof will be effected only through, records
maintained by the Depositary and its participants.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Depositary has advised us and the underwriter as follows:
the Depositary is a limited-purpose trust company organized
under the New York Banking Law, a &#147;banking
organization&#148; within the meaning of the New York Banking
Law, a member of the United States Federal Reserve System, a
&#147;clearing corporation&#148; within the meaning of the New
York Uniform Commercial Code and a &#147;clearing agency&#148;
registered pursuant to the provisions of Section&nbsp;17A of the
United States Securities Exchange Act of 1934, as amended. The
Depositary holds securities that its participants (&#147;Direct
Participants&#148;) deposit with the Depositary. The Depositary
also facilitates the settlement among Direct Participants of
securities transactions, such as transfers and pledges, in
deposited securities through electronic computerized book-entry
changes in such Direct Participants&#146; accounts, eliminating
the need for physical movement of securities certificates.
Direct Participants include securities brokers and dealers
(including the underwriter), banks, trust companies, clearing
corporations and certain other organizations. The Depositary is
owned by a number of its Direct Participants and by the New York
Stock Exchange, Inc., the American Stock Exchange, Inc. and the
National Association of Securities Dealers, Inc. Access to the
Depositary&#146;s book-entry system is also available to others
such as securities brokers and dealers, banks and trust
companies that clear through or maintain a custodial
relationship with a Direct Participant, either directly or
indirectly (&#147;Indirect Participants&#148;). The rules
applicable to the Depositary and its Direct and Indirect
Participants are on file with the SEC.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Payments on the Notes registered in the name of the
Depositary&#146;s nominee will be made in immediately available
funds to the Depositary&#146;s nominee as the registered owner
of the Global Securities. We and the Trustee will treat the
Depositary&#146;s nominee as the owner of such Notes for all
other purposes as well. Therefore, neither we, the Trustee nor
any paying agent has any direct responsibility or liability for
the payment of any amount due on the Notes to owners of
beneficial interests in the Global Securities. It is the
Depositary&#146;s current practice, upon receipt of any payment,
to credit Direct Participants&#146; accounts on the payment date
according to their respective holdings of beneficial interests
in the Global Securities as shown on the Depositary&#146;s
records unless the Depositary has reason to believe that it will
not receive payment. Payments by Direct and Indirect
Participants to owners of beneficial interests in the Global
Securities will be governed by standing instructions and
customary practices, as is the case with Securities held for the
accounts of customers in bearer form or registered in
&#147;street name.&#148; Such payments will be the
responsibility of such Direct and Indirect Participants and not
of the Depositary, the Trustee or us.

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Notes represented by a Global Security will be exchangeable for
Notes in definitive form of like tenor in authorized
denominations only if:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the Depositary notifies us that it is unwilling or unable to
    continue as Depositary;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the Depositary ceases to be a clearing agency registered under
    applicable law and a successor depositary is not appointed by us
    within 90&nbsp;days; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    we, in our discretion, determine not to require all of the Notes
    to be represented by a Global Security and notify the Trustee of
    our decision.</TD>
</TR>

</TABLE>

<P align="left">
<B>Same-Day Settlement and Payment</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Settlement for the Notes offered by this prospectus supplement
will be made by the underwriter in immediately available funds.
So long as the Depositary continues to make its Same-Day Funds
Settlement System available to us, all payments on the Notes
will be made by us in immediately available funds.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Secondary trading in long-term notes and debentures of corporate
issues is generally settled in clearing-house or next-day funds.
In contrast, the Notes will trade in the Depositary&#146;s
Same-Day Funds Settlement System until maturity, and secondary
market trading in the Notes; therefore, the Depositary will
require that trades be settled in immediately available funds.

<P align="left">
<B>Concerning the Trustee</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
J.P. Morgan Trust Company, N.A., as successor to First National
Bank of Chicago, N.A., is the Trustee under the Indenture and
has been appointed by us as the initial paying agent, registrar,
custodian and calculation agent with regard to the Notes. We may
maintain deposit accounts and conduct other banking transactions
with the Trustee or its affiliates in the ordinary course of
business. The Trustee serves as the trustee for our other
outstanding public debt securities. The Trustee and its
affiliates may from time to time in the future provide banking
and other services to us in the ordinary course of their
business.

<P align="left">
<B>Discharge of the Indenture</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may satisfy and discharge our obligations under the Indenture
with respect to the Notes by:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    delivering to the Trustee for cancellation all outstanding
    Notes; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    depositing with the Trustee, after all outstanding Notes have
    become due and payable (or are by their terms to become due and
    payable within one year), whether at stated maturity, or
    otherwise, cash sufficient to pay all of the outstanding Notes
    and paying all other sums payable under the Indenture by us with
    respect to the Notes.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Upon the deposit of such funds with the Trustee, the Indenture
will, with certain limited exceptions, cease to be of further
effect with respect to the Notes. The rights that would continue
following the deposit of those funds with the Trustee are:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the remaining rights of registration of transfer, substitution
    and exchange of the Notes;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the rights of Holders under the Indenture to receive payments
    due with respect to the Notes and the other rights, duties and
    obligations of Holders, as beneficiaries with respect to the
    amounts, if any, so deposited with the Trustee; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the rights, obligations and immunities of the Trustee under the
    Indenture.</TD>
</TR>

</TABLE>

<P align="center">S-15

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<P align="left">
<B>Certain Definitions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The following are definitions of certain of the terms used in
the Indenture.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Consolidated Net Tangible Assets&#148; means the total
amount of assets which would be included on a consolidated
balance sheet of Lennar and the Restricted Subsidiaries under
GAAP (less applicable reserves and other properly deductible
items) after deducting therefrom:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(A)&nbsp;all short-term liabilities, i.e., liabilities payable
by their terms less than one year from the date of determination
and not renewable or extendable at the option of the obligor for
a period ending more than one year after such date, and
liabilities in respect of retiree benefits other than pensions
for which the Restricted Subsidiaries are required to accrue
pursuant to Statement of Financial Accounting Standards
No.&nbsp;106;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(B)&nbsp;investments in subsidiaries that are not Restricted
Subsidiaries; and

