<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-010175
<TYPE>S-4/A
<PUBLIC-DOCUMENT-COUNT>29
<FILING-DATE>20040825
<DATE-OF-FILING-DATE-CHANGE>20040825
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LENNAR CORP /NEW/
<CIK>0000920760
<ASSIGNED-SIC>1520
<IRS-NUMBER>954337490
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4/A
<ACT>33
<FILE-NUMBER>333-116975
<FILM-NUMBER>04996769
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
<PHONE>3055594000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PACIFIC GREYSTONE CORP /DE/
<DATE-CHANGED>19940323
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-4/A
<SEQUENCE>1
<FILENAME>y98642a1sv4za.htm
<DESCRIPTION>AMENDMENT NO.1 TO FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>S-4/A</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on August&nbsp;25, 2004</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="right" style="font-size: 10pt">Registration
No.&nbsp;333-116975</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 12pt"><B>AMENDMENT NO. 1<BR>
TO</B></div>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center" style="font-size: 18pt"><B>FORM S-4/A</B></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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


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


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

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


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


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



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

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

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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Approximate date of commencement of proposed sale to the public</B>: As soon
as practicable after this registration statement becomes effective.


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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


</DIV>

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<P><HR noshade><P>

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

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

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">Prospectus</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">FORWARD-LOOKING INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PROSPECTUS SUMMARY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">LENNAR</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">RECENT DEVELOPMENTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">ISSUANCE OF THE INITIAL NOTES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">THE NEW NOTES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">THE EXCHANGE OFFER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">The New Notes</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">RISK FACTORS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">USE OF PROCEEDS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">ABSENCE OF PUBLIC MARKET</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">SELECTED CONSOLIDATED CONDENSED FINANCIAL DATA</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">CAPITALIZATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014">RATIO OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#015">THE EXCHANGE OFFER</A></TD></TR>
<TR><TD colspan="9"><A HREF="#016">DESCRIPTION OF THE NEW NOTES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#017">BOOK ENTRY, DELIVERY AND FORM</A></TD></TR>
<TR><TD colspan="9"><A HREF="#018">SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#019">LEGAL MATTERS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#020">EXPERTS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#021">WHERE YOU CAN FIND MORE INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#022">INCORPORATION BY REFERENCE</A></TD></TR>
<TR><TD colspan="9"><A HREF="#023">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#024">Item&nbsp;20. Indemnification Of Directors And Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#025">Item&nbsp;21. Exhibits And Financial Statement Schedules</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026">Item&nbsp;22. Undertaking</A></TD></TR>
<TR><TD colspan="9"><A HREF="#027">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#028">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#029">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w1.htm">EX-1.1: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w2.htm">EX-1.2: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w3.htm">EX-1.3: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w4.htm">EX-1.4: FORM OF CERTIFICATE OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w5.htm">EX-1.5: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w6.htm">EX-1.6: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w7.htm">EX-1.7: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w8.htm">EX-1.8: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w9.htm">EX-1.9: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w10.htm">EX-1.10:FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w11.htm">EX-1.11:FORM OF CERTIFICATE OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w12.htm">EX-1.12:FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w13.htm">EX-1.13:FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w14.htm">EX-1.14:FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w15.htm">EX-1.15:FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w16.htm">EX-1.16: FORM OF ARTICLES OF INCORPORATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w17.htm">EX-1.17:FORM OF LIMITED LIABILITY</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv1w18.htm">EX-1.18:FORM OF LIMITED LIABILITY</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv2w1.htm">EX-2.1: FORM OF BY-LAWS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv12w1.htm">EX-12.1: COMPUTATION OF RATIO OF EARNINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv23w2.htm">EX-23.2: CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv99w5.txt">EX-99.5: FORM OF LETTER OF TRANSMITTAL</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv99w6.txt">EX-99.6: FORM OF NOTICE OF GUARANTEED DELIVERY</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a1exv99w7.txt">EX-99.7: FORM OF EXCHANGE AGENT AGREEMENT</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

<!-- link1 "Prospectus" -->
<DIV align="left"><A NAME="000"></A></DIV>

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



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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>The exchange offer and withdrawal rights will expire at 5:00 p.m., New York City time, on<BR>
________________, 2004 (unless we extend the exchange offer).</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to exchange our fully guaranteed Senior Floating-Rate
Notes due 2009, Series&nbsp;B (&#147;New Notes&#148;) for the identical principal amount of
our partially guaranteed Senior Floating-Rate Notes due 2009 (&#147;Initial Notes&#148;).
By &#147;fully guaranteed&#148; we mean guaranteed by all of our wholly owned
subsidiaries, other than finance company subsidiaries and foreign subsidiaries.
By &#147;partially guaranteed&#148; we mean guaranteed by all of our wholly owned
subsidiaries, other than finance company subsidiaries and foreign subsidiaries,
formed or acquired on or before October&nbsp;9, 2001. The aggregate principal
amount of the Initial Notes, and therefore the principal amount of New Notes which would be issued if all the Initial Notes were
exchanged, is $300,000,000.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Prospectus Supplements by which the Initial Notes were offered stated
that substantially all of our subsidiaries, other than finance company
subsidiaries and foreign subsidiaries, would guarantee the Initial Notes. But it went on to state:
&#147;However, our current subsidiaries formed or acquired after October&nbsp;9, 2001
will not become guarantors unless and until their guarantees are registered
under the Securities Act of 1933, as amended.&#148; In addition, Section&nbsp;4.03 of
the Seventh Supplemental Indenture dated March&nbsp;19, 2004, to the indenture dated
December&nbsp;31, 1997, between Lennar and J.P. Morgan Trust Company, N.A.(as
successor to First National Bank of Chicago, N.A.), as trustee, under which the
Initial Notes were issued, required that by March&nbsp;31, 2004, we file a
registration statement in order to register guarantees of Initial Notes by our
subsidiaries that were formed or acquired after October&nbsp;9, 2001 who were not
guarantors, other than our finance company subsidiaries and any foreign
subsidiaries, and that we use our best efforts to (i)&nbsp;cause that registration
statement to become effective as promptly as practicable but in any event by
June&nbsp;2, 2004, and (ii)&nbsp;take any other necessary actions in order to deliver the
guarantees registered under that registration statement by
June&nbsp;2, 2004. We are offering to exchange New Notes for the
Initial Notes in order to provide the holders of the Initial Notes
with Notes that are fully guaranteed.
The New Notes will have the same guarantees as the Initial Notes would have
had if we had filed the registration statement as contemplated by Section&nbsp;4.03
of the Seventh Supplemental Indenture and it had become effective, and they
will be identical in all other ways with what the Initial Notes would have
been. Except with regard to the additional guarantees, the New Notes
will be identical in every way with the Initial Notes.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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


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


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


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

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">the New Notes on a securities exchange or seek approval for quotation of
the New Notes on an automated quotation system. Therefore, it is unlikely that
an active trading market for the New Notes will develop. <B>See &#147;Risk Factors,&#148;
which begin on page&nbsp;10, for a discussion of certain factors that should be
considered in evaluating the exchange offer.</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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


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


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



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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "FORWARD-LOOKING INFORMATION" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>FORWARD-LOOKING INFORMATION</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of the statements contained in this prospectus supplement are
forward-looking statements. By their nature, forward-looking statements
involve risks, uncertainties and other factors that may cause actual results to
differ materially from those which the statements anticipate. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often contain words such as &#147;anticipate,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;may,&#148; &#147;can,&#148;
&#147;could,&#148; &#147;might,&#148; &#147;guidance,&#148; &#147;goal,&#148; &#147;visibility,&#148; or words or phrases
of similar meaning in connection with discussion of anticipated or targeted future operating or
financial performance. Factors which may affect our results include, but are
not limited to, changes in general economic conditions, the market and prices
for homes generally and in areas where we have developments, the availability
and cost of land suitable for residential development, prices of materials,
labor costs, interest rates, consumer confidence, competition, terrorist acts
or other acts of war, environmental factors and government regulations
affecting our operations. Our reports filed with the Securities and Exchange
Commission and the section of this prospectus supplement captioned &#147;Risk
Factors,&#148; which begins on page&nbsp;10, contain further discussions of these and
other risks and uncertainties applicable to our business.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR TO MAKE ANY
REPRESENTATIONS, OTHER THAN THOSE CONTAINED IN THIS PROSPECTUS. IF GIVEN OR
MADE, THAT INFORMATION OR THOSE REPRESENTATIONS MAY NOT BE RELIED UPON AS
HAVING BEEN AUTHORIZED BY US. THIS PROSPECTUS DOES NOT CONSTITUTE AN OFFER TO
OR SOLICITATION OF ANY PERSON IN ANY JURISDICTION IN WHICH SUCH AN OFFER OR SOLICITATION WOULD BE UNLAWFUL.</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">1
</div>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
summary highlights information contained elsewhere in this prospectus
or in documents incorporated in this prospectus. It does not contain
all the information you should consider before deciding whether to
exchange Initial Notes for New Notes. You should read the entire
prospectus.
<DIV align="left"><FONT size="1">

</FONT></DIV>



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

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are one of the nation&#146;s largest homebuilders and a provider of
financial services. Our homebuilding operations include the sale and
construction of single-family attached and detached homes, as well as the
purchase, development and sale of residential land directly and through our
unconsolidated partnerships. Our financial services subsidiaries provide
mortgage financing, title insurance, closing services and insurance agency
services for both buyers of our homes and others, and sell the loans they
originate in the secondary mortgage market. These subsidiaries also provide
high-speed Internet access, cable television and alarm installation and
monitoring services to residents of communities we develop and others.

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
principal offices are at 700&nbsp;N.W.&nbsp;107th Avenue, Miami, FL
33172. Our telephone number at these offices is (305)&nbsp;559-4000.
<DIV align="left"><FONT size="1">

</FONT></DIV>

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


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

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

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

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

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

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

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

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

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

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1992 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Materially expanded our commercial operations by acquiring, through
a joint venture, an AmeriFirst portfolio of loans, mortgages and
properties from the Resolution Trust Corporation.</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1996 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Expanded in California through our acquisition of Renaissance Homes,
Inc., significantly expanded our operations in Texas with the
acquisition of the assets and operations of both Houston-based
Village Builders and Friendswood Development Company and acquired
Regency Title in Texas.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1997 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Completed spin-off of our commercial real estate investment business
to LNR Property Corporation. We continued our expansion in
California through homesite acquisitions and unconsolidated
partnership investments. We also acquired Pacific Greystone
Corporation, which further expanded our operations in California and
Arizona and brought us into the Nevada homebuilding market.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1998 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquired the properties of two California homebuilders, ColRich
Communities and Polygon Communities, acquired a Northern California
homebuilder, Winncrest Homes, and acquired North American Title with
operations in Arizona, California and Colorado.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1999 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquired Eagle Home Mortgage with operations in Nevada, Oregon and
Washington and with operations in Arizona, California and Colorado
Southwest Land Title in Texas.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2000 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquired U.S. Home Corporation, which expanded our operations into
New Jersey, Maryland/ Virginia, Minnesota, Ohio and Colorado and
strengthened our position in other states, and expanded our title
operations in Texas through the acquisition of Texas Professional
Title.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2002 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquired Patriot Homes, Sunstar Communities, Don Galloway Homes,
Genesee Company, Barry Andrews Homes, Cambridge Homes, Pacific
Century Homes, Concord Homes and Summit Homes, which expanded our
operations into the Carolinas and the Chicago, Baltimore and Central
Valley, California homebuilding markets and strengthened our
position in several of our established markets. We also acquired
Sentinel Title with operations in Maryland and Washington, D.C.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2003 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquired Seppala Homes and Coleman Homes which expanded our
operations in South Carolina and California. We also acquired Mid
America Title in Illinois.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2004 &#151;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Acquired The Newhall Land and Farming Company through an entity of
which we and LNR Property Corporation each owns 50%. We also
expanded into San Antonio, Texas through the acquisition of</TD>
</TR>

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



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

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

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our revenues from homebuilding operations increased to $8.3&nbsp;billion in
fiscal 2003 from $2.8&nbsp;billion in fiscal 1999, which represents a compound
annual growth rate of 31%. Over the same period, our net earnings grew to $751
million from $173&nbsp;million, a compound annual growth rate of 44%. We delivered
32,180 homes in fiscal 2003 compared with 27,393 homes in fiscal 2002 and
12,606 homes in fiscal 1999.

<!-- link1 "RECENT DEVELOPMENTS" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="center" style="font-size: 10pt"><B>RECENT DEVELOPMENTS</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2004, a company of which we own 50% (LNR Property Corporation
(&#147;LNR&#148;) owns the other 50%) acquired The Newhall Land and Farming Company for
approximately $1&nbsp;billion. The purchase price was paid with (1)&nbsp;approximately
$200&nbsp;million we contributed to the jointly-owned company, (2)&nbsp;approximately
$200&nbsp;million contributed by LNR to the jointly-owned company, (3) $400&nbsp;million
borrowed by the jointly-owned company under $600&nbsp;million of bank financing and
(4)&nbsp;approximately $217&nbsp;million from the proceeds of a sale by the jointly-owned
company of income-producing properties to LNR. Newhall owns approximately
48,000 acres in California, including approximately 34,000 acres in north Los
Angeles County that includes two master planned communities. In connection
with the acquisition, we agreed to purchase 687 homesites, and received options
to purchase an additional 623 homesites, from Newhall.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
received 20,169 new home orders in the six months ended May&nbsp;31, 2004,
which was 22% more than the 16,509 new home orders we received in the same
period last year. At May&nbsp;31, 2004, the dollar value of our backlog of
homes under contract totaled $5.9&nbsp;billion (19,417 homes),
compared with $4.2&nbsp;billion (15,605 homes) at May&nbsp;31, 2003.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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


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

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
March and April, 2004, we issued the $300&nbsp;million principal
amount of Senior Floating-Rate Notes due 2009 that are the subject
of the exchange offer made by this prospectus.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2004, we issued to initial purchasers for resale under SEC
Rule 144A or SEC Regulation&nbsp;S, $250&nbsp;million principal amount of
5.50% Senior Notes due 2014 and $200&nbsp;million principal amount of
Senior Floating-Rate Notes due 2007. The notes of both these issues
are guaranteed by all our subsidiaries, other than finance company
subsidiaries and foreign subsidiaries, on terms essentially identical
with those on which the New Notes will be guaranteed.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
August 2004 we entered into a contract under which we agreed,
subject to due diligence, to purchase and develop a real estate
development project in Boston, Massachusetts. If we proceed forward
to closing, we will purchase and develop the property through a joint
venture with two other parties.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are always looking at the possibility of acquiring homebuilders and
other companies. We currently are engaged in discussions regarding possible
transactions. However, we have no agreements or understandings regarding any
transactions, and it is possible we will not enter into any significant
transactions in the near future.

<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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

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

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

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



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


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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We issued the Initial Notes under an indenture dated as of December&nbsp;31,
1997, between Lennar and J.P. Morgan Trust Company, N.A. (as successor to First
National Bank of Chicago, N.A.), as trustee, as supplemented by a Seventh
Supplemental Indenture dated March&nbsp;19, 2004 (the &#147;Seventh Supplemental
Indenture&#148;). The Initial Notes were guaranteed by substantially all of our
subsidiaries, except our finance company subsidiaries and our foreign
subsidiaries, and except our subsidiaries that were formed or acquired after
October&nbsp;9, 2001. We said the Initial Notes would not be guaranteed by the
subsidiaries formed or acquired after October&nbsp;9, 2001, unless and until their
guarantees were registered under the Securities Act of 1933. For reasons
discussed under &#147;Purpose of the Exchange Offer&#148;
beginning on page&nbsp;15, we decided that, instead of attempting to register
the guarantees of the additional subsidiaries, we would register the New Notes,
which have the same terms and provisions as the Initial Notes and are
guaranteed by all our subsidiaries that would have guaranteed the Initial Notes
if the guarantees of the additional subsidiaries had been registered, and we
would offer to exchange the New Notes for the Initial Notes.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When we refer to &#147;the Notes&#148; in this prospectus, we refer to both the
Initial Notes and the New Notes, unless it is clear from what we are saying
that the term refers only to a particular series of Notes.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<!-- link1 "THE NEW NOTES" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="center" style="font-size: 10pt"><B>THE NEW NOTES</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are issuing the New Notes under the Eighth Supplemental Indenture to
the indenture dated as of December&nbsp;31, 1997 between Lennar and J.P. Morgan
Trust Company, N.A. (the &#147;Eighth Supplemental Indenture&#148;). The form and terms
of the New Notes will be identical in all material respects with the form and
terms of the Initial Notes, except that all of our wholly owned subsidiaries
(other than our finance company subsidiaries and foreign subsidiaries),
including the subsidiaries that were formed or acquired after October&nbsp;9, 2001,
will guarantee the New Notes. The guarantees, and circumstances under which
they will terminate, are discussed under the caption &#147;The New Notes &#150;
Guarantees&#148; on page&nbsp;8.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

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

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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">The Exchange Offer</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">We are offering to exchange our fully guaranteed Senior
Floating-Rate Notes due 2009, Series&nbsp;B for identical principal
amounts of our partially guaranteed Senior Floating-Rate Notes due
2009. By &#147;fully guaranteed&#148; we mean guaranteed by all of our wholly
owned subsidiaries, other than finance company subsidiaries and
foreign subsidiaries. By &#147;partially guaranteed&#148; we mean guaranteed
by all of our wholly owned subsidiaries, other than finance company
subsidiaries and foreign subsidiaries, formed or acquired on or
before October&nbsp;9, 2001. The guarantees are discussed under
&#147;Risk Factors&#148; on page&nbsp;10 and under
&#147;Description of the New Notes&#151;The Guarantees&#148;
beginning on page&nbsp;24.
At the date of this prospectus, $300&nbsp;million principal amount at
maturity of Initial Notes are outstanding.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The exchange offer will be
deemed consummated when we deliver to the
exchange agent New Notes in the same aggregate principal amount as
the aggregate principal amount of Initial Notes that are validly
tendered in response to the exchange offer before the initial
expiration time. See &#147;The Exchange Offer&#151;Terms of the Exchange
Offer.&#148;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>

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

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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

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

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

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

<DIV align="center">


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="42%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

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

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="bottom">
    <TD valign="top">Expiration of Exchange Offer</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">5:00 p.m., New York
time, on ______________, 2004, unless the
exchange offer is extended (the day on which the exchange offer
expires, being the expiration date). See &#147;The Exchange Offer&#151;Expiration Date;
Extension; Termination.&#148;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>


<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>


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

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="bottom">
    <TD valign="top">Conditions of the Exchange Offer</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The exchange offer is not conditioned upon any minimum principal
amount of Initial Notes being tendered for exchange. The only
condition to the exchange offer is that we not be advised that
completion of the exchange offer would, or might, be unlawful.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="bottom">
    <TD valign="top">Accrued Interest on the Initial Notes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Interest on Initial Notes which are exchanged will cease to accrue
on the last interest payment date prior to the day on which New
Notes are issued in exchange for them. However, New Notes issued in
exchange for Initial Notes will bear interest from the last interest
payment date prior to the day on which they are issued in exchange
for the Initial Notes (i.e., the day on which interest ceases to
accrue on the Initial Notes). See &#147;Description of the New
Notes.&#148; Therefore, exchanging Initial Notes for New Notes will
not affect the amount of interest a holder will receive.</TD>
</TR>

<TR><TD><FONT size="1">

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="bottom">
    <TD valign="top">Procedures for Tendering Initial Notes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">A holder of Initial Notes who wishes to accept the exchange offer
must complete, sign and date a letter of transmittal, or
a facsimile of one, in accordance with the instructions contained
under &#147;The Exchange Offer&#151;Procedures for Tendering Notes&#148; and letter of transmittal,
and deliver the letter of transmittal, or facsimile,
together with the Initial Notes and any other required documentation
to the exchange agent at the address set forth in &#147;The Exchange
Offer&#151;Exchange Agent.&#148; Initial Notes must be delivered by
confirmation of book-entry delivery of the Initial Notes to the
exchange agent&#146;s account at The Depository Trust Company (&#147;DTC&#148;).
Each broker or dealer that receives New Notes for its own account in
exchange for Initial Notes which were acquired by the broker or
dealer as a result of market-making activities or other trading
activities, must acknowledge that it will</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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</TABLE>
</DIV>



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

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

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

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

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top">Guaranteed Delivery Procedures</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Holders of Initial Notes who wish to tender their Initial Notes but
who cannot deliver their Initial Notes or any other documents
required by the letter of transmittal to the exchange
agent prior to the expiration date (or complete the procedure for
book-entry transfer on a timely basis), may tender their Initial
Notes according to the guaranteed delivery procedures described in
the letter of transmittal. See &#147;The Exchange
Offer&#151;Guaranteed Delivery Procedures.&#148;</TD>
</TR>
<TR><TD><FONT size="1">

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

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="bottom">
    <TD valign="top">Acceptance of Initial Notes and Delivery of New Notes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Unless we are advised
that it would, or might, be unlawful for us to do so, we will accept any and all Initial Notes that are
properly tendered in response to the exchange offer, and not withdrawn, prior to
5:00 p.m., New York City time, on the expiration date. The New
Notes issued pursuant to the exchange offer will be delivered
promptly after acceptance of the Initial Notes. See &#147;The
Exchange Offer&#151;Procedures for Tendering Notes and Delivering
Consents.&#148;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top">Withdrawal Rights</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Tenders of Initial Notes may be withdrawn at any time prior to
5:00 p.m., New York City time, on the expiration date.
See &#147;The Exchange Offer&#151;Withdrawal of Tenders.&#148;</TD>
</TR>
<TR><TD><FONT size="1">

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

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

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

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="bottom">
    <TD valign="top">Fees and Expenses</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">We will bear all expenses incident to our consummation of the
exchange offer. We will also pay any transfer taxes which are
applicable to the exchange offer (but not transfer taxes due to
transfers of Initial Notes or New Notes by the holder). See
&#147;The Exchange Offer&#151;Fees and Expenses.&#148;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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



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

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

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



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

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



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

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

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

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

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

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

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ranking
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Notes are our senior, unsecured and unsubordinated obligations and rank equally
with all of our other unsecured and unsubordinated indebtedness from time to time
outstanding. The Notes are effectively subordinated to the obligations of our
subsidiaries who are not guarantors and to our obligations that are secured to the
extent of the security. As of May&nbsp;31, 2004, we had $0.1&nbsp;billion of secured
indebtedness outstanding.</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Redemption at our Option
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">We may redeem any or all of the Notes at any time and from time to time on or after
March&nbsp;19, 2006 at a redemption price equal to 100% of their principal amount plus
accrued and unpaid interest to the redemption date.</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certain Indenture Provisions
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The indenture governing the Notes contains covenants limiting our and some of our
subsidiaries&#146; ability to create liens securing indebtedness or enter into sale and
leaseback transactions. These covenants are subject to important exceptions and
qualifications. See &#147;Description of the New</TD>
</TR>

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



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

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

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

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

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

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

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

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Risk Factors
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Investing in the Notes involves
risks. See &#147;Risk Factors,&#148; beginning on page&nbsp;10, for
a description of risks you should particularly consider before investing in the
Notes.</TD>
</TR>

<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>

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




<P align="center" style="font-size: 10pt">9
</DIV>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

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

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

<P align="left" style="font-size: 10pt"><B>Because the Notes are structurally subordinated to the obligations of our
subsidiaries that are not guarantors, you may not be fully repaid if we become
insolvent.</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Substantially all of our operating assets are held by our subsidiaries.
Holders of any preferred stock of any of our subsidiaries that are not
guarantors and creditors of any of those subsidiaries, including trade
creditors, have and will have access to the assets of those subsidiaries that
are prior to those of the Noteholders. As a result, the Notes are structurally
subordinated to the debts, preferred stock and other obligations of those
subsidiaries.

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

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>Our senior credit facilities may prohibit us from redeeming the Notes.</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior credit facilities may not permit us or our subsidiaries
to make payments on any outstanding indebtedness other than regularly scheduled
interest and principal payments as and when due. As a result, our senior
credit facilities could prohibit us from making any payment on the
Notes in the event that the Notes are redeemed. Any failure to pay the
redemption price on the Notes would result in an event of default under the
indenture governing the Notes, which in turn is likely to be a default under
the senior credit facilities and other outstanding and future
indebtedness. Therefore, we are unlikely to call the Notes for redemption at a
time when we are not permitted to pay the redemption price.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
indebtedness at May&nbsp;31, 2004 is listed in the table in the
section of this prospectus captioned &#147;Capitalization&#148; on
page&nbsp;13. None of that indebtedness, other than our homebuilding
and financial services revolving
credit facilities, has any covenants that restrict our, or our
subsidiaries&#146;, ability to make payments on outstanding
indebtedness or to pay dividends, or requires us to maintain
financial attributes. The indebtedness does have covenants, similar
to those in the indenture relating to the Notes, that limit our or our
subsidiaries&#146; ability to create liens securing indebtedness or
enter into sale and leaseback transactions. Our revolving credit
facilities contain covenants requiring us to maintain financial
attributes, including a minimum tangible net worth, a maximum ratio
of debt to equity, and a minimum interest coverage. They also limit
our ability to invest in, or guarantee obligations of, entities that
are not consolidated subsidiaries, limit the amount we can invest in
homes and homesites or in land, and impose restrictions on our
mortgage subsidiaries. None of these covenants is currently expected
to restrict our activities or to affect our ability to redeem the
Notes, or to make required payments with regard to them.
<DIV align="left"><FONT size="1">

</FONT></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under fraudulent conveyance laws, the guarantees by our subsidiaries might
be subordinated to existing or future indebtedness incurred by those
subsidiaries, or might not be enforceable, if a court or a creditors
representative, such as a bankruptcy trustee, concluded that those
subsidiaries:


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

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

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intended to incur, or believed that we or they would incur,
debts beyond our or their ability to pay as those debts matured; or</TD>
</TR>

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

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

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The measure of insolvency varies depending upon the law of the relevant
jurisdiction. Generally, however, a company is considered insolvent if its
debts are greater than the fair value of its property, or if the fair saleable
value of its assets is less than the amount that would be needed to pay its
probable liabilities as its existing debts matured and became absolute.


