<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-008141
<TYPE>S-3
<PUBLIC-DOCUMENT-COUNT>6
<FILING-DATE>20040702
<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-3
<ACT>33
<FILE-NUMBER>333-117090
<FILM-NUMBER>04896791
</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-3
<SEQUENCE>1
<FILENAME>e97385s3sv3.htm
<DESCRIPTION>FORM S-3
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM S-3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<P align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on July&nbsp;1, 2004



<DIV align="right" style="font-size: 10pt">Registration No. __________
</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: 14pt"><B>UNITED STATES</B>
</DIV>

<DIV align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>
<DIV align="center" style="font-size: 12pt"><B>WASHINGTON, DC 20549</B>
</DIV>

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

<DIV align="center" style="font-size: 18pt"><B>FORM S-3</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>REGISTRATION STATEMENT</B></DIV>

<DIV align="center" style="font-size: 12pt"><B>UNDER</B></DIV>

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


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



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


<P align="center" style="font-size: 10pt">Co-registrants are listed on the following pages.<BR>
<I>(Exact Name of Registrant as Specified in Its Charter)</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware<BR>
<I>(State or Other Jurisdiction of<BR>
Incorporation or Organization)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;<BR>95-4337490<BR>
<I>(I.R.S. Employer Identification No.)</I></TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>
700 Northwest 107th Avenue<BR>
Miami, Florida 33172<BR>
(305)&nbsp;559-4000<BR>
<I>(Address, including zip code, and telephone<BR>
number, including area code, of<BR>
registrant&#146;s principal executive offices)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Benjamin P. Butterfield, Esq.<BR>
General Counsel and Secretary<BR>
Lennar Corporation<BR>
700 Northwest 107th Avenue<BR>
Miami, Florida 33172<BR>
(305)&nbsp;559-4000<BR>
<I>(Name, address, including zip code, and<BR>
telephone number, including area code, of<BR>
agent for service)</I></TD>
</TR>


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



<P align="center" style="font-size: 10pt">With copies to:<BR>
David W. Bernstein, Esq.<BR>
Kathleen Werner, Esq.<BR>
Clifford Chance US LLP<BR>
31 West 52nd Street<BR>
New York, New York 10019



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



<DIV align="left" style="font-size: 10pt"><B>Approximate date of commencement of proposed sale to the public: As soon as
practicable after the effective date of this Registration Statement.</B>
</DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the only securities being registered on this Form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. <FONT face="Wingdings">&#111;</FONT>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered
on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act
of 1933, other than securities offered only in connection with dividend or
interest reinvestment plans, check the following box. <FONT face="Wingdings">&#120;</FONT>

<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&nbsp;462(b) under the Securities Act, please check
the following box and list the Securities Act registration statement
number of the earlier effective registration statement for the same
offering. <FONT face="Wingdings">&#111;</FONT>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this form is a post-effective amendment filed pursuant
to Rule&nbsp;462(c) 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. <FONT face="Wingdings">&#111;</FONT>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
delivery of the prospectus is expected to be made pursuant to
Rule&nbsp;434, please check the following box. <FONT face="Wingdings">&#111;</FONT>

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


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

<!-- Begin Table Head --><TR valign="bottom" style="font-size: 1px">
    <TD width="1%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 3px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Each Class of Securities to be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price Per</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate Offering</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registered</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Unit</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Price<SUP>(2)</SUP></B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee<SUP>(5)</SUP></B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
                    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;A Common
Stock, Class&nbsp;B
Common Stock,
Preferred Stock,
Participating
Preferred Stock,
Depositary Shares,
Debt Securities,
Warrants<SUP>(1)</SUP></DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000"><SUP>(3)</SUP></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000"><SUP>(3)</SUP></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">680,000,000</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">86,156</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000"><DIV style="margin-left:10px; text-indent:-10px">Guarantees of Debt
Securities by
direct and indirect
subsidiaries of
Lennar<SUP>(4)</SUP></DIV></TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000"><SUP>(3)</SUP></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000"><SUP>(3)</SUP></TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&#151;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" style="border-top: 1px solid #000000">0</TD>
    <TD nowrap style="border-top: 1px solid #000000"><SUP>(5)</SUP></TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 3px solid #000000">&nbsp;</TD>
</TR>


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




<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">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Includes shares of Class&nbsp;A and Class&nbsp;B common stock which may be issued
upon conversion of Preferred Stock or Debt Securities, or exercise of
Warrants, which are being registered.</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Estimated solely for the purpose of calculating the registration fee.</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable, as provided in General Instruction II.D to Form S-3.</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>See the following pages for a list of the subsidiary guarantors.</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to Rule 457(n) under the Securities Act of 1933, no separate fee
for the guarantees is payable.</TD>
</TR>

</TABLE>
 <P align="left" style="font-size: 10pt"><B>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&nbsp;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&nbsp;8(a), may determine.</B>

<P align="left" style="font-size: 10pt">The prospectus included in this registration statement also applies to
securities that are the subject of Registration Statement No.&nbsp;333-65244.



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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">The following direct and indirect subsidiaries of the registrant may guarantee
the debt securities and are co-registrants under this registration statement.

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&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><DIV style="margin-left:10px; text-indent:-10px">Acme Water Supply &#038; Management Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1959099</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Aquaterra Utilities, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3674555</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Asbury Woods L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4491586</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Avalon-Sienna III, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4369395</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">B. Andrews &#038; Co., Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1506110</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Barnsboro Associates, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1537693</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bayhome USH, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">68-0554763</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bella Oaks L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4391790</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bennetts Village LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1537695</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bickford Holdings, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0862875</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Boca Greens, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1707681</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Boca Isles South Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0456217</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Boggy Creek USH, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-2022862</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bramalea California, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-3426206</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bramalea California Properties, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">98-0087244</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Bramalea California Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3504214</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Brazoria County LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-2058054</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Brewer Baseline Investors, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">71-0926637</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Builders Acquisition Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1138117</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Builders LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1981685</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cambria L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4343919</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cantera Village L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4045136</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cary Woods L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511011</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Claremont Ridge L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4491588</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Claridge Estates L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511104</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Clodine-Bellaire LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1937380</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Club Pembroke Isles, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0567595</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Club Tampa Palms, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1061700</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Colonial Heritage LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0646289</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord at Meadowbrook L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-0026164</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">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="left" valign="top">30-0023454</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord at Ravenna L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41-2088272</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord at Zurich Village L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4492814</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord City Centre L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4303767</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Hills, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3851896</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Hills Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3851920</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">48-1259541</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Lake, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3885795</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Lake Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3885794</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Mills Estates L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4303710</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Mills Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3983636</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Oaks, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3909432</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Oaks Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3913675</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Park, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3973265</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Park Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3899290</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Pointe, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3897253</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Concord Pointe Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3899290</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="#tocpage">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="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&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><DIV style="margin-left:10px; text-indent:-10px">Coto de Caza, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0738531</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Country Club Development at the Fort, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-0574053</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Coventry L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511106</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DCA Homes NJ Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2242815</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DCA of Lake Worth, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1863953</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DCA of New Jersey, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-2285266</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">E.M.J.V. Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3411844</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Enclave Land, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0569313</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ERMLOE, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">61-1426128</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">F.P. Construction Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">23-2991585</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fidelity Guaranty and Acceptance Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0168225</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Holding &#150; Virginia, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-1996535</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Illinois, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1178246</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Management, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-3004651</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Missouri, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1902931</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Mortgage, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-1830770</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Pennsylvania, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">58-2348576</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress Pennsylvania Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">23-2991518</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fortress-Florida, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-1837545</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Fox-Maple Associates, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1997377</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Foxwood L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511105</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Gateway Commons, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">68-0515247</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities I, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1317557</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities II, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567457</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities III, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1361682</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities IV, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567305</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities V, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567306</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities VI, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567307</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities VII, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567308</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities VIII, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567309</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Communities IX, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">80-0014048</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Genesee Venture, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">84-1567456</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Glenview Reserve, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4415694</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Grand Isle Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">46-0482148</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greenfield/Waterbury L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4099504</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greystone Construction, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0864245</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greystone Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">93-1070009</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greystone Homes of Nevada, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412604</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Greystone Nevada, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412611</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Hallston Burbank LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0843511</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Harris County LP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1890279</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Haverton L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-0057181</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Heathcote Commons LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1178932</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Heritage Harbour Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75-3080965</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Heritage Housing Group, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1783710</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Heritage USH, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1551056</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Home Buyer&#146;s Advantage Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0573246</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Homecraft Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334090</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="#tocpage">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="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&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><DIV style="margin-left:10px; text-indent:-10px">Imperial Homes Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334117</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Impressions L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4249224</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Inactive Corporations, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1275889</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kings Lake TH, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-2096335</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kings Ridge Golf Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0718382</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kings Ridge Recreation Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0718384</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Kings Wood Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0766576</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Landmark Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Carolina</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2009874</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Laureate Homes of Arizona, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0671037</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legacy Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">North Carolina</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-1588510</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legends Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">48-1259544</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legends Golf Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3691814</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LENH I, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2349820</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Acquisition Corp. II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0812777</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Americanos Douglas, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0725087</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Associates Management, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2257293</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Associates Management Holding Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">31-1806357</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Aviation, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0543705</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Carolina, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">87-0713832</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Central Park, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1087322</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Central Region Sweep, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1111068</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Chicago, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-3971759</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Communities, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0855007</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Communities Development, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0262130</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Communities of Florida, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0543694</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Communities of South Florida, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0543702</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Construction, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0972186</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Coto Holdings, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0787906</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Developers, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">48-1259540</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Developers, Inc. II</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03-0501883</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Developers, Inc. III</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">03-0501885</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Family of Builders GP, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1981691</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Family of Builders Limited Partnership</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1981697</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Financial Services, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0774024</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Fresno, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-1008718</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-0711505</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes Holding Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">16-1641233</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes of Arizona, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0163412</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Homes of California, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">93-1223261</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">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="left" valign="top">75-2792018</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">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="left" valign="top">75-2792019</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Houston Land, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">71-0893559</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar La Paz, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0812776</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar La Paz Limited, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0812775</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Land Partners Sub, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0776454</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="#tocpage">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="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&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><DIV style="margin-left:10px; text-indent:-10px">Lennar Land Partners Sub II, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0429001</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Military Housing, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">05-0566325</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Nevada, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0401445</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland I, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0805080</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland II, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0821001</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland III, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0821002</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland IV, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0821003</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland V, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0836779</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northland VI, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0836810</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Northpointe North, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179019</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Pacific, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412608</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Pacific, L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412610</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Pacific Properties, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0412607</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Pacific Properties Management, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30-0139878</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-0866794</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Renaissance, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0726195</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Reno, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3895412</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Sacramento, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0794993</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Sales Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-4716082</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar San Jose Holdings, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0645170</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Southland I, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0801714</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Southland II, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0836784</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Southland III, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0836786</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Southwest Holding Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1933536</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Sun Ridge, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">94-3392987</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Texas Holding Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">75-2788257</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar Trading Company, LP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1574089</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar.Com, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0980149</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar-Kings Lake, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-2096420</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennar-Lantana Boatyard, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2321100</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lennarstone Marketing Group, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">86-0998754</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LFS Holding Company, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1105931</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LH Eastwind, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-0097714</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LHI Renaissance, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">02-0680656</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LN, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3871208</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Long Point Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0587917</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lorton Station, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0694499</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lucerne Merged Condominiums, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0576452</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Lundgren Bros. Construction, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41-0970679</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">M.A.P. Builders, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1908120</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Madrona Village L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4343916</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Marble Mountain Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41-2076340</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Marlborough Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-6072804</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mid-County Utilities, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0610395</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Midland Housing Industries Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-2775081</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Midland Investment Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-2842301</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Mission Viejo 12S Venture, LP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0615197</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="#tocpage">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="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&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><DIV style="margin-left:10px; text-indent:-10px">Mission Viejo Holdings, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0785862</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Moffett Meadows Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">56-2320229</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">New Home Brokerage, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0683361</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">North County
Land Company, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1130656</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Northbridge L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4511102</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Northern Land Company, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179078</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Northgate Highlands Development II, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0698064</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">NuHome Designs, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0569460</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Oceanpointe Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0264460</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Orrin Thompson Construction Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334101</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Orrin Thompson Homes Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Minnesota</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334105</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Paparone Construction Co.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0334106</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Parc Chestnut L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4440993</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Parkside Estates L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4280079</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Patriot Homes, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-1720993</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Patriot Homes of Virginia, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Virginia</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2200965</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Placer Vineyards, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">71-0926641</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Polygon La Paz Associates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Washington</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1640455</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Providence Glen L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4319757</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rancho Summit, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">33-0787817</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rivenhome Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0569346</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Riviera Land Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-1281470</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">RRKTG Lumber, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1902931</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rutenberg Homes, Inc. (FL)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0340291</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Rutenberg Homes of Texas, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0215995</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">S. Florida Construction, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">71-0949799</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">S. Florida Construction II, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1567303</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">S. Florida Construction III, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">72-1567302</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Savell Gulley Development Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0564056</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SEA Joint Venture, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0675477</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SFHR Management, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4461074</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Silver Lakes-Gateway Clubhouse, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0628738</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sonoma L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4443842</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">South Park Development, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-2057895</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Spanish Springs Development, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0672277</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stoney Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">59-3374931</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Stoneybrook Golf Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0669064</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Cable Technologies, L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179138</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Holdings, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1770357</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Technologies, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-0523605</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Strategic Technologies Communications of
California, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">95-4149805</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summerway Investment Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0589471</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summerwood, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">27-0045425</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Acquisition Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">14-1842265</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="#tocpage">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="65%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&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><DIV style="margin-left:10px; text-indent:-10px">Summit Enclave, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30-0070526</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Glen, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4359627</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Land, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4357327</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Ridge 23, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">30-0036763</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit Townes, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4334330</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit-Meadowbrook, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4196022</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Summit-Reserve, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4168228</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Sunstar Enterprises, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179187</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Club at Stoneybrook, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">65-1061241</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">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="left" valign="top">36-4415696</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Fortress Group, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">54-1774997</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Grande By Lennar Builders, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">81-0560954</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">The Sexton L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4100579</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tustin Villas Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">41-2076342</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Tustin Vistas Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">32-0054237</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Associates Management, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">43-1981702</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">52-2227619</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home of Arizona Construction Co.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-2402824</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">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="left" valign="top">01-0656197</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Realty, Inc. (TX)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0136964</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Realty Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0327612</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S. Home Southwest Holding Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0680795</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">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="left" valign="top">22-1995835</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S.H. Los Prados, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">88-0232393</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">U.S.H. Realty, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Maryland</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-2765031</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">University Community Partners, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">45-0512619</TD>
</TR>


<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Acquisition Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0604353</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Bickford, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">California</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0654167</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Equity Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0450341</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Heritage Pom, L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Arizona</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0686598</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Millennium Ventures Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0546603</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH (West Lake), Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New Jersey</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">22-3471278</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USH Woodbridge, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0561576</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USHHH, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0641307</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Villages of Rio Pinar Club, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">48-1259543</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Adams Street L.L.C.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Illinois</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">36-4210710</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">West Chocolate Bayou Development Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">76-0648748</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Westbrook Homes, LLC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">20-1179223</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Westchase, Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1954138</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Westchase, Ltd.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Texas</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">91-1954138</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Weststone Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Florida</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">74-2944437</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="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<P style="font-size: 10pt; color: red"><B>The information in this prospectus is not
complete and may be changed. We may not sell these securities until
the registration statement filed with the Securities and Exchange
Commission is effective. This prospectus is not an offer to sell
these securities and it is not soliciting an offer to buy these
securities in any state where such offer or sale it is not permitted.</B>

 <P align="center" style="font-size: 10pt; color: red"><B>SUBJECT TO COMPLETION<BR>
DATED July&nbsp;1, 2004</B>
<P align="left" style="font-size: 10pt"><B>PROSPECTUS</B>
<P>
<P>
<P align="center" style="font-size: 10pt"><B>$1,000,000,000</B>
<P>&nbsp;
<P align="center" style="font-size: 10pt"><B>LENNAR CORPORATION</B>



<P align="center" style="font-size: 10pt">Class&nbsp;A Common Stock<BR>
Class&nbsp;B Common Stock<BR>
Preferred Stock<BR>
Participating Preferred Stock<BR>
Depositary Shares<BR>
Debt Securities<BR>
and<BR>
Warrants



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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may from time to time offer our Class&nbsp;A common stock, Class&nbsp;B common
stock, preferred stock (which we may issue in one or more series),
participating preferred stock, depositary shares representing shares of
preferred stock, debt securities (which we may issue in one or more series and
which may or may not be guaranteed by some or all of our subsidiaries, other
than our subsidiaries which are mortgage or title reinsurance companies) or
warrants entitling the holders to purchase Class&nbsp;A common stock, Class&nbsp;B common
stock, preferred stock, participating preferred stock, depositary shares or
debt securities, at an aggregate initial offering price which will not exceed
$1,000,000,000. We will determine when we sell securities, the amounts of
securities we will sell and the prices and other terms on which we will sell
them. We may sell securities to or through underwriters, through agents or
directly to purchasers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will describe in a prospectus supplement, which we will deliver with
this prospectus, the terms of particular securities which we offer in the
future. We may describe the terms of those securities in a term sheet which
will precede the prospectus supplement. Any such securities we may
offer in the future in a prospectus supplement may not be sold until
this registration statement becomes effective.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In each prospectus supplement we will include the following information:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The names of the underwriters or agents, if any, through
which we will sell the securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The proposed amounts of securities, if any, which the underwriters will purchase;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The compensation, if any, of those underwriters or agents;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The major risk factors associated with the securities offered;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial public offering price of the securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Information about securities exchanges or automated quotation
systems on which the securities will be listed or traded; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other material information about the offering and sale of
the securities.</TD>
</TR>

</TABLE>


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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;A common stock is listed on the New York Stock Exchange under
the symbol &#147;LEN&#148; and our Class&nbsp;B common stock is listed on the New York Stock
Exchange under the symbol &#147;LEN.B&#148;.