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
(C)&nbsp;all assets reflected on our balance sheet as the
carrying value of goodwill, trade names, trademarks, patents,
unamortized debt discount, unamortized expense incurred in the
issuance of debt and other intangible assets.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Default&#148; means any event which upon the giving of
notice or the passage of time, or both, would be an Event of
Default.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Funded Debt&#148; of any Person means all Indebtedness for
borrowed money created, incurred, assumed or guaranteed in any
manner by such person, and all Indebtedness, contingent or
otherwise, incurred or assumed by such person in connection with
the acquisition of any business, property or asset, which in
each case matures more than one year after, or which by its
terms is renewable or extendible or payable out of the proceeds
of similar Indebtedness incurred pursuant to the terms of any
revolving credit agreement or any similar agreement at the
option of such person for a period ending more than one year
after the date as of which Funded Debt is being determined.
However, Funded Debt shall not include:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any Indebtedness for the payment, redemption or satisfaction of
    which money (or evidences of indebtedness, if permitted under
    the instrument creating or evidencing such indebtedness) in the
    necessary amount shall have been irrevocably deposited in trust
    with a trustee or proper depository either on or before the
    maturity or redemption date thereof;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any Indebtedness of such person to any of its subsidiaries or of
    any subsidiary to such person or any other subsidiary; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any Indebtedness incurred in connection with the financing of
    operating, construction or acquisition projects, provided that
    the recourse for such indebtedness is limited to the assets of
    such projects.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Holder&#148; means a Person in whose name a Note is
registered on the Registrar&#146;s books.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Indebtedness&#148; means, with respect to us or any
Subsidiary, and without duplication:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (a)&nbsp;the principal of and premium, if any, and interest on,
    and fees, costs, enforcement expenses, collateral protection
    expenses and other reimbursement or indemnity obligations in
    respect to all our or any Subsidiary&#146;s indebtedness or
    obligations to any Person, including but not limited to banks
    and other lending institutions, for money borrowed that is
    evidenced by a note, bond, debenture, loan agreement, or similar
    instrument or agreement (including purchase money obligations
    with original maturities in excess of one year and noncontingent
    reimbursement obligations in respect of amounts paid under
    letters of credit);</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (b)&nbsp;all our or any Subsidiary&#146;s reimbursement
    obligations and other liabilities (contingent or otherwise) with
    respect to letters of credit, bank guarantees or bankers&#146;
    acceptances;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (c)&nbsp;all obligations and liabilities (contingent or
    otherwise) in respect of our or any Subsidiary&#146;s leases
    required, in conformity with generally accepted accounting
    principles, to be accounted for as capital lease obligations on
    our balance sheet;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (d)&nbsp;all our or any Subsidiary&#146;s obligations
    (contingent or otherwise) with respect to an interest rate or
    other swap, cap or collar agreement or other similar instrument
    or agreement or foreign currency hedge, exchange, purchase or
    similar instrument or agreement;</TD>
</TR>

</TABLE>

<P align="center">S-16

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (e)&nbsp;all direct or indirect guaranties or similar agreements
    by us or any Subsidiary in respect of, and our or such
    Subsidiary&#146;s obligations or liabilities (contingent or
    otherwise) to purchase or otherwise acquire, or otherwise assure
    a creditor against loss in respect of, indebtedness, obligations
    or liabilities of another Person of the kind described in
    clauses (a)&nbsp;through (d);</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (f)&nbsp;any indebtedness or other obligations, excluding any
    operating leases we or any Subsidiary is currently (or may
    become) a party to described in clauses (a)&nbsp;through
    (d)&nbsp;secured by any Lien existing on property which is owned
    or held by us or such Subsidiary, regardless of whether the
    indebtedness or other obligation secured thereby shall have been
    assumed by us or such Subsidiary; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    (g)&nbsp;any and all deferrals, renewals, extensions and
    refinancing of, or amendments, modifications or supplements to,
    any indebtedness, obligation or liability of the kind described
    in clauses (a)&nbsp;through (f).</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Lien&#148; means any mortgage, pledge, lien, encumbrance,
charge or security interest of any kind.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Non-Recourse Indebtedness&#148; means any of our or any
Restricted Subsidiary&#146;s Indebtedness for which the holder
of such Indebtedness has no recourse, directly or indirectly, to
us or such Restricted Subsidiary for the principal of, premium,
if any, and interest on such Indebtedness, and for which we are
not or such Restricted Subsidiary is not, directly or
indirectly, obligated or otherwise liable for the principal of,
premium, if any, and interest on such Indebtedness, except
pursuant to mortgages, deeds of trust or other security
interests or other recourse, obligations or liabilities, in
respect of specific land or other real property interests of us
or such Restricted Subsidiary securing such indebtedness;
provided, however, that recourse, obligations or liabilities
solely for indemnities, covenants or breach of warranty
representations or covenants in respect of Indebtedness will not
prevent that Indebtedness from being classified as Non-Recourse
Indebtedness.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Officers&#146; Certificate&#148; when used with respect to
us means a certificate signed by two of our officers (as
specified in the Indenture), each such certificate will comply
with Section&nbsp;314 of the TIA and include the statements
required under the Indenture.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Paying Agent&#148; means the office or agency designated
by us where the Notes may be presented for payment.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Person&#148; means any individual, corporation,
partnership, joint venture, joint-stock company, trust,
unincorporated organization or government or any government
agency or political subdivision.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Restricted Subsidiary&#148; means any guarantor.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Sale-Leaseback Transaction&#148; means a sale or transfer
made by us or a Restricted Subsidiary of any property which is
either (A)&nbsp;a manufacturing facility, office building or
warehouse whose book value equals or exceeds 1% of Consolidated
Net Tangible Assets as of the date of determination, or (B)
another property (not including a model home) which exceeds 5%
of Consolidated Net Tangible Assets as of the date of
determination, if such sale or transfer is made with the
agreement, commitment or intention of leasing such property to
Lennar or a Restricted Subsidiary.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Senior Secured Credit Facilities&#148; means the senior
secured credit facilities dated as of May&nbsp;3, 2000, as
amended and restated through May&nbsp;30, 2003 between Lennar
and Bank One N.A., as administrative agent and the other lenders
party thereto<B>.</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Subsidiary,&#148; means (1)&nbsp;a corporation or other
entity of which a majority in voting power of the stock or other
interests is owned by us, by a Subsidiary or by us and one or
more Subsidiaries or (2)&nbsp;a partnership, of which we or any
Subsidiary is the sole general partner.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&#147;Total Consolidated Stockholders&#146; Equity&#148; means,
with respect to any date of determination, our total
consolidated stockholders&#146; equity as shown on the most
recent consolidated balance sheet that is contained or
incorporated in the latest annual report on Form&nbsp;10-K (or
equivalent report) or quarterly report on Form&nbsp;10-Q (or
equivalent report) filed with the SEC, and is as of a date not
more than 181&nbsp;days prior to the date of determination, in
the case of the consolidated balance sheet contained or
incorporated in an annual report on Form&nbsp;10-K, or
135&nbsp;days prior to the date of determination, in the case of
the consolidated condensed balance sheet contained in a
quarterly report on Form 10-Q.

