<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-007982
<TYPE>S-4
<PUBLIC-DOCUMENT-COUNT>10
<FILING-DATE>20040629
<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>S-4
<ACT>33
<FILE-NUMBER>333-116975
<FILM-NUMBER>04889469
</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>S-4
<SEQUENCE>1
<FILENAME>y98642sv4.htm
<DESCRIPTION>FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on June&nbsp;29, 2004</DIV>



<DIV align="right" style="font-size: 10pt">Registration No.&nbsp;333-</DIV>

<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C.
20549</B></div>

<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>

<DIV align="center" style="font-size: 18pt"><B>FORM S-4</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</B></DIV>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%"></DIV>


<DIV align="center" style="font-size: 24pt"><B>LENNAR CORPORATION</B></DIV>

<DIV align="center" style="font-size: 10pt">Co-registrants are listed on the following page.</DIV>


<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="100%"></DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>DELAWARE</B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1520</B><BR>
(Primary Standard Industrial<BR>
Classification Code Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>95-4337490</B><BR>
(I.R.S. Employer<BR>
Identification Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><B>700 Northwest
107<SUP>th</SUP> Avenue<BR>
Miami, Florida 33172<BR>
(305)&nbsp;559-4000</B><BR>
(Address, including zip code, and telephone number, including area code, of registrant&#146;s principal executive offices)
<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>

<DIV align="center" style="font-size: 10pt"><B>Benjamin P. Butterfield<BR>
General Counsel and Secretary<BR>
700 Northwest 107<SUP>th</SUP> Avenue<BR>
Miami, Florida 33172<BR>
(305)&nbsp;559-4000</B><BR>
(Name, address, including zip code, and telephone number, including area code, of agent for service)
</div>

<DIV align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="25%"></DIV>

<DIV align="center" style="font-size: 10pt"><I>Copies to:</I><BR>
<B>David W. Bernstein, Esq.<BR>
Kathleen L. Werner, Esq.<BR>
Clifford Chance US LLP<BR>
31 West 52<SUP>nd</SUP> Street<BR>
New York, New York 10019-6131<BR>
(212)&nbsp;878-8000</B></div>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of commencement of proposed sale to the public</B>: As soon
as practicable after this registration statement becomes effective and all
other conditions to the exchange offer pursuant to the registration rights
agreement described in the enclosed prospectus have been satisfied or waived.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the securities being registered on this form are being offered in
connection with the formation of a holding company and there is compliance with
General Instruction G, check the following box. &#091; &#093;

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. &#091; &#093;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a post-effective amendment filed pursuant to Rule 462(d)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering.


<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount Of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B> Title Of Each Class Of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount To Be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price Per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Securities To Be Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Note(1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price(1)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee(2)</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Senior Floating-Rate Notes due
2009, Series&nbsp;B</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">300,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38,010</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for purposes of calculating the registration fee
under the Securities Act of 1933.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Calculated pursuant to Rule&nbsp;457(f)(2).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant hereby amends this registration statement on such date or
dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this registration
statement shall thereafter become effective in accordance with section 8(a) of
the Securities Act of 1933 or until the registration statement shall become
effective on such date as the commission, acting pursuant to said section 8(a),
may determine.


<HR size="1" noshade color="#000000" style="margin-top: -2px">
<HR size="4" noshade color="#000000" style="margin-top: -10px">


</DIV>

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<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">FORWARD-LOOKING INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">Prospectus</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PROSPECTUS SUMMARY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">LENNAR</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">RECENT DEVELOPMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">ISSUANCE OF THE INITIAL NOTES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">THE NEW NOTES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">THE EXCHANGE OFFER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">The New Notes</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">RISK FACTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">ABSENCE OF PUBLIC MARKET</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">SELECTED CONSOLIDATED CONDENSED FINANCIAL DATA</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">CAPITALIZATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">RATIO OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">THE EXCHANGE OFFER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">DESCRIPTION OF THE NEW NOTES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">BOOK ENTRY, DELIVERY AND FORM</A></TD></TR>
<TR><TD colspan="9"><A HREF="#018">SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#019">LEGAL MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#020">EXPERTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#021">WHERE YOU CAN FIND MORE INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#022">INCORPORATION BY REFERENCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#023">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#024">Item&nbsp;20. Indemnification Of Directors And Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#025">Item&nbsp;21. Exhibits And Financial Statement Schedules</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026">Item&nbsp;22. Undertaking</A></TD></TR>
<TR><TD colspan="9"><A HREF="#027">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#028">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#029">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv4w1.txt">INDENTURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv4w2.txt">FORM OF AMENDMENT #1 TO 7TH SUPPLEMENTAL INDENTURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv4w3.txt">8TH SUPPLEMENTAL INDENTURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv5w1.txt">OPINION OF CLIFFORD CHANCE US LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv12w1.htm">COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv23w2.htm">CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv99w5.txt">FORM OF CONSENT AND LETTER OF TRANSMITTAL</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv99w6.txt">FORM OF NOTICE OF GUARANTEED DELIVERY</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642exv99w7.txt">FORM OF EXCHANGE AGENT AGREEMENT</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">AcmeWater Supply &#038; Management Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1959099</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aquaterra Utilities, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-3674555</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Asbury Woods L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4491586</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Avalon-Sienna III, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4369395</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">B. Andrews &#038; Co., Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52-1506110</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Barnsboro Associates, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-1537693</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bayhome USH, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">68-0554763</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bella Oaks L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4391790</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bennetts Village LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-1537695</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bickford Holdings, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">86-0862875</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Boca Greens, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-1707681</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Boca Isles South Club, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0456217</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Boggy Creek USH, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-2022862</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bramalea California, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95-3426206</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bramalea California Properties, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">98-0087244</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bramalea California Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-3504214</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brazoria County LP, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-2058054</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Brewer Baseline Investors, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">71-0926637</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Builders Acquisition Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-1138117</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Builders LP, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1981685</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cambria L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4343919</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cantera Village L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4045136</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cary Woods L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4511011</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Claremont Ridge L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4491588</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Claridge Estates L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4511104</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Clodine-Bellaire LP, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1937380</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Club Pembroke Isles, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0567595</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Club Tampa Palms, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-1061700</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Colonial Heritage LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-0646289</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord at Meadowbrook L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-0026164</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord at Pheasant Run Trails L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">30-0023454</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord at Ravenna L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-2088272</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord at Zurich Village L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4492814</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord City Centre L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4303767</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Hills, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3851896</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Hills Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3851920</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Homes, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">48-1259541</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Lake, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3885795</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Lake Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3885794</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Mills Estates L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4303710</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Mills Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3983636</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Oaks, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3909432</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Oaks Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3913675</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Park, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3973265</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Park Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3899290</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Pointe, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3897253</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Concord Pointe Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3899290</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">S-1
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Coto de Caza, Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0738531</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Country Club Development at the Fort, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-0574053</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Coventry L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4511106</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DCA Homes NJ Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22-2242815</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DCA of Lake Worth, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-1863953</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">DCA of New Jersey, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22-2285266</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">E.M.J.V. Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-3411844</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Enclave Land, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02-0569313</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ERMLOE, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">61-1426128</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">F.P. Construction Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23-2991585</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fidelity Guaranty and Acceptance Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0168225</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fortress Holding &#150; Virginia, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">54-1996535</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fortress Illinois, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1178246</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fortress Management, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-3004651</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fortress Missouri, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1902931</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fortress Mortgage, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">54-1830770</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fortress Pennsylvania, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">58-2348576</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fortress Pennsylvania Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23-2991518</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fortress-Florida, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">54-1837545</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Fox-Maple Associates, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1997377</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Foxwood L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4511105</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gateway Commons, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">68-0515247</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities I, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1317557</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities II, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1567457</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities III, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1361682</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities IV, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1567305</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities V, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1567306</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities VI, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1567307</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities VII, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1567308</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities VIII, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1567309</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Communities IX, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">80-0014048</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Genesee Venture, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">84-1567456</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Glenview Reserve, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4415694</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grand Isle Club, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">46-0482148</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greenfield/Waterbury L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4099504</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greystone Construction, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">86-0864245</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greystone Homes, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">93-1070009</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greystone Homes of Nevada, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88-0412604</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greystone Nevada, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88-0412611</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Hallston Burbank LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0843511</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Harris County LP, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1890279</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Haverton L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-0057181</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Heathcote Commons LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1178932</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Heritage Harbour Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75-3080965</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Heritage Housing Group, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52-1783710</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Heritage USH, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-1551056</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Home Buyer&#146;s Advantage Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0573246</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Homecraft Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0334090</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Imperial Homes Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0334117</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Impressions L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4249224</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Inactive Corporations, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-1275889</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">S-2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kings Lake TH, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">54-2096335</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kings Ridge Golf Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0718382</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kings Ridge Recreation Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0718384</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kings Wood Development Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0766576</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Landmark Homes, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Carolina
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56-2009874</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Laureate Homes of Arizona, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0671037</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Legacy Homes, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Carolina
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56-1588510</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Legends Club, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">48-1259544</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Legends Golf Club, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-3691814</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LENH I, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56-2349820</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Acquisition Corp. II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0812777</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Americanos Douglas, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0725087</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Associates Management, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52-2257293</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Associates Management Holding Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">31-1806357</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Aviation, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02-0543705</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Carolina, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">87-0713832</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Central Park, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1087322</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Central Region Sweep, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-1111068</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Chicago, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-3971759</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Communities, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0855007</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Communities Development, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">86-0262130</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Communities of Florida, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02-0543694</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Communities of South Florida, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02-0543702</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Construction, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">86-0972186</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Coto Holdings, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0787906</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Developers, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">48-1259540</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Developers, Inc. II
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">03-0501883</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Developers, Inc. III
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">03-0501885</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Family of Builders GP, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1981691</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Family of Builders Limited Partnership
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1981697</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Financial Services, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0774024</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Fresno, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-1008718</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Homes, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-0711505</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Homes Holding Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">16-1641233</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Homes of Arizona, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0163412</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Homes of California, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">93-1223261</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Homes of Texas Land and Construction, Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75-2792018</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Homes of Texas Sales and Marketing, Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75-2792019</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Houston Land, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">71-0893559</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar La Paz, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0812776</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar La Paz Limited, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0812775</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Land Partners Sub, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0776454</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Land Partners Sub II, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88-0429001</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Military Housing, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">05-0566325</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Nevada, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88-0401445</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Northland I, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0805080</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Northland II, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0821001</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Northland III, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0821002</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Northland IV, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0821003</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Northland V, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0836779</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">S-3
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Northland VI, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0836810</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Northpointe North, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1179019</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Pacific, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88-0412608</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Pacific, L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88-0412610</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Pacific Properties, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88-0412607</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Pacific Properties Management, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">30-0139878</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-0866794</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Renaissance, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0726195</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Reno, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22-3895412</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Sacramento, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0794993</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Sales Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95-4716082</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar San Jose Holdings, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0645170</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Southland I, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0801714</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Southland II, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0836784</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Southland III, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0836786</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Southwest Holding Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1933536</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Sun Ridge, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">94-3392987</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Texas Holding Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75-2788257</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar Trading Company, LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-1574089</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar.Com, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0980149</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar-Kings Lake, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">54-2096420</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennar-Lantana Boatyard, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56-2321100</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lennarstone Marketing Group, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">86-0998754</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LFS Holding Company, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-1105931</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LH Eastwind, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-0097714</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LHI Renaissance, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">02-0680656</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LN, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22-3871208</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Long Point Development Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0587917</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lorton Station, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0694499</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lucerne Merged Condominiums, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0576452</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Lundgren Bros. Construction, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-0970679</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">M.A.P. Builders, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-1908120</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Madrona Village L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4343916</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Marble Mountain Partners, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-2076340</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Marlborough Development Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95-6072804</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mid-County Utilities, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0610395</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Midland Housing Industries Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95-2775081</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Midland Investment Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95-2842301</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mission Viejo 12S Venture, LP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0615197</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mission Viejo Holdings, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0785862</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Moffett Meadows Partners, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">56-2320229</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">New Home Brokerage, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0683361</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">North County Land Company, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-1130656</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Northbridge L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4511102</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Northern Land Company, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1179078</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Northgate Highlands Development II, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0698064</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NuHome Designs, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0569460</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Oceanpointe Development Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0264460</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Orrin Thompson Construction Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0334101</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Orrin Thompson Homes Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0334105</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Paparone Construction Co.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0334106</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">S-4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Parc Chestnut L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4440993</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Parkside Estates L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4280079</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patriot Homes, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52-1720993</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Patriot Homes of Virginia, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52-2200965</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Placer Vineyards, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">71-0926641</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Polygon La Paz Associates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1640455</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Providence Glen L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4319757</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rancho Summit, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33-0787817</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rivenhome Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0569346</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Riviera Land Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-1281470</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RRKTG Lumber, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1902931</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rutenberg Homes, Inc. (FL)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0340291</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Rutenberg Homes of Texas, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0215995</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">S. Florida Construction, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">71-0949799</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">S. Florida Construction II, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-1567303</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">S. Florida Construction III, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">72-1567302</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Savell Gulley Development Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0564056</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SEA Joint Venture, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0675477</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SFHR Management, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4461074</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Silver Lakes-Gateway Clubhouse, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0628738</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sonoma L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4443842</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">South Park Development, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-2057895</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Spanish Springs Development, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0672277</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stoney Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">59-3374931</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stoneybrook Golf Club, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0669064</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Cable Technologies, L.P.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1179138</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Holdings, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1770357</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Technologies, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-0523605</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Strategic Technologies Communications of California, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">95-4149805</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summerway Investment Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0589471</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summerwood, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">27-0045425</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summit Acquisition Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">14-1842265</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summit Enclave, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">30-0070526</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summit Glen, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4359627</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summit Land, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4357327</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summit Ridge 23, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">30-0036763</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summit Townes, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4334330</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summit-Meadowbrook, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4196022</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Summit-Reserve, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4168228</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sunstar Enterprises, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1179187</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Club at Stoneybrook, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">65-1061241</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Courts of Indian Creek L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4415696</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Fortress Group, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">54-1774997</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Grande By Lennar Builders, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">81-0560954</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Sexton L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4100579</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tustin Villas Partners, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">41-2076342</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tustin Vistas Partners, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">32-0054237</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Home Associates Management, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">43-1981702</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Home Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">52-2227619</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Home of Arizona Construction Co.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-2402824</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Home of West Virginia, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">West Virginia
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">01-0656197</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">S-5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="70%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Jurisdiction of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Incorporation or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>I.R.S. Employer</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name of Co-Registrant</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Organization</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Identification No.</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Home Realty, Inc. (TX)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0136964</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Home Realty Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0327612</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. Home Southwest Holding Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0680795</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S.H. Corporation of New York
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22-1995835</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S.H. Los Prados, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">88-0232393</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S.H. Realty, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-2765031</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">University Community Partners, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">45-0512619</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USH Acquisition Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0604353</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USH Bickford, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0654167</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USH Equity Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0450341</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USH Heritage Pom, L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0686598</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USH Millennium Ventures Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0546603</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USH (West Lake), Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">22-3471278</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USH Woodbridge, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0561576</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">USHHH, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0641307</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Villages of Rio Pinar Club, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">48-1259543</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">West Adams Street L.L.C.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">36-4210710</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">West Chocolate Bayou Development Corp.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">76-0648748</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Westbrook Homes, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1179223</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Westchase, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1954138</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Westchase, Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">91-1954138</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Weststone Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">74-2944437</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">S-6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "FORWARD-LOOKING INFORMATION" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>FORWARD-LOOKING INFORMATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the statements contained in this prospectus supplement 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 often 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; or words or phrases
of similar meaning in connection with discussion of anticipated or targeted future operating or
financial performance. Factors which may affect our results include, but are
not limited to, changes in general economic conditions, the market and prices
for homes generally and in areas where we have developments, the availability
and cost of land suitable for residential development, prices of materials,
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&nbsp;12, contain further discussions of these and
other risks and uncertainties applicable to our business.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS, OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS. IF GIVEN OR
MADE, THAT INFORMATION OR THOSE REPRESENTATIONS MAY NOT BE RELIED UPON AS
HAVING BEEN AUTHORIZED BY US. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO
OR SOLICITATION OF ANY PERSON IN ANY JURISDICTION IN WHICH SUCH AN OFFER OR
SOLICITATION WOULD BE UNLAWFUL.</B>



</div>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "Prospectus" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>Prospectus</B>



<P align="center" style="font-size: 10pt"><B>Offer to Exchange fully guaranteed Senior Floating-Rate Notes due 2009, Series&nbsp;B for any and all outstanding partially guaranteed Senior Floating-Rate Notes due 2009<BR>
($300,000,000 principal amount outstanding at maturity)<BR>
and<BR>
Solicitation of Consents to Amendment of the Related Indenture<BR>
of<BR>
Lennar Corporation</B>



<P align="center" style="font-size: 10pt"><B>The exchange offer and withdrawal rights will expire at 5:00 p.m., New York City time, on<BR>
________________, 2004 (unless we extend the exchange offer). However, we expect that<BR>
there will be a subsequent offering period that will expire on September&nbsp;22, 2004</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to exchange our fully guaranteed Senior Floating-Rate
Notes due 2009, Series&nbsp;B (&#147;New Notes&#148;) for the identical principal amount of
our partially guaranteed Senior Floating-Rate Notes due 2009 (&#147;Initial Notes&#148;).
By &#147;fully guaranteed&#148; we mean guaranteed by all of our wholly owned
subsidiaries, other than finance company subsidiaries and foreign subsidiaries.
By &#147;partially guaranteed&#148; we mean guaranteed by all of our wholly owned
subsidiaries, other than finance company subsidiaries and foreign subsidiaries,
formed or acquired on or before October&nbsp;9, 2001. The aggregate principal
amount at maturity of the Initial Notes, and therefore the principal amount at
maturity of New Notes which would be issued if all the Initial Notes were
exchanged, is $300,000,000.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus Supplements by which the Initial Notes were offered stated
that substantially all of our subsidiaries, other than finance company
subsidiaries, would guarantee the Initial Notes. But it went on to state:
&#147;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.&#148; In addition, Section&nbsp;4.03 of
the Seventh Supplemental Indenture dated March&nbsp;19, 2004, to the indenture dated
December&nbsp;31, 1997, between Lennar and J.P. Morgan Trust Company, N.A.(as
successor to First National Bank of Chicago, N.A.), as trustee, under which the
Initial Notes were issued, required that by March&nbsp;31, 2004, we file a
registration statement in order to register guarantees of Initial Notes by our
subsidiaries that were formed or acquired after October&nbsp;9, 2001 who were not
guarantors, other than our finance company subsidiaries and any foreign
subsidiaries, and that we use our best efforts to (i)&nbsp;cause that registration
statement to become effective as promptly as practicable but in any event by
June&nbsp;2, 2004, and (ii)&nbsp;take any other necessary actions in order to deliver the
guarantees registered under that registration statement by June&nbsp;2, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As is discussed beginning on page &#091; &#093;, concerns have arisen that
Section&nbsp;4.03 of the Seventh Supplemental Indenture may have required separate
registration under the Securities Act of 1933 and that the financial
information about the guarantor subsidiaries incorporated by reference from our
reports under the Securities Exchange Act of 1934, as amended, may not have
fulfilled the Securities and Exchange Commission&#146;s
(&#147;SEC&#148;) financial statement
requirements with regard to the Initial Notes and may have created an incorrect
implication about the subsidiaries that guaranteed the Initial Notes when they
were issued. Therefore, instead of attempting to register the guarantees of
the additional subsidiaries, we are offering to exchange New Notes guaranteed
by all our wholly owned subsidiaries (other than our finance company
subsidiaries and our foreign subsidiaries), including the subsidiaries that
were formed or acquired after October&nbsp;9, 2001, in exchange for the Initial
Notes that were issued without the guarantees of those additional subsidiaries.
The New Notes will have the same guarantees as the Initial Notes would have
had if we had filed the registration statement as contemplated by Section&nbsp;4.03
of the Seventh Supplemental Indenture and it had become effective, and they
will be identical in all other ways with what the Initial Notes would have
been.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because we are offering to exchange New Notes for Initial Notes, instead
of using the procedure contemplated by Section&nbsp;4.03 of the Seventh Supplemental
Indenture, we believe it is appropriate, and it may be necessary, to amend
Section&nbsp;4.03. Therefore we are soliciting consents from registered holders of
the Initial Notes to effectuate an amendment. Also, because we did not file
the registration statement when contemplated by the original Section&nbsp;4.03. we
are soliciting waivers of the default resulting from our failure to do that.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the exchange offer, there has been no public market for the New
Notes. We do not currently intend to list


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">the New Notes on a securities exchange or seek approval for quotation of
the New Notes on an automated quotation system. Therefore, it is unlikely that
an active trading market for the New Notes will develop. <B>See &#147;Risk Factors,&#148;
which begin on page&nbsp;12, for a discussion of certain factors that should be
considered in evaluating the exchange offer.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange agent for the exchange offer is J.P. Morgan Trust Company,
N.A.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.</B>


<P align="center" style="font-size: 10pt">The date of this Prospectus is ____________, 2004.



<P align="center" style="font-size: 10pt">ii
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "PROSPECTUS SUMMARY" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PROSPECTUS SUMMARY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following summary is qualified in its entirety by reference to the
more detailed information and the financial statements, including the notes to
them, appearing elsewhere, or incorporated by reference, in this prospectus.

<!-- link1 "LENNAR" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center" style="font-size: 10pt"><B>LENNAR</B>



<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of our growth history:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">1954 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Founded as a Miami homebuilder.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1969 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Began developing, owning and managing commercial and multi-family
residential real estate.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1971 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Completed initial public offering.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1972 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Entered the Arizona homebuilding market.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1986 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquired Development Corporation of America in Florida.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1991 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Entered the Texas homebuilding market.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1992 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1995 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Entered the California homebuilding market through the acquisition
of Bramalea California, Inc.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1996 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1997 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1998 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1999 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2000 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2002 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2003 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2004 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">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</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">substantially all the real estate assets of Connell-Barron Homes and
entered Jacksonville, Florida through the acquisition of
substantially all of the real estate assets of Classic American
Homes.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&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.

<!-- link1 "RECENT DEVELOPMENTS" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center" style="font-size: 10pt"><B>RECENT DEVELOPMENTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;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 contributed by LNR 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 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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
received 11,465 new home orders in the quarter ended May&nbsp;31, 2004,
which was 17% more than the 9,798 new home orders we received in the same
period last year. At May&nbsp;31, 2004, the dollar value of our backlog of
homes under contract totaled $5.9&nbsp;billion (19,417 homes),
compared with $4.2&nbsp;billion (15,605 homes) at May&nbsp;31, 2003.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March&nbsp;2004, we entered the San Antonio, Texas market by acquiring
substantially all of the real estate assets of Connell-Barron Homes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June 2004, we entered the Jacksonville, Florida market by acquiring
substantially all of the real estate assets of Classic American Homes.


<P align="left" style="font-size: 10pt">&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
transactions. However, we have no agreements or understandings regarding any
transactions, and it is possible we will not enter into any significant
transactions in the near future.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When we refer to &#147;the Notes&#148; in this prospectus, we refer to both the
Initial Notes and the New Notes, unless it is clear from what we are saying
that the term refers only to a particular series of Notes.


<P align="center" style="font-size: 10pt">5
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "ISSUANCE OF THE INITIAL NOTES" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="center" style="font-size: 10pt"><B>ISSUANCE OF THE INITIAL NOTES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;19, 2004, we sold $250&nbsp;million principal amount at maturity of
Senior Floating-Rate Notes due 2009 (&#147;Initial Notes&#148;) to Banc of America
Securities LLC, Deutsche Bank Securities Inc., Banc One Capital Markets, Inc.,
Comerica Securities, Credit Lyonnais Securities (USA)&nbsp;Inc., SunTrust Capital
Markets, Inc. and Wachovia Securities, Inc., as Underwriters, pursuant to an
Underwriting Agreement, dated March&nbsp;12, 2004, between the Underwriters and us.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&nbsp;8, 2004, we sold an additional $50&nbsp;million principal amount at
maturity of Initial Notes to Banc of America Securities LLC, as Underwriter,
pursuant to an Underwriting Agreement dated April&nbsp;8, 2004 between the
Underwriter and us.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We issued the Initial Notes under an indenture dated as of December&nbsp;31,
1997, between Lennar and J.P. Morgan Trust Company, N.A. (as successor to First
National Bank of Chicago, N.A.), as trustee, as supplemented by a Seventh
Supplemental Indenture dated March&nbsp;19, 2004 (the &#147;Seventh Supplemental
Indenture&#148;). The Initial Notes were guaranteed by substantially all of our
subsidiaries, except our finance company subsidiaries and our foreign
subsidiaries, and except our subsidiaries that were formed or acquired after
October&nbsp;9, 2001. We said the Initial Notes would not be guaranteed by the
subsidiaries formed or acquired after October&nbsp;9, 2001, unless and until their
guarantees were registered under the Securities Act of 1933. For reasons
discussed under &#147;Purpose of the Exchange Offer and Consent Solicitation&#148;
beginning on page&nbsp;17, we decided that, instead of attempting to register
the guarantees of the additional subsidiaries, we would register the New Notes,
which have the same terms and provisions as the Initial Notes and are
guaranteed by all our subsidiaries that would have guaranteed the Initial Notes
if the guarantees of the additional subsidiaries had been registered, and we
would offer to exchange the New Notes for the Initial Notes.

<!-- link1 "THE NEW NOTES" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="center" style="font-size: 10pt"><B>THE NEW NOTES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are issuing the New Notes under the Eighth Supplemental Indenture to
the indenture dated as of December&nbsp;31, 1997 between Lennar and J.P. Morgan
Trust Company, N.A. (the &#147;Eighth Supplemental Indenture&#148;). The form and terms
of the New Notes will be identical in all material respects with the form and
terms of the Initial Notes, except that all of our wholly owned subsidiaries
(other than our finance company subsidiaries and foreign subsidiaries),
including the subsidiaries that were formed or acquired after October&nbsp;9, 2001,
will guarantee the New Notes. The guarantees, and circumstances under which
they will terminate, are discussed under the caption &#147;The New Notes &#150;
Guarantees&#148; on page&nbsp;10.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will receive no proceeds from the exchange of New Notes for the Initial
Notes pursuant to the exchange offer.

<!-- link1 "THE EXCHANGE OFFER" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="center" style="font-size: 10pt"><B>THE EXCHANGE OFFER</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">The Exchange Offer</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">We are offering to exchange our fully guaranteed Senior
Floating-Rate Notes due 2009, Series&nbsp;B for identical principal
amounts of our partially guaranteed Senior Floating-Rate Notes due
2009. By &#147;fully guaranteed&#148; we mean guaranteed by all of our wholly
owned subsidiaries, other than finance company subsidiaries and
foreign subsidiaries. By &#147;partially guaranteed&#148; we mean guaranteed
by all of our wholly owned subsidiaries, other than finance company
subsidiaries and foreign subsidiaries, formed or acquired on or
before October&nbsp;9, 2001. The guarantees are discussed under
&#147;Description of the New Notes&#151;The Guarantees&#148;
beginning on page&nbsp;10.
At the date of this prospectus, $300&nbsp;million principal amount at
maturity of Initial Notes are outstanding.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">6
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The exchange offer will be deemed consummated when we deliver to the
exchange agent New Notes in the same aggregate principal amount as
the aggregate principal amount of Initial Notes that are validly
tendered in response to the exchange offer before the initial
expiration time. See &#147;The Exchange Offer&#151;Terms of the Exchange
Offer.&#148; However, we expect to continue the exchange offer for a
subsequent offering period after the initial expiration time.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Solicitation of Consents</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">In conjunction with the exchange offer, we are soliciting consents
from registered holders of Initial Notes to a proposed amendment of
the Seventh Supplemental Indenture. The proposed amendment will</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD align="left" valign="top" colspan="4">eliminate the current Section 4.03, which requires us to register guarantees of the Notes by each of
our existing subsidiaries formed or acquired after October 9, 2001 which was not a guarantor of the
Notes, other than our finance company subsidiaries and any foreign subsidiaries, and to use our best
efforts to (1) cause that registration statement to become effective not later than June 2, 2004, and
(2) take any other actions that are necessary in order to deliver the guarantees registered under that
registration statement by June 2, 2004;
</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD align="left" valign="top" colspan="4">replace the current Section 4.03 with a new Section 4.03 that:</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">1.</TD>
    <TD align="left" valign="top" colspan="5">requires us to continue the exchange offer (including during
a subsequent offering period) at least until September&nbsp;22,
2004,</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">2.</TD>
    <TD align="left" valign="top" colspan="5">entitles holders of Initial Notes to exchange them for New
Notes during any period when all the guarantees of the New
Notes are registered under the Securities Act of 1933, and</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">3.</TD>
    <TD align="left" valign="top" colspan="5">requires that, while any Initial Notes continue to be
outstanding, not later than 10&nbsp;days after we file a Report
on Form&nbsp;10-Q or on Form&nbsp;10-K relating to a fiscal quarter or
a fiscal year, we must file a registration statement
relating to the issuance of New Notes guaranteed by all our
wholly owned subsidiaries, other than our finance company
subsidiaries or foreign subsidiaries, and other than
subsidiaries that are not guarantors of at least $75&nbsp;million
of Lennar debt (or of other subsidiaries&#146; guarantees of
Lennar debt) and we must use our best efforts to cause that
registration statement to become effective as promptly as
practicable; and</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#149;
</TD>
    <TD align="left" valign="top" colspan="4">waive any default because the registration statement required by
the current Section&nbsp;4.03 was not filed by</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">7
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="left" valign="top" colspan="4">March&nbsp;31, 2004;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Holders who tender Initial Notes in response to the exchange offer
will automatically consent to the proposed amendment, including the
waiver of the default because we did not file a registration
statement by March&nbsp;31, 2004, as required by Section&nbsp;4.03 of the
Seventh Supplemental Indenture.</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Expiration of Exchange Offer</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">5:00 p.m., New York time, on ______________, 2004, unless the
exchange offer is extended (the day on which the exchange offer
expires, without taking account of any subsequent offering period,
being the expiration date). See &#147;The Exchange Offer&#151;Expiration Date;
Extension; Termination.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Subsequent Offering Period</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">We expect to continue the exchange offer after the initial
expiration date for a subsequent offering period ending on September
22, 2004, unless all the Initial Notes are tendered for exchange on
or before the expiration date.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Conditions of the Exchange Offer</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The exchange offer is not conditioned upon any minimum principal
amount of Initial Notes being tendered for exchange.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Accrued Interest on the Initial Notes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Interest on Initial Notes which are exchanged will cease to accrue
on the last interest payment date prior to the day on which New
Notes are issued in exchange for them. However, New Notes issued in
exchange for Initial Notes will bear interest from the last interest
payment date prior to the day on which they are issued in exchange
for the Initial Notes (i.e., the day on which interest ceases to
accrue on the Initial Notes). See &#147;Description of the New Notes.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Interest on the New Notes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Interest on the New Notes will be reset on each interest payment
date, beginning September&nbsp;19, 2004, based on the 3 Month LIBOR Rate
plus 0.75% per year.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Procedures for Tendering Initial Notes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">A holder of Initial Notes who wishes to accept the exchange offer
must complete, sign and date a consent and letter of transmittal, or
a facsimile of one, in accordance with the instructions contained
under &#147;The Exchange Offer&#151;Procedures for Tendering Notes and
Delivering Consents&#148; and in the consent and letter of transmittal,
and deliver the consent and letter of transmittal, or facsimile,
together with the Initial Notes and any other required documentation
to the exchange agent at the address set forth in &#147;The Exchange
Offer&#151;Exchange Agent.&#148; Initial Notes must be delivered by
confirmation of book-entry delivery of the Initial Notes to the
exchange agent&#146;s account at The Depository Trust Company (&#147;DTC&#148;).
Each broker or dealer that receives New Notes for its own account in
exchange for Initial Notes which were acquired by the broker or
dealer as a result of market-making activities or other trading
activities, must acknowledge that it will</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">8
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" colspan="5">deliver a prospectus in connection with any resale of the New Notes. See &#147;The
Exchange Offer&#151;Procedures for Tendering Notes and Delivering Consents&#148; and &#147;Sales of
New Notes Received by Broker-Dealers.&#148;
</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Guaranteed Delivery Procedures</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Holders of Initial Notes who wish to tender their Initial Notes but
who cannot deliver their Initial Notes or any other documents
required by the consent and letter of transmittal to the exchange
agent prior to the expiration date (or complete the procedure for
book-entry transfer on a timely basis), may tender their Initial
Notes according to the guaranteed delivery procedures described in
the consent and letter of transmittal. See &#147;The Exchange
Offer&#151;Guaranteed Delivery Procedures.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Acceptance of Initial Notes and Delivery of New Notes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Upon satisfaction or waiver of all conditions to the exchange
offer, we will accept any and all Initial Notes that are
properly tendered in response to the exchange offer prior to
5:00 p.m., New York City time, on the expiration date. The New
Notes issued pursuant to the exchange offer will be delivered
promptly after acceptance of the Initial Notes. See &#147;The
Exchange Offer&#151;Procedures for Tendering Notes and Delivering
Consents.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Withdrawal Rights</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Tenders of Initial Notes may be withdrawn at any time prior to
5:00 p.m., New York City time, on the expiration date.
Withdrawal of tendered Initial Notes will automatically revoke
the related consents. Holders may not revoke their consents
without withdrawing the Initial Notes to which the consents
relate. See &#147;The Exchange Offer&#151;Withdrawal of Tenders and
Consents.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">The Exchange Agent</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">J.P. Morgan Trust Company, N.A. is the exchange agent. The
address and telephone number of the exchange agent are set
forth in &#147;The Exchange Offer&#151;Exchange Agent.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Fees and Expenses</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">We will bear all expenses incident to our consummation of the
exchange offer and compliance with the registration rights
agreement. We will also pay any transfer taxes which are
applicable to the exchange offer (but not transfer taxes due to
transfers of Initial Notes or New Notes by the holder). See
&#147;The Exchange Offer&#151;Fees and Expenses.&#148;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">9
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "The New Notes" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="center" style="font-size: 10pt"><B>The New Notes</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offer applies to the issuance of up to $300&nbsp;million aggregate
principal amount of New Notes in exchange for Initial Notes. While we issued
the Initial Notes under the Seventh Supplemental Indenture, the New Notes are
being issued under an Eighth Supplemental Indenture. However, the New Notes
will evidence the same debt as the Initial Notes and the form and terms of the
New Notes will be identical in all material respects with the form and terms of
the Initial Notes, except that all of our wholly owned subsidiaries (other than
our finance company subsidiaries and foreign subsidiaries), including the
subsidiaries that were formed or acquired after October&nbsp;9, 2001, will guarantee
the New Notes. See &#147;Description of the New Notes.&#148;

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Securities Offered
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">$300,000,000 aggregate principal amount of Senior Floating-Rate Notes due 2009,
Series&nbsp;B which will be guaranteed when they are issued by all of our wholly owned
subsidiaries, other than our finance company subsidiaries or foreign subsidiaries.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maturity Date
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">March&nbsp;19, 2009.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Interest Payment Dates
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Payable quarterly on March&nbsp;19, June&nbsp;19, September&nbsp;19 and December&nbsp;19 of each year,
beginning June&nbsp;19, 2004 based on the 3 Month LIBOR Rate plus 0.75% per year.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sinking Fund
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">None.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ranking
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 who 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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guarantees
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All of our wholly owned subsidiaries, other than our finance company subsidiaries and
foreign subsidiaries), including the subsidiaries that were formed or acquired after
October&nbsp;9, 2001, will guarantee the Notes. However, a subsidiary will cease to
guarantee the Notes if it is guaranteeing less than $75&nbsp;million of Lennar debt (or of
other subsidiaries&#146; guarantees of Lennar debt).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Redemption at our Option
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may redeem any or all of the Notes at any time and from time to time 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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certain Indenture Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 the New</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Notes &#151; Certain Covenants.&#148;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Use of Proceeds
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We will receive no proceeds from the exchange of New Notes for the Initial Notes
pursuant to the exchange offer.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Risk Factors
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investing in the Notes involves
risks. See &#147;Risk Factors,&#148; beginning on page&nbsp;12, for
a description of risks you should particularly consider before investing in the
Notes.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">11
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "RISK FACTORS" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>RISK FACTORS</B>



<P align="left" style="font-size: 10pt">&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 </I><I>Form 10-K</I><I> 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 align="left" style="font-size: 10pt"><B>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.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

<P align="left" style="font-size: 10pt"><B>There is no public market for the Notes, so you may be unable to sell the
Notes.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are new securities for which there is currently no market.
Consequently, the Notes may be relatively illiquid, and you may be unable to
sell your Notes. We do not intend to apply for listing of the Notes on any
securities exchange or for the inclusion of the Notes in any automated
quotation system.

<P align="left" style="font-size: 10pt"><B>Our senior secured credit facilities may prohibit us from redeeming the Notes.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.


<P align="left" style="font-size: 10pt"><B>Fraudulent conveyance considerations.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Received less than fair consideration for the guarantees;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Were rendered insolvent as a result of issuing the guarantees;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Were engaged in a business or transaction for which our or our
subsidiaries&#146; remaining assets constituted unreasonably small
capital;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intended to hinder, delay or defraud our or their creditors.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">12
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt"><B>Unless holders of a majority in principal amount of the outstanding Initial
Notes tender their Initial Notes, we may be in default under the Seventh
Supplemental Indenture.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless holders of a majority in principal amount of the outstanding
Initial Notes tender their Initial Notes and therefore consent to the
amendment to the Seventh Supplemental Indenture, we will continue to be in
default under the Seventh Supplemental Indenture unless (i)&nbsp;we file a
registration statement for the additional guarantors or (ii)&nbsp;it is determined
that the registration statement of which this prospectus is a part satisfies
the requirements of Section&nbsp;4.03 of the Seventh Supplemental Indenture. If we
are in default, the holders of not less than 25% in principal amount of the
Initial Notes then outstanding will be able to declare the principal amount of
the Initial Notes then outstanding and any accrued interest to be due and
payable immediately.


<P align="left" style="font-size: 10pt"><B>The sale of the Initial Notes may have violated the Securities Act of 1933.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provision of the Seventh Supplemental Indenture regarding guarantees
by subsidiaries formed or acquired after October&nbsp;9, 2001, may have constituted
a contract to sell those guarantees which had to be registered under the
Securities Act of 1933. Also, the financial information about guarantor
subsidiaries incorporated into the prospectus supplements relating to the sale
of the Initial Notes may not have included everything required by Securities
and Exchange Commission rules, and, because it related to substantially all our
wholly owned subsidiaries other than our finance company subsidiaries and
foreign subsidiaries, it may have misled purchasers about the financial
condition of the subsidiaries that guaranteed the Initial Notes. If the
offering of the Initial Notes violated the registration requirements of the
Securities Act of 1933, people who purchased Initial Notes from us may have a
right to rescind their purchases or, if they no longer own the Initial Notes,
to recover their damages, if any.


<P align="center" style="font-size: 10pt">13
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>USE OF PROCEEDS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the issuance of New Notes in
exchange for Initial Notes pursuant to the exchange offer. We used the net
proceeds from the sale of the Initial Notes to reduce the balance on our Term
Loan B due 2008 under our senior credit facility and for general corporate
purposes.

<!-- link1 "ABSENCE OF PUBLIC MARKET" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>ABSENCE OF PUBLIC MARKET</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes will be new securities for which there is no established
trading market. We currently do not intend to list the New Notes on any
securities exchange or to arrange for the New Notes to be quoted on any
quotation system. Accordingly, it is not likely that an active trading market
for the New Notes will develop or, if such a market develops, that it will
provide significant liquidity to holders of Notes.

<!-- link1 "SELECTED CONSOLIDATED CONDENSED FINANCIAL DATA" -->
<DIV align="left"><A NAME="012"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SELECTED CONSOLIDATED CONDENSED FINANCIAL DATA</B>



<P align="left" style="font-size: 10pt"><I>(Dollars in thousands, except per share amounts)</I>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>At or for the Years Ended November 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 29,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1999</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Results of Operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Revenues:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Homebuilding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,757,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,472,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,348,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,751,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,554,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,362,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,822,060</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Financial services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">105,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128,135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">558,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,307</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:70px; text-indent:-10px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,862,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,600,470</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,907,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,235,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,980,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,678,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,091,367</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Operating earnings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Homebuilding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">229,381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,164,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">834,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">666,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,944</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Financial services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,096</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Corporate general and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,563</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Earnings before provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">223,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,207,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">875,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">679,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,477</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">139,252</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">417,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,714</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Net earnings per share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Financial Position:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,066,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,662,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,656,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,237,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,416,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,301,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,274,551</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">545,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500,227</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,201,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">731,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">824,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,256</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,521,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,591,826</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,775,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,755,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,714,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,777,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,057,647</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Debt:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Homebuilding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,531,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,826,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,552,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,585,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,505,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,254,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523,661</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Financial services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">473,859</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">447,547</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">740,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">862,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,634</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,005,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,274,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,292,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,447,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,212,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,703,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802,295</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,278,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,333,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,263,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,229,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,659,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,228,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">881,499</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other Data:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Ratio of earnings to fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>x</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Homebuilding debt as a percentage of total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">43.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.3</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Homebuilding net debt as a percentage of total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">23.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">36.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">44.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.3</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Delivery and Backlog Information</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">(including unconsolidated partnerships):</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>



<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Number of homes delivered</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Backlog of home sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,903</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Dollar value of backlog</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,517,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,468,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,887,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,982,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,072,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,000</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">14
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "CAPITALIZATION" -->
<DIV align="left"><A NAME="013"></A></DIV>

<P align="center" style="font-size: 10pt"><B>CAPITALIZATION</B>


<DIV align="center" style="font-size: 10pt"><B>(In thousands, except per share amounts)</B></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The table below shows our capitalization as of February&nbsp;29, 2004. The
exchange of New Notes for Initial Notes will not affect this capitalization,
except that at least some of the Senior Floating-Rate Notes due 2009 will be
exchanged for Senior Floating-Rate Notes due 2009, Series&nbsp;B.