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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Neither the Securities and Exchange Commission nor any state securities
commission has approved or disapproved the securities we may be offering or
determined that this prospectus is truthful or complete. Any representation to
the contrary is a criminal offense.</B>


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



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

<!-- PAGEBREAK -->
<P><HR noshade><P>

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



<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">

<!-- 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>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><A href="#101">FORWARD-LOOKING INFORMATION</A></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">&nbsp;</DIV></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"><A href="#102">LENNAR</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#103">USE OF PROCEEDS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#104">RATIO OF EARNINGS TO FIXED CHARGES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#105">DESCRIPTION OF DEBT SECURITIES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#106">DESCRIPTION OF WARRANTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#107">DESCRIPTION OF COMMON STOCK AND PREFERRED SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#108">DESCRIPTION OF PARTICIPATING PREFERRED STOCK</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#109">DESCRIPTION OF DEPOSITARY SHARES</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#110">LEGAL MATTERS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#111">EXPERTS</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#112">INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></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"><A href="#113">INFORMATION WE FILE</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Body -->
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="e97385s3exv4w1wa.htm">FORM OF INDENTURE</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="e97385s3exv5w1.htm">OPINION OF CLIFFORD CHANCE US LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="e97385s3exv12w1.htm">COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="e97385s3exv23w2.htm">CONSENT OF DELOITTE & TOUCHE LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="e97385s3exv25w1.htm">FORM T-1</A></FONT></TD></TR>
</TABLE>
</DIV>


<DIV align="left">
<!-- /TOC -->
</DIV>
<DIV align="left">
<A name="101"></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;We make &#147;forward-looking statements&#148; as that term is defined in the
Private Securities Litigation Reform Act of 1995 about our business in our
filings with the Securities and Exchange Commission. 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 contain further discussions of these and other risks and
uncertainties applicable to our business.


<P align="center" style="font-size: 10pt">(i)



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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left">
<A name="102"></A>
</DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless
otherwise indicated, all references to &#147;Lennar,&#148; the
&#147;Company,&#148; &#147;we,&#148; &#147;us&#148; and
&#147;our&#148; refer to Lennar Corporation and its consolidated
subsidiaries.

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

<DIV align="left">
<A name="103"></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;Except as may be set forth in a particular prospectus supplement, we will
add the net proceeds from sales of securities to our general corporate funds,
which we may use to repay indebtedness, including indebtedness of our
wholly-owned subsidiaries, for acquisitions, or for other general corporate
purposes. We are always looking at the possibility of acquiring homebuilders
and other companies. We currently are engaged in discussions regarding possible
acquisitions. However, we have no agreements or understandings regarding any
significant transactions, and it is possible we will not enter into any
significant transactions in the near future.

<DIV align="left">
<A name="104"></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="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&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="5%">&nbsp;</TD>
    <TD width="2%">&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="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="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="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="7"><B>Three Months Ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="19"><B>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 align="center" nowrap colspan="3"><B>February 29,</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap colspan="3"><B>February 28,</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>2000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD 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<SUP>(1)</SUP></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"></TD>
    <TD>5.2x</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>

<!-- 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.

<DIV align="left">
<A name="105"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF DEBT SECURITIES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will issue the debt securities under either (a)&nbsp;an indenture dated as
of June&nbsp;25, 2004 with U.S. Bank Trust National Association, as trustee, or (b)
an indenture dated as of December&nbsp;31, 1997, with J.P. Morgan Trust Company,
N.A. (as successor to First National Bank of Chicago, N.A.) as trustee. We may
supplement either of these indentures from time to time. The following
paragraphs describe the provisions of the indentures. We have filed the
indenture with U.S. Bank Trust National Association, as trustee, as an exhibit
to the registration statement which includes this prospectus, and we have filed
the indenture with J.P. Morgan Trust Company, N.A. as successor trustee, as an
exhibit to Registration Statement File No.&nbsp;333-17311. You can inspect either of these indentures
as described under &#147;Information We File&#148; on page 10, or at the office of the
trustee that is a party to it.


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

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

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





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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The debt securities will be direct obligations of our company and may be
either senior debt securities or subordinated debt securities. Some or all of
the co-registrants under the registration statement, which includes this
prospectus (each of which is our direct or indirect subsidiary), may guaranty
our payment of debt securities issued under this prospectus. In addition, the
debt securities may be secured by the shares of some or all of our
subsidiaries. The indenture does not limit the principal amount of debt
securities that we may issue. We may issue debt securities in one or more
series. A supplemental indenture will set forth specific terms of each series
of debt securities. There will be prospectus supplements relating to particular
series of debt securities. Each prospectus supplement will describe:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the title of the debt securities and whether the debt
securities are senior or subordinated debt securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any limit upon the aggregate principal amount of a series of
debt securities which we may issue;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date or dates on which principal of the debt securities
will be payable and the amount of principal which will be payable;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rate or rates (which may be fixed or variable) at which
the debt securities will bear interest, if any, or contingent
interest, if any, as well as the dates from which interest will
accrue, the dates on which interest will be payable, the persons to
whom interest will be payable, if other than the registered holders
on the record date, and the record date for the interest payable on
any payment date;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the currency or currencies in which principal, premium, if
any, and interest, if any, will be paid;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether our obligations with regard to the debt securities
are guaranteed by some or all of our subsidiaries;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>whether our obligations with regard to the debt securities
are secured by shares of some or all of our subsidiaries;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the place or places where principal, premium, if any, and
interest, if any, on the debt securities will be payable and where
debt securities which are in registered form can be presented for
registration of transfer or exchange;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions regarding our right to prepay debt securities
or of holders to require us to prepay debt securities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right, if any, of holders of the debt securities to
convert them into common stock or other securities, including any
contingent conversion provisions;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions requiring or permitting us to make payments to
a sinking fund which will be used to redeem debt securities or a
purchase fund which will be used to purchase debt securities;</TD>
</TR>

</TABLE>


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

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

<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any index or formula used to determine the required payments
of principal, premium, if any, or interest, if any;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the percentage of the principal amount of the debt securities
which is payable if maturity of the debt securities is accelerated
because of a default;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any special or modified events of default or covenants with
respect to the debt securities; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other material terms of the debt securities.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture does not contain any restrictions on the payment of
dividends or the repurchase of our securities or any financial covenants.
However, supplemental indentures relating to particular series of debt
securities may contain provisions of that type.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt securities at a discount from, or at a premium to, their
stated principal amount. A prospectus supplement may describe federal income
tax considerations and other special considerations applicable to a debt
security issued with original issue discount or a premium.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the principal of, premium, if any, or interest, if any, with regard to
any series of debt securities is payable in a foreign currency, then in the
prospectus supplement relating to those debt securities, we will describe any
restrictions on currency conversions, tax considerations or other material
restrictions with respect to that issue of debt securities.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt securities in certificated or uncertificated form, in
registered form with or without coupons or in bearer form with coupons, if
applicable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue debt securities of a series in the form of one or more global
certificates evidencing all or a portion of the aggregate principal amount of
the debt securities of that series. We may deposit the global certificates with
depositaries, and the certificates may be subject to restrictions upon transfer
or upon exchange for debt securities in individually certificated form.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An event of default with respect to each series of debt securities will
include:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our default in payment of the principal of or premium, if
any, on any debt securities of any series beyond any applicable
grace period;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our default for 30&nbsp;days or a different period specified in a
supplemental indenture, which may be no period, in payment of any
installment of interest due with regard to debt securities of any
series;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our default for 60&nbsp;days after notice in the observance or
performance of any other covenants in the indenture; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certain events involving our bankruptcy, insolvency or
reorganization.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">Supplemental indentures relating to particular series of debt securities may
include other events of default.



<P align="center" style="font-size: 10pt">3
</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;Each indenture provides that the trustee may withhold notice to the
holders of any series of debt securities of any default (except a default in
payment of principal, premium, if any, or interest, if any) if the trustee
considers it in the interest of the holders of the series to do so.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each indenture provides that if any event of default has occurred and is
continuing, the trustee or the holders of not less than 25% in principal amount
of the series of debt securities then outstanding may declare the principal of
and accrued interest, if any, on all the debt securities of that series to be
due and payable immediately. However, if we cure all defaults (except the
failure to pay principal, premium or interest which became due solely because
of the acceleration) and certain other conditions are met, that declaration may
be annulled and past defaults may be waived by the holders of a majority in
principal amount of the series of debt securities then outstanding.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The holders of a majority of the outstanding principal amount of a series
of debt securities will have the right to direct the time, method and place of
conducting proceedings for any remedy available to the trustee, subject to
certain limitations specified in the indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A prospectus supplement will describe any additional or different events
of default which apply to any series of debt securities.


<P align="left" style="font-size: 10pt"><B>Modification of an Indenture</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We and the trustee under an indenture may:


<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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>without the consent of holders of debt securities, modify the
indenture to cure errors or clarify ambiguities;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the consent of the holders of not less than a majority
in principal amount of the debt securities which are outstanding
under the indenture, modify the indenture or the rights of the
holders of the debt securities generally; and</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the consent of the holders of not less than a majority
in outstanding principal amount of any series of debt securities,
modify any supplemental indenture relating solely to that series of
debt securities or the rights of the holders of that series of debt
securities.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;However, we may not:


<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="2%" 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 debt securities, reduce the
rate or extend the time for payment of interest, if any, on any debt
securities, reduce the principal amount of any debt securities or
the premium, if any, on any debt securities, impair or affect the
right of a holder to institute suit for the payment of principal,
premium, if any, or interest, if any, with regard to any debt
securities, change the currency in which any debt securities are
payable or impair the right, if any, to convert any debt securities
into common stock or any other of our securities, without the
consent of each holder of debt securities who will be affected; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the percentage of holders of debt securities required
to consent to an amendment, supplement or waiver, without the
consent of the holders of all the then outstanding debt securities
or outstanding debt securities of the series which will be affected.</TD>
</TR>

</TABLE>



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


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

<P align="left" style="font-size: 10pt"><B>Mergers and Other Transactions</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may not consolidate with or merge into any other entity, or transfer or
lease our properties and assets substantially as an entirety to another person,
unless (1)&nbsp;the entity formed by the consolidation or into which we are merged,
or which acquires or leases our properties and assets substantially as an
entirety, assumes by a supplemental indenture all our obligations with regard
to outstanding debt securities and our other covenants under the indenture, and
(2)&nbsp;with regard to each series of debt securities, immediately after giving
effect to the transaction, no event of default, with respect to that series of
debt securities, and no event which would become an event of default, will have
occurred and be continuing.


<P align="left" style="font-size: 10pt"><B>Concerning the Trustee</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Bank Trust National Association and J.P. Morgan Trust Company, N.A.,
the trustees under the indentures, or their affiliates, provide, and may
continue to provide, loans and banking services to us in the ordinary course of
their businesses.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the indentures, each supplemental indenture, and the debt
securities issued under them will be governed by, and construed in accordance
with, the laws of New York State.

<DIV align="left">
<A name="106"></A>
</DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
issue of warrants will be the subject of a warrant agreement, which
will contain the terms of the warrants. We will distribute a prospectus
supplement with regard to each issue of warrants. Each prospectus supplement
will describe, as to the warrants to which it relates:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" 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 securities which may be purchased by exercising the
warrants (which may be Class&nbsp;A common stock, Class&nbsp;B common stock,
preferred shares, participating preferred shares, debt securities,
depositary shares or units consisting of two or more of those types
of securities);</TD>
</TR>

<TR>
    <TD 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 exercise price of the warrants (which may be wholly or
partly payable in cash or wholly or partly payable with other types
of consideration);</TD>
</TR>

<TR>
    <TD 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 period during which the warrants may be exercised;</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 provision adjusting the securities which may be purchased
on exercise of the warrants and the exercise price of the warrants
in order to prevent dilution or otherwise;</TD>
</TR>

<TR>
    <TD 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 place or places where warrants can be presented for
exercise or for registration of transfer or exchange; 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 other material terms of the warrants.</TD>
</TR>

</TABLE>

<DIV align="left">
<A name="107"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF COMMON STOCK AND PREFERRED SHARES</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our authorized capital stock consists of 300,000,000 shares of Class&nbsp;A
common stock, $0.10 par value, 90,000,000 shares of Class&nbsp;B common stock, $0.10
par value, 100,000,000 shares of participating preferred stock, $0.10 par
value, and 500,000 shares of preferred stock, $10.00 par value. At March&nbsp;31, 2004,
123,483,332&nbsp;shares of our Class&nbsp;A common stock,
32,574,079&nbsp;shares of our Class&nbsp;B common stock and no shares of participating
preferred stock or preferred stock were outstanding.



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

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




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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue preferred stock in series with any rights and preferences
which may be authorized by our board of directors. We will distribute a
prospectus supplement with regard to each series of preferred stock. Each
prospectus supplement will describe, as to the series of preferred stock to
which it relates:


<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 title of the series;</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 limit upon the number of shares of the series which may be issued;</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 preference, if any, to which holders of the series will
be entitled upon our liquidation;</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 date or dates on which we will be required or permitted
to redeem shares of the series;</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 terms, if any, on which we or holders of the series will
have the option to cause shares of the series to be redeemed;</TD>
</TR>

<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 voting rights of the holders of the series;</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 dividends, if any, which will be payable with regard to
the series (which may be fixed dividends or participating dividends
and may be cumulative or non-cumulative);</TD>
</TR>

<TR>
    <TD 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 right, if any, of holders of the series to convert them
into another class or series of our stock or securities, including
provisions intended to prevent dilution of those conversion rights;</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 provisions by which we will be required or permitted to
make payments to a sinking fund which will be used to redeem shares
of the series or a purchase fund which will be used to purchase shares of the series; and</TD>
</TR>

<TR>
    <TD 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 other material terms of the series.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of shares of preferred stock will not have preemptive rights.


<P align="left" style="font-size: 10pt"><B>Class&nbsp;A and Class&nbsp;B Common Stock</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All the outstanding shares of our Class&nbsp;A and Class&nbsp;B common stock are
fully paid and nonassessable and are entitled to participate equally and
ratably in dividends and in distributions available for the common stock on
liquidation. The transfer agent and registrar for the Class&nbsp;A and Class&nbsp;B
common stock is EquiServe Trust Company, a wholly-owned subsidiary of EquiServe
Limited Partnership of Canton, Massachusetts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Class&nbsp;B common stock is identical in every respect with our Class&nbsp;A
common stock, except that (a)&nbsp;each share of Class&nbsp;B common stock is entitled to
ten votes on each matter submitted to the vote of the common stockholders,
while each share of Class&nbsp;A common stock is entitled to only one vote, (b)
amendments to provisions of our Certificate of Incorporation relating to the
Class&nbsp;A common stock or the Class&nbsp;B common stock require the approval of a
majority of the shares of Class&nbsp;A common stock which are voted with regard to
them (as well as approval of a majority in voting power of all the outstanding Class&nbsp;A and Class&nbsp;B common stock combined), and (c)&nbsp;under
Delaware law, certain matters affecting the rights of holders of Class&nbsp;B common
stock may require approval of the holders of the Class&nbsp;B common stock voting as
a separate class.


<P align="center" style="font-size: 10pt">6
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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;At
November&nbsp;30, 2003, Stuart A. Miller, our President and Chief Executive
Officer, had voting power, through family-owned entities and personal
holdings, of Class&nbsp;A and Class&nbsp;B common stock which would entitle Mr.&nbsp;Miller to
approximately 48% of the votes which could be cast by the holders of
our outstanding Class&nbsp;A and Class&nbsp;B common stock combined. That gives
significant influence to Mr.&nbsp;Miller in electing all our directors and approving
most matters that are presented to our stockholders. Mr.&nbsp;Miller&#146;s voting power
might discourage someone from making a significant equity investment in us,
even if we needed the investment to meet our obligations and to operate our
business.

<DIV align="left">
<A name="108"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF PARTICIPATING PREFERRED STOCK</B>



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

<DIV align="left">
<A name="109"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF DEPOSITARY SHARES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may issue depositary receipts representing interests in shares of
particular series of preferred stock which are called depositary shares. We
will deposit the preferred stock of a series which is the subject of depositary
shares with a depositary, which will hold that preferred stock for the benefit
of the holders of the depositary shares, in accordance with a deposit agreement
between the depositary and us. The holders of depositary shares will be
entitled to all the rights and preferences of the preferred stock to which the
depositary shares relate, including dividend, voting, conversion, redemption
and liquidation rights, to the extent of their interests in that preferred
stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While the deposit agreement relating to a particular series of preferred
stock may have provisions applicable solely to that series of preferred stock,
all deposit agreements relating to preferred stock we issue will include the
following provisions:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Dividends and Other Distributions</I></B>. Each time we pay a cash dividend or
make any other type of cash distribution with regard to preferred stock of a
series, the depositary will distribute to the holder of record of each
depositary share relating to that series of preferred stock an amount equal to
the dividend or other distribution per depositary share the depositary
receives. If there is a distribution of property other than cash, the
depositary either will distribute the property to the holders of depositary
shares in proportion to the depositary shares held by each of them, or the
depositary will, if we approve, sell the property and distribute the net proceeds to the holders of the depositary
shares in proportion to the depositary shares held by them.