<P align="center">S-17

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<!-- link1 "UNDERWRITING" -->

<P align="center">
<B>UNDERWRITING</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have entered into an underwriting agreement with Banc of
America Securities LLC with respect to the Notes offered by this
prospectus supplement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriting agreement provides that the obligations of the
underwriter to pay for and accept delivery of the Notes are
subject to certain conditions, including the receipt of legal
opinions relating to certain matters. The underwriter is
committed to take and pay for all of the Notes being offered
hereby if any are taken.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes sold by the underwriter to the public will initially
be offered at the initial public offering price set forth on the
cover of this prospectus supplement and to certain dealers at
that price less a concession not in excess of 0.400% of the
principal amount of the Notes. The underwriter may allow to
dealers, and those dealers may reallow to other dealers, a
discount not in excess of 0.200% of the principal amount of the
Notes. If all the Notes are not sold at the initial offering
price, the underwriter may change the offering price and the
other selling terms.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Notes will not be listed on any securities exchange or on an
automated dealer quotation system. The underwriter may make a
market in the Notes, but is not obligated to do so and may
discontinue any market-making activities at any time without
notice. No assurance can be given as to the liquidity of the
trading market for the Notes or that an active public market for
the Notes will develop. If an active public trading market for
the Notes does not develop, the market price and liquidity of
the Notes may be adversely affected.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In connection with the offering of the Notes, the underwriter
may engage in transactions that stabilize, maintain or otherwise
affect the price of the Notes. Specifically, the underwriter may
overallot in connection with the offering, creating a short
position. In addition, the underwriter may bid for, and
purchase, Notes in the open market to cover short positions or
to stabilize the price of the Notes. Any of these activities may
stabilize or maintain the market price of the Notes above
independent market levels, but no representation is made hereby
of the magnitude of any effect that the transactions described
above may have on the market price of the Notes. The underwriter
will not be required to engage in these activities, and may
engage in these activities, and may end any of these activities,
at any time without notice.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our expenses of the offering, not including the underwriting
discount, are estimated to be approximately $50,000.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed to indemnify the underwriter against certain
liabilities, including liabilities under the Securities Act of
1933, as amended, or to contribute to payments the underwriter
may be required to make in respect of any of these liabilities.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In the ordinary course of its business, the underwriter and/or
its affiliates have in the past and may in the future provide us
with financial advisory and other services for which it has
received, and in the future will receive, customary fees.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We have agreed that, without the consent of Banc of America
Securities LLC, we will not offer to sell or sell any debt
securities to the public from the date of this prospectus
supplement through April&nbsp;15, 2004.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriter or its affiliates have performed investment
banking, commercial banking, dealer and advisory services for us
or our affiliates from time to time, for which they have
received customary fees and expenses. The underwriter or its
affiliates may, from time to time, engage in transactions with
and perform services for us or our affiliates in the ordinary
course of their business. Banc of America Securities LLC is
affiliated with one of our lenders.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The underwriter will make the Notes offered by this prospectus
supplement available for distribution on the Internet through a
proprietary Web site and/or a third-party system operated by
Market Axess Inc., an Internet-based communications technology
provider. Market Axess Inc. is providing the system as a conduit
for communications between the underwriter and its customers and
is not a party to any transactions. Market Axess Inc., a
registered broker-dealer, will receive compensation from the
underwriter based on transactions the underwriter conducts
through the system. The underwriter will make the Notes
available to its customers through the Internet distributions,
whether made through a proprietary or third-party system, on the
same terms as distributions made through other channels.

<P align="center">S-18

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<!-- link1 "LEGAL MATTERS" -->

<P align="center">
<B>LEGAL MATTERS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Clifford Chance US LLP, New York, New York, is passing on the
validity of the Notes offered by this prospectus supplement for
us. Willkie Farr &#38; Gallagher LLP, New York, New York, will
pass upon certain legal matters relating to the offering of
these Notes for the underwriter.

<!-- link1 "INDEPENDENT AUDITORS" -->

<P align="center">
<B>INDEPENDENT AUDITORS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements and the related financial
statement schedule of Lennar Corporation incorporated in this
prospectus supplement by reference from Lennar
Corporation&#146;s Annual Report on Form&nbsp;10-K for the
fiscal year ended November&nbsp;30, 2003, have been audited by
Deloitte &#38; Touche LLP, independent auditors, as stated in
their reports, which are incorporated herein by reference, and
have been so incorporated in reliance upon the reports of such
firm given upon their authority as experts in accounting and
auditing.

<P align="center">S-19

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B>PROSPECTUS</B>

<!-- link1 "$970,000,000" -->

<P align="center">
<B><FONT size="4">$970,000,000</FONT></B>

<!-- link1 "LENNAR CORPORATION" -->

<P align="center">
<B><FONT size="6">LENNAR CORPORATION</FONT></B>

<!-- link1 "Common Stock Preferred Stock Participating Preferred Stock Depositary Shares Debt Securities and Warrants" -->