<P align="right" style="font-size: 10pt"><B>As of February&nbsp;29, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<BR>
In thousands, except per share amounts&nbsp;&nbsp;</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="75%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>As</B></TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Actual</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Adjusted</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cash:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">545,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">548,872</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Debt:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revolving credit facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Term Loan B
due 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">295,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Zero Coupon Convertible Senior
Subordinated Notes due 2021 (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,987</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">7 5/8% Senior Notes due 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273,907</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">9.95% Senior Notes due 2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,975</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Senior Floating-Rate Notes due 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other public debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">980</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,737</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total homebuilding debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,531,846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,536,846</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Financial services debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">469,606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">469,606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Limited-purpose finance subsidiaries debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,253</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,005,705</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,010,705</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Stockholders&#146; equity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;A Common Stock of $0.10
par value per share, 125,504 shares issued (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,550</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;B Common Stock of $0.10 par
value per share, 32,536 shares issued (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,254</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,363,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,363,647</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,034,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,034,623</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unearned restricted stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,988</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,988</TD>
    <TD nowrap>)</TD>
</TR>

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

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred compensation liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,919</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,919</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Treasury
stock, at cost, 2,401 Class&nbsp;A common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(109,562</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(109,562</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,034</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,034</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,278,490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,278,490</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,284,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,289,195</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P>

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


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">At February&nbsp;29, 2004, the Zero Coupon Convertible Senior Subordinated Notes due
2021 were convertible into 8,969 shares of Class&nbsp;A Common Stock
because the average closing price of the Company&#146;s Class&nbsp;A
Common Stock over the last twenty trading days of the first quarter of 2004 exceeded 110%
($32.69) of the accreted conversion price.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Does not include 8,969 shares of Common Stock issuable upon conversion of Zero
Coupon Senior Subordinated Convertible Debentures due 2021,
or 8,185 shares of Common Stock issuable upon exercise of stock options which were
outstanding at February&nbsp;29, 2004.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Does not include 615 shares of Common Stock issuable upon exercise of stock options
which were outstanding at February&nbsp;29, 2004.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">The &#147;As Adjusted&#148;
balances include issuance of $300&nbsp;million of Senior
Floating-Rate Notes (the &#147;New Notes&#148;) due 2009 and payment
of the outstanding balance of the Term Loan&nbsp;B of
$295&nbsp;million. Cash was adjusted for the net proceeds after
extinguishment of the Term Loan&nbsp;B for $5&nbsp;million offset by
expenses of $1.65&nbsp;million.



<P align="center" style="font-size: 10pt">15
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->
<DIV align="left"><A NAME="014"></A></DIV>

<P align="center" style="font-size: 10pt"><B>RATIO OF EARNINGS TO FIXED CHARGES</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Years Ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 29,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 28,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>November 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1999</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ratio of earnings to fixed charges&nbsp;(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.8x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.2x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7x</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">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" style="font-size: 10pt">&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.


<P align="center" style="font-size: 10pt">16
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<DIV style="font-family: 'Times New Roman',Times,serif">
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<DIV align="left"><A NAME="015"></A></DIV>

<P align="center" style="font-size: 10pt"><B>THE EXCHANGE OFFER</B>



<P align="left" style="font-size: 10pt"><B>Purpose of the Exchange Offer and the Consent Solicitation</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prospectus supplements by which the Initial Notes were offered stated
that substantially all of our subsidiaries, other than finance company
subsidiaries and foreign subsidiaries, will guarantee the Initial Notes. But
it went on to state &#147;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.&#148; In addition,
Section&nbsp;4.03 of the Seventh Supplemental Indenture required that by March&nbsp;31,
2004, we file a registration statement in order to register guarantees of
Initial Notes by our subsidiaries that were formed or acquired after October&nbsp;9,
2001 who were not guarantors, other than our finance company subsidiaries and
any foreign subsidiaries, and that we use our best efforts to (i)&nbsp;cause that
registration statement to become effective as promptly as practicable but in
any event by June&nbsp;2, 2004, and (ii)&nbsp;take any other necessary actions in order
to deliver the guarantees registered under that registration statement by June
2, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As is discussed below, concerns have arisen that Section&nbsp;4.03 of the
Seventh Supplemental Indenture may have required separate registration under
the Securities Act of 1933 (the &#147;Securities Act&#148;) and that the financial
information about the guarantor subsidiaries incorporated by reference from our
reports under the Securities Exchange Act of 1934, as amended (the &#147;Securities
Exchange Act&#148;), may not have fulfilled the Securities and Exchange Commission&#146;s
(&#147;SEC&#148;) financial statement requirements with regard to the Initial Notes and
incorporation of that financial information might have implied, incorrectly,
that the financial information related only to the subsidiaries that were
guaranteeing the Initial Notes. Therefore, instead of attempting to register
the guarantees of the additional subsidiaries, we are offering to exchange New
Notes that on issuance will be guaranteed by all our wholly owned subsidiaries
(other than our finance company subsidiaries or our foreign subsidiaries),
including the subsidiaries that were formed or acquired after October&nbsp;9, 2001,
in exchange for the Initial Notes that were issued without the guarantees of
those additional subsidiaries. The New Notes will have the same guarantees as
the Initial Notes would have had if we had filed the registration statement
contemplated by Section&nbsp;4.03 of the Seventh Supplemental Indenture and it had
become effective, and they will be identical in all other ways with what the
Initial Notes would have been.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because we are offering to exchange New Notes for Initial Notes, instead
of using the procedure contemplated by Section&nbsp;4.03 of the Seventh Supplemental
Indenture, we believe it is appropriate, and it may be necessary, to amend
Section&nbsp;4.03. Therefore, we are soliciting consents from registered holders of
the Initial Notes to effectuate an amendment. A copy of the proposed amendment
is set forth in Exhibit&nbsp;4.2 hereto. Also, because we did not file the
registration statement when contemplated by the original Section&nbsp;4.03. we are
soliciting waivers of the default resulting from our failure to do that.


<P align="left" style="font-size: 10pt"><I>Possible Concerns under the Securities Act</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The possibility has been raised that Section&nbsp;4.03 of the Seventh
Supplemental Indenture may have constituted a contract of sale of the
guarantees by the additional subsidiaries. If it did, sale of the Initial
Notes without an effective registration statement relating to Section&nbsp;4.03 may
have violated Section 5(a) of the Securities Act, which makes it unlawful to
sell a security (defined to include a contract of sale of a security) unless a
registration statement is in effect as to the security. If the sale of the
Initial Notes violated Section 5(a) of the Securities Act, any person who
purchased Initial Notes from us may tender the Initial Notes back to us and sue
within one year after the person purchased the Initial Notes to recover the
consideration paid for the Initial Notes with interest, less the amount of any
interest the person received with regard to the Initial Notes, or, if the
person who purchased the Initial Notes from us no longer owns them, that person
can sue for damages.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, an SEC rule requires that under most circumstances, a
prospectus relating to guaranteed securities must include financial statements
of the guarantors. However, guarantors&#146; financial statements are not required
if the guarantors are all 100% owned by the issuer and, among other things, the
issuer&#146;s financial statements include, in a footnote, condensed consolidating
financial information with a separate column for (i)&nbsp;the parent company, (ii)
the subsidiary guarantors on a combined basis and (iii)&nbsp;any other subsidiaries
of the parent company on a combined basis. The prospectus supplements related
to the issuance of the Initial Notes incorporated the financial statements


<P align="center" style="font-size: 10pt">17
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">included in our filings under the Securities Exchange Act. Those financial
statements included in a footnote condensed consolidating financial information
with separate columns for us, as the parent company, our wholly owned
subsidiaries other than our finance company subsidiaries and foreign
subsidiaries (because they were guarantors of previously issued debt
securities), and the remainder of our subsidiaries. They did not, however,
contain a separate column that excluded the subsidiaries formed or acquired
after October&nbsp;9, 2001. Therefore, the incorporated financial statements
probably did not contain all the financial information necessary to exempt us
from the requirement that the prospectus supplements include or incorporate
financial statements of the guarantors.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, it is possible that the fact that we incorporated into the
prospectus supplements the financial information about guarantor subsidiaries
contained in our filings under the Securities Exchange Act implied incorrectly
that that financial information related only to the subsidiaries that
guaranteed the Initial Notes (and therefore implied that the November&nbsp;30, 2003
net worth of the guarantor subsidiaries was $3.54&nbsp;billion, when
in fact it was $3.46&nbsp;billion).
If failure to include in the prospectus supplements separate financial statements
of the subsidiaries that guaranteed the Initial Notes was an omission to state
a material fact necessary to make the statements incorporated into the
prospectus supplements, in light of the circumstances under which they were
made, not misleading (the purchaser not knowing of the omission), the sale of
the Initial Notes could have violated Section&nbsp;12(a)(2) of the Securities Act.
If the sale of the Initial Notes violated Section&nbsp;12(a)(2) of the Securities
Act, any person who purchased Initial Notes from us would have the right to
tender the Initial Notes back to us and sue within one year after the person
purchased the Initial Notes to recover the consideration paid for the Initial
Notes with interest, less the amount of any interest the person received with
regard to the Initial Notes, or, if the person who purchased the Initial Notes
from us no longer owns them, that person would have the right to sue for
damages. However, to the extent we could demonstrate that any portion or all
of the amount recoverable under Section&nbsp;12(a)(2) of the Securities Act
represents anything other than depreciation in the value of the Initial Notes
resulting from the fact that not all the guarantor subsidiaries whose financial
information was included in the notes to our financial statements were
guarantors of the Initial Notes, that portion or amount, as the case may be,
would not be recoverable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We do not believe Section&nbsp;4.03 of the Seventh Supplemental Indenture
constituted a contract of sale of the additional guarantees. In addition, we
believe that the fact that the financial information about guarantor
subsidiaries included in our filings under the Securities Exchange Act included
some subsidiaries that are not guarantors of the Initial Notes was not a
material fact, and that any purchaser of the Initial Notes who reviewed the
financial information in our filings under the Securities Exchange Act must
have known it did not relate only to the subsidiaries that were guaranteeing
the Initial Notes, because our filings said the information was about
substantially all our subsidiaries, other than subsidiaries engaged in mortgage
and title insurance activities, and because the financial information was as of
a date more than three months before the Initial Notes were first offered.
Therefore, we do not believe we violated Section 5(a) or Section&nbsp;12(a)(2) of
the Securities Act. Further, we believe that if a person who purchased Initial
Notes from us exchanges them for fully guaranteed New Notes, any right that
person might have had to tender the Initial Notes and seek to recover the
consideration paid for them will terminate (although that person might be able
to seek damages, if there were any).


<P align="left" style="font-size: 10pt"><B>Consents to the Proposed Amendment</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with the exchange offer, we are soliciting consents from
registered holders of Initial Notes to a proposed amendment of the Seventh
Supplemental Indenture. A tender of Initial Notes will automatically include a
consent to the proposed amendment, and withdrawal of tendered Initial Notes
will automatically revoke the consent to the proposed amendment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The proposed amendment will:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>eliminate the current Section&nbsp;4.03, which requires us to
register guarantees of the Initial Notes by each of our existing
subsidiaries formed or acquired after October&nbsp;9, 2001 which was not
a guarantor of the Initial Notes, other than our finance company
subsidiaries and any foreign subsidiaries, and to use our best
efforts to (1)&nbsp;cause that registration statement to become effective
not later than June&nbsp;2, 2004, and (2)&nbsp;take any other actions that are
necessary in order to deliver the guarantees registered under that
registration statement by June&nbsp;2, 2004, and</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">18
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>replace the current Section&nbsp;4.03 with a new Section&nbsp;4.03
that:</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requires us to continue the exchange offer (including during a
subsequent offering period) until at least September&nbsp;22, 2004;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>entitles holders of Initial Notes to exchange
them for New Notes during any period when all the guarantees
of the New Notes are registered under the Securities Exchange
Act of 1933, and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>requires that, while any Initial Notes continue
to be outstanding, not later than 10&nbsp;days after we file a
Report on Form 10-Q or on Form 10-K relating to a fiscal
quarter or a fiscal year, we must file a registration
statement relating to the issuance of New Notes guaranteed by
all our wholly owned subsidiaries, other than our finance
company subsidiaries or foreign subsidiaries, and other than
subsidiaries that are not guarantors of at least $75&nbsp;million
of Lennar debt (or of other subsidiaries&#146; guarantees of
Lennar Debt), and we must use our best efforts to cause that
registration statement to become effective as promptly as
practicable; and</TD>
</TR>

</TABLE>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>waive any default because the registration statement required
by the current Section&nbsp;4.03 was not filed by March&nbsp;31, 2004.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If consents are received from holders of a majority in principal amount of
the Initial Notes and the proposed amendment to the Seventh Supplemental
Indenture becomes effective, the proposed amendment will apply to all the
Notes, including the Initial Notes that are not tendered in response to the
exchange offer or subsequently exchanged for New Notes.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Holders who tender Initial Notes in response to the exchange offer will
automatically consent to the proposed amendment. The completion, execution and
delivery of the consent and letter of transmittal by a holder in connection
with the tender of Initial Notes will be deemed to constitute the consent of
the tendering holder to the proposed amendment.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders may not deliver consents without tendering Initial Notes in
response to the exchange offer and may not revoke consents without withdrawing
the Initial Notes to which the consents relate. As is described under the
caption &#147;-Withdrawal of Tenders and Consents,&#148; holders will have the right to
withdraw previously tendered Initial Notes, and by doing so, to revoke their
consents, until 5:00 p.m. New York City time on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004. They
will not have the right to withdraw tendered Initial Notes, or to revoke consents,
after that time regardless of whether the Notes are tendered before or after
that time.


<P align="left" style="font-size: 10pt"><B>Terms of the Exchange Offer</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions set forth in this prospectus
and in the accompanying consent and letter of transmittal, we will issue New
Notes in exchange for all Initial Notes which are validly tendered prior to
5:00 p.m., New York City time, on the expiration date (as defined below) and
not withdrawn. The principal amount of the New Notes issued in the exchange
will be the same as the principal amount of the Initial Notes for which they
are exchanged. Holders may tender some or all of their Initial Notes in
response to the exchange offer. However, Initial Notes may be tendered only in
multiples of $1,000. In connection with the exchange offer, we are also
soliciting consents from registered holders of Initial Notes to the proposed
amendment to the Seventh Supplemental Indenture. Holders who tender Initial
Notes in response to the exchange offer will automatically consent to the
proposed amendment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>If
the required consents are received from a majority in principal amount
of the Initial Notes and the proposed amendment to the Seventh Supplemental
Indenture becomes effective, then the proposed amendment will be binding on all
non-tendering holders of Initial Notes.</B>


<P align="center" style="font-size: 10pt">19
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The form and terms of the New Notes will be the same in all material
respects as the form and terms of the Initial Notes, except that all of our
wholly owned subsidiaries, other than our finance company subsidiaries and
foreign subsidiaries), including the subsidiaries that were formed or acquired
after October&nbsp;9, 2001 will guarantee the New Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be deemed to accept all the Initial Notes which are validly
tendered and not withdrawn when we give oral or written notice to that effect
to the exchange agent. The exchange agent will act as agent for the tendering
holders for the purpose of receiving New Notes from us. If any tendered
Initial Notes are not accepted for exchange because of an invalid tender or
otherwise, certificates for those Initial Notes will be returned, without
expense, to the tendering holder as promptly as practicable after the
expiration date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders who tender Initial Notes in response to the exchange offer will
not be required to pay brokerage commissions or fees or, except as described in
the instructions in the consent and letter of transmittal, transfer taxes. We
will pay all charges and expenses, other than certain taxes described below, in
connection with the exchange offer. See &#147;&#151;Fees and Expenses.&#148;
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder who validly withdraws
previously tendered Initial Notes will not receive any payment unless the
Initial Notes are re-tendered at or prior to 5:00 p.m., New York City time, on
the expiration date. Holders will have the right to withdraw previously
tendered Initial Notes, and by doing so, to revoke their Consents, until 5:00
p.m. New York City time on the expiration date, unless the Initial Notes have
already been accepted for exchange, except that Initial Notes tendered during
the subsequent exchange offering period, if there is one, may not be withdrawn.




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Holders who tender Initial Notes in response to the exchange offer will
automatically consent to the proposed amendment. The completion, execution and
delivery of the consent and letter of transmittal by a holder in connection
with a tender of Initial Notes will constitute the consent of
the tendering holder to the proposed amendment. </B>Holders may not deliver
consents without tendering Initial Notes in the exchange offer and may not
revoke Consents without withdrawing the previously tendered Initial Notes to
which the consents relate.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the proposed amendment to the Seventh Supplemental Indenture is
consented to by the holders of a majority in principal amount of the
outstanding Notes, it will be set forth in an amended Seventh Supplemental
Indenture (the &#147;Amended Seventh Supplemental Indenture&#148;). The Exchange Agent
will send any holder of Initial Notes the form of the Amended Seventh Supplemental Indenture
upon the holder&#146;s request. If a majority in principal amount of the Initial
Notes consent to the amendment by the expiration date of the exchange
offer (without taking account of any subsequent offering period), the Trustee and we will execute the Amended
Seventh Supplemental Indenture promptly following the expiration date or, if less than a majority in principal amount of the Initial
Notes are tendered for exchange by that time, promptly after a majority in
principal amount of the Initial Notes have been tendered for exchange and
accepted.


<P align="left" style="font-size: 10pt"><B>Expiration Date; Extension; Termination</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offer will expire at 5:00 p.m., New York City time, on
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,2004, unless we extend it by notice to the exchange agent. We
reserve the right to extend the exchange offer at our discretion. If we extend
the exchange offer, the term &#147;expiration date&#148; will mean the time and date on
which the exchange offer as extended will expire (without taking account of any
subsequent offering period). We will notify the exchange agent of any
extension by oral or written notice and will make a public announcement of any
extension not later than 9:00 a.m., New York City time, on the business day
after the previously scheduled expiration date. Immediately after the
expiration date, we will accept all Initial Notes that have been properly
tendered and not withdrawn.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amended Section&nbsp;4.03 of the Seventh Supplemental Indenture will
require us to continue the exchange offer at least until September&nbsp;22, 2004
(that being the day when subsidiaries formed or acquired during our fiscal
quarter ending August&nbsp;31, 2004 will become guarantors of the New Notes). We
will comply with that by having a subsequent offering period that begins on the
first business day after the expiration date and continues until September&nbsp;22,
2004. During the subsequent offering period, we will issue New Notes in
exchange for Initial Notes as the Initial Notes are tendered, and there will be
no right to withdraw Initial Notes after they are tendered.


<P align="center" style="font-size: 10pt">20
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<P align="left" style="font-size: 10pt"><B>Procedures for Tendering Notes and Delivering Consents</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only a holder of Initial Notes may tender Initial Notes in response to the
exchange offer. Holders may not deliver consents without tendering Initial
Notes in response to the exchange offer. To tender Initial Notes, the holder
must complete, sign and date the consent and letter of transmittal, or a
facsimile of one, have the signatures guaranteed if required by the consent and
letter of transmittal, and mail or otherwise deliver the consent and consent
and letter of transmittal or facsimile of one, together with the Initial Notes
(delivered using the procedure for book-entry
transfer described below) and any other required documents, to the exchange
agent prior to 5:00 p.m., New York City time, on the expiration date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any financial institution that is a participant in DTC&#146;s Book-Entry
Transfer Facility System may make book-entry delivery of Initial Notes by
causing DTC to transfer the Initial Notes into the exchange agent&#146;s account at
DTC in accordance with DTC&#146;s transfer procedure. Because the only outstanding
Notes are Global Notes held by DTC, all tenders of Initial Notes must be made
in that manner. Even though delivery of Initial Notes is effected through
book-entry transfer into the exchange agent&#146;s account at DTC, the consent and
letter of transmittal (or a facsimile of one), with any required signature
guarantees and any other required documents, must be transmitted to and
received or confirmed by the exchange agent at its addresses as set forth under
the caption &#147;&#151; Exchange Agent&#148; below prior to 5:00 p.m., New York City time, on
the expiration date. DELIVERY OF A DOCUMENT TO DTC DOES NOT CONSTITUTE
DELIVERY TO THE EXCHANGE AGENT.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A tender of Initial Notes by a holder will constitute an agreement by the
holder to transfer the Initial Notes to us in exchange for New Notes on the
terms and subject to the conditions set forth in this prospectus and in the
consent and letter of transmittal. <B>Holders who tender Initial Notes in
response to the exchange offer will automatically consent to the proposed
amendment to the Seventh Supplemental Indenture. The completion, execution and
delivery of the consent and letter of transmittal by a holder in connection
with the tender of Initial Notes will constitute the consent of
the tendering holder to the proposed amendment to the Seventh Supplemental
Indenture.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The method of delivering the consent and letter of
transmittal and any other required documents to the exchange agent is at the
election and risk of the holder. It is recommended that holders use overnight
or hand delivery services. In all cases, sufficient time should be allowed to
assure delivery to the exchange agent before the expiration time. No consent
and letter of transmittal or Initial Notes should be sent to us. Holders may
ask their brokers, dealers, commercial banks, trust companies or nominees to
assist them in effecting tenders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signatures on a consent and letter of transmittal or a notice of
withdrawal, as the case may be, must be guaranteed by an eligible institution
unless the Initial Notes are being tendered for the account of an eligible
institution. An eligible institution is a bank, broker, dealer, credit union,
savings association or other entity which is a member in good standing of the
Securities Transfer Agents Medallion Program.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the consent and letter of transmittal or any Initial Notes or bond
powers are signed by trustees, executors, administrators, guardians,
attorneys-in-fact, officers of corporations or others acting in a fiduciary or
representative capacity, they should so indicate when signing, and we may
require that evidence satisfactory to us of their authority to sign be
submitted with the consent and letter of transmittal.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All questions as to the validity, form, eligibility (including time of
receipt) and acceptance and withdrawal of tendered Initial Notes will be
determined by us in our sole discretion, and that determination will be final
and binding. We reserve the right to reject any Initial Notes which are not
properly tendered or the acceptance of which we believe might be unlawful. We
also reserve the right to waive any defects, irregularities or conditions of
tender as to particular Initial Notes, without being required to waive the same
defects, irregularities or conditions as to other Initial Notes. Our
interpretation of the terms and conditions of the exchange offer (including the
instructions in the consent and letter of transmittal) will be final and
binding on all parties. Unless waived, any defects or irregularities in
connection with tenders of Initial Notes must be cured by the expiration date,
or by such later time as we may determine. Although we intend to request the
exchange agent to notify holders of defects or irregularities with respect to
tenders of Initial Notes, neither we, the exchange agent nor any other person
will incur any liability


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<P align="left" style="font-size: 10pt">for failure to give such notification. Tenders of Initial Notes will not be
deemed to have been made until all defects and irregularities have been cured
or waived. Any Initial Notes received by the exchange agent that are not
properly tendered and as to which the defects or irregularities have not been
cured or waived will be returned by the exchange agent to the tendering
holders, unless otherwise provided in the consent and letter of transmittal, as
soon as practicable following the expiration date.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have the right (subject to limitations contained in the indenture) (1)
to purchase or make offers for any Initial Notes that remain outstanding after
the expiration date and (2)&nbsp;to the extent permitted by applicable law, to
purchase Initial Notes in privately negotiated transactions or otherwise. The
terms of any such purchases or offers could differ from the terms of the
exchange offer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the holder is a
broker-dealer that will receive New Notes for its own account in exchange for
Initial Notes that were acquired as result of market-making activities or other
trading activities, the holder will, by tendering, acknowledge that it will
deliver a prospectus in connection with any resale of those New Notes.


<P align="left" style="font-size: 10pt"><B>Guaranteed Delivery Procedures</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders who wish to tender their Initial Notes and (1)&nbsp;whose Initial Notes
are not immediately available, or (2)&nbsp;who cannot deliver their Initial Notes or
any other required documents to the exchange agent or cannot complete the
procedure for book-entry transfer prior to the expiration date, may effect a
tender if:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The tender is made through an eligible institution;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the expiration date, the exchange agent receives
from the eligible institution a properly completed and duly executed
notice of guaranteed delivery (by facsimile transmission, mail or
hand) setting forth the name and address of the eligible holder, and
the principal amount of Initial Notes tendered, together with a duly
executed consent and letter of transmittal (or a facsimile of one),
stating that the tender is being made by that notice of guaranteed
delivery and guaranteeing that, within three business days after the
expiration date, confirmation of a book-entry transfer into the
exchange agent&#146;s account at DTC and any other documents required by
the consent and letter of transmittal will be delivered to the
exchange agent; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Confirmation of a book-entry transfer into the exchange
agent&#146;s account at DTC and all other documents required by the
consent and letter of transmittal are received by the exchange agent
within three business days after the expiration date.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon request to the exchange agent, a form of notice of guaranteed
delivery will be sent to holders who wish to use the guaranteed delivery
procedures described above.


<P align="left" style="font-size: 10pt"><B>Withdrawal of Tenders and Consents</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise described below, holders will have the right to
withdraw previously tendered Initial Notes, and by doing so, to revoke their
consents, until 5:00 p.m. New York City time on the expiration date, unless the
Initial Notes have already been accepted for exchange. Holders may
not revoke consents without withdrawing the
Initial Notes to which the consents relate. If, as is expected (unless all the
Initial Notes are tendered for exchange before the expiration date), there is a
subsequent offering period, holders will not have the right to withdraw Initial
Notes that are tendered during the subsequent offering period.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
withdraw a tender of Initial Notes, and by doing so, revoke a consent,
a written or facsimile transmission notice of withdrawal must be received by
the exchange agent prior to 5:00 p.m., New York City time, on the expiration
date, and before the Initial Notes we have accepted for exchange. Any
notice of withdrawal must (i)&nbsp;specify the name of the person who deposited the
Initial Notes to be withdrawn, (ii)&nbsp;identify the Initial Notes to be withdrawn
(including the principal amounts of the Initial Notes), (iii)&nbsp;be signed by the
depositor in the same manner as the signature on the consent and letter of
transmittal by which the Initial Notes were tendered (including any required
signature guarantees) or be accompanied by documents of transfer sufficient to
have the trustee register the transfer of the Initial Notes into the name of
the person who withdraws the tender, and (iv)&nbsp;specify the name in which the
withdrawn Initial Notes are to be registered, if different from that of the
depositor. All questions as to the validity, form and eligibility (including
time of receipt) of withdrawal notices will be determined by us in our sole
discretion, and that determination will be final and binding on all parties.
Any Initial Notes which are withdrawn will be deemed not to have been validly
tendered for purposes of the exchange offer, and no New Notes will be issued
with respect to those Initial Notes unless they are validly re-tendered. Any
Initial Notes which have been tendered but which are not accepted for exchange
or which are withdrawn will be returned to the holder without cost to the
holder as soon as practicable after withdrawal, rejection of tender or
termination of the exchange offer. Properly withdrawn Initial Notes may be
re-tendered at any time prior to the expiration date.


<P align="left" style="font-size: 10pt"><B>Fees and Expenses</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will bear the expenses of soliciting tenders pursuant to the exchange
offer. The principal solicitation of tenders is being made by mail. However,
solicitations also may be made by telecopy, telephone or in person by officers
and regular employees of ours and our affiliates.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not retained any dealer-manager in connection with the exchange
offer and will not make any payments to brokers, dealers or others for
soliciting acceptances of the exchange offer. We will, however, pay the
exchange agent reasonable and customary fees for its services and reimburse it
for its reasonable out-of-pocket expenses in connection with the exchange
offer. We may also reimburse brokerage houses and other custodians, nominees
and fiduciaries for the reasonable out-of-pocket expenses they incur in
forwarding copies of this prospectus, letters of transmittal and related
documents to the beneficial owners of the Initial Notes and in handling or
forwarding tenders for exchange. We will pay the other expenses incurred in
connection with the exchange offer, Including fees and expenses of the trustee,
accounting and legal fees and printing costs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay all transfer taxes, if any, applicable to the exchange of
Initial Notes for New Notes pursuant to the exchange offer. If, however, New
Notes or Initial Notes for principal amounts which are not tendered or accepted
for exchange are to be issued in the name of a person other than the
registered holder of the Initial Notes tendered, or if tendered Initial Notes
are registered in the name of a person other than the person who signs the
consent and letter of transmittal, or if a transfer tax is imposed for any
other reason, other than the exchange of Initial Notes for New Notes pursuant
to the exchange offer, the tendering holder must pay the transfer taxes
(whether imposed on the registered holder or any other person). Unless
satisfactory evidence of payment of transfer taxes or exemption from the need
to pay them is submitted with the consent and letter of transmittal, the amount
of the transfer taxes will be billed directly to the tendering holder. We may
refuse to issue New Notes in exchange for Initial Notes, or to return
Initial Notes which are not exchanged, until we receive
evidence satisfactory to us that any transfer taxes payable by the holder have
been paid.


<P align="left" style="font-size: 10pt"><B>Material Federal Income Tax Considerations</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange of the Initial Notes for the New Notes in the exchange offer
should not constitute an exchange for federal income tax purposes.
Consequently, (1)&nbsp;no gain or loss should be realized by a U.S. Holder upon
receipt of a New Note; (2)&nbsp;the holding period of the New Note should include
the holding period of the Initial Note for which it is exchanged; and (3)&nbsp;the
adjusted tax basis of the New Note should be the same as the adjusted tax basis
of the Initial Note for which it is exchanged, immediately before the exchange.
Even if the exchange of an Initial Note for a New Note were treated as an
exchange, the exchange should constitute a tax-free recapitalization for
federal income tax purposes. Accordingly, a New Note should have the same
issue price as a Initial Note and a U.S. Holder should have the same adjusted
basis and holding period in the New Note as it had in the Initial Note
immediately before the exchange. A &#147;U.S. Holder&#148; means a person who is, for
United States federal income tax purposes, (1)&nbsp;a citizen or


<P align="center" style="font-size: 10pt">23
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">resident of the United States; (2)&nbsp;a corporation, partnership or other entity
created or organized in or under the laws of the United States or any political
subdivision of the United States; or (3)&nbsp;an estate or trust the income of which
is subject to United States federal income taxation regardless of its source.



<P align="left" style="font-size: 10pt"><B>Accounting Treatment</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes will be recorded in our accounting records at the same
carrying value as the Initial Notes. Accordingly,
we will not recognize any gain or loss for accounting purposes as a result of
the exchange offer. We will expense the costs of the exchange offer to
operations as incurred.


<P align="left" style="font-size: 10pt"><B>Exchange Agent</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Trust Company, N.A. has been appointed as exchange agent for
the exchange offer. All correspondence in connection with the exchange offer
and the consent and letter of transmittal should be addressed to the exchange
agent, as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:10px; text-indent:-10px"><B>BY FACSIMILE:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>BY OVERNIGHT COURIER:</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>BY REGISTERED OR<BR>
CERTIFIED MAIL:</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Requests for additional copies of this prospectus or the consent and
letter of transmittal should be directed to the exchange agent.


<P align="center" style="font-size: 10pt">24
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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "DESCRIPTION OF THE NEW NOTES" -->
<DIV align="left"><A NAME="016"></A></DIV>

<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF THE NEW NOTES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will issue the New Notes under an indenture dated as of December&nbsp;31,
1997 between us and J.P. Morgan Trust Company, N.A. (as successor to Bank One
Trust Company, N.A.), as trustee (the &#147;Trustee&#148;), as supplemented by the Eighth
Supplemental Indenture. We have summarized in
this section the principal terms of the New Notes and the indenture under which
they were issued. This summary is not complete. You should read the indenture
and the New Notes for additional information before you decide to invest in the
New Notes because they, and not this description, define your rights as holders
of the New Notes. You may request copies of these documents at our address
shown under the caption &#147;Incorporation by Reference&#148; on page &nbsp;&nbsp;&nbsp;of this
prospectus. 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" style="font-size: 10pt"><B>General</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will be 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 will be issued in
denominations of $1,000 principal amount and integral multiples of that amount
and will be 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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes are limited in aggregate principal amount to $300,000,000, but
we may, without consent of the Holders, &#147;reopen&#148; the Notes and issue additional
notes at any time on the same terms and conditions and with the same CUSIP
number as the Notes we offer by this prospectus. The Notes will
mature on March&nbsp;19, 2009 and will bear interest at the 3 Month LIBOR Rate (as
defined below) plus 0.75% per year. The interest rate on the Notes will in no
event be higher than 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&nbsp;19 of
each year, commencing September&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" style="font-size: 10pt">&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 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.


<P align="center" style="font-size: 10pt">25
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<P align="left" style="font-size: 10pt">&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
September&nbsp;19, 2004. Interest will accrue on the Notes that we
issue in exchange for Initial Notes from
the most recent date to which interest on the Initial Notes has been paid or duly
provided for, 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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. 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" style="font-size: 10pt">&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 .09878654)), 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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no sinking fund applicable to the Notes.


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt"><B>Redemption at Our Option</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may, at our option, redeem the Notes in whole at any time or in part
from time to time, 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" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt"><B>The Guarantees</B>



<P align="left" style="font-size: 10pt">&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 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


<P align="center" style="font-size: 10pt">26
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">net assets of each guarantor, determined in accordance with Unites States
generally accepted accounting principles, or GAAP.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture will require that each of our existing and future
subsidiaries (other than any foreign subsidiary and any finance company
subsidiary) that guarantees any of our Indebtedness, or guarantees obligations of any other subsidiary as a guarantor of our Indebtedness,
(other than guarantees by subsidiaries of U.S. Home Corporation (one of our
subsidiaries) solely of U.S. Home&#146;s obligations under its Senior Secured Credit
Facilities) be a guarantor. 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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture will provide 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" style="font-size: 10pt"><B>Certain Covenants</B>



<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such Lien is a Permitted Lien (as defined below).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following Liens are &#147;Permitted Liens&#148;:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens incurred in connection with pollution control, industrial
revenue, water, sewage or any similar bonds;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">27
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens securing Indebtedness (A)&nbsp;between a Restricted Subsidiary and
us, or (B)&nbsp;between Restricted Subsidiaries;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens arising from the Uniform Commercial Code financing statements
regarding leases;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens incurred in connection with Non-Recourse Indebtedness;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens existing on the Issue Date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any extensions, substitutions, modifications, replacements or
renewals of the Permitted Liens described above.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">28
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Sale-Leaseback Transaction involving the leasing by us or any
Restricted Subsidiary of model homes in our communities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Sale-Leaseback Transaction which has a lease of no more than three
years in length.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt"><B>Compliance Certificate</B>



<P align="left" style="font-size: 10pt">&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 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.


<P align="left" style="font-size: 10pt"><B>Events of Default and Remedies</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are Events of Default under the indenture:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if we fail to pay any interest on the Notes continuing for 30&nbsp;days after it was due;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if we fail to pay any principal or redemption price due with respect to the Notes;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">29
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<DIV style="font-family: 'Times New Roman',Times,serif">




<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain events of bankruptcy, insolvency or reorganization with
respect to us or any Restricted Subsidiary.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt"><B>Modifications of the Indenture</B>



<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the fixed maturity of any Note;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the rate or extend the time for the payment of interest;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the principal amount of any Note or the redemption price;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>impair the right of a Holder to institute suit for the payment thereof; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the currency in which the Notes are payable.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&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="center" style="font-size: 10pt">30
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Global Securities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes 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" style="font-size: 10pt"><B>Book-Entry System</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially, the Notes will be registered in the name of Cede &#038; 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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Depositary has advised us and the underwriters 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 Underwriters), 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" style="font-size: 10pt">&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.


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Depositary notifies us that it is unwilling or unable to continue
as Depositary;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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>


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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt"><B>Same-Day Settlement and Payment</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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" style="font-size: 10pt">&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" style="font-size: 10pt"><B>Concerning the Trustee</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Trust Company, N.A., as successor to Bank One Trust Company,
N.A., is the Trustee under the indenture and will be appointed by us as the
initial paying agent, registrar and custodian 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" style="font-size: 10pt"><B>Discharge of the Indenture</B>



<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delivering to the Trustee for cancellation all outstanding Notes; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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" style="font-size: 10pt">&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" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the remaining rights of registration of transfer, substitution and
exchange of the Notes;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rights, obligations and immunities of the Trustee under the
indenture.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Certain Definitions</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are definitions of certain of the terms used in the
indenture.


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&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="center" style="font-size: 10pt">32
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;investments in subsidiaries that are not Restricted Subsidiaries; and


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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" style="font-size: 10pt">&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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indebtedness&#148; means, with respect to us or any Subsidiary, and without
duplication:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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);



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;


<P align="center" style="font-size: 10pt">33
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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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);



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lien&#148; means any mortgage, pledge, lien, encumbrance, charge or security
interest of any kind.


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt">&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" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Restricted Subsidiary&#148; means any guarantor.