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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>The guarantees of the
Notes may terminate.</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
principal reason our subsidiaries, other than our finance company
subsidiaries and our foreign subsidiaries, have guaranteed the Notes
is so holders of Notes will have at least as great rights with
regard to our subsidiaries as any other holders of a material amount
of our unsecured debt. Therefore, the subsidiaries&#146; guarantees of the
Notes will remain in effect while they are guaranteeing a material
amount of our debt (i.e., debt of Lennar Corporation, as a separate
entity) to others. If, however, a subsidiary is no longer
guaranteeing at least $75&nbsp;million of our debt other than the
Notes and other notes with similar termination provisions, either
directly or by guaranteeing other subsidiaries&#146;
obligations as guarantors of our debt, that subsidiary&#146;s guarantee of
the Notes will terminate. Currently, the subsidiaries are
guaranteeing our principal revolving bank credit line,
$350&nbsp;million principal amount of our Senior Notes due 2013,
$325&nbsp;million principal amount of our Senior Notes due 2010, $250&nbsp;million principal amount of our 5.50% Senior Notes due 2014
and $200&nbsp;million principal amount of our Senior Floating-Rate
Notes due 2007. However, the subsidiaries&#146; guarantees of the
Senior Notes due 2013, the Senior Notes due 2014 and the Senior
Floating-Rate Notes due 2007 also will terminate with regard to any subsidiary that no longer is
guaranteeing at least $75&nbsp;million of our debt. Therefore, if
our subsidiaries cease  guaranteeing our obligations under our
principal revolving bank credit line, and are not guarantors of any
new debt, the subsidiaries&#146; guarantees of the Notes will terminate.
Accordingly, holders of Notes should anticipate that it is very
possible that, at some time in the future, the Notes will no longer be
guaranteed by our subsidiaries.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>We would be affected by an
increase in interest rates.</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
rate of interest on the Notes changes each month to reflect changes in market
interest rates. Therefore, the value of the Notes should not be
materially affected by changes in interest rates. However, an increase in interest rates would
increase the cost of our interest obligations with regard to the
Notes and with regard to our, and our subsidiaries&#146;, other floating
rate debt, including our principal revolving bank credit line. While
we have hedged some of our exposure to changes in interest rates, we
are not fully hedged. We paid interest of $62.8&nbsp;million during
the six&nbsp;months ended May&nbsp;31, 2004. Based upon the weighted
outstanding balance of our unhedged floating rate debt for the six
months ended May&nbsp;31, 2004, a one percentage point increase in
short term interest rates would have increased the annualized
interest we incur by $3.6&nbsp;million.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The provision of the Seventh Supplemental Indenture regarding guarantees
by subsidiaries formed or acquired after October&nbsp;9, 2001, may have constituted
a contract to sell those guarantees which had to be registered under the
Securities Act of 1933. Also, the financial information about guarantor
subsidiaries incorporated into the prospectus supplements relating to the sale
of the Initial Notes may not have included everything required by Securities
and Exchange Commission rules, and, because it related to substantially all our
wholly owned subsidiaries other than our finance company subsidiaries and
foreign subsidiaries, it may have misled purchasers about the financial
condition of the subsidiaries that guaranteed the Initial Notes. If the
offering of the Initial Notes violated the registration requirements of the
Securities Act of 1933, people who purchased Initial Notes from us may have a
right to rescind their purchases or, if they no longer own the Initial Notes,
to recover their damages, if any. We believe that if a person who
purchased Initial Notes from us exchanges them for fully guaranteed
New Notes, any right that person might have had to tender the Initial
Notes and seek to recover the consideration paid for them will
terminate (although that person might be able to seek damages, if
there were any).
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

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

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

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from the issuance of New Notes in
exchange for Initial Notes pursuant to the exchange offer. We used the net
proceeds from the sale of the Initial Notes to reduce the balance on our Term
Loan B due 2008 under our senior credit facilities and for general corporate
purposes.
<DIV align="left"><FONT size="1">

</FONT></DIV>

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

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



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

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

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



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



<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%"></TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six months ended</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>At or for the Years Ended November 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>May 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1999</B><HR size="1" noshade></TD>
</TR>

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

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

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Homebuilding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,968,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,439,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,348,645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,751,301</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,554,747</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,362,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,822,060</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Financial services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">237,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">558,974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425,354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">316,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">269,307</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:70px; text-indent:-10px">Total revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,205,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,703,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,907,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,235,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,980,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,678,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,091,367</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Homebuilding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">551,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404,194</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,164,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">834,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">666,123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">382,195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,944</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Financial services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154,453</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,611</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,131</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,096</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Corporate general and administrative expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">59,929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,958</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,563</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Earnings before provision for income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">547,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,207,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">875,709</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">679,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285,477</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">340,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">266,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">545,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">417,845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">229,137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,714</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Net earnings per share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.24</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,775,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,752,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,656,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,237,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,416,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,301,584</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,274,551</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,675</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,201,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">731,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">824,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,256</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,996,083</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,939,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,775,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,755,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,714,426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,777,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,057,647</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Homebuilding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,594,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,798,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,552,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,585,309</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,505,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,254,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523,661</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:50px; text-indent:-10px">Financial services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">530,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">649,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">740,469</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">862,618</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,077</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">448,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278,634</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,124,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,447,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,292,686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,447,927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,212,332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,703,510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">802,295</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,479,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,501,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,263,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,229,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,659,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,228,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">881,499</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Ratio of earnings to fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>x</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Homebuilding debt as a percentage of total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">31.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">32.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">41.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">47.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">37.3</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Net homebuilding debt as a percentage of total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">34.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">27.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">29.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">44.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">33.3</TD>
    <TD nowrap>%</TD>
</TR>

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


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



<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Number of homes delivered</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,581</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,393</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,606</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Backlog of home sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,903</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Dollar value of backlog</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,861,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,219,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,887,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,982,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,072,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662,000</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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

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

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



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

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


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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
table below shows our capitalization as of May&nbsp;31, 2004. The
exchange of New Notes for Initial Notes will not affect this capitalization,
except that at least some of the Senior Floating-Rate Notes due 2009 will be
exchanged for Senior Floating-Rate Notes due 2009, Series&nbsp;B.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="90%">&nbsp;</TD>

    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Cash:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">140,675</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">&nbsp;<HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Zero Coupon Convertible Senior
Subordinated Notes due 2021 (1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267,763</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">5.95% Senior Notes due 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,485</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">7
<sup>5/8</sup>% Senior Notes due 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,228</TD>
    <TD>&nbsp;</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,643</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" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total homebuilding debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,594,074</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Financial services debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">526,016</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Limited-purpose finance subsidiaries debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,092</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:30px; text-indent:-10px">Total debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124,182</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" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Stockholders&#146; equity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;A Common Stock of $0.10
par value per share, 125,960 shares issued (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,596</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;B Common Stock of $0.10 par
value per share, 32,582 shares issued (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,258</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,378,369</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,216,520</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unearned
compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">(4,064</TD>
    <TD align="left">)</TD>
    <TD nowrap></TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred compensation
plan - 528 Class&nbsp;A common shares and 53 Class&nbsp;B common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">(4,864</TD>
    <TD align="left">)</TD>
    <TD nowrap></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred compensation liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,864</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Treasury
stock, at cost, 2,402 Class&nbsp;A common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">(109,644</TD>
    <TD align="left">)</TD>
    <TD nowrap></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">(17,059</TD>
    <TD align="left">)</TD>
    <TD nowrap></TD>
</TR>

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

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,479,976</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">&nbsp;<HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">5,604,158</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">&nbsp;<HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


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


</DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>



<P>

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


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

<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">At May&nbsp;31, 2004, the Zero Coupon Convertible Senior Subordinated Notes due
2021 were convertible into 8,969 shares of Class&nbsp;A Common Stock
because the average closing price of our Class&nbsp;A
Common Stock over the last twenty trading days of the second quarter of 2004 exceeded 110% ($33.11)
of the accreted conversion price.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<tr>
<td>
<DIV align="left"><FONT size="1">

</FONT></DIV>
</td></tr>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Does not include 8,969 shares of Common Stock issuable upon conversion of Zero
Coupon Convertible Senior Subordinated Notes due 2021,
or 7,717 shares of Common Stock issuable upon exercise of stock options which were
outstanding at May&nbsp;31, 2004.</TD>
</TR>
<tr>
<td>
<DIV align="left"><FONT size="1">

</FONT></DIV>
</td>
</tr>

<TR><TD>&nbsp;</TD></TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Does not include 567 shares of Common Stock issuable upon exercise of stock options
which were outstanding at May&nbsp;31, 2004.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

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

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



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

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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Six Months</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Years Ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>May&nbsp;31,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>November 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2004</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2003</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2002</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2001</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2000</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1999</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Ratio of earnings to fixed charges&nbsp;(1)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.8x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7x</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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

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

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">For the purpose of calculating the ratio of earnings to fixed charges,
&#147;earnings&#148; consist of income from continuing operations before income
taxes plus &#147;fixed charges&#148; and certain other adjustments. &#147;Fixed charges&#148;
consist of interest incurred on all indebtedness related to continuing
operations (including amortization of original issue discount) and the
implied interest component of our rent obligations.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There was no preferred stock outstanding for any of the periods shown
above. Accordingly, the ratio of earnings to combined fixed charges and
preferred stock dividends was identical to the ratio of earnings to fixed
charges.


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "THE EXCHANGE OFFER" -->
<DIV align="left"><A NAME="015"></A></DIV>

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>Purpose of the Exchange Offer</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The prospectus supplements by which the Initial Notes were offered stated
that substantially all of our subsidiaries, other than finance company
subsidiaries and foreign subsidiaries, will guarantee the Initial Notes. But
it went on to state &#147;However, our current subsidiaries formed or acquired after
October&nbsp;9, 2001 will not become guarantors unless and until their guarantees
are registered under the Securities Act of 1933, as amended.&#148; In addition,
Section&nbsp;4.03 of the Seventh Supplemental Indenture required that by March&nbsp;31,
2004, we file a registration statement in order to register guarantees of
Initial Notes by our subsidiaries that were formed or acquired after October&nbsp;9,
2001 who were not guarantors, other than our finance company subsidiaries and
any foreign subsidiaries, and that we use our best efforts to (i)&nbsp;cause that
registration statement to become effective as promptly as practicable but in
any event by June&nbsp;2, 2004, and (ii)&nbsp;take any other necessary actions in order
to deliver the guarantees registered under that registration statement by June
2, 2004.


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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


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



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


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


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

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

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">included in our filings under the Securities Exchange Act. Those financial
statements included in a footnote condensed consolidating financial information
with separate columns for us, as the parent company, our wholly owned
subsidiaries other than our finance company subsidiaries and foreign
subsidiaries (because they were guarantors of previously issued debt
securities), and the remainder of our subsidiaries. They did not, however,
contain a separate column that excluded the subsidiaries formed or acquired
after October&nbsp;9, 2001. Therefore, the incorporated financial statements
probably did not contain all the financial information necessary to exempt us
from the requirement that the prospectus supplements include or incorporate
financial statements of the guarantors.
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also, it is possible that the fact that we incorporated into the
prospectus supplemental financial information about guarantor subsidiaries
contained in our filings under the Securities Exchange Act implied incorrectly
that that financial information related only to the subsidiaries that
guaranteed the Initial Notes (and therefore implied that the November&nbsp;30, 2003
net worth of the guarantor subsidiaries was $3.54&nbsp;billion, when
in fact it was $3.46&nbsp;billion).
If failure to include in the prospectus supplements separate financial statements
of the subsidiaries that guaranteed the Initial Notes was an omission to state
a material fact necessary to make the statements incorporated into the
prospectus supplements, in light of the circumstances under which they were
made, not misleading (the purchaser not knowing of the omission), the sale of
the Initial Notes could have violated Section&nbsp;12(a)(2) of the Securities Act.
If the sale of the Initial Notes violated Section&nbsp;12(a)(2) of the Securities
Act, any person who purchased Initial Notes from us would have the right to
tender the Initial Notes back to us and sue within one year after the person
purchased the Initial Notes to recover the consideration paid for the Initial
Notes with interest, less the amount of any interest the person received with
regard to the Initial Notes, or, if the person who purchased the Initial Notes
from us no longer owns them, that person would have the right to sue for
damages. However, to the extent we could demonstrate that any portion or all
of the amount recoverable under Section&nbsp;12(a)(2) of the Securities Act
represents anything other than depreciation in the value of the Initial Notes
resulting from the fact that not all the guarantor subsidiaries whose financial
information was included in the notes to our financial statements were
guarantors of the Initial Notes, that portion or amount, as the case may be,
would not be recoverable.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
filed a report on Form&nbsp;8-K dated August 24, 2004 that contained financial statements with a
footnote that included separate supplemental financial information about
the subsidiaries that guaranteed the Initial Notes.
<DIV align="left"><FONT size="1">

</FONT></DIV>



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



<DIV align="left"><FONT size="1">

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

</FONT></DIV>

<DIV align="left"><FONT size="1">

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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will be deemed to accept all the Initial Notes which are validly
tendered and not withdrawn when we give oral or written notice to that effect
to the exchange agent. The exchange agent will act as agent for the tendering
holders for the purpose of receiving New Notes from us. If any tendered
Initial Notes are not accepted for exchange because of an invalid tender or
otherwise, certificates for those Initial Notes will be returned, without
expense, to the tendering holder promptly after the
expiration date.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders who tender Initial Notes in response to the exchange offer will
not be required to pay brokerage commissions or fees or, except as described in
the instructions in the consent and letter of transmittal, transfer taxes. We
will pay all charges and expenses, other than certain taxes described below, in
connection with the exchange offer. See &#147;&#151;Fees and Expenses.&#148;

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder who validly withdraws
previously tendered Initial Notes will not receive New Notes unless the
Initial Notes are re-tendered at or prior to 5:00 p.m., New York City time, on
the expiration date. Holders will have the right to withdraw previously
tendered Initial Notes, until 5:00 p.m. New York City time on the expiration date, unless the Initial Notes have
already been accepted for exchange.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="left"><FONT size="1">

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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offer will expire at 5:00 p.m., New York City time, on
<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>,
2004, unless we extend it by notice to the exchange agent. We
reserve the right to extend the exchange offer at our discretion. If we extend
the exchange offer, the term &#147;expiration date&#148; will mean the time and date on
which the exchange offer as extended will expire. We will notify the exchange agent of any
extension by oral or written notice and will make a public announcement of any
extension not later than 9:00 a.m., New York City time, on the business day
after the previously scheduled expiration date. Immediately after the
expiration date, we will accept all Initial Notes that have been properly
tendered and not withdrawn.
<DIV align="left"><FONT size="1">

</FONT></DIV>




<DIV align="left"><FONT size="1">

</FONT></DIV>
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</FONT></DIV>

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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>Procedures for Tendering Notes</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only a holder of Initial Notes may tender Initial Notes in response to the
exchange offer. To tender Initial Notes, the holder
must complete, sign and date the letter of transmittal, or a
facsimile of one, have the signatures guaranteed if required by the letter of transmittal, and mail or otherwise deliver the letter of transmittal or facsimile of one, together with the Initial Notes
(delivered using the procedure for book-entry
transfer described below) and any other required documents, to the exchange
agent prior to 5:00 p.m., New York City time, on the expiration date.


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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A tender of Initial Notes by a holder will constitute an agreement by the
holder to transfer the Initial Notes to us in exchange for New Notes on the
terms and subject to the conditions set forth in this prospectus and in the letter of transmittal.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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


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


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


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


<P align="center" style="font-size: 10pt">19
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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">for failure to give such notification. Tenders of Initial Notes will not be
deemed to have been made until all defects and irregularities have been cured
or waived. Any Initial Notes received by the exchange agent that are not
properly tendered and as to which the defects or irregularities have not been
cured or waived will be returned by the exchange agent to the tendering
holders, unless otherwise provided in the letter of
transmittal, promptly after the expiration date.
<DIV align="left"><FONT size="1">

</FONT></DIV>



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


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


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



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


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

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

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR><TD><FONT size="1">

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

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

<TR><TD><FONT size="1">

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

</FONT></TD></TR>

</TABLE>


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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>Withdrawal of Tenders</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as otherwise described below, holders will have the right to
withdraw previously tendered Initial Notes until 5:00 p.m. New York City time on the expiration date, unless the
Initial Notes have already been accepted for exchange.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt">20
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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
withdraw a tender of Initial Notes, a written or facsimile transmission notice of withdrawal must be received by
the exchange agent prior to 5:00 p.m., New York City time, on the expiration
date, and before the Initial Notes we have accepted for exchange. Any
notice of withdrawal must (i)&nbsp;specify the name of the person who deposited the
Initial Notes to be withdrawn, (ii)&nbsp;identify the Initial Notes to be withdrawn
(including the principal amounts of the Initial Notes), (iii)&nbsp;be signed by the
depositor in the same manner as the signature on the letter of
transmittal by which the Initial Notes were tendered (including any required
signature guarantees) or be accompanied by documents of transfer sufficient to
have the trustee register the transfer of the Initial Notes into the name of
the person who withdraws the tender, and (iv)&nbsp;specify the name in which the
withdrawn Initial Notes are to be registered, if different from that of the
depositor. All questions as to the validity, form and eligibility (including
time of receipt) of withdrawal notices will be determined by us in our sole
discretion, and that determination will be final and binding on all parties.
Any Initial Notes which are withdrawn will be deemed not to have been validly
tendered for purposes of the exchange offer, and no New Notes will be issued
with respect to those Initial Notes unless they are validly re-tendered. Any
Initial Notes which have been tendered but which are not accepted for exchange
or which are withdrawn will be returned to the holder without cost to the
holder promptly after withdrawal, rejection of tender or
termination of the exchange offer. Properly withdrawn Initial Notes may be
re-tendered at any time prior to the expiration date.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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



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


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have not retained any dealer-manager in connection with the exchange
offer and will not make any payments to brokers, dealers or others for
soliciting acceptances of the exchange offer. We will, however, pay the
exchange agent reasonable and customary fees for its services and reimburse it
for its reasonable out-of-pocket expenses in connection with the exchange
offer. We may also reimburse brokerage houses and other custodians, nominees
and fiduciaries for the reasonable out-of-pocket expenses they incur in
forwarding copies of this prospectus, letters of transmittal and related
documents to the beneficial owners of the Initial Notes and in handling or
forwarding tenders for exchange. We will pay the other expenses incurred in
connection with the exchange offer, including fees and expenses of the trustee,
accounting and legal fees and printing costs.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay all transfer taxes, if any, applicable to the exchange of
Initial Notes for New Notes pursuant to the exchange offer. If, however, New
Notes or Initial Notes for principal amounts which are not tendered or accepted
for exchange are to be issued in the name of a person other than the
registered holder of the Initial Notes that are tendered, or if tendered Initial Notes
are registered in the name of a person other than the person who signs the
letter of transmittal, or if a transfer tax is imposed for any
other reason, other than the exchange of Initial Notes for New Notes pursuant
to the exchange offer, the tendering holder must pay the transfer taxes
(whether imposed on the registered holder or any other person). Unless
satisfactory evidence of payment of transfer taxes or exemption from the need
to pay them is submitted with the letter of transmittal, the amount
of the transfer taxes will be billed directly to the tendering holder. We may
refuse to issue New Notes in exchange for Initial Notes, or to return
Initial Notes which are not exchanged, until we receive
evidence satisfactory to us that any transfer taxes payable by the holder have
been paid.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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



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


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



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



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


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



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

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

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



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


<P align="center" style="font-size: 10pt">22
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<DIV align="left"><A NAME="016"></A></DIV>

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will issue the New Notes under an indenture dated as of December&nbsp;31,
1997 between us and J.P. Morgan Trust Company, N.A. (as successor to Bank One
Trust Company, N.A.), as trustee (the &#147;Trustee&#148;), as supplemented by the Eighth
Supplemental Indenture. We have summarized in
this section the principal terms of the New Notes and the indenture under which
they were issued. This summary is not complete. You should read the indenture
and the New Notes for additional information before you decide to invest in the
New Notes because they, and not this description, define your rights as holders
of the New Notes. You may request copies of these documents at our address
shown under the caption &#147;Incorporation by Reference&#148; on
page&nbsp;37 of this prospectus. The indenture is subject to, and governed by, the Trust Indenture
Act of 1939, as amended (the &#147;TIA&#148;). Capitalized terms used but not defined in
this section have the meanings specified in the indenture. For purposes of
this &#147;Description of Notes,&#148; &#147;we,&#148; &#147;our&#148; or &#147;us&#148; refers to Lennar Corporation
and does not include our subsidiaries except in references to financial data
determined on a consolidated basis.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will be our direct, unsecured obligations and will rank equal in
right of payment by us with all of our other unsecured and unsubordinated
indebtedness from time to time outstanding. The Notes will be issued in
denominations of $1,000 principal amount and integral multiples of that amount
and will be payable, and may be presented for registration of transfer and
exchange, without service charge, at the Trustee&#146;s office in New York, New
York.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Notes are limited in aggregate principal amount to $300,000,000, but
we may, without consent of the Holders, &#147;reopen&#148; the Notes and issue additional
notes at any time on the same terms and conditions and with the same CUSIP
number as the Notes we offer by this prospectus. The Notes will
mature on March&nbsp;19, 2009 and will bear interest at the 3 Month LIBOR Rate (as
defined below) plus 0.75% per year. The interest rate on the Notes will in no
event be higher than the maximum rate permitted by New York law as the same may
be modified by United States law of general application. Interest on the Notes
will be payable quarterly on March&nbsp;19, June&nbsp;19, September&nbsp;19 and December&nbsp;19 of
each year, commencing September&nbsp;19, 2004; provided that if any interest payment date
(other than an interest payment date that falls on the maturity date or on a
redemption date) is not a business day, then the interest payment date will be
postponed until the first following business day. If the interest payment date
falling on the maturity date or on a redemption date is not a business day,
then the interest payment due on that date will be paid on the next business
day and no additional interest will accrue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;3 Month LIBOR Rate&#148; means the rate for deposits in U.S. dollars for the
3-month period commencing on the applicable interest reset date which appears
on Telerate Page 3750 at approximately 11:00&nbsp;a.m., London time, on the second
London banking day prior to the applicable interest reset date. If this rate
does not appear on Telerate Page 3750, the calculation agent will determine the
rate on the basis of the rates at which deposits in U.S. dollars are offered by
four major banks in the London interbank market (selected by the calculation
agent) at approximately 11:00&nbsp;a.m., London time, on the second London banking
day prior to the applicable interest reset date to prime banks in the London
interbank market for a period of three months commencing on that interest reset
date and in a principal amount equal to an amount not less than $1,000,000 that
is representative for a single transaction in such market at such time. In
such case, the calculation agent will request the principal London office of
each of the aforesaid major banks to provide a quotation of such rate. If at
least two such quotations are provided, the rate for that interest reset date
will be the arithmetic mean of the quotations, and, if fewer than two
quotations are provided as requested, the rate for that interest reset date
will be the arithmetic mean of the rates quoted by major banks in New York
City, selected by the calculation agent, at approximately 11:00&nbsp;a.m., New York
City time, on the second London banking day prior to the applicable interest
reset date for loans in U.S. dollars to leading European banks for a period of
three months commencing on that interest reset date and in a principal amount
equal to an amount not less than $1,000,000 that is representative for a single
transaction in such market at such time. A London banking day is any business
day in which dealings in U.S. dollars are transacted in the London interbank
market.


<P align="center" style="font-size: 10pt">23
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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 3 Month LIBOR Rate will be reset quarterly on each interest payment
date (each of these dates is called an &#147;interest reset date&#148;), beginning on
September&nbsp;19, 2004. Interest will accrue on the Notes that we
issue in exchange for Initial Notes from
the most recent date to which interest on the Initial Notes has been paid or duly
provided for, until the principal amount of each Note is paid or duly made
available for payment. We will pay interest to the persons in whose names the
Notes are registered at the close of business 15 calendar days before the
interest payment date; provided that the interest payable at the maturity date
or on a redemption date will be paid to the person to whom principal is
payable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest will be calculated on
the basis of a 360-day year and the actual number of days in each quarterly
interest payment period. The calculation agent will, upon the request of the
holder of any Note, provide the interest rate then in effect. The calculation
agent is J.P. Morgan Trust Company, N.A. until such time as we appoint a
successor calculation agent. All calculations made by the calculation agent in
the absence of manifest error shall be conclusive for all purposes and binding
on us and the holders of the Notes. We may appoint a successor calculation
agent with the written consent of the trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All percentages resulting from any calculation of the interest rate with
respect to the Notes will be rounded, if necessary, to the nearest one-hundred
thousandth of a percentage point, with five one-millionths of a percentage
point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to 9.87655%
(or .0987655) and 9.876544% (or .09876544) being rounded to 9.87654%
(or .09878654)), and all dollar amounts in or resulting from any such calculation
will be rounded to the nearest cent (with one-half cent being rounded upwards).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no sinking fund applicable to the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Notes, we have not agreed to any financial
covenants or any restrictions on the payment of dividends or the issuance or
repurchase of our securities. We have agreed to no covenants or other
provisions to protect Holders (as defined below) of the Notes in the event of a
highly leveraged transaction or a change in control transaction.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may, at our option, redeem the Notes in whole at any time or in part
from time to time, on or after March&nbsp;19, 2006 on at least 30 but not more than
60&nbsp;days&#146; prior notice, at a redemption price equal to 100% of the principal
amount of the Notes being redeemed plus accrued and unpaid interest on the
Notes being redeemed to the date of redemption.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In determining the redemption price and accrued interest, interest will be
calculated on the basis of a 360-day year consisting of twelve 30-day months.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If money sufficient to pay the redemption price of and accrued interest on
the Notes to be redeemed is deposited with the Trustee on or before the
redemption date, on and after the redemption date interest will cease to accrue
on the Notes (or such portions thereof) called for redemption and such Notes
will cease to be outstanding.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the guarantors will unconditionally guarantee on a joint and
several basis all of our obligations under the Notes, including our obligations
to pay principal, premium, if any, and interest with respect to the Notes. The
guarantees will be general unsecured obligations of the guarantors and will
rank <I>pari passu </I>with all existing and future unsecured indebtedness of the
guarantors that is not, by its terms, expressly subordinated in right of
payment to the guarantees or other senior Indebtedness of the guarantors. The
obligations of each guarantor are limited to the maximum amount which, after
giving effect to all other contingent and fixed liabilities of such guarantor
and after giving effect to any collections from or payments made by or on
behalf of any other guarantor in respect of the obligations of such other
guarantor under its guarantee or pursuant to its contribution obligations under
the indenture, will result in the obligations of such guarantor under its
guarantee not constituting a fraudulent conveyance or fraudulent transfer under
federal or state law. Each guarantor that makes a payment or distribution
under a guarantee shall be entitled to a contribution from each other guarantor
in an amount <I>pro rata</I>, based on the


<P align="center" style="font-size: 10pt">24
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<DIV style="font-family: 'Times New Roman',Times,serif">



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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture will require that each of our existing and future
subsidiaries (other than any foreign subsidiary and any finance company
subsidiary) that guarantees any of our Indebtedness, or guarantees obligations of any other subsidiary as a guarantor of our Indebtedness,
(other than guarantees by subsidiaries of U.S. Home Corporation (one of our
subsidiaries) solely of U.S. Home&#146;s obligations under its Senior Secured Credit
Facilities) be a guarantor. The guarantee of the Notes by a subsidiary will be
suspended, and that subsidiary will not be a guarantor and will not have any
obligations with regard to the Notes, during any period when the principal
amount of our (i.e. Lennar Corporation&#146;s) obligations or any
[Restricted]
Subsidiary&#146;s obligations with regard to our (i.e. Lennar Corporation&#146;s)
obligations, in each case other than the Notes and any other debt obligations
containing provisions similar to this, that the subsidiary is guaranteeing
totals less than $75&nbsp;million.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture will provide that if all or substantially all of the assets
of any guarantor or all of the capital stock of any guarantor is sold
(including by consolidation, merger, issuance or otherwise) or disposed of
(including by liquidation, dissolution or otherwise) by us or any of our
Subsidiaries, then such guarantor or the Person acquiring such assets (in the
event of a sale or other disposition of all or substantially all of the assets
of such guarantor) shall be deemed automatically and unconditionally released
and discharged from any of its obligations under the indenture without any
further action on the part of the Trustee or any Holder of the Notes.


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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitation
on Liens. </I>We will not, nor will we permit any [Restricted]
Subsidiary to, create, assume, incur or suffer to exist any Lien upon any of
our or its properties, whether owned on the date of original issuance of the
Notes (&#147;Issue Date&#148;) or thereafter acquired, unless:
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such Lien secures indebtedness ranking equal in right of payment
with the Notes, then the Notes are secured on an equal and ratable basis
with the obligation so secured until such time as such obligation is no
longer secured by a Lien;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such Lien secures Indebtedness which is subordinated to the Notes,
then the Notes are secured and the Lien securing such Indebtedness is
subordinated to the Lien granted to the Holders of the Notes to the same
extent as such Indebtedness is subordinated to the Notes; or</TD>
</TR>

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

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

</TABLE>


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens on property of a Person existing at the time such Person is
merged into or consolidated with or otherwise acquired by us or any
Restricted Subsidiary, provided that such Liens were in existence prior
to, and were not created in contemplation of, such merger, consolidation
or acquisition and do not extend to any assets other than those of the
Person merged into or consolidated with us or any Restricted Subsidiary;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens on property existing at the time of acquisition thereof by us
or any Restricted Subsidiary; provided that such Liens were in existence
prior to, and were not created in contemplation of, such acquisition and
do not extend to any assets other than the property acquired;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens imposed by law such as carriers&#146;, warehouseman&#146;s or mechanics&#146;
Liens, and other Liens to secure the performance of statutory
obligations, surety or appeal bonds, performance bonds or other
obligations of a like nature incurred in the ordinary course of
business;</TD>
</TR>

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

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

</TABLE>


<P align="center" style="font-size: 10pt">25
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<DIV style="font-family: 'Times New Roman',Times,serif">




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens securing Indebtedness representing, or incurred to finance, the
cost of acquiring, constructing or improving any assets, provided that
the principal amount of such Indebtedness does not exceed 100% of such
cost, including construction charges;</TD>
</TR>

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens incurred in the ordinary course of business to secure
performance of obligations with respect to statutory or regulatory
requirements, performance or return-of-money bonds, surety bonds or
other obligations of a like nature, in each case which are not incurred
in connection with the borrowing of money, the obtaining of advances or
credit or the payment of the deferred purchase price of property and
which do not in the aggregate impair in any material respect the use of
property in the operation of our business taken as a whole;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pledges or deposits under workmen&#146;s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in
connection with bids, tenders, contracts (other than for the payment of
indebtedness) or leases to which Lennar or any Restricted Subsidiary is
a party, or deposits to secure public or statutory obligations of us or
of any Restricted Subsidiary or deposits for the payment of rent, in
each case incurred in the ordinary course of business;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens granted to any bank or other institution on the payments to be
made to such institution by us or any Subsidiary pursuant to any
interest rate swap or similar agreement or foreign currency hedge,
exchange or similar agreement designed to provide protection against
fluctuations in interest rates and currency exchange rates,
respectively, provided that such agreements are entered into in, or are
incidental to, the ordinary course of business;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens arising solely by virtue of any statutory or common law
provision relating to banker&#146;s Liens, rights of set off or similar
rights and remedies;</TD>
</TR>

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens securing indebtedness incurred to finance the acquisition,
construction, improvement, development or expansion of a property which
is given within 180&nbsp;days of the acquisition, construction, improvement,
development or expansion of such property and which is limited to such
property;</TD>
</TR>

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens for taxes, assessments or governmental charges or claims that
are not yet delinquent or that are being contested in good faith by
appropriate proceedings promptly instituted and diligently concluded;
provided that any reserve or other appropriate provision as shall be
required in conformity with GAAP shall have been made therefor;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens securing refinancing Indebtedness; provided that any such Lien
does not extend to or cover any property or assets other than the
property or assets securing Indebtedness so refunded, refinanced or
extended;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>easements, rights-of-way and other similar encumbrances incurred in
the ordinary course of business and encumbrances consisting of zoning
restrictions, licenses, restrictions on the use of property or minor
imperfections in title thereto which, in the aggregate, are not material
in amount, and which do not in any case materially detract from our
properties subject thereto; and</TD>
</TR>

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

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

</TABLE>


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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, we may, and any Restricted Subsidiary may,
create, assume, incur or suffer to exist any Lien upon any of our properties or
assets without equally and ratably securing the Notes if the aggregate amount
of all Indebtedness then outstanding secured by such Lien and all other Liens
which are not Permitted Liens, together with the aggregate net sales proceeds
from all Sale-Leaseback Transaction which are not Permitted Sale Leaseback
Transactions (as defined below), does not exceed 20% of Total Consolidated
Stockholders&#146; Equity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sale and Leaseback Transactions. </I>We will not, nor will we permit any
Restricted Subsidiary to, enter into any Sale-Leaseback Transaction, except for
any of the following &#147;Permitted Sale-Leaseback Transactions&#148;:


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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Sale-Leaseback Transaction relating to a property which occurs
within 180&nbsp;days from the date of acquisition of such property by us or a
Restricted Subsidiary or the date of the completion of construction or
commencement of full operations on such property, whichever is later;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Sale-Leaseback Transaction where we, within 365&nbsp;days after such
Sale-Leaseback Transaction, apply or cause to be applied to the
retirement of our or any Restricted Subsidiary&#146;s Funded Debt (other than
our Funded Debt which by its terms or the terms of the instrument
pursuant to which it was issued is subordinate in right of payment to
the Notes) proceeds of the sale of such property, but only to the extent
of the amount of proceeds so applied;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Sale-Leaseback Transaction where we or our Restricted Subsidiaries
would, on the effective date of the relevant sale or transfer, be
entitled, pursuant to the indenture, to issue, assume or guarantee
Indebtedness secured by a Lien upon the relevant property at least equal
in amount to the then present value (discounted at the actual rate of
interest of the Sale-Leaseback Transaction) of the obligation for the
net rental payments in respect of such Sale-Leaseback Transaction
without equally and ratably securing the Notes;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Sale-Leaseback Transaction between (A)&nbsp;Lennar and a Restricted
Subsidiary or (B)&nbsp;between Restricted Subsidiaries, so long as the lessor
is Lennar or a wholly-owned Restricted Subsidiary; or</TD>
</TR>

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

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

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing provisions, we may, and may permit any
Restricted Subsidiary to, effect any Sale-Leaseback Transaction involving any
real or tangible personal property which is not a Permitted Sale-Leaseback
Transaction, provided that the aggregate net sales proceeds from all
Sale-Leaseback Transactions which are not Permitted Sale-Leaseback
Transactions, together with all Indebtedness secured by Liens other than
Permitted Liens, does not exceed 20% of Total Consolidated Stockholders&#146;
Equity.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We must deliver to the Trustee, within 120&nbsp;days after the end of each
fiscal year, an Officers&#146; Certificate as to the signer&#146;s knowledge of our
compliance with all conditions and our covenants in the indenture. The
Officers&#146; Certificate also must state whether or not the signer knows of any
Default or Event of Default. If the signer knows of such a Default or Event of
Default, the Officers&#146; Certificate must describe the Default or Event of
Default and the efforts to remedy it. For the purposes of this provision of
the indenture, compliance is determined without regard to any grace period or
requirement of notice under the indenture.