<P align="center" style="font-size: 10pt">7
</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><I>Withdrawal of Preferred Stock</I></B>. A holder of depositary shares will be
entitled to receive, upon surrender of depositary receipts representing
depositary shares, the number of shares of the applicable series of preferred
stock, and any money or other property to which the depositary shares relate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Redemption of Depositary Shares</I></B>. Whenever we redeem shares of a series of
preferred stock held by a depositary, the depositary will be required to
redeem, on the same redemption date, depositary shares constituting, in total,
the number of shares of that series held by the depositary which we redeem,
subject to the depositary&#146;s receiving the redemption price of those shares. If
fewer than all the depositary shares relating to a series are to be redeemed,
the depositary shares to be redeemed will be selected by lot or by another
method we determine to be equitable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Voting</I></B>. Any time we send a notice of meeting or other materials relating
to a meeting to the holders of a series of preferred stock to which depositary
shares relate, we will provide the depositary with sufficient copies of those
materials so they can be sent to all holders of record of the applicable
depositary shares, and the depositary will send those materials to the holders
of record of the depositary shares on the record date for the meeting. The
depositary will solicit voting instructions from holders of
depositary shares,
and will vote or not vote the preferred stock to which the depositary shares
relate in accordance with those instructions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Liquidation Preference</I></B>. Upon our liquidation, dissolution or winding up,
the holder of each depositary share will be entitled to what the holder of the
depositary share would have received if the holder had owned the number of
shares of the series of preferred stock which is represented by the depositary
share.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Conversion</I></B>. If shares of a series of preferred stock are convertible into
common stock or any other of our securities or property, holders of depositary
shares relating to that series of preferred stock will, if they surrender
depositary receipts representing depositary shares with appropriate
instructions to convert them, receive the shares of common stock or other
securities or property into which the number of shares of the series of
preferred stock to which the depositary shares relate could at the time be
converted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Amendment and Termination of a Deposit Agreement</I></B>. We and the depositary
may amend a deposit agreement, except that an amendment which materially and
adversely affects the rights of holders of depositary shares, or would be
materially and adversely inconsistent with the rights granted to the holders of
the series of preferred stock to which they relate, must be approved by holders
of at least two-thirds of the outstanding depositary shares. No amendment will
impair the right of a holder of depositary shares to surrender the depositary
receipts evidencing those depositary shares and receive the preferred stock to
which they relate, except as required to comply with law. We may terminate a
deposit agreement with the consent of holders of a majority of the depositary
shares to which it relates. Upon termination of a deposit agreement, the
depositary will make the shares of preferred stock to which the depositary
shares issued under the deposit agreement relate available to the holders of
those depositary shares. A deposit agreement will automatically terminate if:


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all outstanding depositary shares to which it relates have
been withdrawn, redeemed or converted; or</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">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the depositary has made a final distribution to the holders
of the depositary shares issued under the deposit agreement upon our
liquidation, dissolution or winding up.
</TD>
</TR>
</TABLE>

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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><I>Miscellaneous</I></B>. There will be provisions (i)&nbsp;requiring the depositary to
forward to holders of record of depositary shares any reports or communications
from us which the depositary receives with respect to the preferred stock to
which the depositary shares relate, (ii)&nbsp;regarding compensation of the
depositary, (iii)&nbsp;regarding resignation of the depositary, (iv)&nbsp;limiting our
liability and the liability of the depositary under the deposit agreement
(usually to failure to act in good faith, gross negligence or willful
misconduct) and (v)&nbsp;indemnifying the depositary against certain possible
liabilities.

<DIV align="left">
<A name="110"></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, 31&nbsp;West 52nd Street, New York, New York 10019, will
pass upon the validity of any securities we offer by this prospectus. If the
validity of any securities is also passed upon by counsel for the underwriters
of an offering of those securities, that counsel will be named in the
prospectus supplement relating to that offering.

<DIV align="left">
<A name="111"></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 by reference into this
prospectus and the registration statement of which it is a part, from
Lennar Corporation&#146;s Annual Report on Form 10-K for the fiscal year
ended November 30, 2003, have been audited by Deloitte &#38; 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.

<DIV align="left">
<A name="112"></A>
</DIV>

<P align="center" style="font-size: 10pt"><B>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are incorporating by reference in this prospectus the following
documents which we have previously filed with the Securities and Exchange
Commission under the File Number 1-11749:


<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">(a)</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%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Quarterly Report on Form 10-Q for the period 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%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Current Report on Form 8-K dated March&nbsp;16, 2004;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Current Report on Form&nbsp;8-K dated April&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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Current Report on Form&nbsp;8-K dated May&nbsp;26, 2004;</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Current Report on Form&nbsp;8-K dated June 15, 2004;</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">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Definitive Proxy Statement filed March&nbsp;8, 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%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the description of our common stock contained in our
registration statement under Section&nbsp;12 of the Securities Exchange
Act of 1934, as amended, as that description has been altered by
amendments or reports filed for the purpose of updating that
description.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whenever after the date of this prospectus we file reports or documents
under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934,
as amended, those reports and documents will be deemed to be part of this
prospectus from the time they are filed. If anything in a report or document we
file after the date of this prospectus changes anything in it, this prospectus
will be deemed to be changed by that subsequently filed report or document
beginning on the date the report or document is filed. Nothing in
this prospectus shall be deemed to incorporate information furnished
by us on Form 8-K that, pursuant to and in accordance with the rules
and regulations of the Commission, is not deemed &#147;filed&#148;
for purposes of the Exchange Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will provide to each person, including any beneficial owner, to whom a
copy of this prospectus is delivered a copy of any or all of the information
that has been incorporated by reference in this prospectus, but not delivered
with this prospectus. We will provide this information at no cost to
the requester upon written or oral request addressed to Lennar Corporation,
700 Northwest 107th Avenue, Miami, Florida 33172, attention: Director of
Investor Relations (telephone: 305-559-4000).



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

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



<DIV align="left">
<A name="113"></A>
</DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We file annual, quarterly and current reports, proxy statements and other
materials with the SEC. The public may read and copy any materials we file with
the SEC at the SEC&#146;s Public Reference Room at 450 Fifth Street, N.W.,
Washington, D.C. 20549. The public may obtain information on the operation of
the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
maintains an Internet site that contains reports, proxy and information
statements and other information regarding issuers (including us) that file
electronically with the SEC. The address of that site is http://www.sec.gov.
Reports, proxy statements and other information we file also can be inspected
at the offices of the New York Stock Exchange, 20 Broad Street, New York, New
York 10005 or at our website at http://www.lennar.com.


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

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

<P align="center" style="font-size: 10pt"><B>PART II. INFORMATION NOT REQUIRED IN PROSPECTUS</B>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;14. Other Expenses of Issuance and Distribution.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth the estimated expenses in connection with
the issuance and distribution of the securities being registered, other than
underwriting discounts and commissions:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="83%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Registration fee &#150; Securities and Exchange Commission</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">86,156</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accounting fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD nowrap>(1)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Legal fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD nowrap>(1)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Trustees&#146; fees and expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">N/A </TD>
    <TD nowrap>(1)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Miscellaneous</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,844</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">125,000</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>
</TR>


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</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"><SUP>(1)</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Does not include expenses of preparing prospectus supplements and other
expenses relating to offerings of particular securities.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt"><B>Item&nbsp;15. Indemnification of Directors and Officers.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As permitted by Section&nbsp;145 of the General Corporation Law of Delaware,
our Certificate of Incorporation provides that an officer, director, employee
or agent of our company is entitled to be indemnified for the expenses,
judgments, fines and amounts paid in settlement actually and reasonably
incurred by him by reason of any action, suit or proceeding brought against him
by virtue of his acting as such officer, director, employee or agent, provided
he acted in good faith or in a manner he reasonably believed to be in or not
opposed to the best interests of our company and, with respect to any criminal
action or proceeding, had no reasonable cause to believe his conduct was
unlawful, except that in any action or suit by or in the right of our company
that person shall be indemnified only for the expenses actually and reasonably
incurred by him and, if that person shall have been adjudged to be liable for
negligence or misconduct, he shall not be indemnified unless and only to the
extent that a court of appropriate jurisdiction shall determine that such
indemnification is fair and reasonable.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;16. Exhibits.</B>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Indenture, dated as of
June&nbsp;25, 2004, between the Company
and U.S. Bank Trust National Association.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Indenture, dated as of December&nbsp;31, 1997, between the
Company and J.P. Morgan Trust Company, N.A., as successor in
interest to The First National Bank of Chicago, N.A. (incorporated by
reference to the Company&#146;s Registration Statement on Form&nbsp;S-3,
File No.&nbsp;333-45527).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company&#146;s Amended and Restated Certificate of Incorporation
(incorporated by reference to Exhibit&nbsp;3(a) of the Company&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended November
30, 1998, dated March&nbsp;1, 1999), as amended by the Certificate of
Amendment to Certificate of Incorporation, dated April&nbsp;9, 1999
(incorporated by reference to Exhibit&nbsp;3(a) of the Company&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended November
30, 1999, dated February&nbsp;28, 2000) and the Certificate of
Amendment to Certificate of Incorporation, dated April&nbsp;8, 2003
(incorporated by reference to Annex IV to the Schedule&nbsp;14A dated
March&nbsp;10, 2003).</TD>
</TR>


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



<P align="center" style="font-size: 10pt">II-1
</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="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of the Company (incorporated by
reference to Exhibit&nbsp;3(e) to the Company&#146;s Annual Report on Form
10-K, for the fiscal year ended November&nbsp;30, 2003, File No.&nbsp;001-11749).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Clifford Chance US LLP.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statements of Computation of Ratios of Earnings to Fixed Charges.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Clifford Chance US LLP (contained in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on the signature pages).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility and Qualification on Form&nbsp;T-1 of U.S.
Bank Trust National Association under the Indenture.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility and Qualification on Form&nbsp;T-1 of
predecessor to J.P. Morgan Trust Company (incorporated by
reference to the Company&#146;s Registration Statement on Form&nbsp;S-3,
File No.&nbsp;333-45527).</TD>
</TR>


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



<P align="left" style="font-size: 10pt"><B>Item&nbsp;17. Undertakings.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned registrant hereby undertakes:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a
post-effective amendment to this registration statement:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To include any material information with respect to the plan of
distribution not previously disclosed in this registration statement or any
material change to such information in this registration statement;

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment will be deemed to be
a new registration statement relating to the securities offered therein, and the offering of such securities at that time will be
deemed to be the initial <I>bona fide </I>offering thereof.


<P align="center" style="font-size: 10pt">II-2
</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;(3)&nbsp;To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of
the offering.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;That, for purposes of determining any liability under the Securities
Act of 1933, each filing of our annual report pursuant to
Section&nbsp;13&nbsp;(a) or
Section&nbsp;15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in
this registration statement shall be deemed to be a new registration statement
relating to the securities offered herein, and the offering of such securities
at that time will be deemed to be the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;That, (i)&nbsp;for purposes of determining any liability under the
Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule&nbsp;430A and
contained in a form of prospectus filed by the registrant pursuant to Rule
424(b)(1) or (4)&nbsp;or 497(h) under the Securities Act shall be deemed to be part
of this registration statement as of the time it was declared effective and
(ii)&nbsp;for the purpose of determining any liability under the
Securities Act of 1933,
each post-effective amendment that contains a form of prospectus shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial <I>bona fide </I>offering thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;To file an application for the purpose of determining the eligibility
of the trustee to act under subsection (a)&nbsp;of Section&nbsp;310 of the Trust
Indenture Act of 1939 in accordance with the rules and regulations prescribed
by the Commission under Section&nbsp;305(b)(2) of the Trust Indenture Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the Securities
Act of 1933 may be permitted to our directors, officers and controlling persons
pursuant to the provisions of our Certificate of Incorporation, or otherwise,
we have been advised that in the opinion of the Securities and
Exchange Commission such indemnification
is against public policy as expressed in the Securities Act of 1933 and is, therefore,
unenforceable. If a claim for indemnification against such liabilities (other
than the payment by us of expenses incurred or paid by one of our directors,
officers or controlling persons 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, we will, unless in the opinion
of our 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 of
1933 and we will
be governed by the final adjudication of such issue.


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

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

<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&nbsp;S-3 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;30, 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" style="border-bottom: 1px solid #000000">
/s/ Stuart A. Miller</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top" colspan="2">Name: Stuart A. Miller</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD valign="top" colspan="2">Title: President and Chief Executive Officer</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;The
following direct and indirect subsidiaries of registrant may
guarantee the debt securities and co-registrants under this
registration statement:


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

<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.<BR>
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

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

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

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

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>


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


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

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

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>


<P align="left" style="font-size: 10pt">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.<BR>
Lennar Land Partners Sub II, Inc.<BR>
Lennar Military Housing, Inc.<BR>
Lennar Nevada, Inc.<BR>
Lennar Northland I, Inc.


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

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

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>


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

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

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

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>


<P align="left" style="font-size: 10pt">North County Land Company, LLC<BR>
Northbridge L.L.C.<BR>
Northern Land Company, LLC<BR>
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.


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




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

<P align="left" style="font-size: 10pt"><B>Name of Co-Registrant</B>


<P align="left" style="font-size: 10pt">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<BR>
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" style="border-bottom: 1px solid #000000">/s/
Benjamin P. Butterfield</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>



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

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<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>

<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 A. Miller, Bruce E. Gross, Benjamin
P. Butterfield and Diane 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="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="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><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" colspan="3"><B>Date</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top">/s/ Stuart A. Miller<BR>
<HR size="1" noshade>
Stuart A. Miller</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Chief Executive Officer,<BR>
President and Director<BR>
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Bruce E. Gross<BR>
<HR size="1" noshade>
Bruce E. Gross</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Chief Financial Officer<BR>
(Principal Financial Officer)
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Diane J. Bessette<BR>
<HR size="1" noshade>
Diane J. Bessette</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice President and Controller<BR>
(Principal Accounting Officer)
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Irving Bolotin<BR>
<HR size="1" noshade>
Irving Bolotin</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Steven L. Gerard<BR>
<HR size="1" noshade>
Steven L. Gerard</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Jonathan M. Jaffe<BR>
<HR size="1" noshade>
Jonathan M. Jaffe</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ R. Kirk Landon<BR>
<HR size="1" noshade>
R. Kirk Landon</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Sidney Lapidus<BR>
<HR size="1" noshade>
Sidney Lapidus</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>


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



<P align="center" style="font-size: 10pt">S-8
</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="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="39%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><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" colspan="3"><B>Date</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR><TD>&nbsp;</TD></TR>
<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Herv&#233; Ripault<BR>
<HR size="1" noshade>
Herv&#233; Ripault</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Donna Shalala<BR>
<HR size="1" noshade>
Donna Shalala</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Steven J. Saiontz<BR>
<HR size="1" noshade>
Steven J. Saiontz</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">/s/ Robert J. Strudler<BR>
<HR size="1" noshade>
Robert J. Strudler</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
Vice-Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>

    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>


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



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

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

<P align="left" style="font-size: 10pt"><B>On Behalf of the Following Co-Registrants:<BR>
Name of Co-Registrant</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)


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

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

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


<P align="center" style="font-size: 10pt">S-11</DIV>

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

<P align="left" style="font-size: 10pt">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)<BR>
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, Inc.<BR>
(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)


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

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

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

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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 - 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>



<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"><SUP>1</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Concord Homes, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>2</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by U.S. Home Corporation as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>3</SUP></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><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>4</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Hills, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>5</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Lake, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>6</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by the Liquidation Agent, Concord Homes, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>7</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Oaks, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>8</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Park, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>9</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Concord Pointe, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>10</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Land Partners Sub II, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>11</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Fresno, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>12</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Chicago, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>13</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Homes, Inc. as Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>14</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by The Fortress Group, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>15</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar San Jose Holdings, Inc. as Member</TD>
</TR>

</TABLE>


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

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

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






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



<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"><SUP>16</SUP></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><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>17</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Renaissance, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>18</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes of Nevada, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>19</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar-Kings Lake, Inc. as Manager</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>20</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Associates Management Holding Company as Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>21</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Homes of California, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>22</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Family of Builders GP, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>23</SUP></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><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>24</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Texas Holding Company, its General Partner</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>25</SUP></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><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>26</SUP></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><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>27</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes, Inc., its General Partner</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>28</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Lennar Pacific Properties Management, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>29</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar Texas Holding Company</TD>
</TR>

</TABLE>



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

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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

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



<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"><SUP>30</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes, Inc. as Managing Member</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>31</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Mission Viejo Holdings, Inc., its General Partner</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>32</SUP></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><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>33</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Lennar La Paz, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>34</SUP></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by its General Partner, Strategic Technologies, Inc.</TD>
</TR>

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

<TR valign="top">
    <TD width="1%" nowrap align="right"><SUP>35</SUP></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>

</TABLE>



<P align="center" style="font-size: 10pt">S-16
</DIV>

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

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






<P align="left" style="font-size: 10pt">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"><SUP>36</SUP></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">S-17
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">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="40%">&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="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><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">&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"><BR>/s/ Richard Abreu</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="bottom">(1.2</TD>
    <TD nowrap valign="bottom">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="bottom">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>
Richard Abreu
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(1.3</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Diane J. Bessette
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(2.3</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Benjamin P. Butterfield
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(3</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Jose Cabaleiro
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(4.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Edward C. Giermann
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(5</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Bruce E. Gross
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(6.2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
A. Elizabeth Guerra-Pazos
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(7</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Emile Haddad
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(8.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Jonathan M. Jaffe
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(9.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Craig M. Johnson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(10.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Steven Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(11</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
L. Christian Marlin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(12</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Stuart A. Miller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(13.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Betty Jo Powers
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(14</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Mark Shea
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(15.3</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>


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



<P align="center" style="font-size: 10pt">S-18
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">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="40%">&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="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><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"><BR>/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>
Robert J. Strudler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(16.1</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><BR>/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>
Michael White
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(17.2</TD>
    <TD nowrap valign="top">)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">June&nbsp;30, 2004</TD>
</TR>