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&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 NA as administrative agent and the other
lenders party thereto<B>.</B>


<P align="left" style="font-size: 10pt">&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" style="font-size: 10pt">&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="center" style="font-size: 10pt">34
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<P align="left" style="font-size: 10pt">&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 10-K (or equivalent report) or quarterly report on
Form 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 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" style="font-size: 10pt">35
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<P align="center" style="font-size: 10pt"><B>BOOK ENTRY, DELIVERY AND FORM</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificates representing the New Notes will be issued in fully
registered form. The New Notes initially will be represented by a single,
permanent global note, in definitive, fully registered form without interest
coupons (the &#147;Global Note&#148;) and will be deposited with the trustee as custodian
for DTC and registered in the name of Cede &#038; Co., as DTC&#146;s nominee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of a Global Note, DTC or its nominee will credit the
accounts of persons holding through it with the respective principal amounts of
the New Notes represented by such Global Note that are received by such persons
in the exchange offer. Ownership of beneficial interests in a Global Note will
be limited to persons that have accounts with DTC (&#147;participants&#148;) or persons
that may hold interests through participants. Any person acquiring an interest
in a Global Note through an offshore transaction in reliance on Regulation&nbsp;S
under the Securities Act may hold such interest through Clearstream (formerly
known as Cedel) or Euroclear. Ownership of beneficial interests in a Global
Note will be shown on, and the transfer of that ownership interest will be
effected only through, records maintained by DTC (with respect to participants&#146;
interests) and such participants (with respect to the owners of beneficial
interests in such Global Note other than participants). The laws of some
jurisdictions require that certain purchasers of securities take physical
delivery of such securities in definitive form. Such limits and such laws may
impair the ability to transfer beneficial interests in a Global Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of principal of and interest on New Notes represented by a Global
Note will be made in immediately available funds to DTC or its nominee, as the
case may be, as the sole registered owner and the sole holder of the New Notes
represented thereby for all purposes under the indenture. We have been advised
by DTC that upon receipt of any payment of principal of or interest on any
Global Note, DTC will immediately credit, on its book-entry registration and
transfer system, the accounts of participants with payments in amounts
proportionate to their respective beneficial interests in the principal or face
amount of such Global Note as shown on the records of DTC. Payments by
participants to owners of beneficial interests in a Global Note held through
such participants will be governed by standing instructions and customary
practices as is now the case with securities held for customer accounts
registered in &#147;street name&#148; and will be the sole responsibility of such
participants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Global Note may not be transferred except as a whole by DTC or a nominee
of DTC to a nominee of DTC or to DTC. A Global Note is exchangeable for
certificated New Notes only if (a)&nbsp;DTC notifies us that it is unwilling or
unable to continue as a depositary for such Global Note or if at any time DTC
ceases to be a clearing agency registered under the Exchange Act, (b)&nbsp;we in our
discretion at any time determine not to have all the New Notes represented by
such Global Note, or (c)&nbsp;there shall have occurred and be continuing a default
or an event of default with respect to the New Notes represented by such Global
Note. Any Global Note that is exchangeable for certificated New Notes pursuant
to the preceding sentence will be exchanged for certificated New Notes in
authorized denominations and registered in such names as DTC or any successor
depositary holding such Global Note may direct. Subject to the foregoing, a
Global Note is not exchangeable, except for a Global Note of like denomination
to be registered in the name of DTC or any successor depositary or its nominee.
In the event that a Global Note becomes exchangeable for certificated New
Notes, (a)&nbsp;certificated New Notes will be issued only in fully registered form
in denominations of $1,000 or integral multiples thereof, (b)&nbsp;payment of
principal of, and premium, if any, and interest on, the certificated New Notes
will be payable, and the transfer of the certificated New Notes will be
registerable, at our office or agency maintained for such purposes and (c)&nbsp;no
service charge will be made for any registration of transfer or exchange of the
certificated New Notes, although we may require payment of a sum sufficient to
cover any tax or governmental charge imposed in connection therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as DTC or any successor depositary for a Global Note, or any
nominee, is the registered owner of such Global Note, DTC or such successor
depositary or nominee, as the case may be, will be considered the sole owner or
holder of the New Notes represented by such Global Note for all purposes under
the indenture and the New Notes. Except as set forth above, owners of
beneficial interests in a Global Note will not be entitled to have the New
Notes represented by such Global Note registered in their names, will not
receive or be entitled to receive physical delivery of certificated New Notes
in definitive form and will not be considered to be the owners or holders of
any New Notes under such Global Note. Accordingly, each person owning a
beneficial interest in a Global Note must rely on the procedures of DTC or any
successor depositary, and, if such person is not a participant, on the
procedures of the participant through which such person owns its interest, to
exercise any rights of a holder under


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<P align="left" style="font-size: 10pt">the indenture. We understand that under existing industry practices, in
the event that we request any action of holders or that an owner of a
beneficial interest in a Global Note desires to give or take any action which a
holder is entitled to give or take under the indenture, DTC or any successor
depositary would authorize the participants holding the relevant beneficial
interest to give or take such action and such participants would authorize
beneficial owners owning through such participants to give or take such action
or would otherwise act upon the instructions of beneficial owners owning
through them.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC has advised us that it will take any action permitted to be taken by a
holder of Notes (including the presentation of Notes for exchange as described
below) only at the direction of one or more participants to whose account the
DTC interests in the Global Notes are credited and only in respect of such
portion of the aggregate principal amount of Notes as to which such participant
or participants has or have given such direction. However, if there is an
Event of Default under the indenture, DTC will exchange the Global Notes for
Certificated Securities, which it will distribute to its participants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC has advised us as follows: DTC is a limited purpose trust company
organized under the laws of the State of New York, a member of the Federal
Reserve System, a &#147;clearing corporation&#148; within the meaning of the Uniform
Commercial Code and a &#147;Clearing Agency&#148; registered pursuant to the provisions
of Section&nbsp;17A of the Exchange Act. DTC was created to hold securities for its
participants and facilitate the clearance and settlement of securities
transactions between participants through electronic book-entry changes in
accounts of its participants, thereby eliminating the need for physical
movement of certificates. Participants include securities brokers and dealers,
banks, trust companies and clearing corporations and certain other
organizations. Indirect access to the DTC system is available to others such
as banks, brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a participant, either directly or indirectly
(&#147;indirect participants&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although DTC has agreed to the foregoing procedures in order to facilitate
transfers of interests in the Global Notes among participants of DTC, it is
under no obligation to perform such procedures, and such procedures may be
discontinued at any time. Neither the Issuer nor the Trustee nor the initial
purchasers will have any responsibility for the performance by DTC or its
participants or indirect participants of their respective obligations under the
rules and procedures governing their operations.


<P align="center" style="font-size: 10pt">37
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS" -->
<DIV align="left"><A NAME="018"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives New Notes for its own account pursuant to
the exchange offer must acknowledge that it will deliver a prospectus in
connection with any resale of such New Notes. This prospectus, as it may be
amended or supplemented from time to time, may be used by a broker-dealer in
connection with sales of New Notes received in exchange for Initial Notes which
were acquired as a result of market-making activities or other trading
activities. We have agreed that, starting on the expiration date and ending on
the close of business on the first anniversary of the expiration date, we will
make this prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale. In addition, until
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004, all dealers effecting transactions in the New Notes may
be required to deliver a prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from any sale of New Notes by
broker-dealers. New Notes received by broker-dealers for their own account
pursuant to the exchange offer may be sold from time to time in transactions in
the over-the-counter market, in negotiated transactions, through the writing of
options on the New Notes or a combination of those methods of resale, at prices
which may or may not be based upon market prices prevailing at the time of the
sale. Any such sale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from the selling broker-dealer and/or the purchasers of the New
Notes. Any broker-dealer that sells New Notes that were received by it for its
own account pursuant to the exchange offer and any broker or dealer that
participates in a distribution of such New Notes may be deemed to be an
&#147;underwriter&#148; within the meaning of the Securities Act and any profit from sale
of the New Notes and any commissions or concessions received by any such
persons may be deemed to be underwriting compensation. The consent and letter
of transmittal states that a broker-dealer will not, by delivering a
prospectus, be deemed to admit that it is an &#147;underwriter&#148; within the meaning
of the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a period of one year after the expiration date, we will promptly send
additional copies of this prospectus and any amendment or supplement to this
prospectus to any broker-dealer that requests such documents in the consent and
letter of transmittal. We have agreed to pay all expenses incident to the
exchange offer (including the expenses of one counsel for the holders of the
Initial Notes, other than commissions or concessions of any brokers or dealers,
and we will indemnify the holders of the Initial Notes (including any
broker-dealers) against certain liabilities, including liabilities under the
Securities Act.

<!-- link1 "LEGAL MATTERS" -->
<DIV align="left"><A NAME="019"></A></DIV>

<P align="center" style="font-size: 10pt"><B>LEGAL MATTERS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifford Chance US LLP, New York, New York, is passing on the validity of
the New Notes for us.

<!-- link1 "EXPERTS" -->
<DIV align="left"><A NAME="020"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXPERTS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The consolidated financial statements and the related financial statement
schedule of Lennar Corporation incorporated in this prospectus by reference
from Lennar Corporation&#146;s Annual Report on Form 10-K for the fiscal year ended
November&nbsp;30, 2003, have been audited by Deloitte &#038; Touche
LLP, an independent registered public accounting firm, 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.

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->
<DIV align="left"><A NAME="021"></A></DIV>

<P align="center" style="font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the Securities and Exchange Commission a registration
statement on Form S-4 under the Securities Act with respect to the securities
offered by this prospectus. This prospectus, which constitutes a part of the
registration statement, does not contain all the information set forth in the
registration statement and the exhibits and schedules to it. We are subject to
the informational requirements of the Securities Exchange Act of 1934, as
amended, and in accordance with it we file periodic reports and other
information with the SEC relating to our business, financial statements and
other matters. The registration statement, its schedules and exhibits and the
periodic reports and other information filed by us with the SEC are available
for inspection and copying at the public reference facilities maintained by the
SEC at Room&nbsp;1024, Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C.
20549. You can request copies of these documents by writing to the SEC and
paying a fee for the copying cost. Please call the SEC at 1-800-SEC-0330 for
more information about the operation of the public reference rooms.


<P align="center" style="font-size: 10pt">38
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Our SEC filings are also available at the SEC&#146;s Internet website at
<I>http://www.sec.gov</I>. In addition, you can read and copy our SEC filings at the
offices of the New York Stock Exchange, 20 Broad Street, New York, New York
10005.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our obligations under the Exchange Act to file periodic reports and other
information with the SEC may be suspended, under certain circumstances, if our
Common Stock is held of record by fewer than 300 holders at the beginning of
any fiscal year and is not listed on a national securities exchange. We have
agreed that, whether or not we are required to do so by the rules and
regulations of the SEC, for so long as any of the New Notes remain outstanding
we will furnish to the holders of the New Notes upon request, and if required
by the Exchange Act, file with the SEC, all annual, quarterly and current
reports that we are or would be required to file with the SEC pursuant to
Section 13(a) or 15(d) of the Exchange Act. In addition, we have agreed that,
as long as any of the Initial Notes remain outstanding, we will make the
information required by Rule&nbsp;144A(d)(4) under the Securities Act available to
any prospective purchaser of Initial Notes or beneficial owner of Initial Notes
in connection with a sale of them.

<!-- link1 "INCORPORATION BY REFERENCE" -->
<DIV align="left"><A NAME="022"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INCORPORATION BY REFERENCE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We disclose important information to you by referring you to documents
that we have previously filed with the SEC or documents that we will file with
the SEC in the future. The information incorporated by reference is considered
to be part of this prospectus, and information in documents that we file later
with the SEC will automatically update and supersede information in this
prospectus, and any future filings made by us with the SEC under Section&nbsp;13(a),
13(c), 14 or 15(d) of the Exchange Act, until we close this exchange offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We incorporate by reference:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Annual Report on Form 10-K for the fiscal year ended November&nbsp;30,
2003,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Quarterly Report on Form 10-Q for the quarter ended
February&nbsp;29,
2004,</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Current Reports on Form 8-K dated March&nbsp;16, 2004, April
22, 2004 and May&nbsp;26, 2004 and
June&nbsp;15, 2004, and</TD>
</TR>


<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Definitive Proxy Statement filed March&nbsp;8, 2004.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request copies of these filings, at no cost, by writing us at the
following address:


<P align="center" style="font-size: 10pt">Lennar Corporation<BR>
700 Northwest 107<SUP>th</SUP> Avenue<BR>
Miami, Florida 33172<BR>
Attn: Director of Investor Relations



<P align="center" style="font-size: 10pt">39
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No dealer, salesperson, or other person has been authorized to give any
information or to make any representations in connection with the offer made by
this prospectus other than those contained herein and, if given or made, such
information or representations must not be relied upon as having been
authorized by Lennar. This prospectus does not constitute an offer to sell or
the solicitation of an offer to buy any security other than those to which it
relates, nor does it constitute an offer to sell, or the solicitation of an
offer to buy, to any person in any jurisdiction in which such offer or
solicitation is not authorized, or in which the person making such offer or
solicitation is not qualified to do so, or to any person to whom it is unlawful
to make such offer or solicitation. Neither the delivery of this prospectus
nor any sale made hereunder shall, under any circumstances, create any
implication that there has been no change in the affairs of the company since
the date of this prospectus or that the information contained in this
prospectus is correct as of any time subsequent to the date of this prospectus.</B>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</B>



<P align="right" style="font-size: 10pt">



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>


<TD align="center" colspan="3"><B>Page</B><HR noshade size="1"></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">FORWARD LOOKING INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">i</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">PROSPECTUS SUMMARY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">RISK FACTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">THERE IS NO PUBLIC MARKET FOR THE NOTES, SO YOU MAY BE UNABLE TO SELL
THE NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">OUR SENIOR SECURED CREDIT FACILITIES MAY PROHIBIT US FROM REDEEMING THE
NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">FRAUDULENT CONVEYANCE CONSIDERATIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">UNLESS HOLDERS OF A MAJORITY IN PRINCIPAL AMOUNT OF THE OUTSTANDING INITIAL
NOTES TENDER THEIR INITIAL NOTES, WE MAY BE IN DEFAULT UNDER THE
SEVENTH SUPPLEMENTAL INDENTURE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">THE SALE OF THE INITIAL NOTES MAY HAVE VIOLATED THE SECURITIES ACT OF
1933</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USE OF PROCEEDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ABSENCE OF PUBLIC MARKET</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SELECTED CONSOLIDATED CONDENSED FINANCIAL DATA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">CAPITALIZATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">RATIO OF EARNINGS TO FIXED CHARGES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">THE EXCHANGE OFFER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DESCRIPTION OF THE NEW NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">BOOK ENTRY, DELIVERY AND FORM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LEGAL MATTERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EXPERTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">WHERE YOU CAN FIND MORE INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">INCORPORATION BY REFERENCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>$300,000,000<BR>
Lennar Corporation</B>



<P align="center" style="font-size: 10pt"><B>Offer to exchange fully guaranteed Senior Floating-Rate Notes due 2009, Series&nbsp;B<BR>
for any and all outstanding partially guaranteed Senior Floating-Rate Notes<BR>
due 2009 and Solicitation of Consents to Amendment of the Related Indenture</B>



<P align="center" style="font-size: 10pt"><B>PROSPECTUS</B>



<P align="center" style="font-size: 10pt">Dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2004



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link1 "PART II" -->
<DIV align="left"><A NAME="023"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>


<DIV align="center" style="font-size: 10pt"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></DIV>


<!-- link2 "Item&nbsp;20. Indemnification Of Directors And Officers" -->
<DIV align="left"><A NAME="024"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;20. Indemnification Of Directors And Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law (&#147;DGCL&#148;) empowers us
to indemnify, subject to certain limitations, any person in connection with any
action, suit or proceeding brought before or threatened by reason of the fact
that the person was a director, officer, employee or agent of ours, or is or
was serving as such with respect to another entity at our request. The DGCL
also permits us to purchase insurance covering our directors, officers,
employees and agents, even if its coverage includes matters for which we could
not indemnify our directors or officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide for the indemnification by us of each of our directors
and officers to the fullest extent permitted by applicable law.

<!-- link2 "Item&nbsp;21. Exhibits And Financial Statement Schedules" -->
<DIV align="left"><A NAME="025"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;21. Exhibits And Financial Statement Schedules.</B>



<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indenture, dated as of December&nbsp;31, 1997 between the Company and J.P.
Morgan Trust Company, N.A. (as successor to First National Bank of
Chicago, N.A.), as trustee, as supplemented by the Seventh Supplemental
Indenture dated March&nbsp;19, 2004, including Form of Senior Floating-Rate
Note due 2009.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Amendment No.&nbsp;1 to the Seventh Supplemental Indenture dated
&nbsp;&nbsp;&nbsp;, 2004 between the Company and J.P. Morgan Trust Company, N.A.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Eighth Supplemental Indenture dated &nbsp;&nbsp;&nbsp;, 2004 between the Company and
J.P. Morgan Trust Company, N.A.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Clifford Chance US LLP</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement of Computation of Ratio of Earnings to Fixed Charges</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">21.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>List of subsidiaries (Incorporated by reference to the Annual Report on
Form 10-K for the year ended November&nbsp;30, 2003)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Clifford Chance US LLP (Contained in Exhibit&nbsp;5.1)</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">25.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement of eligibility of Trustee (incorporated herein by
reference to Exhibit 25.1 to Form&nbsp;S-4 dated July&nbsp;17, 2001).</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">99.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Consent and Letter of Transmittal</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">99.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Notice of Guaranteed Delivery</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">99.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Exchange Agent Agreement</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<!-- link2 "Item&nbsp;22. Undertaking" -->
<DIV align="left"><A NAME="026"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;22. Undertaking.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrants hereby undertake to respond to requests
for information that is incorporated by reference into the prospectus pursuant
to Items 4, 10(b), 11, or 13 of this Form, within one business day of receipt
of such request, and to send the incorporated documents by first class mail or
other equally prompt means. This includes information contained in documents
filed subsequent to the effective date of the registration statement through
the date of responding to the request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The undersigned registrants hereby undertake to supply by means of a
post-effective amendment all information concerning a transaction, and the
company being acquired involved therein, that was not the subject of and
included in the registration statement when it became effective.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The undersigned registrants hereby undertake:


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or
sales are being made, a post-effective amendment to this
registration statement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="027"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-4 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Miami, state of Florida, on June&nbsp;29, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">LENNAR CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" valign="top">/s/&nbsp;&nbsp;Stuart A. Miller</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Stuart A. Miller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following direct and indirect subsidiaries of registrant may guarantee
the debt securities and co-registrants under this registration statement:


<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>



<P align="left" style="font-size: 10pt">Acme Water Supply &#038; Management Company<BR>
Aquaterra Utilities, Inc.<BR>
Asbury Woods L.L.C.<BR>
Avalon-Sienna III, L.L.C.<BR>
B. Andrews &#038; Co., Inc.<BR>
Barnsboro Associates, LLC<BR>
Bayhome USH, Inc.<BR>
Bella Oaks L.L.C.<BR>
Bennetts Village LLC<BR>
Bickford Holdings, LLC<BR>
Boca Greens, Inc.<BR>
Boca Isles South Club, Inc.<BR>
Boggy Creek USH, Inc.<BR>
Bramalea California, Inc.<BR>
Bramalea California Properties, Inc.<BR>
Bramalea California Realty, Inc.<BR>
Brazoria County LP, Inc.<BR>
Brewer Baseline Investors, LLC<BR>
Builders Acquisition Corp.<BR>
Builders LP, Inc.<BR>
Cambria L.L.C.<BR>
Cantera Village L.L.C.<BR>
Cary Woods L.L.C.<BR>
Claremont Ridge L.L.C.<BR>
Claridge Estates L.L.C.<BR>
Clodine-Bellaire LP, Inc.<BR>
Club Pembroke Isles, Inc.<BR>
Club Tampa Palms, Inc.<BR>
Colonial Heritage LLC<BR>
Concord at Meadowbrook L.L.C.<BR>
Concord at Pheasant Run Trails L.L.C.<BR>
Concord at Ravenna L.L.C.<BR>
Concord at Zurich Village L.L.C.<BR>
Concord City Centre L.L.C.<BR>
Concord Hills, Inc.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Concord Hills Limited Partnership<BR>
Concord Homes, Inc.<BR>
Concord Lake, Inc.<BR>
Concord Lake Limited Partnership<BR>
Concord Mills Estates L.L.C.<BR>
Concord Mills Limited Partnership<BR>
Concord Oaks, Inc.<BR>
Concord Oaks Limited Partnership<BR>
Concord Park, Inc.<BR>
Concord Park Limited Partnership<BR>
Concord Pointe, Inc.<BR>
Concord Pointe Limited Partnership<BR>
Coto de Caza, Ltd.<BR>
Country Club Development at the Fort, LLC<BR>
Coventry L.L.C.<BR>
DCA Homes NJ Realty, Inc.<BR>
DCA of Lake Worth, Inc.<BR>
DCA of New Jersey, Inc.<BR>
E.M.J.V. Corp.<BR>
Enclave Land, L.L.C.<BR>
ERMLOE, LLC<BR>
F.P. Construction Corp.<BR>
Fidelity Guaranty and Acceptance Corporation<BR>
Fortress Holding &#150; Virginia, LLC<BR>
Fortress Illinois, LLC<BR>
Fortress Management, Inc.<BR>
Fortress Missouri, LLC<BR>
Fortress Mortgage, Inc.<BR>
Fortress Pennsylvania, LLC<BR>
Fortress Pennsylvania Realty, Inc.<BR>
Fortress-Florida, Inc.<BR>
Fox-Maple Associates, LLC<BR>
Foxwood L.L.C.<BR>
Gateway Commons, L.L.C.<BR>
Genesee Communities I, Inc.<BR>
Genesee Communities II, LLC<BR>
Genesee Communities III, Inc.<BR>
Genesee Communities IV, LLC<BR>
Genesee Communities V, LLC<BR>
Genesee Communities VI, LLC<BR>
Genesee Communities VII, LLC<BR>
Genesee Communities VIII, LLC<BR>
Genesee Communities IX, LLC<BR>
Genesee Venture, LLC<BR>
Glenview Reserve, LLC<BR>
Grand Isle Club, Inc.<BR>
Greenfield/Waterbury L.L.C.<BR>
Greystone Construction, Inc.<BR>
Greystone Homes, Inc.<BR>
Greystone Homes of Nevada, Inc.<BR>
Greystone Nevada, LLC<BR>
Hallston Burbank LLC<BR>
Harris County LP, Inc.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Haverton L.L.C.<BR>
Heathcote Commons LLC<BR>
Heritage Harbour Realty, Inc.<BR>
Heritage Housing Group, Inc.<BR>
Heritage USH, Inc.<BR>
Home Buyer&#146;s Advantage Realty, Inc.<BR>
Homecraft Corporation<BR>
Imperial Homes Corporation<BR>
Impressions L.L.C.<BR>
Inactive Corporations, Inc.<BR>
Kings Lake TH, LLC<BR>
Kings Ridge Golf Corporation<BR>
Kings Ridge Recreation Corporation<BR>
Kings Wood Development Corporation<BR>
Landmark Homes, Inc.<BR>
Laureate Homes of Arizona, Inc.<BR>
Legacy Homes, Inc.<BR>
Legends Club, Inc.<BR>
Legends Golf Club, Inc.<BR>
LENH I, LLC<BR>
Lennar Acquisition Corp. II<BR>
Lennar Americanos Douglas, LLC<BR>
Lennar Associates Management, LLC<BR>
Lennar Associates Management Holding Company<BR>
Lennar Aviation, Inc.<BR>
Lennar Carolina, Inc.<BR>
Lennar Central Park, LLC<BR>
Lennar Central Region Sweep, Inc.<BR>
Lennar Chicago, Inc.<BR>
Lennar Communities, Inc.<BR>
Lennar Communities Development, Inc.<BR>
Lennar Communities of Florida, Inc.<BR>
Lennar Communities of South Florida, Inc.<BR>
Lennar Construction, Inc.<BR>
Lennar Coto Holdings, L.L.C.<BR>
Lennar Developers, Inc.<BR>
Lennar Developers, Inc. II<BR>
Lennar Developers, Inc. III<BR>
Lennar Family of Builders GP, Inc.<BR>
Lennar Family of Builders Limited Partnership<BR>
Lennar Financial Services, LLC<BR>
Lennar Fresno, Inc.<BR>
Lennar Homes, Inc.<BR>
Lennar Homes Holding Corp.<BR>
Lennar Homes of Arizona, Inc.<BR>
Lennar Homes of California, Inc.<BR>
Lennar Homes of Texas Land and Construction, Ltd.<BR>
Lennar Homes of Texas Sales and Marketing, Ltd.<BR>
Lennar Houston Land, LLC<BR>
Lennar La Paz, Inc.<BR>
Lennar La Paz Limited, Inc.<BR>
Lennar Land Partners Sub, Inc.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Lennar Land Partners Sub II, Inc.<BR>
Lennar Military Housing, Inc.<BR>
Lennar Nevada, Inc.<BR>
Lennar Northland I, Inc.<BR>
Lennar Northland II, Inc.<BR>
Lennar Northland III, Inc.<BR>
Lennar Northland IV, Inc.<BR>
Lennar Northland V, Inc.<BR>
Lennar Northland VI, Inc.<BR>
Lennar Northpointe North, LLC<BR>
Lennar Pacific, Inc.<BR>
Lennar Pacific, L.P.<BR>
Lennar Pacific Properties, Inc.<BR>
Lennar Pacific Properties Management, Inc.<BR>
Lennar Realty, Inc.<BR>
Lennar Renaissance, Inc.<BR>
Lennar Reno, LLC<BR>
Lennar Sacramento, Inc.<BR>
Lennar Sales Corp.<BR>
Lennar San Jose Holdings, Inc.<BR>
Lennar Southland I, Inc.<BR>
Lennar Southland II, Inc.<BR>
Lennar Southland III, Inc.<BR>
Lennar Southwest Holding Corp.<BR>
Lennar Sun Ridge, LLC<BR>
Lennar Texas Holding Company<BR>
Lennar Trading Company, LP<BR>
Lennar.Com, Inc.<BR>
Lennar-Kings Lake, Inc.<BR>
Lennar-Lantana Boatyard, Inc.<BR>
Lennarstone Marketing Group, LLC<BR>
LFS Holding Company, LLC<BR>
LH Eastwind, LLC<BR>
LHI Renaissance, LLC<BR>
LN, L.L.C.<BR>
Long Point Development Corporation<BR>
Lorton Station, LLC<BR>
Lucerne Merged Condominiums, Inc.<BR>
Lundgren Bros. Construction, Inc.<BR>
M.A.P. Builders, Inc.<BR>
Madrona Village L.L.C.<BR>
Marble Mountain Partners, LLC<BR>
Marlborough Development Corporation<BR>
Mid-County Utilities, Inc.<BR>
Midland Housing Industries Corp.<BR>
Midland Investment Corporation<BR>
Mission Viejo 12S Venture, LP<BR>
Mission Viejo Holdings, Inc.<BR>
Moffett Meadows Partners, LLC<BR>
New Home Brokerage, Inc.<BR>
North County Land Company, LLC<BR>
Northbridge L.L.C.<BR>
Northern Land Company, LLC


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Northgate Highlands Development II, LLC<BR>
NuHome Designs, L.L.C.<BR>
Oceanpointe Development Corporation<BR>
Orrin Thompson Construction Company<BR>
Orrin Thompson Homes Corp.<BR>
Paparone Construction Co.<BR>
Parc Chestnut L.L.C.<BR>
Parkside Estates L.L.C.<BR>
Patriot Homes, Inc.<BR>
Patriot Homes of Virginia, Inc.<BR>
Placer Vineyards, LLC<BR>
Polygon La Paz Associates<BR>
Providence Glen L.L.C.<BR>
Rancho Summit, LLC<BR>
Rivenhome Corporation<BR>
Riviera Land Corp.<BR>
RRKTG Lumber, LLC<BR>
Rutenberg Homes, Inc. (FL)<BR>
Rutenberg Homes of Texas, Inc.<BR>
S. Florida Construction, LLC<BR>
S. Florida Construction II, LLC<BR>
S. Florida Construction III, LLC<BR>
Savell Gulley Development Corporation<BR>
SEA Joint Venture, LLC<BR>
SFHR Management, L.L.C.<BR>
Silver Lakes-Gateway Clubhouse, Inc.<BR>
Sonoma L.L.C.<BR>
South Park Development, LLC<BR>
Spanish Springs Development, LLC<BR>
Stoney Corporation<BR>
Stoneybrook Golf Club, Inc.<BR>
Strategic Cable Technologies, L.P.<BR>
Strategic Holdings, Inc.<BR>
Strategic Technologies, Inc.<BR>
Strategic Technologies Communications of California, Inc.<BR>
Summerway Investment Corp.<BR>
Summerwood, L.L.C.<BR>
Summit Acquisition Corp.<BR>
Summit Enclave, L.L.C.<BR>
Summit Glen, L.L.C.<BR>
Summit Land, L.L.C.<BR>
Summit Ridge 23, L.L.C.<BR>
Summit Townes, L.L.C.<BR>
Summit-Meadowbrook, L.L.C.<BR>
Summit-Reserve, L.L.C.<BR>
Sunstar Enterprises, LLC<BR>
The Club at Stoneybrook, Inc.<BR>
The Courts of Indian Creek L.L.C.<BR>
The Fortress Group, Inc.<BR>
The Grande By Lennar Builders, Inc.<BR>
The Sexton L.L.C.<BR>
Tustin Villas Partners, LLC<BR>
Tustin Vistas Partners, LLC


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">U.S. Home Associates Management, Inc.<BR>
U.S. Home Corporation<BR>
U.S. Home of Arizona Construction Co.<BR>
U.S. Home of West Virginia, Inc.<BR>
U.S. Home Realty, Inc. (TX)<BR>
U.S. Home Realty Corporation<BR>
U.S. Home Southwest Holding Corp.<BR>
U.S.H. Corporation of New York<BR>
U.S.H. Los Prados, Inc.<BR>
U.S.H. Realty, Inc.<BR>
University Community Partners, LLC<BR>
USH Acquisition Corp.<BR>
USH Bickford, LLC<BR>
USH Equity Corporation<BR>
USH Heritage Pom, L.L.C.<BR>
USH Millennium Ventures Corp.<BR>
USH (West Lake), Inc.<BR>
USH Woodbridge, Inc.<BR>
USHHH, Inc.<BR>
Villages of Rio Pinar Club, Inc.<BR>
West Adams Street L.L.C.<BR>
West Chocolate Bayou Development Corp.<BR>
Westbrook Homes, LLC<BR>
Westchase, Inc.<BR>
Westchase, Ltd.<BR>
Weststone Corporation


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">as Guarantors<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">/s/&nbsp;&nbsp;Benjamin P. Butterfield</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Benjamin P. Butterfield&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="028"></A></DIV>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears
below constitutes and appoints each of Stuart&nbsp;A. Miller, Bruce&nbsp;E. Gross,
Benjamin&nbsp;P. Butterfield and Diane&nbsp;J. Bessette his or her true and lawful
attorney-in-fact and agent, with full powers of substitution to sign for him or
her and in his or her name any or all amendments (including post-effective
amendments) to the registration statement to which this power of attorney is
attached and to file those amendments and all exhibits to them and other
documents to be filed in connection with them with the Securities and Exchange
Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirement of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.


<P align="left" style="font-size: 10pt"><B>On Behalf of Lennar Corporation:</B>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title(s)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DATE</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Stuart A. Miller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer,
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>


<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Stuart A. Miller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Bruce E. Gross
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Bruce E. Gross</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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


<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Diane J. Bessette
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Diane J. Bessette</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Irving Bolotin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Irving Bolotin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Steven L. Gerard
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Steven L. Gerard</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Jonathan M. Jaffe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Jonathan M. Jaffe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;R. Kirk Landon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">R. Kirk Landon</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Sidney Lapidus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Sidney Lapidus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Herv&#233; Ripault
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Herv&#233; Ripault</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Donna Shalala
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Donna Shalala</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Steven J. Saiontz
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Steven J. Saiontz</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;Robert J. Strudler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Robert J. Strudler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><B>On Behalf of the Following Co-Registrants:</B>



<P align="left" style="font-size: 10pt">Acme Water Supply &#038; Management Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Aquaterra Utilities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
B. Andrews &#038; Co., Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bayhome USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boca Greens, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boca Isles South Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boggy Creek USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California Properties, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Brazoria County LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Builders Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Builders LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Clodine-Bellaire LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Club Pembroke Isles, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Club Tampa Palms, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Hills, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Lake, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Oaks, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Park, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Pointe, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA Homes NJ Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA of Lake Worth, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA of New Jersey, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
E.M.J.V. Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
F.P. Construction Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fidelity Guaranty and Acceptance Corporation (3)(11)(12)(10.1)(6.2)(2.3)<BR>
Fortress Management, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress Mortgage, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress Pennsylvania Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress-Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Genesee Communities I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Genesee Communities III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Grand Isle Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Greystone Construction, Inc. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Greystone Homes, Inc. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Greystone Homes of Nevada, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Harris County LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage Harbour Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage Housing Group, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Home Buyer&#146;s Advantage Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Homecraft Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Imperial Homes Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Inactive Corporations, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Ridge Golf Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Ridge Recreation Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Wood Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Landmark Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Laureate Homes of Arizona, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legacy Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legends Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legends Golf Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Acquisition Corp. II (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Associates Management Holding Company (7)(4.1)(1.2)(1.3)<BR>
Lennar Aviation, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Carolina, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Central Region Sweep, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Chicago, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities Development, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities of Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities of South Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Construction, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. II (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. III (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Family of Builders GP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Fresno, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes of Arizona, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes of California, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar La Paz, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar La Paz Limited, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Land Partners Sub, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Land Partners Sub II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Military Housing, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Nevada, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland IV, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland V, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland VI, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Pacific, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Pacific Properties, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Pacific Properties Management, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Renaissance, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Sacramento, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Sales Corp. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Lennar San Jose Holdings, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southland I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southland II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southland III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southwest Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Texas Holding Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar.Com, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar-Kings Lake, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar-Lantana Boatyard, Inc. (3)(11)(12)(13.1)(6.2)(2.3)


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Long Point Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lucerne Merged Condominiums, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lundgren Bros. Construction, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
M.A.P. Builders, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Marlborough Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Mid-County Utilities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Midland Housing Industries Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Midland Investment Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Mission Viejo Holdings, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
New Home Brokerage, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Oceanpointe Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Orrin Thompson Construction Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Orrin Thompson Homes Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Paparone Construction Co. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Patriot Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Patriot Homes of Virginia, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rivenhome Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Riviera Land Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rutenberg Homes, Inc. (FL) (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rutenberg Homes of Texas, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Savell Gulley Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Silver Lakes-Gateway Clubhouse, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Stoney Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Stoneybrook Golf Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Strategic Holdings, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Strategic Technologies, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Strategic Technologies Communications of California,<BR>
Inc.(3)(11)(12)(13.1)(6.2)(2.3)<BR>
Summerway Investment Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Summit Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Club at Stoneybrook, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Fortress Group, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Grande By Lennar Builders, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Associates Management, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Corporation (3)(11)(12)(16.1)(6.2)(2.3)<BR>
U.S. Home of Arizona Construction Co. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home of West Virginia, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Realty Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Southwest Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Corporation of New York (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Los Prados, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Equity Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Millennium Ventures Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH (West Lake), Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Woodbridge, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USHHH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Villages of Rio Pinar Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
West Chocolate Bayou Development Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Westchase, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Weststone Corporation (3)(11)(12)(13.1)(6.2)(2.3)


<P align="center" style="font-size: 10pt">&nbsp;
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Asbury Woods L.L.C.<SUP>1</SUP><BR>
Avalon-Sienna III, L.L.C.<SUP>1</SUP><BR>
Barnsboro Associates, LLC<SUP>2</SUP><BR>
Bella Oaks L.L.C. <SUP>1</SUP><BR>
Bennetts Village LLC<SUP>1</SUP><BR>
Bickford Holdings, LLC<SUP>3</SUP><BR>
Brewer Baseline Investors, LLC<SUP>2</SUP><BR>
Cambria L.L.C. <SUP>1</SUP><BR>
Cantera Village L.L.C. <SUP>1</SUP><BR>
Cary Woods L.L.C. <SUP>1</SUP><BR>
Claremont Ridge L.L.C. <SUP>1</SUP><BR>
Claridge Estates L.L.C. <SUP>1</SUP><BR>
Colonial Heritage LLC<SUP>2</SUP><BR>
Concord at Meadowbrook L.L.C. <SUP>1</SUP><BR>
Concord at Pheasant Run Trails L.L.C. <SUP>1</SUP><BR>
Concord at Ravenna L.L.C. <SUP>1</SUP><BR>
Concord at Zurich Village L.L.C. <SUP>1</SUP><BR>
Concord City Centre L.L.C. <SUP>1</SUP><BR>
Concord Hills Limited Partnership<SUP>4</SUP><BR>
Concord Lake Limited Partnership<SUP>5</SUP><BR>
Concord Mills Estates L.L.C. <SUP>1</SUP><BR>
Concord Mills Limited Partnership<SUP>6</SUP><BR>
Concord Oaks Limited Partnership<SUP>7</SUP><BR>
Concord Park Limited Partnership<SUP>8</SUP><BR>
Concord Pointe Limited Partnership<SUP>9</SUP><BR>
Coto de Caza, Ltd.<SUP>10</SUP><BR>
Country Club Development at the Fort, LLC<SUP>11</SUP><BR>
Coventry L.L.C. <SUP>1</SUP><BR>
Enclave Land, L.L.C.<SUP>12</SUP><BR>
ERMLOE, LLC<SUP>13</SUP><BR>
Fortress Holding &#151; Virginia, LLC<SUP>14</SUP><BR>
Fortress Illinois, LLC<SUP>15</SUP><BR>
Fortress Missouri, LLC<SUP>15</SUP><BR>
Fortress Pennsylvania, LLC<SUP>15</SUP><BR>
Fox-Maple Associates, LLC<SUP>2</SUP><BR>
Foxwood L.L.C. <SUP>1</SUP><BR>
Gateway Commons, L.L.C. <SUP>2</SUP><BR>
Genesee Communities II, LLC<SUP>16</SUP><BR>
Genesee Communities IV, LLC<SUP>17</SUP><BR>
Genesee Communities V, LLC<SUP>17</SUP><BR>
Genesee Communities VI, LLC<SUP>17</SUP><BR>
Genesee Communities VII, LLC<SUP>17</SUP><BR>
Genesee Communities VIII, LLC<SUP>17</SUP><BR>
Genesee Communities IX, LLC<SUP>17</SUP><BR>
Genesee Venture, LLC<SUP>17</SUP><BR>
Glenview Reserve, LLC<SUP>1</SUP><BR>
Greenfield/Waterbury L.L.C. <SUP>1</SUP><BR>
Greystone Nevada, LLC<SUP>18</SUP><BR>
Hallston Burbank LLC<SUP>21</SUP><BR>
Haverton L.L.C. <SUP>1</SUP><BR>
Heathcote Commons LLC<SUP>2</SUP><BR>
Impressions L.L.C. <SUP>1</SUP><BR>
Kings Lake TH, LLC<SUP>19</SUP>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">LENH I, LLC<SUP>13</SUP><BR>
Lennar Americanos Douglas, LLC<SUP>2</SUP><BR>
Lennar Associates Management, LLC<SUP>20</SUP><BR>
Lennar Central Park, LLC<SUP>21</SUP><BR>
Lennar Coto Holdings, L.L.C.<SUP>21</SUP><BR>
Lennar Family of Builders Limited Partnership<SUP>22</SUP><BR>
Lennar Financial Services, LLC<SUP>23</SUP><BR>
Lennar Homes of Texas Land and Construction, Ltd.<SUP>24</SUP><BR>
Lennar Homes of Texas Sales and Marketing, Ltd.<SUP>25</SUP><BR>
Lennar Houston Land, LLC<SUP>26</SUP><BR>
Lennar Northpointe North, LLC<SUP>2</SUP><BR>
Lennar Pacific, L.P.<SUP>27</SUP><BR>
Lennar Reno, LLC<SUP>28</SUP><BR>
Lennar Sun Ridge, LLC<SUP>2</SUP><BR>
Lennar Trading Company, LP<SUP>29</SUP><BR>
Lennarstone Marketing Group, LLC<SUP>30</SUP><BR>
LFS Holding Company, LLC<SUP>2</SUP><BR>
LH Eastwind, LLC<SUP>13</SUP><BR>
LHI Renaissance, LLC<SUP>13</SUP><BR>
LN, L.L.C.<SUP>13</SUP><BR>
Lorton Station, LLC<SUP>2</SUP><BR>
Madrona Village L.L.C.<SUP>1</SUP><BR>
Marble Mountain Partners, LLC<SUP>25</SUP><BR>
Mission Viejo 12S Venture, LP<SUP>31</SUP><BR>
Moffett Meadows Partners, LLC<SUP>21</SUP><BR>
North County Land Company, LLC<SUP>21</SUP><BR>
Northbridge L.L.C.<SUP>1</SUP><BR>
Northern Land Company, LLC<SUP>15</SUP><BR>
Northgate Highlands Development II, LLC<SUP>2</SUP><BR>
NuHome Designs, L.L.C.<SUP>14</SUP><BR>
Parc Chestnut L.L.C.<SUP>1</SUP><BR>
Parkside Estates L.L.C.<SUP>1</SUP><BR>
Placer Vineyards, LLC<SUP>32</SUP><BR>
Polygon La Paz Associates<SUP>33</SUP><BR>
Providence Glen L.L.C.<SUP>1</SUP><BR>
Rancho Summit, LLC<SUP>15</SUP><BR>
RRKTG Lumber, LLC<SUP>17</SUP><BR>
S. Florida Construction, LLC<SUP>13</SUP><BR>
S. Florida Construction II, LLC<SUP>13</SUP><BR>
S. Florida Construction III, LLC<SUP>13</SUP><BR>
SEA Joint Venture, LLC<SUP>2</SUP><BR>
SFHR Management, L.L.C.<SUP>12</SUP><BR>
Sonoma L.L.C.<SUP>1</SUP><BR>
South Park Development, LLC<SUP>21</SUP><BR>
Spanish Springs Development, LLC<SUP>2</SUP><BR>
Strategic Cable Technologies, L.P.<SUP>34</SUP><BR>
Summerwood, L.L.C.<SUP>2</SUP><BR>
Summit Enclave, L.L.C.<SUP>12</SUP><BR>
Summit Glen, L.L.C.<SUP>12</SUP><BR>
Summit Land, L.L.C.<SUP>12</SUP><BR>
Summit Ridge 23, L.L.C.<SUP>12</SUP><BR>
Summit Townes, L.L.C.<SUP>12</SUP><BR>
Summit-Meadowbrook, L.L.C.<SUP>12</SUP>


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<P align="left" style="font-size: 10pt">Summit-Reserve, L.L.C.<SUP>12</SUP><BR>
Sunstar Enterprises, LLC<SUP>17</SUP><BR>
The Courts of Indian Creek L.L.C.<SUP>1</SUP><BR>
The Sexton L.L.C.<SUP>1</SUP><BR>
Tustin Villas Partners, LLC<SUP>21</SUP><BR>
Tustin Vistas Partners, LLC<SUP>35</SUP><BR>
University Community Partners, LLC<SUP>21</SUP><BR>
USH Bickford, LLC<SUP>2</SUP><BR>
USH Heritage Pom, L.L.C.<SUP>2</SUP><BR>
West Adams Street L.L.C.<SUP>1</SUP><BR>
Westbrook Homes, LLC<SUP>15</SUP><BR>
Westchase, Ltd.<SUP>36</SUP>


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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">1</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Concord Homes, Inc. as Managing Member</TD>
</TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">2</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by U.S. Home Corporation as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">3</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of U.S.H. Bickford, LLC, as Managing Member, by U.S. Home Corporation, its Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">4</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Hills, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">5</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Lake, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">6</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by the Liquidation Agent, Concord Homes, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">7</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Oaks, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">8</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Park, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">9</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Pointe, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">10</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Land Partners Sub II, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">11</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Fresno, Inc. as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">12</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Chicago, Inc. as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">13</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Homes, Inc. as Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">14</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by The Fortress Group, Inc. as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">15</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar San Jose Holdings, Inc. as Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">16</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Fortress Holding-Virginia, LLC, its Managing Member, by The Fortress Group, Inc., its Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">17</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Renaissance, Inc. as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">18</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes of Nevada, Inc. as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">19</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar-Kings Lake, Inc. as Manager</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">20</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Associates Management Holding Company as Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">21</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Homes of California, Inc. as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">22</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Family of Builders GP, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">23</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of LFS Holding Company, LLC by U.S. Home Corporation, its Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">24</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Texas Holding Company, its General Partner</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">25</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Tustin Villas Partners, LLC, its Member, by Lennar Homes of California, Inc., its Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">26</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Lennar Homes of Texas Land and Construction, Ltd. by Lennar Texas Holding Company, its General Partner</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">27</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes, Inc., its General Partner</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">28</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Pacific Properties Management, Inc. as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">29</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Texas Holding Company</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">30</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes, Inc. as Managing Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">31</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Mission Viejo Holdings, Inc., its General Partner</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">32</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Brewer Baseline Investors, LLC, its Member, by Lennar Renaissance, Inc., its Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">33</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar La Paz, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">34</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Strategic Technologies, Inc.</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">35</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Marble Mountain Partners, LLC, its Member, by
Tustin Villas Partners, LLC, its Member, by Lennar Homes of California,
Inc., its Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">36</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"> Executed by its General Partner, Westchase, Inc.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">&nbsp;
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="5"><B>Title(s)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Richard Abreu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(1.2)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(1.3)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Richard Abreu</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Diane J. Bessette</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(2.3)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Diane J. Bessette</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Benjamin P. Butterfield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(3)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benjamin P. Butterfield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jose Cabaleiro</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(4.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jose Cabaleiro</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Edward C. Giermann</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(5)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward C. Giermann</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Bruce E. Gross</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(6.2)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bruce E. Gross</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ A. Elizabeth Guerra-Pazos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(7)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. Elizabeth Guerra-Pazos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Emile Haddad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(8.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Emile Haddad</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jonathan M. Jaffe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(9.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Jonathan M. Jaffe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Craig M. Johnson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(10.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Craig M. Johnson</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steven Lane</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(11)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven Lane</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ L. Christian Marlin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(12)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">L. Christian Marlin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Stuart A. Miller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(13.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stuart A. Miller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Betty Jo Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(14)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Betty Jo Powers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mark Shea</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(15.3)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark Shea</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert J. Strudler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(16.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert J. Strudler</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Michael White</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(17.2)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;29, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Michael White</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="029"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>Exhibit Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Indenture, dated as of December&nbsp;31, 1997 between the Company
and J.P. Morgan Trust Company, N.A. (as successor to First
National Bank of Chicago, N.A.), as trustee, as supplemented
by the Seventh Supplemental Indenture dated March&nbsp;19, 2004,
including Form of Senior Floating-Rate Note due 2009</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">4.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Amendment No.&nbsp;1 to the Seventh Supplemental Indenture
dated _______, 2004 between the Company and J.P. Morgan Trust
Company, N.A.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">4.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Eighth Supplemental Indenture dated _______, 2004 between the
Company and J.P. Morgan Trust Company, N.A.</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">5.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Opinion of Clifford Chance US LLP</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">12.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Statement of Computation of Ratio of Earnings to Fixed Charges</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">23.2</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Consent of Deloitte &#038; Touche LLP</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">25.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Statement of
eligibility of Trustee (incorporated herein by reference to
Exhibit&nbsp;25.1 to Form&nbsp;S-4 dated July&nbsp;17, 2001).</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">99.5</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Consent and Letter of Transmittal</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">99.6</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Notice of Guaranteed Delivery</DIV></TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="right">99.7</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Exchange Agent Agreement</DIV></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>y98642exv4w1.txt
<DESCRIPTION>INDENTURE
<TEXT>
<PAGE>

                                                                     EXHIBIT 4.1

                                                                  EXECUTION COPY

                               LENNAR CORPORATION,

                                   as Issuer,

                           THE GUARANTORS NAMED HEREIN

                                       and

                        J.P. MORGAN TRUST COMPANY, N.A.,
                                 as successor to
                       The First National Bank of Chicago,

                                   as Trustee

                         SEVENTH SUPPLEMENTAL INDENTURE

                           DATED AS OF MARCH 19, 2004

                                  TO INDENTURE

                          DATED AS OF DECEMBER 31, 1997

                                   Relating To

                       Senior Floating-Rate Notes Due 2009

<PAGE>

      SEVENTH SUPPLEMENTAL INDENTURE, dated as of March 19, 2004 (the
"Supplemental Indenture"), to Indenture, dated as of December 31, 1997, among
Lennar Corporation (the "Company"), a Delaware corporation having its principal
office at 700 N.W. 107th Avenue, Miami, Florida 33172, each of the Guarantors
named herein, and J.P. Morgan Trust Company, N.A., as successor to The First
National Bank of Chicago, N.A. (the "Trustee"), a national banking association,
organized under the laws of the United States of America which has its corporate
trust office at 10151 Deerwood Park Blvd., Building 400, 5th Floor,
Jacksonville, Florida 32256.