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



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


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

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

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

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

</TABLE>


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

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




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

<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our or any [Restricted] Subsidiary&#146;s failure to fulfill an obligation
to pay Indebtedness for borrowed money (other than Indebtedness which is
non-recourse to us or any Restricted Subsidiary), which such failure
shall have resulted in the acceleration of, or be a failure to pay at
final maturity, Indebtedness aggregating more than $50&nbsp;million;</TD>
</TR>
<TR>
<TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our failure to perform any other covenant or warranty in the
indenture, continued for 30&nbsp;days after written notice as provided in the
indenture;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>final judgments or orders are rendered against us or any Restricted
Subsidiary which require the payment by us or any Restricted Subsidiary
of an amount (to the extent not covered by insurance) in excess of $50
million and such judgments or orders remain unstayed or unsatisfied for
more than 60&nbsp;days and are not being contested in good faith by
appropriate proceedings; and</TD>
</TR>

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

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

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Event of Default has occurred and is continuing, the Trustee or the
Holders of not less than 25% in principal amount of the Notes then outstanding
may declare the principal amount of the Notes then outstanding and interest, if
any, accrued thereon to be due and payable immediately. However, if we cure
all defaults (except the nonpayment of the principal and interest due on any of
the Notes that have become due by acceleration) and certain other conditions in
the indenture are met, with certain exceptions, such declaration may be
annulled and past defaults may be waived by the Holders of a majority of the
principal amount of the Notes then outstanding. In the case of certain events
of bankruptcy or insolvency, the principal amount of the Notes will
automatically become and be immediately due and payable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within 90&nbsp;days after a Trust Officer (as defined in the indenture) has
knowledge of the occurrence of a Default or any Event of Default, the Trustee
must mail to all Holders notice of all Defaults or Events of Default known to a
Trust Officer, unless such Default or Event of Default is cured or waived
before the giving of such notice. However, except in the case of a payment
default on any of the Notes, the Trustee will be protected in withholding such
notice if and so long as a trust committee of directors and/or officers of the
Trustee in good faith determines that the withholding of such notice is in the
interest of the Holders.


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


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With the consent of the Holders of not less than a majority in principal
amount of the Notes at the time outstanding, we and the Trustee may modify the
indenture or any supplemental indenture or the rights of the Holders of the
Notes. However, without the consent of each Holder of Notes which is affected,
we cannot:


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

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

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

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

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

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

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

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

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

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

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, without the consent of the Holders of all of the Notes then
outstanding, we cannot reduce the percentage of Notes the Holders of which are
required to consent to any such supplemental indenture.


<P align="center" style="font-size: 10pt">28
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<DIV style="font-family: 'Times New Roman',Times,serif">

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes will be issued in the form of one or more global securities
(&#147;Global Securities&#148;) that will be deposited with, or on behalf of, The
Depository Trust Company, New York, New York (the &#147;Depositary&#148;). Interests in
the Global Securities will be issued only in denominations of $1,000 principal
amount or integral multiples of that amount. Unless and until it is exchanged
in whole or in part for securities in definitive form, a Global Security may
not be transferred except as a whole to a nominee of the Depositary for such
Global Security, or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially, the Notes will be registered in the name of Cede &#038; Co., the
nominee of the Depositary. Accordingly, beneficial interests in the Notes will
be shown on, and transfers thereof will be effected only through, records
maintained by the Depositary and its participants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Depositary has advised us and the underwriters as follows: the
Depositary is a limited-purpose trust company organized under the New York
Banking Law, a &#147;banking organization&#148; within the meaning of the New York
Banking Law, a member of the United States Federal Reserve System, a &#147;clearing
corporation&#148; within the meaning of the New York Uniform Commercial Code and a
&#147;clearing agency&#148; registered pursuant to the provisions of Section&nbsp;17A of the
United States Securities Exchange Act of 1934, as amended. The Depositary
holds securities that its participants (&#147;Direct Participants&#148;) deposit with the
Depositary. The Depositary also facilitates the settlement among Direct
Participants of securities transactions, such as transfers and pledges, in
deposited securities through electronic computerized book-entry changes in such
Direct Participants&#146; accounts, eliminating the need for physical movement of
securities certificates. Direct Participants include securities brokers and
dealers (including the Underwriters), banks, trust companies, clearing
corporations and certain other organizations. The Depositary is owned by a
number of its Direct Participants and by the New York Stock Exchange, Inc., the
American Stock Exchange, Inc. and the National Association of Securities
Dealers, Inc. Access to the Depositary&#146;s book-entry system is also available to
others such as securities brokers and dealers, banks and trust companies that
clear through or maintain a custodial relationship with a Direct Participant,
either directly or indirectly (&#147;Indirect Participants&#148;). The rules applicable
to the Depositary and its Direct and Indirect Participants are on file with the
SEC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments on the Notes registered in the name of the Depositary&#146;s nominee
will be made in immediately available funds to the Depositary&#146;s nominee as the
registered owner of the Global Securities. We and the Trustee will treat the
Depositary&#146;s nominee as the owner of such Notes for all other purposes as well.
Therefore, neither we, the Trustee nor any paying agent has any direct
responsibility or liability for the payment of any amount due on the Notes to
owners of beneficial interests in the Global Securities. It is the
Depositary&#146;s current practice, upon receipt of any payment, to credit Direct
Participants&#146; accounts on the payment date according to their respective
holdings of beneficial interests in the Global Securities as shown on the
Depositary&#146;s records unless the Depositary has reason to believe that it will
not receive payment. Payments by Direct and Indirect Participants to owners of
beneficial interests in the Global Securities will be governed by standing
instructions and customary practices, as is the case with Securities held for
the accounts of customers in bearer form or registered in &#147;street name.&#148; Such
payments will be the responsibility of such Direct and Indirect Participants
and not of the Depositary, the Trustee or us.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes represented by a Global Security will be exchangeable for Notes in
definitive form of like tenor in authorized denominations only if:


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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Depositary ceases to be a clearing agency registered under
applicable law and a successor depositary is not appointed by us within
90&nbsp;days; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>we, in our discretion, determine not to require all of the Notes to
be represented by a Global Security and notify the Trustee of our
decision.</TD>
</TR>

</TABLE>


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




<P align="left" style="font-size: 10pt"><B>Same-Day Settlement and Payment</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as the Depositary continues to make its Same-Day
Funds Settlement System available to us, all payments on the Notes will be made
by us in immediately available funds.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secondary trading in long-term notes and debentures of corporate issues is
generally settled in clearing-house or next-day funds. In contrast, the Notes
will trade in the Depositary&#146;s Same-Day Funds Settlement System until maturity,
and secondary market trading in the Notes; therefore, the Depositary will
require that trades be settled in immediately available funds.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Trust Company, N.A., as successor to Bank One Trust Company,
N.A., is the Trustee under the indenture and will be appointed by us as the
initial paying agent, registrar and custodian with regard to the Notes. We may
maintain deposit accounts and conduct other banking transactions with the
Trustee or its affiliates in the ordinary course of business. The Trustee
serves as the trustee for our other outstanding public debt securities. The
Trustee and its affiliates may from time to time in the future provide banking
and other services to us in the ordinary course of their business.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may satisfy and discharge our obligations under the indenture with
respect to the Notes by:


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>delivering to the Trustee for cancellation all outstanding Notes; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>depositing with the Trustee, after all outstanding Notes have become
due and payable (or are by their terms to become due and payable within
one year), whether at stated maturity, or otherwise, cash sufficient to
pay all of the outstanding Notes and paying all other sums payable under
the indenture by us with respect to the Notes.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the deposit of such funds with the Trustee, the indenture will, with
certain limited exceptions, cease to be of further effect with respect to the
Notes. The rights that would continue following the deposit of those funds
with the Trustee are:


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the remaining rights of registration of transfer, substitution and
exchange of the Notes;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rights of Holders under the indenture to receive payments due
with respect to the Notes and the other rights, duties and obligations
of Holders, as beneficiaries with respect to the amounts, if any, so
deposited with the Trustee; and</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the rights, obligations and immunities of the Trustee under the
indenture.</TD>
</TR>

</TABLE>


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are definitions of certain of the terms used in the
indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Business Day&#148; means each Monday, Tuesday, Wednesday, Thursday or Friday
which is not a legal holiday in New York, New York.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Consolidated Net Tangible Assets&#148; means the total amount of assets which
would be included on a consolidated balance sheet of Lennar and the Restricted
Subsidiaries under GAAP (less applicable reserves and other properly deductible
items) after deducting therefrom:


<P align="center" style="font-size: 10pt">30
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;all short-term liabilities, i.e., liabilities payable by their terms
less than one year from the date of determination and not renewable or
extendable at the option of the obligor for a period ending more than one year
after such date, and liabilities in respect of retiree benefits other than
pensions for which the Restricted Subsidiaries are required to accrue pursuant
to Statement of Financial Accounting Standards No.&nbsp;106;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;investments in subsidiaries that are not Restricted Subsidiaries; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;all assets reflected on our balance sheet as the carrying value of
goodwill, trade names, trademarks, patents, unamortized debt discount,
unamortized expense incurred in the issuance of debt and other intangible
assets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Default&#148; means any event which upon the giving of notice or the passage
of time, or both, would be an Event of Default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Funded Debt&#148; of any Person means all Indebtedness for borrowed money
created, incurred, assumed or guaranteed in any manner by such person, and all
Indebtedness, contingent or otherwise, incurred or assumed by such person in
connection with the acquisition of any business, property or asset, which in
each case matures more than one year after, or which by its terms is renewable
or extendible or payable out of the proceeds of similar Indebtedness incurred
pursuant to the terms of any revolving credit agreement or any similar
agreement at the option of such person for a period ending more than one year
after the date as of which Funded Debt is being determined. However, Funded
Debt shall not include:


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Indebtedness for the payment, redemption or satisfaction of which
money (or evidences of indebtedness, if permitted under the instrument
creating or evidencing such indebtedness) in the necessary amount shall
have been irrevocably deposited in trust with a trustee or proper
depository either on or before the maturity or redemption date thereof;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Indebtedness of such person to any of its subsidiaries or of any
subsidiary to such person or any other subsidiary; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any Indebtedness incurred in connection with the financing of
operating, construction or acquisition projects, provided that the
recourse for such indebtedness is limited to the assets of such
projects.</TD>
</TR>

</TABLE>


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Indebtedness&#148; means, with respect to us or any Subsidiary, and without
duplication:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the principal of and premium, if any, and interest on, and fees,
costs, enforcement expenses, collateral protection expenses and other
reimbursement or indemnity obligations in respect to all our or any
Subsidiary&#146;s indebtedness or obligations to any Person, including but not
limited to banks and other lending institutions, for money borrowed that is
evidenced by a note, bond, debenture, loan agreement, or similar instrument
or agreement (including purchase money obligations with original maturities
in excess of one year and noncontingent reimbursement obligations in respect
of amounts paid under letters of credit);



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all our or any Subsidiary&#146;s reimbursement obligations and other
liabilities (contingent or otherwise) with respect to letters of credit, bank
guarantees or bankers&#146; acceptances;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations and liabilities (contingent or otherwise) in respect
of our or any Subsidiary&#146;s leases required, in conformity with generally
accepted accounting principles, to be accounted for as capital lease
obligations on our balance sheet;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all our or any Subsidiary&#146;s obligations (contingent or otherwise)
with respect to an interest rate or other swap, cap or collar agreement or
other similar instrument or agreement or foreign currency hedge, exchange,
purchase or similar instrument or agreement;


<P align="center" style="font-size: 10pt">31
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all direct or indirect guaranties or similar agreements by us or any
Subsidiary in respect of, and our or such Subsidiary&#146;s obligations or
liabilities (contingent or otherwise) to purchase or otherwise acquire, or
otherwise assure a creditor against loss in respect of, indebtedness,
obligations or liabilities of another Person of the kind described in clauses
(a)&nbsp;through (d);



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any indebtedness or other obligations, excluding any operating
leases we or any Subsidiary is currently (or may become) a party to described
in clauses (a)&nbsp;through (d)&nbsp;secured by any Lien existing on property which is
owned or held by us or such Subsidiary, regardless of whether the
indebtedness or other obligation secured thereby shall have been assumed by
us or such Subsidiary; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any and all deferrals, renewals, extensions and refinancing of, or
amendments, modifications or supplements to, any indebtedness, obligation or
liability of the kind described in clauses (a)&nbsp;through (f).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lien&#148; means any mortgage, pledge, lien, encumbrance, charge or security
interest of any kind.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Non-Recourse Indebtedness&#148; means any of our or any Restricted
Subsidiary&#146;s Indebtedness for which the holder of such Indebtedness has no
recourse, directly or indirectly, to us or such Restricted Subsidiary for the
principal of, premium, if any, and interest on such Indebtedness, and for which
we are not or such Restricted Subsidiary is not, directly or indirectly,
obligated or otherwise liable for the principal of, premium, if any, and
interest on such Indebtedness, except pursuant to mortgages, deeds of trust or
other security interests or other recourse, obligations or liabilities, in
respect of specific land or other real property interests of us or such
Restricted Subsidiary securing such indebtedness; provided, however, that
recourse, obligations or liabilities solely for indemnities, covenants or
breach of warranty representations or covenants in respect of Indebtedness will
not prevent that Indebtedness from being classified as Non-Recourse
Indebtedness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officers&#146; Certificate&#148; when used with respect to us means a certificate
signed by two of our officers (as specified in the indenture), each such
certificate will comply with Section&nbsp;314 of the TIA and include the statements
required under the indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Paying Agent&#148; means the office or agency designated by us where the Notes
may be presented for payment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means any individual, corporation, partnership, joint venture,
joint-stock company, trust, unincorporated organization or government or any
government agency or political subdivision.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Restricted Subsidiary&#148; means any guarantor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Sale-Leaseback Transaction&#148; means a sale or transfer made by us or a
Restricted Subsidiary of any property which is either (A)&nbsp;a manufacturing
facility, office building or warehouse whose book value equals or exceeds 1% of
Consolidated Net Tangible Assets as of the date of determination, or (B)
another property (not including a model home) which exceeds 5% of Consolidated
Net Tangible Assets as of the date of determination, if such sale or transfer
is made with the agreement, commitment or intention of leasing such property to
Lennar or a Restricted Subsidiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Senior Secured Credit Facilities&#148; means the senior secured credit
facilities dated as of May&nbsp;3, 2000, as amended and restated through May&nbsp;30,
2003 between Lennar and Bank One NA as administrative agent and the other
lenders party thereto<B>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary,&#148; means (1)&nbsp;a corporation or other entity of which a majority
in voting power of the stock or other interests is owned by us, by a Subsidiary
or by us and one or more Subsidiaries or (2)&nbsp;a partnership, of which we or any
Subsidiary is the sole general partner.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Telerate Page 3750&#148; means the display page with that designation on the
Moneyline Telerate, Inc. (or such other page as may replace that page on that
service or any successor service as the place where the London interbank
offered rates of major banks are displayed).


<P align="center" style="font-size: 10pt">32
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<DIV style="font-family: 'Times New Roman',Times,serif">

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



<P align="center" style="font-size: 10pt">33
</DIV>


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<!-- link1 "BOOK ENTRY, DELIVERY AND FORM" -->
<DIV align="left"><A NAME="017"></A></DIV>

<P align="center" style="font-size: 10pt"><B>BOOK ENTRY, DELIVERY AND FORM</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificates representing the New Notes will be issued in fully
registered form. The New Notes initially will be represented by a single,
permanent global note, in definitive, fully registered form without interest
coupons (the &#147;Global Note&#148;) and will be deposited with the trustee as custodian
for DTC and registered in the name of Cede &#038; Co., as DTC&#146;s nominee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of a Global Note, DTC or its nominee will credit the
accounts of persons holding through it with the respective principal amounts of
the New Notes represented by such Global Note that are received by such persons
in the exchange offer. Ownership of beneficial interests in a Global Note will
be limited to persons that have accounts with DTC (&#147;participants&#148;) or persons
that may hold interests through participants. Any person acquiring an interest
in a Global Note through an offshore transaction in reliance on Regulation&nbsp;S
under the Securities Act may hold such interest through Clearstream (formerly
known as Cedel) or Euroclear. Ownership of beneficial interests in a Global
Note will be shown on, and the transfer of that ownership interest will be
effected only through, records maintained by DTC (with respect to participants&#146;
interests) and such participants (with respect to the owners of beneficial
interests in such Global Note other than participants). The laws of some
jurisdictions require that certain purchasers of securities take physical
delivery of such securities in definitive form. Such limits and such laws may
impair the ability to transfer beneficial interests in a Global Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of principal of and interest on New Notes represented by a Global
Note will be made in immediately available funds to DTC or its nominee, as the
case may be, as the sole registered owner and the sole holder of the New Notes
represented thereby for all purposes under the indenture. We have been advised
by DTC that upon receipt of any payment of principal of or interest on any
Global Note, DTC will immediately credit, on its book-entry registration and
transfer system, the accounts of participants with payments in amounts
proportionate to their respective beneficial interests in the principal or face
amount of such Global Note as shown on the records of DTC. Payments by
participants to owners of beneficial interests in a Global Note held through
such participants will be governed by standing instructions and customary
practices as is now the case with securities held for customer accounts
registered in &#147;street name&#148; and will be the sole responsibility of such
participants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Global Note may not be transferred except as a whole by DTC or a nominee
of DTC to a nominee of DTC or to DTC. A Global Note is exchangeable for
certificated New Notes only if (a)&nbsp;DTC notifies us that it is unwilling or
unable to continue as a depositary for such Global Note or if at any time DTC
ceases to be a clearing agency registered under the Exchange Act, (b)&nbsp;we in our
discretion at any time determine not to have all the New Notes represented by
such Global Note, or (c)&nbsp;there shall have occurred and be continuing a default
or an event of default with respect to the New Notes represented by such Global
Note. Any Global Note that is exchangeable for certificated New Notes pursuant
to the preceding sentence will be exchanged for certificated New Notes in
authorized denominations and registered in such names as DTC or any successor
depositary holding such Global Note may direct. Subject to the foregoing, a
Global Note is not exchangeable, except for a Global Note of like denomination
to be registered in the name of DTC or any successor depositary or its nominee.
In the event that a Global Note becomes exchangeable for certificated New
Notes, (a)&nbsp;certificated New Notes will be issued only in fully registered form
in denominations of $1,000 or integral multiples thereof, (b)&nbsp;payment of
principal of, and premium, if any, and interest on, the certificated New Notes
will be payable, and the transfer of the certificated New Notes will be
registerable, at our office or agency maintained for such purposes and (c)&nbsp;no
service charge will be made for any registration of transfer or exchange of the
certificated New Notes, although we may require payment of a sum sufficient to
cover any tax or governmental charge imposed in connection therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as DTC or any successor depositary for a Global Note, or any
nominee, is the registered owner of such Global Note, DTC or such successor
depositary or nominee, as the case may be, will be considered the sole owner or
holder of the New Notes represented by such Global Note for all purposes under
the indenture and the New Notes. Except as set forth above, owners of
beneficial interests in a Global Note will not be entitled to have the New
Notes represented by such Global Note registered in their names, will not
receive or be entitled to receive physical delivery of certificated New Notes
in definitive form and will not be considered to be the owners or holders of
any New Notes under such Global Note. Accordingly, each person owning a
beneficial interest in a Global Note must rely on the procedures of DTC or any
successor depositary, and, if such person is not a participant, on the
procedures of the participant through which such person owns its interest, to
exercise any rights of a holder under


<P align="center" style="font-size: 10pt">34
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">the indenture. We understand that under existing industry practices, in
the event that we request any action of holders or that an owner of a
beneficial interest in a Global Note desires to give or take any action which a
holder is entitled to give or take under the indenture, DTC or any successor
depositary would authorize the participants holding the relevant beneficial
interest to give or take such action and such participants would authorize
beneficial owners owning through such participants to give or take such action
or would otherwise act upon the instructions of beneficial owners owning
through them.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC has advised us that it will take any action permitted to be taken by a
holder of Notes (including the presentation of Notes for exchange as described
below) only at the direction of one or more participants to whose account the
DTC interests in the Global Notes are credited and only in respect of such
portion of the aggregate principal amount of Notes as to which such participant
or participants has or have given such direction. However, if there is an
Event of Default under the indenture, DTC will exchange the Global Notes for
Certificated Securities, which it will distribute to its participants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DTC has advised us as follows: DTC is a limited purpose trust company
organized under the laws of the State of New York, a member of the Federal
Reserve System, a &#147;clearing corporation&#148; within the meaning of the Uniform
Commercial Code and a &#147;Clearing Agency&#148; registered pursuant to the provisions
of Section&nbsp;17A of the Exchange Act. DTC was created to hold securities for its
participants and facilitate the clearance and settlement of securities
transactions between participants through electronic book-entry changes in
accounts of its participants, thereby eliminating the need for physical
movement of certificates. Participants include securities brokers and dealers,
banks, trust companies and clearing corporations and certain other
organizations. Indirect access to the DTC system is available to others such
as banks, brokers, dealers and trust companies that clear through or maintain a
custodial relationship with a participant, either directly or indirectly
(&#147;indirect participants&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although DTC has agreed to the foregoing procedures in order to facilitate
transfers of interests in the Global Notes among participants of DTC, it is
under no obligation to perform such procedures, and such procedures may be
discontinued at any time. Neither the Issuer nor the Trustee nor the initial
purchasers will have any responsibility for the performance by DTC or its
participants or indirect participants of their respective obligations under the
rules and procedures governing their operations.


<P align="center" style="font-size: 10pt">35
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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS" -->
<DIV align="left"><A NAME="018"></A></DIV>
<P align="center" style="font-size: 10pt"><B>SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS</B>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives New Notes for its own account pursuant to
the exchange offer must acknowledge that it will deliver a prospectus in
connection with any resale of such New Notes. This prospectus, as it may be
amended or supplemented from time to time, may be used by a broker-dealer in
connection with sales of New Notes received in exchange for Initial Notes which
were acquired as a result of market-making activities or other trading
activities. We have agreed that, starting on the expiration date and ending on
the close of business on the first anniversary of the expiration date, we will
make this prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale. In addition, until
<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>, 2004, all dealers effecting transactions in the New Notes may
be required to deliver a prospectus.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will not receive any proceeds from any sale of New Notes by
broker-dealers. New Notes received by broker-dealers for their own account
pursuant to the exchange offer may be sold from time to time in transactions in
the over-the-counter market, in negotiated transactions, through the writing of
options on the New Notes or a combination of those methods of resale, at prices
which may or may not be based upon market prices prevailing at the time of the
sale. Any such sale may be made directly to purchasers or to or through
brokers or dealers who may receive compensation in the form of commissions or
concessions from the selling broker-dealer and/or the purchasers of the New
Notes. Any broker-dealer that sells New Notes that were received by it for its
own account pursuant to the exchange offer and any broker or dealer that
participates in a distribution of such New Notes may be deemed to be an
&#147;underwriter&#148; within the meaning of the Securities Act and any profit from sale
of the New Notes and any commissions or concessions received by any such
persons may be deemed to be underwriting compensation. The consent and letter
of transmittal states that a broker-dealer will not, by delivering a
prospectus, be deemed to admit that it is an &#147;underwriter&#148; within the meaning
of the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a period of one year after the expiration date, we will promptly send
additional copies of this prospectus and any amendment or supplement to this
prospectus to any broker-dealer that requests such documents in the consent and
letter of transmittal. We have agreed to pay all expenses incident to the
exchange offer (including the expenses of one counsel for the holders of the
Initial Notes, other than commissions or concessions of any brokers or dealers,
and we will indemnify the holders of the Initial Notes (including any
broker-dealers) against certain liabilities, including liabilities under the
Securities Act.

<!-- link1 "LEGAL MATTERS" -->
<DIV align="left"><A NAME="019"></A></DIV>
<P align="center" style="font-size: 10pt"><B>LEGAL MATTERS</B>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Clifford Chance US LLP, New York, New York, is passing on the validity of
the New Notes for us.

<!-- link1 "EXPERTS" -->
<DIV align="left"><A NAME="020"></A></DIV>
<P align="center" style="font-size: 10pt"><B>EXPERTS</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>
<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 and subsidiaries for the fiscal year ended
November&nbsp;30, 2003, incorporated in this prospectus by reference
from Lennar Corporation&#146;s Current Report on Form&nbsp;8-K dated
August&nbsp;24, 2004, and from Lennar Corporation&#146;s Annual
Report on Form&nbsp;10-K for the fiscal year ended November&nbsp;30,
2003, respectively, have been audited by Deloitte&nbsp;&#038; Touche
LLP, an independent registered public accounting firm, as stated in
their reports therein, which are incorporated herein by
reference, and have been so included in reliance upon the reports of such
firm given upon their authority as experts in accounting and auditing.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->
<DIV align="left"><A NAME="021"></A></DIV>

<P align="center" style="font-size: 10pt"><B>WHERE YOU CAN FIND MORE INFORMATION</B>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have filed with the Securities and Exchange Commission a registration
statement on Form S-4 under the Securities Act with respect to the securities
offered by this prospectus. This prospectus, which constitutes a part of the
registration statement, does not contain all the information set forth in the
registration statement and the exhibits and schedules to it. We are subject to
the informational requirements of the Securities Exchange Act of 1934, as
amended, and in accordance with it we file periodic reports and other
information with the SEC relating to our business, financial statements and
other matters. The registration statement, its schedules and exhibits and the
periodic reports and other information filed by us with the SEC are available
for inspection and copying at the public reference facilities maintained by the
SEC at Room&nbsp;1024, Judiciary Plaza, 450 Fifth Street, N.W., Washington, D.C.
20549. You can request copies of these documents by writing to the SEC and
paying a fee for the copying cost. Please call the SEC at 1-800-SEC-0330 for
more information about the operation of the public reference rooms.