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




<P align="center" style="font-size: 10pt">S-19
</DIV>


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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<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="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Exhibit</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">4.1(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Indenture, dated as of June&nbsp;25, 2004, between the Company
and U.S. Bank Trust National Association.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Indenture, dated as of December&nbsp;31, 1997, between the
Company and J.P. Morgan Trust Company, N.A., as successor in
interest to The First National Bank of Chicago, N.A. (incorporated by
reference to the Company&#146;s Registration Statement on Form&nbsp;S-3,
File No.&nbsp;333-45527).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(a)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company&#146;s Amended and Restated Certificate of Incorporation
(incorporated by reference to Exhibit&nbsp;3(a) of the Company&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended November
30, 1998, dated March&nbsp;1, 1999), as amended by the Certificate of
Amendment to Certificate of Incorporation, dated April&nbsp;9, 1999
(incorporated by reference to Exhibit&nbsp;3(a) of the Company&#146;s
Annual Report on Form&nbsp;10-K for the fiscal year ended November
30, 1999, dated February&nbsp;28, 2000) and the Certificate of
Amendment to Certificate of Incorporation, dated April&nbsp;8, 2003
(incorporated by reference to Annex IV to the Schedule&nbsp;14A dated
March&nbsp;10, 2003).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2(b)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Amended and Restated Bylaws of the Company (incorporated by
reference to Exhibit&nbsp;3(e) to the Company&#146;s Annual Report on Form
10-K, for the fiscal year ended November&nbsp;30, 2003, File
No.&nbsp;001-11749).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Clifford Chance US LLP.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">12.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statements of Computation of Ratios
of Earnings to Fixed Charges.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Clifford Chance US LLP (contained in Exhibit&nbsp;5.1).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Deloitte &#038; Touche LLP.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on the signature pages).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility and Qualification on Form&nbsp;T-1 of U.S.
Bank Trust National Association under the Indenture.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">25.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Statement of Eligibility and Qualification on Form&nbsp;T-1 of
predecessor to J.P. Morgan Trust Company (incorporated by
reference to the Company&#146;s Registration Statement on Form&nbsp;S-3,
File No.&nbsp;333-45527).</TD>
</TR>


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</TABLE>
</DIV>





</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1.A
<SEQUENCE>2
<FILENAME>e97385s3exv4w1wa.htm
<DESCRIPTION>FORM OF INDENTURE
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM OF INDENTURE</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<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;4.1.A







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



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



<P align="center" style="font-size: 10pt"><B>U.S. BANK TRUST, NATIONAL ASSOCIATION<BR>
TRUSTEE</B>







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



<P align="center" style="font-size: 10pt"><B>DATED AS OF JUNE 25, 2004</B>







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

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

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




<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS</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="94%">&nbsp;</TD>
    <TD width="3%">&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 nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 1.01. Definitions</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:20px; text-indent:-10px">SECTION 1.02. Incorporation by Reference of Trust Indenture Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 1.03. Rules of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE TWO THE SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.01. Form and Dating</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.02. Amount Unlimited; Issuable in Series</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.03. Denominations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.04. Execution and Authentication</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.05. Registrar and Paying Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.06. Paying Agent to Hold Money in Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.07. Securityholder Lists</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.08. Transfer and Exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.09. Replacement Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.10. Outstanding Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.11. Temporary Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.12. Cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 2.13. Defaulted Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE
THREE REDEMPTION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 3.01. Company&#146;s Option to Redeem</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 3.02. Notices to Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 3.03. Selection of Securities to be Redeemed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 3.04. Notice of Redemption at the Company&#146;s Option</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">SECTION 3.05. Effect of Notice of Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 3.06. Deposit of Redemption Price</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">SECTION 3.07. Holder&#146;s Right to Require Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 3.08. Procedure for Requiring Redemption</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 3.09. Securities Redeemed in Part</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE FOUR COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 4.01. Payment of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 4.02. Reporting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 4.03. Corporate Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

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



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

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

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

<P align="center" style="font-size: 10pt"><B>TABLE OF CONTENTS <BR>
(continued)</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="94%">&nbsp;</TD>
    <TD width="3%">&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 nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 4.04. Compliance Certificate</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:20px; text-indent:-10px">SECTION 4.05. Further Instruments and Acts</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">ARTICLE FIVE SUCCESSOR CORPORATION 13</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:20px; text-indent:-10px">SECTION 5.01. Company May Consolidate, etc., Only on Certain Terms</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:20px; text-indent:-10px">SECTION 5.02. Successor Corporation Substituted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE SIX DEFAULTS AND REMEDIES</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:20px; text-indent:-10px">SECTION 6.01. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 6.02. Acceleration</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">SECTION 6.03. Other Remedies</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">SECTION 6.04. Waiver of Existing Defaults</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">SECTION 6.05. Control by Majority</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:20px; text-indent:-10px">SECTION 6.06. Payments of Securities on Default; Suit Therefor</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">SECTION 6.07. Limitation on Suits</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:20px; text-indent:-10px">SECTION 6.08. Rights of Holders to Receive Payment and to Demand Conversion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 6.09. Collection Suit by Trustee</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:20px; text-indent:-10px">SECTION 6.10. Trustee May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 6.11. Restoration of Positions</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:20px; text-indent:-10px">SECTION 6.12. Priorities</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:20px; text-indent:-10px">SECTION 6.13. Undertaking for Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 6.14. Stay, Extension or Usury Laws</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:20px; text-indent:-10px">SECTION 6.15. Liability of Stockholders, Officers, Directors and Incorporators</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE
SEVEN TRUSTEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.01. Duties of Trustee</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:20px; text-indent:-10px">SECTION 7.02. Rights of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.03. Individual Rights of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.04. Trustee&#146;s Disclaimer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.05. Notice of Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.06. Reports by Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.07. Compensation and Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.08. Replacement of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.09. Successor Trustee by Merger, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.10. Eligibility; Disqualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

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



<P align="center" style="font-size: 10pt">-ii-
</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 <BR>
(continued)</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="94%">&nbsp;</TD>
    <TD width="3%">&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 nowrap align="center" colspan="3"><B>Page</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 7.11. Preferential Collection of Claims</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE
EIGHT DISCHARGE OF INDENTURE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 8.01. Termination of the Company&#146;s Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 8.02. Application of Trust Money</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 8.03. Repayment to the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE NINE AMENDMENTS, SUPPLEMENTS AND WAIVERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 9.01. Without Consent of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 9.02. With Consent of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 9.03. Compliance with Trust Indenture Act</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 9.04. Revocation and Effect of Consents</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:20px; text-indent:-10px">SECTION 9.05. Notation on or Exchange of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 9.06. Trustee to Sign Amendments, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE TEN
CONVERSION OR EXCHANGE OF SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 10.01. Provisions Relating to Conversion or Exchange of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE
ELEVEN SINKING OR PURCHASE FUNDS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 11.01. Provisions Relating to Sinking or Purchase Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE
TWELVE MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.01. Trust Indenture Act Controls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.02. Supplemental Indentures Contract</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.03. Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.04. Communication by Holders with Other Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.05. Certificate and Opinion as to Conditions Precedent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.06. When Treasury Securities Disregarded</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.07. Rules by Trustee, Paying Agent, Registrar</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.08. Legal Holidays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.09. Governing Law and Submission to Jurisdiction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.10. Actions by the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.11. No Adverse Interpretation of Other Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.12. Successors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.13. Duplicate Originals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">SECTION 12.14. Table of Contents, Headings, etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

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



<P align="center" style="font-size: 10pt">-iii-
</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;INDENTURE,
dated as of June 25, 2004, between Lennar Corporation (the
&#147;Company&#148;), a Delaware corporation having its principal office at 700 N.W.
107th Avenue, Miami, Florida 33172, and U.S. Bank Trust, National Association
(the &#147;Trustee&#148;), a national banking association, organized under
the laws of the United States of America which has its corporate trust office
at 100&nbsp;Wall Street, Suite 1600, New York, NY 10005. Each party agrees as
follows for the benefit of each other party and for the equal and ratable
benefit of the Holders of the Company&#146;s debentures, notes or other evidences of
unsecured indebtedness to be issued in one or more series (&#147;Securities&#148;):


<P align="center" style="font-size: 10pt">ARTICLE ONE



<P align="center" style="font-size: 10pt">DEFINITIONS AND INCORPORATION BY REFERENCE



<P align="left" style="font-size: 10pt">SECTION 1.01. Definitions.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Board Resolution&#148; means a resolution by the Board of Directors or
Executive Committee of the Company certified by its Secretary or an Assistant
Secretary as being duly adopted and in full force and effect.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148; means each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a Legal Holiday.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Capital Stock&#148; means common or preferred stock entitled to share in the
equity or profits of a Corporation. &#147;Common Stock&#148; means the common stock, par
value $.10 per share, of the Company, as that stock may be reconstituted from
time to time, except that


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Common Stock&#148; will not include the Company&#146;s Class&nbsp;B Common Stock.
&#147;Company&#148; means the Person named as such in this Indenture until a successor
replaces it and after that means the successor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Corporate Trust Office&#148; means the principal office of the Trustee at
which at any particular time its corporate trust business is principally
administered (which at the date of this Indenture is at the location set forth
in the first paragraph of this Indenture).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Corporation&#148; includes corporations, associations, companies and business
trusts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Custodian&#148; has the meaning provided in Section&nbsp;6.01.


<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 passage of
time, or both, would be an Event of Default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;$&#148; means the lawful currency of the United States.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Event of Default&#148; has the meaning provided in Section&nbsp;6.01.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Fiscal Year&#148; means the period commencing on December 1 of a year and
ending on the next November&nbsp;30 or such other period (not to exceed 12&nbsp;months or
53&nbsp;weeks) as the Company may from time to time adopt as its fiscal year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Holder&#148; or &#147;Securityholder&#148; means a Person in whose name a Security is
registered on the Registrar&#146;s books.


<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indenture&#148; means this Indenture as amended or supplemented from time to
time and will include the form and terms of the Securities of each series
established as contemplated by Section&nbsp;2.01.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Interest Payment Date&#148; means the date on which an installment of interest
on the Securities is due and payable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Legal Holiday&#148; has the meaning provided in Section&nbsp;12.08.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Maturity Date&#148; means the date the principal of Securities is due and
payable. &#147;Officer&#148; means the Chairman of the Board, any Vice Chairman of the
Board, the President, any Vice President, the Treasurer, the Secretary, the
Controller or any Assistant Secretary of a Person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officers&#146; Certificate&#148; when used with respect to the Company means a
certificate signed by two Officers. Each such certificate will comply with
Section&nbsp;314 of the TIA and include the statements described in Section&nbsp;12.05.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Opinion of Counsel&#148; means a written opinion from legal counsel who is
acceptable to the Trustee. That counsel may be an employee of or counsel to
the Company or the Trustee. Each such opinion will include the statements
described in Section&nbsp;12.05 if and to the extent required by that Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Paying Agent&#148; has the meaning provided in Section&nbsp;2.05.


<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;Registrar&#148; has the meaning provided in Section&nbsp;2.05.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;SEC&#148; means the Securities and Exchange Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities&#148; means the debentures, notes or other evidences of unsecured
indebtedness to be issued in one or more series by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities Act of 1933&#148; means the Securities Act of 1933, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Securities Exchange Act of 1934&#148; means the Securities Exchange Act of
1934, as amended. &#147;State&#148; means any state of the United States or the District
of Columbia.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary&#148; means a corporation of which a majority of the voting stock
is owned by the Company, by a Subsidiary of the Company or by the Company and
one or more Subsidiaries of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Supplemental Indenture&#148; means an indenture between the Company and the
Trustee which supplements this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;TIA&#148; means the Trust Indenture Act of 1939, as amended, as in effect on
the date of this Indenture.



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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;&#147;Trustee&#148; means the Person named as such in this Indenture and, subject to
the provisions of Article&nbsp;7, any successor to that person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Trust Officer&#148; means the Chairman of the Board, the President or any
other officer or assistant officer of the Trustee assigned by the Trustee to
administer its corporate trust matters.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;United States&#148; means the United
States of America.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this
Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. In addition, the provisions of
Sections&nbsp;310 to and including 317 of the TIA that impose duties on any person
are incorporated by reference in, and form a part of, this Indenture. The
following TIA terms mean the following when used in this Indenture:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Commission&#148; means the SEC;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture securities&#148; means the Securities;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture securityholder&#148; means a Holder;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture to be qualified&#148; means this Indenture;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;indenture trustee&#148; or &#147;institutional trustee&#148; means the Trustee; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;obligor&#148; on the indenture securities means the Company.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">All other TIA terms used in this Indenture that are defined in the TIA, defined
in the TIA by reference to another statute or defined by SEC rule have the
meanings assigned to them.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 1.03. Rules of Construction. Unless the context otherwise requires:


<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>a term has the meaning assigned to it;</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>an accounting term not otherwise defined has the meaning
assigned to it in accordance with generally accepted accounting
principles in the United States;</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>&#147;or&#148; is not exclusive; 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>words in the singular include the plural, and in the plural
include the singular.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">ARTICLE TWO



<P align="center" style="font-size: 10pt">THE SECURITIES



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.01. Form and Dating. (a)&nbsp;The Securities of each series will be
substantially in the form established by a Supplemental Indenture relating to
the Securities of that series. The Securities may have notations, legends or
endorsements required by law, stock exchange rules or usage. The Company will
approve the form of the Securities and any notation, legend or endorsement on
them. Each Security will be dated the date of its authentication. (b)&nbsp;The
Trustee&#146;s certificate of authentication will be substantially in the form of
Exhibit&nbsp;A.


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




<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.02. Amount Unlimited; Issuable in Series. The aggregate principal
amount of the Securities which may be authenticated and delivered under this
Indenture is unlimited. The Securities may be issued in one or more series.
Prior to the issuance of Securities of a series, the Company and the Trustee
will execute a Supplemental Indenture which will set forth as to the Securities
of that series, to the extent applicable:


<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="5%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the title of the Securities;</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>any limit upon the aggregate principal amount of Securities
which may be issued;</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>the date or dates on which the Securities will mature and the
amounts to be paid upon maturity of the Securities;</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>the rate or rates (which may be fixed or variable) at which
the Securities will bear interest, if any, the dates from which
interest will accrue, the dates on which interest will be payable
and the record date for the interest payable on any interest payment
date;</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the currency or currencies in which principal, premium, if
any, and interest, if any, will be payable;</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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the place or places where principal of, premium, if any, and
interest, if any, on the Securities will be payable;</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">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions regarding the right of the Company to redeem
Securities or of holders to require the Company to redeem
Securities;</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">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the right, if any, of holders of the Securities to convert
them into stock or other securities of the Company, including any
provisions intended to prevent dilution of those conversion rights;</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">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any provisions by which the Company will be required or
permitted to make payments to a sinking fund which will be used to
redeem Securities or a purchase fund which will be used to purchase
Securities;</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">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the percentage of the principal amount of the Securities
which is payable if maturity of the Securities is accelerated
because of a default; 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">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other terms of the Securities.</TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.03. Denominations. Unless otherwise provided in the Supplemental
Indenture relating to a series of Securities, the Securities of each series
will be issuable in registered form without coupons in denominations of $1,000
and multiples of $1,000.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.04. Execution and Authentication. Two Officers will sign the
Securities of each series for the Company by manual or facsimile signature.
The Company&#146;s seal will be reproduced on the Securities. If an Officer whose
signature is on a Security no longer holds office at the time the Trustee
authenticates the Security, the Security will be valid nonetheless. A Security
will not be valid until an authorized signatory of the Trustee manually signs
the certificate of authentication on the Security. The signature will be
conclusive evidence that the Security has been authenticated under this
Indenture.