<P align="center">
<B><FONT size="4">Common Stock</FONT></B>

<DIV align="center">
<B><FONT size="4">Preferred Stock</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Participating Preferred Stock</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Depositary Shares</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Debt Securities</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">and</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="4">Warrants</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may from time to time offer our common stock, preferred stock
(which we may issue in one or more series), participating
preferred stock, depositary shares representing shares of
preferred stock, debt securities (which we may issue in one or
more series and which may or may not be guaranteed by some or
all of our subsidiaries, other than our subsidiaries which are
mortgage or title reinsurance companies) or warrants entitling
the holders to purchase common stock, preferred stock,
participating preferred stock, depositary shares or debt
securities, at an aggregate initial offering price which will
not exceed $970,000,000. We will determine when we sell
securities, the amounts of securities we will sell and the
prices and other terms on which we will sell them. We may sell
securities to or through underwriters, through agents or
directly to purchasers.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will describe in a prospectus supplement, which we will
deliver with this prospectus, the terms of particular securities
which we offer in the future. We may describe the terms of those
securities in a term sheet which will precede the prospectus
supplement.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
In each prospectus supplement we will include the following
information:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The names of the underwriters or agents, if any, through which
    we will sell the securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The proposed amounts of securities, if any, which the
    underwriters will purchase;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The compensation, if any, of those underwriters or agents;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The major risk factors associated with the securities offered;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    The initial public offering price of the securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Information about securities exchanges or automated quotation
    systems on which the securities will be listed or traded; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    Any other material information about the offering and sale of
    the securities.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our common stock is listed on the New York Stock Exchange under
the symbol &#147;LEN.&#148;

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>Neither the Securities and Exchange Commission nor any State
Securities Commission has approved or disapproved the securities
we may be offering or determined that this Prospectus is
accurate or complete. Any representation to the contrary is a
criminal offense.</B>

<DIV>&nbsp;</DIV>

<!-- link1 "The date of this Prospectus is October 9, 2001" -->

<P align="center">
<B>The date of this Prospectus is October&nbsp;9, 2001</B>

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<!-- link1 "FORWARD-LOOKING INFORMATION" -->

<P align="center">
<B>FORWARD-LOOKING INFORMATION</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We make forward-looking statements about our business in our
filings with the Securities and Exchange Commission. Although we
believe the expectations reflected in those forward-looking
statements are reasonable, it is possible they will prove not to
have been correct, particularly given the cyclical nature of the
market for new homes. Among the factors which can affect our
future performance are changes in interest rates, changes in
demand for homes in areas in which we are developing
communities, the availability and cost of land suitable for
residential development, changes in the costs of labor and
materials, competition, environmental factors and changes in
government regulations.

<!-- link1 "LENNAR" -->

<P align="center">
<B>LENNAR</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are one of the nation&#146;s largest homebuilders and a
provider of residential financial services. Our homebuilding
operations include the sale and construction of single-family
attached and detached homes, as well as the purchase,
development and sale of residential land directly and through
partnerships. Our financial services operations provide mortgage
financing, title insurance and closing services for our
homebuyers and others, package and resell residential mortgage
loans, and provide high-speed Internet access, cable television,
alarm installation and home monitoring services to residents of
our communities and others.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On May&nbsp;3, 2000, we acquired U.S. Home Corporation in a
transaction in which U.S. Home stockholders received a total of
approximately $243&nbsp;million in cash and 13&nbsp;million
shares of our common stock, which were valued at approximately
$267&nbsp;million at the time of the transaction. U.S. Home and
its subsidiaries contributed 39.6% of our homebuilding revenues
and 40.7% of our homebuilding expenses during the approximately
seven months between the time we acquired them and the end of
our fiscal year on November&nbsp;30, 2000. U.S. Home and its
subsidiaries contributed 31.2% of our homebuilding revenues and
31.9% of our homebuilding expenses for the entire fiscal year.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our strategy has included:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    acquiring land at what we believe to be favorable prices through
    our own efforts and in partnerships;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    acquiring companies or their assets as a way of expanding our
    homebuilding and financial services activities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    focusing our homebuilding activities on the fastest growing home
    markets;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    using our financial services subsidiaries to generate additional
    earnings; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    emphasizing customer care and satisfaction.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are a Delaware corporation, with our principal executive
offices at 700 N.W. 107th Avenue, Miami, Florida 33172. Our main
telephone number at those offices is (305)&nbsp;559-4000.

<!-- link1 "USE OF PROCEEDS" -->

<P align="center">
<B>USE OF PROCEEDS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Except as may be set forth in a particular prospectus
supplement, we will add the net proceeds from sales of
securities to our general corporate funds, which we may use to
repay indebtedness, including indebtedness of our wholly-owned
subsidiaries, for acquisitions, or for other general corporate
purposes. While we are continuously involved in discussions
about possible acquisitions, the only transaction we are
discussing which currently appears probable would involve our
payment of approximately $10&nbsp;million, which would consist
partly of cash and partly of shares of our common stock.

<P align="center">2

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<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->

<P align="center">
<B>RATIO OF EARNINGS TO FIXED CHARGES</B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="2">Six Months Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="2">Years Ended November 30,</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">May 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">May 31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1999</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1998</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1997</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="2">1996</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of earnings to fixed charges(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.0x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.9x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.5x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.2x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><TR><TD><TR><TD><TR><TD>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of earnings to fixed charges (excluding
    limited-purpose finance subsidiaries)(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.0x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.9x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.6x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.8x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.9x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.3x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.9x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>(1)&nbsp;</TD>
    <TD align="left">
    For the purpose of calculating the ratio of earnings to fixed
    charges, &#147;earnings&#148; consist of income from continuing
    operations before income taxes plus &#147;fixed charges&#148;
    and certain other adjustments. &#147;Fixed charges&#148; consist
    of interest incurred on all indebtedness related to continuing
    operations (including amortization of original issue discount)
    and the implied interest component of our rent obligations. The
    implied interest component of rent obligations for years prior
    to 1998 was not material.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
There was no preferred stock outstanding for any of the periods
shown above. Accordingly, the ratio of earnings to combined
fixed charges and preferred stock dividends was identical to the
ratio of earnings to fixed charges.

<!-- link1 "DESCRIPTION OF DEBT SECURITIES" -->

<P align="center">
<B>DESCRIPTION OF DEBT SECURITIES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will issue the debt securities under an indenture dated as of
December 31, 1997 with Bank One Trust Company, N.A. (as
successor in interest to The First National Bank of Chicago), as
trustee, which we may supplement from time to time. The
following paragraphs describe the provisions of the indenture.
We have filed the indenture as an exhibit to our Registration
Statement, File No.&nbsp;333-73311, and you may inspect it as
described under &#147;Information We File&#148; on page 10 or at
the office of the trustee.