<P align="center" style="font-size: 10pt">36
</DIV>

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

<P align="left" style="font-size: 10pt">Our SEC filings are also available at the SEC&#146;s Internet website at
<I>http://www.sec.gov</I>. In addition, you can read and copy our SEC filings at the
offices of the New York Stock Exchange, 20 Broad Street, New York, New York
10005.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our obligations under the Exchange Act to file periodic reports and other
information with the SEC may be suspended, under certain circumstances, if our
Common Stock is held of record by fewer than 300 holders at the beginning of
any fiscal year and is not listed on a national securities exchange. We have
agreed that, whether or not we are required to do so by the rules and
regulations of the SEC, for so long as any of the New Notes remain outstanding
we will furnish to the holders of the New Notes upon request, and if required
by the Exchange Act, file with the SEC, all annual, quarterly and current
reports that we are or would be required to file with the SEC pursuant to
Section 13(a) or 15(d) of the Exchange Act. In addition, we have agreed that,
as long as any of the Initial Notes remain outstanding, we will make the
information required by Rule&nbsp;144A(d)(4) under the Securities Act available to
any prospective purchaser of Initial Notes or beneficial owner of Initial Notes
in connection with a sale of them.

<!-- link1 "INCORPORATION BY REFERENCE" -->
<DIV align="left"><A NAME="022"></A></DIV>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We disclose important information to you by referring you to documents
that we have previously filed with the SEC or documents that we will file with
the SEC in the future. The information incorporated by reference is considered
to be part of this prospectus, and information in documents that we file later
with the SEC will automatically update and supersede information in this
prospectus, and any future filings made by us with the SEC under Section&nbsp;13(a),
13(c), 14 or 15(d) of the Exchange Act, until we close this exchange offering.


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


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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Annual Report on Form 10-K for the fiscal year ended November&nbsp;30,
2003;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Quarterly Report on Form 10-Q for the quarter ended
February&nbsp;29,
2004; and</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Quarterly Report on Form 10-Q for the quarter ended May 31, 2004;</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>


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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Current Reports on Form 8-K dated March&nbsp;16, 2004, April
22, 2004, May&nbsp;26, 2004, June&nbsp;15, 2004 and August&nbsp;24, 2004.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You may request copies of these filings, at no cost, by writing us at the
following address:


<P align="center" style="font-size: 10pt">Lennar Corporation<BR>
700 Northwest 107<SUP>th</SUP> Avenue<BR>
Miami, Florida 33172<BR>
Attn: Director of Investor Relations



<P align="center" style="font-size: 10pt">37
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<DIV style="font-family: 'Times New Roman',Times,serif">




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No dealer, salesperson, or other person has been authorized to give any
information or to make any representations in connection with the offer made by
this prospectus other than those contained herein and, if given or made, such
information or representations must not be relied upon as having been
authorized by Lennar. This prospectus does not constitute an offer to sell or
the solicitation of an offer to buy any security other than those to which it
relates, nor does it constitute an offer to sell, or the solicitation of an
offer to buy, to any person in any jurisdiction in which such offer or
solicitation is not authorized, or in which the person making such offer or
solicitation is not qualified to do so, or to any person to whom it is unlawful
to make such offer or solicitation. Neither the delivery of this prospectus
nor any sale made hereunder shall, under any circumstances, create any
implication that there has been no change in the affairs of the company since
the date of this prospectus or that the information contained in this
prospectus is correct as of any time subsequent to the date of this prospectus.</B>


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

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

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



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

<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>


<TD align="center" colspan="3"><B>Page</B><HR noshade size="1"></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">FORWARD LOOKING INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">PROSPECTUS SUMMARY</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">BECAUSE THE NOTES ARE STRUCTURALLY SUBORDINATED TO THE OBLIGATIONS OF OUR
SUBSIDIARIES THAT ARE NOT GUARANTORS, YOU MAY NOT BE FULLY REPAID IF WE
BECOME INSOLVENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">THERE IS NO PUBLIC MARKET FOR THE NOTES, SO YOU MAY BE UNABLE TO SELL
THE NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">OUR SENIOR SECURED CREDIT FACILITIES MAY PROHIBIT US FROM REDEEMING THE
NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">FRAUDULENT CONVEYANCE CONSIDERATIONS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">THE
GUARANTEES OF THE NOTES MAY TERMINATE</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">WE WOULD BE
AFFECTED BY AN INCREASE IN INTEREST RATES</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">THE SALE OF THE INITIAL NOTES MAY HAVE VIOLATED THE SECURITIES ACT OF
1933</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">USE OF PROCEEDS</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:10px; text-indent:-10px">ABSENCE OF PUBLIC MARKET</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:10px; text-indent:-10px">SELECTED CONSOLIDATED CONDENSED FINANCIAL DATA</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:10px; text-indent:-10px">CAPITALIZATION</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:10px; text-indent:-10px">RATIO OF EARNINGS TO FIXED CHARGES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">THE EXCHANGE OFFER</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DESCRIPTION OF THE NEW NOTES</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:10px; text-indent:-10px">BOOK ENTRY, DELIVERY AND FORM</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">LEGAL MATTERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">EXPERTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">WHERE YOU CAN FIND MORE INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">INCORPORATION BY REFERENCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>

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


<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt"><B>$300,000,000<BR>
Lennar Corporation</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>Offer to exchange fully guaranteed Senior Floating-Rate Notes due 2009, Series&nbsp;B<BR>
for any and all outstanding partially guaranteed Senior Floating-Rate
Notes due 2009</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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



<P align="center" style="font-size: 10pt">Dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2004



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

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

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



<!-- link1 "PART II" -->
<DIV align="left"><A NAME="023"></A></DIV>

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


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


<!-- link2 "Item&nbsp;20. Indemnification Of Directors And Officers" -->
<DIV align="left"><A NAME="024"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;20. Indemnification Of Directors And Officers.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;145 of the Delaware General Corporation Law (&#147;DGCL&#148;) empowers us
to indemnify, subject to certain limitations, any person in connection with any
action, suit or proceeding brought before or threatened by reason of the fact
that the person was a director, officer, employee or agent of ours, or is or
was serving as such with respect to another entity at our request. The DGCL
also permits us to purchase insurance covering our directors, officers,
employees and agents, even if its coverage includes matters for which we could
not indemnify our directors or officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bylaws provide for the indemnification by us of each of our directors
and officers to the fullest extent permitted by applicable law.

<!-- link2 "Item&nbsp;21. Exhibits And Financial Statement Schedules" -->
<DIV align="left"><A NAME="025"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;21. Exhibits And Financial Statement Schedules.</B>



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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Arizona</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in California</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Colorado</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.4</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Certificate of Incorporation used (with variations) by registrants that are incorporated in Delaware</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Florida</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Illinois</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Maryland</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.8</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Minnesota</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.9</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Nevada</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.10</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in New Jersey</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.11</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Certificate of Incorporation used (with variations) by registrants that are incorporated in New York</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.12</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in North Carolina</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.13</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Texas</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.14</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Virginia</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Washington</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.16</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Articles of Incorporation used (with variations) by registrants that are incorporated in West Virginia</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.17</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Limited Liability Company Agreement used (with
variations) for a Limited Liability Company with a Board of Managers</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">1.18</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Limited Liability Company Agreement used (with
variations) for a Limited Liability Company with a Managing Member</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">2.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of By-Laws used (with variations) by registrants that
are incorporated in Arizona, California, Colorado, Delaware, Florida,
Illinois, Maryland, Minnesota, Nevada, New Jersey, New York, North
Carolina, Texas, Virginia, Washington, and West Virginia.</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></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">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Indenture, dated as of December&nbsp;31, 1997 between the Company and J.P.
Morgan Trust Company, N.A. (as successor to First National Bank of
Chicago, N.A.), as trustee, as supplemented by the Seventh Supplemental
Indenture dated March&nbsp;19, 2004, including Form of Senior Floating-Rate
Note due 2009.*</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Amendment No.&nbsp;1 to the Seventh Supplemental Indenture dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004 between the Company and J.P. Morgan Trust Company, N.A.*</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Eighth Supplemental Indenture dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004 between the Company and
J.P. Morgan Trust Company, N.A.*</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Clifford Chance US LLP (Counsel)*</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">12.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement of Computation of Ratio of Earnings to Fixed Charges</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">21.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>List of subsidiaries (Incorporated by reference to the Annual Report on
Form 10-K for the year ended November&nbsp;30, 2003)</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Clifford Chance US LLP (counsel)(included in
Exhibit 5.1)</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP (independent registered
public accounting firm)</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">24.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney*</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">25.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement of eligibility of Trustee (incorporated herein by
reference to Exhibit 25.1 to Form&nbsp;S-4 dated July&nbsp;17, 2001).</TD>
</TR>

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

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">99.5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Letter of Transmittal</TD>
</TR>
<TR><TD><FONT size="1">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">99.6</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Notice of Guaranteed Delivery</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">99.7</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Exchange Agent Agreement</TD>
</TR>

</TABLE>
<P>&nbsp;
<HR align="left" width="20%" size="1" noshade>

<DIV align="left" style="font-size: 10pt">* Previously filed</DIV>

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

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

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


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



</TABLE>

<!-- link2 "Item&nbsp;22. Undertaking" -->
<DIV align="left"><A NAME="026"></A></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>Item&nbsp;22. Undertakings.</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrants hereby undertake to respond to requests
for information that is incorporated by reference into the prospectus pursuant
to Items 4, 10(b), 11, or 13 of this Form, within one business day of receipt
of such request, and to send the incorporated documents by first class mail or
other equally prompt means. This includes information contained in documents
filed subsequent to the effective date of the registration statement through
the date of responding to the request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The undersigned registrants hereby undertake to supply by means of a
post-effective amendment all information concerning a transaction, and the
company being acquired involved therein, that was not the subject of and
included in the registration statement when it became effective.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The undersigned registrants hereby undertake:


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or
sales are being made, a post-effective amendment to this
registration statement;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement.</TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;That,
for the purpose of determining any liability under the Securities Act
of 1933, each such post-effective amendment 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 bona fide offering thereof.

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&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;(g)&nbsp;The
undersigned registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each
filing of the registrant&#146;s annual report pursuant to
Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934
(and, where applicable, each filing of an employee benefit plan&#146;s
annual report pursuant to Section&nbsp;15(d) of the Securities
Exchange Act of 1934) that is incorporated by reference in the
registration statement 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 bona fide offering thereof.

<DIV align="left"><FONT size="1">

</FONT></DIV>


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

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


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



</TABLE>

<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="027"></A></DIV>

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



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-4 and has duly caused this registration
statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the city of Miami, state of Florida, on
August&nbsp;25, 2004.
<DIV align="left"><FONT size="1">

</FONT></DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">LENNAR CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" valign="top">/s/&nbsp;&nbsp;Stuart A. Miller</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Stuart A. Miller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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


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



<P align="left" style="font-size: 10pt">Acme Water Supply &#038; Management Company<BR>
Aquaterra Utilities, Inc.<BR>
Asbury Woods L.L.C.<BR>
Avalon-Sienna III, L.L.C.<BR>
B. Andrews &#038; Co., Inc.<BR>
Barnsboro Associates, LLC<BR>
Bayhome USH, Inc.<BR>
Bella Oaks L.L.C.<BR>
Bennetts Village LLC<BR>
Bickford Holdings, LLC<BR>
Boca Greens, Inc.<BR>
Boca Isles South Club, Inc.<BR>
Boggy Creek USH, Inc.<BR>
Bramalea California, Inc.<BR>
Bramalea California Properties, Inc.<BR>
Bramalea California Realty, Inc.<BR>
Brazoria County LP, Inc.<BR>
Brewer Baseline Investors, LLC<BR>
Builders Acquisition Corp.<BR>
Builders LP, Inc.<BR>
Cambria L.L.C.<BR>
Cantera Village L.L.C.<BR>
Cary Woods L.L.C.<BR>
Claremont Ridge L.L.C.<BR>
Claridge Estates L.L.C.<BR>
Clodine-Bellaire LP, Inc.<BR>
Club Pembroke Isles, Inc.<BR>
Club Tampa Palms, Inc.<BR>
Colonial Heritage LLC<BR>
Concord at Meadowbrook L.L.C.<BR>
Concord at Pheasant Run Trails L.L.C.<BR>
Concord at Ravenna L.L.C.<BR>
Concord at Zurich Village L.L.C.<BR>
Concord City Centre L.L.C.<BR>
Concord Hills, Inc.


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

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

<P align="left" style="font-size: 10pt">Concord Hills Limited Partnership<BR>
Concord Homes, Inc.<BR>
Concord Lake, Inc.<BR>
Concord Lake Limited Partnership<BR>
Concord Mills Estates L.L.C.<BR>
Concord Mills Limited Partnership<BR>
Concord Oaks, Inc.<BR>
Concord Oaks Limited Partnership<BR>
Concord Park, Inc.<BR>
Concord Park Limited Partnership<BR>
Concord Pointe, Inc.<BR>
Concord Pointe Limited Partnership<BR>
Coto de Caza, Ltd.<BR>
Country Club Development at the Fort, LLC<BR>
Coventry L.L.C.<BR>
DCA Homes NJ Realty, Inc.<BR>
DCA of Lake Worth, Inc.<BR>
DCA of New Jersey, Inc.<BR>
E.M.J.V. Corp.<BR>
Enclave Land, L.L.C.<BR>
ERMLOE, LLC<BR>
F.P. Construction Corp.<BR>
Fidelity Guaranty and Acceptance Corporation<BR>
Fortress Holding &#150; Virginia, LLC<BR>
Fortress Illinois, LLC<BR>
Fortress Management, Inc.<BR>
Fortress Missouri, LLC<BR>
Fortress Mortgage, Inc.<BR>
Fortress Pennsylvania, LLC<BR>
Fortress Pennsylvania Realty, Inc.<BR>
Fortress-Florida, Inc.<BR>
Fox-Maple Associates, LLC<BR>
Foxwood L.L.C.<BR>
Gateway Commons, L.L.C.<BR>
Genesee Communities I, Inc.<BR>
Genesee Communities II, LLC<BR>
Genesee Communities III, Inc.<BR>
Genesee Communities IV, LLC<BR>
Genesee Communities V, LLC<BR>
Genesee Communities VI, LLC<BR>
Genesee Communities VII, LLC<BR>
Genesee Communities VIII, LLC<BR>
Genesee Communities IX, LLC<BR>
Genesee Venture, LLC<BR>
Glenview Reserve, LLC<BR>
Grand Isle Club, Inc.<BR>
Greenfield/Waterbury L.L.C.<BR>
Greystone Construction, Inc.<BR>
Greystone Homes, Inc.<BR>
Greystone Homes of Nevada, Inc.<BR>
Greystone Nevada, LLC<BR>
Hallston Burbank LLC<BR>
Harris County LP, Inc.


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

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

<P align="left" style="font-size: 10pt">Haverton L.L.C.<BR>
Heathcote Commons LLC<BR>
Heritage Harbour Realty, Inc.<BR>
Heritage Housing Group, Inc.<BR>
Heritage USH, Inc.<BR>
Home Buyer&#146;s Advantage Realty, Inc.<BR>
Homecraft Corporation<BR>
Imperial Homes Corporation<BR>
Impressions L.L.C.<BR>
Inactive Corporations, Inc.<BR>
Kings Lake TH, LLC<BR>
Kings Ridge Golf Corporation<BR>
Kings Ridge Recreation Corporation<BR>
Kings Wood Development Corporation<BR>
Landmark Homes, Inc.<BR>
Laureate Homes of Arizona, Inc.<BR>
Legacy Homes, Inc.<BR>
Legends Club, Inc.<BR>
Legends Golf Club, Inc.<BR>
LENH I, LLC<BR>
Lennar Acquisition Corp. II<BR>
Lennar Americanos Douglas, LLC<BR>
Lennar Associates Management, LLC<BR>
Lennar Associates Management Holding Company<BR>
Lennar Aviation, Inc.<BR>
Lennar Carolina, Inc.<BR>
Lennar Central Park, LLC<BR>
Lennar Central Region Sweep, Inc.<BR>
Lennar Chicago, Inc.<BR>
Lennar Communities, Inc.<BR>
Lennar Communities Development, Inc.<BR>
Lennar Communities of Florida, Inc.<BR>
Lennar Communities of South Florida, Inc.<BR>
Lennar Construction, Inc.<BR>
Lennar Coto Holdings, L.L.C.<BR>
Lennar Developers, Inc.<BR>
Lennar Developers, Inc. II<BR>
Lennar Developers, Inc. III<BR>
Lennar Family of Builders GP, Inc.<BR>
Lennar Family of Builders Limited Partnership<BR>
Lennar Financial Services, LLC<BR>
Lennar Fresno, Inc.<BR>
Lennar Homes, Inc.<BR>
Lennar Homes Holding Corp.<BR>
Lennar Homes of Arizona, Inc.<BR>
Lennar Homes of California, Inc.<BR>
Lennar Homes of Texas Land and Construction, Ltd.<BR>
Lennar Homes of Texas Sales and Marketing, Ltd.<BR>
Lennar Houston Land, LLC<BR>
Lennar La Paz, Inc.<BR>
Lennar La Paz Limited, Inc.<BR>
Lennar Land Partners Sub, Inc.


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

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

<P align="left" style="font-size: 10pt">Lennar Land Partners Sub II, Inc.<BR>
Lennar Military Housing, Inc.<BR>
Lennar Nevada, Inc.<BR>
Lennar Northland I, Inc.<BR>
Lennar Northland II, Inc.<BR>
Lennar Northland III, Inc.<BR>
Lennar Northland IV, Inc.<BR>
Lennar Northland V, Inc.<BR>
Lennar Northland VI, Inc.<BR>
Lennar Northpointe North, LLC<BR>
Lennar Pacific, Inc.<BR>
Lennar Pacific, L.P.<BR>
Lennar Pacific Properties, Inc.<BR>
Lennar Pacific Properties Management, Inc.<BR>
Lennar Realty, Inc.<BR>
Lennar Renaissance, Inc.<BR>
Lennar Reno, LLC<BR>
Lennar Sacramento, Inc.<BR>
Lennar Sales Corp.<BR>
Lennar San Jose Holdings, Inc.<BR>
Lennar Southland I, Inc.<BR>
Lennar Southland II, Inc.<BR>
Lennar Southland III, Inc.<BR>
Lennar Southwest Holding Corp.<BR>
Lennar Sun Ridge, LLC<BR>
Lennar Texas Holding Company<BR>
Lennar Trading Company, LP<BR>
Lennar.Com, Inc.<BR>
Lennar-Kings Lake, Inc.<BR>
Lennar-Lantana Boatyard, Inc.<BR>
Lennarstone Marketing Group, LLC<BR>
LFS Holding Company, LLC<BR>
LH Eastwind, LLC<BR>
LHI Renaissance, LLC<BR>
LN, L.L.C.<BR>
Long Point Development Corporation<BR>
Lorton Station, LLC<BR>
Lucerne Merged Condominiums, Inc.<BR>
Lundgren Bros. Construction, Inc.<BR>
M.A.P. Builders, Inc.<BR>
Madrona Village L.L.C.<BR>
Marble Mountain Partners, LLC<BR>
Marlborough Development Corporation<BR>
Mid-County Utilities, Inc.<BR>
Midland Housing Industries Corp.<BR>
Midland Investment Corporation<BR>
Mission Viejo 12S Venture, LP<BR>
Mission Viejo Holdings, Inc.<BR>
Moffett Meadows Partners, LLC<BR>
New Home Brokerage, Inc.<BR>
North County Land Company, LLC<BR>
Northbridge L.L.C.<BR>
Northern Land Company, LLC


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

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

<P align="left" style="font-size: 10pt">Northgate Highlands Development II, LLC<BR>
NuHome Designs, L.L.C.<BR>
Oceanpointe Development Corporation<BR>
Orrin Thompson Construction Company<BR>
Orrin Thompson Homes Corp.<BR>
Paparone Construction Co.<BR>
Parc Chestnut L.L.C.<BR>
Parkside Estates L.L.C.<BR>
Patriot Homes, Inc.<BR>
Patriot Homes of Virginia, Inc.<BR>
Placer Vineyards, LLC<BR>
Polygon La Paz Associates<BR>
Providence Glen L.L.C.<BR>
Rancho Summit, LLC<BR>
Rivenhome Corporation<BR>
Riviera Land Corp.<BR>
RRKTG Lumber, LLC<BR>
Rutenberg Homes, Inc. (FL)<BR>
Rutenberg Homes of Texas, Inc.<BR>
S. Florida Construction, LLC<BR>
S. Florida Construction II, LLC<BR>
S. Florida Construction III, LLC<BR>
Savell Gulley Development Corporation<BR>
SEA Joint Venture, LLC<BR>
SFHR Management, L.L.C.<BR>
Silver Lakes-Gateway Clubhouse, Inc.<BR>
Sonoma L.L.C.<BR>
South Park Development, LLC<BR>
Spanish Springs Development, LLC<BR>
Stoney Corporation<BR>
Stoneybrook Golf Club, Inc.<BR>
Strategic Cable Technologies, L.P.<BR>
Strategic Holdings, Inc.<BR>
Strategic Technologies, Inc.<BR>
Strategic Technologies Communications of California, Inc.<BR>
Summerway Investment Corp.<BR>
Summerwood, L.L.C.<BR>
Summit Acquisition Corp.<BR>
Summit Enclave, L.L.C.<BR>
Summit Glen, L.L.C.<BR>
Summit Land, L.L.C.<BR>
Summit Ridge 23, L.L.C.<BR>
Summit Townes, L.L.C.<BR>
Summit-Meadowbrook, L.L.C.<BR>
Summit-Reserve, L.L.C.<BR>
Sunstar Enterprises, LLC<BR>
The Club at Stoneybrook, Inc.<BR>
The Courts of Indian Creek L.L.C.<BR>
The Fortress Group, Inc.<BR>
The Grande By Lennar Builders, Inc.<BR>
The Sexton L.L.C.<BR>
Tustin Villas Partners, LLC<BR>
Tustin Vistas Partners, LLC


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

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

<P align="left" style="font-size: 10pt">U.S. Home Associates Management, Inc.<BR>
U.S. Home Corporation<BR>
U.S. Home of Arizona Construction Co.<BR>
U.S. Home of West Virginia, Inc.<BR>
U.S. Home Realty, Inc. (TX)<BR>
U.S. Home Realty Corporation<BR>
U.S. Home Southwest Holding Corp.<BR>
U.S.H. Corporation of New York<BR>
U.S.H. Los Prados, Inc.<BR>
U.S.H. Realty, Inc.<BR>
University Community Partners, LLC<BR>
USH Acquisition Corp.<BR>
USH Bickford, LLC<BR>
USH Equity Corporation<BR>
USH Heritage Pom, L.L.C.<BR>
USH Millennium Ventures Corp.<BR>
USH (West Lake), Inc.<BR>
USH Woodbridge, Inc.<BR>
USHHH, Inc.<BR>
Villages of Rio Pinar Club, Inc.<BR>
West Adams Street L.L.C.<BR>
West Chocolate Bayou Development Corp.<BR>
Westbrook Homes, LLC<BR>
Westchase, Inc.<BR>
Westchase, Ltd.<BR>
Weststone Corporation


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">as Guarantors<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2">/s/&nbsp;&nbsp;Benjamin P. Butterfield</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Benjamin P. Butterfield&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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<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>
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="028"></A></DIV>

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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS,
that each person whose signature appears
below constitutes and appoints each of Stuart&nbsp;A. Miller, Bruce&nbsp;E. Gross,
Benjamin&nbsp;P. Butterfield and Diane&nbsp;J. Bessette his or her true and lawful
attorney-in-fact and agent, with full powers of substitution to sign for him or
her and in his or her name any or all amendments (including post-effective
amendments) to the registration statement to which this power of attorney is
attached and to file those amendments and all exhibits to them and other
documents to be filed in connection with them with the Securities and Exchange
Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirement of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.


<P align="left" style="font-size: 10pt"><B>On Behalf of Lennar Corporation:</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title(s)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>DATE</B><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer,
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>


<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Director</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Stuart A. Miller
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

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


<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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


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

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Herv&#233; Ripault</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice-Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">
<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
By:
/s/ Benjamin P. Butterfield
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">August 25, 2004</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Benjamin P. Butterfield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">Attorney-in-Fact</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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

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

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


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



<P align="left" style="font-size: 10pt">Acme Water Supply &#038; Management Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Aquaterra Utilities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
B. Andrews &#038; Co., Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bayhome USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boca Greens, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boca Isles South Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boggy Creek USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California Properties, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Brazoria County LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Builders Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Builders LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Clodine-Bellaire LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Club Pembroke Isles, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Club Tampa Palms, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Hills, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Lake, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Oaks, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Park, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Pointe, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA Homes NJ Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA of Lake Worth, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA of New Jersey, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
E.M.J.V. Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
F.P. Construction Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fidelity Guaranty and Acceptance Corporation (3)(11)(12)(10.1)(6.2)(2.3)<BR>
Fortress Management, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress Mortgage, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress Pennsylvania Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress-Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Genesee Communities I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Genesee Communities III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Grand Isle Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Greystone Construction, Inc. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Greystone Homes, Inc. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Greystone Homes of Nevada, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Harris County LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage Harbour Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage Housing Group, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Home Buyer&#146;s Advantage Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Homecraft Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Imperial Homes Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Inactive Corporations, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Ridge Golf Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Ridge Recreation Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Wood Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Landmark Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)


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

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

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

<P align="left" style="font-size: 10pt">Laureate Homes of Arizona, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legacy Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legends Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Legends Golf Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Acquisition Corp. II (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Associates Management Holding Company (7)(4.1)(1.2)(1.3)<BR>
Lennar Aviation, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Carolina, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Central Region Sweep, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Chicago, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities Development, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities of Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Communities of South Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Construction, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. II (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Developers, Inc. III (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Family of Builders GP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Fresno, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes of Arizona, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Homes of California, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar La Paz, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar La Paz Limited, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Land Partners Sub, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Land Partners Sub II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Military Housing, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Nevada, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland IV, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland V, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Northland VI, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Pacific, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Pacific Properties, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Pacific Properties Management, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Lennar Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Renaissance, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Sacramento, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Sales Corp. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Lennar San Jose Holdings, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southland I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southland II, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southland III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Southwest Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar Texas Holding Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar.Com, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar-Kings Lake, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lennar-Lantana Boatyard, Inc. (3)(11)(12)(13.1)(6.2)(2.3)


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

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

<P align="left" style="font-size: 10pt">Long Point Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lucerne Merged Condominiums, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Lundgren Bros. Construction, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
M.A.P. Builders, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Marlborough Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Mid-County Utilities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Midland Housing Industries Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Midland Investment Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Mission Viejo Holdings, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
New Home Brokerage, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Oceanpointe Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Orrin Thompson Construction Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Orrin Thompson Homes Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Paparone Construction Co. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Patriot Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Patriot Homes of Virginia, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rivenhome Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Riviera Land Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rutenberg Homes, Inc. (FL) (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Rutenberg Homes of Texas, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Savell Gulley Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Silver Lakes-Gateway Clubhouse, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Stoney Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Stoneybrook Golf Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Strategic Holdings, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Strategic Technologies, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Strategic Technologies Communications of California,<BR>
Inc.(3)(11)(12)(13.1)(6.2)(2.3)<BR>
Summerway Investment Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Summit Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Club at Stoneybrook, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Fortress Group, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
The Grande By Lennar Builders, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Associates Management, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Corporation (3)(11)(12)(16.1)(6.2)(2.3)<BR>
U.S. Home of Arizona Construction Co. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home of West Virginia, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Realty Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S. Home Southwest Holding Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Corporation of New York (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Los Prados, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
U.S.H. Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Equity Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Millennium Ventures Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH (West Lake), Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USH Woodbridge, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
USHHH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Villages of Rio Pinar Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
West Chocolate Bayou Development Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Westchase, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Weststone Corporation (3)(11)(12)(13.1)(6.2)(2.3)