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.05. Registrar and Paying Agent. The Company will maintain an office
or agency where Securities of each series may be presented for conversion,
registration of transfer or for exchange (the &#147;Registrar&#148;) and an office or
agency where Securities of each series may be presented for payment (&#147;Paying
Agent&#148;). The Registrar will keep a register of the Securities of each series
and of their transfer and exchange. The Company may have one or more
co-registrars and one or more additional paying agents. The term &#147;Paying
Agent&#148; includes any additional paying agent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will enter into an appropriate agency agreement with any
Registrar, Paying Agent or co-registrar not a party to this Indenture which
will incorporate the terms of the TIA. The agreement will implement the
provisions of this Indenture that relate to that agent. The Company will
notify the Trustee of the name and address of any such agent. If the Company
fails to maintain a Registrar or Paying Agent, the Trustee will act as such.
The Company or any Subsidiary may act as Paying Agent, Registrar, co-registrar
or transfer agent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company initially appoints the Trustee to act as Registrar and Paying
Agent in connection with the Securities of each series, except in instances in
which the Supplemental Indenture relating to a series of Securities appoints a
different Registrar or Paying Agent.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.06. Paying Agent to Hold Money in Trust. Prior to each due date of
the principal of, premium, if any, or interest, if any, on any Security, the
Company will deposit with the Paying Agent a sum sufficient to pay that
principal, premium or interest when due. The Paying Agent will hold in trust
for the benefit of the Holders of the Securities of a series, and if the Paying
Agent is not the Trustee, in trust for the benefit of the Trustee, all sums
held by the Paying Agent for the payment of principal, premium or interest on
the Securities of that series and, in the case of a Paying Agent other than the
Trustee, the Paying Agent will give the Trustee notice of any default by the
Company in making any such payment. If the Company or a Subsidiary acts as
Paying Agent, it will segregate the money held by it as Paying Agent and hold
it as a separate trust fund. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee and to account for any funds
disbursed by the Paying Agent. Upon complying with this Section, the Paying
Agent will have no further liability for the money.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.07. Securityholder Lists. The Trustee will preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of the Holders of the Securities of each series. If the
Trustee is not the Registrar, the Company will furnish to the Trustee in
writing at least five Business Days before each Interest Payment Date and at
such other times as the Trustee may request in writing all information in the
possession or control of the Company or its Paying Agent as to the names and
addresses of Holders of the Securities of a series.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.08. Transfer and Exchange. Unless otherwise provided in the
Supplemental Indenture relating to Securities of a series, Securities which are
issued in registered form will be transferred only upon the surrender of the
Securities for registration of transfer. When a Security is presented to the
Registrar or a co-registrar with a request to register a transfer, the
Registrar will register the transfer as requested if the requirements of
Article&nbsp;8 of the New York Uniform Commercial Code are met. When Securities are
presented to the Registrar or a co-registrar with a request to exchange them
for an equal principal amount of Securities of the same series of other
denominations, the Registrar will make the exchange as requested if the same
requirements are met. To permit registration of transfers and exchanges, the
Company will execute and the Trustee will authenticate Securities at the
Registrar&#146;s or co-registrar&#146;s request. The Company will not charge a fee for
transfers or exchanges.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will not be required to make, and the Registrar need not
register, transfers or exchanges of (i)&nbsp;Securities selected for redemption
(except, in the case of Securities to be redeemed in part, transfers or
exchanges of the portion of the Securities not to be redeemed) or (ii)&nbsp;any
Securities of a series for a period of 15&nbsp;days before the first mailing of a
notice of the Securities of that series which are to be redeemed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the due presentation for registration or transfer of any Security
which was issued in registered form, the Company, the Trustee, the Paying
Agent, the Registrar or any co-registrar may deem and treat the person in whose
name the Security is registered as the absolute owner of the Security for all
purposes, and none of the Company, the Trustee, the Paying Agent, the Registrar
or any co-registrar will be affected by notice to the contrary.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.09. Replacement Securities. If a mutilated Security which had been
issued in registered form is surrendered to the Registrar or if the Holder
presents evidence to the satisfaction of the Company and the Trustee that a
Security which had been issued in registered form has been lost or destroyed,
the Company will issue and the Trustee will authenticate a replacement Security
of the same series if the requirements of Section&nbsp;8-405 of the New York Uniform
Commercial Code are met and the Holder satisfies any other reasonable
requirements of the Trustee. If required by the Trustee or the Company, the
replacement Security will not be issued until the Holder furnishes an indemnity
bond sufficient in the judgment of the Company and the Trustee to protect the
Company, the Trustee, the Paying Agent and the Registrar or any co-registrar
from any loss which any of them may suffer if the Security is replaced. The
Company may charge the Holder for its expenses in replacing a Security.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Every replacement Security will be an obligation of the Company, even if
the replaced Security is subsequently found.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.10. Outstanding Securities. The Securities outstanding at any time
will be all the Securities authenticated by the Trustee, except those cancelled
by it, those delivered to it for cancellation and those described in this
Section as not outstanding. A Security does not cease to be outstanding
because the Company or its affiliate holds the Security.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Security is replaced pursuant to Section&nbsp;2.09, it ceases to be
outstanding unless the Trustee and the Company receive proof satisfactory to
them that the replaced Security is held by a protected purchaser (in which case
the replaced Security will be treated as outstanding to the extent permitted by
Section&nbsp;8-210 of the New York Uniform Commercial Code).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Paying Agent (other than the Company or a Subsidiary) segregates
and holds in trust, in accordance with this Indenture, on a redemption date or
Maturity Date money sufficient to pay all principal, premium, if any, and
interest, if any, payable on that date with respect to the Securities to be
redeemed or maturing, as the case may be, then on that date those Securities
will cease to be outstanding and interest on them will cease to accrue.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.11. Temporary Securities. Until definitive Securities of a series
are ready for delivery, the Company may prepare and the Trustee will
authenticate temporary Securities of that series. Temporary Securities will be
substantially in the form of definitive Securities but may have variations that
the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company will prepare and the Trustee will authenticate
definitive Securities and deliver them in exchange for temporary Securities.


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




<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 2.12. Cancellation. The Company at any time may deliver Securities of
a series to the Trustee for cancellation and the Trustee will reduce
accordingly the aggregate amount of the Securities of that series which are
outstanding. The Registrar and the Paying Agent will forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange,
payment, or conversion. The Trustee and no one else will cancel and destroy
(subject to the record retention requirements of the Exchange Act) all
Securities surrendered for registration of transfer, exchange, payment,
conversion or cancellation and deliver certificates of such destruction to the
Company unless the Company directs the Trustee to deliver the cancelled
Securities to the Company. Subject to Section&nbsp;2.09, the Company may not issue
new Securities of a series to replace Securities of the series it has redeemed,
paid, converted or delivered to the Trustee for cancellation.


<P align="left" style="font-size: 10pt">SECTION 2.13. Defaulted Interest. If the Company defaults in a payment of
interest on the Securities of a series, it will pay defaulted interest (plus
interest on such defaulted interest to the extent lawful) to the persons who
are Holders of the Securities of that series on a subsequent special record
date, which date will be at least five Business Days prior to the payment date.
The Company will fix the special record date and payment date, and, at least
15&nbsp;days before the special record date, the Company will mail to each Holder of
Securities of that series a notice that states the special record date, the
payment date and the amount of defaulted interest and any interest on that
defaulted interest which is to be paid. Notwithstanding the foregoing, the
Company may pay defaulted interest in any other lawful manner.


<P align="center" style="font-size: 10pt">ARTICLE THREE



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



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.01. Company&#146;s Option to Redeem. The Company will have the option to
redeem Securities of a series only to the extent, if any, and only on the
terms, set forth in the Supplemental Indenture relating to the Securities of
that series. If the Company has the option to redeem Securities of a series,
unless otherwise provided in the Supplemental Indenture relating to the series,
the terms of the redemption will include those set forth in Sections&nbsp;3.02
through 3.06.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.02. Notices to Trustee. If the Company elects to redeem Securities
of a series, it will notify the Trustee of the redemption date and the
principal amount and series of Securities to be redeemed. The Company will
give each notice provided for in this Section at least 45&nbsp;days before the
redemption date. If fewer than all the Securities of a series are to be
redeemed, the record date for determining which Securities of the series are to
be redeemed will be selected by the Company, which will give notice of the
record date to the Trustee at least 15&nbsp;days before the record date.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.03. Selection of Securities to be Redeemed. If fewer than all the
Securities of a series are to be redeemed at the Company&#146;s option, the Trustee
will select the Securities of that series to be redeemed by lot or, in its sole
discretion, pro-rata. The Trustee will make the selection from outstanding
Securities of that series not previously called for redemption. The Trustee
may select for redemption portions of the principal of Securities that have
denominations larger than the minimum denomination in which Securities of the
applicable series may be issued. Securities and portions of Securities the
Trustee selects will be in amounts equal to the minimum denomination in which
Securities of the applicable series may be issued and multiples of that amount.
Provisions of this Indenture that apply to Securities called for redemption
also apply to portions of Securities called for redemption. The Trustee will
notify the Company promptly of the Securities or portions of Securities to be
redeemed.


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




<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.04. Notice of Redemption at the Company&#146;s Option. At least 30&nbsp;days
and not more than 60&nbsp;days before a date set for redemption at the Company&#146;s
option, the Company will mail a notice of redemption by first-class mail to
each Holder of Securities to be redeemed in whole or in part. The notice will
identify the principal amount and series of each Security to be redeemed and
will state:


<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="5%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the redemption date;</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>the redemption price plus accrued interest, if any;</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>the name and address of the Paying Agent;</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>that Securities called for redemption in whole or in part
must be surrendered to the Paying Agent to collect the redemption
price plus accrued interest, if any;</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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that, unless the Company defaults in making the redemption
payment, interest on Securities (or portions of Securities) called
for redemption will cease to accrue on the redemption date and, if
applicable, that those Securities (or the portions of then called
for redemption) will cease on the redemption date (or such other
date as is provided in the Supplemental Indenture relating to the
Securities) to be convertible into, or exchangeable for, other
securities or assets; 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">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if applicable, the current conversion or exchange price.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Company&#146;s request, the Trustee will give the notice of redemption
in the Company&#146;s name and at the Company&#146;s expense. In such event, the Company
will provide the Trustee with the information required by clauses (1)&nbsp;through
(3)&nbsp;and (6).


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.05. Effect of Notice of Redemption. Once notice of redemption is
mailed, Securities, or portions of Securities called for redemption will become
due and payable on the redemption date and at the redemption price. Upon
surrender to the Paying Agent, those Securities will be paid at the redemption
price, plus accrued and unpaid interest to the redemption date. On and after
the date fixed for redemption (unless the Company defaults in the payment of
the redemption price, together with interest accrued to the redemption date)
interest on the Securities, or portions of them, which are redeemed will cease
to accrue and any right to convert those Securities into, or exchange them for,
other securities or assets will terminate and those Securities will cease to be
convertible or exchangeable. Failure to give notice or any defect in the
notice to any Holder will not affect the validity of the notice to any other
Holder.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.06. Deposit of Redemption Price. No later than the Business Day
prior to the redemption date specified in a notice of redemption, the Company
will deposit with the Paying Agent (or, if the Company or a Subsidiary is the
Paying Agent, segregate and hold in trust) money sufficient to redeem on the
redemption date all the Securities called for redemption on that redemption
date at the appropriate redemption price, together with accrued interest to the
redemption date, other than Securities or portions of Securities called for
redemption which have been delivered by the Company to the Trustee for
cancellation or Securities which have been surrendered for conversion or
exchange. If any Securities called for redemption are converted or exchanged,
any money deposited with the Paying Agent for redemption of those Securities
will be paid to the Company upon its request, or, if the money is held in trust
by the Company or a Subsidiary as Paying Agent, the money will be discharged
from the trust.



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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.07. Holder&#146;s Right to Require Redemption. Holders of Securities of a
series will have the right to require the Company to redeem those Securities
only to the extent, and only on the terms, set forth in the Supplemental
Indenture relating to the Securities of that series. If Holders of Securities
of a series have the right to require the Company to redeem those Securities,
unless otherwise provided in the Supplemental Indenture relating to the
Securities of that series, the terms of the redemption will include those set
forth in Section&nbsp;3.08.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.08. Procedure for Requiring Redemption. If a Holder has the right to
require the Company to redeem Securities, to exercise that right, the Holder
must deliver the Securities to the Paying Agent, endorsed for transfer and with
the form on the reverse side entitled &#147;Option to Require Redemption&#148; completed.
Delivery of Securities to the Paying Agent as provided in this Section will
constitute an irrevocable election to cause the specified principal amount of
Securities to be redeemed. When Securities are delivered to the Paying Agent
as provided in this Section, unless the Company fails to make the payments due
as a result of the redemption within 20&nbsp;days after the Securities are delivered
to the Paying Agent as provided in this Section interest on the Securities will
cease to accrue and, if the Securities are convertible or exchangeable, the
Holder&#146;s right to convert or exchange the Securities will terminate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#146;s determination of all questions regarding the validity,
eligibility (including time of receipt) and acceptance of any Security for
redemption will be final and binding.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 3.09. Securities Redeemed in Part. Upon surrender of a Security that
is redeemed in part, the Company will execute and the Trustee will authenticate
and deliver to the Holder (at the Company&#146;s expense) a new Security equal of
the same series in principal amount equal to the unredeemed portion of the
Security which was surrendered.


<P align="center" style="font-size: 10pt">ARTICLE FOUR



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



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 4.01. Payment of Securities. The Company will promptly pay or cause to
be paid the principal of, premium, if any, and interest, if any, on each of the
Securities of a series at the places and time and in the manner provided in the
Securities and in the Supplemental Indenture relating to the series. An
installment of principal, premium or interest will be considered paid on the
date it is due if the Trustee or Paying Agent holds on that date in accordance
with this Indenture or the applicable Supplemental Indenture money designated
for and sufficient to pay the installment then due.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will pay or cause to be paid interest on overdue principal at
the rate specified in the Securities; it will also pay interest on overdue
installments of interest at the same rate (or such other rate as is provided in
the applicable Supplemental Indenture), to the extent lawful.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 4.02. Reporting. The Company will file with the Trustee within 15&nbsp;days
after filing with the SEC, copies of its annual reports and of the information,
documents, and other reports (or copies of such portions of any of the
foregoing as the SEC may by rules and regulations prescribe) which the Company
is required to file with the SEC pursuant to Section&nbsp;13 or 15(d) of the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). The Company also will
comply with the other provisions of TIA Section&nbsp;314(a).


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<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 4.03. Corporate Existence. Subject to Article&nbsp;5, the Company will do
or cause to be done all things necessary to preserve and keep in full force and
effect its corporate existence, rights (charter and statutory) and franchises;
provided, however, that the Company will not be required to preserve any such
right or franchise if the Board of Directors determines that the preservation
of the right or franchise is no longer desirable in the conduct of the business
of the Company and that its loss will not be disadvantageous in any material
respect to the Holders of Securities of any series.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 4.04. Compliance Certificate. The Company will deliver to the Trustee
within 120&nbsp;days after the end of each fiscal year of the Company an Officers&#146;
Certificate stating that in the course of the performance by the signers of
their duties as Officers of the Company they would normally have knowledge of
any default by the Company and whether or not the signers know of any default
that occurred during the fiscal year. If they do, the certificate will
describe the default, its status and what action the Company is taking or
proposes to take with respect thereto. The Company also will comply with TIA
Section&nbsp;314(a)(4).


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 4.05. Further Instruments and Acts. Upon request of the Trustee, the
Company will execute and deliver such further instruments and do such further
acts as may be reasonably necessary or proper to carry out more effectively the
purpose of this Indenture.


<P align="center" style="font-size: 10pt">ARTICLE FIVE



<P align="center" style="font-size: 10pt">SUCCESSOR CORPORATION 13



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 5.01. Company May Consolidate, etc., Only on Certain Terms. The
Company will not consolidate with or merge into any other corporation or
convey, transfer or lease its properties and assets substantially as an
entirety to any person, 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%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the corporation formed by the consolidation or into which the
Company is merged or the person which acquires by conveyance or
transfer, or which leases, the properties and assets of the Company
substantially as an entirety will be a corporation organized and
existing under the laws of the United States of America, a State of
the United States of America or the District of Columbia and
expressly assumes, by a one or more supplemental indentures,
executed and delivered to the Trustee, in form satisfactory to the
Trustee, the due and punctual payment of the principal of, premium,
if any, and interest, if any, on all the Securities of each series
and the performance of every covenant of this Indenture and of all
Supplemental Indentures to be performed or observed by the Company;</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>immediately after giving effect to the transaction, no Event
of Default, and no event which, after notice or lapse of time or
both, would become an Event of Default, will have occurred and be
continuing; 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">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Company has delivered to the Trustee an Officers&#146;
Certificate and an Opinion of Counsel, each stating that the
consolidation, merger, conveyance, transfer or lease and the
supplemental indenture (or the supplemental indentures together)
comply with this Article and that all the conditions precedent
relating to the transaction set forth in this Section have been
fulfilled.</TD>
</TR>

</TABLE>

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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>


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 5.02. Successor Corporation Substituted. Upon any event described in
Section&nbsp;5.01, the successor corporation will succeed to, and be substituted
for, and may exercise every right and power of, the Company under this
Indenture and all the Supplemental Indentures relating to outstanding series of
Securities, and the predecessor corporation will be relieved of all obligations
and covenants under this Indenture and each of those Supplemental Indentures.


<P align="center" style="font-size: 10pt">ARTICLE SIX



<P align="center" style="font-size: 10pt">DEFAULTS AND REMEDIES



<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.01. Events of Default. An &#147;Event of Default&#148; occurs 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%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Company defaults in the payment of interest on any
Security of any series when it becomes due and payable and the
default continues for a period of 30&nbsp;days (or such other period,
which may be no period) as is specified in the Supplemental
Indenture relating to the series;</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>The Company defaults in the payment of the principal of, or
premium, if any, on any Security of any series as and when it
becomes due and payable at its stated maturity or upon redemption,
acceleration or otherwise and, if provided in the Supplemental
Indenture relating to a series, the default continues for a period
specified in the Supplemental Indenture;</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>The Company fails to comply with any of its other covenants
or agreements with regard to Securities of a series or this
Indenture (other than a covenant or agreement, a default in whose
performance or whose breach is dealt with specifically elsewhere in
this Section) and that failure continues for a period of 60&nbsp;days
after the date of the notice specified below;</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>the Company, pursuant to any Bankruptcy Law applicable to the
Company:</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%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>commences a voluntary case;</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consents to the entry of an order for relief
against it in an involuntary case;</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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>consents to the appointment of a Custodian of it
or for any substantial part of its property; or</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">(D)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>makes a general assignment for the benefit of its
creditors; or</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="3%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a court of competent jurisdiction enters an order or decree
under any applicable Bankruptcy Law:</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%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>for relief in an involuntary case;</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">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>appointing a Custodian of the Company or for any
substantial part of its property; or</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%" nowrap align="right">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ordering its winding up or liquidation; and the
order or decree remains unstayed and in effect for 90&nbsp;days.</TD>
</TR>

</TABLE>


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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;Each of the occurrences described in clauses (1)&nbsp;through (5)&nbsp;will
constitute an Event of Default whatever the reason for the occurrence and
whether it is voluntary or involuntary or is 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Bankruptcy Law&#148; means Title 11 of the United States Code or any
similar United States Federal or State law for the relief of debtors. The term
&#147;Custodian&#148; means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Default under clause (3)&nbsp;of this Section is not an Event of Default
until the Trustee notifies the Company, or the Holders of at least 25% in
principal amount of the then outstanding Securities of a series with regard to
which the Company has failed to comply with a covenant or agreement notify the
Company and the Trustee, of the Default and the Company does not cure the
Default within 45&nbsp;days after the giving of the notice. The notice must specify
the Default, demand that it be remedied and state that the notice is a &#147;Notice
of Default.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Default under clause (1), (2)&nbsp;or (3)&nbsp;with regard to Securities of a
series will not constitute a Default with regard to Securities of any other
series except to the extent, if any, provided in the Supplemental Indenture
relating to the other series.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will deliver to the Trustee, within 20&nbsp;days after it occurs,
written notice in the form of an Officers&#146; Certificate of any event of which
the Company is aware which with the giving of notice and the lapse of time
would become an Event of Default under clause (3), its status and what action
the Company is taking or proposes to take with respect to it.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.02. Acceleration. If an Event of Default as to the Securities of a
series occurs and is continuing, unless the principal of all of the Securities
of the series has already become due and payable, the Trustee by notice to the
Company, or the Holders of at least 25% in aggregate principal amount of the
Securities of the series then outstanding by notice to the Company and the
Trustee, may declare the principal of and accrued interest, if any, on all the
Securities of the series to be due and payable. Upon such a declaration, that
principal and interest will be due and payable immediately. If an Event of
Default specified in Section&nbsp;6.01(4) or (5)&nbsp;occurs, the principal of, premium,
if any, and accrued interest, if any, on all the Securities will automatically
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Securityholders. The Holders of a majority
in principal amount of the Securities of a series then outstanding, on behalf
of the Holders of all the Securities of the series, by notice to the Trustee
may rescind an acceleration and its consequences if all existing Events of
Default have been cured or waived except nonpayment of principal, premium, if
any, or interest, if any, that has become due solely because of acceleration,
and if the rescission would not conflict with any judgment or decree. No such
rescission will affect any subsequent default or impair any consequent right.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.03. Other Remedies. If an Event of Default as to a series occurs and
is continuing, the Trustee may pursue any available remedy to collect the
payment of principal of, premium, if any, and interest, if any, on the
Securities of the series or to enforce the performance of any provision under
this Indenture or any applicable Supplemental Indenture.