                             RECITALS OF THE COMPANY

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Indenture, dated as of December 31, 1997 (the "Indenture"), providing for the
issuance from time to time of its notes and other evidences of unsecured
indebtedness, to be issued in one or more series as therein provided
("Securities");

      WHEREAS, Section 2.02 of the Indenture provides that the Company and the
Trustee, at any time and from time to time, may enter into an indenture which
supplements the Indenture to establish the terms of Securities of any series;

      WHEREAS, the Company has duly authorized the creation of an issue of
Securities to be known as the Senior Floating-Rate Notes Due 2009 (the "Notes")
and to be guaranteed by the Guarantors, and to provide therefor the Company and
the Guarantors have duly authorized the execution and delivery of this
Supplemental Indenture; and

      WHEREAS, all things necessary to make the Notes, when executed by the
Company and authenticated and delivered hereunder, the valid obligations of the
Company, and to make this Supplemental Indenture a valid agreement of the
Company and the Guarantors, in accordance with their and its terms, have been
done.

     NOW, THEREFORE, THIS SEVENTH SUPPLEMENTAL INDENTURE WITNESSETH:

      For and in consideration of the premises and the purchase of the Notes by
the Holders thereof, each party agrees for the benefit of each other party and
for the equal and ratable benefit of the Holders of the Notes, as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

      SECTION 1.01. Capitalized terms used but not defined in this Supplemental
Indenture shall have the meanings ascribed to them in the Indenture.

      SECTION 1.02. References in this Supplemental Indenture to section numbers
shall be deemed to be references to section numbers of this Supplemental
Indenture unless otherwise specified.

<PAGE>

      SECTION 1.03. In the case of capitalized terms defined in this
Supplemental Indenture that are also defined in the Indenture, the meanings
ascribed to such terms in this Supplemental Indenture shall apply with respect
to the Notes.

      SECTION 1.04. For purposes of this Supplemental Indenture, the following
terms have the meanings ascribed to them as follows:

      "3 Month LIBOR Rate" 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 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 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 a.m., New York City time, on the
second London banking day prior 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.

      "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

      "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated) of or in
such Person's capital stock or other equity interests, and options, rights or
warrants to purchase such capital stock or other equity interests, whether now
outstanding or issued after the Issue Date.

      "Consolidated Net Tangible Assets" means the total amount of assets which
would be included on a consolidated balance sheet of the Company and the
Restricted Subsidiaries under GAAP (less applicable reserves and other properly
deductible items) after deducting therefrom:

  (A) 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

                                        2

<PAGE>

      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. 106;

  (B) investments in Subsidiaries that are not Restricted Subsidiaries; and

  (C) all assets reflected on the Company's 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.

      "Default Interest Payment Date" has the meaning provided in Section 2.03.

      "Depositary" has the meaning provided in Section 3.01.

      "Event of Default" has the meaning provided in Section 5.01.

      "Final Maturity" or "Final Maturity Date" shall be March l9, 2009.

      "Funded Debt" 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; provided, however, that Funded
Debt shall not include (i) 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 or (ii)
any Indebtedness of such person to any of its subsidiaries or of any subsidiary
to such person or any other subsidiary or (iii) 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.

      "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting
profession of the United States, as in effect on the Issue Date.

      "Global Securities" means with respect to the Notes issued hereunder, a
Note or Notes executed by the Company and authenticated and delivered by the
Trustee to the Depositary or pursuant to the Depositary's instruction, all in
accordance with this Supplemental Indenture and any supplemental indentures
hereto, if any, or a certified resolution of the Board of Directors and pursuant
to a written request by the Company, which shall be registered in the name of
the Depositary or its nominee and which shall represent, and shall be
denominated in an amount equal to the aggregate principal amount of, all of the
outstanding Notes or any portion thereof, in either case having the same terms,
including, without limitation, the same original Issue Date.

                                        3

<PAGE>

      "Guarantee" has the meaning provided in Section 8.01.

      "Guarantor" means (1) initially, each of the Guarantors named on the
signature pages of this Supplemental Indenture, and (2) each of the Company's
Subsidiaries which becomes a guarantor of the Notes pursuant to the provisions
of this Supplemental Indenture.

      "Indebtedness" means, with respect to the Company or any Subsidiary, and
without duplication, (a) 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 indebtedness or
obligations of the Company or any Subsidiary 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); (b) all reimbursement obligations and
other liabilities (contingent or otherwise) of the Company or any Subsidiary
with respect to letters of credit, bank guarantees or bankers' acceptances, (c)
all obligations and liabilities (contingent or otherwise) in respect of leases
of the Company or any Subsidiary required, in conformity with generally accepted
accounting principles, to be accounted for as capital lease obligations on the
balance sheet of the Company, (d) all obligations of the Company or any
Subsidiary (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,
(e) all direct or indirect guaranties or similar agreements by the Company or
any Subsidiary in respect of, and obligations or liabilities (contingent or
otherwise) of the Company or such Subsidiary 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) through (d), (f) any indebtedness or other obligations, excluding any
operating leases the Company or any Subsidiary is currently (or may become) a
party to, described in clauses (a) through (d) secured by any Lien existing on
property which is owned or held by the Company or Subsidiary, regardless of
whether the indebtedness or other obligation secured thereby shall have been
assumed by the Company or such Subsidiary and (g) any and all deferrals,
renewals, extensions and refinancing of, or amendments, modification or
supplements to, any indebtedness, obligation or liability of the kind described
in clauses (a) through (f).

      "Indenture" has the meaning provided in the Recitals.

      "Interest Payment Date" means the stated maturity of an installment of
interest on the Notes.

      "Interest Reset Date" has the meaning provided in Section 2.01(4).

      "Issue Date" means March 19, 2004.

      "Lien" means any mortgage, pledge, lien, encumbrance, charge or security
interest of any kind.

      "Non-Recourse Indebtedness" means any of the Company's or any Restricted
Subsidiary's Indebtedness for which the holder of such Indebtedness has no
recourse, directly or

                                        4

<PAGE>

indirectly, to the Company or such Restricted Subsidiary for the principal of,
premium, if any, and interest on such Indebtedness, and for which the Company 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 the Company or such Restricted
Subsidiary securing such Indebtedness; provided, however, that recourse,
obligations or liabilities solely for indemnities, breaches of warranties or
representations contained in such mortgages, deeds of trust or grants of
security interests in respect of Indebtedness will not prevent that Indebtedness
from being classified as Non-Recourse Indebtedness.

      "Obligations" means all obligations for principal, premium, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing the Notes.

      "Paying Agent" means the office or agency designated by the Company where
Notes may be presented for payment.

      "Permitted Liens" has the meaning provided in Section 4.01.

      "Permitted Sale-Leaseback Transactions" has the meaning provided in
Section 4.02.

      "Person" means any individual, corporation, partnership, limited liability
company, joint venture, joint-stock company, trust, unincorporated organization
or government or any government agency or political subdivision.

      "Property" of any Person means all types of real, personal, tangible,
intangible or mixed property owned by such Person, whether or not included in
the most recent consolidated balance sheet of such Person and its Subsidiaries
under GAAP.

      "Record Date" means the Record Dates specified in the Notes.

      "Redemption Date" when used with respect to any Note to be redeemed, means
the date fixed for such redemption by or pursuant to this Supplemental
Indenture.

      "Redemption Price" when used with respect to any Note to be redeemed,
means the price at which it is to be redeemed pursuant to this Supplemental
Indenture.

      "Restricted Subsidiary" means any Guarantor.

      "Sale-Leaseback Transaction" means a sale or transfer made by the Company
or a Restricted Subsidiary of any property which is either (A) 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 the
Company or a Restricted Subsidiary.

                                        5

<PAGE>

      "Securities" has the meaning provided in the Recitals.

      "Senior Secured Credit Facilities" means the senior secured credit
facilities dated as of May 3, 2000, as amended and restated through May 30, 2003
between the Company and Bank One N.A., as administrative agent, and the other
lenders party thereto.

      "Special Record Date" has the meaning provided in Section 2.01(4).

      "Supplemental Indenture" has the meaning provided in the Preamble.

      "Subsidiary" means (i) a corporation or other entity of which a majority
in voting power of the stock or other interests is owned by the Company, by a
Subsidiary of the Company or by the Company and one or more Subsidiaries of the
Company or (ii) a partnership, the sole general partner of which is the Company
or any Subsidiary.

      "Telerate Page 3750" 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).

      "Trustee" means the person named as such in this Supplemental Indenture
and, subject to the provisions of Article Seven of the Indenture, any successor
to that person.

                                   ARTICLE TWO

                       SENIOR FLOATING-RATE NOTES DUE 2009

      SECTION 2.01. Creation of Series. In accordance with Section 2.02 of the
Indenture, there is hereby created a series of Securities under the Indenture
entitled "Senior Floating-Rate Notes Due 2009".

      (1) The form of the Notes is attached hereto as Exhibit A, and the form of
the certificate of authentication is included as part of Exhibit A.

      (2) Subject to Section 2.02 of the Indenture and applicable law, the
aggregate principal amount of the Notes which may be authenticated and delivered
on the Issue Date shall not exceed $250,000,000; provided that, the Company may,
without the consent of the Holders, issue additional Notes under this
Supplemental Indenture at any time hereafter and may issue Securities of any
other series under the Indenture at any time hereafter.

      (3) The aggregate principal amount of the Notes shall be payable on the
Final Maturity Date unless earlier repaid in accordance with this Supplemental
Indenture.

      (4) The unpaid principal amount of the Notes shall bear interest at the 3
Month LIBOR Rate plus 0.75% per year until paid or duly provided for, such
interest to accrue from March 19, 2004, or from the most recent Interest Payment
Date to which interest has been paid or duly provided for. The 3 Month LIBOR
Rate will be reset quarterly on each Interest Payment Date (each, an "Interest
Reset Date"), beginning on June 19, 2004. The initial interest rate will be
1.86%. The Calculation Agent will, upon the request of the Holder of any Note,
provide the

                                        6

<PAGE>

interest rate then in effect. The Calculation Agent shall be J.P. Morgan Trust
Company, N.A. until such time as the Company appoints 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 the Company and the
Holders of the Notes. The Company may appoint a successor Calculation Agent with
the written consent of the Trustee. Interest shall be paid quarterly in arrears
on each Interest Payment Date to the Person or Persons in whose name the Notes
are registered on the Record Date for such Interest Payment Date; provided that
interest payable at Final Maturity or on a Redemption Date shall be paid to the
Person to whom principal is payable. Any such interest that is not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holders on
such Record Date and may either be paid to the Person or Persons in whose name
the Notes are registered at the close of business on a Special Record Date
("Special Record Date"), notice whereof shall be given to Holders of the Notes
not less than ten (10) days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any
securities exchange, if any, on which the Notes may be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in
the Indenture. Payments of interest on the Notes shall include interest accrued
to but excluding the respective Interest Payment Dates. Interest payments for
the Notes shall be computed and paid on the basis of a 360-day year and the
actual number of days elapsed. In the event that any Interest Payment Date on
the Notes is not a Business Day (other than an Interest Payment Date that falls
on the Final Maturity or a Redemption Date ), then such Interest Payment Date
will be postponed to the next succeeding day that is a Business Day. If the
Interest Payment Date falling on the Final Maturity 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. 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).

      (5) All amounts payable in connection with the Notes shall be denominated
and payable in the lawful currency of the United States.

      (6) The Notes shall be payable, and may be presented for registration of
transfer and exchange, without service charge, at the office of the Company
maintained for such purpose in New York, New York, which shall initially be the
office or agency of the Trustee.

      (7) The Notes shall not be convertible into any class of capital stock of
the Company.

      (8) In the event that Notes are authenticated and delivered subsequent to
the date hereof pursuant to Section 2.01(2) hereof, the Company shall obtain the
same "CUSIP" number for such Notes as is printed on the Notes outstanding at
such time.

      (9) Notwithstanding the foregoing, all Notes issued under this
Supplemental Indenture shall vote and consent together on all matters (as to
which any of such Notes may vote or consent) as the same series and no Notes
issued subsequent to the date hereof will have the right to vote or consent as a
separate series on any matter.

                                        7

<PAGE>

      SECTION 2.02. Optional Redemption by the Company.

      (1) Right to Redeem; Notice to Trustee. The Company, at its option, may
redeem the Notes in accordance with the provisions of paragraphs 5 and 6 of the
Notes. If the Company elects to redeem Notes pursuant to paragraph 5 of the
Notes, it shall notify the Trustee in writing of the Redemption Date, the
principal amount of Notes to be redeemed and the Redemption Price that would be
in effect if such Notes were being redeemed on the date of the notice. The
Company shall give the notice to the Trustee provided for in this Section
2.02(1) at least 30 days but not more than 60 days before the Redemption Date
(unless a shorter notice shall be satisfactory to the Trustee).

      (2) Notice of Redemption. At least 30 days but not more than 60 days
before a Redemption Date, the Company shall mail or cause to be mailed a notice
of redemption by first-class mail to the Trustee and to each Holder of Notes to
be redeemed at such Holder's address as it appears on the Note register.

      The notice shall identify the Notes to be redeemed and shall state:

            (a) the Redemption Date;

            (b) the Redemption Price that would be in effect if such Notes were
being redeemed on the date of the notice;

            (c) the name and address of the Paying Agent;

            (d) that Notes called for redemption must be presented and
surrendered to the Paying Agent to collect the Redemption Price;

            (e) that interest on Notes called for redemption shall cease to
accrue on and after the Redemption Date and, unless the Company defaults in
making the redemption payment, the only remaining right of the Holder shall be
to receive payment of the Redemption Price upon presentation and surrender to
the Paying Agent of the Notes;

            (f) if fewer than all the outstanding Notes are to be redeemed, the
certificate number and principal amounts of the particular Notes to be redeemed;
and

            (g) the CUSIP number or numbers for the Notes called for redemption.

      At the Company's request, the Trustee shall give the notice of redemption
in the Company's name and at the Company's expense.

      (3) Effect of Notice of Redemption. Once notice of redemption is mailed,
Notes called for redemption become due and payable on the Redemption Date and at
the Redemption Price stated in the notice. Upon presentation and surrender to
the Paying Agent, Notes called for redemption shall be paid at the Redemption
Price.

      (4) Sinking Fund. There shall be no sinking fund provided for the Notes.

                                        8

<PAGE>

      SECTION 2.03. Defaulted Interest. The Company shall pay interest on
overdue principal from time to time on demand at the rate of interest borne by
the Notes. The Company shall, to the extent lawful, pay interest on overdue
installments of interest (without regard to any applicable grace periods) from
time to time on demand at the rate of interest borne by the Notes. All such
interest will be computed on the basis of a 360-day year and the actual number
of days elapsed.

      If the Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest, plus (to the extent lawful) any interest payable on
the defaulted interest, to the Persons who are Holders on a subsequent special
record date, which special record date shall be the fifteenth day next preceding
the date fixed by the Company for the payment of defaulted interest or the next
succeeding Business Day if such date is not a Business Day. The Company shall
notify the Trustee in writing of the amount of defaulted interest proposed to be
paid on each Note and the date of the proposed payment (a "Default Interest
Payment Date"), and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount proposed to be paid in respect
of such defaulted interest or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled
to such defaulted interest as provided in this Section; provided, however, that
in no event shall the Company deposit monies proposed to be paid in respect of
defaulted interest later than 11:00 a.m. New York City time of the proposed
Default Interest Payment Date. At least 15 days before the subsequent special
record date, the Company shall mail (or cause to be mailed) to each Holder, as
of a recent date selected by the Company, with a copy to the Trustee at least 20
days prior to such special record date, a notice that states the subsequent
special record date, the Default Interest Payment Date and the amount of
defaulted interest, and interest payable on such defaulted interest, if any, to
be paid. Notwithstanding the foregoing, any interest which is paid prior to the
expiration of the 30-day period set forth in Section 5.01(1) shall be paid to
Holders as of the regular record date for the Interest Payment Date for which
interest has not been paid. Notwithstanding the foregoing, the Company may make
payment of any defaulted interest in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange.

                                  ARTICLE THREE

                                GLOBAL SECURITIES

      SECTION 3.01. If the Board of Directors of the Company shall establish
that the Notes are to be issued in whole or in part in the form of one or more
Global Securities, then the Company shall execute and the Trustee or its agent
shall authenticate and deliver such Global Security or Securities which (1)
shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, the outstanding Notes to be represented by such Global
Security or Securities, or such portion thereof as the Company shall specify in
writing to the Trustee, (2) shall be registered in the name of The Depository
Trust Company, New York, New York (including any successor appointed by the
Company, the "Depositary") or its nominee, (3) shall be delivered by the Trustee
or its agent to the Depositary or pursuant to the Depositary's instruction and
(4) shall bear a legend substantially to the following effect:

                                        9

<PAGE>

            UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
            THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL
            SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
            DEPOSITARY TO A NOMINEE OF THE DEPOSITARY 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.

Beneficial interests in the Global Securities shall be credited by the
Depositary to the accounts of its participants only in denominations of $1,000
or integral multiples thereof.

      SECTION 3.02. Notwithstanding any other provisions herein but subject to
the provisions of Section 3.03 below, unless the terms of a Global Security
expressly permit such Global Security to be exchanged in whole or in part for
individual Notes, a Global Security may be transferred, in whole but not in part
and in the manner provided in Section 2.08 of the Indenture, only to a nominee
of the Depositary for such Global Security, or to the Depositary, or a successor
Depositary for such Global Security appointed by the Company, or to a nominee of
such successor Depositary.

      SECTION 3.03. (1) If at any time the Depositary for a Global Security
notifies the Company that it is unwilling or unable to continue as Depositary
for such Global Security or if at any time the Depositary for the Notes ceases
to be a clearing agency registered under the Securities Exchange Act of 1934 or
other applicable statute or regulation, the Company shall appoint a successor
Depositary with respect to such Global Security. If a successor Depositary for
such Global Security is not appointed by the Company within 90 days after the
Company receives such notice or becomes aware of such ineligibility, the Company
shall execute, and the Trustee or its agent, upon receipt of a written request
by the Company for the authentication and delivery of individual Notes in
exchange for such Global Security, shall authenticate and deliver, individual
Notes in definitive form in an aggregate principal amount equal to the principal
amount of the Global Security in exchange for such Global Security.

      (2) The Company may at any time and in its sole discretion determine that
the Notes or any portion thereof issued or issuable in the form of one or more
Global Securities shall no longer be represented by such Global Security or
Securities. In such event the Company shall execute, and the Trustee, upon
receipt of a written request by the Company for the authentication and delivery
of individual Notes in exchange in whole or in part for such Global Security,
shall authenticate and deliver individual Notes in definitive form in an
aggregate principal amount equal to the principal amount of such Global Security
or Securities representing such series or portion thereof in exchange for such
Global Security or Securities.

      (3) If specified by the Company with respect to Notes issued or issuable
in the form of a Global Security, the Depositary for such Global Security may
surrender such Global Security in exchange in whole or in part for individual
Notes in definitive form on such terms as are acceptable to the Company and such
Depositary. Thereupon the Company shall execute, and the Trustee or its agent
shall authenticate and deliver, without service charge, (a) to each Person
specified by such Depositary a new Note or Notes of any authorized denomination
as requested

                                       10

<PAGE>

by such Person in aggregate principal amount equal to and in exchange for such
Person's beneficial interest in the Global Security; and (b) to such Depositary
a new Global Security in an authorized denomination equal to the difference, if
any, between the principal amount of the surrendered Global Security and the
aggregate principal amount of Notes delivered to the Holders thereof.

      (3) In any exchange provided for in any of the preceding three paragraphs,
the Company shall execute and the Trustee or its agent shall authenticate and
deliver individual Notes in definitive registered form in authorized
denominations. Upon the exchange of the entire principal amount of a Global
Security for individual Notes, such Global Security shall be canceled by the
Trustee or its agent. Except as provided in the preceding paragraph, Notes
issued in exchange for a Global Security pursuant to this Section shall be
registered in such names and in such authorized denominations as the Depositary
for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee or the Registrar. The
Trustee or the Registrar shall deliver such Notes to the Persons in whose names
such Notes are so registered.

                                  ARTICLE FOUR

                              ADDITIONAL COVENANTS

      SECTION 4.01. Limitations on Liens. The Company shall not, nor shall it
permit any Restricted Subsidiary to, create, assume, incur or suffer to exist
any Lien, upon any of its properties or assets, whether owned on the Issue Date
or thereafter acquired, unless (1) if such Lien secures Indebtedness which is
pari passu 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, (2) 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 (3) such
Lien is a Permitted Lien (as defined below).

      The following Liens constitute "Permitted Liens":

      (a) Liens on property of a Person existing at the time such Person is
merged into or consolidated with or otherwise acquired by the Company or any
Restricted Subsidiary, provided that such Liens were in existence prior to, and
were not created in contemplation of, such merger, consolidation or acquisitions
and do not extend to any assets other than those of the Person merged into or
consolidated with the Company or a Restricted Subsidiary;

      (b) Liens on property existing at the time of acquisition thereof by the
Company 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;

      (c) Liens imposed by law such as carriers', warehouseman's or mechanics'
Liens, and other Liens to secure the performance of statutory obligations,
surety or appeal bonds,

                                       11

<PAGE>

performance bonds or other obligations of a like nature incurred in the ordinary
course of business;

      (d) Liens incurred in connection with pollution control, industrial
revenue, water, sewage or any similar bonds;

      (e) 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;

      (f) Liens securing Indebtedness (A) between a Restricted Subsidiary and
the Company, or (B) between Restricted Subsidiaries;

      (g) 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 the Company's
business taken as a whole;

      (h) pledges or deposits under workmen'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 the Company or any Restricted Subsidiary is a party, or deposits to
secure public or statutory obligations of the Company or of any Restricted
Subsidiary or deposits for the payment of rent, in each case incurred in the
ordinary course of business;

      (i) Liens granted to any bank or other institution on the payments to be
made to such institution by the Company 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;

      (j) Liens arising solely by virtue of any statutory or common law
provision relating to banker's Liens, rights of set off or similar rights and
remedies;

      (k) Liens arising from the Uniform Commercial Code financing statements
regarding leases;

      (l) Liens securing indebtedness incurred to finance the acquisition,
construction, improvement, development or expansion of a property which is given
within 180 days of the acquisition, construction, improvement, development or
expansion of such property and which is limited to such property;

      (m) Liens incurred in connection with Non-Recourse Indebtedness;

      (n) Liens existing on the Issue Date;

                                       12

<PAGE>

      (o) 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;

      (p) 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;

      (q) 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 the Company's
properties subject thereto; and

      (r) any extensions, substitutions, modifications, replacements or renewals
of the Permitted Liens described above.

      Notwithstanding the foregoing, the Company may, and may permit any
Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien upon
any of its 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 similar Liens, together with the aggregate net sale proceeds from
all Sale-Leaseback Transactions which are not Permitted Sale-Leaseback
Transactions, does not exceed 20% of the total consolidated stockholders' equity
of the Company as shown on the most recent consolidated balance sheet that is
contained or incorporated in the latest annual report on Form 10-K (or
equivalent report) or quarterly report on Form 10-Q (or equivalent report) filed
with the Securities and Exchange Commission (the "Commission"), and is as of a
date not more than 181 days prior to the date of determination, in the case of
the consolidated balance sheet contained or incorporated in an annual report on
Form 10-K, or 135 days prior to the date of determination, in the case of the
consolidated balance sheet contained in the quarterly report on Form 10-Q;
provided that Indebtedness secured by Permitted Liens shall not be included in
the amount of such secured Indebtedness.

      SECTION 4.02. Sale-Leaseback Transactions. The Company shall not, and
shall not permit any Restricted Subsidiary to, after the date hereof, enter into
any Sale-Leaseback Transaction other than Permitted Sale-Leaseback Transactions
(as defined below). The following Sale-Leaseback Transactions constitute
"Permitted Sale-Leaseback Transactions":

      (1) a Sale-Leaseback Transaction involving the leasing by the Company or
any Subsidiary of model homes in the Company's communities;

      (2) a Sale-Leaseback Transaction relating to a property entered into
within 180 days after the later of the date of acquisition of such property by
the Company or a Restricted Subsidiary or the date of the completion of
construction or commencement of full operations on such property, whichever is
later;

      (3) a Sale-Leaseback Transaction where the Company applies or causes to be
applied an amount equal to the net proceeds of such sale or transfer, within 365
days of receipt thereof, to

                                       13

<PAGE>

the retirement or prepayment (other than any mandatory retirement or prepayment,
except mandatory retirements or prepayments required as a result of such
Sale-Leaseback Transaction) of Funded Debt of the Company or any Restricted
Subsidiary which is not, by its terms or the terms of the instrument by which it
was issued, subordinate in right of payment to the Notes, but only to the extent
of the amount of proceeds so applied;

      (4) a Sale-Leaseback Transaction where the Company or any Restricted
Subsidiary would, on the effective date of such sale or transfer, be entitled,
pursuant to this Supplemental 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;

      (5) a Sale-Leaseback Transaction between the Company and any Restricted
Subsidiary or among Significant Subsidiaries, provided that the lessor shall be
the Company or a wholly-owned Restricted Subsidiary; and

      (6) a Sale-Leaseback Transaction which has a lease of no more than three
years in length.

      Notwithstanding the foregoing, the Company 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 the total consolidated stockholders' equity of the Company as
shown on the most recent consolidated balance sheet that is contained or
incorporated in the latest annual report on Form 10-K (or equivalent report) or
quarterly report on Form 10-Q (or equivalent report) filed with the Commission,
and is as of a date not more than 181 days prior to the date of determination,
in the case of the consolidated balance sheet contained or incorporated in an
annual report on Form 10-K, or 135 days prior to the date of determination, in
the case of the consolidated balance sheet contained in the quarterly report on
Form 10-Q.

      SECTION 4.03. Additional Guarantees. On or prior to March 31, 2004, the
Company shall file a registration statement with the Commission in order to
register guarantees of the Notes by each of its existing Subsidiaries formed or
acquired after October 9, 2001 who are not Guarantors, other than its finance
company Subsidiaries and any foreign Subsidiaries, substantially in the same
form as the Guarantees and the Company shall use its best efforts to (i) cause
that registration statement to become effective as promptly as practicable but
in any event within 75 days after March 19, 2004 and (ii) take such other
necessary actions in order to deliver the guarantees of the Notes registered
thereunder in accordance with all applicable laws as promptly as practicable but
in any event within 75 days after March 19, 2004.

      SECTION 4.04. Furnishing Guarantees. The Company shall cause any
Subsidiary formed or acquired after the Issue Date, other than its finance
company Subsidiaries and any foreign Subsidiaries, that guarantees any
Indebtedness of the Company or any other Subsidiary, other than guarantees by
Subsidiaries of U.S. Home Corporation solely of U.S. Home

                                       14

<PAGE>

Corporation's obligations as a guarantor under the Senior Secured Credit
Facilities to become a Guarantor by causing, as promptly as practicable, but in
any event not later than the earlier of (i) 15 Business Days after the end of
the fiscal quarter in which such Subsidiary was formed or acquired or (ii) the
date on which such Subsidiary becomes a guarantor of any other Indebtedness of
the Company or any Subsidiary, such Subsidiary to execute and deliver to the
Trustee a Guarantee in substantially the form of Exhibit B hereto and the
Company shall furnish to the Trustee an Officers' Certificate stating that all
conditions precedent, if any, provided for in the Indenture and this
Supplemental Indenture relating to the proposed action have been complied with,
and an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

      Each such Officers' Certificate and Opinion of Counsel provided for in
this Supplemental Indenture and delivered to the Trustee with respect to
compliance with a condition or covenant pursuant to the previous paragraph shall
comply with the provisions of Section 12.05 of the Indenture.

                                  ARTICLE FIVE

                                    REMEDIES

      SECTION 5.01. Additional Events of Default. In addition to the applicable
Events of Default set forth in Section 6.01 of the Indenture, any one of the
following events shall constitute an "Event of Default" hereunder and thereunder
whenever used with respect to the Notes in this Supplemental Indenture (whatever
the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

      (1) a default by the Company in the payment when due of interest on the
Notes, which default continues for a period of 30 days;

      (2) a default by the Company in the payment when due of the principal or
Redemption Price due with respect to the Notes;

      (3) a default by the Company or any Restricted Subsidiary with respect to
its obligation to pay Indebtedness for borrowed money (other than Indebtedness
which is non-recourse to the Company or the Restricted Subsidiary), which
default shall have resulted in the acceleration of, or be a failure to pay at
final maturity Indebtedness aggregating more than $50 million;

      (4) a failure to perform any other covenant or warranty of the Company
herein and in the Indenture, which continues for 30 days after written notice as
provided in Section 6.01 of the Indenture;

      (5) final judgments or orders are rendered against the Company or any
Restricted Subsidiary which require the payment by the Company 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 days and are not being contested in good faith by appropriate
proceedings; or

                                       15

<PAGE>

      (6) any event described in Sections 6.01(4) or 6.01(5) of the Indenture
shall occur with respect to any Restricted Subsidiary.

      SECTION 5.02. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default occurs and is continuing, unless the principal of the Notes has
already become due and payable, the Trustee by notice to the Company, or the
Holders of not less than 25 percent in aggregate principal amount of the Notes
then outstanding by notice to the Company and the Trustee may declare the
outstanding principal of the Notes and any accrued and unpaid interest through
the date of such declaration on all of the Notes to be immediately due and
payable. Upon such a declaration, such outstanding principal amount and accrued
and unpaid interest, if any, shall be due and payable immediately. If an Event
of Default specified in Section 6.01(4) or (5) of the Indenture or Section
5.01(6) of this Supplemental Indenture occurs and is continuing, the outstanding
principal amount of the Notes shall automatically become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holders. The Holders of a majority in aggregate principal amount of the
Notes then outstanding, on behalf of the Holders of all of the Notes, by notice
to the Company and the Trustee (and without notice to any other Holder), may
rescind any acceleration and its consequences if the rescission would not
conflict with any judgment or decree and if all existing Events of Default have
been cured or waived except nonpayment of the outstanding principal amount of
any of the Notes that has become due solely as a result of acceleration and if
all amounts due to the Trustee under Section 7.07 of the Indenture have been
paid. No such rescission shall affect any subsequent Default or Event of Default
or impair any right consequent thereto.

      In case the Trustee shall have proceeded to enforce any right under this
Supplemental Indenture and such proceedings shall have been discontinued or
abandoned because of such waiver or rescission and annulment or for any other
reason or shall have been determined adversely to the Trustee, then and in every
such case the Company, the Holders of Notes, and the Trustee shall be restored
respectively to their several positions and rights hereunder and all rights,
remedies and powers of the Company, the Holders of Notes, and the Trustee shall
continue as though no such proceeding had been taken.

      The Trustee shall within 90 days after a Trust Officer has knowledge of
the occurrence of a Default or any Event of Default, mail to all Holders, as the
names and addresses of such Holders appear upon the Note register, 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 and
provided that, except in the case of default in the payment of the principal,
interest or Redemption Price, as the case may be, on any of the Notes, the
Trustee shall 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.

      The Holders of a majority in principal amount of the Notes then
outstanding shall have the right to direct the time, method and place of
conducting any proceedings for any remedy available to the Trustee, subject to
the limitations specified in the Indenture.

                                       16

<PAGE>

                                   ARTICLE SIX

                       DISCHARGE OF SUPPLEMENTAL INDENTURE

      Except as set forth in this Article Six to the contrary, the terms in
Article Eight of the Indenture shall govern.

      SECTION 6.01. Discharge of Supplemental Indenture. When (1) the Company
shall deliver to the Trustee for cancellation all Notes theretofore
authenticated (other than any Notes which have been destroyed, lost or stolen
and in lieu of or in substitution for which other Notes shall have been
authenticated and delivered) and not theretofore canceled, or (2) all the Notes
not theretofore canceled or delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within
one year, and the Company shall deposit with the Trustee, in trust, monies
sufficient to pay at the Final Maturity Date (other than any Notes which shall
have been mutilated, destroyed, lost or stolen and in lieu of or in substitution
for which other Notes shall have been authenticated and delivered) not
theretofore canceled or delivered to the Trustee for cancellation, including the
principal amount and interest accrued to the Final Maturity Date, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then the Indenture and this Supplemental Indenture shall cease to
be of further effect with respect to the Notes (except as to (i) remaining
rights of registration of transfer, substitution and exchange of Notes, (ii)
rights hereunder of Holders to receive payments of the principal amount,
including interest due with respect to the Notes and the other rights, duties
and obligations of Holders, as beneficiaries hereof with respect to the amounts,
if any, so deposited with the Trustee and (iii) the rights, obligations and
immunities of the Trustee hereunder and under the Indenture with respect to the
Notes), and the Trustee, on demand of the Company accompanied by an Officers'
Certificate and an Opinion of Counsel as required by Section 6.03 and at the
cost and expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging the Indenture and this Supplemental Indenture
with respect to the Notes; the Company, however, hereby agrees to reimburse the
Trustee for any costs or expenses thereafter reasonably and properly incurred by
the Trustee and to compensate the Trustee for any services thereafter reasonably
and properly rendered by the Trustee in connection with the Indenture with
respect to the Notes, this Supplemental Indenture or the Notes.

      SECTION 6.02. Reinstatement. If the Trustee or the Paying Agent is unable
to apply any money in accordance with Section 8.02 of the Indenture by reason of
any order or judgment of any court of governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company's obligations
under the Indenture and this Supplemental Indenture shall be revived and
reinstated with respect to the Notes as though no deposit had occurred pursuant
to Section 6.01 until such time as the Trustee or the Paying Agent is permitted
to apply all such money in accordance with Section 8.02 of the Indenture,
provided, however, that if the Company makes any payment of principal amount or
Redemption Price of or interest on any Note following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or Paying
Agent.

                                       17

<PAGE>

      SECTION 6.03. Officers' Certificate; Opinion of Counsel. Upon any
application or demand by the Company to the Trustee to take any action under
Section 6.01, the Company shall furnish to the Trustee an Officers' Certificate
stating that all conditions precedent, if any, provided for in the Indenture and
this Supplemental Indenture relating to the proposed action have been complied
with, and an Opinion of Counsel stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

      Each such Officers' Certificate and Opinion of Counsel provided for in
this Supplemental Indenture and delivered to the Trustee with respect to
compliance with a condition or covenant pursuant to the previous paragraph shall
comply with the provisions of Section 12.05 of the Indenture.

                                  ARTICLE SEVEN

                             SUPPLEMENTAL INDENTURES

      SECTION 7.01. With Consent of Holders. In addition to those matters
described in Section 9.02 of the Indenture which require the consent of the
Holder so affected to amend, supplement or waive any provision of the Indenture
or this Supplemental Indenture, without the consent of the Holder so affected,
the Company and the Trustee may not:

      (1) without the consent of the Holder of each Note so affected, extend the
fixed maturity of any Note or any installment of interest thereon, reduce the
principal amount, interest rate, Redemption Price, or amount due upon
acceleration, impair the right of a Holder to institute suit for the payment
thereof, change the currency in which the Notes are payable,

      (2) release any Guarantor except as provided in Article Eight hereof, or

      (3) without the consent of the Holders of all of the Notes then
outstanding, reduce the aforesaid percentage of Notes the Holders of which are
required to consent to any such supplemental indenture.

      Except as set forth in this Article Seven to the contrary, the terms in
Article Nine of the Indenture shall govern.