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

<P align="left" style="font-size: 10pt">Asbury Woods L.L.C.<SUP>1</SUP><BR>
Avalon-Sienna III, L.L.C.<SUP>1</SUP><BR>
Barnsboro Associates, LLC<SUP>2</SUP><BR>
Bella Oaks L.L.C. <SUP>1</SUP><BR>
Bennetts Village LLC<SUP>1</SUP><BR>
Bickford Holdings, LLC<SUP>3</SUP><BR>
Brewer Baseline Investors, LLC<SUP>2</SUP><BR>
Cambria L.L.C. <SUP>1</SUP><BR>
Cantera Village L.L.C. <SUP>1</SUP><BR>
Cary Woods L.L.C. <SUP>1</SUP><BR>
Claremont Ridge L.L.C. <SUP>1</SUP><BR>
Claridge Estates L.L.C. <SUP>1</SUP><BR>
Colonial Heritage LLC<SUP>2</SUP><BR>
Concord at Meadowbrook L.L.C. <SUP>1</SUP><BR>
Concord at Pheasant Run Trails L.L.C. <SUP>1</SUP><BR>
Concord at Ravenna L.L.C. <SUP>1</SUP><BR>
Concord at Zurich Village L.L.C. <SUP>1</SUP><BR>
Concord City Centre L.L.C. <SUP>1</SUP><BR>
Concord Hills Limited Partnership<SUP>4</SUP><BR>
Concord Lake Limited Partnership<SUP>5</SUP><BR>
Concord Mills Estates L.L.C. <SUP>1</SUP><BR>
Concord Mills Limited Partnership<SUP>6</SUP><BR>
Concord Oaks Limited Partnership<SUP>7</SUP><BR>
Concord Park Limited Partnership<SUP>8</SUP><BR>
Concord Pointe Limited Partnership<SUP>9</SUP><BR>
Coto de Caza, Ltd.<SUP>10</SUP><BR>
Country Club Development at the Fort, LLC<SUP>11</SUP><BR>
Coventry L.L.C. <SUP>1</SUP><BR>
Enclave Land, L.L.C.<SUP>12</SUP><BR>
ERMLOE, LLC<SUP>13</SUP><BR>
Fortress Holding &#151; Virginia, LLC<SUP>14</SUP><BR>
Fortress Illinois, LLC<SUP>15</SUP><BR>
Fortress Missouri, LLC<SUP>15</SUP><BR>
Fortress Pennsylvania, LLC<SUP>15</SUP><BR>
Fox-Maple Associates, LLC<SUP>2</SUP><BR>
Foxwood L.L.C. <SUP>1</SUP><BR>
Gateway Commons, L.L.C. <SUP>2</SUP><BR>
Genesee Communities II, LLC<SUP>16</SUP><BR>
Genesee Communities IV, LLC<SUP>17</SUP><BR>
Genesee Communities V, LLC<SUP>17</SUP><BR>
Genesee Communities VI, LLC<SUP>17</SUP><BR>
Genesee Communities VII, LLC<SUP>17</SUP><BR>
Genesee Communities VIII, LLC<SUP>17</SUP><BR>
Genesee Communities IX, LLC<SUP>17</SUP><BR>
Genesee Venture, LLC<SUP>17</SUP><BR>
Glenview Reserve, LLC<SUP>1</SUP><BR>
Greenfield/Waterbury L.L.C. <SUP>1</SUP><BR>
Greystone Nevada, LLC<SUP>18</SUP><BR>
Hallston Burbank LLC<SUP>21</SUP><BR>
Haverton L.L.C. <SUP>1</SUP><BR>
Heathcote Commons LLC<SUP>2</SUP><BR>
Impressions L.L.C. <SUP>1</SUP><BR>
Kings Lake TH, LLC<SUP>19</SUP>


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

<P align="left" style="font-size: 10pt">LENH I, LLC<SUP>13</SUP><BR>
Lennar Americanos Douglas, LLC<SUP>2</SUP><BR>
Lennar Associates Management, LLC<SUP>20</SUP><BR>
Lennar Central Park, LLC<SUP>21</SUP><BR>
Lennar Coto Holdings, L.L.C.<SUP>21</SUP><BR>
Lennar Family of Builders Limited Partnership<SUP>22</SUP><BR>
Lennar Financial Services, LLC<SUP>23</SUP><BR>
Lennar Homes of Texas Land and Construction, Ltd.<SUP>24</SUP><BR>
Lennar Homes of Texas Sales and Marketing, Ltd.<SUP>25</SUP><BR>
Lennar Houston Land, LLC<SUP>26</SUP><BR>
Lennar Northpointe North, LLC<SUP>2</SUP><BR>
Lennar Pacific, L.P.<SUP>27</SUP><BR>
Lennar Reno, LLC<SUP>28</SUP><BR>
Lennar Sun Ridge, LLC<SUP>2</SUP><BR>
Lennar Trading Company, LP<SUP>29</SUP><BR>
Lennarstone Marketing Group, LLC<SUP>30</SUP><BR>
LFS Holding Company, LLC<SUP>2</SUP><BR>
LH Eastwind, LLC<SUP>13</SUP><BR>
LHI Renaissance, LLC<SUP>13</SUP><BR>
LN, L.L.C.<SUP>13</SUP><BR>
Lorton Station, LLC<SUP>2</SUP><BR>
Madrona Village L.L.C.<SUP>1</SUP><BR>
Marble Mountain Partners, LLC<SUP>25</SUP><BR>
Mission Viejo 12S Venture, LP<SUP>31</SUP><BR>
Moffett Meadows Partners, LLC<SUP>21</SUP><BR>
North County Land Company, LLC<SUP>21</SUP><BR>
Northbridge L.L.C.<SUP>1</SUP><BR>
Northern Land Company, LLC<SUP>15</SUP><BR>
Northgate Highlands Development II, LLC<SUP>2</SUP><BR>
NuHome Designs, L.L.C.<SUP>14</SUP><BR>
Parc Chestnut L.L.C.<SUP>1</SUP><BR>
Parkside Estates L.L.C.<SUP>1</SUP><BR>
Placer Vineyards, LLC<SUP>32</SUP><BR>
Polygon La Paz Associates<SUP>33</SUP><BR>
Providence Glen L.L.C.<SUP>1</SUP><BR>
Rancho Summit, LLC<SUP>15</SUP><BR>
RRKTG Lumber, LLC<SUP>17</SUP><BR>
S. Florida Construction, LLC<SUP>13</SUP><BR>
S. Florida Construction II, LLC<SUP>13</SUP><BR>
S. Florida Construction III, LLC<SUP>13</SUP><BR>
SEA Joint Venture, LLC<SUP>2</SUP><BR>
SFHR Management, L.L.C.<SUP>12</SUP><BR>
Sonoma L.L.C.<SUP>1</SUP><BR>
South Park Development, LLC<SUP>21</SUP><BR>
Spanish Springs Development, LLC<SUP>2</SUP><BR>
Strategic Cable Technologies, L.P.<SUP>34</SUP><BR>
Summerwood, L.L.C.<SUP>2</SUP><BR>
Summit Enclave, L.L.C.<SUP>12</SUP><BR>
Summit Glen, L.L.C.<SUP>12</SUP><BR>
Summit Land, L.L.C.<SUP>12</SUP><BR>
Summit Ridge 23, L.L.C.<SUP>12</SUP><BR>
Summit Townes, L.L.C.<SUP>12</SUP><BR>
Summit-Meadowbrook, L.L.C.<SUP>12</SUP>


<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">Summit-Reserve, L.L.C.<SUP>12</SUP><BR>
Sunstar Enterprises, LLC<SUP>17</SUP><BR>
The Courts of Indian Creek L.L.C.<SUP>1</SUP><BR>
The Sexton L.L.C.<SUP>1</SUP><BR>
Tustin Villas Partners, LLC<SUP>21</SUP><BR>
Tustin Vistas Partners, LLC<SUP>35</SUP><BR>
University Community Partners, LLC<SUP>21</SUP><BR>
USH Bickford, LLC<SUP>2</SUP><BR>
USH Heritage Pom, L.L.C.<SUP>2</SUP><BR>
West Adams Street L.L.C.<SUP>1</SUP><BR>
Westbrook Homes, LLC<SUP>15</SUP><BR>
Westchase, Ltd.<SUP>36</SUP>


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

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

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

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


<TR valign="top">
    <TD width="1%" nowrap align="right">3</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of U.S.H. Bickford, LLC, as Managing Member, by U.S. Home Corporation, its Member</TD>
</TR>


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


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


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


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


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


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


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


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


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


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


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


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


<TR valign="top">
    <TD width="1%" nowrap align="right">16</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Fortress Holding-Virginia, LLC, its Managing Member, by The Fortress Group, Inc., its Managing Member</TD>
</TR>


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


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


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


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


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


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


<TR valign="top">
    <TD width="1%" nowrap align="right">23</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of LFS Holding Company, LLC by U.S. Home Corporation, its Managing Member</TD>
</TR>


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


<TR valign="top">
    <TD width="1%" nowrap align="right">25</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Tustin Villas Partners, LLC, its Member, by Lennar Homes of California, Inc., its Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">26</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Lennar Homes of Texas Land and Construction, Ltd. by Lennar Texas Holding Company, its General Partner</TD>
</TR>


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


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


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


<TR valign="top">
    <TD width="1%" nowrap align="right">30</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed by Greystone Homes, Inc. as Managing Member</TD>
</TR>


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


<TR valign="top">
    <TD width="1%" nowrap align="right">32</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Brewer Baseline Investors, LLC, its Member, by Lennar Renaissance, Inc., its Member</TD>
</TR>


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


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


<TR valign="top">
    <TD width="1%" nowrap align="right">35</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Executed on behalf of Marble Mountain Partners, LLC, its Member, by
Tustin Villas Partners, LLC, its Member, by Lennar Homes of California,
Inc., its Member</TD>
</TR>


<TR valign="top">
    <TD width="1%" nowrap align="right">36</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"> Executed by its General Partner, Westchase, Inc.</TD>
</TR>

</TABLE>


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

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

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



<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="27%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="5"><B>Title(s)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(1.2)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(1.3)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(2.3)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(3)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(4.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(5)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(6.2)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(7)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. Elizabeth Guerra-Pazos</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(8.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(9.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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


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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(10.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(11)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(12)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(13.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(14)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(15.3)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(16.1)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(17.2)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Financial Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;&nbsp;&nbsp;, 2004</TD>
</TR>

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


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

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*By:&nbsp;&nbsp;/s/&nbsp;&nbsp;&nbsp;Benjamin P. Butterfield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">August&nbsp;25, 2004</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><DIV style="margin-left:40px; text-indent:-0px">Benjamin P. Butterfield<br>
Attorney-in-Fact</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="029"></A></DIV>

<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="2"><B>Exhibit Number</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD valign="top" align="center">1.1</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Arizona</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.2</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in California</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.3</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Colorado</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.4</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of
Certificate of Incorporation used (with variations) by registrants that are incorporated in Delaware</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.5</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Florida</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.6</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Illinois</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.7</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Maryland</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.8</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Minnesota</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.9</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Nevada</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.10</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in New Jersey</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.11</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of
Certificate of Incorporation used (with variations) by registrants that are incorporated in New York</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.12</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in North Carolina</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.13</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Texas</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.14</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Virginia</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.15</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in Washington</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.16</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of Articles of Incorporation used (with variations) by registrants that are incorporated in West Virginia</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.17</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of
Limited Liability Company Agreement used (with variations) for a
Limited Liability Company with a Board of Managers</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">1.18</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of
Limited Liability Company Agreement used (with variations) for a
Limited Liability Company with a Managing Member</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR><TD><FONT size="1">

</FONT></TD></TR>
<TR valign="bottom">
    <TD valign="top" align="right">&nbsp;</TD>
    <TD valign="top" align="center">2.1</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:0px; text-indent:-0px">Form of By-Laws used (with variations) by registrants that are incorporated in Arizona, California, Colorado,
Delaware, Florida, Illinois, Maryland, Minnesota, Nevada, New Jersey,
New York, North Carolina, Texas, Virginia, Washington and West
Virginia.</DIV></TD>
</TR>
<TR><TD><FONT size="1">

</FONT></TD></TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>Indenture, dated as of December&nbsp;31, 1997 between the Company and J.P.
Morgan Trust Company, N.A. (as successor to First National Bank of
Chicago, N.A.), as trustee, as supplemented by the Seventh Supplemental
Indenture dated March&nbsp;19, 2004, including Form of Senior Floating-Rate
Note due 2009.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">4.2</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Amendment No.&nbsp;1 to the Seventh Supplemental Indenture dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004 between the Company and J.P. Morgan Trust Company, N.A.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">4.3</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Eighth Supplemental Indenture dated
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004 between the Company and
J.P. Morgan Trust Company, N.A.</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">5.1</TD>
    <TD>&nbsp;</TD>
    <TD>Opinion of Clifford Chance US LLP (counsel)*</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">12.1</TD>
    <TD>&nbsp;</TD>
    <TD>Statement of Computation of Ratio of Earnings to Fixed Charges</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">21.1</TD>
    <TD>&nbsp;</TD>
    <TD>List of subsidiaries (Incorporated by reference to the Annual Report on
Form 10-K for the year ended November&nbsp;30, 2003)</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">23.1</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Clifford Chance US LLP (counsel) (included in
Exhibit&nbsp;5.1)</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">23.2</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP (independent registered
public accounting firm)</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">24.1</TD>
    <TD>&nbsp;</TD>
    <TD>Power of Attorney*</TD>
</TR>


<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">25.1</TD>
    <TD>&nbsp;</TD>
    <TD>Statement of eligibility of Trustee (incorporated herein by
reference to Exhibit 25.1 to Form&nbsp;S-4 dated July&nbsp;17, 2001).</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">99.5</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Letter of Transmittal</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">99.6</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Notice of Guaranteed Delivery</TD>
</TR>

<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">99.7</TD>
    <TD>&nbsp;</TD>
    <TD>Form of Exchange Agent Agreement</TD>
</TR>


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="left" colspan="3"><hr size="1" noshade width="25%"></TD>
    <TD>&nbsp;</TD>
    <TD></TD>
</TR>


<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD>&nbsp;</TD>
    <TD nowrap align="center">*</TD>
    <TD>&nbsp;</TD>
    <TD>Previously filed</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>y98642a1exv1w1.htm
<DESCRIPTION>EX-1.1: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.1</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;1.1


<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF<BR>
&#091;INSERT NAME&#093;</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, acting as incorporator of a corporation under the
Arizona Business Corporation Act, adopt the following Articles of
Incorporation for such corporation:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&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">FIRST:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The name of the corporation is &#091;INSERT NAME&#093;.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SECOND:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The period of its duration is perpetual.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">THIRD:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The purpose for which the corporation is organized is to
engage in the transaction of any or all lawful purposes for
which corporations may be incorporated under the provisions of
the Arizona Business Corporation Act.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FOURTH:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The character of the business that the corporation
initially intends to conduct in Arizona is holding owning and
developing real property.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">FIFTH:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The aggregate number of shares that this corporation shall
have authority to issue is Five Thousand (5000)&nbsp;shares of
common stock, all of which are to have a par value of One
Dollar ($1.00).</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SIXTH:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The name and address of the initial statutory agent of the
corporation is CT Corporation System, 3225 North Central
Avenue, Phoenix, Maricopa County, Arizona 85012, which address
shall also be the known place of business of the corporation.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">SEVENTH:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The initial Board of Directors of this corporation shall
be comprised of three (3)&nbsp;persons. The number of directors
may be either increased or decreased from time to time as
provided for in the By-laws of the corporation, but shall
never be fewer than three. The names and addresses of the
initial directors of this corporation, who are to serve as
directors until the first annual meeting of the shareholders
of the corporation or until their respective successors are
elected and qualified, are:</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</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 align="left" valign="top">Benjamin P. Butterfield
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue<BR>
Miami, Florida 33172</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">&nbsp;</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="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</B><HR size="1" noshade></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Steven E. Lane
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road<BR>
Houston, Texas 77041</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">L. Christian Marlin
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue<BR>
Miami, Florida 33172.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&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">EIGHTH:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The name and address of the person signing these Articles
of Incorporation as incorporator are:</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&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">NINTH:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The power to alter, amend or repeal the By-laws of this
corporation shall be vested in each of the Board of Directors
and the shareholders of this corporation. The shareholders of
this corporation may amend or adopt a by-law that fixes a
greater quorum or voting requirement for shareholders (or
voting groups of shareholders) than is required by law.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TENTH:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This corporation shall indemnify any officer, director or
incorporator, or any former officer, director or incorporator,
of this corporation to the fullest extent permitted by law.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ELEVENTH:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This corporation reserves the right to amend or repeal
any provisions contained in these Articles of Incorporation,
or any amendment thereto, and any right conferred upon the
shareholders is subject to this reservation.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed these Articles of
Incorporation as incorporator thereof this &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;,
200_.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="64%">&nbsp;</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 align="left" valign="top">&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;, Incorporator</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C T CORPORATION SYSTEM, having been designated to act as statutory
agent, hereby consents to act in that capacity until it is removed, or
submits its resignation, in accordance with the Arizona Revised Statutes.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C T Corporation System</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:&nbsp;&nbsp;&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Print Name/Title:&nbsp;&nbsp;&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.2
<SEQUENCE>3
<FILENAME>y98642a1exv1w2.htm
<DESCRIPTION>EX-1.2: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.2</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;1.2


<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF<BR>
&#091;INSERT NAME&#093;</B>



<P align="center" style="font-size: 10pt"><B>FIRST:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is &#091;INSERT NAME&#093;.


<P align="center" style="font-size: 10pt"><B>SECOND:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose of this corporation is to engage in any lawful act or activity
for which a corporation may be organized under the General Corporation Law of
California other than the banking business, the trust company business or the
practice of a profession permitted to be incorporated by the California
Corporations Code.


<P align="center" style="font-size: 10pt"><B>THIRD:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of this corporation&#146;s initial agent for service of process in the
State of California is C T Corporation System.


<P align="center" style="font-size: 10pt"><B>FOURTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares which the corporation is authorized to issue is
Five Thousand (5000)&nbsp;shares of the common stock, all of which are to have a par
value of One Dollar ($1.00). The stock of this corporation shall be issued for
such consideration as may be determined by the Board of Directors.
Stockholders shall have no pre-emptive rights. Stockholders may enter into
agreements with this corporation or with each other to control or restrict the
transfer of stock and such agreements may take the form of options, rights of
first refusal, buy and sell agreements or any other lawful form of agreement.


<P align="center" style="font-size: 10pt"><B>FIFTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the By-laws of this corporation shall
be vested in each of the Board of Directors and the shareholders of this
corporation.


<P align="center" style="font-size: 10pt"><B>SIXTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporation is authorized to indemnify the directors and officers of
the corporation to the fullest extent permissible under California law.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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>SEVENTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed these Articles of
Incorporation this &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;, 2004.


<P align="left" style="font-size: 10pt; margin-left: 50%">&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;, Incorporator<BR>
Address:&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;


<P align="center" style="font-size: 10pt">2
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.3
<SEQUENCE>4
<FILENAME>y98642a1exv1w3.htm
<DESCRIPTION>EX-1.3: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.3</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;1.3


<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF<BR>
&#091;INSERT NAME&#093;</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, the undersigned natural person of the age of eighteen years or more,
for the purpose of forming a corporation pursuant to Section&nbsp;7-102-102 of the
Colorado Business Corporation Act, do hereby certify:


<P align="center" style="font-size: 10pt"><B>FIRST:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is &#091;INSERT NAME&#093;.


<P align="center" style="font-size: 10pt"><B>SECOND:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation is organized for the purpose of transacting any or all
lawful business for which corporations may be incorporated under the Colorado
Business Corporation Act.


<P align="center" style="font-size: 10pt"><B>THIRD:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares which this corporation shall have authority
to issue is Five Thousand (5000)&nbsp;shares of common stock, all of which are to
have a par value of One Dollar ($1.00).


<P align="center" style="font-size: 10pt"><B>FOURTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial registered agent of this corporation is The Corporation
Company and the street address of the corporation&#146;s initial registered office
is The Corporation Company, 1675 Broadway, Denver, Colorado 80202.


<P align="center" style="font-size: 10pt"><B>FIFTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The address of the corporation&#146;s initial principal office is c/o The
Corporation Company, 1675 Broadway, Denver, Colorado 80202.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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>SIXTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the person signing these Articles of Incorporation
as incorporator are:


<P align="center" style="font-size: 10pt"><B>SEVENTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the By-laws of this corporation shall
be vested in each of the Board of Directors and the shareholders of this
corporation. The shareholders of this corporation may amend or adopt a by-law
that fixes a greater quorum or voting requirement for shareholders (or voting
groups of shareholders) than is required by law.


<P align="center" style="font-size: 10pt"><B>EIGHTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation shall indemnify any officer or director, or any former
officer of director, of this corporation to the fullest extent permitted by
law.


<P align="center" style="font-size: 10pt"><B>NINTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed these Articles of
Incorporation as incorporator thereof this &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;,
and affirms that the statements contained therein as true under penalties of
perjury.


<P align="left" style="font-size: 10pt; margin-left: 50%">&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;, Incorporator


<P align="center" style="font-size: 10pt">2
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.4
<SEQUENCE>5
<FILENAME>y98642a1exv1w4.htm
<DESCRIPTION>EX-1.4: FORM OF CERTIFICATE OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.4</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;1.4


<P align="center" style="font-size: 10pt"><B>CERTIFICATE OF INCORPORATION<BR>
OF<BR>
&#091;INSERT NAME&#093;</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The name of the Corporation is &#091;INSERT NAME&#093; (the
&#147;Corporation&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The address of the Corporation&#146;s registered office in the State of
Delaware is The Corporation Trust Center, 1209 Orange Street, in the City of
Wilmington, County of New Castle, Delaware 19801. The name of its registered
agent at such address is The Corporation Trust Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The purpose of the Corporation is to engage in any lawful act or
activity for which corporations may be organized under the General Corporation
Law of the State of Delaware.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;The total number of shares of common stock that the Corporation shall
have authority to issue is Five Thousand (5,000) and the par value of each such
share is One Cent ($.01) amounting in the aggregate to Fifty Dollars ($50.00).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;The name and mailing address of the incorporator are:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Whenever a compromise or arrangement is proposed between the
Corporation and its creditors or any class of them and/or between the
Corporation and its stockholders or any class of them, any court of equitable
jurisdiction within the State of Delaware may, on the application in a summary
way of the Corporation or of any creditor or stockholder thereof or on the
application of any receiver or receivers appointed for the Corporation under
the provisions of &#167;291 of Title 8 of the Delaware Code or on the application of
trustees in dissolution or of any receiver or receivers appointed for the
Corporation under the provisions of &#167;279 of Title 8 of the Delaware Code, order
a meeting of the creditors or class of creditors, and/or of the stockholders or
class of stockholders, of the Corporation, as the case may be, to be summoned
in such manner as the said court directs. If a majority in number representing
three-fourths in value of the creditors or class of creditors, and/or of the
stockholders of class of stockholders, of the Corporation, as the case may be,
agree to any compromise or arrangement and to any reorganization of the
Corporation as consequence of such compromise or arrangement, the said
compromise or arrangement and the said reorganization shall, if sanctioned by
the court to which the said application has been made, be binding on all the
creditors or class of creditors, and/or on all the stockholders or class of stockholders, or the Corporation, as the
case may be, and also on the Corporation.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;A director of the Corporation shall not be personally liable to the
Corporation or its stockholders for monetary damages for breach of fiduciary
duty as a director, provided, however, that the personal liability of a
director shall not be eliminated (i)&nbsp;for any breach of the director&#146;s duty of
loyalty to the Corporation or its stockholders, (ii)&nbsp;for acts or omissions not
in good faith or which involve intentional misconduct or a knowing violation of
law, (iii)&nbsp;under &#167;174 of the Delaware General Corporation Law, or (iv)&nbsp;for any
transaction from which the director derived an improper personal benefit.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall, to the fullest extent permitted by Delaware law,
indemnify and hold harmless each person (and the heirs, executors or
administrators of such person) who was or is a party or is threatened to be
made a party to, or is involved in, any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative, by reason of the fact that such person is or was a director or
officer of the Corporation or is or was serving at the request of the
Corporation as a director or officer of another corporation, partnership, joint
venture, trust or other enterprise in connection with any matter relating to
the Corporation&#146;s business or affairs, against any losses, claims, damages or
liabilities. The right to indemnification conferred in this Paragraph&nbsp;7 shall
also include the right to be paid by the Corporation the expenses incurred in
connection with any such proceeding in advance of its final disposition to the
fullest extent authorized by Delaware law. The right to indemnification
conferred in this Paragraph&nbsp;7 shall be a contract right.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No repeal, modification or amendment of this Paragraph&nbsp;7, or adoption of
any provision of this Certificate of Incorporation or the bylaws of the
Corporation, nor, to the fullest extent permitted by Delaware law, any
modification of law, shall eliminate or reduce the effect of this Paragraph&nbsp;7
in respect of any acts or omissions occurring prior to the time of such repeal,
amendment, adoption or modification.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;The Corporation reserves the right to amend, alter, change or repeal
any provision contained in this Certificate of Incorporation, in the manner now
or hereafter prescribed by statute, and, with the sole exception of those
rights and powers conferred under the above Paragraph&nbsp;7, all rights and powers
conferred upon stockholders, directors and officers herein are granted subject
to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, I have signed my name this &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;,
200&nbsp;&nbsp;&nbsp;.


<P align="left" style="font-size: 10pt; margin-left: 50%">&nbsp;&nbsp;&nbsp;<BR>
&nbsp;&nbsp;&nbsp;, Incorporator


<P align="center" style="font-size: 10pt">2
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.5
<SEQUENCE>6
<FILENAME>y98642a1exv1w5.htm
<DESCRIPTION>EX-1.5: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.5</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;1.5


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt">ARTICLES OF INCORPORATION<BR>
OF<BR>
[INSERT NAME]
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt">ARTICLE I &#151; NAME



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of this corporation is [INSERT NAME].
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt">ARTICLE II &#151; PRINCIPAL OFFICE AND MAILING ADDRESS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The principal office and mailing address of this corporation are:


<P align="center" style="font-size: 10pt">700 N.W. 107th Avenue<BR>
Miami, Florida 33172.



<P align="center" style="font-size: 10pt">ARTICLE III &#151; PURPOSE



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation is organized for the purpose of transacting any or all
lawful business.


<P align="center" style="font-size: 10pt">ARTICLE IV &#151; CAPITAL STOCK



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares which this corporation shall have authority
to issue is Five Thousand (5,000) shares of common stock, all of which are to
have a par value of $1.00.


<P align="center" style="font-size: 10pt">ARTICLE V &#151; INITIAL REGISTERED OFFICE AND AGENT



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The street address of the initial registered office of this corporation
is:


<P align="center" style="font-size: 10pt">700 N.W. 107th Avenue<BR>
Miami, Florida 33172;


<P align="left" style="font-size: 10pt">and the name and address of the initial registered agent of this corporation
are:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</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 align="left" valign="top">Benjamin P. Butterfield
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue<BR>
Miami, Florida 33172.</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">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="center" style="font-size: 10pt">ARTICLE VI &#151; COMMENCEMENT



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation shall commence as of 12:01&nbsp;A.M. on &nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;.


<P align="center" style="font-size: 10pt">ARTICLE VII &#151; INITIAL BOARD OF DIRECTORS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial Board of Directors of this corporation shall be comprised of
three (3)&nbsp;persons. The number of directors may be either increased or
decreased from time to time as provided for in the By-laws of the corporation,
but shall never be fewer than three (3). The names and addresses of the
initial directors of this corporation are:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</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 align="left" valign="top">Benjamin P. Butterfield
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue<BR>
Miami, Florida 33172</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Steven E. Lane
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road<BR>
Houston, Texas 77041</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">L. Christian Marlin
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue<BR>
Miami, Florida 33172.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">ARTICLE VIII &#151; INCORPORATOR



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the person signing these Articles of Incorporation
as incorporator are:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</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 align="left" valign="top">Benjamin P. Butterfield
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue<BR>
Miami, Florida 33172.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">ARTICLE IX &#151; BY-LAWS



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the By-laws of this corporation shall
be vested in each of the Board of Directors and the shareholders of this
corporation. The shareholders of this corporation may amend or adopt a by-law
that fixes a greater quorum or voting requirement for shareholders (or voting
groups of shareholders) than is required by law.


<P align="center" style="font-size: 10pt">ARTICLE X &#151; INDEMNIFICATION



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation shall indemnify any officer, director or incorporator, or
any former officer, director or incorporator, of this corporation to the
fullest extent permitted by law.





<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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">ARTICLE XI &#151; AMENDMENT


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed these Articles of
Incorporation as incorporator thereof and in acceptance of his appointment as
registered agent therein as of the &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;.