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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;The Trustee may maintain a proceeding even if it does not possess any of
the Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Securityholder in exercising any right or remedy
accruing upon an Event of Default will not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.04. Waiver of Existing Defaults. The Holders of a majority in
aggregate principal amount of the Securities of a series then outstanding, on
behalf of the Holders of all the Securities of that series, by notice to the
Trustee may consent to the waiver of any past Default with regard to Securities
of the series and its consequences except (i)&nbsp;a default in the payment of
interest or premium, if any, on, or the principal of, Securities of the series,
or (ii)&nbsp;a default in respect of a covenant or a provision that under Section
9.02 cannot be modified or amended without the consent of the Holders of all
Securities of the series then outstanding. The defaults described in clauses
(i)&nbsp;and (ii)&nbsp;in the previous sentence may be waived with the consent of the
Holders of all Securities of the series then outstanding. When a Default or
Event of Default is waived, it is deemed cured and not continuing, but no
waiver will extend to any subsequent or other Default or impair any consequent
right.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.05. Control by Majority. The Holders of a majority in principal
amount of the Securities of a series then outstanding may direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee with regard to the Securities of that series or of exercising any trust
or power conferred on the Trustee with regard to the Securities of that series.
However, the Trustee may refuse to follow any direction that conflicts with
law or this Indenture or, subject to Section&nbsp;7.01, that the Trustee determines
is unduly prejudicial to the rights of other Securityholders or that would
involve the Trustee in personal liability provided, however, that the Trustee
may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. Prior to taking any action as a result of a direction
given under this Section, the Trustee will be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses
caused by taking or not taking that action.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.06. Payments of Securities on Default; Suit Therefor. The Company
covenants that upon the occurrence of an Event of Default described in Section
6.01(1) or (2), then, upon demand of the Trustee, the Company will pay to the
Trustee, for the benefit of the holders of the Securities in all series, the
whole amount that will then have become due and payable on all such Securities
for principal, premium, if any, and interest, with interest on the overdue
principal and premium, if any, and (to the extent that payment of such interest
is enforceable under applicable law) on the overdue installments of interest at
the rate borne by the Securities in all series; and, in addition, such further
amount as will be sufficient to cover the costs and expenses of collection,
including a reasonable compensation to the Trustee, its agents, attorneys and
counsel, and any expenses or liabilities incurred by the Trustee hereunder
other than through its negligence or bad faith. Until such demand by the
Trustee, the Company may pay the principal of and premium, if any, and interest
on the Securities of all series to the registered Holders, whether or not the
Securities in that series are overdue.


<P align="center" style="font-size: 10pt">- 13 -
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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.07. Limitation on Suits. A Securityholder may not pursue any remedy
with respect to this Indenture 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%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Holder gives to the Trustee written notice stating that
an Event of Default as to a series is continuing;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>enforcement of the liability of any stockholder or subscriber
to Capital Stock in respect of shares of Capital Stock which have not been
fully paid up.
</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="3%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Holders of at least 25% in principal amount of the
Securities of the series then outstanding make a written request to
the Trustee to pursue the remedy;</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>such Holder or Holders offer to the Trustee reasonable
security or indemnity satisfactory to the Trustee against any loss,
liability or expense;</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>the Trustee does not comply with the request within 60&nbsp;days
after receipt of the request and the offer of security or indemnity,
and the Event of Default has not been waived; 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">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee has received no contrary direction from the
Holders of a majority in principal amount of the Securities of the
series then outstanding during such 60-day period.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Securityholder may not use this Indenture to prejudice the rights of
another Holder of the same series of Securities or to obtain a preference or
priority over another Holder of the same series of Securities.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.08. Rights of Holders to Receive Payment and to Demand Conversion.
Notwithstanding any other provision of this Indenture, the right of any Holder
of a Security of any series to receive payment of principal of, premium, if
any, and interest, if any, on the Security (and interest on overdue principal
and interest on overdue installments of interest, if any, as provided in
Section&nbsp;4.01), on or after the respective due dates expressed in the Security
or, in the case of redemption, on or after the redemption date, or in the case
of conversion or exchange, to receive the security issuable upon conversion or
exchange or to institute suit for the enforcement of any such payment,
conversion or exchange on or after the applicable due date, redemption date or
conversion or exchange date, as the case may be, against the Company, will not
be impaired or affected without the consent of the Holder.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.09. Collection Suit by Trustee. If an Event of Default in payment of
principal, premium, if any, or interest, if any, specified in clause (1)&nbsp;or (2)
of Section&nbsp;6.01 occurs and is continuing, the Trustee may recover judgment in
its own name and as trustee of an express trust against the Company for the
whole amount of principal, premium, if any, and interest remaining unpaid
(together with interest on that unpaid interest to the extent lawful) and the
amounts provided for in Section&nbsp;7.07.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.10. Trustee May File Proofs of Claim. The Trustee may file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee and the Holders of the Securities of
any or all series allowed in any judicial proceedings relative to the Company,
its creditors or its property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in
bankruptcy or other person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each Holder to make
payments to the Trustee and, if the Trustee consents to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and its counsel, and any other amounts due the Trustee
under Section&nbsp;7.07.


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">SECTION 6.11. Restoration of Positions. If a judicial proceeding by the
Trustee or a Securityholder to enforce any right or remedy under this Indenture
or any Supplemental Indenture is dismissed or decided favorably to the Company,
except as otherwise provided in the judicial proceeding, the Company, the
Trustee and the Securityholders will be restored to the positions they would
have been in if the judicial proceeding had not been instituted.



<P align="center" style="font-size: 10pt">- 14 -
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<P align="left" style="font-size: 10pt">SECTION 6.12. Priorities. If the Trustee collects any money pursuant to this
Article&nbsp;6 with respect to Securities of a series, subject to Article&nbsp;11, it
will pay out the money or property in the following order:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&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">FIRST:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to the Trustee for amounts due under Section&nbsp;7.07;</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>
</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">SECOND:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to Securityholders for amounts due and unpaid on the Securities
of the series for principal and interest, ratably, without
preference or priority of any kind, according to the amounts due and
payable on the Securities of the series for principal and interest,
respectively; 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>
</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">THIRD:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">to the Company.</TD>
</TR>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may fix a record date and payment date for any payment to
Holders of Securities of a series pursuant to this Section. At least 15&nbsp;days
before the record date, the Company will mail to each Holder of Securities of
the series and the Trustee a notice that states the record date, the payment
date and the amount to be paid.

<P align="left" style="font-size: 10pt">SECTION 6.13. Undertaking for Costs. In any suit for the enforcement of any
right or remedy under this Indenture or any Supplemental Indenture, or in any
suit against the Trustee for any action taken or omitted by it as Trustee, a
court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys&#146; fees,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section
6.13 does not apply to a suit by the Trustee, a suit by a Holder pursuant to
Section&nbsp;6.07, or a suit by Holders of in aggregate more than 10% in principal
amount of the Securities of a series then outstanding, or to any suit
instituted by any Holder for the enforcement of the payment of the principal
of, premium, if any, or interest on any Security held by that Holder on or
after the due date provided in the Security or to any suit for the enforcement
of the right to convert or exchange any Security in accordance with the
provisions of a Supplemental Indenture applicable to that Security.


<P align="left" style="font-size: 10pt">SECTION 6.14. Stay, Extension or Usury Laws. The Company agrees (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead,
or in any manner whatsoever claim, and will resist any and all efforts to be
compelled to take the benefit or advantage of, any stay or extension law or any
usury or other law, wherever enacted, now or at any subsequent time in force,
which would prohibit or forgive the Company from paying all or any portion of
the principal of, premium, if any, and/or interest on any of the Securities as
contemplated in this Indenture or a Supplemental Indenture, or which may affect
the covenants or performance of this Indenture, and the Company (to the extent
that it may lawfully do so) hereby expressly waives all benefit or advantage of
any such law and agrees that it will not hinder, delay or impede the execution
of any power granted to the Trustee in this Indenture or any Supplemental
Indenture, but (to the extent that it may lawfully do so) will suffer and
permit the execution of any such power as though no such law had been enacted.


<P align="left" style="font-size: 10pt">SECTION 6.15. Liability of Stockholders, Officers, Directors and Incorporators.
No stockholder, officer, director or incorporator, as such, past, present or
future, of the Company, or any of its successor
corporations, will have any personal liability in respect of the Company&#146;s
obligations under this Indenture or any Securities by reason of his or its
status as such stockholder, officer, director or incorporator; provided,
however, that nothing in this Indenture or in the Securities will prevent
recourse to and enforcement of the liability of any stockholder or subscriber
to Capital Stock which have not been fully paid up.



<P align="center" style="font-size: 10pt">- 15 -
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">ARTICLE SEVEN



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



<P align="left" style="font-size: 10pt">SECTION 7.01. Duties of Trustee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If an Event of Default has occurred and is continuing, the Trustee
will exercise the rights and powers vested in it by this Indenture and any
applicable Supplemental Indenture and use the same degree of care and skill in
their exercise as a prudent man would exercise or use under the circumstances
in the conduct of his own affairs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except during the continuance of an Event of Default:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Trustee undertakes to perform such duties and only such duties as
are specifically set forth in this Indenture and any Supplemental Indentures
and no implied covenants or obligations will be read into this Indenture or any
Supplemental Indenture against the Trustee; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed in them, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture in the absence of bad faith on the Trustee&#146;s part; provided, however,
that the Trustee will examine the certificates and opinions to determine
whether or not they substantially conform to the requirements of this
Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except
that:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;this paragraph does not limit the effect of paragraph (b)&nbsp;of this
Section&nbsp;7.01;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;the Trustee will not be liable for any error of judgment made in good
faith by a Trust Officer, unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;the Trustee will not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it
pursuant to Section&nbsp;6.05; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;the Trustee will not be required to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties
under this Indenture or any Supplemental Indenture or in the exercise of any of
its rights or powers, if it has reasonable grounds to believe repayment of the
funds or adequate indemnity against the risk or liability is not reasonably
assured to it.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee is subject to the
provisions of this Section&nbsp;7.01 and to the provisions of the TIA.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Trustee may refuse to perform any duty or exercise any right or
power unless it receives indemnity satisfactory to it against any loss,
liability or expense.


<P align="center" style="font-size: 10pt">- 16 -
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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;(f)&nbsp;The Trustee will not be liable for interest on any money received by
it except as the Trustee may agree with the Company. Money and Government
Obligations held in trust by the Trustee need not be segregated from other
funds or items except to the extent required by law.


<P align="left" style="font-size: 10pt">SECTION 7.02. Rights of Trustee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee may rely on any document believed by it to be genuine and
to have been signed or presented by the proper person. The Trustee need not
investigate any fact or matter stated in the document.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Before the Trustee acts or refrains from acting, it may require an
Officers&#146; Certificate or an Opinion of Counsel which conforms to Section&nbsp;12.05.
The Trustee will not be liable for any action it takes or omits to take in
good faith in reliance on such an Officers&#146; Certificate or Opinion of Counsel.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may act through agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Trustee will not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or
powers, except conduct which constitutes wilful misconduct, negligence or bad
faith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Trustee may consult with counsel, and the Trustee will not be
liable for any action it takes or omits in reliance on, and in accordance with,
written advice of counsel.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Trustee will not be required to investigate any facts or matters
stated in any document, but if it decides to investigate any matters or facts,
the Trustee or its agents or attorneys will be entitled to examine the books,
records and premises of the Company.

<P align="left" style="font-size: 10pt">SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or
any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company or any of its affiliates with the same rights
it would have if it were not Trustee. Any Paying Agent, Registrar,
co-registrar or co-paying agent may do the same with like rights. However, the
Trustee must comply with Sections&nbsp;7.10 and 7.11.


<P align="left" style="font-size: 10pt">SECTION 7.04. Trustee&#146;s Disclaimer. The Trustee (i)&nbsp;is not responsible for and
makes no representation as to the validity or adequacy of this Indenture, (ii)
will not be responsible for and will not make any representation as to the
validity or adequacy of any Supplemental Indenture, (iii)&nbsp;will not be
accountable for the Company&#146;s use of the proceeds from the Securities of any
series, and (iv)&nbsp;will not be responsible for any statement of the Company in
this Indenture or any Supplemental Indenture, other than the Trustee&#146;s
certificate of authentication, or in any prospectus used in the sale of any of
the Securities, other than statements, if any, provided in writing by the
Trustee for use in such a prospectus.


<P align="left" style="font-size: 10pt">SECTION 7.05. Notice of Defaults. The Trustee will give to the Holders of the
Securities of a series notice of any Default with regard to the Securities of
that series known to the Trustee, within 90&nbsp;days after it occurs; provided,
that, except in the case of a Default in the payment of the principal of, or
premium, if any, or interest on any Security, the Trustee will be protected in
withholding notice of the
Default if and so long as a committee of its Trust Officers in good faith
determines that the withholding of the notice is in the interests of the
Holders of the Securities of the series.



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<P align="left" style="font-size: 10pt">SECTION 7.06. Reports by Trustee. Within 60&nbsp;days after each May&nbsp;15 beginning
with the May&nbsp;15 following the date of this Indenture, the Trustee will mail to
each Securityholder, at the name and address which appears on the registration
books of the Company, and to each Securityholder who has, within the two years
preceding the mailing, filed that person&#146;s name and address with the Trustee
for that purpose and each Securityholder whose name and address have been
furnished to the Trustee pursuant to Section&nbsp;2.07, a brief report dated as of
that May&nbsp;15 which complies with TIA Section&nbsp;313(a). The Trustee also will
comply with TIA Section&nbsp;313(b).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each report will at the time of its mailing to Securityholders
be filed with each stock exchange on which Securities are listed and also with
the SEC. The Company will promptly notify the Trustee when the Securities of
any series are listed on any stock exchange and of any delisting of Securities
of any series.

<P align="left" style="font-size: 10pt">SECTION 7.07. Compensation and Indemnity. The Company will pay to the Trustee
from time to time reasonable compensation for its services. The Trustee&#146;s
compensation will not be limited by any law on compensation of a trustee of an
express trust. The Company will reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Those expenses
will include the reasonable compensation and expenses, disbursements and
advances of the Trustee&#146;s agents, counsel, accountants and experts. The
Company will indemnify the Trustee against any and all loss, liability or
expense (including reasonable attorneys&#146; fees) incurred by it in connection
with the administration of the trust created by this Indenture or any
Supplemental Indenture and the performance of its duties under this Indenture
or any Supplemental Indenture. The Trustee will notify the Company promptly of
any claim for which it may seek indemnity. Failure by the Trustee to so notify
the Company will not relieve the Company of its obligations under this Section.
The Company will defend the claim and the Trustee may have separate counsel
and the Company will pay the fees and expenses of such counsel. The Company
need not pay for any settlement made without its consent. The Company need not
reimburse any expense or indemnify against any loss, expense or liability
incurred by the Trustee to the extent it is due to the Trustee&#146;s own wilful
misconduct, negligence or bad faith.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure the Company&#146;s obligation to make payments to the Trustee under
this Section&nbsp;7.07, the Trustee will have a lien prior to the Securities on all
money or property held or collected by the Trustee, other than money or
property held in trust to pay principal or interest on particular Securities.
Those obligations of the Company will survive the satisfaction and discharge of
this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Trustee incurs expenses or renders services after an Event of
Default specified in clause (4)&nbsp;or (5)&nbsp;of Section&nbsp;6.01 occurs, the expenses and
the compensation for the services of the Trustee are intended to constitute
expenses of administration under any Bankruptcy Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section&nbsp;7.07, &#147;Trustee&#148; will include any predecessor
Trustee, but the wilful misconduct, negligence or bad faith of any Trustee will
not affect the rights of any other Trustee under this Section&nbsp;7.07.

<P align="left" style="font-size: 10pt">SECTION 7.08. Replacement of Trustee. The Trustee may resign at any time by so
notifying the Company. The Holders of a majority in aggregate principal amount
of the Securities of all series then
outstanding may remove the Trustee by so notifying the Trustee and the Company
and may appoint a successor Trustee. The Company may remove the Trustee if:





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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="4%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee fails to comply with Section&nbsp;7.10;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee is adjudged bankrupt or insolvent or an order for
relief is entered with respect to the Trustee under any bankruptcy
law;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a receiver or other public officer takes charge of the
Trustee or its property; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Trustee becomes incapable of acting.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in aggregate principal amount of Securities of all series then
outstanding may appoint a successor Trustee to replace the successor Trustee
appointed by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No removal or appointment of a Trustee will be valid if that removal or
appointment would conflict with any law applicable to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A successor Trustee will deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. Immediately after that, the
retiring Trustee will, subject to the lien provided for in Section&nbsp;7.07,
transfer all property held by it as a Trustee to the successor Trustee, the
resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee
under this Indenture and all Supplemental Indentures. A successor Trustee will
mail notice of its succession to each Securityholder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor Trustee does not take office within 60&nbsp;days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or
the Holders of a majority in aggregate principal amount of Securities of all
series then outstanding may petition any court of competent jurisdiction for
the appointment of a successor Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee fails to comply with Section&nbsp;7.10, any Securityholder may
petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the replacement of the Trustee pursuant to this Section,
the Company&#146;s obligations under Section&nbsp;7.07 will continue for the benefit of
the retiring Trustee.