<P align="left">
<B>General</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The debt securities will be direct obligations of our company
and may be either senior debt securities or subordinated debt
securities. Some or all of the co-registrants under the
registration statement which includes this prospectus (each our
direct or indirect subsidiary) may guaranty our payment of debt
securities issued under this prospectus. In addition, the debt
securities may be secured by some or all of our subsidiaries.
The indenture does not limit the principal amount of debt
securities that we may issue. We may issue debt securities in
one or more series. A supplemental indenture will set forth
specific terms of each series of debt securities. There will be
prospectus supplements relating to particular series of debt
securities. Each prospectus supplement will describe:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the title of the debt securities and whether the debt securities
    are senior or subordinated debt securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any limit upon the aggregate principal amount of a series of
    debt securities which we may issue;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the date or dates on which principal of the debt securities will
    be payable and the amount of principal which will be payable;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the rate or rates (which may be fixed or variable) at which the
    debt securities will bear interest, if any, or contingent
    interest, if any, as well as the dates from which interest will
    accrue, the dates on which interest will be payable, the persons
    to whom interest will be payable, if other than the registered
    holders on the record date, and the record date for the interest
    payable on any payment date;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the currency or currencies in which principal, premium, if any,
    and interest, if any, will be paid;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether our obligations with regard to the debt securities are
    guaranteed by some or all of our subsidiaries;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    whether our obligations with regard to the debt securities are
    secured by shares of some or all of our subsidiaries;</TD>
</TR>

</TABLE>

<P align="center">3

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the place or places where principal, premium, if any, and
    interest, if any, on the debt securities will be payable and
    where debt securities which are in registered form can be
    presented for registration of transfer or exchange;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any provisions regarding our right to prepay debt securities or
    of holders to require us to prepay debt securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the right, if any, of holders of the debt securities to convert
    them into common stock or other securities, including any
    contingent conversion provisions;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any provisions requiring or permitting us to make payments to a
    sinking fund which will be used to redeem debt securities or a
    purchase fund which will be used to purchase debt securities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any index or formula used to determine the required payments of
    principal, premium, if any, or interest, if any;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the percentage of the principal amount of the debt securities
    which is payable if maturity of the debt securities is
    accelerated because of a default;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any special or modified events of default or covenants with
    respect to the debt securities; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any other material terms of the debt securities.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture does not contain any restrictions on the payment
of dividends or the repurchase of our securities or any
financial covenants. However, supplemental indentures relating
to particular series of debt securities may contain provisions
of that type.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may issue debt securities at a discount from, or at a premium
to, their stated principal amount. A prospectus supplement may
describe federal income tax considerations and other special
considerations applicable to a debt security issued with
original issue discount or a premium.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
If the principal of, premium, if any, or interest, if any, with
regard to any series of debt securities is payable in a foreign
currency, then in the prospectus supplement relating to those
debt securities, we will describe any restrictions on currency
conversions, tax considerations or other material restrictions
with respect to that issue of debt securities.

<P align="left">
<B>Form of Debt Securities</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may issue debt securities in certificated or uncertificated
form, in registered form with or without coupons or in bearer
form with coupons, if applicable.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may issue debt securities of a series in the form of one or
more global certificates evidencing all or a portion of the
aggregate principal amount of the debt securities of that
series. We may deposit the global certificates with
depositaries, and the certificates may be subject to
restrictions upon transfer or upon exchange for debt securities
in individually certificated form.

<P align="left">
<B>Events of Default and Remedies</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
An event of default with respect to each series of debt
securities will include:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our default in payment of the principal of or premium, if any,
    on any debt securities of any series beyond any applicable grace
    period;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our default for 30&nbsp;days or a period specified in a
    supplemental indenture, which may be no period, in payment of
    any installment of interest due with regard to debt securities
    of any series;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    our default for 60&nbsp;days after notice in the observance or
    performance of any other covenants in the indenture; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    certain events involving our bankruptcy, insolvency or
    reorganization.</TD>
</TR>

</TABLE>

<P align="center">4

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Supplemental indentures relating to particular series of debt
securities may include other events of default.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture provides that the trustee may withhold notice to
the holders of any series of debt securities of any default
(except a default in payment of principal, premium, if any, or
interest, if any) if the trustee considers it in the interest of
the holders of the series to do so.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture provides that if any event of default has occurred
and is continuing, the trustee or the holders of not less than
25% in principal amount of the series of debt securities then
outstanding may declare the principal of and accrued interest,
if any, on all the debt securities of that series to be due and
payable immediately. However, if we cure all defaults (except
the failure to pay principal, premium or interest which became
due solely because of the acceleration) and certain other
conditions are met, that declaration may be annulled and past
defaults may be waived by the holders of a majority in principal
amount of the series of debt securities then outstanding.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The holders of a majority of the outstanding principal amount of
a series of debt securities will have the right to direct the
time, method and place of conducting proceedings for any remedy
available to the trustee, subject to certain limitations
specified in the indenture.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
A prospectus supplement will describe any additional or
different events of default which apply to any series of debt
securities.

<P align="left">
<B>Modification of the Indenture</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We and the trustee may:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    without the consent of holders of debt securities, modify the
    indenture to cure errors or clarify ambiguities;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    with the consent of the holders of not less than a majority in
    principal amount of the debt securities which are outstanding
    under the indenture, modify the indenture or the rights of the
    holders of the debt securities generally; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    with the consent of the holders of not less than a majority in
    outstanding principal amount of any series of debt securities,
    modify any supplemental indenture relating solely to that series
    of debt securities or the rights of the holders of that series
    of debt securities.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
However, we may not:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    extend the fixed maturity of any debt securities, reduce the
    rate or extend the time for payment of interest, if any, on any
    debt securities, reduce the principal amount of any debt
    securities or the premium, if any, on any debt securities,
    impair or affect the right of a holder to institute suit for the
    payment of principal, premium, if any, or interest, if any, with
    regard to any debt securities, change the currency in which any
    debt securities are payable or impair the right, if any, to
    convert any debt securities into common stock or any of our
    other securities, without the consent of each holder of debt
    securities who will be affected; or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    reduce the percentage of holders of debt securities required to
    consent to an amendment, supplement or waiver, without the
    consent of the holders of all the then outstanding debt
    securities or outstanding debt securities of the series which
    will be affected.</TD>
</TR>

</TABLE>

<P align="left">
<B>Mergers and Other Transactions</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may not consolidate with or merge into any other entity, or
transfer or lease our properties and assets substantially as an
entirety to another person, unless (1)&nbsp;the entity formed by
the consolidation or into which we are merged, or which acquires
or leases our properties and assets substantially as an
entirety, assumes by a supplemental indenture all our
obligations with regard to outstanding debt securities and our
other covenants under the indenture, and (2)&nbsp;with regard to
each series of debt securities, immediately after giving effect
to

<P align="center">5

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
the transaction, no event of default, with respect to that
series of debt securities, and no event which would become an
event of default, will have occurred and be continuing.
</DIV>

<P align="left">
<B>Concerning the Trustee</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Bank One Trust Company, N.A., the trustee under the indenture,
provides, and may continue to provide, loans and banking
services to us in the ordinary course of its business.