                                  ARTICLE EIGHT

                               GUARANTEE OF NOTES

      SECTION 8.01. Unconditional Guarantee. Each Guarantor, if any, hereby
jointly and severally, unconditionally and irrevocably guarantees (such
guarantee to be referred to herein as a "Guarantee") to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, that: (a) all amounts due with respect to the Notes shall be duly
and punctually paid in full when due, whether at maturity, by acceleration or
otherwise, and interest on the overdue principal and (to the extent permitted by
law) interest, if any, on the Notes and all other obligations of the Company or
the Guarantors to the Holders or the Trustee hereunder or thereunder and all
other obligations shall be promptly paid in full or performed, all in accordance
with the terms hereof and thereof; and (b) in case of any extension of time of

                                       18

<PAGE>

payment or renewal of any Notes or any of such other obligations, the same shall
be promptly paid in full when due or performed in accordance with the terms of
the extension or renewal, whether at maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed, or failing performance of
any other obligation of the Company to the Holders under this Supplemental
Indenture or under the Notes, for whatever reason, each Guarantor shall be
obligated to pay, or to perform or cause the performance of, the same
immediately. An Event of Default under this Supplemental Indenture or the Notes
shall constitute an event of default under this Guarantee, and shall entitle the
Holders of Notes to accelerate the obligations of the Guarantors hereunder in
the same manner and to the same extent as the obligations of the Company.

      Each of the Guarantors hereby agrees that its obligations hereunder shall
be unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Supplemental Indenture, the absence of any action to enforce
the same, any waiver or consent by any Holder of the Notes with respect to any
provisions hereof or thereof, any release of any other Guarantor, the recovery
of any judgment against the Company, any action to enforce the same, whether or
not a Guarantee is affixed to any particular Note, or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor. Each of the Guarantors hereby waives the benefit of diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first
against the Company, protest, notice and all demands whatsoever and covenants
that its Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes, this Supplemental Indenture, the Indenture
and this Guarantee. This Guarantee is a guarantee of payment and not of
collection. Each Guarantor further agrees that, as between it, on the one hand,
and the Holders of Notes and the Trustee, on the other hand, (a) subject to this
Article Eight, the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article Five hereof for the purposes of this
Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (b) in
the event of any acceleration of such obligations as provided in Article Five
hereof, such obligations (whether or not due and payable) shall forthwith become
due and payable by the Guarantors for the purpose of this Guarantee.

      No stockholder, officer, director, employee or incorporator, past, present
or future, of any Guarantor, as such, shall have any personal liability under
this Guarantee by reason of his, her or its status as such stockholder, officer,
director, employee or incorporator.

      Each Guarantor that makes a payment or distribution under its Guarantee
shall be entitled to a contribution from each other Guarantor in an amount pro
rata, based on the net assets of each Guarantor, determined in accordance with
GAAP.

      SECTION 8.02. Limitations on Guarantees. The obligations of each Guarantor
under its Guarantee will be 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 this Supplemental
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.

                                       19

<PAGE>

      SECTION 8.03. Execution and Delivery of Guarantee. To further evidence the
Guarantee set forth in Section 8.01, each Guarantor hereby agrees to execute and
deliver to the Trustee a Guarantee in substantially the form of Exhibit B
hereto. Such Guarantee shall be executed on behalf of each Guarantor by either
manual or facsimile signature of an officer of each Guarantor, each of whom, in
each case, shall have been duly authorized to so execute by all requisite
corporate action. The validity and enforceability of any Guarantee shall not be
affected by the fact that it is not affixed to any Note or Notes.

      If an officer of a Guarantor whose signature is on this Supplemental
Indenture or a Guarantee no longer holds that office at the time the Trustee
authenticates the Note on which such Guarantee is endorsed or at any time
thereafter, such Guarantor's Guarantee of such Note shall be valid nevertheless.

      The delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Guarantee set forth in this
Supplemental Indenture on behalf of each Guarantor.

      SECTION 8.04. Releases of a Guarantor. (a) If no Default exists or would
exist under the Indenture, upon the sale or disposition of all of the Capital
Stock of a Guarantor by the Company or a Subsidiary of the Company, or upon the
consolidation or merger of a Guarantor with or into any Person (in each case,
other than to the Company or an Affiliate of the Company or Subsidiary), or if
any Guarantor is dissolved or liquidated, such Guarantor and each Subsidiary of
such Guarantor that is also a Guarantor shall be deemed released from all
obligations under this Article Eight without any further action required on the
part of the Trustee or any Holder.

      (b) If any Guarantor is released from its guarantee of the outstanding
Indebtedness of the Company or any "Restricted Subsidiary" (any subsidiary that
is a "Restricted Subsidiary" pursuant to the Indenture, dated as of May 3, 2000,
by and among the Company, the guarantors named therein and the Trustee, relating
to the Company's 9.95% Senior Notes due 2009, whether formed or acquired after
the Issue Date, that guarantees any outstanding Indebtedness of the Company or
any Subsidiary), such Guarantor shall be automatically released from its
obligations as Guarantor, and from and after such date, such Guarantor shall
cease to constitute a Guarantor.

      (c) The obligations of a Guarantor will be automatically suspended, and
such Guarantor shall not constitute a Guarantor and shall not have any
obligations with regard to the Notes during any period when the principal amount
of the Company's obligations and any Restricted Subsidiary's obligations with
regard to the Company's obligations, in each case other than the Notes and other
Indebtedness containing provisions similar to this, that the Guarantor is
guaranteeing total less than $75 million.

      The Trustee shall execute any documents reasonably requested by the
Company or a Guarantor in order to evidence the release of such Guarantor from
its obligations under its Guarantee endorsed on the Notes under this Article
Eight.

      Nothing contained in the Indenture, this Supplemental Indenture or in any
of the Notes shall prevent any consolidation or merger of a Guarantor with or
into the Company or another

                                       20

<PAGE>

Guarantor or shall prevent any sale or conveyance of the property of a Guarantor
as an entirety or substantially as an entirety to the Company or another
Guarantor.

      SECTION 8.05. Waiver of Subrogation. Until this Supplemental Indenture is
discharged and all of the Notes are discharged and paid in full, each Guarantor
hereby irrevocably waives and agrees not to exercise any claim or other rights
which it may now or hereafter acquire against the Company that arise from the
existence, payment, performance or enforcement of the Company's obligations
under the Notes or this Supplemental Indenture and such Guarantor's obligations
under this Guarantee and this Supplemental Indenture, in any such instance
including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution, indemnification, and any right to participate in any
claim or remedy of the Holders against the Company, whether or not such claim,
remedy or right arises in equity, or under contract, statute or common law,
including, without limitation, the right to take or receive from the Company,
directly or indirectly, in cash or other property or by set-off or in any other
manner, payment or security on account of such claim or other rights. If any
amount shall be paid to any Guarantor in violation of the preceding sentence and
any amounts owing to the Trustee or the Holders of Notes under the Notes, this
Supplemental Indenture, or any other document or instrument delivered under or
in connection with such agreements or instruments, shall not have been paid in
full, such amount shall have been deemed to have been paid to such Guarantor for
the benefit of, and held in trust for the benefit of, the Trustee or the Holders
and shall forthwith be paid to the Trustee for the benefit of itself or such
Holders to be credited and applied to the obligations in favor of the Trustee or
the Holders, as the case may be, whether matured or unmatured, in accordance
with the terms of this Supplemental Indenture. Each Guarantor acknowledges that
it will receive direct and indirect benefits from the financing arrangements
contemplated by this Supplemental Indenture and that the waiver set forth in
this Section 8.05 is knowingly made in contemplation of such benefits.

      SECTION 8.06. No Set-Off. Each payment to be made by a Guarantor hereunder
in respect of the Obligations shall be payable in the currency or currencies in
which such Obligations are denominated, and shall be made without set-off,
counterclaim, reduction or diminution of any kind or nature.

      SECTION 8.07. Obligations Absolute. The obligations of each Guarantor
hereunder are and shall be absolute and unconditional and any monies or amounts
expressed to be owing or payable by each Guarantor hereunder which may not be
recoverable from such Guarantor on the basis of a Guarantee shall be recoverable
from such Guarantor as a primary obligor and principal debtor in respect
thereof.

      SECTION 8.08. Obligations Continuing. The obligations of each Guarantor
hereunder shall be continuing and shall remain in full force and effect until
all the obligations have been paid and satisfied in full. Each Guarantor agrees
with the Trustee that it will from time to time deliver to the Trustee suitable
acknowledgments of its continued liability hereunder and under any other
instrument or instruments in such form as counsel to the Trustee may advise and
as will prevent any action brought against it in respect of any default
hereunder being barred by any statute of limitations now or hereafter in force
and, in the event of the failure of a Guarantor so to do, it hereby irrevocably
appoints the Trustee the attorney and agent of such Guarantor to make, execute
and deliver such written acknowledgment or acknowledgments or other instruments
as

                                       21

<PAGE>

may from time to time become necessary or advisable, in the judgment of the
Trustee on the advice of counsel, to fully maintain and keep in force the
liability of such Guarantor hereunder.

      SECTION 8.09. Obligations Not Reduced. The obligations of each Guarantor
hereunder shall not be satisfied, reduced or discharged except solely by the
payment of such principal, premium, if any, interest, fees and other monies or
amounts as may at any time prior to discharge of this Supplemental Indenture
pursuant to Article Six be or become owing or payable under or by virtue of or
otherwise in connection with the Notes or this Supplemental Indenture.

      SECTION 8.10. Obligations Reinstated. The obligations of each Guarantor
hereunder shall continue to be effective or shall be reinstated, as the case may
be, if at any time any payment which would otherwise have reduced the
obligations of any Guarantor hereunder (whether such payment shall have been
made by or on behalf of the Company or by or on behalf of a Guarantor) is
rescinded or reclaimed from the Trustee or any of the Holders upon the
insolvency, bankruptcy, liquidation or reorganization of the Company or any
Guarantor or otherwise, all as though such payment had not been made. If demand
for, or acceleration of the time for, payment by the Company is stayed upon the
insolvency, bankruptcy, liquidation or reorganization of the Company, all such
Indebtedness otherwise subject to demand for payment or acceleration shall
nonetheless be payable by each Guarantor as provided herein.

      SECTION 8.11. Obligations Not Affected. Except as otherwise provided in
Sections 8.02 and 8.04, the obligations of each Guarantor hereunder shall not be
affected, impaired or diminished in any way by any act, omission, matter or
thing whatsoever, occurring before, upon or after any demand for payment
hereunder (and whether or not known or consented to by any Guarantor or any of
the Holders) which, but for this provision, might constitute a whole or partial
defense to a claim against any Guarantor hereunder or might operate to release
or otherwise exonerate any Guarantor from any of its obligations hereunder or
otherwise affect such obligations, whether occasioned by default of any of the
Holders or otherwise, including, without limitation:

      (1) any limitation of status or power, disability, incapacity or other
circumstance relating to the Company or any other person, including any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition,
dissolution, winding up or other proceeding involving or affecting the Company
or any other person;

      (2) any irregularity, defect, unenforceability or invalidity in respect of
any indebtedness or other obligation of the Company or any other person under
this Supplemental Indenture, the Notes or any other document or instrument;

      (3) any failure of the Company, whether or not without fault on its part,
to perform or comply with any of the provisions of this Supplemental Indenture
or the Notes, or to give notice thereof to a Guarantor;

      (4) the taking or enforcing or exercising or the refusal or neglect to
take or enforce or exercise any right or remedy from or against the Company or
any other Person or their respective assets or the release or discharge of any
such right or remedy;

                                       22

<PAGE>

      (5) the granting of time, renewals, extensions, compromises, concessions,
waivers, releases, discharges and other indulgences to the Company or any other
Person;

      (6) any change in the time, manner or place of payment of, or in any other
term of, any of the Notes, or any other amendment, variation, supplement,
replacement or waiver of, or any consent to departure from, any of the Notes or
this Supplemental Indenture, including, without limitation, any increase or
decrease in any amount due with respect to any of the Notes;

      (7) any change in the ownership, control, name, objects, businesses,
assets, capital structure or constitution of the Company or a Guarantor;

      (8) any merger or amalgamation of the Company or a Guarantor with any
Person or Persons;

      (9) the occurrence of any change in the laws, rules, regulations or
ordinances of any jurisdiction by any present or future action of any
governmental authority or court amending, varying, reducing or otherwise
affecting, or purporting to amend, vary, reduce or otherwise affect, any of the
Obligations or the obligations of a Guarantor under its Guarantee; and

      (10) any other circumstance (other than by complete, irrevocable payment)
that might otherwise constitute a legal or equitable discharge or defense of the
Company under this Supplemental Indenture or the Notes or of a Guarantor in
respect of its Guarantee hereunder.

      SECTION 8.12. Waiver. Without in any way limiting the provisions of
Section 8.01 hereof, each Guarantor hereby waives notice of acceptance hereof,
notice of any liability of any Guarantor hereunder, notice or proof of reliance
by the Holders upon the obligations of any Guarantor hereunder, and diligence,
presentment, demand for payment on the Company, protest, notice of dishonor or
non-payment of any of the Obligations, or other notice or formalities to the
Company or any Guarantor of any kind whatsoever.

      SECTION 8.13. No Obligation to Take Action Against the Company. Neither
the Trustee nor any other Person shall have any obligation to enforce or exhaust
any rights or remedies or to take any other steps under any security for the
Obligations or against the Company or any other Person or any Property of the
Company or any other Person before the Trustee is entitled to demand payment and
performance by any or all Guarantors of their liabilities and obligations under
their Guarantees or under this Supplemental Indenture.

      SECTION 8.14. Dealing with the Company and Others. The Holders, without
releasing, discharging, limiting or otherwise affecting in whole or in part the
obligations and liabilities of any Guarantor hereunder and without the consent
of or notice to any Guarantor, may:

      (1) grant time, renewals, extension, compromises, concessions, waivers,
releases, discharges and other indulgences to the Company or any other Person;

      (2) take or abstain from taking security or collateral from the Company or
from perfecting security or collateral of the Company;

                                       23

<PAGE>

      (3) release, discharge, compromise, realize, enforce or otherwise deal
with or do any act or thing in respect of (with or without consideration) any
and all collateral, mortgages or other security given by the Company or any
third party with respect to the obligations or matters contemplated by this
Supplemental Indenture or the Notes;

      (4) accept compromises or arrangements from the Company;

      (5) apply all monies at any time received from the Company or from any
security upon such part of the Obligations as the Holders may see fit or change
any such application in whole or in part from time to time as the Holders may
see fit; and

      (6) otherwise deal with, or waive or modify their right to deal with, the
Company and all other Persons and any security as the Holders or the Trustee may
see fit.

      SECTION 8.15. Default and Enforcement. If any Guarantor fails to pay in
accordance with Section 8.01 hereof, the Trustee may proceed in its name as
trustee hereunder in the enforcement of the Guarantee of any such Guarantor and
such Guarantor's obligations thereunder and hereunder by any remedy provided by
law, whether by legal proceedings or otherwise, and to recover from such
Guarantor the obligations.

      SECTION 8.16. Amendment, Etc. No amendment, modification or waiver of any
provision of this Supplemental Indenture relating to any Guarantor or consent to
any departure by any Guarantor or any other Person from any such provision will
in any event be effective unless it is signed by such Guarantor and the Trustee.

      SECTION 8.17. Acknowledgment. Each Guarantor hereby acknowledges
communication of the terms of this Supplemental Indenture and the Notes and
consents to and approves of the same.

      SECTION 8.18. Costs and Expenses. Each Guarantor shall pay on demand by
the Trustee any and all costs, fees and expenses (including, without limitation,
legal fees on a solicitor and client basis) incurred by the Trustee, its agents,
advisors and counsel or any of the Holders in enforcing any of their rights
under any Guarantee.

      SECTION 8.19. No Merger or Waiver; Cumulative Remedies. No Guarantee shall
operate by way of merger of any of the obligations of a Guarantor under any
other agreement, including, without limitation, this Supplemental Indenture. No
failure to exercise and no delay in exercising, on the part of the Trustee or
the Holders, any right, remedy, power or privilege hereunder or under the
Supplemental Indenture or the Notes, shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under this Supplemental Indenture or the Notes preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges in the Guarantee and
under this Supplemental Indenture, the Notes and any other document or
instrument between a Guarantor and/or the Company and the Trustee are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by
law.

      SECTION 8.20. Survival of Obligations. Without prejudice to the survival
of any of the other obligations of each Guarantor hereunder, the obligations of
each Guarantor under Section

                                       24

<PAGE>

10.01 shall survive the payment in full of the Obligations and shall be
enforceable against such Guarantor without regard to and without giving effect
to any defense, right of offset or counterclaim available to or which may be
asserted by the Company or any Guarantor.

      SECTION 8.21. Guarantee in Addition to Other Obligations. The obligations
of each Guarantor under its Guarantee and this Supplemental Indenture are in
addition to and not in substitution for any other obligations to the Trustee or
to any of the Holders in relation to this Supplemental Indenture or the Notes
and any guarantees or security at any time held by or for the benefit of any of
them.

      SECTION 8.22. Severability. Any provision of this Article Eight which is
prohibited or unenforceable in any jurisdiction shall not invalidate the
remaining provisions and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction unless its removal would substantially defeat the basic
intent, spirit and purpose of this Supplemental Indenture and this Article
Eight.

      SECTION 8.23. Successors and Assigns. Each Guarantee shall be binding upon
and inure to the benefit of each Guarantor and the Trustee and the other Holders
and their respective successors and permitted assigns, except that no Guarantor
may assign any of its obligations hereunder or thereunder.

      SECTION 8.24. Acknowledgement under TIA. Each Guarantor acknowledges that,
by virtue of its Guarantee, it is becoming an "obligor" on indenture securities
under the TIA.

                                  ARTICLE NINE

                                  MISCELLANEOUS

      SECTION 9.01. TIA Controls. If any provision hereof limits, qualifies or
conflicts with the duties imposed by Section 310 through 317 of the TIA, the
imposed duties shall control.

      SECTION 9.02. Conflict with Indenture. To the extent not expressly amended
or modified by this Supplemental Indenture, the Indenture shall remain in full
force and effect. If any provision of this Supplemental Indenture relating to
the Notes is inconsistent with any provision of the Indenture, the provision of
this Supplemental Indenture shall control with regard to the Notes.

      SECTION 9.03. Governing Law. This Supplemental Indenture and the Notes
shall be governed by and construed in accordance with the laws of the State of
New York. The Company submits to the jurisdiction of the courts of the State of
New York sitting in the Borough of Manhattan, City of New York, and of the
United States District Court for the Southern District of New York, in any
action or proceeding to enforce any of its obligations under this Supplemental
Indenture or with regard to the Notes, and agrees not to seek a transfer of any
such action or proceeding on the basis of inconvenience of the forum or
otherwise (but the Company shall not be prevented from removing any such action
or proceeding from a state court to the United States District Court for the
Southern District of New York). The Company agrees that process in any such
action or proceeding may be served upon it by registered mail or in any other
manner permitted by the rules of the court in which the action or proceeding is
brought.

                                       25

<PAGE>

      SECTION 9.04. Successors. All agreements of the Company in the Indenture,
this Supplemental Indenture and the Notes shall bind its successors. All
agreements of the Trustee in the Indenture and this Supplemental Indenture shall
bind its successors.

      SECTION 9.05. Counterparts. This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.

                                       26

<PAGE>

      IN WITNESS WHEREOF, the parties to this Supplemental Indenture have caused
it to be duly executed as of the day and year first above written.

                                        LENNAR CORPORATION

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        Authorized signatory for each of the
                                        Guarantors listed on Schedule I hereto

                                        By:_____________________________________
                                           Name:
                                           Title:

                                        J.P. MORGAN TRUST COMPANY, N.A.

                                        By:_____________________________________
                                           Name:
                                           Title:

<PAGE>

                                                                       EXHIBIT A

            UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
            THE INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL
            SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
            DEPOSITARY TO A NOMINEE OF THE DEPOSITARY 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.

                                                                      CUSIP No.:

                               LENNAR CORPORATION

                       SENIOR FLOATING-RATE NOTES DUE 2009

No.                                                         $

      Interest Rate: 3 Month LIBOR Rate plus 0.75% per year.

      Interest Payment Dates: Quarterly on each March 19, June 19, September 19
and December 19, commencing June 19, 2004

      Record Dates: Close of business on the 15th calendar day prior to the
relevant Interest Payment Date (whether or not a Business Day)

      Lennar Corporation, a Delaware corporation (the "Company," which term
includes any successor entities), for value received, promises to pay to or
registered assigns, on March 19, 2009, the principal amount of     Dollars
($     ), together with interest thereon as hereinafter provided.

      Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place.

                                       A-1

<PAGE>

      IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be
duly executed under its corporate seal.

                                        LENNAR CORPORATION

                                        By:_____________________________________
                                           Title:
                                        Attest:

                                        By:_____________________________________
                                           Title:

[SEAL]

Dated: _____________________

TRUSTEE'S CERTIFICATE OF
  AUTHENTICATION

This is one of the Notes described in the within-mentioned Indenture and
Supplemental Indenture.

J.P. MORGAN TRUST COMPANY, N.A., as Trustee

By:_____________________________
Authorized Signatory

                                       A-2

<PAGE>

                               LENNAR CORPORATION

                       SENIOR FLOATING-RATE NOTES DUE 2009

1.    INTEREST

      The rate at which interest shall be payable on this Note shall be the 3
Month LIBOR Rate plus 0.75% per year. The 3 Month LIBOR Rate will be reset
quarterly on each Interest Payment Date (each, an "Interest Reset Date"),
beginning on June 19, 2004. The initial interest rate will be 1.86%. The
following definitions are used in the calculation of the interest rate:

      "3 Month LIBOR Rate" 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 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 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 a.m., New York City time, on the
second London banking day prior 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.

      "Telerate Page 3750" 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).

      The Calculation Agent will, upon the request of the Holder of any Note,
provide the interest rate then in effect. The Calculation Agent shall be J.P.
Morgan Trust Company, N.A. until such time as the Company appoints 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 the
Company and the Holders of this Note. The Company may appoint a successor
Calculation Agent with the written consent of the Trustee.

      Interest shall be paid quarterly in arrears on each Interest Payment Date
to the Person or Persons in whose name this Note is registered on the Record
Date for such Interest Payment Date; provided that interest payable at Final
Maturity or on a Redemption Date shall be paid to

                                       A-3

<PAGE>

the Person to whom principal is payable. Any such interest that is not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holders on such Record Date and may either be paid to the Person or Persons in
whose name this Note is registered at the close of business on a Special Record
Date ("Special Record Date"), notice whereof shall be given to Holders of this
Note not less than ten (10) days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange, if any, on which this Note may be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in
the Indenture.

      Payments of interest on this Note shall include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for this Note
shall be computed and paid on the basis of a 360-day year and the actual number
of days elapsed. In the event that any Interest Payment Date on this Note is not
a Business Day (other than an Interest Payment Date that falls on the Final
Maturity or a Redemption Date), then such Interest Payment Date will be
postponed to the next succeeding day that is a Business Day. If the Interest
Payment Date falling on the Final Maturity 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.

      All percentages resulting from any calculation of the interest rate with
respect to this Note 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).

2.    METHOD OF PAYMENT

      Subject to the terms and conditions of the Supplemental Indenture, the
Company shall (a) pay interest on the Notes (except defaulted interest) to the
Persons who are the registered Holders of Notes at the close of business on the
Record Date immediately preceding the Interest Payment Date even if the Notes
are canceled transferred or exchanged after such Record Date, and (b) make all
other payments in respect of the Notes to the Persons who are registered Holders
of Notes at the close of business on the Business Day preceding the Redemption
Date or Final Maturity, as the case may be. Holders must surrender Notes to a
Paying Agent to collect such payments in respect of the Notes referred to in
clause (b) of the preceding sentence. The Company shall pay cash amounts in
money of the United States that at the time of payment is legal tender for
payment of public and private debts. However, the Company may make the cash
payments by check payable in such money.

3.    PAYING AGENT, REGISTRAR AND CALCULATION AGENT

      Initially, J.P. Morgan Trust Company, N.A., a national banking association
(the "Trustee"), shall act as Paying Agent, Registrar and Calculation Agent. The
Company may appoint and change any Paying Agent, Registrar or co-registrar
without notice, other than notice to the Trustee. The Company or any of its
Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or
coregistrar.

                                       A-4

<PAGE>

4.    SUPPLEMENTAL INDENTURE

      The Company issued the Notes under the Seventh Supplemental Indenture (the
"Supplemental Indenture"), dated as of March 19, 2004, among the Company, the
Guarantors named therein and the Trustee, and the Indenture. Capitalized terms
used herein and not defined herein have the meanings ascribed thereto in the
Supplemental Indenture. The Notes are subject to all such terms, and Holders are
referred to the Supplemental Indenture and the Indenture for a statement of
those terms.

      The Notes are general unsecured, unsubordinated obligations of the Company
in the aggregate principal amount of $250,000,000 to be issued on the Issue
Date; provided that, the Company may, without the consent of the Holders, issue
additional Notes under this Supplemental Indenture at any time thereafter. The
Indenture and the Supplemental Indenture do not limit other indebtedness of the
Company.

5.    REDEMPTION AT THE OPTION OF THE COMPANY

      No sinking fund is provided for the Notes. The Notes are redeemable in
whole or in part on any Interest Payment Date on or after March 19, 2006 at the
option of the Company at a Redemption Price equal to 100% of their principal
amount plus accrued and unpaid interest to the Redemption Date. In determining
the Redemption Price and accrued interest, interest will be calculated on the
basis of a 360-day year for the actual number of days elapsed.

6.    NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY

      Notice of redemption at the option of the Company shall be mailed at least
30 days but not more than 60 days before the Redemption Date to each Holder of
Notes to be redeemed at the Holder's registered address. If money sufficient to
pay the Redemption Price of all Notes (or portions thereof) to be redeemed on
the Redemption Date is deposited with the Paying Agent prior to or on the
Redemption Date, interest ceases to accrue on such Notes or portions thereof on
and after such date. Notes in denominations larger than $1,000 may be redeemed
in part but only in integral multiples of $1,000.

7.    RANKING

      The Notes shall be direct, unsecured obligations of the Company and shall
rank pari passu in right of payment with all other unsecured and unsubordinated
indebtedness of the Company.

8.    DENOMINATIONS; TRANSFER; EXCHANGE

      The Notes are in registered form, without coupons, in denominations of
$1,000 and integral multiplies of $1,000. A Holder may transfer Notes in
accordance with the Supplemental Indenture and the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay any governmental taxes and fees required by law or
permitted by the Supplemental Indenture. The Registrar need not transfer or
exchange any Notes selected for redemption (except, in the case of a Note to be
redeemed in

                                       A-5

<PAGE>

part, the portion of the Note not to be redeemed) or any Notes for a period of
15 days before any selection of Notes to be redeemed.

9.    PERSONS DEEMED OWNERS

      The registered Holder of this Note may be treated as the owner of this
Note for all purposes.

10.   UNCLAIMED MONEY OR PROPERTY

      The Trustee and the Paying Agent shall return to the Company upon written
request any money or property held by them for the payment of any amount with
respect to the Notes that remains unclaimed for two years, provided, however,
that the Trustee or such Paying Agent, before being required to make any such
return, shall at the expense of the Company cause to be published once in a
newspaper of general circulation in The City of New York or mail to each such
Holder notice that such money or property remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication or mailing, any unclaimed money or property then remaining
shall be returned to the Company. After return to the Company, Holders entitled
to the money or property must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another Person.

11.   AMENDMENT; WAIVER

      Subject to certain exceptions set forth in the Indenture and the
Supplemental Indenture, (i) the Supplemental Indenture or the Notes may be
amended with the written consent of the Holders of at least a majority in
aggregate principal amount of the Notes at the time outstanding and (ii) certain
defaults or noncompliance with certain provisions may be waived with the written
consent of the Holders of a majority in aggregate principal amount of the Notes
at the time outstanding. Subject to certain exceptions set forth in the
Indenture and the Supplemental Indenture, without the consent of any Holder, the
Company and the Trustee may amend the Supplemental Indenture or the Notes to
cure any ambiguity, defect or inconsistency, to make any change that does not
adversely affect the right of any Holder, to convey, transfer, assign, mortgage
or pledge to the Trustee as security for the Notes any property or assets, to
evidence the succession of another corporation to the company (or successive
successions) and the assumption by the successor corporation of the covenants,
agreements and obligations of the Company, to add to the covenants of the
Company such further covenants, restrictions or conditions as the Board of
Directors and the Trustee shall consider to be for the benefit of the Holders of
Notes, and to make the occurrence, or the occurrence and continuance, of a
default in any such additional covenants, restrictions or conditions a Default
or an Event of Default permitting the enforcement of all or any of the several
remedies provided in the Supplemental Indenture and the Indenture, to evidence
and provide for the acceptance of appointment hereunder by a successor Trustee
with respect to the Notes, or to modify, eliminate or add to the provisions of
the Supplemental Indenture to such extent as shall be necessary for the
Supplemental Indenture to comply with the TIA, or under any similar federal
statute hereafter enacted.

                                       A-6

<PAGE>

12.   DEFAULTS AND REMEDIES

      Under the Supplemental Indenture, Events of Default include (i) a default
by the Company in the payment of any interest which continues for more than 30
days after the due date, (ii) a default by the Company in the payment of any
principal or Redemption Price due with respect to the Notes; (iii) a default by
the Company or any Restricted Subsidiary with respect to its obligation to pay
Indebtedness for borrowed money (other than Indebtedness which is non-recourse
to the Company or the Restricted Subsidiary), which default shall have resulted
in the acceleration of, or be a failure to pay at final maturity Indebtedness
aggregating more than $50 million; (iv) a failure to perform any other covenant
or warranty of the Company herein and in the Indenture, which continues for 30
days after written notice as provided in Section 6.01 of the Indenture; (v)
final judgments or orders are rendered against the Company or any Restricted
Subsidiary which require the payment by the Company 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
days and are not being contested in good faith by appropriate proceedings; and
(vi) any event described in Sections 6.01(4) or 6.01(5) of the Indenture with
respect to the Company or any Restricted Subsidiary. If an Event of Default
occurs and is continuing, the Trustee, or the Holders of at least 25% in
aggregate principal amount of the Notes at the time outstanding, may declare the
outstanding principal of the Notes and any accrued and unpaid interest through
the date of such declaration on all of the Notes to be immediately due and
payable. Certain events of bankruptcy or insolvency are Events of Default which
shall result in the outstanding principal amount of all Notes being declared due
and payable immediately upon the occurrence of such Events of Default.

      Holders may not enforce the Supplemental Indenture, the Indenture or the
Notes except as provided in the Indenture and the Supplemental Indenture. The
Trustee may refuse to enforce the Indenture, the Supplemental Indenture and the
Notes unless it receives reasonable indemnity or security. Subject to certain
limitations, conditions and exceptions, Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may direct the Trustee in
its exercise of any trust or power, including the annulment of a declaration of
acceleration. The Trustee may withhold from Holders notice of any continuing
default (except a default in payment of amounts specified in clauses (i) and
(ii) above) if it determines that withholding notice is in their interests.

13.   TRUSTEE DEALINGS WITH THE COMPANY

      The Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Company or its Affiliates and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were
not Trustee.

14.   NO RECOURSE AGAINST OTHERS

      A director, officer, or employee, as such, of the Company or any
Subsidiary, the Indenture or any stockholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Notes or the
Supplemental Indenture or for any claim based on, in respect of or by reason of
such obligations or their creation. By accepting a Note,

                                       A-7

<PAGE>

each Holder waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Notes.

15.   GUARANTEES

      This Note will be entitled to the benefits of certain Guarantees, if any,
made for the benefit of the Holders. Reference is hereby made to the
Supplemental Indenture for a statement of the respective rights, limitations of
rights, duties and obligations thereunder of the Guarantors, the Trustee and the
Holders.

16.   AUTHENTICATION

      This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee's Certificate of Authentication on the other side of
this Note.

17.   ABBREVIATIONS

      Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TENANT (=tenants by the
entireties), JT TEN (=joint tenants with right of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

18.   GOVERNING LAW

      THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE SUPPLEMENTAL INDENTURE
AND THIS NOTE.

      The Company shall furnish to any Holder upon written request and without
charge a copy of the Supplemental Indenture which has in it the text of this
Note in larger type. Requests may be made to:

      Lennar Corporation
      700 N.W. 107th Avenue
      Miami, Florida 33172
      Attn: Chief Financial Officer

                                       A-8

<PAGE>

                                   ASSIGNMENT

      For value received ________________ hereby sell(s), assign(s) and
transfer(s) unto _____________ (Please insert social security or other Taxpayer
Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints __________ attorney to transfer the said Note on the
books of the Company, with full power of substitution in the premises.

Dated:

                                                ________________________________
                                                           Signature(s)

                                                NOTICE: The above signatures of
                                                the holder(s) hereof must
                                                correspond with the name as
                                                written upon the face of the
                                                Note in every particular without
                                                alteration or enlargement or any
                                                change whatever.

                                                ________________________________
                                                       Signature Guarantee

Signature must be guaranteed by an "eligible guarantor institution," that is, a
bank, stockbroker, savings and loan association or credit union meeting the
requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934.

                                       A-9

<PAGE>

                                                                       EXHIBIT B

                                    GUARANTEE

      For value received, the undersigned each hereby unconditionally
guarantees, as principal obligor and not only as a surety, to the Holders of the
Notes the cash payments in United States Dollars of any amounts due with respect
to the Notes in the amounts and at the times when due and interest on all
overdue amounts, if lawful, and the payment or performance of all other
obligations of the Company under the Supplemental Indenture (as defined below)
or the Notes, to the Holder of this Note and the Trustee, all in accordance with
and subject to the terms and limitations of this Note, Article Eight of the
Supplemental Indenture and this Guarantee. This Guarantee will become effective
in accordance with Article Eight of the Supplemental Indenture and its terms
shall be evidenced therein. The validity and enforceability of any Guarantee
shall not be affected by the fact that it is not affixed to any particular Note.

      Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Seventh Supplemental Indenture, dated as of March 19,
2004, among Lennar Corporation, a Delaware corporation, the Guarantors named
therein and J.P. Morgan Trust Company, N.A., as trustee (the "Trustee"), as
amended or supplemented (the "Supplemental Indenture").

      The obligations of the undersigned to the Holders of Notes and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article Eight of the Supplemental Indenture and reference is hereby made to the
Indenture for the precise terms of the Guarantee and all of the other provisions
of the Indenture to which this Guarantee relates.

      THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAW. Each Guarantor hereby agrees to submit to the jurisdiction of the courts
of the State of New York in any action or proceeding arising out of or relating
to this Guarantee.

      This Guarantee is subject to release upon the terms set forth in the
Supplemental Indenture.

      The undersigned acknowledges that this Guarantee is subject to the TIA and
the undersigned agrees to discharge its duties under the TIA.

      IN WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly
executed.

Dated:________________________

                                        [GUARANTOR],
                                              as Guarantor

                                        By:___________________________________
                                           Name:
                                           Title:

                                       B-1

<PAGE>

                                        By:_____________________________________
                                           Name:
                                           Title:

                                       B-2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>y98642exv4w2.txt
<DESCRIPTION>FORM OF AMENDMENT #1 TO 7TH SUPPLEMENTAL INDENTURE
<TEXT>
<PAGE>
                                                                     Exhibit 4.2




                               AMENDMENT NO. 1 TO

                       THE SEVENTH SUPPLEMENTAL INDENTURE

      This Amendment No. 1 (this "Amendment") to the Seventh Supplemental
Indenture dated March 19, 2004 (the "Seventh Supplemental Indenture"), to the
indenture (the "Indenture") dated December 31, 1997, between Lennar Corporation
(the "Company") and J.P. Morgan Trust Company, N.A. (as successor to First
National Bank of Chicago, N.A.), as trustee (the "Trustee") is made and entered
into to be effective for all purposes as of the __ day of June, 2004. Each
capitalized term used but not defined in this Amendment will have the meaning
ascribed to that term in the Seventh Supplemental Indenture.

                              W I T N E S S E T H:

      WHEREAS, the Company has proposed that the following amendment be made to
the Seventh Supplemental Indenture, which amendment has been approved in writing
by holders of a majority in principal amount of the outstanding Senior
Floating-Rate Notes due 2009;

      NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the parties hereto agree as follows:

1.    Amendments.

(A)   Section 1.04 of the Seventh Supplemental Indenture is hereby amended by
      adding the following definition:

      "New Notes" means the Company's Senior Floating-Rate Notes due 2009,
Series B, issued under the Eighth Supplemental Indenture to the Indenture.

(B)   Section 4.03 of the Seventh Supplemental Indenture is hereby deleted in
      its entirety and replaced with the following:

            "(a) At any time when there is an effective registration statement
      under the Securities Act of 1933, as amended, relating to an exchange of
      New Notes for the Notes, any holder of Notes may exchange any principal
      amount of Notes for the same principal amount of New Notes. In order to
      exchange Notes for New Notes, the holder of the Notes that are being
      exchanged must deliver them to an exchange agent designated by the
      Company, accompanied by a request for exchange in the form specified by
      the Company. Notes that are exchanged for New Notes will cease to accrue
      interest on the day before the day from which interest accrues on the New
      Notes issued in the exchange.

            (b) So long as any Notes remain outstanding, not later than 10 days
      after the Company files a Report on Form 10-Q or on Form 10-K relating to
      a fiscal quarter or a fiscal year, the Company will file a registration
      statement relating to the issuance of New Notes in exchange for the Notes,
      and the Company will use its best efforts to cause that registration
      statement to become effective as promptly as practicable."

2.    No Other Amendments. Except as expressly amended herein, the Seventh
      Supplemental Indenture will remain in full force and effect in accordance
      with its terms.

                       [Signature on the following page.]




                                       A-1
<PAGE>
      IN WITNESS WHEREOF, the undersigned have executed this Amendment on June
__, 2004.

                                    LENNAR CORPORATION


                                    By:
                                        -----------------------------------
                                        Name:
                                        Title:



                                    Authorized signatory for each of the
                                    Guarantors listed on Schedule I hereto


                                    By:
                                        -----------------------------------
                                        Name:
                                        Title:

                                    J.P. MORGAN TRUST COMPANY, N.A.


                                    By:
                                        -----------------------------------

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>4
<FILENAME>y98642exv4w3.txt
<DESCRIPTION>8TH SUPPLEMENTAL INDENTURE
<TEXT>
<PAGE>
                                                                     Exhibit 4.3


                               LENNAR CORPORATION,

                                   as Issuer,

                           THE GUARANTORS NAMED HEREIN

                                       and

                        J.P. MORGAN TRUST COMPANY, N.A.,
                                 as successor to
                       The First National Bank of Chicago,

                                   as Trustee



                          EIGHTH SUPPLEMENTAL INDENTURE

                        DATED AS OF ______________, 2004

                                  TO INDENTURE

                          DATED AS OF DECEMBER 31, 1997



                                   Relating To

                  Senior Floating-Rate Notes Due 2009, Series B


<PAGE>


      EIGHTH SUPPLEMENTAL INDENTURE, dated as of ________________, 2004 (the
"Supplemental Indenture"), to Indenture, dated as of December 31, 1997, among
Lennar Corporation (the "Company"), a Delaware corporation having its principal
office at 700 N.W. 107th Avenue, Miami, Florida 33172, each of the Guarantors
named herein, and J.P. Morgan Trust Company, N.A., as successor to The First
National Bank of Chicago, N.A. (the "Trustee"), a national banking association,
organized under the laws of the United States of America which has its corporate
trust office at 10151 Deerwood Park Blvd., Building 400, 5th Floor,
Jacksonville, Florida 32256.

                             RECITALS OF THE COMPANY

      WHEREAS, the Company has heretofore executed and delivered to the Trustee
an Indenture, dated as of December 31, 1997 (the "Indenture"), providing for the
issuance from time to time of its notes and other evidences of unsecured
indebtedness, to be issued in one or more series as therein provided
("Securities");

      WHEREAS, Section 2.02 of the Indenture provides that the Company and the
Trustee, at any time and from time to time, may enter into an indenture which
supplements the Indenture to establish the terms of Securities of any series;

      WHEREAS, the Company has duly authorized the creation of an issue of
Securities to be known as the Senior Floating-Rate Notes Due 2009, Series B (the
"Notes") and to be guaranteed by the Guarantors, and to provide therefor the
Company and the Guarantors have duly authorized the execution and delivery of
this Supplemental Indenture; and

      WHEREAS, all things necessary to make the Notes, when executed by the
Company and authenticated and delivered hereunder, the valid obligations of the
Company, and to make this Supplemental Indenture a valid agreement of the
Company and the Guarantors, in accordance with their and its terms, have been
done.

      NOW, THEREFORE, THIS EIGHTH SUPPLEMENTAL INDENTURE WITNESSETH:

      For and in consideration of the premises and the purchase of the Notes by
the Holders thereof, each party agrees for the benefit of each other party and
for the equal and ratable benefit of the Holders of the Notes, as follows:

                                   ARTICLE ONE

                                   DEFINITIONS

      SECTION 1.01. Capitalized terms used but not defined in this Supplemental
Indenture shall have the meanings ascribed to them in the Indenture.