<P align="left" style="font-size: 10pt">SECTION 7.09. Successor Trustee by Merger, etc. If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all of its
corporate trust assets to, another Person, the resulting, surviving or
transferee Person will, without any further act, be the successor Trustee.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at the time a successor by merger, conversion or consolidation to the
Trustee succeeds to the trusts created by this Indenture any of the Securities
have been authenticated but not delivered, the successor to the Trustee may
adopt the certificate of authentication of the predecessor Trustee, and deliver
the Securities which were authenticated by the predecessor Trustee; and if at
that time any of the Securities have not been authenticated, the successor to
the Trustee may authenticate those Securities either in the name of the
predecessor or in its own name as the successor to the Trustee; and in either
case the certificates of authentication will have the full force provided in
this Indenture for certificates of authentication.


<P align="center" style="font-size: 10pt">- 19 -
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<P align="left" style="font-size: 10pt">SECTION 7.10. Eligibility; Disqualification. The Trustee will at all times
satisfy the requirements of TIA Section&nbsp;310(a). The Trustee will at all times
have a combined capital and surplus of at least $50,000,000 as set forth in its
most recently published annual report of condition, which will be deemed for
this paragraph to be its combined capital and surplus. The Trustee will comply
with TIA Section&nbsp;310(b), including the optional provision permitted by the
second sentence of TIA Section&nbsp;310(b)(9).


<P align="left" style="font-size: 10pt">SECTION 7.11. Preferential Collection of Claims. The Trustee will comply with
TIA Section&nbsp;311(a), excluding any creditor relationship listed in TIA Section
311(b). A Trustee who has resigned or been removed will be subject to TIA
Section 311(a) to the extent indicated.



<P align="center" style="font-size: 10pt">ARTICLE EIGHT



<P align="center" style="font-size: 10pt">DISCHARGE OF INDENTURE


<P align="left" style="font-size: 10pt">SECTION 8.01. Termination of the Company&#146;s Obligations. When (i)&nbsp;the Company
delivers to the Trustee all outstanding Securities of all series (other than
Securities replaced pursuant to Section&nbsp;2.09) for cancellation or (ii)&nbsp;all
outstanding Securities of all series have become due and payable, or are due
and payable within one year or are to be called for redemption within one year,
under arrangements satisfactory to the Trustee for giving the notice of
redemption, and the Company irrevocably deposits in trust with the Trustee
(subject to Article&nbsp;Eleven) money or U.S. Government Obligations sufficient to
pay the principal, premium, if any, and interest, if any, on the Securities of
all series to maturity or redemption, as the case may be, and if, in the case
of either (i)&nbsp;or (ii)&nbsp;above the Company also pays or causes to be paid all
other sums payable by the Company under this Indenture, then this Indenture
will cease to be of further effect.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Company&#146;s obligations to pay principal,
premium, if any, and interest, if any, on the Securities and the Company&#146;s
obligations in Sections&nbsp;2.05, 2.06, 2.07, 2.08, 2.09, 7.07, 7.08 and in Article
Ten will survive until all the Securities of all series are no longer
outstanding. Thereafter, the Company&#146;s obligations in Section&nbsp;7.07 will
survive.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before or after a deposit the Company may make arrangements satisfactory
to the Trustee for the redemption of Securities of a series at a future date to
the extent the Securities are redeemable in accordance with Article&nbsp;Three and
the applicable Supplemental Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After a deposit pursuant to this Section&nbsp;8.01 or after all outstanding
Securities of all series have been delivered to the Trustee for cancellation,
the Trustee upon request from the Company, accompanied by an Officers&#146;
Certificate and an Opinion of Counsel which complies with Section&nbsp;12.05, and at
the cost of the Company, will acknowledge in writing the satisfaction and
discharge of the Company&#146;s obligations under the Securities of all series and
this Indenture except for those surviving obligations specified above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to have money available on payment dates to pay principal,
premium, if any, or interest, if any, on the Securities of a series, the U.S.
Government Obligations will be payable as to principal, premium, if any, or
interest on or before those payment dates in amounts sufficient to provide the
necessary money. U.S. Government Obligations used for this purpose may not be
callable at the issuer&#146;s option.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;U.S. Government Obligations&#148; means:


<P align="center" style="font-size: 10pt">- 20 -
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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;direct obligations of the United States for the payment of which its
full faith and credit is pledged; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;obligations of a person controlled or supervised by and acting as an
agency or instrumentality of the United States the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United
States.

<P align="left" style="font-size: 10pt">SECTION 8.02. Application of Trust Money. Subject to Article&nbsp;Eleven and
Section&nbsp;8.03, the Trustee will hold in trust money or U.S. Government
Obligations deposited with it pursuant to Section&nbsp;8.01. It will apply the
deposited money and the money from the U.S. Government Obligations through the
Paying Agent and in accordance with this Indenture and any applicable
Supplemental Indentures to the payment of principal of, premium, if any, and
interest, if any, on the Securities with regard to which the money or U.S.
Government Obligations were deposited.


<P align="left" style="font-size: 10pt">SECTION 8.03. Repayment to the Company. The Trustee and the Paying Agent will
promptly pay to the Company upon request any excess money or securities held by
them at any time. The Trustee and the Paying Agent will pay to the Company
upon request any money held by them for the payment of principal, premium or
interest that remains unclaimed for two years. After such payment, all
liability of the Trustee and the Paying Agent with respect to that money will
cease.



<P align="center" style="font-size: 10pt">ARTICLE NINE



<P align="center" style="font-size: 10pt">AMENDMENTS, SUPPLEMENTS AND WAIVERS


<P align="left" style="font-size: 10pt">SECTION 9.01. Without Consent of Holders. The Company and the Trustee may
amend or supplement this Indenture or the Securities without notice to or
consent of any Securityholder:



<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="4%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to cure any ambiguity, defect or inconsistency;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to comply with Article&nbsp;5;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to establish the form and terms of the Securities of any
series as contemplated in Article&nbsp;Two of this Indenture;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to provide for uncertificated Securities in addition to or in
place of certificated Securities; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to make any change that does not materially adversely affect
the rights of any Securityholder.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After an amendment under this Section becomes effective, the Company will
mail to the Securityholders a notice briefly describing the amendment. The
failure to give such notice to all Securityholders, or any defect in a notice,
will not impair or affect the validity of an amendment under this Section.

<P align="left" style="font-size: 10pt">SECTION 9.02. With Consent of Holders. The Company and the Trustee may (i)
amend or supplement this Indenture or the Securities without notice to any
Securityholder but with the written consent of the Holders of a majority in
aggregate principal amount of the Securities of all series then outstanding or
(ii)&nbsp;supplement this Indenture with regard to a series of Securities, amend or
supplement a Supplemental



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



<P align="left" style="font-size: 10pt">Indenture relating to a series of Securities, or
amend the Securities of a series, without
notice to any Securityholder but with the written consent of the Holders of a
majority in aggregate principal amount of the Securities of that series then
outstanding. The Holders of a majority in principal amount of the Securities
of all series then outstanding may waive compliance by the Company with any
provision of this Indenture or the Securities without notice to any
Securityholder. The Holders of a majority in principal amount of the
Securities of any series then outstanding may waive compliance with any
provision of this Indenture, any Supplemental Indenture or the Securities of
that series with regard to the Securities of that series without notice to any
Securityholder. However, without the consent of the Holder so affected, no
amendment, supplement or waiver, including a waiver pursuant to Section&nbsp;6.04,
may:



<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="4%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>extend the fixed maturity of any Security, reduce the rate or
extend the time for payment of interest on any Security, reduce the
principal amount of any Security or premium, if any, on any
Security;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>impair or affect the right of a Holder to institute suit for
the payment of interest, if any, principal or premium, if any, on
the Securities;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>change the currency in which the Securities are payable from
that specified in the Securities or in a Supplemental Indenture
applicable to the Securities;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>impair the right, if any, to convert the Securities into, or
exchange the Securities for, other securities or assets;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the percentage of Securities required to consent to an
amendment, supplement or waiver;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reduce the amount payable upon the redemption of any Security
or change the time at which any Security may or will be redeemed;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>modify the provisions of any Supplemental Indenture with
respect to subordination of the Securities of a series in a manner
adverse to the Securityholders; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>make any change in Section&nbsp;6.04 or 6.08 or the fifth sentence
of this Section.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It will not be necessary for the consent of the Holders under this Section
to approve the particular form of any proposed amendment, supplement or waiver,
but it will be sufficient if the consent approves the substance of the
amendment, supplement or waiver.

<P align="left" style="font-size: 10pt">SECTION 9.03. Compliance with Trust Indenture Act. Every amendment or
supplement to this Indenture, any Supplemental Indenture or the Securities will
comply with the TIA as then in effect.


<P align="left" style="font-size: 10pt">SECTION 9.04. Revocation and Effect of Consents. A consent to an amendment,
supplement or waiver by a Holder of a Security will bind the Holder and every
subsequent Holder of a Security or portion of a Security that evidences the
same debt as the consenting Holder&#146;s Security, even if notation of the consent
is not made on any Security. However, any such Holder or subsequent Holder may
revoke the consent as to the Holder&#146;s Security or portion of a Security. For a
revocation to be effective, the Trustee must receive notice of the revocation
before the date the amendment, supplement or waiver becomes effective. After
an amendment, supplement or waiver becomes effective in accordance with its
terms, it will bind every Holder of every Security of every series to which it
applies.




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



<P align="left" style="font-size: 10pt">SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes
the terms of a series of Securities, the Trustee may require the Holder of a
Security of the series to deliver the Holder&#146;s Security to the Trustee, who
will place an appropriate notation about the amendment, supplement or waiver on
the Security and will return it to the Holder. Alternatively, the Company may,
in exchange for the Security, issue, and the Trustee will authenticate, a new
Security that reflects the amendment, supplement or waiver.


<P align="left" style="font-size: 10pt">SECTION 9.06. Trustee to Sign Amendments, etc. The Trustee will sign any
amendment, supplement or waiver authorized pursuant to Article&nbsp;Two or this
Article&nbsp;Nine if the amendment, supplement or waiver does not adversely affect
the rights, liabilities or immunities of the Trustee. If it does adversely
affect those rights, liabilities or immunities, the Trustee may but need not
sign it. The Company may not sign an amendment or supplement until the
amendment or supplement is approved by an appropriate Board Resolution.



<P align="center" style="font-size: 10pt">ARTICLE TEN



<P align="center" style="font-size: 10pt">CONVERSION OR EXCHANGE OF SECURITIES


<P align="left" style="font-size: 10pt">SECTION 10.01. Provisions Relating to Conversion or Exchange of Securities. Any
rights which Holders of Securities of a series will have to convert those
Securities into other securities of the Company or to exchange those Securities
for securities of other Persons or other assets, including but not limited to
the terms of the conversion or exchange and the circumstances, if any, under
which those terms will be adjusted to prevent dilution or otherwise, will be
set forth in a Supplemental Indenture relating to the series of Securities. In
the absence of provisions in a Supplemental Indenture relating to a series of
Securities setting forth rights to convert or exchange the Securities of that
series into or for other securities or assets, Holders of the Securities of
that series will not have any such rights.



<P align="center" style="font-size: 10pt">ARTICLE ELEVEN



<P align="center" style="font-size: 10pt">SINKING OR PURCHASE FUNDS


<P align="left" style="font-size: 10pt">SECTION 11.01. Provisions Relating to Sinking or Purchase Funds. Any
requirements that the Company make, or rights of the Company to make at its
option, payments prior to maturity of the Securities of a series which will be
used as a fund with which to redeem or to purchase Securities of that series,
including but not limited to provisions regarding the amount of the payments,
when the Company will be required, or will have the option, to make the
payments and when the payments will be applied, will be set forth in a
Supplemental Indenture relating to the series of Securities. In the absence of
provisions in a Supplemental Indenture relating to a series of Securities
setting forth requirements that the Company make, or rights of the Company to
make at its option, payments to be used as a fund with which to redeem or
purchase Securities of the series, the Company will not be subject to any such
requirements and will not have any such rights. However, unless otherwise
specifically provided in a Supplemental Indenture relating to a series of
Securities, the Company will at all times have the right to purchase Securities
from Holders in market transactions or otherwise.



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




<P align="center" style="font-size: 10pt">ARTICLE TWELVE



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


<P align="left" style="font-size: 10pt">SECTION 12.01. Trust Indenture Act Controls. If any provision of this Indenture
or any Supplemental Indenture limits, qualifies or conflicts with the duties
imposed by Section&nbsp;310 through 317 of the TIA, the imposed duties will control.


<P align="left" style="font-size: 10pt">SECTION 12.02. Supplemental Indentures Contract. If any provision of a
Supplemental Indenture relating to a series of Securities is inconsistent with
any provision of this Indenture, the provision of the Supplemental Indenture
will control with regard to the Securities of the series to which it relates.


<P align="left" style="font-size: 10pt">SECTION 12.03. Notices. Any notice or communication under or relating to this
Indenture or any Supplemental Indenture will be sufficiently given if in
writing and delivered in person or mailed by first-class mail, certified or
registered, return receipt requested, addressed 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="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">if to the Company:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lennar Corporation</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">700 N.W. 107th Avenue</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">Miami, Florida 33172</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">Attention: Treasurer</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">if to the Trustee:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Bank Trust, National Association</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">100 Wall Street, Suite&nbsp;1600</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">New York, New York 10006</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">Attn: Beverly A. Freeney</TD>
</TR>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Either the Company or the Trustee by a notice to the other may designate
additional or different addresses for subsequent notices or communications.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or communication mailed to a Securityholder will be mailed to
the Securityholder at the Securityholder&#146;s address as it appears on the
registration books of the Registrar and will be sufficiently given to the
Securityholder if so mailed within the time prescribed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to mail a notice or communication to a Securityholder or any
defect in it will not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If by reason of the suspension of regular mail service, or by reason of
any other cause, it is impossible to mail any notice as required by this
Indenture or any Supplemental Indenture, then any method of notification which
is approved by the Trustee will constitute a sufficient mailing of the notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company may set a record date for purposes of determining the identity
of Securityholders entitled to vote or consent to any action by vote or consent
authorized or permitted by Sections&nbsp;6.04 and 6.05. The record date will be the
later of 30&nbsp;days prior to the first solicitation of consents or the date of the
most recent list of Holders furnished to the Trustee pursuant to Section&nbsp;2.07
prior to the solicitation.

<P align="left" style="font-size: 10pt">SECTION 12.04. Communication by Holders with Other Holders. Securityholders may
communicate pursuant to TIA Section 312(b) with other Securityholders with
respect to their rights under this Indenture



<P align="center" style="font-size: 10pt">- 24 -
</DIV>

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



<P align="left" style="font-size: 10pt">or the Securities. Each of the
Company, the Trustee, the Registrar and anyone else will have the protection of
TIA Section&nbsp;312(c).


<P align="left" style="font-size: 10pt">SECTION 12.05. Certificate and Opinion as to Conditions Precedent. Upon any
request or application by the Company to the Trustee to take any action under
this Indenture or any Supplemental Indenture, the Company will furnish to the
Trustee:



<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="4%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Officers&#146; Certificate stating that, in the opinion of the
signer, all conditions precedent, if any, provided for in this
Indenture or any Supplemental Indenture relating to the proposed
action have been complied with;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Opinion of Counsel stating that, in the opinion of such
counsel, all those conditions precedent have been complied with; and</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>such other opinions and certificates as may be required by
applicable provisions of this Indenture or the Supplemental
Indenture.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture or a Supplemental Indenture will
include:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;a statement that the person making the certificate or opinion has read
the covenant or condition;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in the
certificate or opinion are based;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;a statement that, in the opinion of the person giving the
certificate or opinion, that person has made such examination or investigation
as is necessary to enable that person to express an informed opinion as to
whether or not the covenant or condition has been complied with; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;a statement as to whether or not, in the opinion of that person, the
condition or covenant has been complied with.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing in this Section&nbsp;12.05 will be construed as requiring that the
Company furnish to the Trustee any evidence of compliance with the conditions
and covenants provided for in this Indenture or any Supplemental Indenture
other than the evidence specified in this Section&nbsp;12.05.

<P align="left" style="font-size: 10pt">SECTION 12.06. When Treasury Securities Disregarded. In determining whether the
Holders of the required principal amount of Securities have concurred in any
direction, waiver or consent, Securities owned by the Company, or anyone under
direct or indirect control or under direct or indirect common control with the
Company will be disregarded and deemed not to be outstanding, except that for
the purposes of determining whether the Trustee will be protected in relying on
any such direction, waiver or consent, only Securities which the Trustee knows
are so owned will be so disregarded. Securities so owned which have been
pledged in good faith will not be disregarded if the pledgee establishes to the
satisfaction of the Trustee the pledgee&#146;s right to act with respect to the
Securities and that the pledgee is not the Company or a person directly or
indirectly controlling or controlled by, or under common control with, the
Company. Nothing in this Section&nbsp;12.06 will be construed as requiring that the
Company furnish to the Trustee any evidence of compliance with the conditions
and covenants provided for in the Indenture other than the evidence specified
in this Section&nbsp;12.06.



<P align="center" style="font-size: 10pt">- 25 -
</DIV>

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



<P align="left" style="font-size: 10pt">SECTION 12.07. Rules by Trustee, Paying Agent, Registrar. The Trustee may make
reasonable rules for action by or at a meeting of Securityholders. The Paying
Agent or Registrar may make reasonable rules for its functions.