<P align="left">
<B>Governing Law</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The indenture, each supplemental indenture, and the debt
securities issued under them will be governed by, and construed
in accordance with, the laws of New York State.

<!-- link1 "DESCRIPTION OF WARRANTS" -->

<P align="center">
<B>DESCRIPTION OF WARRANTS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Each issue of warrants will be the subject of a warrant
agreement which will contain the terms of the warrants. We will
distribute a prospectus supplement with regard to each issue of
warrants. Each prospectus supplement will describe, as to the
warrants to which it relates:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the securities which may be purchased by exercising the warrants
    (which may be common stock, preferred shares, participating
    preferred shares, debt securities, depositary shares or units
    consisting of two or more of those types of securities);</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the exercise price of the warrants (which may be wholly or
    partly payable in cash or wholly or partly payable with other
    types of consideration);</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the period during which the warrants may be exercised;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any provision adjusting the securities which may be purchased on
    exercise of the warrants and the exercise price of the warrants
    in order to prevent dilution or otherwise;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the place or places where warrants can be presented for exercise
    or for registration of transfer or exchange; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any other material terms of the warrants.</TD>
</TR>

</TABLE>

<!-- link1 "DESCRIPTION OF COMMON STOCK AND PREFERRED SHARES" -->

<P align="center">
<B>DESCRIPTION OF COMMON STOCK AND PREFERRED SHARES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our authorized capital stock consists of 100,000,000 shares of
common stock, $0.10 par value, 30,000,000 shares of class B
common stock, $0.10 par value, 100,000,000 shares of
participating preferred stock, $0.10 par value, and 500,000
shares of preferred stock, $10.00 par value. At May&nbsp;31,
2001, 54,018,069 shares of our common stock, 9,772,812 shares of
our class B common stock and no shares of participating
preferred stock or preferred stock were outstanding.

<P align="left">
<B>Preferred Stock</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may issue preferred stock in series with any rights and
preferences which may be authorized by our board of directors.
We will distribute a prospectus supplement with regard to each
series of preferred stock. Each prospectus supplement will
describe, as to the preferred stock to which it relates:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the title of the series;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any limit upon the number of shares of the series which may be
    issued;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the preference, if any, to which holders of the series will be
    entitled upon our liquidation;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the date or dates on which we will be required or permitted to
    redeem shares of the series;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the terms, if any, on which we or holders of the series will
    have the option to cause shares of the series to be redeemed;</TD>
</TR>

</TABLE>

<P align="center">6

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the voting rights of the holders of the preferred stock;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the dividends, if any, which will be payable with regard to the
    series (which may be fixed dividends or participating dividends
    and may be cumulative or non-cumulative);</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the right, if any, of holders of the series to convert them into
    another class of our stock or securities, including provisions
    intended to prevent dilution of those conversion rights;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any provisions by which we will be required or permitted to make
    payments to a sinking fund which will be used to redeem shares
    of the series or a purchase fund which will be used to purchase
    shares of the series; and</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    any other material terms of the series.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Holders of shares of preferred stock will not have preemptive
rights.

<P align="left">
<B>Common Stock</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All the outstanding shares of our common stock are fully paid
and nonassessable and are entitled to participate equally and
ratably in dividends and in distributions available for the
common stock on liquidation. Each share is entitled to one vote
for the election of directors and upon all other matters on
which the common stockholders vote. Holders of common stock are
not entitled to cumulative votes in the election of our
directors.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The transfer agent and registrar for the common stock is
EquiServe Trust Company, a wholly-owned subsidiary of EquiServe
Limited Partnership of Canton, Massachusetts.

<P align="left">
<B>Class&nbsp;B Common Stock</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our class B common stock is identical in every respect with our
common stock, except that (a)&nbsp;each share of class B common
stock is entitled to ten votes on each matter submitted to the
vote of the common stockholders, while each share of common
stock is entitled to only one vote, (b)&nbsp;the cash dividends,
if any, paid with regard to a share of the class B common stock
in a year cannot be more than 90% of the cash dividends, if any,
paid with regard to a share of the common stock in that year,
(c)&nbsp;a holder cannot transfer class B common stock, except
to a limited group of Permitted Transferees (primarily close
relatives of the class B stockholder, fiduciaries for the class
B stockholder or for close relatives, and entities of which the
class B stockholder or close relatives are majority owners),
(d)&nbsp;each share of class B common stock may at any time be
converted into one share of common stock, but common stock may
not be converted into class B common stock, (e)&nbsp;amendments
to provisions of our Certificate of Incorporation relating to
the common stock or the class B common stock require the
approval of a majority of the shares of common stock which are
voted with regard to them (as well as approval of a majority in
voting power of all the outstanding common stock and class B
common stock combined), and (f)&nbsp;under Delaware law, certain
matters affecting the rights of holders of class B common stock
may require approval of the holders of the class B common stock
voting as a separate class.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
At May&nbsp;31, 2001, Leonard Miller, our Chairman, owned,
through a family partnership, class B common stock which would
be entitled to approximately 64% of the combined votes which
could be cast by the holders of the common stock and the class B
common stock. That gives Mr.&nbsp;Miller the power to elect all
our directors and to approve most matters that are presented to
our stockholders, even if no other stockholders vote in favor of
them. Mr.&nbsp;Miller has no current intention to convert a
significant number of shares of class B common stock into common
stock, or to sell any common stock, although, unless otherwise
stated in a particular prospectus supplement, he would be free
to do so at any time.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The existence of class B common stock, which has substantially
greater voting rights than the common stock, probably would
discourage non-negotiated tender offers and other types of
non-negotiated takeovers, if any were contemplated.
Mr.&nbsp;Miller&#146;s ownership might discourage someone from
making a significant equity investment in us, even if we needed
the investment to meet our obligations and to operate our
business. Mr.&nbsp;Miller&#146;s ownership of class B common
stock would make it impossible for anyone to acquire voting
control