      SECTION 1.02. References in this Supplemental Indenture to section numbers
shall be deemed to be references to section numbers of this Supplemental
Indenture unless otherwise specified.

<PAGE>

      SECTION 1.03. In the case of capitalized terms defined in this
Supplemental Indenture that are also defined in the Indenture, the meanings
ascribed to such terms in this Supplemental Indenture shall apply with respect
to the Notes.

      SECTION 1.04. For purposes of this Supplemental Indenture, the following
terms have the meanings ascribed to them as follows:

      "3 Month LIBOR Rate" 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 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 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 a.m., New York City time, on the
second London banking day prior 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.

      "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
"control" when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms "controlling" and "controlled" have meanings correlative to the
foregoing.

      "Capital Stock" means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated) of or in
such Person's capital stock or other equity interests, and options, rights or
warrants to purchase such capital stock or other equity interests, whether now
outstanding or issued after the Exchange Date.

      "Consolidated Net Tangible Assets" means the total amount of assets which
would be included on a consolidated balance sheet of the Company and the
Restricted Subsidiaries under GAAP (less applicable reserves and other properly
deductible items) after deducting therefrom:


                                       2
<PAGE>

      (A)   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. 106;

      (B)   investments in Subsidiaries that are not Restricted Subsidiaries;
            and

      (C)   all assets reflected on the Company's 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.

      "Default Interest Payment Date" has the meaning provided in Section 2.03.

      "Depositary" has the meaning provided in Section 3.01.

      "Event of Default" has the meaning provided in Section 5.01.

      "Exchange Date" shall mean the earliest date on which Notes are issued in
exchange for the Initial Notes.

      "Final Maturity" or "Final Maturity Date" shall be March l9, 2009.

      "Funded Debt" 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; provided, however, that Funded
Debt shall not include (i) 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 or (ii)
any Indebtedness of such person to any of its subsidiaries or of any subsidiary
to such person or any other subsidiary or (iii) 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.

      "GAAP" means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting
profession of the United States, as in effect on the Exchange Date.

      "Global Securities" means with respect to the Notes issued hereunder, a
Note or Notes executed by the Company and authenticated and delivered by the
Trustee to the Depositary or


                                       3
<PAGE>

pursuant to the Depositary's instruction, all in accordance with this
Supplemental Indenture and any supplemental indentures hereto, if any, or a
certified resolution of the Board of Directors and pursuant to a written request
by the Company, which shall be registered in the name of the Depositary or its
nominee and which shall represent, and shall be denominated in an amount equal
to the aggregate principal amount of, all of the outstanding Notes or any
portion thereof, in either case having the same terms, including, without
limitation, the same original Exchange Date.

      "Guarantee" has the meaning provided in Section 8.01.

      "Guarantor" means (1) initially, each of the Guarantors named on the
signature pages of this Supplemental Indenture, and (2) each of the Company's
Subsidiaries which becomes a guarantor of the Notes pursuant to the provisions
of this Supplemental Indenture.

      "Indebtedness" means, with respect to the Company or any Subsidiary, and
without duplication, (a) 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 indebtedness or
obligations of the Company or any Subsidiary 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); (b) all reimbursement obligations and
other liabilities (contingent or otherwise) of the Company or any Subsidiary
with respect to letters of credit, bank guarantees or bankers' acceptances, (c)
all obligations and liabilities (contingent or otherwise) in respect of leases
of the Company or any Subsidiary required, in conformity with generally accepted
accounting principles, to be accounted for as capital lease obligations on the
balance sheet of the Company, (d) all obligations of the Company or any
Subsidiary (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,
(e) all direct or indirect guaranties or similar agreements by the Company or
any Subsidiary in respect of, and obligations or liabilities (contingent or
otherwise) of the Company or such Subsidiary 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) through (d), (f) any indebtedness or other obligations, excluding any
operating leases the Company or any Subsidiary is currently (or may become) a
party to, described in clauses (a) through (d) secured by any Lien existing on
property which is owned or held by the Company or Subsidiary, regardless of
whether the indebtedness or other obligation secured thereby shall have been
assumed by the Company or such Subsidiary and (g) any and all deferrals,
renewals, extensions and refinancing of, or amendments, modification or
supplements to, any indebtedness, obligation or liability of the kind described
in clauses (a) through (f).

      "Indenture" has the meaning provided in the Recitals.


                                       4
<PAGE>

      "Initial Notes" means the Senior Floating-Rate Notes due 2009 issued under
the Seventh Supplemental Indenture dated March 19, 2004, to the indenture dated
December 31, 1997, between the Company and the Trustee.

      "Interest Payment Date" means the stated maturity of an installment of
interest on the Notes.

      "Interest Reset Date" has the meaning provided in Section 2.01(4).

      "Lien" means any mortgage, pledge, lien, encumbrance, charge or security
interest of any kind.

      "Non-Recourse Indebtedness" means any of the Company's or any Restricted
Subsidiary's Indebtedness for which the holder of such Indebtedness has no
recourse, directly or indirectly, to the Company or such Restricted Subsidiary
for the principal of, premium, if any, and interest on such Indebtedness, and
for which the Company 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 the Company or such
Restricted Subsidiary securing such Indebtedness; provided, however, that
recourse, obligations or liabilities solely for indemnities, breaches of
warranties or representations contained in such mortgages, deeds of trust or
grants of security interests in respect of Indebtedness will not prevent that
Indebtedness from being classified as Non-Recourse Indebtedness.

      "Obligations" means all obligations for principal, premium, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing the Notes.

      "Paying Agent" means the office or agency designated by the Company where
Notes may be presented for payment.

      "Permitted Liens" has the meaning provided in Section 4.01.

      "Permitted Sale-Leaseback Transactions" has the meaning provided in
Section 4.02.

      "Person" means any individual, corporation, partnership, limited liability
company, joint venture, joint-stock company, trust, unincorporated organization
or government or any government agency or political subdivision.

      "Property" of any Person means all types of real, personal, tangible,
intangible or mixed property owned by such Person, whether or not included in
the most recent consolidated balance sheet of such Person and its Subsidiaries
under GAAP.

      "Record Date" means the Record Dates specified in the Notes.


                                       5
<PAGE>

      "Redemption Date" when used with respect to any Note to be redeemed, means
the date fixed for such redemption by or pursuant to this Supplemental
Indenture.

      "Redemption Price" when used with respect to any Note to be redeemed,
means the price at which it is to be redeemed pursuant to this Supplemental
Indenture.

      "Restricted Subsidiary" means any Guarantor.

      "Sale-Leaseback Transaction" means a sale or transfer made by the Company
or a Restricted Subsidiary of any property which is either (A) 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 the
Company or a Restricted Subsidiary.

      "Securities" has the meaning provided in the Recitals.

      "Senior Secured Credit Facilities" means the senior secured credit
facilities dated as of May 3, 2000, as amended and restated through May 30, 2003
between the Company and Bank One N.A., as administrative agent, and the other
lenders party thereto.

      "Special Record Date" has the meaning provided in Section 2.01(4).

      "Supplemental Indenture" has the meaning provided in the Preamble.

      "Subsidiary" means (i) a corporation or other entity of which a majority
in voting power of the stock or other interests is owned by the Company, by a
Subsidiary of the Company or by the Company and one or more Subsidiaries of the
Company or (ii) a partnership, the sole general partner of which is the Company
or any Subsidiary.

      "Telerate Page 3750" 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).

      "Trustee" means the person named as such in this Supplemental Indenture
and, subject to the provisions of Article Seven of the Indenture, any successor
to that person.

                                   ARTICLE TWO

                  SENIOR FLOATING-RATE NOTES DUE 2009, SERIES B

      SECTION 2.01. Creation of Series. In accordance with Section 2.02 of the
Indenture, there is hereby created a series of Securities under the Indenture
entitled "Senior Floating-Rate Notes Due 2009, Series B."


                                       6
<PAGE>

      (1) The form of the Notes is attached hereto as Exhibit A, and the form of
the certificate of authentication is included as part of Exhibit A.

      (2) Subject to Section 2.02 of the Indenture and applicable law, the
aggregate principal amount of the Notes which may be authenticated and delivered
on the Exchange Date shall not exceed $300,000,000; provided that, the Company
may, without the consent of the Holders, issue additional Notes under this
Supplemental Indenture at any time hereafter and may issue Securities of any
other series under the Indenture at any time hereafter.

      (3) The aggregate principal amount of the Notes shall be payable on the
Final Maturity Date unless earlier repaid in accordance with this Supplemental
Indenture.

      (4) The unpaid principal amount of the Notes shall bear interest at the 3
Month LIBOR Rate plus 0.75% per year until paid or duly provided for, such
interest to accrue from March 19, 2004, or from the most recent Interest Payment
Date to which interest has been paid or duly provided for (except that with
respect to Notes issued in exchange for Initial Notes, interest will accrue from
the most recent payment date to which interest on the Initial Notes has been
paid or duly provided for). The 3 Month LIBOR Rate will be reset quarterly on
each Interest Payment Date (each, an "Interest Reset Date"), beginning on
September 19, 2004. The Calculation Agent will, upon the request of the Holder
of any Note, provide the interest rate then in effect. The Calculation Agent
shall be J.P. Morgan Trust Company, N.A. until such time as the Company appoints
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 the Company and the Holders of the Notes. The Company may appoint a successor
Calculation Agent with the written consent of the Trustee. Interest shall be
paid quarterly in arrears on each Interest Payment Date to the Person or Persons
in whose name the Notes are registered on the Record Date for such Interest
Payment Date; provided that interest payable at Final Maturity or on a
Redemption Date shall be paid to the Person to whom principal is payable. Any
such interest that is not so punctually paid or duly provided for shall
forthwith cease to be payable to the Holders on such Record Date and may either
be paid to the Person or Persons in whose name the Notes are registered at the
close of business on a Special Record Date ("Special Record Date"), notice
whereof shall be given to Holders of the Notes not less than ten (10) days prior
to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange, if any, on
which the Notes may be listed, and upon such notice as may be required by any
such exchange, all as more fully provided in the Indenture. Payments of interest
on the Notes shall include interest accrued to but excluding the respective
Interest Payment Dates. Interest payments for the Notes shall be computed and
paid on the basis of a 360-day year and the actual number of days elapsed. In
the event that any Interest Payment Date on the Notes is not a Business Day
(other than an Interest Payment Date that falls on the Final Maturity or a
Redemption Date ), then such Interest Payment Date will be postponed to the next
succeeding day that is a Business Day. If the Interest Payment Date falling on
the Final Maturity 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. 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


                                       7
<PAGE>

..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).

      (5) All amounts payable in connection with the Notes shall be denominated
and payable in the lawful currency of the United States.

      (6) The Notes shall be payable, and may be presented for registration of
transfer and exchange, without service charge, at the office of the Company
maintained for such purpose in New York, New York, which shall initially be the
office or agency of the Trustee.

      (7) The Notes shall not be convertible into any class of capital stock of
the Company.

      (8) In the event that Notes are authenticated and delivered subsequent to
the date hereof pursuant to Section 2.01(2) hereof, the Company shall obtain the
same "CUSIP" number for such Notes as is printed on the Notes outstanding at
such time.

      (9) Notwithstanding the foregoing, all Notes issued under this
Supplemental Indenture shall vote and consent together on all matters (as to
which any of such Notes may vote or consent) as the same series and no Notes
issued subsequent to the date hereof will have the right to vote or consent as a
separate series on any matter.

      SECTION 2.02. Optional Redemption by the Company.

      (1) Right to Redeem; Notice to Trustee. The Company, at its option, may
redeem the Notes in accordance with the provisions of paragraphs 5 and 6 of the
Notes. If the Company elects to redeem Notes pursuant to paragraph 5 of the
Notes, it shall notify the Trustee in writing of the Redemption Date, the
principal amount of Notes to be redeemed and the Redemption Price that would be
in effect if such Notes were being redeemed on the date of the notice. The
Company shall give the notice to the Trustee provided for in this Section
2.02(1) at least 30 days but not more than 60 days before the Redemption Date
(unless a shorter notice shall be satisfactory to the Trustee).

      (2) Notice of Redemption. At least 30 days but not more than 60 days
before a Redemption Date, the Company shall mail or cause to be mailed a notice
of redemption by first-class mail to the Trustee and to each Holder of Notes to
be redeemed at such Holder's address as it appears on the Note register.

      The notice shall identify the Notes to be redeemed and shall state:

            (a) the Redemption Date;

            (b) the Redemption Price that would be in effect if such Notes were
being redeemed on the date of the notice;

            (c) the name and address of the Paying Agent;


                                       8
<PAGE>

            (d) that Notes called for redemption must be presented and
surrendered to the Paying Agent to collect the Redemption Price;

            (e) that interest on Notes called for redemption shall cease to
accrue on and after the Redemption Date and, unless the Company defaults in
making the redemption payment, the only remaining right of the Holder shall be
to receive payment of the Redemption Price upon presentation and surrender to
the Paying Agent of the Notes;

            (f) if fewer than all the outstanding Notes are to be redeemed, the
certificate number and principal amounts of the particular Notes to be redeemed;
and

            (g) the CUSIP number or numbers for the Notes called for redemption.

      At the Company's request, the Trustee shall give the notice of redemption
in the Company's name and at the Company's expense.

      (3) Effect of Notice of Redemption. Once notice of redemption is mailed,
Notes called for redemption become due and payable on the Redemption Date and at
the Redemption Price stated in the notice. Upon presentation and surrender to
the Paying Agent, Notes called for redemption shall be paid at the Redemption
Price.

      (4) Sinking Fund. There shall be no sinking fund provided for the Notes.

      SECTION 2.03. Defaulted Interest. The Company shall pay interest on
overdue principal from time to time on demand at the rate of interest borne by
the Notes. The Company shall, to the extent lawful, pay interest on overdue
installments of interest (without regard to any applicable grace periods) from
time to time on demand at the rate of interest borne by the Notes. All such
interest will be computed on the basis of a 360-day year and the actual number
of days elapsed.

      If the Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest, plus (to the extent lawful) any interest payable on
the defaulted interest, to the Persons who are Holders on a subsequent special
record date, which special record date shall be the fifteenth day next preceding
the date fixed by the Company for the payment of defaulted interest or the next
succeeding Business Day if such date is not a Business Day. The Company shall
notify the Trustee in writing of the amount of defaulted interest proposed to be
paid on each Note and the date of the proposed payment (a "Default Interest
Payment Date"), and at the same time the Company shall deposit with the Trustee
an amount of money equal to the aggregate amount proposed to be paid in respect
of such defaulted interest or shall make arrangements satisfactory to the
Trustee for such deposit on or prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled
to such defaulted interest as provided in this Section; provided, however, that
in no event shall the Company deposit monies proposed to be paid in respect of
defaulted interest later than 11:00 a.m. New York City time of the proposed
Default Interest Payment Date. At least 15 days before the subsequent special
record date, the Company shall mail (or cause to be mailed) to each Holder, as
of a recent date selected by the Company, with a copy to the Trustee at least 20
days prior to such special record date, a notice that states the subsequent
special record date, the Default Interest Payment Date


                                       9
<PAGE>

and the amount of defaulted interest, and interest payable on such defaulted
interest, if any, to be paid. Notwithstanding the foregoing, any interest which
is paid prior to the expiration of the 30-day period set forth in Section
5.01(1) shall be paid to Holders as of the regular record date for the Interest
Payment Date for which interest has not been paid. Notwithstanding the
foregoing, the Company may make payment of any defaulted interest in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange.

                                  ARTICLE THREE

                                GLOBAL SECURITIES

      SECTION 3.01. If the Board of Directors of the Company shall establish
that the Notes are to be issued in whole or in part in the form of one or more
Global Securities, then the Company shall execute and the Trustee or its agent
shall authenticate and deliver such Global Security or Securities which (1)
shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, the outstanding Notes to be represented by such Global
Security or Securities, or such portion thereof as the Company shall specify in
writing to the Trustee, (2) shall be registered in the name of The Depository
Trust Company, New York, New York (including any successor appointed by the
Company, the "Depositary") or its nominee, (3) shall be delivered by the Trustee
or its agent to the Depositary or pursuant to the Depositary's instruction and
(4) shall bear a legend substantially to the following effect:

      UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL
      NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
      EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY 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.

Beneficial interests in the Global Securities shall be credited by the
Depositary to the accounts of its participants only in denominations of $1,000
or integral multiples thereof.

      SECTION 3.02. Notwithstanding any other provisions herein but subject to
the provisions of Section 3.03 below, unless the terms of a Global Security
expressly permit such Global Security to be exchanged in whole or in part for
individual Notes, a Global Security may be transferred, in whole but not in part
and in the manner provided in Section 2.08 of the Indenture, only to a nominee
of the Depositary for such Global Security, or to the Depositary, or a successor
Depositary for such Global Security appointed by the Company, or to a nominee of
such successor Depositary.

      SECTION 3.03. (1) If at any time the Depositary for a Global Security
notifies the Company that it is unwilling or unable to continue as Depositary
for such Global Security or if at any time the Depositary for the Notes ceases
to be a clearing agency registered under the


                                       10
<PAGE>

Securities Exchange Act of 1934 or other applicable statute or regulation, the
Company shall appoint a successor Depositary with respect to such Global
Security. If a successor Depositary for such Global Security is not appointed by
the Company within 90 days after the Company receives such notice or becomes
aware of such ineligibility, the Company shall execute, and the Trustee or its
agent, upon receipt of a written request by the Company for the authentication
and delivery of individual Notes in exchange for such Global Security, shall
authenticate and deliver, individual Notes in definitive form in an aggregate
principal amount equal to the principal amount of the Global Security in
exchange for such Global Security.

      (2) The Company may at any time and in its sole discretion determine that
the Notes or any portion thereof issued or issuable in the form of one or more
Global Securities shall no longer be represented by such Global Security or
Securities. In such event the Company shall execute, and the Trustee, upon
receipt of a written request by the Company for the authentication and delivery
of individual Notes in exchange in whole or in part for such Global Security,
shall authenticate and deliver individual Notes in definitive form in an
aggregate principal amount equal to the principal amount of such Global Security
or Securities representing such series or portion thereof in exchange for such
Global Security or Securities.

      (3) If specified by the Company with respect to Notes issued or issuable
in the form of a Global Security, the Depositary for such Global Security may
surrender such Global Security in exchange in whole or in part for individual
Notes in definitive form on such terms as are acceptable to the Company and such
Depositary. Thereupon the Company shall execute, and the Trustee or its agent
shall authenticate and deliver, without service charge, (a) to each Person
specified by such Depositary a new Note or Notes of any authorized denomination
as requested by such Person in aggregate principal amount equal to and in
exchange for such Person's beneficial interest in the Global Security; and (b)
to such Depositary a new Global Security in an authorized denomination equal to
the difference, if any, between the principal amount of the surrendered Global
Security and the aggregate principal amount of Notes delivered to the Holders
thereof.

      (4) In any exchange provided for in any of the preceding three paragraphs,
the Company shall execute and the Trustee or its agent shall authenticate and
deliver individual Notes in definitive registered form in authorized
denominations. Upon the exchange of the entire principal amount of a Global
Security for individual Notes, such Global Security shall be canceled by the
Trustee or its agent. Except as provided in the preceding paragraph, Notes
issued in exchange for a Global Security pursuant to this Section shall be
registered in such names and in such authorized denominations as the Depositary
for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee or the Registrar. The
Trustee or the Registrar shall deliver such Notes to the Persons in whose names
such Notes are so registered.


                                       11
<PAGE>

                                  ARTICLE FOUR

                              ADDITIONAL COVENANTS

      SECTION 4.01. Limitations on Liens. The Company shall not, nor shall it
permit any Restricted Subsidiary to, create, assume, incur or suffer to exist
any Lien, upon any of its properties or assets, whether owned on the Exchange
Date or thereafter acquired, unless (1) if such Lien secures Indebtedness which
is pari passu 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, (2) 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 (3) such
Lien is a Permitted Lien (as defined below).

      The following Liens constitute "Permitted Liens":

      (a) Liens on property of a Person existing at the time such Person is
merged into or consolidated with or otherwise acquired by the Company or any
Restricted Subsidiary, provided that such Liens were in existence prior to, and
were not created in contemplation of, such merger, consolidation or acquisitions
and do not extend to any assets other than those of the Person merged into or
consolidated with the Company or a Restricted Subsidiary;

      (b) Liens on property existing at the time of acquisition thereof by the
Company 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;

      (c) Liens imposed by law such as carriers', warehouseman's or mechanics'
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;

      (d) Liens incurred in connection with pollution control, industrial
revenue, water, sewage or any similar bonds;

      (e) 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;

      (f) Liens securing Indebtedness (A) between a Restricted Subsidiary and
the Company, or (B) between Restricted Subsidiaries;

      (g) 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


                                       12
<PAGE>

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 the Company's
business taken as a whole;

      (h) pledges or deposits under workmen'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 the Company or any Restricted Subsidiary is a party, or deposits to
secure public or statutory obligations of the Company or of any Restricted
Subsidiary or deposits for the payment of rent, in each case incurred in the
ordinary course of business;

      (i) Liens granted to any bank or other institution on the payments to be
made to such institution by the Company 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;

      (j) Liens arising solely by virtue of any statutory or common law
provision relating to banker's Liens, rights of set off or similar rights and
remedies;

      (k) Liens arising from the Uniform Commercial Code financing statements
regarding leases;

      (l) Liens securing indebtedness incurred to finance the acquisition,
construction, improvement, development or expansion of a property which is given
within 180 days of the acquisition, construction, improvement, development or
expansion of such property and which is limited to such property;

      (m) Liens incurred in connection with Non-Recourse Indebtedness;

      (n) Liens existing on the Exchange Date;

      (o) 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;

      (p) 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;

      (q) 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 the Company's
properties subject thereto; and


                                       13
<PAGE>

      (r) any extensions, substitutions, modifications, replacements or renewals
of the Permitted Liens described above.

      Notwithstanding the foregoing, the Company may, and may permit any
Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien upon
any of its 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 similar Liens, together with the aggregate net sale proceeds from
all Sale-Leaseback Transactions which are not Permitted Sale-Leaseback
Transactions, does not exceed 20% of the total consolidated stockholders' equity
of the Company as shown on the most recent consolidated balance sheet that is
contained or incorporated in the latest annual report on Form 10-K (or
equivalent report) or quarterly report on Form 10-Q (or equivalent report) filed
with the Securities and Exchange Commission (the "Commission"), and is as of a
date not more than 181 days prior to the date of determination, in the case of
the consolidated balance sheet contained or incorporated in an annual report on
Form 10-K, or 135 days prior to the date of determination, in the case of the
consolidated balance sheet contained in the quarterly report on Form 10-Q;
provided that Indebtedness secured by Permitted Liens shall not be included in
the amount of such secured Indebtedness.

      SECTION 4.02. Sale-Leaseback Transactions. The Company shall not, and
shall not permit any Restricted Subsidiary to, after the date hereof, enter into
any Sale-Leaseback Transaction other than Permitted Sale-Leaseback Transactions
(as defined below). The following Sale-Leaseback Transactions constitute
"Permitted Sale-Leaseback Transactions":

      (1) a Sale-Leaseback Transaction involving the leasing by the Company or
any Subsidiary of model homes in the Company's communities;

      (2) a Sale-Leaseback Transaction relating to a property entered into
within 180 days after the later of the date of acquisition of such property by
the Company or a Restricted Subsidiary or the date of the completion of
construction or commencement of full operations on such property, whichever is
later;

      (3) a Sale-Leaseback Transaction where the Company applies or causes to be
applied an amount equal to the net proceeds of such sale or transfer, within 365
days of receipt thereof, to the retirement or prepayment (other than any
mandatory retirement or prepayment, except mandatory retirements or prepayments
required as a result of such Sale-Leaseback Transaction) of Funded Debt of the
Company or any Restricted Subsidiary which is not, by its terms or the terms of
the instrument by which it was issued, subordinate in right of payment to the
Notes, but only to the extent of the amount of proceeds so applied;

      (4) a Sale-Leaseback Transaction where the Company or any Restricted
Subsidiary would, on the effective date of such sale or transfer, be entitled,
pursuant to this Supplemental 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;


                                       14
<PAGE>

      (5) a Sale-Leaseback Transaction between the Company and any Restricted
Subsidiary or among Significant Subsidiaries, provided that the lessor shall be
the Company or a wholly-owned Restricted Subsidiary; and

      (6) a Sale-Leaseback Transaction which has a lease of no more than three
years in length.

      Notwithstanding the foregoing, the Company 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 the total consolidated stockholders' equity of the Company as
shown on the most recent consolidated balance sheet that is contained or
incorporated in the latest annual report on Form 10-K (or equivalent report) or
quarterly report on Form 10-Q (or equivalent report) filed with the Commission,
and is as of a date not more than 181 days prior to the date of determination,
in the case of the consolidated balance sheet contained or incorporated in an
annual report on Form 10-K, or 135 days prior to the date of determination, in
the case of the consolidated balance sheet contained in the quarterly report on
Form 10-Q.

      SECTION 4.03. Furnishing Guarantees. The Company shall cause any
Subsidiary formed or acquired after the Exchange Date, other than its finance
company Subsidiaries and any foreign Subsidiaries, that guarantees any
Indebtedness of the Company, or guarantees obligations of any other Subsidiary
as a guarantor of any Indebtedness of the Company, other than guarantees by
Subsidiaries of U.S. Home Corporation solely of U.S. Home Corporation's
obligations as a guarantor under the Senior Secured Credit Facilities to become
a Guarantor by causing, as promptly as practicable, but in any event not later
than the earlier of (i) 15 Business Days after the end of the fiscal quarter in
which such Subsidiary was formed or acquired or (ii) the date on which such
Subsidiary becomes a guarantor of any other Indebtedness of the Company or any
Subsidiary, such Subsidiary to execute and deliver to the Trustee a Guarantee in
substantially the form of Exhibit B hereto and the Company shall furnish to the
Trustee an Officers' Certificate stating that all conditions precedent, if any,
provided for in the Indenture and this Supplemental Indenture relating to the
proposed action have been complied with, and an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions precedent have been complied
with.

      Each such Officers' Certificate and Opinion of Counsel provided for in
this Supplemental Indenture and delivered to the Trustee with respect to
compliance with a condition or covenant pursuant to the previous paragraph shall
comply with the provisions of Section 12.05 of the Indenture.


                                       15
<PAGE>

                                  ARTICLE FIVE

                                    REMEDIES

      SECTION 5.01. Additional Events of Default. In addition to the applicable
Events of Default set forth in Section 6.01 of the Indenture, any one of the
following events shall constitute an "Event of Default" hereunder and thereunder
whenever used with respect to the Notes in this Supplemental Indenture (whatever
the reason for such Event of Default and whether it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

      (1) a default by the Company in the payment when due of interest on the
Notes, which default continues for a period of 30 days;

      (2) a default by the Company in the payment when due of the principal or
Redemption Price due with respect to the Notes; (3) a default by the Company or
any Restricted Subsidiary with respect to its obligation to pay Indebtedness for
borrowed money (other than Indebtedness which is non-recourse to the Company or
the Restricted Subsidiary), which default shall have resulted in the
acceleration of, or be a failure to pay at final maturity Indebtedness
aggregating more than $50 million;

      (4) a failure to perform any other covenant or warranty of the Company
herein and in the Indenture, which continues for 30 days after written notice as
provided in Section 6.01 of the Indenture;

      (5) final judgments or orders are rendered against the Company or any
Restricted Subsidiary which require the payment by the Company 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 days and are not being contested in good faith by appropriate
proceedings; or

      (6) any event described in Sections 6.01(4) or 6.01(5) of the Indenture
shall occur with respect to any Restricted Subsidiary.

      SECTION 5.02. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default occurs and is continuing, unless the principal of the Notes has
already become due and payable, the Trustee by notice to the Company, or the
Holders of not less than 25 percent in aggregate principal amount of the Notes
then outstanding by notice to the Company and the Trustee may declare the
outstanding principal of the Notes and any accrued and unpaid interest through
the date of such declaration on all of the Notes to be immediately due and
payable. Upon such a declaration, such outstanding principal amount and accrued
and unpaid interest, if any, shall be due and payable immediately. If an Event
of Default specified in Section 6.01(4) or (5) of the Indenture or Section
5.01(6) of this Supplemental Indenture occurs and is continuing, the outstanding
principal amount of the Notes shall automatically become and be immediately due
and payable without any declaration or other act on the part of the Trustee or
any Holders.


                                       16
<PAGE>

The Holders of a majority in aggregate principal amount of the Notes then
outstanding, on behalf of the Holders of all of the Notes, by notice to the
Company and the Trustee (and without notice to any other Holder), may rescind
any acceleration and its consequences if the rescission would not conflict with
any judgment or decree and if all existing Events of Default have been cured or
waived except nonpayment of the outstanding principal amount of any of the Notes
that has become due solely as a result of acceleration and if all amounts due to
the Trustee under Section 7.07 of the Indenture have been paid. No such
rescission shall affect any subsequent Default or Event of Default or impair any
right consequent thereto.

      In case the Trustee shall have proceeded to enforce any right under this
Supplemental Indenture and such proceedings shall have been discontinued or
abandoned because of such waiver or rescission and annulment or for any other
reason or shall have been determined adversely to the Trustee, then and in every
such case the Company, the Holders of Notes, and the Trustee shall be restored
respectively to their several positions and rights hereunder and all rights,
remedies and powers of the Company, the Holders of Notes, and the Trustee shall
continue as though no such proceeding had been taken.

      The Trustee shall within 90 days after a Trust Officer has knowledge of
the occurrence of a Default or any Event of Default, mail to all Holders, as the
names and addresses of such Holders appear upon the Note register, 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 and
provided that, except in the case of default in the payment of the principal,
interest or Redemption Price, as the case may be, on any of the Notes, the
Trustee shall 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.

      The Holders of a majority in principal amount of the Notes then
outstanding shall have the right to direct the time, method and place of
conducting any proceedings for any remedy available to the Trustee, subject to
the limitations specified in the Indenture.

                                   ARTICLE SIX

                       DISCHARGE OF SUPPLEMENTAL INDENTURE

      Except as set forth in this Article Six to the contrary, the terms in
Article Eight of the Indenture shall govern.

      SECTION 6.01. Discharge of Supplemental Indenture. When (1) the Company
shall deliver to the Trustee for cancellation all Notes theretofore
authenticated (other than any Notes which have been destroyed, lost or stolen
and in lieu of or in substitution for which other Notes shall have been
authenticated and delivered) and not theretofore canceled, or (2) all the Notes
not theretofore canceled or delivered to the Trustee for cancellation shall have
become due and payable, or are by their terms to become due and payable within
one year, and the Company shall deposit with the Trustee, in trust, monies
sufficient to pay at the Final Maturity Date (other than any Notes which shall
have been mutilated, destroyed, lost or stolen and in lieu of or in


                                       17
<PAGE>

substitution for which other Notes shall have been authenticated and delivered)
not theretofore canceled or delivered to the Trustee for cancellation, including
the principal amount and interest accrued to the Final Maturity Date, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then the Indenture and this Supplemental Indenture shall cease to
be of further effect with respect to the Notes (except as to (i) remaining
rights of registration of transfer, substitution and exchange of Notes, (ii)
rights hereunder of Holders to receive payments of the principal amount,
including interest due with respect to the Notes and the other rights, duties
and obligations of Holders, as beneficiaries hereof with respect to the amounts,
if any, so deposited with the Trustee and (iii) the rights, obligations and
immunities of the Trustee hereunder and under the Indenture with respect to the
Notes), and the Trustee, on demand of the Company accompanied by an Officers'
Certificate and an Opinion of Counsel as required by Section 6.03 and at the
cost and expense of the Company, shall execute proper instruments acknowledging
satisfaction of and discharging the Indenture and this Supplemental Indenture
with respect to the Notes; the Company, however, hereby agrees to reimburse the
Trustee for any costs or expenses thereafter reasonably and properly incurred by
the Trustee and to compensate the Trustee for any services thereafter reasonably
and properly rendered by the Trustee in connection with the Indenture with
respect to the Notes, this Supplemental Indenture or the Notes.

      SECTION 6.02. Reinstatement. If the Trustee or the Paying Agent is unable
to apply any money in accordance with Section 8.02 of the Indenture by reason of
any order or judgment of any court of governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company's obligations
under the Indenture and this Supplemental Indenture shall be revived and
reinstated with respect to the Notes as though no deposit had occurred pursuant
to Section 6.01 until such time as the Trustee or the Paying Agent is permitted
to apply all such money in accordance with Section 8.02 of the Indenture,
provided, however, that if the Company makes any payment of principal amount or
Redemption Price of or interest on any Note following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money held by the Trustee or Paying
Agent.

      SECTION 6.03. Officers' Certificate; Opinion of Counsel. Upon any
application or demand by the Company to the Trustee to take any action under
Section 6.01, the Company shall furnish to the Trustee an Officers' Certificate
stating that all conditions precedent, if any, provided for in the Indenture and
this Supplemental Indenture relating to the proposed action have been complied
with, and an Opinion of Counsel stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

      Each such Officers' Certificate and Opinion of Counsel provided for in
this Supplemental Indenture and delivered to the Trustee with respect to
compliance with a condition or covenant pursuant to the previous paragraph shall
comply with the provisions of Section 12.05 of the Indenture.


                                       18
<PAGE>

                                 ARTICLE SEVEN

                             SUPPLEMENTAL INDENTURES

      SECTION 7.01. With Consent of Holders. In addition to those matters
described in Section 9.02 of the Indenture which require the consent of the
Holder so affected to amend, supplement or waive any provision of the Indenture
or this Supplemental Indenture, without the consent of the Holder so affected,
the Company and the Trustee may not:

      (1) without the consent of the Holder of each Note so affected, extend the
fixed maturity of any Note or any installment of interest thereon, reduce the
principal amount, interest rate, Redemption Price, or amount due upon
acceleration, impair the right of a Holder to institute suit for the payment
thereof, change the currency in which the Notes are payable,

      (2) release any Guarantor except as provided in Article Eight hereof, or

      (3) without the consent of the Holders of all of the Notes then
outstanding, reduce the aforesaid percentage of Notes the Holders of which are
required to consent to any such supplemental indenture.

      Except as set forth in this Article Seven to the contrary, the terms in
Article Nine of the Indenture shall govern.

                                 ARTICLE EIGHT

                               GUARANTEE OF NOTES

      SECTION 8.01. Unconditional Guarantee. Each Guarantor, if any, hereby
jointly and severally, unconditionally and irrevocably guarantees (such
guarantee to be referred to herein as a "Guarantee") to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, that: (a) all amounts due with respect to the Notes shall be duly
and punctually paid in full when due, whether at maturity, by acceleration or
otherwise, and interest on the overdue principal and (to the extent permitted by
law) interest, if any, on the Notes and all other obligations of the Company or
the Guarantors to the Holders or the Trustee hereunder or thereunder and all
other obligations shall be promptly paid in full or performed, all in accordance
with the terms hereof and thereof; and (b) in case of any extension of time of
payment or renewal of any Notes or any of such other obligations, the same shall
be promptly paid in full when due or performed in accordance with the terms of
the extension or renewal, whether at maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed, or failing performance of
any other obligation of the Company to the Holders under this Supplemental
Indenture or under the Notes, for whatever reason, each Guarantor shall be
obligated to pay, or to perform or cause the performance of, the same
immediately. An Event of Default under this Supplemental Indenture or the Notes
shall constitute an event of default under this Guarantee, and shall entitle the
Holders of Notes to accelerate the obligations of the Guarantors hereunder in
the same manner and to the same extent as the obligations of the Company.


                                       19
<PAGE>

      Each of the Guarantors hereby agrees that its obligations hereunder shall
be unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Supplemental Indenture, the absence of any action to enforce
the same, any waiver or consent by any Holder of the Notes with respect to any
provisions hereof or thereof, any release of any other Guarantor, the recovery
of any judgment against the Company, any action to enforce the same, whether or
not a Guarantee is affixed to any particular Note, or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor. Each of the Guarantors hereby waives the benefit of diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first
against the Company, protest, notice and all demands whatsoever and covenants
that its Guarantee shall not be discharged except by complete performance of the
obligations contained in the Notes, this Supplemental Indenture, the Indenture
and this Guarantee. This Guarantee is a guarantee of payment and not of
collection. Each Guarantor further agrees that, as between it, on the one hand,
and the Holders of Notes and the Trustee, on the other hand, (a) subject to this
Article Eight, the maturity of the obligations guaranteed hereby may be
accelerated as provided in Article Five hereof for the purposes of this
Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (b) in
the event of any acceleration of such obligations as provided in Article Five
hereof, such obligations (whether or not due and payable) shall forthwith become
due and payable by the Guarantors for the purpose of this Guarantee.

      No stockholder, officer, director, employee or incorporator, past, present
or future, of any Guarantor, as such, shall have any personal liability under
this Guarantee by reason of his, her or its status as such stockholder, officer,
director, employee or incorporator.

      Each Guarantor that makes a payment or distribution under its Guarantee
shall be entitled to a contribution from each other Guarantor in an amount pro
rata, based on the net assets of each Guarantor, determined in accordance with
GAAP.

      SECTION 8.02. Limitations on Guarantees. The obligations of each Guarantor
under its Guarantee will be 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 this Supplemental
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.

      SECTION 8.03. Execution and Delivery of Guarantee. To further evidence the
Guarantee set forth in Section 8.01, each Guarantor hereby agrees to execute and
deliver to the Trustee a Guarantee in substantially the form of Exhibit B
hereto. Such Guarantee shall be executed on behalf of each Guarantor by either
manual or facsimile signature of an officer of each Guarantor, each of whom, in
each case, shall have been duly authorized to so execute by all requisite
corporate action. The validity and enforceability of any Guarantee shall not be
affected by the fact that it is not affixed to any Note or Notes.


                                       20
<PAGE>

      If an officer of a Guarantor whose signature is on this Supplemental
Indenture or a Guarantee no longer holds that office at the time the Trustee
authenticates the Note on which such Guarantee is endorsed or at any time
thereafter, such Guarantor's Guarantee of such Note shall be valid nevertheless.

      The delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Guarantee set forth in this
Supplemental Indenture on behalf of each Guarantor.

      SECTION 8.04. Releases of a Guarantor. (a) If no Default exists or would
exist under the Indenture, upon the sale or disposition of all of the Capital
Stock of a Guarantor by the Company or a Subsidiary of the Company, or upon the
consolidation or merger of a Guarantor with or into any Person (in each case,
other than to the Company or an Affiliate of the Company or Subsidiary), or if
any Guarantor is dissolved or liquidated, such Guarantor and each Subsidiary of
such Guarantor that is also a Guarantor shall be deemed released from all
obligations under this Article Eight without any further action required on the
part of the Trustee or any Holder.

      (b) If any Guarantor is released from its guarantee of the outstanding
Indebtedness of the Company or any "Restricted Subsidiary" (any subsidiary that
is a "Restricted Subsidiary" pursuant to the Indenture, dated as of May 3, 2000,
by and among the Company, the guarantors named therein and the Trustee, relating
to the Company's 9.95% Senior Notes due 2009, whether formed or acquired after
the Exchange Date, that guarantees any outstanding Indebtedness of the Company
or any Subsidiary), such Guarantor shall be automatically released from its
obligations as Guarantor, and from and after such date, such Guarantor shall
cease to constitute a Guarantor.

      (c) The obligations of a Guarantor will be automatically suspended, and
such Guarantor shall not constitute a Guarantor and shall not have any
obligations with regard to the Notes during any period when the principal amount
of the Company's obligations and any Restricted Subsidiary's obligations with
regard to the Company's obligations, in each case other than the Notes and other
Indebtedness containing provisions similar to this, that the Guarantor is
guaranteeing total less than $75 million.

      The Trustee shall execute any documents reasonably requested by the
Company or a Guarantor in order to evidence the release of such Guarantor from
its obligations under its Guarantee endorsed on the Notes under this Article
Eight.

      Nothing contained in the Indenture, this Supplemental Indenture or in any
of the Notes shall prevent any consolidation or merger of a Guarantor with or
into the Company or another Guarantor or shall prevent any sale or conveyance of
the property of a Guarantor as an entirety or substantially as an entirety to
the Company or another Guarantor.