<P align="left" style="font-size: 10pt; margin-left: 50%">//s// Benjamin P. Butterfield<BR>
Benjamin P. Butterfield,<BR>
Incorporator and Registered Agent



<P align="center" style="font-size: 10pt">3
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.6
<SEQUENCE>7
<FILENAME>y98642a1exv1w6.htm
<DESCRIPTION>EX-1.6: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.6</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;1.6

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">FORM <B>BCA 2.10 </B>(rev. Dec. 2003)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>ARTICLES OF INCORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Business Corporation Act,</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">Jesse White, Secretary of State</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Department of Business Services</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Springfield, IL 62756</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">Telephone
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(217) 782-9522</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">(217)782-6961</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">http://www.cyberdriveillinols.com</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">Remit payment in the form of a cashier&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">check, certified check, money order</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">or an Illinois attorney&#146;s or CPA&#146;s check</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">payable to the Secretary of State.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>SEE NOTE 1 TO DETERMINE FEES!</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Filing Fee: $150.00 Franchise Tax $<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Total $<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> File #<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Approved:
<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Submit in duplicate <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Type or Print clearly in black ink <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Do not write above this line, <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>



<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>CORPORATE NAME: [INSERT NAME]</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><HR size="1" noshade width="100%">

(The corporate name must contain the word &#147;corporation&#148;, &#147;company;
&#147;&#145;incorporated,&#148; &#147;limited&#148; or an abbreviation thereof.)</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><HR size="1" noshade width="100%">

<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="1%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Initial Registered Agent:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C T Corporation System</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>First Name</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Middle Initial</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Last name</I></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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Initial Registered Office:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">208 S LaSalle Street, Suite&nbsp;814</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Number&nbsp;&nbsp;&nbsp;&nbsp;Street</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Suite #</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(A P.O. <I>BOX ALONE IS NOT ACCEPTABLE)</I></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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chicago
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">IL 60604
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cook</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>City</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>ZIP Code</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>County</I></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><HR size="1" noshade width="100%">


<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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Purpose or purposes for which the corporation is organized:<BR>
(If not sufficient space to cover this point, add one or more sheets of this size.)<BR>
any and all lawfull business</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><HR size="1" noshade width="100%">


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paragraph&nbsp;1: Authorized Shares, Issued Shares and Consideration Received:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Number of Shares</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Consideration to be</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Class</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Authorized</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed to be Issued</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Received Therefor</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">Common</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$5,000.00</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>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="right"><B>TOTAL=</B> $5,000.00</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Paragraph&nbsp;2: The preferences, qualifications, limitations, restrictions and
special or relative rights in respect of the shares
of each class are:<BR>
(If not sufficient space to cover this point, add
one or more sheets of this size.)</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<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%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">C-162.23
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(over)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">5.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>OPTIONAL:</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(a)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Number of directors constituting the initial board of directors of the corporation: _________________.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(b)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Names and addresses of the persons who are to serve as directors until the first annual meeting of
shareholders or until their successors are elected and qualify:</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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Address
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">City, State, ZIP</TD>
</TR>

<TR style="font-size: 1px">
    <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>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Benjamin P. Butterfield
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue, Miami, Florida 33172</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Steven B. Lane
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road, Houston, Texas 77041</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">L. Christian Marlin
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue, Miami, Florida 33172</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <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>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><HR size="1" noshade width="100%">

<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="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="62%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>OPTIONAL:</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(a)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">It is estimated that the value of all
property to be owned by the corporation
for the following year wherever located
will be:
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(b)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">It is estimated that the value of the
property to be located within the State
of Illinois during the following year
will be:
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(c)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">It is estimated that the gross amount of
business that will be transacted by the
corporation during the following
year will be:
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(d)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">It is estimated that the gross amount of
business that will be transacted from
places of business in the State of Illinois
during the following year will be:
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="left" valign="bottom">$</TD>
    <TD nowrap valign="bottom">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="bottom">&nbsp;</TD>
    <TD align="right" valign="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD nowrap valign="bottom">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><HR size="1" noshade width="100%">

<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="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&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"><I>7.</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>OPTIONAL:</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>OTHER PROVISIONS</I></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>&nbsp;</TD>
    <TD align="left" valign="top">Attach a separate sheet of this size for any other provision
to be included in the Articles of
Incorporation, e.g., authorizing preemptive rights, denying
cumulative voting, regulating internal
affairs, voting majority requirements, fixing a
duration other than perpetual, etc.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt"><HR size="1" noshade width="100%">

<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="1%">&nbsp;</TD>
    <TD width="94%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>NAME(S) &#038; ADDRESS(ES) OF INCORPORATOR(S)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned incorporator(s) hereby declare(s), under penalties of
perjury, that the statements made in the foregoing Articles of Incorporation
are true.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD nowrap 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 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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top" style="font-size: 10pt">,</TD>
    <TD valign="top">&nbsp;</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="center" valign="top"><I>(Month &#038; Day)</I>
</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"><I>Year</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="44%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="17%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="center"><B>Signature and Name</B><BR></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" nowrap valign="top" align="center"><B>Address</B></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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</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>
    <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 colspan="5" valign="top" align="left"><HR size="1" noshade>&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"><I>Signature</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><I>Street</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</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>
    <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 colspan="5" valign="top" align="left"><HR size="1" noshade>&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"><I>(Type or Print Name)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><I>City/Town</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>State</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>ZIP Code</I></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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <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">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</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>
    <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 colspan="5" valign="top" align="left"><HR size="1" noshade>&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"><I>Signature</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><I>Street</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</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>
    <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 colspan="5" valign="top" align="left"><HR size="1" noshade>&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"><I>(Type or Print Name)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><I>City/Town</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>State</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>ZIP Code</I></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</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>
    <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 colspan="5" valign="top" align="left"><HR size="1" noshade>&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"><I>Signature</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><I>Street</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</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>
    <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 colspan="5" valign="top" align="left"><HR size="1" noshade>&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"><I>(Type or Print Name)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</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"><I>City/Town</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>State</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>ZIP Code</I></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">(Signatures must be in <B>BLACK INK </B>on original document. Carbon copy, photocopy
or rubber stamp signatures may only be used on conformed copies.)


<P align="left" style="font-size: 10pt">NOTE: If a corporation acts as incorporator, the name of the corporation and
the state of incorporation shall be shown and the execution shall be by a
duly authorized corporate officer. Type or print officer&#146;s name and title
beneath signature.



<P align="left" style="font-size: 10pt"><HR size="1" noshade width="100%">


<P><DIV style="position: relative; float: left; margin-right: 1%; width: 60%">
<P align="left" style="font-size: 10pt">Note 1: Fee Schedule<BR>
The initial franchise tax is assessed at the rate of <I>15/100 </I>of 1&nbsp;percent<BR>
($1.50 per $1,000) on the paid-in capital represented in this State.<BR>
(Minimum initial franchise tax is $25)


<P align="left" style="font-size: 10pt">The filing fee is $150


<P align="left" style="font-size: 10pt">The <B>minimum total due </B>(franchise tax &#043; filing fee) is $175.


</DIV>

<DIV style="position: relative; float: right; margin-left: 1%; width: 36%">

<P align="left" style="font-size: 10pt">Note 2: Return to:


<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%">


<DIV align="center" style="font-size: 10pt">(Firm name)</DIV>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%">


<DIV align="center" style="font-size: 10pt">(Attention)</DIV>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%">


<DIV align="center" style="font-size: 10pt">(Mailing Address)</DIV>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%">


<DIV align="center" style="font-size: 10pt">(City, State, ZIP Code)</DIV>


</DIV>
<BR clear="all"><BR>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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"><B>ARTICLES OF INCORPORATION<BR>
OF [INSERT NAME]</B>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional Provisions</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">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The power to alter, amend or repeal the By-laws of this corporation
shall be vested in each of the Board of Directors and the shareholders of
this corporation. The shareholders of this corporation may amend or adopt
a by-law that fixes a greater quorum or voting requirement for
shareholders (or voting groups of shareholders) than is required by law.</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">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation shall indemnify any officer or director, or any former
officer or director, of this corporation to the fullest extent permitted
by law.</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">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto,
and any right conferred upon the shareholders is subject to this
reservation.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.7
<SEQUENCE>8
<FILENAME>y98642a1exv1w7.htm
<DESCRIPTION>EX-1.7: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.7</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>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


</TABLE>


<P align="right" style="font-size: 10pt">Exhibit&nbsp;1.7


<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF<BR>
[INSERT NAME]</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, the undersigned, whose post office address is
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, being at least
eighteen years of age, do, under and by virtue of the General Laws of the State
of Maryland authorizing the formation of corporations, associate myself as
incorporator with the intention of forming a corporation.


<P align="center" style="font-size: 10pt"><B>ARTICLE I</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the Corporation is [INSERT NAME]


<P align="center" style="font-size: 10pt"><B>ARTICLE II</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Corporation is organized for the purpose of transacting any or all
lawful business for which corporations may be incorporated under the Maryland
General Corporation Law.


<P align="center" style="font-size: 10pt"><B>ARTICLE III</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The post office address of the principal office of the Corporation in this
State is:


<P align="center" style="font-size: 10pt">c/o The Corporation Trust Incorporated<BR>
300 East Lombard Street<BR>
Baltimore, Maryland 21202.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The mailing address for the Corporation is:


<P align="center" style="font-size: 10pt">c/o Lennar Corporation<BR>
700 N.W. 107th Avenue<BR>
Miami, Florida 33172.



<P align="center" style="font-size: 10pt"><B>ARTICLE IV</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The street address of the current registered office of this Corporation
is:


<P align="center" style="font-size: 10pt">300 East Lombard Street<BR>
Baltimore, Maryland 21202;


<P align="left" style="font-size: 10pt">and the name of the current registered agent of this Corporation at such
address is The Corporation Trust Incorporated.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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>ARTICLE V</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of shares which this Corporation shall have authority to
issue is Five Thousand (5000)&nbsp;shares of common stock, all of one class and of a
par value of one Dollar ($1.00) each, with an aggregate par value of Five
Thousand Dollars ($5,000).


<P align="center" style="font-size: 10pt"><B>ARTICLE VI</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial Board of Directors of this Corporation shall be comprised of
three (3)&nbsp;persons. The number of directors may be either increased or
decreased from time to time as provided for in the By-laws of the Corporation,
but shall never be fewer than three (3). The names and addresses of the initial
directors of this Corporation are:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</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">Benjamin P. Butterfield
</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">&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">Steven E. Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road</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">Houston, Texas 77041</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">L. Christian Marlin
</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>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>ARTICLE VII</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the duration of the Corporation is perpetual.


<P align="center" style="font-size: 10pt"><B>ARTICLE VIII</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the By-laws of this Corporation shall
be vested in each of the Board of Directors and the shareholders of this
Corporation. The shareholders of this Corporation may amend or adopt a by-law
that fixes a greater quorum or voting requirement for shareholders (or voting
groups of shareholders) than is required by law.


<P align="center" style="font-size: 10pt"><B>ARTICLE IX</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation shall indemnify any officer or director, or any former
officer or director, of this corporation to the fullest extent permitted by
law.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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>ARTICLE X</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed these Articles of
Incorporation as incorporator thereof this &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2004, and
acknowledge same to be my act.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>

<TR>
<TD>&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="bottom"><HR size="1" noshade>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 10pt">&nbsp;,</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="font-size: 10pt">Incorporator</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.8
<SEQUENCE>9
<FILENAME>y98642a1exv1w8.htm
<DESCRIPTION>EX-1.8: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.8</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;1.8

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><IMG src="y98642a1y9864200.gif" alt="(MINNESOTA STATE SEAL)">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>STATE OF MINNESOTA<BR>
SECRETARY OF STATE</B><BR><BR>
<B>ARTICLES OF INCORPORATION<BR>
Business and Nonprofit Corporations</B><BR><BR>
<B>PLEASE TYPE OR PRINT LEGIBLY IN BLACK INK.</B></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Please read the directions on the reverse side before completing this form.
All information on this form is public information.


<P align="left" style="font-size: 10pt">The undersigned incorporator(s) is an (are)&nbsp;individual(s) 18&nbsp;years of age or
older and adopt the following articles of incorporation to form a (mark ONLY
one):


<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="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR-PROFIT BUSINESS CORPORATION (Chapter&nbsp;302A)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NONPROFIT CORPORATION (Chapter&nbsp;317A)</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><I>ARTICLE I NAME</I>


<P align="left" style="font-size: 10pt">The name of the corporation is:



<P align="left" style="font-size: 10pt">[INSERT NAME]

<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%"></DIV>


<DIV align="left" style="font-size: 10pt">(Business Corporation names must include a corporate designation such as
Incorporated, Corporation, Company, Limited or an abbreviation of one of
those words.)</DIV>


<P align="center" style="font-size: 10pt"><I>ARTICLE II REGISTERED OFFICE ADDRESS AND AGENT</I>


<P align="left" style="font-size: 10pt">The registered office address of the corporation is:


<P align="left" style="font-size: 10pt">C T Corporation System Inc., 405 Second Avenue South, Minneapolis, Minnesota
55401


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%"></DIV>


<DIV align="left" style="font-size: 10pt">(A complete street address or rural route and rural route box number is
required; the address cannot be a P.O. Box) City
State Zip</DIV>

<P align="left" style="font-size: 10pt">The registered agent at the above address is:


<P align="left" style="font-size: 10pt">C T Corporation System Inc.


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%"></DIV>


<DIV align="left" style="font-size: 10pt">Name (Note: You are not required to have a registered agent.)</DIV>


<P align="center" style="font-size: 10pt"><I>ARTICLE III SHARES</I>


<P align="left" style="font-size: 10pt">The corporation is authorized to issue a total of 5000 shares. $1.00 par value<BR>
(if you are a business corporation you must authorize at least one share.
Nonprofit corporations are not required to have
shares.)



<P align="center" style="font-size: 10pt"><I>ARTICLE IV INCORPORATORS</I>


<P align="left" style="font-size: 10pt">I (We), the undersigned incorporator(s) certify that I am (we are) authorized
to sign these articles and that the information in these articles is true and
correct. I (We) also understand that if any of this information is
intentionally or knowingly misstated that criminal penalties will apply as if
I (we)&nbsp;had signed these articles under oath. (Provide the name and address of
each incorporator. Each incorporator must sign below. List the Incorporators
on an additional sheet if you have more than two incorporators.)


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Street
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">City
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Zip
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="11" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Street
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">City
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">State
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Zip
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Print name and phone number of person to be contacted if there is a
question about the filing of these articles.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&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="22%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">)</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">Name</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Phone Number</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF &#091;INSERT NAME&#093;</B>



<P align="left" style="font-size: 10pt">Additional Provisions


<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">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial Board of Directors of this corporation shall be
comprised of three (3)&nbsp;persons. The number of directors may
be either increased or decreased from time to time as provided
for in the By-laws of the corporation, but shall never be
fewer than three. The names and addresses of the initial
directors of this corporation are:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</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 align="left" valign="top">Benjamin P. Butterfield
</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">&nbsp;</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">&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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Steven E. Lane
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road</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>&nbsp;</TD>
    <TD align="left" valign="top">Houston, Texas 77041</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">L. Christian Marlin
</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida 33172.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The power to alter, amend or repeal the By-laws of this
corporation shall be vested in each of the Board of Directors
and the shareholders of this corporation. The shareholders of
this corporation may amend or adopt a by-law that fixes a
greater quorum or voting requirement for shareholders (or
voting groups of shareholders) than is required by law.</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">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation shall indemnify any officer, director and
incorporator, or any former officer, director or incorporator,
of this corporation to the fullest extent permitted by law.</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">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation reserves the right to amend or repeal any
provisions contained in these Articles of Incorporation, or
any amendment thereto, and any right conferred upon the
shareholders is subject to this reservation.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.9
<SEQUENCE>10
<FILENAME>y98642a1exv1w9.htm
<DESCRIPTION>EX-1.9: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.9</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;1.9


<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF<BR>
&#091;INSERT NAME&#093;</B>



<P align="center" style="font-size: 10pt"><B>ARTICLE I &#151; NAME</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of this corporation is &#091;INSERT NAME&#093;


<P align="center" style="font-size: 10pt"><B>ARTICLE II &#151; INITIAL RESIDENT AGENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial resident agent of this corporation and such agent&#146;s street
address is:


<P align="center" style="font-size: 10pt">The Corporation Trust Company of Nevada<BR>
6100 Neil Road, Suite&nbsp;500<BR>
Reno, Nevada 89511.



<P align="center" style="font-size: 10pt"><B>ARTICLE III &#151; CAPITAL STOCK</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares which this corporation shall have authority
to issue is Five Thousand (5000)&nbsp;shares of common stock, all of which are to
have a par value of One Dollar ($1.00).


<P align="center" style="font-size: 10pt"><B>ARTICLE IV &#151; INITIAL BOARD OF DIRECTORS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial Board of Directors of this corporation shall be comprised of
three (3)&nbsp;persons. The number of directors may be either increased or
decreased from time to time as provided for in the By-laws of the corporation,
but shall never be fewer than three (3). The names and addresses of the
initial directors of this corporation are:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Address</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">Benjamin P. Butterfield
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue
Miami, Florida 33172</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">Steven E. Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road<BR>
Houston, Texas 77041</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">L. Christian Marlin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue
Miami, Florida 33172.</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">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 10pt"><B>ARTICLE V &#151; INCORPORATOR</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the person signing these Articles of Incorporation
as incorporator are:<BR>

<P>&nbsp;<BR>

<P align="center" style="font-size: 10pt"><B>ARTICLE VI &#151; PURPOSE</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation is organized for the purpose of transacting any or all
lawful business.


<P align="center" style="font-size: 10pt"><B>ARTICLE VII &#151; BY-LAWS</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the By-laws of this corporation shall
be vested in each of the Board of Directors and the shareholders of this
corporation in any manner permitted by the By-laws. The shareholders of this
corporation may amend or adopt a by-law that fixes a greater quorum or voting
requirement for shareholders (or voting groups of shareholders) than is
required by law.


<P align="center" style="font-size: 10pt"><B>ARTICLE VIII &#151; INDEMNIFICATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation shall indemnify any officer, director or incorporator, or
any former officer, director or incorporator, of this corporation to the
fullest extent permitted by law.


<P align="center" style="font-size: 10pt"><B>ARTICLE IX &#151; AMENDMENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed these Articles of
Incorporation as incorporator this <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>day of <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, 200_.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR align="right" size="1" noshade width="100%"></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"><HR align="left" size="1" noshade width="100%">
</TD>
    <TD align="left" colspan="2" valign="top">,&nbsp;Incorporator</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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>CERTIFICATE OF ACCEPTANCE OF APPOINTMENT OF RESIDENT AGENT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation Trust Company of Nevada hereby accepts appointment as
Resident Agent for the above named corporation.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The Corporation Trust Company of Nevada</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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;
<HR align="center" size="1" noshade></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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Print Name:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
<HR align="center" size="1" noshade></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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;
<HR align="center" size="1" noshade></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">3
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.10
<SEQUENCE>11
<FILENAME>y98642a1exv1w10.htm
<DESCRIPTION>EX-1.10:FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.10</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;1.10

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF<BR>
[INSERT NAME]</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt"><B>UNDER SECTION 14A:2-7 OF THE BUSINESS CORPORATION ACT</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This is to certify that there is hereby organized a corporation under and
by virtue of the above noted statute of the New Jersey Statutes.


<P align="center" style="font-size: 10pt"><B>FIRST:</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is [INSERT NAME].
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><B>SECOND:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purpose for which this corporation is organized is to engage in any
activity within the purposes for which corporations may be organized under NJSA
14A 1-1 et seq.


<P align="center" style="font-size: 10pt"><B>THIRD:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The street address of the initial registered office of this corporation is:


<P align="center" style="font-size: 10pt">820 Bear Tavern Road<BR>
West Trenton, NJ 08628;


<P align="left" style="font-size: 10pt">and the name and address of the initial registered agent of this corporation is:


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Address</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">The Corporation Trust Company
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">820 Bear Tavern Road</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">West Trenton, NJ 08628</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>FOURTH</B>:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares which this corporation shall have authority
to issue is Five Thousand (5000)&nbsp;shares of common stock, all of which are to
have a par value of One Dollar ($1.00).


<P align="center" style="font-size: 10pt"><B>FIFTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The initial Board of Directors of this corporation shall be comprised of
three (3)&nbsp;persons. The number of directors may be either increased or
decreased from time to time as provided for in the By-laws of the corporation,
but shall never be fewer than three(3). The names and addresses of the initial
directors of this corporation are:


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Address</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">Benjamin P. Butterfield
</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">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven E. Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road</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">Houston, Texas 77041</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>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">L. Christian Marlin
</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>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>SIXTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the incorporator of this corporation is <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>.


<P align="center" style="font-size: 10pt"><B>SEVENTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The duration of the corporation shall be perpetual.


<P align="center" style="font-size: 10pt"><B>EIGHTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the By-laws of this corporation shall
be vested in each of the Board of Directors and the shareholders of this
corporation. The shareholders of this corporation may amend or adopt a by-law
that fixes a greater quorum or voting requirement for shareholders (or voting
groups of shareholders) than is required by law.


<P align="center" style="font-size: 10pt"><B>NINTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation shall indemnify any officer or director, or any former
officer of director, of this corporation to the fullest extent permitted by
law.


<P align="center" style="font-size: 10pt"><B>TENTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the incorporator, being over eighteen years of age,
has signed this certificate this <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>day of <U>&nbsp; &nbsp; &nbsp;  &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, 200<U>&nbsp; &nbsp; &nbsp;</U>.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR align="right" size="1" noshade width="100%"></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"><HR align="left" size="1" noshade width="100%">
</TD>
    <TD align="left" valign="top" colspan="2">,&nbsp;&nbsp;Incorporator</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">Address:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.11
<SEQUENCE>12
<FILENAME>y98642a1exv1w11.htm
<DESCRIPTION>EX-1.11:FORM OF CERTIFICATE OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.11</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;1.11


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>CERTIFICATE OF INCORPORATION<BR>
OF<BR>
[INSERT NAME]</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><B>UNDER SECTION 402 OF THE BUSINESS CORPORATION LAW</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, the undersigned natural person of the age of eighteen years or more,
for the purpose of forming a corporation pursuant to Section&nbsp;402 of the
Business Corporation Law of New York, do hereby certify:


<P align="center" style="font-size: 10pt"><B>FIRST:</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
name of the corporation is [INSERT NAME].
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><B>SECOND:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purposes for which the corporation is formed are to engage in any
lawful act or activity for which corporations may be organized under the
Business Corporation Law of New York provided that the corporation is not
formed to engage in any act or activity which requires the consent or approval
of any state official, department, board, agency or other body, without such
consent or approval first being obtained.


<P align="center" style="font-size: 10pt"><B>THIRD:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The office of the corporation is to be located in the County of New York,
State of New York.


<P align="center" style="font-size: 10pt"><B>FOURTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares which this corporation shall have authority
to issue is Five Thousand (5000)&nbsp;shares of common stock, all of which are to
have a par value of One Dollar ($1.00).


<P align="center" style="font-size: 10pt"><B>FIFTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Secretary of State is designated as the agent of the corporation upon
whom process against the corporation may be served. The post office address to
which the Secretary of State shall mail a copy of any process against the
corporation served upon him is c/o C T Corporation System, 111 Eighth Avenue,
New York, New York 10011.


<P align="center" style="font-size: 10pt"><B>SIXTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the registered which is to be the agent of the
corporation upon whom process against it may be served, are C T Corporation
System, 111 Eighth Avenue, New York, New York 10011.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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>SEVENTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the duration of the corporation is perpetual.


<P align="center" style="font-size: 10pt"><B>EIGHTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the By-laws of this corporation shall
be vested in each of the Board of Directors and the shareholders of this
corporation. The shareholders of this corporation may amend or adopt a by-law
that fixes a greater quorum or voting requirement for shareholders (or voting
groups of shareholders) than is required by law.


<P align="center" style="font-size: 10pt"><B>NINTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation shall indemnify any officer or director, or any former
officer or director, of this corporation to the fullest extent permitted by
law.


<P align="center" style="font-size: 10pt"><B>TENTH:</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed these Articles of
Incorporation as incorporator thereof this 29th day of April, 2002, and affirms
that the statements contained therein as true under penalties of perjury.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><HR align="right" size="1" noshade width="100%"></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"><HR align="left" size="1" noshade width="100%">
</TD>
    <TD valign="top">,</TD>
    <TD align="left" valign="top">Incorporator</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">Address:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">2
</DIV>

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.12
<SEQUENCE>13
<FILENAME>y98642a1exv1w12.htm
<DESCRIPTION>EX-1.12:FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.12</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;1.12


<P align="center" style="font-size: 10pt"><B>State of North Carolina<BR>
Department of the Secretary of State</B>



<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION</B>


<P align="left" style="font-size: 10pt">Pursuant to &#167;55-2-02 of the General Statutes of North Carolina, the
undersigned does hereby submit these Articles of Incorporation for the
purpose of forming a business corporation.


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR><TD><FONT size="1">

</FONT></TD></TR>
<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>The name of the corporation is: [INSERT NAME]</TD>
</TR>
<TR><TD><FONT size="1">

</FONT></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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number of shares the corporation is authorized to issue is: 5000 $1.00 par value</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These shares shall be: <B><I>(check either a or b)</I></B>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#254;</FONT> all of one class, designated as common stock; or</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">b.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> divided into classes or series within a class as
provided in the attached schedule, with the
information required by N.C.G.S. Section&nbsp;55-6-01.</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="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The street address and county of the initial registered
office of the corporation is:</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Number and Street 225 Hillsborough Street,

City, State, Zip Code Raleigh Noah Carolina 27603 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County Wake


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The mailing address, <B><I>if different from the street address, </I></B>of the initial registered office is:</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>The name of the initial registered agent is: C T Corporation System</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>Principal office information: <B><I>(must select either a or b.)</I></B></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">a.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> The corporation has a principal office.
The street address and county of the principal office of the
corporation is:<BR>Number and Street c/o Lennar Corporation 700 N.W.
107th Avenue<br>City, State, Zip Code Miami, Florida
33172&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;County
Miami-Dade<BR>
The mailing address, if <B><I>different from the street address, </I></B>of the principal office of the corporation is:</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><FONT face="Wingdings">&#111;</FONT> The corporation does not have a principal office.</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="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other provisions, which the corporation elects to include, are attached.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The name and address of each incorporator is as follows:</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><br></TD>
</TR>

</TABLE>

<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%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">CORPORATIONS DIVISION<BR>
<I>(Revised January, 2002)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">P. O. BOX 29622
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">RALEIGH, NC 27626-0622<BR>
<I>(Form&nbsp;B-OI)</I></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These articles will be effective upon filing, unless a date and/or time is specified:</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt">This the<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> day of<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> , 20<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&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"><HR align="center" size="1" noshade width="100%"></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>
</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>
</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"><HR align="center" size="1" noshade width="100%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Signature</I></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>
</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"><HR align="center" size="1" noshade width="100%"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><I>Type or Print Name and Title</I></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">NOTES:


<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>Filing fee is $125. This document must be filed with the Secretary of State</TD>
</TR>

</TABLE>

<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%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">CORPORATIONS DIVISION<BR>
<I>(Revised January, 2002)</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">P. O. BOX 29622
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">RALEIGH, NC 27626-0622<BR>
<I>(Form&nbsp;B-0l)</I></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">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF [INSERT NAME]</B>
<DIV align="left"><FONT size="1">

</FONT></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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Additional Provisions</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">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial Board of Directors of this corporation shall be comprised of
three (3)&nbsp;persons. The number of directors may be either increased or
decreased from time to time as provided for in the By-laws of the
corporation, but shall never be fewer than three. The names and addresses
of the initial directors of this corporation are:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Address</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">Benjamin P. Butterfield
</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">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven E. Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road</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">Houston, Texas 77041</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>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">L. Christian Marlin
</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>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The power to alter, amend or repeal the By-laws of this corporation
shall be vested in each of the Board of Directors and the shareholders of
this corporation. The shareholders of this corporation may amend or adopt
a by-law that fixes a greater quorum or voting requirement for
shareholders (or voting groups of shareholders) than is required by law.</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">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation shall indemnify any officer, director and incorporator,
or any former officer, director or incorporator, of this corporation to
the fullest extent permitted by law.</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">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto,
and any right conferred upon the shareholders is subject to this
reservation.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.13
<SEQUENCE>14
<FILENAME>y98642a1exv1w13.htm
<DESCRIPTION>EX-1.13:FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.13</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;1.13

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF<BR>
[INSERT NAME]</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I, the undersigned natural person of the age of eighteen years or more,
acting as incorporator of a corporation under the Texas Business Corporation
Act (the &#147;Act&#148;), do hereby adopt the following Articles of Incorporation for
such corporation:


<P align="center" style="font-size: 10pt"><B>ARTICLE I</B>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name of the corporation is [INSERT NAME] (the
&#147;Corporation&#148;).
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="center" style="font-size: 10pt"><B>ARTICLE II</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The period of the duration of the Corporation is perpetual.


<P align="center" style="font-size: 10pt"><B>ARTICLE III</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation is organized for the purpose of transacting any or all
lawful business for which corporations may be incorporated under the Act.


<P align="center" style="font-size: 10pt"><B>ARTICLE IV</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The aggregate number of shares which the Corporation shall have authority
to issue is Five Thousand (5000)&nbsp;shares of common stock, all of which are to
have a par value of One Dollar ($1.00). The Corporation shall have the
authority to purchase, directly or indirectly, its own shares to the extent of
the aggregate of unrestricted capital surplus available therefor and
unrestricted reduction surplus available therefor.


<P align="center" style="font-size: 10pt"><B>ARTICLE V</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will not commence business until it has received for the
issuance of its shares consideration of the value of at least One Thousand
Dollars ($1000), consisting of money, labor done or property actually received.


<P align="center" style="font-size: 10pt"><B>ARTICLE VI</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The street address of the initial registered office of the Corporation is:


<P align="center" style="font-size: 10pt">One Commodore Plaza<BR>
800 Brazos, Suite&nbsp;330<BR>
Austin, Texas 78701-2507;


<P align="left" style="font-size: 10pt">and the name of the initial registered agent of the Corporation at such address
is The United States Corporation Company.