<P align="center">7

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
of us as long as the total outstanding class B common stock is
at least 10% of the combined common stock of both classes and we
have no other class of stock which votes in the election of
directors (if at any time the outstanding shares of class B
common stock are less than 10% of the outstanding shares of both
classes of common stock taken together, the class B common stock
will automatically be converted into common stock).
</DIV>

<!-- link1 "DESCRIPTION OF PARTICIPATING PREFERRED STOCK" -->

<P align="center">
<B>DESCRIPTION OF PARTICIPATING PREFERRED STOCK</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Our participating preferred stock is identical with the common
stock in every way, except that (a)&nbsp;no dividends may be
paid with regard to the common stock in a calendar year until
the holders of the participating preferred stock have received a
total of $.0125 per share, then no dividends may be paid in that
year with regard to the participating preferred stock until the
holders of the common stock have received dividends totaling
$.0125 per share, and then any additional dividends in the year
will be paid on an equal per share basis to the holders of the
participating preferred stock and of the common stock,
(b)&nbsp;if we are liquidated, none of our assets may be
distributed to the holders of the common stock until the holders
of the participating preferred stock have received assets
totaling $10 per share, then no assets may be distributed to the
holders of the participating preferred stock until the holders
of the common stock have received assets totaling $10 per share,
and then any further liquidating distributions will be made on
an equal per share basis to the holders of the participating
preferred stock and of the common stock, and (c) holders of
participating preferred stock will vote separately on corporate
actions which would change the participating preferred stock or
would cause the holders of the participating preferred stock to
receive consideration in a merger or similar transaction which
is different from the consideration received by the holders of
the common stock.

<!-- link1 "DESCRIPTION OF DEPOSITARY SHARES" -->

<P align="center">
<B>DESCRIPTION OF DEPOSITARY SHARES</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We may issue depositary receipts representing interests in
shares of particular series of preferred stock which are called
depositary shares. We will deposit the preferred stock of a
series which is the subject of depositary shares with a
depositary, which will hold that preferred stock for the benefit
of the holders of the depositary shares, in accordance with a
deposit agreement between the depositary and us. The holders of
depositary shares will be entitled to all the rights and
preferences of the preferred stock to which the depositary
shares relate, including dividend, voting, conversion,
redemption and liquidation rights, to the extent of their
interests in that preferred stock.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
While the deposit agreement relating to a particular series of
preferred stock may have provisions applicable solely to that
series of preferred stock, all deposit agreements relating to
preferred stock we issue will include the following provisions:

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Dividends and Other Distributions. </I>Each time we pay a
cash dividend or make any other type of cash distribution with
regard to preferred stock of a series, the depositary will
distribute to the holder of record of each depositary share
relating to that series of preferred stock an amount equal to
the dividend or other distribution per depositary share the
depositary receives. If there is a distribution of property
other than cash, the depositary either will distribute the
property to the holders of depositary shares in proportion to
the depositary shares held by each of them, or the depositary
will, if we approve, sell the property and distribute the net
proceeds to the holders of the depositary shares in proportion
to the depositary shares held by them.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Withdrawal of Preferred Stock. </I>A holder of depositary
shares will be entitled to receive, upon surrender of depositary
receipts representing depositary shares, the number of shares of
the applicable series of preferred stock, and any money or other
property, to which the depositary shares relate.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Redemption of Depositary Shares. </I>Whenever we redeem
shares of preferred stock held by a depositary, the depositary
will be required to redeem, on the same redemption date,
depositary shares constituting, in total, the number of shares
of preferred stock held by the depositary which we redeem,
subject to the depositary&#146;s receiving the redemption price
of those shares of preferred stock. If fewer than all the
depositary shares relating to a series are to be redeemed, the
depositary shares to be redeemed will be selected by lot or by
another method we determine to be equitable.

<P align="center">8

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Voting. </I>Any time we send a notice of meeting or other
materials relating to a meeting to the holders of a series of
preferred stock to which depositary shares relate, we will
provide the depositary with sufficient copies of those materials
so they can be sent to all holders of record of the applicable
depositary shares, and the depositary will send those materials
to the holders of record of the depositary shares on the record
date for the meeting. The depositary will solicit voting
instructions from holders of depositary shares and will vote or
not vote the preferred stock to which the depositary shares
relate in accordance with those instructions.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Liquidation Preference. </I>Upon our liquidation, dissolution
or winding up, the holder of each depositary share will be
entitled to what the holder of the depositary share would have
received if the holder had owned the number of shares of
preferred stock which is represented by the depositary share.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Conversion. </I>If shares of a series of preferred stock are
convertible into common stock or other of our securities or
property, holders of depositary shares relating to that series
of preferred stock will, if they surrender depositary receipts
representing depositary shares and appropriate instructions to
convert them, receive the shares of common stock or other
securities or property into which the number of shares of
preferred stock to which the depositary shares relate could at
the time be converted.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Amendment and Termination of a Deposit Agreement. </I>We and
the depositary may amend a deposit agreement, except that an
amendment which materially and adversely affects the rights of
holders of depositary shares, or would be materially and
adversely inconsistent with the rights granted to the holders of
the preferred stock to which they relate, must be approved by
holders of at least two-thirds of the outstanding depositary
shares. No amendment will impair the right of a holder of
depositary shares to surrender the depositary receipts
evidencing those depositary shares and receive the preferred
stock to which they relate, except as required to comply with
law. We may terminate a deposit agreement with the consent of
holders of a majority of the depositary shares to which it
relates. Upon termination of a deposit agreement, the depositary
will make the shares of preferred stock to which the depositary
shares issued under the deposit agreement relate available to
the holders of those depositary shares. A deposit agreement will
automatically terminate if:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    all outstanding depositary shares to which it relates have been
    withdrawn, redeemed or converted or</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>&#149;&nbsp;</TD>
    <TD align="left">
    the depositary has made a final distribution to the holders of
    the depositary shares issued under the deposit agreement upon
    our liquidation, dissolution or winding up.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Miscellaneous. </I>There will be provisions
(i)&nbsp;requiring the depositary to forward to holders of
record of depositary shares any reports or communications from
us which the depositary receives with respect to the preferred
stock to which the depositary shares relate, (ii)&nbsp;regarding
compensation of the depositary, (iii)&nbsp;regarding resignation
of the depositary, (iv)&nbsp;limiting our liability and the
liability of the depositary under the deposit agreement (usually
to failure to act in good faith, gross negligence or willful
misconduct) and (v)&nbsp;indemnifying the depositary against
certain possible liabilities.