      SECTION 8.05. Waiver of Subrogation. Until this Supplemental Indenture is
discharged and all of the Notes are discharged and paid in full, each Guarantor
hereby irrevocably waives and agrees not to exercise any claim or other rights
which it may now or hereafter acquire against the Company that arise from the
existence, payment, performance or enforcement of the Company's obligations
under the Notes or this Supplemental Indenture and


                                       21
<PAGE>

such Guarantor's obligations under this Guarantee and this Supplemental
Indenture, in any such instance including, without limitation, any right of
subrogation, reimbursement, exoneration, contribution, indemnification, and any
right to participate in any claim or remedy of the Holders against the Company,
whether or not such claim, remedy or right arises in equity, or under contract,
statute or common law, including, without limitation, the right to take or
receive from the Company, directly or indirectly, in cash or other property or
by set-off or in any other manner, payment or security on account of such claim
or other rights. If any amount shall be paid to any Guarantor in violation of
the preceding sentence and any amounts owing to the Trustee or the Holders of
Notes under the Notes, this Supplemental Indenture, or any other document or
instrument delivered under or in connection with such agreements or instruments,
shall not have been paid in full, such amount shall have been deemed to have
been paid to such Guarantor for the benefit of, and held in trust for the
benefit of, the Trustee or the Holders and shall forthwith be paid to the
Trustee for the benefit of itself or such Holders to be credited and applied to
the obligations in favor of the Trustee or the Holders, as the case may be,
whether matured or unmatured, in accordance with the terms of this Supplemental
Indenture. Each Guarantor acknowledges that it will receive direct and indirect
benefits from the financing arrangements contemplated by this Supplemental
Indenture and that the waiver set forth in this Section 8.05 is knowingly made
in contemplation of such benefits.

      SECTION 8.06. No Set-Off. Each payment to be made by a Guarantor hereunder
in respect of the Obligations shall be payable in the currency or currencies in
which such Obligations are denominated, and shall be made without set-off,
counterclaim, reduction or diminution of any kind or nature.

      SECTION 8.07. Obligations Absolute. The obligations of each Guarantor
hereunder are and shall be absolute and unconditional and any monies or amounts
expressed to be owing or payable by each Guarantor hereunder which may not be
recoverable from such Guarantor on the basis of a Guarantee shall be recoverable
from such Guarantor as a primary obligor and principal debtor in respect
thereof.

      SECTION 8.08. Obligations Continuing. The obligations of each Guarantor
hereunder shall be continuing and shall remain in full force and effect until
all the obligations have been paid and satisfied in full. Each Guarantor agrees
with the Trustee that it will from time to time deliver to the Trustee suitable
acknowledgments of its continued liability hereunder and under any other
instrument or instruments in such form as counsel to the Trustee may advise and
as will prevent any action brought against it in respect of any default
hereunder being barred by any statute of limitations now or hereafter in force
and, in the event of the failure of a Guarantor so to do, it hereby irrevocably
appoints the Trustee the attorney and agent of such Guarantor to make, execute
and deliver such written acknowledgment or acknowledgments or other instruments
as may from time to time become necessary or advisable, in the judgment of the
Trustee on the advice of counsel, to fully maintain and keep in force the
liability of such Guarantor hereunder.

      SECTION 8.09. Obligations Not Reduced. The obligations of each Guarantor
hereunder shall not be satisfied, reduced or discharged except solely by the
payment of such principal, premium, if any, interest, fees and other monies or
amounts as may at any time prior to


                                       22
<PAGE>

discharge of this Supplemental Indenture pursuant to Article Six be or become
owing or payable under or by virtue of or otherwise in connection with the Notes
or this Supplemental Indenture.

      SECTION 8.10. Obligations Reinstated. The obligations of each Guarantor
hereunder shall continue to be effective or shall be reinstated, as the case may
be, if at any time any payment which would otherwise have reduced the
obligations of any Guarantor hereunder (whether such payment shall have been
made by or on behalf of the Company or by or on behalf of a Guarantor) is
rescinded or reclaimed from the Trustee or any of the Holders upon the
insolvency, bankruptcy, liquidation or reorganization of the Company or any
Guarantor or otherwise, all as though such payment had not been made. If demand
for, or acceleration of the time for, payment by the Company is stayed upon the
insolvency, bankruptcy, liquidation or reorganization of the Company, all such
Indebtedness otherwise subject to demand for payment or acceleration shall
nonetheless be payable by each Guarantor as provided herein.

      SECTION 8.11. Obligations Not Affected. Except as otherwise provided in
Sections 8.02 and 8.04, the obligations of each Guarantor hereunder shall not be
affected, impaired or diminished in any way by any act, omission, matter or
thing whatsoever, occurring before, upon or after any demand for payment
hereunder (and whether or not known or consented to by any Guarantor or any of
the Holders) which, but for this provision, might constitute a whole or partial
defense to a claim against any Guarantor hereunder or might operate to release
or otherwise exonerate any Guarantor from any of its obligations hereunder or
otherwise affect such obligations, whether occasioned by default of any of the
Holders or otherwise, including, without limitation:

      (1) any limitation of status or power, disability, incapacity or other
circumstance relating to the Company or any other person, including any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition,
dissolution, winding up or other proceeding involving or affecting the Company
or any other person;

      (2) any irregularity, defect, unenforceability or invalidity in respect of
any indebtedness or other obligation of the Company or any other person under
this Supplemental Indenture, the Notes or any other document or instrument;

      (3) any failure of the Company, whether or not without fault on its part,
to perform or comply with any of the provisions of this Supplemental Indenture
or the Notes, or to give notice thereof to a Guarantor;

      (4) the taking or enforcing or exercising or the refusal or neglect to
take or enforce or exercise any right or remedy from or against the Company or
any other Person or their respective assets or the release or discharge of any
such right or remedy;

      (5) the granting of time, renewals, extensions, compromises, concessions,
waivers, releases, discharges and other indulgences to the Company or any other
Person;

      (6) any change in the time, manner or place of payment of, or in any other
term of, any of the Notes, or any other amendment, variation, supplement,
replacement or waiver of, or any


                                       23
<PAGE>

consent to departure from, any of the Notes or this Supplemental Indenture,
including, without limitation, any increase or decrease in any amount due with
respect to any of the Notes;

      (7) any change in the ownership, control, name, objects, businesses,
assets, capital structure or constitution of the Company or a Guarantor;

      (8) any merger or amalgamation of the Company or a Guarantor with any
Person or Persons;

      (9) the occurrence of any change in the laws, rules, regulations or
ordinances of any jurisdiction by any present or future action of any
governmental authority or court amending, varying, reducing or otherwise
affecting, or purporting to amend, vary, reduce or otherwise affect, any of the
Obligations or the obligations of a Guarantor under its Guarantee; and

      (10) any other circumstance (other than by complete, irrevocable payment)
that might otherwise constitute a legal or equitable discharge or defense of the
Company under this Supplemental Indenture or the Notes or of a Guarantor in
respect of its Guarantee hereunder.

      SECTION 8.12. Waiver. Without in any way limiting the provisions of
Section 8.01 hereof, each Guarantor hereby waives notice of acceptance hereof,
notice of any liability of any Guarantor hereunder, notice or proof of reliance
by the Holders upon the obligations of any Guarantor hereunder, and diligence,
presentment, demand for payment on the Company, protest, notice of dishonor or
non-payment of any of the Obligations, or other notice or formalities to the
Company or any Guarantor of any kind whatsoever.

      SECTION 8.13. No Obligation to Take Action Against the Company. Neither
the Trustee nor any other Person shall have any obligation to enforce or exhaust
any rights or remedies or to take any other steps under any security for the
Obligations or against the Company or any other Person or any Property of the
Company or any other Person before the Trustee is entitled to demand payment and
performance by any or all Guarantors of their liabilities and obligations under
their Guarantees or under this Supplemental Indenture.

      SECTION 8.14. Dealing with the Company and Others. The Holders, without
releasing, discharging, limiting or otherwise affecting in whole or in part the
obligations and liabilities of any Guarantor hereunder and without the consent
of or notice to any Guarantor, may:

      (1) grant time, renewals, extension, compromises, concessions, waivers,
releases, discharges and other indulgences to the Company or any other Person;

      (2) take or abstain from taking security or collateral from the Company or
from perfecting security or collateral of the Company;

      (3) release, discharge, compromise, realize, enforce or otherwise deal
with or do any act or thing in respect of (with or without consideration) any
and all collateral, mortgages or other security given by the Company or any
third party with respect to the obligations or matters contemplated by this
Supplemental Indenture or the Notes;


                                       24
<PAGE>

      (4) accept compromises or arrangements from the Company;

      (5) apply all monies at any time received from the Company or from any
security upon such part of the Obligations as the Holders may see fit or change
any such application in whole or in part from time to time as the Holders may
see fit; and

      (6) otherwise deal with, or waive or modify their right to deal with, the
Company and all other Persons and any security as the Holders or the Trustee may
see fit.

      SECTION 8.15. Default and Enforcement. If any Guarantor fails to pay in
accordance with Section 8.01 hereof, the Trustee may proceed in its name as
trustee hereunder in the enforcement of the Guarantee of any such Guarantor and
such Guarantor's obligations thereunder and hereunder by any remedy provided by
law, whether by legal proceedings or otherwise, and to recover from such
Guarantor the obligations.

      SECTION 8.16. Amendment, Etc. No amendment, modification or waiver of any
provision of this Supplemental Indenture relating to any Guarantor or consent to
any departure by any Guarantor or any other Person from any such provision will
in any event be effective unless it is signed by such Guarantor and the Trustee.

      SECTION 8.17. Acknowledgment. Each Guarantor hereby acknowledges
communication of the terms of this Supplemental Indenture and the Notes and
consents to and approves of the same.

      SECTION 8.18. Costs and Expenses. Each Guarantor shall pay on demand by
the Trustee any and all costs, fees and expenses (including, without limitation,
legal fees on a solicitor and client basis) incurred by the Trustee, its agents,
advisors and counsel or any of the Holders in enforcing any of their rights
under any Guarantee.

      SECTION 8.19. No Merger or Waiver; Cumulative Remedies. No Guarantee shall
operate by way of merger of any of the obligations of a Guarantor under any
other agreement, including, without limitation, this Supplemental Indenture. No
failure to exercise and no delay in exercising, on the part of the Trustee or
the Holders, any right, remedy, power or privilege hereunder or under the
Supplemental Indenture or the Notes, shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under this Supplemental Indenture or the Notes preclude any other
or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges in the Guarantee and
under this Supplemental Indenture, the Notes and any other document or
instrument between a Guarantor and/or the Company and the Trustee are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by
law.

      SECTION 8.20. Survival of Obligations. Without prejudice to the survival
of any of the other obligations of each Guarantor hereunder, the obligations of
each Guarantor under Section 10.01 shall survive the payment in full of the
Obligations and shall be enforceable against such Guarantor without regard to
and without giving effect to any defense, right of offset or counterclaim
available to or which may be asserted by the Company or any Guarantor.


                                       25
<PAGE>

      SECTION 8.21. Guarantee in Addition to Other Obligations. The obligations
of each Guarantor under its Guarantee and this Supplemental Indenture are in
addition to and not in substitution for any other obligations to the Trustee or
to any of the Holders in relation to this Supplemental Indenture or the Notes
and any guarantees or security at any time held by or for the benefit of any of
them.

      SECTION 8.22. Severability. Any provision of this Article Eight which is
prohibited or unenforceable in any jurisdiction shall not invalidate the
remaining provisions and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction unless its removal would substantially defeat the basic
intent, spirit and purpose of this Supplemental Indenture and this Article
Eight.

      SECTION 8.23. Successors and Assigns. Each Guarantee shall be binding upon
and inure to the benefit of each Guarantor and the Trustee and the other Holders
and their respective successors and permitted assigns, except that no Guarantor
may assign any of its obligations hereunder or thereunder.

      SECTION 8.24. Acknowledgement under TIA. Each Guarantor acknowledges that,
by virtue of its Guarantee, it is becoming an "obligor" on indenture securities
under the TIA.

                                  ARTICLE NINE

                                  MISCELLANEOUS

      SECTION 9.01. TIA Controls. If any provision hereof limits, qualifies or
conflicts with the duties imposed by Section 310 through 317 of the TIA, the
imposed duties shall control.

      SECTION 9.02. Conflict with Indenture. To the extent not expressly amended
or modified by this Supplemental Indenture, the Indenture shall remain in full
force and effect. If any provision of this Supplemental Indenture relating to
the Notes is inconsistent with any provision of the Indenture, the provision of
this Supplemental Indenture shall control with regard to the Notes.

      SECTION 9.03. Governing Law. This Supplemental Indenture and the Notes
shall be governed by and construed in accordance with the laws of the State of
New York. The Company submits to the jurisdiction of the courts of the State of
New York sitting in the Borough of Manhattan, City of New York, and of the
United States District Court for the Southern District of New York, in any
action or proceeding to enforce any of its obligations under this Supplemental
Indenture or with regard to the Notes, and agrees not to seek a transfer of any
such action or proceeding on the basis of inconvenience of the forum or
otherwise (but the Company shall not be prevented from removing any such action
or proceeding from a state court to the United States District Court for the
Southern District of New York). The Company agrees that process in any such
action or proceeding may be served upon it by registered mail or in any other
manner permitted by the rules of the court in which the action or proceeding is
brought.


                                       26
<PAGE>

      SECTION 9.04. Successors. All agreements of the Company in the Indenture,
this Supplemental Indenture and the Notes shall bind its successors. All
agreements of the Trustee in the Indenture and this Supplemental Indenture shall
bind its successors.

      SECTION 9.05. Counterparts. This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original,
but all such counterparts shall together constitute but one and the same
instrument.


                                       27
<PAGE>


      IN WITNESS WHEREOF, the parties to this Supplemental Indenture have caused
it to be duly executed as of the day and year first above written.

                                       LENNAR CORPORATION

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:


                                       Authorized signatory for each of the
                                       Guarantors listed on Schedule I hereto

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:


                                       J.P. MORGAN TRUST COMPANY, N.A.

                                       By:
                                          --------------------------------------
                                          Name:
                                          Title:
<PAGE>

                                                                       EXHIBIT A

      UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR THE
      INDIVIDUAL NOTES REPRESENTED HEREBY, THIS GLOBAL SECURITY MAY NOT BE
      TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
      DEPOSITARY 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.

                                                                      CUSIP No.:


                               LENNAR CORPORATION

                  SENIOR FLOATING-RATE NOTES DUE 2009, SERIES B

No.                                                          $

      Interest Rate: 3 Month LIBOR Rate plus 0.75% per year.

      Interest Payment Dates: Quarterly on each March 19, June 19, September 19
and December 19, commencing September 19, 2004

      Record Dates: Close of business on the 15th calendar day prior to the
relevant Interest Payment Date (whether or not a Business Day)

      Lennar Corporation, a Delaware corporation (the "Company," which term
includes any successor entities), for value received, promises to pay
to          or registered assigns, on March 19, 2009, the principal amount of
          Dollars ($        ), together with interest thereon as hereinafter
provided.

      Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place.


                                      A-1
<PAGE>
      IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be
duly executed under its corporate seal.

                                         LENNAR CORPORATION

                                         By: _________________________________
                                             Title:
                                             Attest:

                                         By: _________________________________
                                             Title:
[SEAL]

Dated: _____________________

TRUSTEE'S CERTIFICATE OF
  AUTHENTICATION

This is one of the Notes described
in the within-mentioned Indenture
and Supplemental Indenture.

J.P. MORGAN TRUST COMPANY, N.A., as Trustee

By:______________________________
Authorized Signatory


                                      A-2
<PAGE>
                               LENNAR CORPORATION

                  SENIOR FLOATING-RATE NOTES DUE 2009, SERIES B

1.    INTEREST

      The rate at which interest shall be payable on this Note shall be the 3
Month LIBOR Rate plus 0.75% per year. The 3 Month LIBOR Rate will be reset
quarterly on each Interest Payment Date (each, an "Interest Reset Date"),
beginning on September 19, 2004. The following definitions are used in the
calculation of the interest rate:

      "3 Month LIBOR Rate" 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 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 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 a.m., New York City time, on the
second London banking day prior 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.

      "Telerate Page 3750" 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).

      The Calculation Agent will, upon the request of the Holder of any Note,
provide the interest rate then in effect. The Calculation Agent shall be J.P.
Morgan Trust Company, N.A. until such time as the Company appoints 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 the
Company and the Holders of this Note. The Company may appoint a successor
Calculation Agent with the written consent of the Trustee.

      Interest shall be paid quarterly in arrears on each Interest Payment Date
to the Person or Persons in whose name this Note is registered on the Record
Date for such Interest Payment Date; provided that interest payable at Final
Maturity or on a Redemption Date shall be paid to


                                      A-3
<PAGE>
the Person to whom principal is payable. Any such interest that is not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holders on such Record Date and may either be paid to the Person or Persons in
whose name this Note is registered at the close of business on a Special Record
Date ("Special Record Date"), notice whereof shall be given to Holders of this
Note not less than ten (10) days prior to such Special Record Date, or be paid
at any time in any other lawful manner not inconsistent with the requirements of
any securities exchange, if any, on which this Note may be listed, and upon such
notice as may be required by any such exchange, all as more fully provided in
the Indenture.

      Payments of interest on this Note shall include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for this Note
shall be computed and paid on the basis of a 360-day year and the actual number
of days elapsed. In the event that any Interest Payment Date on this Note is not
a Business Day (other than an Interest Payment Date that falls on the Final
Maturity or a Redemption Date), then such Interest Payment Date will be
postponed to the next succeeding day that is a Business Day. If the Interest
Payment Date falling on the Final Maturity 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.

      All percentages resulting from any calculation of the interest rate with
respect to this Note 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).

2.    METHOD OF PAYMENT

      Subject to the terms and conditions of the Supplemental Indenture, the
Company shall (a) pay interest on the Notes (except defaulted interest) to the
Persons who are the registered Holders of Notes at the close of business on the
Record Date immediately preceding the Interest Payment Date even if the Notes
are canceled transferred or exchanged after such Record Date, and (b) make all
other payments in respect of the Notes to the Persons who are registered Holders
of Notes at the close of business on the Business Day preceding the Redemption
Date or Final Maturity, as the case may be. Holders must surrender Notes to a
Paying Agent to collect such payments in respect of the Notes referred to in
clause (b) of the preceding sentence. The Company shall pay cash amounts in
money of the United States that at the time of payment is legal tender for
payment of public and private debts. However, the Company may make the cash
payments by check payable in such money.

3.    PAYING AGENT, REGISTRAR AND CALCULATION AGENT

      Initially, J.P. Morgan Trust Company, N.A., a national banking association
(the "Trustee"), shall act as Paying Agent, Registrar and Calculation Agent. The
Company may appoint and change any Paying Agent, Registrar or co-registrar
without notice, other than notice to the Trustee. The Company or any of its
Subsidiaries or any of their Affiliates may act as Paying Agent, Registrar or
coregistrar.


                                      A-4
<PAGE>
4.    SUPPLEMENTAL INDENTURE

      The Company issued the Notes under the Eighth Supplemental Indenture (the
"Supplemental Indenture"), dated as of __________, 2004, among the Company, the
Guarantors named therein and the Trustee, and the Indenture. Capitalized terms
used herein and not defined herein have the meanings ascribed thereto in the
Supplemental Indenture. The Notes are subject to all such terms, and Holders are
referred to the Supplemental Indenture and the Indenture for a statement of
those terms.

      The Notes are general unsecured, unsubordinated obligations of the Company
in the aggregate principal amount of $300,000,000 to be issued on the Exchange
Date; provided that, the Company may, without the consent of the Holders, issue
additional Notes under this Supplemental Indenture at any time thereafter. The
Indenture and the Supplemental Indenture do not limit other indebtedness of the
Company.

5.    REDEMPTION AT THE OPTION OF THE COMPANY

      No sinking fund is provided for the Notes. The Notes are redeemable in
whole or in part on any Interest Payment Date on or after March 19, 2006 at the
option of the Company at a Redemption Price equal to 100% of their principal
amount plus accrued and unpaid interest to the Redemption Date. In determining
the Redemption Price and accrued interest, interest will be calculated on the
basis of a 360-day year for the actual number of days elapsed.

6.    NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY

      Notice of redemption at the option of the Company shall be mailed at least
30 days but not more than 60 days before the Redemption Date to each Holder of
Notes to be redeemed at the Holder's registered address. If money sufficient to
pay the Redemption Price of all Notes (or portions thereof) to be redeemed on
the Redemption Date is deposited with the Paying Agent prior to or on the
Redemption Date, interest ceases to accrue on such Notes or portions thereof on
and after such date. Notes in denominations larger than $1,000 may be redeemed
in part but only in integral multiples of $1,000.

7.    RANKING

      The Notes shall be direct, unsecured obligations of the Company and shall
rank pari passu in right of payment with all other unsecured and unsubordinated
indebtedness of the Company.

8.    DENOMINATIONS; TRANSFER; EXCHANGE

      The Notes are in registered form, without coupons, in denominations of
$1,000 and integral multiplies of $1,000. A Holder may transfer Notes in
accordance with the Supplemental Indenture and the Indenture. The Registrar may
require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and to pay any governmental taxes and fees required by law or
permitted by the Supplemental Indenture. The Registrar need not transfer or
exchange any Notes selected for redemption (except, in the case of a Note to be
redeemed in


                                      A-5
<PAGE>
part, the portion of the Note not to be redeemed) or any Notes for a period of
15 days before any selection of Notes to be redeemed.

9.    PERSONS DEEMED OWNERS

      The registered Holder of this Note may be treated as the owner of this
Note for all purposes.

10.   UNCLAIMED MONEY OR PROPERTY

      The Trustee and the Paying Agent shall return to the Company upon written
request any money or property held by them for the payment of any amount with
respect to the Notes that remains unclaimed for two years, provided, however,
that the Trustee or such Paying Agent, before being required to make any such
return, shall at the expense of the Company cause to be published once in a
newspaper of general circulation in The City of New York or mail to each such
Holder notice that such money or property remains unclaimed and that, after a
date specified therein, which shall not be less than 30 days from the date of
such publication or mailing, any unclaimed money or property then remaining
shall be returned to the Company. After return to the Company, Holders entitled
to the money or property must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another Person.

11.   AMENDMENT; WAIVER

      Subject to certain exceptions set forth in the Indenture and the
Supplemental Indenture, (i) the Supplemental Indenture or the Notes may be
amended with the written consent of the Holders of at least a majority in
aggregate principal amount of the Notes at the time outstanding and (ii) certain
defaults or noncompliance with certain provisions may be waived with the written
consent of the Holders of a majority in aggregate principal amount of the Notes
at the time outstanding. Subject to certain exceptions set forth in the
Indenture and the Supplemental Indenture, without the consent of any Holder, the
Company and the Trustee may amend the Supplemental Indenture or the Notes to
cure any ambiguity, defect or inconsistency, to make any change that does not
adversely affect the right of any Holder, to convey, transfer, assign, mortgage
or pledge to the Trustee as security for the Notes any property or assets, to
evidence the succession of another corporation to the company (or successive
successions) and the assumption by the successor corporation of the covenants,
agreements and obligations of the Company, to add to the covenants of the
Company such further covenants, restrictions or conditions as the Board of
Directors and the Trustee shall consider to be for the benefit of the Holders of
Notes, and to make the occurrence, or the occurrence and continuance, of a
default in any such additional covenants, restrictions or conditions a Default
or an Event of Default permitting the enforcement of all or any of the several
remedies provided in the Supplemental Indenture and the Indenture, to evidence
and provide for the acceptance of appointment hereunder by a successor Trustee
with respect to the Notes, or to modify, eliminate or add to the provisions of
the Supplemental Indenture to such extent as shall be necessary for the
Supplemental Indenture to comply with the TIA, or under any similar federal
statute hereafter enacted.


                                      A-6
<PAGE>
12.   DEFAULTS AND REMEDIES

      Under the Supplemental Indenture, Events of Default include (i) a default
by the Company in the payment of any interest which continues for more than 30
days after the due date, (ii) a default by the Company in the payment of any
principal or Redemption Price due with respect to the Notes; (iii) a default by
the Company or any Restricted Subsidiary with respect to its obligation to pay
Indebtedness for borrowed money (other than Indebtedness which is non-recourse
to the Company or the Restricted Subsidiary), which default shall have resulted
in the acceleration of, or be a failure to pay at final maturity Indebtedness
aggregating more than $50 million; (iv) a failure to perform any other covenant
or warranty of the Company herein and in the Indenture, which continues for 30
days after written notice as provided in Section 6.01 of the Indenture; (v)
final judgments or orders are rendered against the Company or any Restricted
Subsidiary which require the payment by the Company 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
days and are not being contested in good faith by appropriate proceedings; and
(vi) any event described in Sections 6.01(4) or 6.01(5) of the Indenture with
respect to the Company or any Restricted Subsidiary. If an Event of Default
occurs and is continuing, the Trustee, or the Holders of at least 25% in
aggregate principal amount of the Notes at the time outstanding, may declare the
outstanding principal of the Notes and any accrued and unpaid interest through
the date of such declaration on all of the Notes to be immediately due and
payable. Certain events of bankruptcy or insolvency are Events of Default which
shall result in the outstanding principal amount of all Notes being declared due
and payable immediately upon the occurrence of such Events of Default.

      Holders may not enforce the Supplemental Indenture, the Indenture or the
Notes except as provided in the Indenture and the Supplemental Indenture. The
Trustee may refuse to enforce the Indenture, the Supplemental Indenture and the
Notes unless it receives reasonable indemnity or security. Subject to certain
limitations, conditions and exceptions, Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may direct the Trustee in
its exercise of any trust or power, including the annulment of a declaration of
acceleration. The Trustee may withhold from Holders notice of any continuing
default (except a default in payment of amounts specified in clauses (i) and
(ii) above) if it determines that withholding notice is in their interests.

13.   TRUSTEE DEALINGS WITH THE COMPANY

      The Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with and collect
obligations owed to it by the Company or its Affiliates and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were
not Trustee.

14.   NO RECOURSE AGAINST OTHERS

      A director, officer, or employee, as such, of the Company or any
Subsidiary, the Indenture or any stockholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Notes or the
Supplemental Indenture or for any claim


                                      A-7
<PAGE>
based on, in respect of or by reason of such obligations or their creation. By
accepting a Note, each Holder waives and releases all such liability. The waiver
and release are part of the consideration for the issue of the Notes.

15.   GUARANTEES

      This Note will be entitled to the benefits of certain Guarantees, if any,
made for the benefit of the Holders. Reference is hereby made to the
Supplemental Indenture for a statement of the respective rights, limitations of
rights, duties and obligations thereunder of the Guarantors, the Trustee and the
Holders.

16.   AUTHENTICATION

      This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee's Certificate of Authentication on the other side of
this Note.

17.   ABBREVIATIONS

      Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TENANT (=tenants by the
entireties), JT TEN (=joint tenants with right of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

18.   GOVERNING LAW

      THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE SUPPLEMENTAL INDENTURE
AND THIS NOTE.

      The Company shall furnish to any Holder upon written request and without
charge a copy of the Supplemental Indenture which has in it the text of this
Note in larger type. Requests may be made to:

      Lennar Corporation
      700 N.W. 107th Avenue
      Miami, Florida  33172
      Attn:  Chief Financial Officer


                                      A-8
<PAGE>
                                   ASSIGNMENT

      For value received ________________ hereby sell(s), assign(s) and
transfer(s) unto _____________ (Please insert social security or other Taxpayer
Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints __________ attorney to transfer the said Note on the
books of the Company, with full power of substitution in the premises.

Dated:

                                     _________________________________________
                                                   Signature(s)

                                     NOTICE: The above signatures of the
                                     holder(s) hereof must correspond with the
                                     name as written upon the face of the Note
                                     in every particular without alteration or
                                     enlargement or any change whatever.

                                     _________________________________________
                                                Signature Guarantee

Signature must be guaranteed by an "eligible guarantor institution," that is, a
bank, stockbroker, savings and loan association or credit union meeting the
requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934.


                                      A-9
<PAGE>
                                                                       EXHIBIT B

                                    GUARANTEE

      For value received, the undersigned each hereby unconditionally
guarantees, as principal obligor and not only as a surety, to the Holders of the
Notes the cash payments in United States Dollars of any amounts due with respect
to the Notes in the amounts and at the times when due and interest on all
overdue amounts, if lawful, and the payment or performance of all other
obligations of the Company under the Supplemental Indenture (as defined below)
or the Notes, to the Holder of this Note and the Trustee, all in accordance with
and subject to the terms and limitations of this Note, Article Eight of the
Supplemental Indenture and this Guarantee. This Guarantee will become effective
in accordance with Article Eight of the Supplemental Indenture and its terms
shall be evidenced therein. The validity and enforceability of any Guarantee
shall not be affected by the fact that it is not affixed to any particular Note.

      Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Eighth Supplemental Indenture, dated as of _________,
2004, among Lennar Corporation, a Delaware corporation, the Guarantors named
therein and J.P. Morgan Trust Company, N.A., as trustee (the "Trustee"), as
amended or supplemented (the "Supplemental Indenture").

      The obligations of the undersigned to the Holders of Notes and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article Eight of the Supplemental Indenture and reference is hereby made to the
Indenture for the precise terms of the Guarantee and all of the other provisions
of the Indenture to which this Guarantee relates.

      THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS
OF LAW. Each Guarantor hereby agrees to submit to the jurisdiction of the courts
of the State of New York in any action or proceeding arising out of or relating
to this Guarantee.

      This Guarantee is subject to release upon the terms set forth in the
Supplemental Indenture.

      The undersigned acknowledges that this Guarantee is subject to the TIA and
the undersigned agrees to discharge its duties under the TIA.

      IN WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly
executed.

Dated: _____________________________

                                    [GUARANTOR],
                                       as Guarantor

                                    By: ___________________________________


                                       B-1
<PAGE>
                                        Name:
                                        Title:

                                    By: ___________________________________
                                        Name:
                                        Title:


                                       B-2

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>y98642exv5w1.txt
<DESCRIPTION>OPINION OF CLIFFORD CHANCE US LLP
<TEXT>
<PAGE>
                                                                     Exhibit 5.1


                     [LETTERHEAD OF CLIFFORD CHANCE US LLP]


                                                     DIRECT TEL  +1 212 878 8000
                                                     DIRECT FAX  +1 212 878 8375


June __, 2004

Lennar Corporation
700 N.W. 107th Avenue
Miami, Florida  33172

Ladies and Gentlemen:

      We have acted as counsel for Lennar Corporation (the "Company") in
connection with a registration statement on Form S-4 (the "Registration
Statement") relating to a proposed offer by the Company to exchange $300,000,000
aggregate principal amount of Senior Floating-Rate Notes due 2009, Series B
("New Notes") of the Company for a like amount of previously issued Senior
Floating-Rate Notes due 2009 ("Initial Notes"). The New Notes will be issued
pursuant to the Eighth Supplemental Indenture dated as of June _, 2004, to the
indenture dated December 31, 1997, between the Company and J.P. Morgan Trust
Company, N.A. (as successor to First National Bank of Chicago, N.A.) as trustee.

      Based on the foregoing, and such examination of law as we have deemed
necessary, we are of the opinion that when New Notes are issued in exchange for
Initial Notes in the manner set forth in the Registration Statement, the New
Notes and the guarantees of the New Notes will be binding obligations of the
Company and the guarantors respectively.

      We consent to the use of this opinion as an exhibit to the Registration
Statement and to the reference to our firm under the heading "Legal Matters" in
the prospectus included in the Registration Statement.

Very truly yours,

/s/ Clifford Chance US LLP

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>6
<FILENAME>y98642exv12w1.htm
<DESCRIPTION>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML>
<HEAD>
<TITLE>COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">Computation of Earnings to Fixed Charges<BR>
(Dollars in thousands)

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three Months Ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Fiscal Years Ended November 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 29,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1999</B><HR size="1" noshade></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings from continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Pre-tax earnings from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">223,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,207,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">875,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">679,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,477</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Adjustments to pre-tax earnings from continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Interest capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,417</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,750</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(129,517</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(126,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(127,544</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(117,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(54,792</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Adjustment for undistributed earnings and losses of unconsolidated 50% or less owned entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,809</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(618</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(8,197</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Previously capitalized interest amortized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,202</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&#147;Earnings&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">260,876</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,384,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,053,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">829,690</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">506,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,519</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fixed Charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">32,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,908</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Interest component of rent expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&#147;Fixed Charges&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,361</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,020</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Earnings to Fixed Charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>7
<FILENAME>y98642exv23w2.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>CONSENT OF DELOITTE & TOUCHE LLP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;23.2


<P align="center" style="font-size: 10pt"><B>Consent of Independent
Registered Public Accounting Firm</B>



<P align="left" style="font-size: 10pt">The Board of Directors<BR>
Lennar Corporation

<P align="left" style="font-size: 10pt">We consent to the incorporation by reference in this Registration Statement No.
333-XXXXX of Lennar Corporation on Form S-4 of our reports dated February&nbsp;27,
2004, appearing in the Annual Report on Form 10-K of Lennar Corporation for the
year ended November&nbsp;30, 2003, and to the reference to us under the heading
&#147;Experts&#148; in the Prospectus, which is part of this Registration Statement.



<P align="left" style="font-size: 10pt">/s/
Deloitte&nbsp;&#38;&nbsp;Touche LLP<BR>
&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Miami, Florida<BR>
June&nbsp;29, 2004



<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>8
<FILENAME>y98642exv99w5.txt
<DESCRIPTION>FORM OF CONSENT AND LETTER OF TRANSMITTAL
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.5

                    FORM OF CONSENT AND LETTER OF TRANSMITTAL
                  TO EXCHANGE AND TO GIVE CONSENT IN RESPECT OF
                       SENIOR FLOATING-RATE NOTES DUE 2009
                                       FOR
                  SENIOR FLOATING-RATE NOTES DUE 2009, SERIES B
                  (REGISTERED UNDER THE SECURITIES ACT OF 1933)
                                       OF
                               LENNAR CORPORATION


THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON [     ],
2004, UNLESS IT IS EXTENDED. IF HOLDERS OF A MAJORITY IN PRINCIPAL AMOUNT OF THE
NOTES CONSENT TO THE AMENDMENT OF THE SEVENTH SUPPLEMENTAL INDENTURE, LENNAR
CORPORATION WILL EXECUTE AN AMENDMENT TO THE SEVENTH SUPPLEMENTAL INDENTURE.
LENNAR CORPORATION WILL MAKE A PUBLIC ANNOUNCEMENT, BY PRESS RELEASE, OF THE
DATE THAT IT INTENDS TO EXECUTE AN AMENDMENT TO THE SEVENTH SUPPLEMENTAL
INDENTURE AT LEAST ONE BUSINESS DAY BEFORE THE AMENDMENT IS SIGNED. YOU MAY
WITHDRAW TENDERED NOTES AND REVOKE THE RELATED CONSENTS ON OR BEFORE 5:00 P.M.
ON THE DATE THAT THE AMENDMENT IS SIGNED, BUT YOU MAY NOT WITHDRAW THE NOTES OR
REVOKE THE CONSENTS AFTER THAT DATE.

                 J.P. MORGAN TRUST COMPANY, N.A., EXCHANGE AGENT

<TABLE>
<S>                                 <C>                                    <C>
By Mail:                            By Hand:                               By Overnight Courier:
J.P. Morgan Trust Company, N.A.     J.P. Morgan Trust Company, N.A.        J.P. Morgan Trust Company, N.A.
[                             ]     [                             ]        [                             ]
New York, NY [     ]                New York, NY [     ]                   New York, NY [     ]
Attn: [      ]                      Attn: [           ]                    Attn: [           ]
</TABLE>

Delivery of this instrument to an address other than as set forth above will not
constitute a valid delivery.

        This Consent and Letter of Transmittal is to be used to submit Senior
Floating-Rate Notes ("Initial Notes") of Lennar Corporation ("Lennar") for
Senior Floating-Rate Notes , Series B ("New Notes") of Lennar. This Consent and
Letter of Transmittal must be delivered to J.P. Morgan Trust Company, as
exchange agent (the "Exchange Agent"). Delivery of this Consent and Letter of
Transmittal to DTC does not constitute delivery of the Initial Notes to the
Exchange Agent.

      BY EXECUTING THIS CONSENT AND LETTER OF TRANSMITTAL, THE UNDERSIGNED (A)
CONSENTS TO THE AMENDMENT TO THE SEVENTH SUPPLEMENTAL INDENTURE, AS DESCRIBED
MORE FULLY IN THE PROSPECTUS DATED          , 2004 ("THE PROSPECTUS") AND (B)
WAIVES ANY DEFAULT UNDER THE SEVENTH SUPPLEMENTAL INDENTURE BECAUSE THE
REGISTRATION STATEMENT REQUIRED BY THE CURRENT SECTION 4.03 OF THE SEVENTH
SUPPLEMENTAL INDENTURE WAS NOT FILED BY MARCH 31, 2004.

<PAGE>

HOLDERS OF THE INITIAL NOTES MAY NOT DELIVER CONSENTS WITHOUT TENDERING THE
INITIAL NOTES. THE EXCHANGE OFFER IS MADE UPON THE TERMS AND SUBJECT TO THE
CONDITIONS SET FORTH IN THE PROSPECTUS AND IN THIS CONSENT AND LETTER OF
TRANSMITTAL. HOLDERS SHOULD CAREFULLY REVIEW THE INFORMATION SET FORTH IN EACH
DOCUMENT.

      ALL CAPITALIZED TERMS USED HEREIN AND NOT DEFINED HEREIN SHALL HAVE THE
MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS.

      The undersigned must complete, execute and deliver this Consent and Letter
of Transmittal to indicate the action the undersigned desires to take, or have
taken, with respect to the exchange offer.

           [THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

<PAGE>

        THE INITIAL NOTES MUST BE DELIVERED BY BOOK-ENTRY TRANSFER TO THE
        EXCHANGE AGENT'S ACCOUNT AT DTC, YOU MUST COMPLETE THE FOLLOWING:

Account Number at DTC:

___________________________________
Transaction Code Number:

___________________________________

<PAGE>

                   DESCRIPTION OF THE INITIAL NOTES SUBMITTED

<TABLE>
<CAPTION>
NAME(S) AND ADDRESS(ES) OF           INITIAL NOTES SUBMITTED AND
  REGISTERED HOLDER(S)              AS TO WHICH CONSENTS ARE GIVEN
(PLEASE FILL IN, IF BLANK)       (ATTACH ADDITIONAL LIST IF NECESSARY)
--------------------------      ----------------------------------------
                                                     PRINCIPAL AMOUNT OF
                                                        INITIAL NOTES
                                PRINCIPAL AMOUNT OF        SUBMITTED
                                   INITIAL NOTES     (IF LESS THAN ALL)*
                                -------------------  --------------------
<S>                             <C>                  <C>
                                _________________________________________

                                _________________________________________

                                _________________________________________

                                _________________________________________

                                _________________________________________

                                Total Amount of
                                Initial Notes:  _________________________
</TABLE>

-------------------------
*     Initial Notes may be tendered in whole or in part in denominations of
      $1,000 and integral multiples thereof. Unless otherwise indicated it will
      be assumed that all Initial Notes described above are being submitted.

<PAGE>

                    NOTE: SIGNATURES MUST BE PROVIDED BELOW.

              PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.

LADIES AND GENTLEMEN:

By execution hereof, upon the terms and subject to the conditions of the
exchange offer set forth in the accompanying Prospectus, the undersigned hereby
(a) tenders to Lennar the principal amount of Initial Notes indicated in the
table above, (b) consents to the proposed amendment, as more fully described in
the Prospectus, and to the execution and delivery of an Amendment to the Seventh
Supplemental Indenture, dated March 19, 2004, to the Indenture dated December
31, 1997, between Lennar and J.P. Morgan Trust Company, N.A. (as successor to
First National Bank of Chicago, N.A., as trustee) (the "Amendment") and
(c) waives any default under the Seventh Supplemental Indenture because the
registration statement required by the current Section 4.03 of the Seventh
Supplemental Indenture was not filed by March 31, 2004 (hereby revoking any
previously submitted withdrawal or revocation).

Subject to, and effective upon, the acceptance for exchange of the Initial Notes
tendered herewith in accordance with the terms, and subject to the conditions
of, the exchange offer, the undersigned hereby sells, assigns and transfers to,
or upon the order of, Lennar, all right, title and interest in and to the
Initial Notes tendered hereby and consents to the proposed amendment to the
indenture. The undersigned hereby irrevocably constitutes and appoints the
Exchange Agent the true and lawful agent and attorney-in-fact of the undersigned
(with full knowledge that the Exchange Agent also acts as the agent of Lennar
and the trustee under the indenture) with respect to such Initial Notes, with
full powers of substitution and revocation (such power-of-attorney being deemed
to be an irrevocable power coupled with an interest), to (1) present such
Initial Notes and all evidences of transfer and authenticity to, or transfer
ownership of, such Initial Notes on the account books maintained by DTC to, or
upon the order of, Lennar, (2) present such Initial Notes for transfer of
ownership on the books of the relevant security register, (3) receive all
benefits and otherwise exercise all rights of beneficial ownership of such
Initial Notes and (4) deliver to Lennar and the trustee this Consent and Letter
of Transmittal as evidence of the undersigned's consent to the proposed
amendment to the indenture and as certification that the requisite consent to
the proposed amendment to the indenture and waiver duly executed by holders have
been received, all in accordance with the terms of and conditions to the
exchange offer.