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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>ARTICLE VII</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of directors of the Corporation may be fixed by the By-laws of
the Corporation. The initial Board of Directors of the Corporation shall be
comprised of three (3)&nbsp;persons. The number of directors may be either
increased or decreased from time to time as provided for in the By-laws of the
Corporation, but shall never be fewer than three (3). The names and addresses
of the initial directors of the Corporation, who are to serve as the directors
until the first annual meeting of the shareholders or until their successors
are elected and qualified, are:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Address</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">Benjamin P. Butterfield
</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>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven E. Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road</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">Houston, Texas 77041</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">L. Christian Marlin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD 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>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>ARTICLE VIII</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The name and address of the person signing these Articles of Incorporation
as incorporator are:

<P>&nbsp;<BR>&nbsp;

<P align="center" style="font-size: 10pt"><B>ARTICLE IX</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The power to alter, amend or repeal the By-laws of the Corporation shall
be vested in each of the Board of Directors and the shareholders of the
Corporation. The shareholders of the Corporation may amend or adopt a by-law
that fixes a greater quorum or voting requirement for shareholders (or voting
groups of shareholders) than is required by law.


<P align="center" style="font-size: 10pt"><B>ARTICLE X</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;No director of the Corporation shall be liable to the Corporation or
any of its shareholders for monetary damages for an act or omission in the
director&#146;s capacity as a director, except that this Article&nbsp;X shall not
authorize the elimination or limitation of liability of a director of the
Corporation to the extent the director is found liable for: (i)&nbsp;a breach of
such director&#146;s duty of loyalty to the Corporation or its shareholders; (ii)&nbsp;an
act or omission not in good faith that constitutes a breach of duty of such
director of the Corporation or an act or omission that involves intentional
misconduct or a knowing violation of the law; (iii)&nbsp;a transaction from which
such director received an improper benefit, whether or not the benefit resulted
from an action taken within the scope of the director&#146;s office; or (iv)&nbsp;an act
or omission for which the liability of a director is expressly provided by an
applicable statute.


<P align="center" style="font-size: 10pt">2
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;If the Act, the Texas Miscellaneous Corporation Laws Act or any other
applicable Texas statute hereafter is amended to authorize the further
elimination or limitation of the liability of directors of the Corporation,
then the liability of a director of the Corporation shall be limited to the
fullest extent permitted by the Act, the Texas Miscellaneous Corporation Laws
Act and such other applicable Texas statute, as so amended, and such
limitation of liability shall be in addition to, and not in lieu of, the
limitation on the liability of a director of the Corporation provided by the
foregoing provisions of this Article&nbsp;X.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;Any repeal of or amendment to this Article&nbsp;X shall be prospective only
and shall not adversely affect any limitation on the liability of a director of
the Corporation existing at the time of such repeal or amendment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;The Corporation shall indemnify any officer, director or incorporator,
or any former officer, director or incorporator, of the Corporation to the
fullest extent permitted by law.


<P align="center" style="font-size: 10pt"><B>ARTICLE XI</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has executed these Articles of
Incorporation as incorporator thereof this &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;.


<P align="left" style="font-size: 10pt; margin-left: 50%"><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><BR>
<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, Incorporator



<P align="center" style="font-size: 10pt">3
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.14
<SEQUENCE>15
<FILENAME>y98642a1exv1w14.htm
<DESCRIPTION>EX-1.14:FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.14</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;1.14

<P align="left" style="font-size: 10pt"><IMG src="y98642a1y9864201.gif" alt="(VIRGINIA STATE SEAL)">

<DIV align="left" style="font-size: 10pt"><B>SCC619<br>
(02/03)</B></DIV>


<P align="center" style="font-size: 10pt"><B>COMMONWEALTH OF VIRGINIA<BR>
STATE CORPORATION COMMISSION</B>



<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF A VIRGINIA STOCK CORPORATION</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned, pursuant to Chapter&nbsp;9 of Title 13.1 of the Code of
Virginia, state(s) as follows:


<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>The name of the corporation is:</TD>
</TR>

</TABLE>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">[INSERT NAME]
<DIV align="left"><FONT size="1">

</FONT></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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The number (and classes, if any) of shares the corporation is authorized to issue is (are):</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="74%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number of shares authorized</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Class(es)</B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5000 $1.00 par value
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Common</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A. The name of the corporation&#146;s initial registered agent is</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">C T Corporation System



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;The initial registered agent is <B>(mark appropriate box):</B>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">(1)</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">an individual who is a
resident of Virginia <B>and</B></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"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">an initial director of the 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"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a member of the Virginia State Bar.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><B>OR</B>


<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(2)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">a domestic or foreign stock or nonstock corporation, limited liability
company or registered limited liability partnership authorized to transact business in Virginia.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A. The corporation&#146;s initial registered office address, which is the
business office of the initial registered agent, is:</TD>
</TR>

</TABLE>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">4701 Cox Road, Suite&nbsp;301
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Glen Allen
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">,VA
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">23060-6802,</TD>
</TR>

<TR style="font-size: 1px">
    <TD colspan="7" valign="top" align="left"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(number/street)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(city or town)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(zip code)</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The registered office is physically located in the
<FONT face="Wingdings">&#111;</FONT> city <B>or</B> <FONT face="Wingdings">&#254;</FONT> county of</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt">Henrico.



<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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial directors are:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>NAME(S)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ADDRESS(ES)</B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benjamin P. Butterfield
</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">Steven E. Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road</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">Houston, Texas 77041</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">L. Christian Marlin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD 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>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>INCORPORATOR(S):</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="94%">

<!-- 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 style="font-size: 1px">
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>SIGNATURE(S)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>PRINTED NAME(S)</B></TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Telephone number (optional):<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>



<P align="center" style="font-size: 10pt"><B>See instructions on the reverse.</B>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF [INSERT NAME]</B>
<DIV align="left"><FONT size="1">

</FONT></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">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The power to alter, amend or repeal the By-laws of this corporation
shall be vested in each of the Board of Directors and the shareholders of
this corporation. The shareholders of this corporation may amend or adopt
a by-law that fixes a greater quorum or voting requirement for
shareholders (or voting groups of shareholders) than is required by 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="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation shall indemnify any officer or director, or any former
officer or director, of this corporation to the fullest extent permitted
by 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="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto,
and any right conferred upon the shareholders is subject to this
reservation.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt; margin-left: 50%">INCORPORATOR:


<P align="left" style="font-size: 10pt; margin-left: 50%"><HR align="right" size="1" noshade width="50%">



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.15
<SEQUENCE>16
<FILENAME>y98642a1exv1w15.htm
<DESCRIPTION>EX-1.15:FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.15</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"><B>Exhibit 1.15</B>


<P align="center" style="font-size: 10pt">

<IMG src="y98642a1y9864203.gif" alt="(IMAGE)"></DIV>
<font color="#ffffff">
STATE OF WASHINGTON                                            APPLICATION TO FORM A
SECRETARY OF STATE                                              PROFIT CORPORATION
                                                              (Per
Chapter 23B.02 RCW)

                                                                      FEE: $175

.. Please PRINT or TYPE in black ink
.. Sign, date and return original AND ONE COPY to:

EXPEDITED (24-HOUR) SERVICE AVAILABLE - $20 PER ENTITY INCLUDE FEE
AND WRITE "EXPEDITE" IN BOLD LETTERS ON OUTSIDE OF ENVELOPE



  CORPORATIONS DIVISION
  801 CAPITOL WAY SOUTH . PO BOX 40234                      FOR OFFICE USE ONLY
  OLYMPIA, WA 98504-0234
                                                            FILED:       UBI:
                                                            CORPORATION NUMBER:





.. BE SURE TO INCLUDE FILING FEE. Checks should be made payable to
"Secretary of State"

IMPORTANT! Person to contact about this filing   Daytime Phone Number
(With area code)


                              ARTICLES OF INCORPORATION

[INSERT NAME]

NUMBER OF SHARES THE CORPORATION IS AUTHORIZED TO ISSUE  5000

        $1.00 par value    CLASS OF SHARES        X COMMON

EFFECTIVE DATE OF INFORMATION   X Upon filing by the Secretary of State


NAME AND ADDRESS OF WASHINGTON STATE REGISTERED AGENT
CT Corporation System
520 Pike Street             Seattle, WA   98101



I consent to serve as Registered Agent in the State of Washington for
the above corporation. I understand it will be my responsibility to
accept Service of Process on behalf of the corporation; to forward
mail to the corporation; and to immediately notify the Office of Secretary of
State if I resign or change the Registered Office Address.


CT Corporation System


CORPORATIONS INFORMATION AND ASSISTANCE - 360/753-7115 (TDD -
360/753-1485)


WA001 - 9/28/00 CT System Online

</font>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF [INSERT NAME]</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="left" style="font-size: 10pt">Additional Provisions


<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">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial Board of Directors of this corporation shall be comprised of
three (3)&nbsp;persons. The number of directors may be either increased or decreased
from time to time as provided for in the By-laws of the corporation, but shall
never be fewer than three. The names and addresses of the initial directors of
this corporation are:</TD>
</TR>

</TABLE>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="90%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Address</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benjamin P. Butterfield
</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">&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">Steven E. Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road</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">Houston, Texas 77041</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">L. Christian Marlin
</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>


<!-- End Table Body -->
</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The power to alter, amend or repeal the By-laws of this corporation shall be
vested in each of the Board of Directors and the shareholders of this
corporation. The shareholders of this corporation may amend or adopt a by-law
that fixes a greater quorum or voting requirement for shareholders (or voting
groups of shareholders) than is required by law.</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">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation shall indemnify any officer, director and incorporator, or
any former officer, director or incorporator, of this corporation to the
fullest extent permitted by law.</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">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation reserves the right to amend or repeal any provisions
contained in these Articles of Incorporation, or any amendment thereto, and any
right conferred upon the shareholders is subject to this reservation.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.16
<SEQUENCE>17
<FILENAME>y98642a1exv1w16.htm
<DESCRIPTION>EX-1.16: FORM OF ARTICLES OF INCORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-1.16</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;1.16<BR>
<br>

<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%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">JOE MANCHIN, III<br>
Secretary of State<Br>
State Capitol Bldg.<br>
1900 Kanawha Blvd. East<br>
Charleston, WV 25305-0770
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><IMG src="y98642a1y9864202.gif" alt="(WEST VIRGINA STATE SEAL)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Penney Barker, Team Leader<br>
Corporations Division<br>
Tel: (304) 558-8000<br>
Fax: (304) 558-5758<br>
www.wvsos.com<br>
FILE One Original<br>
Control #&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>


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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">WEST VIRGINIA<BR>
ARTICLES OF INCORPORATION


<P align="left" style="font-size: 10pt">The undersigned, acting as incorporator(s) according to the West Virginia
Code, adopt the following Articles of Incorporation for a West Virginia
Domestic Corporation, which shall be perpetual:


<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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->


<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>




<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">1:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The <B>name</B> of the <B>West
Virginia corporation </B>shall be:<BR>
&#091;This name is your official name and must be used in its entirety
when in use unless a trade name is registered with the Office of Secretary
of State, according to Chapter&nbsp;47-8 of the West Virginia Code.
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">[INSERT NAME]</TD>
</TR>
<TR><TD><DIV align="left"><FONT size="1">

</FONT></DIV></TD></TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The <B>address</B> of the principal office of
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Street:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o Lennar Corporation 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">the corporation will be:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">City/State/Zip:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida 33172</TD>
</TR>

<TR>
<TD>&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">located in the County of:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">County:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami-Dade</TD>
</TR>

<TR>
<TD>&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">The mailing address of the above
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Street/Box:</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">location, if different, will be:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">City/State/Zip:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The <B>physical address</B> (not a PO box)
of the of <B>principal place of business
in West Virginia, if any</B> of the corporation will be:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Street:<BR>
City/State/Zip:
</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">located in the County of:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">County:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR>
<TD>&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">The mailing address of the above
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Street/Box:</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">location, if different, will be:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">City/State/Zip:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The name and address of the <B>person
to whom notice of process may be sent</B> is:
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Name:<BR>
Street:<BR>
City/State/Zip:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C T Corporation System<BR>
707 Virginia Street East<BR>
Charleston, West Virginia 25301</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">5.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">This corporation is organized as: (check one below)</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"><FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">NON-PROFIT, NON-STOCK, (if you plan on applying for 501 (c)(3) status with the IRS you may want to include certain language that is required by IRS to be included in your articles of incorporation)</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"><FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR PROFIT</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">6.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">FOR PROFIT ONLY:</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>&nbsp;</TD>
    <TD align="left" valign="top">The total value of all authorized capital stock of the corporation will be $5,000.00.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The capital stock will be divided into 5000 shares at the par value of $1.00 per share.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">Issued by the Secretary of Stale, State Capitol, Charleston, WV 25305

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->

<TR valign="bottom">
    <TD align="left" valign="top">FORM CD-1
</TD>
    <TD align="right" valign="top">Revised 2/04</TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">WEST VIRGINIA ARTICLES OF INCORPORATION
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 2</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>7.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The <B>purposes</B> for which this corporation is formed areas follows:</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">(Describe the type(s) of business activity which will be conducted, for
example, &#147;agricultural production of grain and poultry&#148;, &#147;construction of residential and commercial buildings&#148;, &#147;manufacturing of food
products&#148;, &#147;commercial printing&#148;, &#147;retail grocery and sale of beer and
wine&#148;. Purposes may conclude with words &#147;... including the transaction of any or all lawful business for which corporations may be incorporated in
West Virginia.&#148;)</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>
</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">Ownership and development of real property and any or all lawful business
for which corporations may be incorporated in
West Virginia.</TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">FOR NONPROFITS ONLY: (Check the statement that applies to your entity)</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"><FONT face="Wingdings">&#111;</FONT> Corporation will have no members</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"><FONT face="Wingdings">&#111;</FONT> Corporation will have members</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">(NOTE) If corporation has one or more classes of members, the designation
of a class or classes is to be set forth in the articles of incorporation
and the manner of election or appointment and the qualifications and rights
of the members of each class is to be set forth in the articles of
incorporation or bylaws. If this applies to your entity then you will have
to attach a separate sheet listing the above required information, unless
it will fit in the space below.</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">&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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
</TR>


<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">9.</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">The name and address of the incorporator(s) is:</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="center" valign="top">Name
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Address
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">City/State/Zip</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&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"><HR align="center" size="1" noshade width="100%">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></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>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&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"><HR align="center" size="1" noshade width="100%">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="center" size="1" noshade width="100%"></TD>
</TR>


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</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Contact and Signature Information:</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">a. Contact person to reach in case there is a problem with filing:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Phone#<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">b. Print Name of person who is signing articles of incorporation:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></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">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c. Signature of Incorporator:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> Date:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp;&nbsp;&nbsp;</U></TD>
</TR>


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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>ARTICLES OF INCORPORATION<BR>
OF [INSERT NAME]</B>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<P align="left" style="font-size: 10pt">Additional Provisions


<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">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The initial Board of Directors of this corporation shall be
comprised of three (3)&nbsp;persons. The number of directors may
be either increased or decreased from time to time as provided
for in the By-laws of the corporation, but shall never be
fewer than three. The names and addresses of the initial
directors of this corporation are:</TD>
</TR>

</TABLE>

<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="97%">

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    <TD width="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Address</B><HR size="1" noshade></TD>
</TR>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Benjamin P. Butterfield
</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>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Steven E. Lane
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">10707 Clay Road</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">Houston, Texas 77041</TD>
</TR>

<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">L. Christian Marlin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD 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>


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</TABLE>
</DIV>



<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The power to alter, amend or repeal the By-laws of this
corporation shall be vested in each of the Board of Directors
and the shareholders of this corporation. The shareholders of
this corporation may amend or adopt a by-law that fixes a
greater quorum or voting requirement for shareholders (or
voting groups of shareholders) than is required by law.</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">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation shall indemnify any officer, director and
incorporator, or any former officer, director or incorporator,
of this corporation to the fullest extent permitted by law.</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">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This corporation reserves the right to amend or repeal any
provisions contained in these Articles of Incorporation, or
any amendment thereto, and any right conferred upon the
shareholders is subject to this reservation.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.17
<SEQUENCE>18
<FILENAME>y98642a1exv1w17.htm
<DESCRIPTION>EX-1.17:FORM OF LIMITED LIABILITY
<TEXT>
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<TITLE>EX-1.17</TITLE>
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<P align="right" style="font-size: 10pt">Exhibit&nbsp;1.17


<P align="center" style="font-size: 10pt"><B>&#091;LIMITED LIABILITY COMPANY AGREEMENT&#093;<BR>
&#091;OPERATING AGREEMENT&#093;<BR>
&#091;REGULATIONS&#093;</B>



<P align="center" style="font-size: 10pt"><B>OF</B>



<P align="center" style="font-size: 10pt"><B>LENNAR, LLC</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;THIS LIMITED LIABILITY COMPANY AGREEMENT&#093; &#091;THIS OPERATING AGREEMENT&#093;
&#091;THESE REGULATIONS&#093; (this <B>&#147;Agreement&#148;</B>) of LENNAR, LLC (the <B>&#147;Company&#148;</B>) is
entered into by &#091;LENNAR MEMBER&#093;, a &nbsp;&nbsp;&nbsp;corporation, as the sole member
of the Company (the <B>&#147;Member&#148;</B>). The Member has directed the formation of a
limited liability company pursuant to and in accordance with the &#091;DOMESTIC LLC
LAW&#093;, as amended from time to time (the <B>&#147;Act&#148;</B>), and hereby agrees as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Formation. The Company shall be organized under and pursuant to the
provisions of the Act. &nbsp;&nbsp;&nbsp;, as an &#091;authorized person&#093;
&#091;organizer&#093; within the meaning of the Act, has executed, delivered and filed
the &#091;Certificate of Formation&#093; &#091;Articles of
Organization (the <B>&#147;Articles&#148;</B>) of
the Company with the &#091;DOMESTIC FILING OFFICE&#093; of the State of &#091;DOMESTIC STATE&#093;
(the <B>&#147;Secretary of State&#148;</B>) on &nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;. Upon the execution of this
Agreement by the Member, his powers as an &#091;authorized person&#093; &#091;organizer&#093; shall
cease &#091;and the Chief Executive Officer, the President and the Vice Presidents
of the Company (the <B>&#147;Principal Officers&#148;</B>) shall thereafter each be designated
as an authorized person within the meaning of the Act&#093;. The Principal
Officers, or any of them, shall execute, deliver and file any other
applications (and any amendments and/or restatements thereof) necessary for the
Company to qualify to transact business in a jurisdiction in which the Company
may wish to conduct business. By its execution and delivery of this Agreement,
the Member hereby ratifies the formation of the Company under the provisions of
the Act pursuant to the filing of the Certificate of Formation with the
Secretary of State and confirms its admission to the Company as the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Name. The name of the Company is LENNAR, LLC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Purpose and Powers of the Company. Except as restricted by this
Agreement, the Company is organized for any legal and lawful purpose for which
a limited liability company may be organized pursuant to the Act. Without
restricting the generality of the foregoing, the Company&#146;s primary business or
purpose, unless and until changed by a majority vote of the Board (as
hereinafter defined), is to acquire, hold, own, finance, develop, mortgage,
construct, improve, lease, manage, sell and otherwise deal with real and
personal property. It is anticipated that the Company will acquire, hold, own,
develop, improve, construct, finance, mortgage, manage, lease, transfer, sale
and otherwise dispose &#091;DESCRIPTION OF PROPERTY&#093; situated in the &#091;LOCATION OF
PROPERTY&#093;.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Registered Office. The address of the registered office of the Company
in the State of &#091;DOMESTIC STATE&#093; is
&nbsp;&nbsp;&nbsp;.


<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;5.&nbsp;Registered Agent. The name and address of the registered agent of the
Company for service of process on the Company in the State of &#091;DOMESTIC STATE&#093;
is &nbsp;&nbsp;&nbsp;.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Member. The name and business address of the Member are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="93%">

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    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</B><HR size="1" noshade></TD>
</TR>


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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;LENNAR MEMBER&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o 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. 107<SUP>th</SUP> 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>


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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Management of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Management. Subject to the terms and conditions of this Agreement,
the powers of the Company shall be exercised by or under the authority of, and
the business and affairs of the Company shall be managed by, the collective
board (the &#147;<B>Board</B>&#148;) of its managers (the &#147;<B>Managers</B>&#148;). In addition to the powers
and authorities expressly conferred by this Agreement upon the Board, the Board
may exercise all such powers of the Company and do all such lawful acts and
things as are not directed or required to be exercised or done by the Member by
the Act, the Certificate or this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Member hereby makes, constitutes and appoints the collective Board of
Managers its true and lawful attorney, and, in its name, place and stead and
for its use and benefit, to execute, endorse, deliver and acknowledge all
documents, and to take all such further actions, with respect to any decision,
matter or action requiring the Member&#146;s consent under the Act, including,
without limitation, the sale of all or substantially all of the Company&#146;s
assets, the amendment of the Certificate of Formation and the dissolution of
the Company, and hereby grants unto the collective Board of its Managers as the
Member&#146;s attorney-in-fact full power and authority to execute and deliver to
the Secretary of State or to any other person or entity all such certificates,
instruments or other documentation as may be required to effectuate such
actions as if the Member were personally present, hereby ratifying and
confirming all that the collective Board of Managers as the Member&#146;s
attorney-in-fact shall lawfully do or cause to be done by authority hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Number of Managers; Term. The initial number of Managers comprising
the Board shall be three (3), which number may be increased or decreased from
time to time by the Member, but never less than three (3). The Managers, and
an initial Chairman (the &#147;<B>Chairman</B>&#148;) of the Board, shall be appointed by the
Member. Unless removed in accordance with the Agreement, a Manager shall hold
office until such time as his successor shall have been appointed by the Member
and become duly qualified.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Initial Managers. The Member hereby appoints Benjamin P. Butterfield,
Steven E. Lane and L. Christian Marlin to serve as the initial Managers, having
the rights, powers,


<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">duties and responsibilities set forth in this Agreement, and Benjamin P.
Butterfield as the initial Chairman.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Removal; Vacancies. Any vacancy occurring by reason of the death or
resignation of a Manager or any other reason shall be filled by the Member or a
majority of the remaining Managers. A Manager appointed to fill such vacancy
shall be appointed by the Member or a majority of the remaining Managers for
the unexpired term of the predecessor in office. Any Manager may be removed at
any time, with or without cause, by the written consent of the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Place of Meetings. All meetings of the Board or committees thereof
may be held in such place or places within or without the State of Delaware as
the Board or such committee may from time to time determine.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;First Meeting. The initial Board may hold its first meeting for the
purpose of organization and the transaction of business, if a quorum is
present, at such date, time and place as may be determined by the Chairman, and
notice of such meeting shall not be necessary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Regular Meetings. Regular meetings of the Board may be held at such
times and places as may be determined from time to time by the Board. Regular
meetings of the Board may be held without notice of the date, time, place or
purpose of the meeting, provided a quorum shall be present.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Special Meetings; Notice. Any Manager may call a special meeting of
the Board by providing written notice to the Chairman requesting such special
meeting and specifically setting forth the matters to be placed on the agenda
for such meeting. The Chairman shall give each Manager at least five (5)&nbsp;days
written notice of the date and time of such special meeting. Such notice shall
be accompanied by an agenda prepared by the Chairman, which shall include the
matter requested by the Manager calling such special meeting and such
supplemental information as the Chairman deems necessary or as may be requested
by the Manager calling the meeting. At such special meeting, all items on the
agenda shall be considered by the Board unless the Board determines otherwise.
Notwithstanding the foregoing, other than the matter requested by the Manager
calling such special meeting, neither the business to be transacted at, nor any
other purpose of, any special meeting of the Board need be specified in the
notice or waiver of notice of any special meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Quorum; Majority Vote. At all meetings of the Board, the presence of
a majority of the Managers shall be necessary and sufficient to constitute a
quorum for the transaction of business unless a greater number is required by
law. If a quorum is not present at a meeting, the Managers present at the
meeting may adjourn the meeting from time to time, without notice other than an
announcement at the meeting, until a quorum is present. The act of a majority
of the Managers, at a meeting at which a quorum is in attendance, shall be the
act of the Board, unless the act of a greater number is required by the Act,
the Certificate or this Agreement. Any Manager having an interest in a
contract or transaction under consideration shall be counted in determining the
presence of a quorum at a meeting of the Board.


<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;(j)&nbsp;Procedure; Minutes. At meetings of the Board, business shall be
transacted in such order as the Board may determine from time to time. At each
meeting of the Board, the Chairman or, in his absence, the Vice Chairman (if a
Vice Chairman has been elected or appointed), or in his absence, a Manager
appointed by the Board at such meeting, shall preside at the meeting. Such
individual presiding at the meeting shall appoint an individual to act as
secretary of the meeting. The secretary of the meeting shall prepare minutes of
the meeting that shall be delivered to the Secretary of the Company for
placement in the minute books of the Company. All communications to and from
the Board shall be directed to the Chairman or shall come from or through the
Chairman, as the case may be, but such communication shall be copied to all
Managers. In the absence of a Chairman all communications to and from the Board
shall be sent to all Managers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Presumption of Assent. A Manager of the Company who is present at any
meeting of the Board at which action on any matter is taken shall be presumed
to have assented to the action unless his dissent shall be entered in the
minutes of the meeting or unless he shall file his written dissent to such
action with the individual acting as secretary of the meeting before the
adjournment thereof or shall forward any dissent by certified or registered
mail to the Secretary of the Company immediately after the adjournment of the
meeting. Such right to dissent shall not apply to a Manager who voted in favor
of such action.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Compensation. Managers, as such, shall not receive any stated salary
for their services, provided that nothing contained in this Agreement shall
preclude any Manager from serving the Company in any other capacity and
receiving compensation for service. The Company shall reimburse the Managers
for any reasonable expenses incurred by the Managers in attending meetings of
the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Action Without Meeting. Any action which may be taken, or which is
required by law, the Certificate or this Agreement to be taken, at a meeting of
the Board or any committee thereof may be taken without a meeting if a consent
in writing, setting forth the action so taken, shall have been signed by all of
the Managers or committee members, as the case may be. Such consent shall have
the same force and effect, as of the date stated therein, as a unanimous vote
of the Board or committee members, as the case may be, and may be stated as
such in any document or instrument filed with the Secretary of State or in any
certificate or other document delivered to any person. The consent may be in
one or more counterparts so long as each Manager or committee member signs one
of the counterparts. The signed consent shall be delivered to the Secretary of
the Company for placement in the minute books of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The designation of any committee and the delegation of authority to it
shall not operate to relieve the Managers of any responsibility imposed upon
them by law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;Telephone and Similar Meetings. Managers may participate in and hold
a meeting by means of conference telephone or similar communications equipment
by means of which all Managers participating in the meeting can hear each
other. Participation in such meeting shall constitute attendance and presence
in person at such meeting, except where a Manager participates in the meeting
for the express purpose of objecting to the transaction of any business on the
ground that the meeting is not lawfully called or convened.