<!-- link1 "LEGAL MATTERS" -->

<P align="center">
<B>LEGAL MATTERS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Clifford Chance Rogers &#38; Wells LLP, 200 Park Avenue, New
York, New York 10166, will pass upon the validity of any
securities we offer by this prospectus. If the validity of any
securities is also passed upon by counsel for the underwriters
of an offering of those securities, that counsel will be named
in the prospectus supplement relating to that offering.

<!-- link1 "EXPERTS" -->

<P align="center">
<B>EXPERTS</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The financial statements as of November&nbsp;30, 2000 and 1999,
and for each of the three years in the period ended
November&nbsp;30, 2000, and the related financial statement
schedule incorporated by reference into this prospectus and the
registration statement of which it is a part have been audited
by Deloitte &#38; Touche LLP, independent auditors, as stated in
their reports appearing in and incorporated by reference in our
Annual Report on Form&nbsp;10-K for the year ended
November&nbsp;30, 2000, and have been so included in reliance
upon the reports of such firm given upon their authority as
experts in accounting and auditing.

<P align="center">9

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The consolidated financial statements and schedules of U.S. Home
Corporation incorporated by reference in this prospectus and the
registration statement of which it is a part from U.S.
Home&#146;s Annual Report on Form&nbsp;10-K for the fiscal year
ended December&nbsp;31, 1999, have been audited by Arthur
Andersen LLP, independent public accountants, as indicated in
their reports with respect thereto, and are included in reliance
upon the authority of said firm as experts in giving said
reports.

<!-- link1 "INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE" -->

<P align="center">
<B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We are incorporating by reference in this prospectus the
following documents which we have previously filed with the
Securities and Exchange Commission under the File Number 1-11749
or U.S. Home Corporation has previously filed with the
Securities and Exchange Commission under the File Number 1-05899:
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(a)&nbsp;</TD>
    <TD align="left">
    our Annual Reports on Form&nbsp;10-K and form 10-K/ A for the
    fiscal year ended November&nbsp;30, 2000;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(b)&nbsp;</TD>
    <TD align="left">
    our Quarterly Report on Form&nbsp;10-Q for the fiscal quarter
    ended February&nbsp;28, 2001;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(c)&nbsp;</TD>
    <TD align="left">
    our Quarterly Report on Form&nbsp;10-Q for the fiscal quarter
    ended May 31, 2001;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(d)&nbsp;</TD>
    <TD align="left">
    our Current Report on Form&nbsp;8-K dated May&nbsp;2, 2000;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(e)&nbsp;</TD>
    <TD align="left">
    our Current Report on Form&nbsp;8-K/ A dated June&nbsp;30, 2000;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(f)&nbsp;</TD>
    <TD align="left">
    our Current Report on Form&nbsp;8-K dated April&nbsp;3, 2001;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(g)&nbsp;</TD>
    <TD align="left">
    our Current Report on Form&nbsp;8-K dated April&nbsp;4, 2001;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(h)&nbsp;</TD>
    <TD align="left">
    our Current Report on Form&nbsp;8-K dated October&nbsp;5, 2001;</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="3%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(i)&nbsp;</TD>
    <TD align="left">
    our Definitive Proxy Statement dated March&nbsp;9, 2001;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(j)&nbsp;</TD>
    <TD align="left">
    the description of our common stock contained in our
    registration statement under Section&nbsp;12 of the Securities
    Exchange Act of 1934, as amended, as that description has been
    altered by amendment or reports filed for the purpose of
    updating that description; and</TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD>(k)&nbsp;</TD>
    <TD align="left">
    U.S. Home Corporation&#146;s Annual Report on Form&nbsp;10-K for
    the fiscal year ended December&nbsp;31, 1999.</TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Whenever after the date of this prospectus we file reports or
documents under Section&nbsp;13(a), 13(c), 14 or 15(d) of the
Securities Exchange Act of 1934, as amended, those reports and
documents will be deemed to be part of this prospectus from the
time they are filed. If anything in a report or document we file
after the date of this prospectus changes anything in it, this
prospectus will be deemed to be changed by that subsequently
filed report or document beginning on the date the report or
document is filed.

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We will provide to each person, including any beneficial owner,
to whom a copy of this prospectus is delivered a copy of any or
all of the information that has been incorporated by reference
in this prospectus, but not delivered with this prospectus. We
will provide this information at no cost to the requestor upon
written or oral request addressed to Lennar Corporation, 700
Northwest 107th Avenue, Miami, Florida 33172, attention:
Director of Investor Relations (telephone: 305-559-4000).

<!-- link1 "INFORMATION WE FILE" -->

<P align="center">
<B>INFORMATION WE FILE</B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We file annual, quarterly and current reports, proxy statements
and other materials with the SEC. The public may read and copy
any materials we file with the SEC at the SEC&#146;s Public
Reference Room at 450 Fifth Street, N.W., Washington, D.C.
20549. The public may obtain information on the operation of the
Public Reference Room by calling the SEC at 1-800-SEC-0330. The
SEC maintains an Internet site that contains reports, proxy and
information statements and other information regarding issuers
(including us) that file electronically with the SEC. The
address of that site is http://www.sec.gov. Reports, proxy
statements and other information we file also can be inspected
at the offices of the New York Stock Exchange, 20 Broad Street,
New York, New York 10005.

<P align="center">10

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<IMG src="y96080bby9608099.gif" alt="LENNAR LOGO">

<P align="center">
<B><FONT size="5">$50,000,000</FONT></B>

<DIV align="center">
<B><FONT size="6">Lennar Corporation</FONT></B>
</DIV>

<P align="center">
<B><FONT size="5">Senior Floating-Rate Notes due 2009</FONT></B>

<P align="center">
<HR size="1" width="45%" align="center" noshade>

<P align="center">
<B>PROSPECTUS SUPPLEMENT</B>

<P align="center">
<B>April&nbsp;8, 2004</B>

<P align="center">
<HR size="1" width="45%" align="center" noshade>

<P align="center">
<B><FONT size="4">Banc of America Securities LLC</FONT></B>

<P align="left">
<HR size="1" width="100%" align="left" noshade>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>
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