<P align="left" style="font-size: 10pt">SECTION 12.08. Legal Holidays. A &#147;Legal Holiday&#148; is a Saturday, a Sunday, or a
day on which banking institutions are not required to be open in the State of
New York. If a payment date is a Legal Holiday at a place of payment, payment
may be made at that place on the next succeeding day that is not a Legal
Holiday, and no interest on the sum being paid will accrue for the intervening
period.


<P align="left" style="font-size: 10pt">SECTION 12.09. Governing Law and Submission to Jurisdiction. The laws of the
State of New York will govern this Indenture, each Supplemental Indenture and
the Securities. 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 Indenture or
any Supplemental Indenture or with regard to the Securities, 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 will 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.


<P align="left" style="font-size: 10pt">SECTION 12.10. Actions by the Company. Any action or proceeding brought by the
Company to enforce any right, assert any claim or obtain any relief in
connection with this Indenture, any Supplemental Indenture or the Securities
will be brought by the Company exclusively in the courts of the State of New
York sitting in the Borough of Manhattan, City of New York or in the United
States District Court for the Southern District of New York.


<P align="left" style="font-size: 10pt">SECTION 12.11. No Adverse Interpretation of Other Agreements. Neither this
Indenture nor any Supplemental Indenture may be used to interpret another
indenture, loan or debt agreement of the Company or any Subsidiary. No such
indenture, loan or debt agreement may be used to interpret this Indenture or
any Supplemental Indenture.


<P align="left" style="font-size: 10pt">SECTION 12.12. Successors. All agreements of the Company in this Indenture, any
Supplemental Indentures and the Securities will bind its successors. All
agreements of the Trustee in this Indenture and any Supplemental Indentures
will bind its successors.


<P align="left" style="font-size: 10pt">SECTION 12.13. Duplicate Originals. The parties may sign any number of copies
of this Indenture or any Supplemental Indenture. Each signed copy will be an
original, but all of them together will represent the same agreement.


<P align="left" style="font-size: 10pt">SECTION 12.14. Table of Contents, Headings, etc. The table of contents,
cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only. They are not
to be considered a part of this Indenture, and will in no way modify or
restrict any of the terms or provisions of this Indenture.




<P align="center" style="font-size: 10pt">- 26 -
</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;IN WITNESS WHEREOF, the parties to this Indenture have caused it to be
duly executed as of the day and year first above written.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&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 colspan="3" align="left" valign="top">LENNAR 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>
    <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">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stuart Miller</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 colspan="2" align="left" valign="top"><HR size="1" noshade width="60%" align="left"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Name: Stuart Miller<BR>
Title: President</TD>
</TR>

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="61%">&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 colspan="3" align="left" valign="top">U.S. BANK TRUST, NATIONAL ASSOCIATION</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>
</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">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Beverly A. Freeney</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 colspan="2" align="left" valign="top"><HR size="1" noshade width="60%" align="left"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="left" valign="top">Name:&nbsp;Beverly A. Freeney<BR>
Title:&nbsp;Vice President</TD>
</TR>

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



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

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


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



<P align="center" style="font-size: 10pt">&#091;FORM OF TRUSTEE&#146;S CERTIFICATE OF AUTHENTICATION&#093;



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is one of the Securities of the series described in the
within-mentioned Indenture and Supplemental Indenture.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">U.S. BANK TRUST, NATIONAL ASSOCIATION</DIV></TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top"><DIV style="margin-left:0px; text-indent:-0px">as Trustee</DIV></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">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD colspan="2" align="left" valign="top"><HR size="1" width="25%" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"></TD>
    <TD colspan="2" align="left" valign="top">Authorized Signature</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




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

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>e97385s3exv5w1.htm
<DESCRIPTION>OPINION OF CLIFFORD CHANCE US LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>OPINION OF CLIFFORD CHANCE US 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;5.1


<P align="left" style="font-size: 10pt">July&nbsp;1, 2004


<P align="left" style="font-size: 10pt">Lennar Corporation<BR>
700 Northwest 107th Avenue<BR>
Miami, Florida 33172


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

<P align="left" style="font-size: 10pt">We have acted as counsel to Lennar Corporation (&#147;Lennar&#148;) in connection with a
registration statement under the Securities Act of 1933, as amended (the
&#147;Registration Statement&#148;), relating to possible offerings from time to time by
Lennar of (i)&nbsp;its Class&nbsp;A common stock, par value $0.10 per share (&#147;Class&nbsp;A
Common Stock&#148;); (ii)&nbsp;its Class&nbsp;B common stock, par value $0.10 per share
(&#147;Class&nbsp;B Common Stock&#148; and, together with the Class&nbsp;A Common Stock, &#147;Common
Stock&#148;); (iii)&nbsp;its preferred stock, par value $10 per share (&#147;Preferred
Stock&#148;); (iv)&nbsp;its participating preferred stock, par value $0.10 per share
(&#147;Participating Preferred Stock&#148;); (v)&nbsp;its depositary shares representing
shares of Preferred Stock (&#147;Depositary Shares&#148;); (vi)&nbsp;its debt securities
(which may be issued in one or more series) to be issued under the Indenture
dated as of December&nbsp;31, 1997 between Lennar and J.P. Morgan Trust Company,
N.A. (as successor in interest to The First National Bank of Chicago) or the
Indenture dated June&nbsp;25, 2004 between Lennar and U.S. Bank Trust National
Association (together, the &#147;Indentures&#148;) and supplemental indentures executed
as contemplated by the Indentures (&#147;Debt Securities&#148;); and (vii)&nbsp;warrants
entitling the holders to purchase Common Stock, Preferred Stock, Depositary
Shares or Debt Securities (&#147;Warrants&#148;) (collectively, the Common Stock,
Preferred Stock, Participating Preferred Stock, Depositary Shares, Debt
Securities and Warrants are referred to as the &#147;Securities&#148;) at initial
offering prices which will not exceed in total $1,000,000,000. The Debt
Securities may be accompanied by guarantees, as described in the Registration
Statement (the &#147;Guarantees&#148;) by one or more of the guarantors named in the
Registration Statement (the &#147;Guarantors&#148;).


<P align="left" style="font-size: 10pt">Based on the foregoing, and such other examination of law and fact as we have
deemed necessary, we are of the opinion that:



<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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Board of Directors of Lennar authorizes the issuance of
authorized but unissued Common Stock and in accordance with that
authorization that Common Stock (i)&nbsp;is sold for at least its par value as
contemplated in the Registration Statement or (ii)&nbsp;is issued on exercise
of a right to convert Debt Securities or Preferred Stock, or on exercise
of Warrants, which are sold for more than the par value of the Common
Stock (including any amount paid at the time of conversion or exercise) as
contemplated in the Registration Statement, that Common Stock will be
legally issued, fully paid and non-assessable.</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 align="left" style="font-size: 10pt">Page 2


<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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Board of Directors of Lennar authorizes the creation and sale of
one or more series of Preferred Stock in accordance with the provisions
of Lennar&#146;s Certificate of Incorporation relating to the issuance of
Preferred Stock and, in accordance with the authorization of that
Preferred Stock, it is (i)&nbsp;sold for at least its par value as
contemplated in the Registration Statement or (ii)&nbsp;issued on conversion
of Debt Securities or other series of Preferred Stock, or on exercise of
Warrants, which are sold for more than the par value of the Preferred
Stock (including any amount paid at the time of conversion or exercise)
as contemplated in the Registration Statement, that Preferred Stock will
be legally issued, fully paid and non-assessable.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Board of Directors of Lennar authorizes the issuance of
authorized but unissued Participating Preferred Stock in accordance with
the provisions of Lennar&#146;s Certificate of Incorporation relating to the
issuance of Participating Preferred Stock and, in accordance with that
authorization that Participating Preferred Stock (i)&nbsp;is sold for at least
its par value as contemplated in the Registration Statement, or (ii)&nbsp;is
issued on exercise of a right to convert Debt Securities or Preferred
Stock, or on exercise of Warrants, which are sold for more than the par
value of the Participating Preferred Stock (including any amount paid at
the time of conversion or exercise) as contemplated in the Registration
Statement, that Participating Preferred Stock will be legally issued,
fully paid and non-assessable.</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.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Board of Directors of Lennar authorizes the creation and sale of
Depositary Shares representing interests in shares of particular series of
Preferred Stock and in accordance with that authorization those Depositary
Shares are (i)&nbsp;sold for at least the par value of the Preferred Stock as
contemplated in the Registration Statement or (ii)&nbsp;issued on conversion of
Debt Securities or other series of Preferred Stock, or exercise of
Warrants, which are sold for more than the par value of the Preferred
Stock (including any amount paid at the time of conversion or exercise) as
contemplated by the Registration Statement, those Depositary Shares will
be legally issued, fully paid and non-assessable.</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.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Board of Directors of Lennar authorizes the creation of one or
more series of Debt Securities and in accordance with that authorization
and with the Indenture, those Debt Securities are (i)&nbsp;sold as contemplated
in the Registration Statement or (ii)&nbsp;sold upon exercise of Warrants which
are issued as contemplated in the Registration Statement, and the interest
on those Debt Securities is set at a rate which does not violate
applicable law, those Debt Securities will constitute valid and legally
binding obligations of Lennar.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Board of Directors of Lennar or the similar governing bodies of
one or more of the Guarantors authorize the creation of Guarantees of Debt
Securities and in accordance with that authority and with the Indenture,
those Guarantees are included with Debt Securities that are issued (i)&nbsp;as
contemplated in the Registration Statement or (ii)&nbsp;upon exercise of
Warrants which are issued as contemplated in the Registration Statement,
those Guarantees will constitute valid and legally binding obligations of
Lennar or the applicable Guarantor, as the case may be.</TD>
</TR>

</TABLE>


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

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

<P align="left" style="font-size: 10pt">Page 3


<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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When the Board of Directors of Lennar authorizes the issuance of Warrants
which provide for the issuance of Securities upon payment of
consideration equal at least to the par value of the Securities being
issued, if applicable, and which do not contain provisions which violate
applicable law, and in accordance with that authorization those Warrants
are issued as contemplated in the Registration Statement, those Warrants
will constitute valid and legally binding obligations of Lennar.</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">We consent to the filing of this opinion as an exhibit to the Registration
Statement and to the reference to us under the caption &#147;Legal Matters&#148; in the
prospectus which is a part of the Registration Statement.


<P align="left" style="font-size: 10pt">Very truly yours,


<P align="left" style="font-size: 10pt">/s/ Clifford Chance US LLP




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


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>e97385s3exv12w1.htm
<DESCRIPTION>COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML>
<HEAD>
<TITLE>COMPUTATION OF RATIOS 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>5
<FILENAME>e97385s3exv23w2.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><font size=2><b>Exhibit 23.2</b></font>

<P align="left" 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 of
Lennar Corporation on Form S-3 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 &amp; Touche LLP

<P align="left" style="font-size: 10pt">Miami, Florida<BR>
July&nbsp;1, 2004

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

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>6
<FILENAME>e97385s3exv25w1.htm
<DESCRIPTION>FORM T-1
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM T-1</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">

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







<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

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


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


<P align="center" style="font-size: 18pt"><B>FORM T-1</B>


<P align="center" style="font-size: 10pt"><B>STATEMENT OF ELIGIBILITY UNDER<BR>
THE TRUST INDENTURE ACT OF 1939 OF A<BR>
CORPORATION DESIGNATED TO ACT AS TRUSTEE</B><BR>
Check if an Application to Determine Eligibility of<BR>
a Trustee Pursuant to Section&nbsp;305(b)(2)



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


<P align="center" style="font-size: 24pt"><B>U.S. BANK TRUST NATIONAL ASSOCIATION</B>

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



<P align="center" style="font-size: 10pt"><B>41-1973763</B><BR>
I.R.S. Employer Identification No.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>300 East Delaware Avenue, 8<SUP>th</SUP> Floor<BR>
Wilmington, Delaware<BR></B>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>19809</B><BR>
(Zip Code)</TD>
</TR>


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



<P align="center" style="font-size: 10pt">Beverly A. Freeney<BR>
U.S. Bank Trust National Association<BR>
100 Wall Street, Suite&nbsp;1600<BR>
New York, NY 10005<BR>
Telephone (212)&nbsp;361-2893<BR>
(Name, address and telephone number of agent for service)



<P align="center" style="font-size: 10pt"><B>LENNAR CORPORATION</B><BR>
(Exact name of obligor as specified in its charter)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&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>95-4337490</B><BR>
(I. R. S. Employer<BR>
Identification No.)</TD>
</TR>


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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="65%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">700 N.W. 107<SUP>th</SUP> Avenue<BR>
Miami, Florida<BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">33172<BR>
(Zip Code)</TD>
</TR>


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



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



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



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








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

<!-- PAGEBREAK -->
<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></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1. GENERAL INFORMATION.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;2. AFFILIATIONS WITH OBLIGOR.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;16. LIST OF EXHIBITS:</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="e97385s3exv4w1wa.htm">FORM OF INDENTURE</A></TD></TR>
<TR><TD colspan="9"><A HREF="e97385s3exv5w1.htm">OPINION OF CLIFFORD CHANCE US LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="e97385s3exv12w1.htm">COMPUTATION OF RATIOS OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="e97385s3exv23w2.htm">CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="e97385s3exv25w1.htm">FORM T-1</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>







<P align="center" style="font-size: 10pt">FORM T-1


<!-- link2 "Item&nbsp;1. GENERAL INFORMATION." -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="left" style="font-size: 10pt"><B>Item&nbsp;1. GENERAL INFORMATION</B><B><I>. </I></B>Furnish the following information as to the Trustee.



<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><I>Name and address of each examining or supervising
authority to which it is subject.</I></TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 9%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Comptroller of the Currency<BR>
Washington, D.C.


<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">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Whether it is authorized to exercise corporate trust powers.</I></TD>
</TR>

</TABLE>


<P align="left" style="margin-left: 9%; text-indent: 0%; margin-right: 0%; font-size: 10pt">Yes

<!-- link2 "Item&nbsp;2. AFFILIATIONS WITH OBLIGOR." -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left" style="font-size: 10pt"><B>Item&nbsp;2. AFFILIATIONS WITH OBLIGOR. </B><I>If the obligor is an affiliate of the Trustee, describe each such affiliation.</I>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Items 3-15</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not applicable because, to the best of Trustee&#146;s knowledge, the
Trustee is not a trustee under any other indenture under which any other
securities or certificates of interest or participation in any other
securities of the obligor are outstanding and there is not, nor has there
been, a default with respect to securities issued under this indenture.</TD>
</TR>


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


<!-- link2 "Item&nbsp;16. LIST OF EXHIBITS:" -->
<DIV align="left"><A NAME="002"></A></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="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Item&nbsp;16. LIST OF EXHIBITS: List below all exhibits filed as a part of
this statement of eligibility and qualification.</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="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the Articles of Association of the Trustee
now in effect, incorporated herein by reference to Exhibit&nbsp;1 of
Form T-1, Document 6 of Registration No.&nbsp;333-84320.</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>A copy of the certificate of authority of the Trustee
to commence business, incorporated herein by reference to Exhibit
2 of Form T-1, Document 6 of Registration No.&nbsp;333-84320.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the certificate of authority of the Trustee
to exercise corporate trust powers, incorporated herein by
reference to Exhibit&nbsp;3 of Form T-1, Document 6 of Registration
No.&nbsp;333-84320.</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A copy of the existing bylaws of the Trustee, as now in
effect, incorporated herein by reference to Exhibit&nbsp;4 of Form
T-1, Document 6 of Registration No.&nbsp;333-113995.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consent of the Trustee required by Section 321(b)
of the Trust Indenture Act of 1939, incorporated herein by
reference to Exhibit&nbsp;6 of Form T-1, Document 6 of Registration
No.&nbsp;333-84320.</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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Report of Condition of the Trustee as of March&nbsp;31,
2004, published pursuant to law or the requirements of its
supervising or examining authority, attached as Exhibit&nbsp;7.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.
</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Not applicable.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">2
</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 "SIGNATURE" -->
<DIV align="left"><A NAME="003"></A></DIV>

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


<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the Trustee, U.S. BANK TRUST NATIONAL ASSOCIATION, a national
banking association organized and existing under the laws of the United
States of America, has duly caused this statement of eligibility and
qualification to be signed on its behalf by the undersigned, thereunto
duly authorized, all in the City of New York, State of New York on the
25th day of June, 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">U.S. BANK TRUST NATIONAL ASSOCIATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Beverly A. Freeney
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Beverly A. Freeney&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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


<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>

<P align="left" style="font-size: 10pt"><B>Exhibit&nbsp;7</B>


<P align="center" style="font-size: 10pt"><B>U.S. Bank Trust National Association<BR>
Statement of Financial Condition<BR>
As of March&nbsp;31, 2004</B>



<P align="center" style="font-size: 10pt"><B>($000&#146;s)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="82%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>3/31/2004</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>Assets</B></DIV></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">Cash and Due From Depository Institutions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">384,222</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Fixed Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">532</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Intangible Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,634</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,853</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></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"><B>Total Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>527,241</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Liabilities</B></DIV></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">Other Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16,579</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></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:20px; text-indent:-10px"><B>Total Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>16,579</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Equity</B></DIV></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:20px; text-indent:-10px">Common and Preferred Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505,932</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Undivided Profits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,730</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:20px; text-indent:-10px">&nbsp;</DIV></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"><B>Total Equity Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>510,662</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Total Liabilities and Equity Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>527,241</B></TD>
    <TD>&nbsp;</TD>
</TR>


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


<P align="left" style="font-size: 10pt">To the best of the undersigned&#146;s determination, as of this date the above
financial information is true and correct.


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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">U.S. Bank Trust National Association</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 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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Beverly A. Freeney
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&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">Title: Vice President</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Date: June&nbsp;25, 2004</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


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