If the undersigned is not the registered holder, or such holder's legal
representative or attorney-in-fact, of the Initial Notes representing the
amounts listed in the box above labeled "Description of the Initial Notes
Submitted," then, in order for a consent to be valid, the undersigned will have
to (1) obtain a properly completed irrevocable proxy (a "Consent Proxy") that
authorizes the undersigned (or the undersigned's legal representative or
attorney-in-fact) to deliver consent to the amendment to the indenture in
respect of such Initial Notes on behalf of the holder thereof and (2) deliver
such Consent Proxy with this Consent and Letter of Transmittal.

By the execution and delivery of this Consent and Letter of Transmittal, the
undersigned is (a) tendering to Lennar the principal amount of Initial Notes
indicated in the table above, (b) consenting with respect to the Initial Notes
tendered hereby, to the proposed amendment to the Seventh Supplemental
Indenture, as more fully described in the Prospectus, and (c) is waiving, with
respect to the Initial Notes tendered hereby, any default under the Seventh
Supplemental Indenture because the registration statement required by the
current Section 4.03 of the Seventh Supplemental Indenture was not filed by
March 31, 2004. The undersigned understands that the consent provided hereby
shall remain in full force and effect until such consent is revoked in
accordance with the procedures set forth in the exchange offer. The undersigned
understands that, except as provided below and in the exchange offer, consents
may not be revoked after 5:00 p.m., New York City time, on ______________, 2004.
Lennar intends to execute the Amendment at or promptly following 5:00 p.m., New
York City time, ______________, 2004. Although the Amendment will become
effective upon

<PAGE>

execution by Lennar and the trustee, the proposed amendment will not become
operative until the opening of business on the date of exchange of the Initial
Notes.

The undersigned understands that tenders of Initial Notes may be withdrawn, and
consents may be revoked, by written notice of withdrawal received by the
Exchange Agent at any time at or prior to 5:00 p.m., New York City time, on
______________, 2004. IF A HOLDER WHO HAS TENDERED INITIAL NOTES SUBSEQUENTLY
EFFECTS A VALID WITHDRAWAL OF A PRIOR TENDER OF INITIAL NOTES, THAT WILL
CONSTITUTE A CONCURRENT REVOCATION OF THE HOLDER'S CONSENT.

If Lennar terminates the exchange offer, then any Initial Notes tendered
pursuant to the exchange offer and not accepted for exchange will be credited to
the account maintained at DTC from which such Initial Notes were delivered, and
the Amendment will not become effective. Notwithstanding any termination of the
exchange offer, Lennar reserves the right to exchange any Initial Notes tendered
pursuant hereto. If Lennar makes a material change in the terms of the exchange
offer or the information concerning the exchange offer or waives a material
condition of the exchange offer, then Lennar will disseminate additional
material in respect of the exchange offer and will extend the exchange offer to
the extent required by law.

The undersigned understands that for a withdrawal of a tender of the Initial
Notes and the concurrent revocation of consents to be effective, a written or
facsimile notice of withdrawal or a Request Message (as defined below) must be
timely received by the Exchange Agent at its address set forth on the front
cover of this Consent and Letter of Transmittal, at or prior to 5:00 p.m., New
York City time, on ______________, 2004. Any such notice of withdrawal must (1)
specify the name of the person who tendered the Initial Notes to be withdrawn,
(2) contain the aggregate principal amount represented by such Initial Notes and
(3) be signed by the holder of such Initial Notes in the same manner as the
original signature on the Consent and Letter of Transmittal by which such
Initial Notes were tendered (including any required signature guarantees) or be
accompanied by (a) documents of transfer sufficient to have the trustee register
the transfer of the Initial Notes into the name of the person withdrawing such
Initial Notes and (b) a properly completed irrevocable proxy that authorizes
such person to effect the revocation on behalf of such holder. In lieu of
submitting a written or facsimile notice of withdrawal or revocation, DTC
participants may electronically transmit a request for withdrawal or revocation
to DTC. DTC will then verify the request and send a Request Message to the
Exchange Agent. A withdrawal of Initial Notes and the concurrent revocation of
consents can only be accomplished in accordance with these procedures.

The undersigned understands that the tender of the Initial Notes pursuant to any
of the procedures described in the prospectus and in the Instructions to this
document (and any subsequent acceptance of such Initial Notes by Lennar) will
constitute a binding agreement between the undersigned and Lennar in accordance
with the terms, and subject to the conditions, set forth in the prospectus, this
Consent and Letter of Transmittal and, if applicable, the Notice of Guaranteed
Delivery.

The undersigned represents and warrants that the undersigned has full power and
authority to exchange the Initial Notes tendered hereby and to give the consent
contained herein, and that, when such tendered Initial Notes are accepted for
exchange by Lennar, Lennar will acquire good title thereto, free and clear of
all liens, restrictions, charges and encumbrances and not subject to any adverse
claim or right. The undersigned will, upon request, execute and deliver any
additional documents deemed by the Exchange Agent or by Lennar to be necessary
or desirable to complete the transfer of the Initial Notes tendered

<PAGE>

hereby, to perfect the undersigned's consent to the proposed amendment to the
indenture or to complete the execution of the Amendment.

For purposes of the Exchange Offer, the undersigned understands that validly
tendered Initial Notes (or defectively tendered Initial Notes with respect to
which Lennar has waived, or has caused to be waived, such defect) will be deemed
to have been accepted for exchange if, as and when Lennar gives oral (confirmed
in writing) or written notice thereof to the Exchange Agent. For purposes of the
consent solicitation, consents received by the Exchange Agent will be deemed to
have been accepted if, as and when (1) Lennar and the trustee execute the
Amendment at or promptly following 5:00 p.m., New York City time, on
______________, 2004 and (2) Lennar has accepted the Initial Notes for exchange
pursuant to the exchange offer.

All authority conferred or agreed to be conferred by this Consent and Letter of
Transmittal shall not be affected by, and shall survive, the death or incapacity
of the undersigned, and every obligation of the undersigned under this Consent
and Letter of Transmittal shall be binding upon the undersigned's heirs,
personal representatives, executors, administrators, successors, assigns,
trustees in bankruptcy and other legal representatives.

The undersigned understands that the delivery and surrender of the Initial Notes
is not effective, and the risk of loss of the Initial Notes does not pass to the
Exchange Agent, until receipt by the Exchange Agent of (a) (1) this Consent and
Letter of Transmittal (or a manually signed facsimile copy hereof) properly
completed and duly executed, together with all accompanying evidences of
authority, or (2) a properly transmitted Agent's Message, and (b) all other
required documents in form satisfactory to Lennar. All questions as to the form
of documents and the validity (including the timeliness of receipt or delivery)
and acceptance of (1) tenders and withdrawals of Initial Notes and (2)
deliveries and revocations of consents will be determined by Lennar, in its sole
discretion, which determination shall be final and binding.

If the box captioned "Special Issuance Instructions" is completed, please issue
and deliver the confirmation of book-entry transfer as indicated. Lennar
noteholders who deliver Initial Notes to be exchanged by book-entry transfer
may, by making an appropriate entry under "Special Issuance Instructions,"
request that any Initial Notes which are not accepted for exchange be returned
by crediting a different account at DTC. The undersigned is aware that Lennar
has no obligation because of Special Issuance Instructions or otherwise to
transfer any Initial Notes which are not accepted for exchange from the name of
the registered holder of those Initial Notes to the name of another person.

<PAGE>

                                PLEASE SIGN HERE

    (To Be Completed By All Tendering and Consenting holders of Initial Notes
              Who Complete the Substitute Form W-9 Contained Herein

      THE COMPLETION, EXECUTION AND DELIVERY OF THIS CONSENT AND LETTER OF
TRANSMITTAL WILL BE DEEMED TO CONSTITUTE A CONSENT TO THE PROPOSED AMENDMENT.

      This Consent and Letter of Transmittal must be signed by the registered
holder(s) of the Initial Notes exactly as the name(s) of such holder(s)
appear(s) on a security position listing as the owner of the Initial Notes, or
by person(s) authorized to become registered holder(s) by bond powers
transmitted with this Consent and Letter of Transmittal. Endorsements on the
Initial Notes and signatures on bond powers by registered holders not executing
this Consent and Letter of Transmittal must be guaranteed by an Eligible
Institution. See Instruction 4 below. If this Consent and Letter of Transmittal
is signed by a trustee, executor, administrator, guardian, attorney-in-fact,
officer or other person acting in a fiduciary or representative capacity, such
person must set forth his or her full title below under "Capacity" and submit
evidence satisfactory to Lennar of such person's authority to so act. See
Instruction 4 below.

      IF THE SIGNATURE APPEARING BELOW IS NOT OF THE REGISTERED HOLDER(S) OF THE
INITIAL NOTES, THEN THE REGISTERED HOLDER(S) MUST SIGN A CONSENT PROXY, WHICH
SIGNATURE MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION. THE CONSENT PROXY
SHOULD ACCOMPANY THIS CONSENT AND LETTER OF TRANSMITTAL.

X  _____________________________________________________________________________

X  _____________________________________________________________________________
          Signature(s) of Registered holder(s) or Authorized Signatory

Dated: ___________________, 2004

Name(s):  ______________________________________________________________________

          ______________________________________________________________________
                                 (Please Print)

Capacity: ______________________________________________________________________

Address:  ______________________________________________________________________
                              (Including Zip Code)

Area Code and Telephone No.:____________________________________________________

Tax Identification or
Social Security No.:____________________________________________________________

                  SIGNATURE GUARANTEE (SEE INSTRUCTION 4 BELOW)
        CERTAIN SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION

________________________________________________________________________________
             Name of Eligible Institution Guaranteeing signature(s))

________________________________________________________________________________
   (Address (including zip code) and Telephone Number (including area code) of
                              eligible institution)

________________________________________________________________________________
                             (Authorized Signature)

________________________________________________________________________________
                                 (Printed Name)

________________________________________________________________________________
                                     (Title)

Dated: ___________________, 2004

<PAGE>

                          SPECIAL ISSUANCE INSTRUCTIONS

To be completed ONLY if the New Notes or the Initial Notes which are not
accepted for exchange are to be issued in the name of someone other than the
undersigned, or if the Initial Notes delivered by book-entry transfer which are
not accepted for exchange are to be returned by credit to an account at DTC
other than that designated above.

Issue:   [ ] New Notes

         [ ] Initial Notes not accepted for exchange

to:

Name

_______________________________
(PLEASE PRINT)

Address

_______________________________
_______________________________
_______________________________
(INCLUDE ZIP CODE)

_______________________________
(TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER.)

[ ]   Credit Initial Notes which were delivered by book-entry transfer and are
      not accepted for exchange to the following DTC account:

_______________________________
(ACCOUNT NUMBER)

<PAGE>

                                  INSTRUCTIONS
                 FORMING PART OF THE TERMS OF THE EXCHANGE OFFER

      1. GUARANTEE OF SIGNATURES. No signature guarantee is required on this
Consent and Letter of Transmittal if (i) this Consent and Letter of Transmittal
is signed by the registered holder of the Initial Notes to be exchanged (which,
for purposes of this document, includes any participant in DTC whose name
appears on a security position listing as the owner of the Initial Notes to be
exchanged) unless the holder has completed the box entitled "Special Issuance
Instructions" or (ii) the Initial Notes to be exchanged are submitted for the
account of a member firm of a registered national securities exchange or a
member of the National Association of Securities Dealers, Inc. or by a
commercial bank or trust company which has an office or correspondent in the
United States (collectively, "Eligible Institutions"). In all other cases, all
signatures on this Consent and Letter of Transmittal must be guaranteed by an
Eligible Institution. See Instruction 4.

      2. DELIVERY OF CONSENT AND LETTER OF TRANSMITTAL AND CERTIFICATES. This
Consent and Letter of Transmittal is to be completed by noteholders even though
the Initial Notes are being submitted in accordance with the procedures for
delivery by book-entry transfer described in the Exchange Instructions. The
Exchange Agent must receive, at or before the Expiration Time, confirmation by
DTC of transfer of the Initial Notes to be exchanged to an account of the
Exchange Agent, together with a properly completed and executed Consent and
Letter of Transmittal.

      Submission may not be conditional or contingent. Holders who tender
Initial Notes in response to the Exchange Offer will automatically consent to
the proposed amendment. The method of delivery of this Consent and Letter of
Transmittal and confirmation of delivery of the Initial Notes to be exchanged
through DTC, is at the option and risk of the exchanging noteholder. Delivery
will not be deemed made until items are actually received by the Exchange Agent.
If delivery is by mail, registered mail with return receipt requested, properly
insured, is recommended.

      3. INADEQUATE SPACE. If the space provided in this Consent and Letter of
Transmittal is inadequate, the numbers of the Initial Notes being submitted for
exchange should be listed on a separate signed schedule, which should be
attached to this Consent and Letter of Transmittal.

      4. SIGNATURES ON CONSENT AND LETTER OF TRANSMITTAL. The signature(s) on
this Consent and Letter of Transmittal must correspond exactly with the name(s)
in which the Initial Notes to be exchanged are held.

      If the Initial Notes to be exchanged are owned of record by two or more
joint owners, all the owners must sign this Consent and Letter of Transmittal.

      If this Consent and Letter of Transmittal is signed by a trustee,
executor, administrator, guardian, attorney-in-fact, officer of a corporation or
other person acting in a fiduciary or representative capacity, that person
should so indicate when signing, and submit evidence satisfactory to Lennar of
the person's authority so to act.

      5. TRANSFER TAXES. Except as set forth in this Instruction 5, Lennar will
pay any transfer taxes with respect to the transfer to it of the Initial Notes
to be exchanged. If the New Notes or the Initial Notes which are not accepted
for exchange are to be credited to an account at DTC other than the account
designated above, the New Notes will not be issued until Lennar or the Exchange
Agent receives satisfactory evidence of the payment of, or an exemption from the
need to pay, transfer taxes.

<PAGE>

      6. SPECIAL ISSUANCE INSTRUCTIONS. Noteholders may request that the New
Notes and the Initial Notes which are not accepted for exchange be credited to
an account at DTC which the noteholder designates. If no instructions are given,
notes tendered by book-entry transfer which are not accepted for exchange will
be returned by crediting the account at DTC designated above.

      7. REQUESTS FOR ASSISTANCE OR ADDITIONAL COPIES. Requests for assistance
may be directed to, or additional copies of the prospectus and this Consent and
Letter of Transmittal may be obtained from, Lennar Corporation Attention:
Director of Investor Relations at 700 Northwest 107th Avenue, Miami Beach,
Florida, 33172, or from your broker, dealer, commercial bank or trust company.

      8. WAIVER OF REQUIREMENTS. The requirements described above may be waived
by Lennar, in whole or in part, at any time and from time to time, in Lennar's
sole discretion, and may be waived as to the Initial Notes submitted by
particular noteholders, even if similar requirements are not waived as to other
noteholders.

IMPORTANT: THIS CONSENT AND LETTER OF TRANSMITTAL, TOGETHER WITH CONFIRMATION OF
BOOK-ENTRY TRANSFER, MUST BE RECEIVED BY THE EXCHANGE AGENT BEFORE 5:00 P.M.,
NEW YORK CITY TIME, ON
[     ], 2004.

<PAGE>

                       (DO NOT WRITE IN THE SPACES BELOW)

Date received:                 Accepted by:              Checked by:

_____________________________  _______________________   _______________________

<TABLE>
<CAPTION>
INITIAL NOTES    INITIAL NOTES                        INITIAL NOTES
  SUBMITTED        ACCEPTED        NEW NOTES ISSUED      RETURNED     BLOCK NO.
-------------    -------------     ----------------   -------------   ---------
<S>              <C>               <C>                <C>             <C>
_____________    _____________     ________________   _____________   _________

_____________    _____________     ________________   _____________   _________

_____________    _____________     ________________   _____________   _________
</TABLE>

Delivery Prepared by:          Checked by:               Date:

_____________________________  _______________________   _______________________


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>9
<FILENAME>y98642exv99w6.txt
<DESCRIPTION>FORM OF NOTICE OF GUARANTEED DELIVERY
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.6

                      FORM OF NOTICE OF GUARANTEED DELIVERY

      THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you
are in any doubt as to the action to be taken, you should seek your own
financial advice from your own independent financial advisor.

                          NOTICE OF GUARANTEED DELIVERY
                                       FOR
                       SENIOR FLOATING-RATE NOTES DUE 2009
                                 IN EXCHANGE FOR
                  SENIOR FLOATING-RATE NOTES DUE 2009, SERIES B
                                       OF
                               LENNAR CORPORATION

Holders of outstanding Senior Floating-Rate Notes due 2009 (the "Initial Notes")
who wish to tender their Initial Notes in exchange for a like principal amount
of Senior Floating-Rate Notes due 2009, Series B (the "New Notes") who cannot
deliver their Consent and Letter of Transmittal (and any other documents
required by the Consent and Letter of Transmittal) to J.P. Morgan Trust Company,
N.A. (the "Exchange Agent") prior to the expiration date, may use this Notice of
Guaranteed Delivery or one substantially equivalent hereto. This Notice of
Guaranteed Delivery may be delivered by hand or sent by facsimile transmission
(receipt confirmed by telephone and an original delivered by guaranteed
overnight courier) or mail to the Exchange Agent. See "The Exchange Offer --
Procedures for Tendering Notes and Delivering Consents" in the prospectus.

<PAGE>

                  THE EXCHANGE AGENT OF THE EXCHANGE OFFER IS:

                         J.P. MORGAN TRUST COMPANY, N.A.

By Hand:                             By Mail:

J.P. Morgan Trust Company, N.A.      J.P. Morgan Trust Company, N.A.
[                     ]              [                     ]
New York, NY [     ]                 New York, NY [     ]
Attention:  [       ]                Attention:  [       ]

By Overnight Express:                By Facsimile:

J.P. Morgan Trust Company, N.A.      (212) [      ]
[                    ]               Attention:  [       ]
New York, NY [     ]
Attention:  [      ]

      DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE, OR TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE TRANSMISSION
OTHER THAN AS SET FORTH ABOVE, WILL NOT CONSTITUTE A VALID DELIVERY.

      THIS FORM IS NOT TO BE USED TO GUARANTEE SIGNATURES. IF THE INSTRUCTIONS
TO THE CONSENT AND LETTER OF TRANSMITTAL REQUIRE THAT THE SIGNATURE ON THE
CONSENT AND LETTER OF TRANSMITTAL BE GUARANTEED BY AN "ELIGIBLE INSTITUTION,"
THAT SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE
SIGNATURE BOX ON THE CONSENT AND LETTER OF TRANSMITTAL.

<PAGE>

LADIES AND GENTLEMEN:

      The undersigned hereby tenders to the Lennar Corporation ("Lennar"), upon
the terms and subject to the conditions set forth in the prospectus dated
__________, 2004, and the related Consent and Letter of Transmittal, receipt of
each of which is hereby acknowledged, the Initial Notes specified below using
the guaranteed delivery procedures set forth in the prospectus under the caption
"The Exchange Offer -- Guaranteed Delivery Procedures."

                            PLEASE SIGN AND COMPLETE

This Notice of Guaranteed Delivery must be signed by the holder(s) of Initial
Notes exactly as the name of the applicable DTC participant's name appears on a
security position listing as the owner of Initial Notes, or by person(s)
authorized to become holder(s) by endorsements and documents transmitted with
this Notice of Guaranteed Delivery. If the signature appearing below is not of
the holder(s) of the Initial Notes, then in order to validly surrender the
Initial Notes the holder(s) must sign a valid proxy. If the signature is by a
trustee, executor, administrator, guardian, attorney-in-fact, officer or other
person acting in a fiduciary or representative capacity, that person must set
forth his or her name, address and capacity as indicated below and may be
required to submit evidence satisfactory to Lennar of that person's authority to
so act.

Aggregate Principal Amount of                Name(s) of Holder(s):
Initial Notes Surrendered:_________________

                                             ___________________________________
                                             ___________________________________
                                             ___________________________________

                                             Address of Holder(s):
Certificate Nos. (if available):___________
                                             ___________________________________
Window Ticket No. (if any):________________
                                             ___________________________________

                                             ___________________________________

                                             ___________________________________

Check box if Initial Notes will be
tendered by Book-Entry Transfer:

                                             Area Code and Tel. No:_____________

[ ] The Depository Trust Company             Names of Authorized Signatory:_____

                                             Capacity:__________________________

Account Number:____________________________  Address of Authorized Signatory:___
                                             ___________________________________
                                             ___________________________________
                                             ___________________________________

                                             Area Code and Tel. No.:____________

                                             Signature(s) of Holder(s) or
                                             Authorized Signatory:______________

Transaction Code Number:___________________  ___________________________________

Dated:_____________________________________  ___________________________________

<PAGE>

                  THE GUARANTEE ON THIS PAGE MUST BE COMPLETED.

                                    GUARANTEE

                    (Not to be used for signature guarantee)

The undersigned bank, broker, dealer, credit union, savings association or other
member entity of the Securities Transfer Agents' Medallion Program, the Stock
Exchange Medallion Program or the New York Stock Exchange Medallion Signature
Program (each of the foregoing entities being referred to as an "Eligible
Institution") hereby guarantees to deliver to the Exchange Agent at one of its
addresses set forth in the Notice of Guaranteed Delivery (i) book-entry
confirmation of the transfer of the Initial Notes into the Exchange Agent's
account at DTC pursuant to the procedures set forth in the prospectus, or (ii)
either (x) a properly completed and duly executed Consent and Letter of
Transmittal (or a manually signed facsimile copy thereof) or (y) a properly
transmitted Agent's Message and (z) all other documents required by the Consent
and Letter of Transmittal or the Agent's Message, in each case, within three New
York Stock Exchange trading days after the date of this Guarantee.

The Eligible Institution that completes this form must communicate the guarantee
to the Exchange Agent and must deliver all applicable, letters, confirmations,
messages and other documents to the Exchange Agent within the time period shown
herein. Failure to do so could result in financial loss to such Eligible
Institution.

Name of Firm:______________________________  ___________________________________
                                                    (Authorized Signature)
Address:___________________________________
                                             Name:______________________________
___________________________________________                (Please Print)

___________________________________________

___________________________________________  Title:_____________________________

Area Code and Tel. No.:____________________  Date:______________________________


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>10
<FILENAME>y98642exv99w7.txt
<DESCRIPTION>FORM OF EXCHANGE AGENT AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.7

                        FORM OF EXCHANGE AGENT AGREEMENT

____________, 2004

EXCHANGE AGENT AGREEMENT

J.P. Morgan Trust Company, N.A.

Dear :

Lennar Corporation, a Delaware corporation (the "Company"), proposes to make an
offer (the "Exchange Offer") to exchange up to $300,000,000 aggregate principal
amount of its Senior Floating-Rate Notes due 2009 (the "Initial Notes"), for a
like principal amount of Senior Floating-Rate Notes due 2009, Series B (the "New
Notes"). The terms and conditions of the Exchange Offer are set forth in a
prospectus (the "Prospectus") included in the Company's registration statement
on form S-4 (File No. 333- ) (the "Registration Statement"), filed with the
Securities and Exchange Commission (the "SEC"), proposed to be distributed to
all record holders of the New Notes. The New Notes and the Initial Notes are
collectively referred to herein as the "Notes." Capitalized terms used herein
and not defined shall have the respective meanings ascribed to them in the
Prospectus.

The Company hereby appoints J.P. Morgan Trust Company, N.A. to act as exchange
agent (the "Exchange Agent") in connection with the Exchange Offer. References
hereinafter to "you" shall refer to J.P. Morgan Trust Company, N.A.

The Exchange Offer is expected to be commenced by the Company on or about
___________, 2004. The Consent and Letter of Transmittal accompanying the
Prospectus is to be used by the holders of the Initial Notes to accept the
Exchange Offer and contains instructions with respect to the delivery of
certificates for Initial Notes tendered.

The Exchange Offer shall expire at 5:00 P.M., New York City time, on __________,
2004, or on such later date or time to which the Company may extend the Exchange
Offer (the "Expiration Date"). Subject to the terms and conditions set forth in
the Prospectus, the Company expressly reserves the right to extend the Exchange
Offer from time to time and may extend the Exchange Offer by giving oral
(confirmed in writing) or written notice to you before 9:00 A.M., New York City
time, on the next business day after the previously scheduled Expiration Date.

The Company expressly reserves the right, in its sole discretion, to amend or
terminate the Exchange Offer, and not to accept for exchange any Initial Notes
not theretofore accepted for exchange. The Company will give oral (confirmed in
writing) or written notice of any amendment, termination or non-acceptance to
you as promptly as practicable.

In carrying out your duties as Exchange Agent, you are to act in accordance with
the following instructions:

      1. You will perform such duties and only such duties as are specifically
set forth in the section of the Prospectus captioned "The Exchange Offer," in
the Consent and Letter of Transmittal

<PAGE>

accompanying the Prospectus or as specifically set forth herein; provided,
however, that in no way will your general duty to act in good faith and without
gross negligence or willful misconduct be limited by the foregoing.

      2. You will establish an account with respect to the Initial Notes at The
Depository Trust Company (the "Book-Entry Transfer Facility") for purposes of
the Exchange Offer within two business days after the date of the Prospectus,
and any financial institution that is a participant in the Book-Entry Transfer
Facility's systems may make book-entry delivery of the Initial Notes by causing
the Book-Entry Transfer Facility to transfer such Initial Notes into your
account in accordance with the Book-Entry Transfer Facility's procedures for
such transfer.

      3. You are to examine each of the Consents and Letters of Transmittal and
confirmations of book-entry transfers of Initial Notes into your account at the
Book-Entry Transfer Facility and any other documents delivered or mailed to you
by or for holders of the Initial Notes, to ascertain whether: (i) the Consents
and Letters of Transmittal, and any such other documents are duly executed and
properly completed in accordance with instructions set forth therein and that
such book-entry confirmations are in due and proper form and contain the
information required to be set forth therein, and (ii) the Initial Notes have
otherwise been properly tendered. In each case where the Consent and Letter of
Transmittal or any other document has been improperly completed or executed, or
where book-entry confirmations are not in due and proper form or omit certain
information, or some other irregularity in connection with the acceptance of the
Exchange Offer exists, you will endeavor to inform the presenters of the need
for fulfillment of all requirements and to take any other action as may be
necessary or advisable to cause such irregularity to be corrected.

      4. With the approval of the Chairman, the President and Chief Executive
Officer, any of the Executive Vice Presidents or the General Counsel of the
Company (such approval, if given orally, to be confirmed in writing) or any
other person designated by such an officer in writing, you are authorized to
waive any irregularities in connection with any tendency of Initial Notes
pursuant to the Exchange Offer.

      5. Tenders of Initial Notes may be made only as set forth in the Consent
and Letter of Transmittal and in the section of the Prospectus captioned "The
Exchange Offer -- Procedures for Tendering Notes and Delivering Consents," and
Initial Notes shall be considered properly tendered by you only when tendered in
accordance with the procedures set forth therein. Notwithstanding the provisions
of this paragraph 5, Initial Notes which the Chairman, the President and Chief
Executive Officer, any of the Executive Vice Presidents or the General Counsel
or any other officer of the Company designated by any such person shall approve
as having been properly tendered shall be considered to be properly tendered
(such approval, if given orally, shall be confirmed in writing).

      6. You shall advise the Company with respect to any Initial Notes received
subsequent to the Expiration Date and accept its instructions with respect to
disposition of such Initial Notes.

      7. You shall accept tenders:

            (a) in cases where the Initial Notes are registered in two or more
names only if signed by all named holders;

            (b) in cases where the signing person (as indicated on the Consent
and Letter of Transmittal) is acting in a fiduciary or a representative capacity
only when proper evidence of his or her authority so to act is submitted; and

<PAGE>

            (c) from persons other than the registered holder of Initial Notes
provided that customary transfer requirements, including those regarding any
applicable transfer taxes, are fulfilled.

      You shall accept partial tenders of Initial Notes when so indicated and as
permitted in the Consent and Letter of Transmittal and return any untendered
Initial Notes to the holder (or such other person as may be designated in the
Consent and Letter of Transmittal) as promptly as practicable after expiration
or termination of the Exchange Offer.

      8. Upon satisfaction or waiver of all of the conditions to the Exchange
Offer, the Company will notify you (such notice if given orally, to be confirmed
in writing) of its acceptance, promptly after the Expiration Date, of all
Initial Notes properly tendered and you, on behalf of the Company, will exchange
such Initial Notes for New Notes and cause such Initial Notes to be canceled.
Delivery of New Notes will be made on behalf of the Company by you at the rate
of $1,000 principal amount of New Notes for each $1,000 principal amount of the
Initial Notes tendered promptly after notice (such notice if given orally, to be
confirmed in writing) of acceptance of said Initial Notes by the Company;
provided, however, that in all cases, Initial Notes tendered pursuant to the
Exchange Offer will be exchanged only after timely receipt by you of
confirmation of book-entry transfer into your account at the Book-Entry Transfer
Facility, a properly completed and, except as described in the section of the
Prospectus captioned "The Exchange Offer -- Procedures for Tendering Notes and
Delivering Consents," duly executed Consent and Letter of Transmittal (or
facsimile thereof) with any required signature guarantees and any other required
documents. Unless otherwise instructed by the Company, you shall issue New Notes
only in denominations of $1,000 or any integral multiple thereof.

      9. Tenders pursuant to the Exchange Offer are irrevocable, except that,
subject to the terms and upon the conditions set forth in the section of the
Prospectus captioned "The Exchange Offer -- Withdrawal of Tenders and Consents"
and the Consent and Letter of Transmittal, Initial Notes tendered pursuant to
the Exchange Offer may be withdrawn at any time on or prior to the Expiration
Date in accordance with the terms of the Exchange Offer.

      10. The Company shall not be required to exchange any Initial Notes
tendered if any of the conditions set forth in the Exchange Offer are not met.
Notice of any decision by the Company not to exchange any Initial Notes tendered
shall be given (and confirmed in writing) by the Company to you.

      11. If, pursuant to the Exchange Offer, the Company does not accept for
exchange all or part of the Initial Notes tendered because of an invalid tender,
the occurrence of certain other events set forth in the Prospectus or otherwise,
you shall as soon as practicable after the expiration or termination of the
Exchange Offer return those unaccepted Initial Notes by appropriate book-entry
transfer, together with any related required documents and the Consents and
Letters of Transmittal relating thereto that are in your possession, to the
persons who surrendered them.

      12. You are not authorized to pay or offer to pay any concessions,
commissions or other solicitation fees to any broker, dealer, commercial bank,
trust company or other nominee or to engage or use any person to solicit
tenders.

      13. As Exchange Agent hereunder, you:

            (a) shall have no duties or obligations other than those
specifically set forth in the Prospectus, the Consent and Letter of Transmittal
or herein or as may be subsequently agreed to in writing by you and the Company;

<PAGE>

            (b) will be regarded as making no representations and having no
responsibilities as to the validity, sufficiency, value or genuineness of any of
the certificates for the Initial Notes deposited with you pursuant to the
Exchange Offer, and will not be required to and will make no representation as
to the validity, value or genuineness of the Exchange Offer;

            (c) will not be obligated to take any legal action hereunder which
might in your reasonable judgment involve any expense or liability, unless you
will have been furnished with reasonable indemnity;

            (d) may rely on and will be protected in acting in reliance upon any
certificate, instrument, opinion, notice, letter, telegram or other document or
security delivered to you and reasonably believed by you to be genuine and to
have been signed by the proper party or parties;

            (e) may act upon any tender, statement, request, comment, agreement
or other instrument whatsoever not only as to its due execution and validity and
effectiveness of its provisions, but also as to the truth and accuracy of any
information contained therein, which you shall in good faith believe to be
genuine or to have been signed or represented by a proper person or persons;

            (f) may rely on and shall be protected in acting upon written or
oral instructions from any officer of the Company;

            (g) may consult with your counsel with respect to any questions
relating to your duties and responsibilities, and the written opinion of such
counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by you hereunder in good faith
and in accordance with the written opinion of such counsel; and

            (h) will not advise any person tendering Initial Notes pursuant to
the Exchange Offer as to whether to tender or refrain from tendering all or any
portion of Initial Notes or as to the market value, decline or appreciation in
market value of any Initial Notes that may or may not occur as a result of the
Exchange Offer or as to the market value of the New Notes;

provided, however, that in no way will your general duty to act in good faith
and without gross negligence or willful misconduct be limited by the foregoing.

      14. You will take such action as may from time to time be requested by the
Company or its counsel (and such other action as you may reasonably deem
appropriate) to furnish copies of the Prospectus, Consent and Letter of
Transmittal and the Notice of Guaranteed Delivery (as defined in the Prospectus)
or such other forms as may be approved from time to time by the Company, to all
persons requesting such documents and to accept and comply with telephone
requests for information relating to the Exchange Offer, provided that such
information shall relate only to the procedures for accepting (or withdrawing
from) the Exchange Offer. The Company will furnish you with copies of such
documents at your request.

      15. You will advise by facsimile transmission or telephone, and promptly
thereafter confirm in writing to Benjamin P. Butterfield of the Company
(telephone number (305) 559-4000, facsimile number (305) 229-6650), and such
other person or persons as the Company may request, daily up to and including
the Expiration Date as to the aggregate principal amount of Initial Notes which
have been duly tendered pursuant to the Exchange Offer and the items received by
you pursuant to the Exchange Offer and this Agreement, separately reporting and
giving cumulative totals as to items properly received and items

<PAGE>

improperly received. In addition, you will also inform, and cooperate in making
available to, the Company or any such other person or persons upon oral request
made from time to time prior to the Expiration Date of such other information as
it or he or she reasonably requests. Such cooperation shall include, without
limitation, the granting by you to the Company and such person as the Company
may request of access to those persons on your staff who are responsible for
receiving tenders, in order to ensure that immediately prior to the Expiration
Date the Company shall have received information in sufficient detail to enable
it to decide whether to extend the Exchange Offer. You shall prepare a final
list of all persons whose tenders were accepted, the aggregate principal amount
of Initial Notes tendered, the aggregate principal amount of Initial Notes
accepted and the identity of any Participating Broker-Dealers and the aggregate
principal amount of New Notes delivered to each, and deliver said list to the
Company.

      16. Consents and Letters of Transmittal, book-entry confirmations and
Notices of Guaranteed Delivery received by you shall be preserved by you for a
period of time at least equal to the period of time you preserve other records
pertaining to the transfer of securities, or one year, whichever is longer, and
thereafter shall be delivered by you to the Company. You shall dispose of unused
Consents and Letters of Transmittal and other surplus materials as instructed by
the Company.

      17. You hereby expressly waive any lien, encumbrance or right of set-off
whatsoever that you may have with respect to funds deposited with you for the
payment of transfer taxes by reasons of amounts, if any, borrowed by the
Company, or any of its subsidiaries or affiliates pursuant to any loan or credit
agreement with you or for compensation owed to you hereunder.

      18. For services rendered as Exchange Agent hereunder, you shall be
entitled to such compensation as set forth on Schedule I attached hereto.

      19. You hereby acknowledge receipt of the Prospectus and the Consent and
Letter of Transmittal and further acknowledge that you have examined each of
them. Any inconsistency between this Agreement, on the one hand, and the
Prospectus and the Consent and Letter of Transmittal (as they may be amended
from time to time), on the other hand, shall be resolved in favor of the latter
two documents, except with respect to the duties, liabilities and
indemnification of you as Exchange Agent, which shall be controlled by this
Agreement.

      20. The Company covenants and agrees to indemnify and hold you harmless in
your capacity as Exchange Agent hereunder against any loss, liability, cost or
expense, including attorneys' fees and expenses arising out of or in connection
with any act, omission, delay or refusal made by you in reliance upon any
signature, endorsement, assignment, certificate, order, request, notice,
instruction or other instrument or document reasonably believed by you to be
valid, genuine and sufficient and in accepting any tender or effecting any
transfer of Initial Notes reasonably believed by you in good faith to be
authorized, and in delaying or refusing in good faith to accept any tenders or
effect any transfer of Initial Notes; provided, however, that anything in this
Agreement to the contrary notwithstanding, the Company shall not be liable for
indemnification or otherwise for any loss, liability, cost or expense to the
extent arising out of your gross negligence or willful misconduct. In no case
shall the Company be liable under this indemnity with respect to any claim
against you unless the Company shall be notified by you, by letter or cable or
by facsimile which is confirmed by letter, of the written assertion of a claim
against you or of any other action commenced against you, promptly after you
shall have received any such written assertion or notice of commencement of
action. The Company shall be entitled to participate, at its own expense, in the
defense of any such claim or other action, and, if the Company so elects, the
Company may assume the defense of any pending or threatened action against you
in respect of which indemnification may be sought hereunder, in which case the
Company shall not thereafter be responsible

<PAGE>

for the subsequently-incurred fees and disbursements of legal counsel for you
under this paragraph so long as the Company shall retain counsel reasonably
satisfactory to you to defend such suit; provided, that the Company shall not be
entitled to assume the defense of any such action if the named parties to such
action include both you and the Company and representation of both parties by
the same legal counsel would, in the written opinion of your counsel, be
inappropriate due to actual or potential conflicting interests between you and
the Company. You understand and agree that the Company shall not be liable under
this paragraph for the fees and expenses of more than one legal counsel for you.

      21. You shall arrange to comply with all requirements under the tax laws
of the United States, including those relating to missing Tax Identification
Numbers, and shall file any appropriate reports with the Internal Revenue
Service. The Company understands that you are required, in certain instances, to
deduct twenty-eight percent (28%) with respect to interest paid on the New Notes
and proceeds from the sale, exchange, redemption or retirement of the New Notes
from holders who have not supplied their correct Taxpayer Identification Number
or required certification. Such funds will be turned over to the Internal
Revenue Service in accordance with applicable regulations.

      22. You shall notify the Company of the amount of any transfer taxes
payable in respect of the exchange of Initial Notes and, upon receipt of a
written approval from the Company, shall deliver or cause to be delivered, in a
timely manner to each governmental authority to which any transfer taxes are
payable in respect of the exchange of Initial Notes, your check in the amount of
all transfer taxes so payable, and the Company shall reimburse you for the
amount of any and all transfer taxes payable in respect of the exchange of
Initial Notes; provided, however, that you shall reimburse the Company for
amounts refunded to you in respect of your payment of any such transfer taxes,
at such time as such refund is received by you.

      23. This Agreement and your appointment as Exchange Agent hereunder shall
be construed and enforced in accordance with the laws of the State of New York
applicable to agreements made and to be performed entirely within such state,
and without regard to conflicts of law principles that would apply the law of
any other jurisdictions.

      24. This Agreement shall be binding upon and inure solely to the benefit
of each party hereto and nothing in this Agreement, express or implied, is
intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement. Without
limitation of the foregoing, the parties hereto expressly agree that no holder
of Initial Notes or New Notes shall have any right, benefit or remedy of any
nature whatsoever under, or by reason of, this Agreement.

      25. This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original, and all of which taken together shall
constitute one and the same agreement.

      26. In case any provision of this Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

      27. This Agreement shall not be deemed or construed to be modified,
amended, rescinded, canceled or waived, in whole or in part except by a written
instrument signed by a duly authorized representative of the party to be
charged.

<PAGE>

      28. Unless otherwise provided herein, all notices, requests and other
communications to any party hereunder shall be in writing (including facsimile
or similar writing) and shall be given to such party, addressed to it, at its
address or fax number set forth below:

      if to the Company, to:

           Lennar Corporation
           700 Northwest 107th Avenue
           Miami, Florida 33172
           Telephone:(305) 559-4000
           Fax: (305) 229-6650
           Attention: Benjamin P. Butterfield

      with a copy to:

           Clifford Chance US LLP
           31 West 52nd Street
           New York, New York 10166
           Telephone: (212) 878-8000
           Fax: (212) 878-8375
           Attention: David W. Bernstein, Esq.

      If to the Exchange Agent, to:

           J.P. Morgan Trust Company, N.A.
           [            ]
           New York, NY [   ]
           Telephone:(212)[      ]
           Fax:(212)[       ]
           Attention: [          ]

      29. Unless terminated earlier by the parties hereto, this Agreement shall
terminate 90 days following the Expiration Date. Notwithstanding the foregoing,
paragraphs 17, 19, 21 and 23 shall survive the termination of this Agreement.
Upon any termination of this Agreement, you shall promptly deliver to the
Company any funds or property then held by you as Exchange Agent under this
Agreement.

      30. This Agreement shall be binding and effective as of the date hereof.

<PAGE>

Please acknowledge receipt of this Agreement and confirm the arrangements herein
provided by signing and returning the enclosed copy.

                                        LENNAR CORPORATION

                                        By:_____________________________________
                                           Name: Stuart Miller
                                           Title: President and Chief Executive
                                                  Officer

                                        Accepted as of the date first above
                                        written:

                                        _____________________, as Exchange Agent

                                        By:_____________________________________
                                           Name:
                                           Title:

</TEXT>
</DOCUMENT>
</SUBMISSION>