<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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Officers and Other Agents.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Number; Titles; Election; Term; Qualification. The Board shall have
the authority to appoint officers of the Company, from time to time, who shall
have the relative powers and duties assigned thereto by the Board. The initial
officers of the Company shall be a Chairman of the Board, a Chief Executive
Officer and/or a President, a Secretary and a Treasurer. The Company may also
have a Vice Chairman of the Board, an Executive Vice President, a Chief
Operating Officer, a Chief Financial Officer, one or more Senior Vice
Presidents (and, in the case of each Senior Vice President, with such
descriptive title, if any, as the Board shall determine), one or more Vice
Presidents (and, in the case of each Vice President, with such descriptive
title, if any, as the Board shall determine), one or more Assistant
Secretaries, one or more Assistant Treasurers and such other officers and such
agents as the Board may from time to time elect or appoint. The Board shall
elect a Chairman (other than the initial Chairman), Chief Executive Officer
and/or a President, a Treasurer and Secretary at its first meeting at which a
quorum shall be present after the annual meeting of the Board or whenever a
vacancy exists. The Board then, or from time to time, may also elect or
appoint one or more other officers or agents as it shall deem advisable. Each
officer and agent shall hold office until his successor has been elected or
appointed and qualified. Any individual may hold any number of offices. No
officer or agent need be a Member, a Manager, a resident of the State of
Delaware or a citizen of the United States.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Removal. Any officer or agent elected or appointed by the Board may
be removed by the Board, with or without cause, whenever in the judgment of the
Board the best interest of the Company will be served thereby, but such removal
shall be without prejudice to the contract rights, if any, of the individual so
removed. Election or appointment of an officer or agent shall not of itself
create contract rights.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Vacancies. Any vacancy occurring in any office of the Company may be
filled by the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Authority. Officers shall have such authority and perform such duties
in the management of the Company as are provided in this Agreement or as may be
determined by resolution of the Board not inconsistent with this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Compensation. The compensation, if any, of officers, employees and
agents shall be fixed from time to time by the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Chairman of the Board. The Chairman shall have such powers and duties
as set forth in this Agreement and as may otherwise be prescribed by the
Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Vice Chairman of the Board. If a Vice Chairman is elected or
appointed, the Vice Chairman of the Board shall have such powers and duties as
set forth in this Agreement and as may otherwise be prescribed by the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Chief Executive Officer. Unless and to the extent that such powers
and duties are granted to the Board hereunder, the Chief Executive Officer of
the Company, subject to the


<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">supervision of the Board, shall have general management and control of the
business and property of the Company in the ordinary course of its business
with all such powers with respect to such general management and control as may
be reasonably incident to such responsibilities, including the power to employ,
discharge, or suspend employees and agents of the Company, to fix the
compensation of employees and agents, and to suspend, with or without cause,
any officer of the Company pending final action by the Board with respect to
continued suspension, removal, or reinstatement of such officer. The Chief
Executive Officer may, without limitation, agree upon and execute all
documents, agreements, instruments, orders, bonds, contracts, and other
obligations in the name of the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;President, Executive Vice President, Chief Operating Officer, Senior
Vice Presidents and Vice Presidents. In the case of the absence or disability
of the Chief Executive Officer, the President shall perform the duties and
exercise the powers of the Chief Executive Officer. The Executive Vice
President, Chief Operating Officer, each Senor Vice President and the Vice
President, if there is one, or if there shall be more than one, the Vice
Presidents, in the order determined by the Board from time to time, shall, in
the absence or disability of the President, perform the duties and exercise the
powers of the President. The President, Executive Vice President, Chief
Operating Officer, Senior Vice Presidents and any Vice President, as well as
the Chief Financial Officer, shall have such further powers and duties as may
be prescribed by the Board or as may be delegated from time to time by the
Chief Executive Officer. As between the Company and third parties, any action
taken by the President in the performance of the duties of or delegated by the
Chief Executive Officer shall be conclusive evidence of the absence or
inability to act of or such delegation by the Chief Executive Officer at the
time such action was taken and any action taken by the Executive Vice
President, Chief Operating Officer, Senior Vice Presidents or any Vice
President in the performance of the duties of the President or delegated by the
Chief Executive Officer shall be conclusive evidence of the absence or
inability to act of the President at the time such action was taken or such
delegation by the Chief Executive Officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Treasurer. The Treasurer shall have custody of the Company&#146;s funds
and securities, shall keep full and accurate accounts of receipts and
disbursements, and shall deposit all moneys and valuable effects in the name
and to the credit of the Company in such depository or depositories as may be
designated by the Board. The Treasurer shall audit all payrolls and vouchers of
the Company, receive, audit, and consolidate all operating and financial
statements of the Company and its various departments, shall supervise the
accounting and auditing practices of the Company, and shall have charge of
matters relating to taxation. Additionally, the Treasurer shall have the power
to endorse for deposit, collection, or otherwise all checks, drafts, notes,
bills of exchange, and other commercial paper payable to the Company and to
give proper receipts and discharges for all payments to the Company. The
Treasurer shall perform such other duties as may be prescribed by the Board or
as may be delegated from time to time by the Chief Executive Officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Assistant Treasurers. Each Assistant Treasurer shall have such powers
and duties as may be prescribed by the Board or as may be delegated from time
to time by the Chief Executive Officer. The Assistant Treasurers (in the order
as designated by the Board or, in the absence of such designation, as
determined by the length of time each has held the office of


<P align="center" style="font-size: 10pt">6
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Assistant Treasurer continuously) shall exercise the powers of the treasurer
during that officer&#146;s absence or inability to act. As between the Company and
third parties, any action taken by an Assistant Treasurer in the performance of
the duties of the Treasurer shall be conclusive evidence of the absence or
inability to act of the Treasurer at the time such action was taken.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Secretary. The Secretary shall maintain minutes of all meetings of
the Board, of any committee of the Board, and of the Members or consents in
lieu of such minutes in the Company&#146;s minute books, and shall cause notice of
such meetings to be given when requested by any Person authored to call such
meetings. The Secretary may sign with the President, in the name of the
Company, all contracts of the Company and affix the seal of the Company
thereto. The Secretary shall have charge of the books, records and other papers
as the Board may direct, all of which shall at all reasonable times be open to
inspection by any Member at the office of the Company during business hours.
The Secretary shall perform such other duties as may be prescribed by the Board
or as may be delegated from time to time by the chief executive officer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Assistant Secretaries. Each Assistant Secretary shall have such
powers and duties as may be prescribed by the Board or as may be delegated from
time to time by the Chief Executive Officer. The Assistant Secretaries (in the
order designated by the Board or, in the absence of such designation, as
determined by the length of time each has held the office of Assistant
Secretary continuously) shall exercise the powers of the Secretary during that
officer&#146;s absence or inability to act. As between the Company and third
parties, any action taken by an Assistant Secretary in the performance of the
duties of the Secretary shall be conclusive evidence of the absence or
inability to act of the Secretary at the time such action was taken.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Dissolution, Liquidation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall be dissolved, and its affairs shall be wound up,
solely upon the first to occur of the following, unless the Member elects to
continue the Company to the extent permitted under the Act:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;At the time specified in a written consent of the Member upon or
without the recommendation of the Board;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;At any time there is no remaining member of the Company; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;At the time specified in a decree of judicial dissolution under the
Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To the fullest extent permitted by law, the foregoing constitutes the
only events upon which the Company shall be dissolved and its affairs wound up.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon the dissolution of the Company, the Board shall direct, and the
officers of the Company shall conduct, the winding up of the affairs of the
Company. The winding up of the Company shall be complete when all debts,
liabilities, and obligations of the Company have been paid and discharged or
reasonably adequate provision therefor has been made in accordance with the
Act.


<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;(d)&nbsp;The existence of the Company shall continue until the cancellation of
the Certificate as provided in the Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Capital Contributions. The Member contributed the following amount,
in cash, to the Company as a capital contribution (a <B>&#147;Capital Contribution&#148;</B>) in
exchange for the membership interest in the percentage set forth below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="93%">

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    <TD width="56%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Membership</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contribution</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Interest Percentage</B><HR size="1" noshade></TD>
</TR>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;LENNAR MEMBER&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">100.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">%</TD>
</TR>


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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Member to make a capital contribution is not
intended to, and shall not be for the benefit of, enforceable by or provide any
rights whatsoever to any person or entity, other than the Company. No other
person or entity shall have any right whatsoever, directly or indirectly,
through a relationship as a creditor or otherwise with the Member or the
Company, to require capital contributions by the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Additional Contributions. The Member is not required to make any
additional capital contribution to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Allocation of Profits and Losses. The Company&#146;s profits and losses
shall be allocated to the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Distributions. Distributions shall be made to the Member at the times
and in the aggregate amounts determined by a majority of the Board in
accordance with Section&nbsp;12 hereof. Such distributions shall be made in
accordance with, and no distribution shall be made if such distribution would
violate, the Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Assignments. The Member may assign or otherwise transfer or pledge in
whole or in part its limited liability company interest in the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Resignation. The Member may resign from the Company to the extent
permitted under the Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Admission of Additional Members. Additional members of the Company
may be admitted to the Company at the discretion of, and upon such terms and
conditions as shall be approved by, the Member and a majority of the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;Liability, Indemnification and Exculpation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Liability. Except as otherwise provided by the Act, the debts,
obligations and liabilities of the Company, whether arising in contract, tort
or otherwise, shall be solely the debts, obligations and liabilities of the
Company, and no Manager, officer or member of the Company, including, without
limitation, the Member, or authorized person under the Act, or any affiliate,
officer, director, manager, member, shareholder, partner, employee,
representative or


<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">agent of the Company, the Member or any other member of the Company (each, a
<B>&#147;Covered Person&#148;</B> and collectively, the <B>&#147;Covered Persons&#148;</B>), shall be obligated
personally for any such debt, obligation or liability of the Company solely by
reason of being a Covered Person.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Exculpation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;No Covered Person shall be liable to the Company or any other Covered
Person for any loss, damage or claim incurred by reason of any act or omission
performed or omitted by such Covered Person in good faith on behalf of the
Company and in a manner reasonably believed to be within the scope of authority
conferred on such Covered Person by this Agreement, except that a Covered
Person shall be liable for any such loss, damage or claim incurred by reason of
such Covered Person&#146;s gross negligence, willful misconduct or fraud.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;A Covered Person shall be fully protected in relying in good faith
upon the records of the Company and upon such information, opinions, reports or
statements presented to the Company by any person as to matters the Covered
Person reasonably believes are within such other person&#146;s professional or
expert competence and who has been selected with reasonable care by or on
behalf of the Company, including information, opinions, reports or statements
as to the value and amount of the assets, liabilities, profits, losses or any
other facts pertinent to the existence and amount of assets from which
distributions to the Member might properly be paid.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Fiduciary Duty.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;To the extent that, at law or in equity, a Covered Person has duties
(including fiduciary duties) and liabilities relating thereto to the Company or
to any other Covered Person, a Covered Person acting under this Agreement shall
not be liable to the Company or to any other Covered Person for its good faith
reliance on the provisions of this Agreement. The provisions of this
Agreement, to the extent that they restrict the duties and liabilities of a
Covered Person otherwise existing at law or in equity, are agreed by the
parties hereto to replace such other duties and liabilities of such Covered
Person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;Unless otherwise expressly provided herein, (1)&nbsp;whenever a conflict
of interest exists or arises between Covered Persons, or (2)&nbsp;whenever this
Agreement or any other agreement contemplated herein or therein provides that a
Covered Person shall act in a manner that is, or provides terms that are, fair
and reasonable to the Company or the Member, the Covered Person shall resolve
such conflict of interest, taking such action or providing such terms,
considering in each case the relative interest of each party (including its own
interest) to such conflict, agreement, transaction or situation and the
benefits and burdens relating to such interests, any customary or accepted
industry practices, and any applicable generally accepted accounting practices
or principles. In the absence of bad faith by the Covered Person, the
resolution, action or term so made, taken or provided by the Covered Person
shall not constitute a breach of this Agreement or any other agreement
contemplated herein or of any duty or obligation of the Covered Person at law
or in equity or otherwise.


<P align="center" style="font-size: 10pt">9
</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;Whenever in this Agreement a Covered Person is permitted or required
to make a decision in (1)&nbsp;its &#147;discretion&#148; or under a grant of similar
authority or latitude, the Covered Person shall be entitled to consider such
interests and factors as it desires, including its own interests, and shall
have no duty or obligation to give any consideration to any interest of or
factors affecting the Company or any other person, or (2)&nbsp;in its &#147;good faith&#148;
or under another express standard, the Covered Person shall act under such
express standard and shall not be subject to any other or different standard
imposed by this Agreement or other applicable law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Indemnification. To the fullest extent permitted by applicable law, a
Covered Person shall be entitled to indemnification from the Company for any
loss, damage or claim incurred by such Covered Person by reason of any act or
omission performed or omitted by such Covered Person in good faith on behalf of
the Company and in a manner reasonably believed to be within the scope of
authority conferred on such Covered Person by this Agreement, except that no
Covered Person shall be entitled to be indemnified in respect of any loss,
damage or claim incurred by such Covered Person by reason of gross negligence,
willful misconduct or fraud with respect to such acts or omissions; provided,
however, that any indemnity under this Section&nbsp;17 shall be provided out of and
to the extent of Company assets only, and no Covered Person shall have any
personal liability on account thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Expenses. To the fullest extent permitted by applicable law, expenses
(including legal fees) incurred by a Covered Person in defending any claim,
demand, action, suit or proceeding shall, from time to time, be advanced by the
Company prior to the final disposition of such claim, demand, action, suit or
proceeding upon receipt by the Company of an undertaking by or on behalf of the
Covered Person to repay such amount if it shall be determined that the Covered
Person is not entitled to be indemnified as authorized in this Section&nbsp;17.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Outside Businesses. The Member and the Managers may engage in or
possess an interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of the
Company, and the Company, the Managers and any member thereof shall have no
rights by virtue of this Agreement in and to such independent ventures or the
income or profits derived therefrom, and the pursuit of any such venture, even
if competitive with the business of the Company, shall not be deemed wrongful
or improper. Neither the Member nor the Managers shall be obligated to present
any particular investment opportunity to the Company even if such opportunity
is of a character that, if presented to the Company, could be taken by the
Company, and the Member and the Managers shall have the right to take for their
own account (individually or as a partner or fiduciary) or to recommend to
others any such particular investment opportunity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;Notice. Any notice or demand required or permitted to be given or
made to or upon any party hereto shall be deemed to have been duly given or
made for all purposes if (i)&nbsp;in writing and delivered by hand or overnight
express courier service against receipt, or sent by certified or registered
mail, postage prepaid, return receipt requested, or (ii)&nbsp;sent by telegram,
telecopy or telex, and followed by a copy delivered or sent in the manner
provided in clause (i)&nbsp;above, to such party at the address set forth in Section
6 hereof, or at such other address as any party hereto may at any time, or from
time to time, direct by notice given to the other party in accordance with this
Section&nbsp;18. The date of giving or making of any such notice or demand


<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">shall be the earlier of the date of actual receipt, or five business days after
such notice or demand is sent, or, if sent in accordance with clause (ii)&nbsp;of
this Section&nbsp;18, the business day next following the day such notice or demand
is actually transmitted.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;Expenses. The Member and the Managers will be reimbursed their
reasonable costs of managing and participating in the management of the
Company, including legal, travel, telephone, hotel, meals and related expenses.
The Member agrees to cause the Managers to the extent possible to identify
such expected expenses for each fiscal year of the Company and to include them
in the Company&#146;s proposed budget for such year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Fiscal Year. The Company&#146;s accounting period shall terminate as of
November&nbsp;30 of each calendar year, including the calendar year 200&nbsp;&nbsp;&nbsp;, or as
otherwise fixed by written consent of the Board.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;Books and Records. At all times during the continuance of the
Company, proper and true books of account shall be kept wherein shall be
entered particulars of (a)&nbsp;all moneys, goods, or effects belonging to or owing
to or by the Company, or paid, received, sold, or purchased in the course of
the Company&#146;s business, and (b)&nbsp;all such other transactions, matters, and
things relating to the business of the Company as are usually entered in books
of account kept by persons engaged in businesses of a like kind and character.
Said books of account shall be kept at the principal office of the Member or at
the office of the accountant or other persons or firms retained by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Amendment. This Agreement may be amended or modified by written
consent of the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;Governing Law. This Agreement shall be governed by, and construed
under, the laws of the State of &#091;DOMESTIC STATE&#093;, without giving effect to the
principles of conflicts of laws thereof, all rights and remedies being governed
by said law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;Cumulative Remedies. The rights and remedies provided by this
Agreement are cumulative and the use of any one right or remedy by any party
shall not preclude or waive its right to use any and all other remedies. Said
rights and remedies are given in addition to any other rights the parties may
have by law, statute, ordinance or otherwise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Binding Effect. This Agreement shall be binding upon and inure to the
benefit of all of the parties and, to the extent permitted by this Agreement,
their successors, heirs, legal representatives and assigns.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.&nbsp;Severability. The invalidity or unenforceability of any particular
provision of this Agreement shall not affect the other provisions hereof, and
this Agreement shall be construed in all respects as if such invalid or
unenforceable provision were omitted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.&nbsp;Headings. The headings, titles, and subtitles herein are inserted for
convenience of reference only and shall not control or affect the meaning or
construction of any of the provisions of this Agreement.


<P align="center" style="font-size: 10pt">11
</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 undersigned has duly executed this Agreement
effective as of the &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MEMBER:</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>&#091;LENNAR MEMBER&#093;</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</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">&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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&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" nowrap>Print Name:</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&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" nowrap>Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>

<P align="center" style="font-size: 10pt">12
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<DOCUMENT>
<TYPE>EX-1.18
<SEQUENCE>19
<FILENAME>y98642a1exv1w18.htm
<DESCRIPTION>EX-1.18:FORM OF LIMITED LIABILITY
<TEXT>
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<TITLE>EX-1.18</TITLE>
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<P align="right" style="font-size: 10pt">Exhibit&nbsp;1.18

<P align="center" style="font-size: 10pt"><B>&#091;LIMITED LIABILITY COMPANY AGREEMENT&#093;<BR>
&#091;OPERATING AGREEMENT&#093;<BR>
&#091;REGULATIONS&#093;</B>

<P align="center" style="font-size: 10pt"><B>OF</B>

<P align="center" style="font-size: 10pt"><B>LENNAR, LLC</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#091;THIS LIMITED LIABILITY COMPANY AGREEMENT&#093; &#091;THIS OPERATING AGREEMENT&#093;
&#091;THESE REGULATIONS&#093; (this <B>&#147;Agreement&#148;</B>) of LENNAR, LLC (the <B>&#147;Company&#148;</B>) is
entered into by &#091;LENNAR MEMBER&#093;, a &nbsp;&nbsp;&nbsp;corporation, as the sole member
of the Company (the <B>&#147;Member&#148;</B>). The Member has directed the formation of a
limited liability company pursuant to and in accordance with the &#091;DOMESTIC LLC
LAW&#093;, as amended from time to time (the <B>&#147;Act&#148;</B>), and hereby agrees as follows:

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Formation. The Company shall be organized under and pursuant to the
provisions of the Act. &nbsp;&nbsp;&nbsp;, as an &#091;authorized person&#093;
&#091;organizer&#093; within the meaning of the Act, has executed, delivered and filed
the &#091;Certificate of Formation&#093; &#091;Articles of Organization&#093; of the Company (the
<B>&#147;Articles&#148;</B>) with the &#091;DOMESTIC FILING OFFICE&#093; of the State of &#091;DOMESTIC STATE&#093;
(the <B>&#147;Secretary of State&#148;</B>) on &nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;. Upon the execution of this
Agreement by the Member, his powers as an &#091;authorized person&#093; &#091;organizer&#093; shall
cease &#091;and the Member shall thereafter be designated as an authorized person
within the meaning of the Act&#093;. The Member shall execute, deliver and file any
other applications (and any amendments and/or restatements thereof) necessary
for the Company to qualify to transact business in a jurisdiction in which the
Company may wish to conduct business. By its execution and delivery of this
Agreement, the Member hereby ratifies the formation of the Company under the
provisions of the Act pursuant to the filing of the Articles with the Secretary
of State and confirms its admission to the Company as the initial Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Name. The name of the Company is Lennar, LLC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Purpose and Powers of the Company. Except as restricted by this
Agreement, the Company is organized for any legal and lawful purpose for which
a limited liability company may be organized pursuant to the Act. Without
restricting the generality of the foregoing, the Company&#146;s primary business or
purpose, unless and until changed by a vote of the Member, is to acquire, hold,
own, finance, mortgage, develop, construct, improve, manage, market, sell and
otherwise deal with real and personal property. It is anticipated that the
Company will acquire, own, obtain and perpetuate entitlements for, develop into
homesites, improve, manage, mortgage, finance, market, sell, convey or
otherwise dispose of &#091;DESCRIBE REAL PROPERTY&#093; situated in &#091;LOCATION OF
PROPERTY&#093; (the <B>&#147;Property&#148;</B>).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Registered Office. The address of the registered office of the Company
in the State of &#091;DOMESTIC STATE&#093; is
&nbsp;&nbsp;&nbsp;.


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Registered Agent. The name and address of the registered agent of the
Company for service of process on the Company in the State of &#091;DOMESTIC STATE&#093;
is &nbsp;&nbsp;&nbsp;.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Member. The name and business address of the Member are as follows:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="93%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="58%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Address</B><HR size="1" noshade></TD>
</TR>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">LENNAR MEMBER
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">c/o 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. 107<sup>th</sup> 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>


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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Management of the Company. The Member shall manage the business and
affairs of the Company, and all actions taken by the Member in connection
therewith shall bind the Company. The Member shall have full and complete
authority, power, and discretion to manage and control the business, affairs
and properties of the Company, to make all decisions regarding those matters
and to perform any and all other acts or activities customary or incident to
the management of the Company&#146;s business, all upon such terms and conditions as
shall be approved in the Member&#146;s sole discretion, including, without
limitation, in connection with the acquisition, ownership, financing,
encumbering, mortgaging, development, improvement, operation, management and
sale or other disposition of the Property or any portion thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Dissolution, Liquidation



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall be dissolved, and its affairs shall be wound
up, solely upon the first to occur of the following, unless the Member
elects to continue the Company to the extent permitted under the Act:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At the time specified in a written consent of the Member;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) At any time there is no remaining member of the Company; or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) At the time specified in a decree of judicial dissolution under the Act.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, the foregoing
constitutes the only events upon which the Company shall be dissolved and
its affairs wound up.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the dissolution of the Company, the Member, or its
successors or assigns, shall conduct the winding up of the affairs of the
Company. The winding up of the Company shall be complete when all debts,
liabilities, and obligations of


<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="margin-left:3%; font-size: 10pt">the Company have been paid and discharged
or reasonably adequate provision therefor has been made in accordance
with the Act.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The existence of the Company shall continue until the
cancellation of the Articles as provided in the Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Capital Contributions. The Member contributed the following amount, in
cash, to the Company as a capital contribution (a <B>&#147;Capital Contribution&#148;</B>) in
exchange for the membership interests in the Company in the percentage set
forth below:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="93%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Limited Membership</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Contribution</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Interest Percentage</B><HR size="1" noshade></TD>
</TR>


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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&#091;LENNAR MEMBER&#093;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">100.00</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100%.</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>


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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligation of the Member to make a capital contribution is not
intended to, and shall not be for the benefit of, enforceable by or provide any
rights whatsoever to any person or entity, other than the Company. No other
person or entity shall have any right whatsoever, directly or indirectly,
through a relationship as a creditor or otherwise with the Member or the
Company, to require capital contributions by the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;Additional Contributions. The Member is not required to make any
additional capital contribution to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;Distributions. Distributions shall be made to the Member at the times
and in the aggregate amounts determined by the Member. Such distributions
shall be made in accordance with, and no distribution shall be made if such
distribution would violate, the Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;Assignment. The Member may assign or otherwise transfer or pledge in
whole or in part its limited liability company interest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Resignation. The Member may resign from the Company to the extent
permitted under the Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;Admission of Additional Members. Additional members of the Company
may be admitted to the Company at the discretion of, and upon such terms and
conditions as shall be approved by, the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;Liability, Indemnification and Exculpation.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liability. Except as otherwise provided by the Act, the debts,
obligations and liabilities of the Company, whether arising in contract,
tort or otherwise, shall be solely the debts, obligations and liabilities
of the Company, and no member or manager of the Company, including,
without limitation, the Member or any affiliate, officer, director,
shareholder, partner, employee, representative or


<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="margin-left:3%; font-size: 10pt">agent thereof or any
other member of the Company (each, a <B>&#147;Covered
Person&#148;</B> and collectively,
the <B>&#147;Covered Persons&#148;</B>), shall be obligated personally for any such debt,
obligation or liability of the Company solely by reason of being a
Covered Person.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exculpation.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) No Covered Person shall be liable to the Company or any
other Covered Person for any loss, damage or claim incurred by
reason of any act or omission performed or omitted by such Covered
Person in good faith on behalf of the Company and in a manner
reasonably believed to be within the scope of authority conferred
on such Covered Person by this Agreement, except that a Covered
Person shall be liable for any such loss, damage or claim incurred
by reason of such Covered Person&#146;s gross negligence, willful
misconduct or fraud.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A Covered Person shall be fully protected in relying in
good faith upon the records of the Company and upon such
information, opinions, reports or statements presented to the
Company by any person as to matters the Covered Person reasonably
believes are within such other person&#146;s professional or expert
competence and who has been selected with reasonable care by or on
behalf of the Company, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities,
profits, losses or any other facts pertinent to the existence and
amount of assets from which distributions to the Member might
properly be paid.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fiduciary Duty.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To the extent that, at law or in equity, a Covered Person
has duties (including fiduciary duties) and liabilities relating
thereto to the Company or to any other Covered Person, a Covered
Person acting under this Agreement shall not be liable to the
Company or to any other Covered Person for its good faith reliance
on the provisions of this Agreement. The provisions of this
Agreement, to the extent that they restrict the duties and
liabilities of a Covered Person otherwise existing at law or in
equity, are agreed by the parties hereto to replace such other
duties and liabilities of such Covered Person.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Unless otherwise expressly provided herein, (A)&nbsp;whenever
a conflict of interest exists or arises between Covered Persons, or
(B)&nbsp;whenever this Agreement or any other agreement contemplated
herein or therein provides that a Covered Person shall act in a
manner that is, or provides terms that are, fair and reasonable to
the Company or the Member, the Covered Person shall resolve such
conflict of interest, taking such action or providing such terms,
considering in each case the relative interest of each party
(including its own interest) to such conflict, agreement,
transaction or situation and the benefits and burdens relating to
such interests, any


<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="margin-left:6%; font-size: 10pt">customary or accepted industry practices, and
any applicable generally accepted accounting practices or
principles. In the absence of bad faith by the Covered Person, the
resolution, action or term so made, taken or provided by the
Covered Person shall not constitute a breach of this Agreement or
any other agreement contemplated herein or of any duty or
obligation of the Covered Person at law or in equity or otherwise.



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Whenever in this Agreement a Covered Person is permitted
or required to make a decision in (A)&nbsp;its &#147;discretion&#148; or under a
grant of similar authority or latitude, the Covered Person shall be
entitled to consider such interests and factors as it desires,
including its own interests, and shall have no duty or obligation
to give any consideration to any interest of or factors affecting
the Company or any other person, or (B)&nbsp;in its &#147;good faith&#148; or
under another express standard, the Covered Person shall act under
such express standard and shall not be subject to any other or
different standard imposed by this Agreement or other applicable
law.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indemnification. To the fullest extent permitted by applicable
law, a Covered Person shall be entitled to indemnification from the
Company for any loss, damage or claim incurred by such Covered Person by
reason of any act or omission performed or omitted by such Covered Person
in good faith on behalf of the Company and in a manner reasonably
believed to be within the scope of authority conferred on such Covered
Person by this Agreement, except that no Covered Person shall be entitled
to be indemnified in respect of any loss, damage or claim incurred by
such Covered Person by reason of gross negligence, willful misconduct or
fraud with respect to such acts or omissions; provided, however, that any
indemnity under this Section&nbsp;15 shall be provided out of and to the
extent of Company assets only, and no Covered Person shall have any
personal liability on account thereof.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Expenses. To the fullest extent permitted by applicable law,
expenses (including legal fees) incurred by a Covered Person in defending
any claim, demand, action, suit or proceeding shall, from time to time,
be advanced by the Company prior to the final disposition of such claim,
demand, action, suit or proceeding upon receipt by the Company of an
undertaking by or on behalf of the Covered Person to repay such amount if
it shall be determined that the Covered Person is not entitled to be
indemnified as authorized in this Section&nbsp;15.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Outside Businesses. The Member may engage in or possess an
interest in other business ventures of any nature or description,
independently or with others, similar or dissimilar to the business of
the Company, and the Company and any member thereof shall have no rights
by virtue of this Agreement in and to such independent ventures or the
income or profits derived therefrom, and the pursuit of any such venture,
even if competitive with the business of the Company, shall not be deemed
wrongful or improper. The Member shall not be obligated to present any
particular investment opportunity to the Company even if such


<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="margin-left:3%; font-size: 10pt">opportunity is of a character that, if presented to the Company, could be taken by
the Company, and the Member shall have the right to take for its own
account (individually or as a partner or fiduciary) or to recommend to
others any such particular investment opportunity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;Notice. Any notice or demand required or permitted to be given or
made to or upon any party hereto shall be deemed to have been duly given or
made for all purposes if (i)&nbsp;in writing and delivered by hand or overnight
express courier service against receipt, or sent by certified or registered
mail, postage prepaid, return receipt requested, or (ii)&nbsp;sent by telegram,
telecopy or telex, and followed by a copy delivered or sent in the manner
provided in clause (i)&nbsp;above, to such party at the address set forth in Section
6 hereof, or at such other address as any party hereto may at any time, or from
time to time, direct by notice given to the other party in accordance with this
Section&nbsp;16. The date of giving or making of any such notice or demand shall be
the earlier of the date of actual receipt, or five business days after such
notice or demand is sent, or, if sent in accordance with clause (ii)&nbsp;of this
Section&nbsp;16, the business day next following the day such notice or demand is
actually transmitted. For the purposes of this Section&nbsp;16, the address of each
of the Member and the Company is set forth under Section&nbsp;6 of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;Expenses. The Member will be reimbursed their reasonable costs of
managing and/or participating in the management of the Company, including
legal, travel, telephone, hotel, meals and related expenses. The Member agrees
to the extent possible to identify such expected expenses for each fiscal year
of the Company and to include them in the Company&#146;s proposed budget for such
year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;Fiscal Year. The Company&#146;s accounting period shall terminate as of
November&nbsp;30<sup>th</sup> of each calendar year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;Books and Records. At all times during the continuance of the
Company, proper and true books of account shall be kept wherein shall be
entered particulars of (a)&nbsp;all moneys, goods, or effects belonging to or owing
to or by the Company, or paid, received, sold, or purchased in the course of
the Company&#146;s business, and (b)&nbsp;all such other transactions, matters, and
things relating to the business of the Company as are usually entered in books
of account kept by persons engaged in businesses of a like kind and character.
Said books of account shall be kept at the principal office of the Member or at
the office of the accountant or other persons or firms retained by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;Amendment. This Agreement may only be amended or modified by written
consent of the Member.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;Governing Law. This Agreement shall be governed by, and construed
under, the laws of the State of &#091;DOMESTIC STATE&#093;, without giving effect to the
principles of conflicts of laws thereof, all rights and remedies being governed
by said law.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;Cumulative Remedies. The rights and remedies provided by this
Agreement are cumulative and the use of any one right or remedy by any party
shall not preclude or waive its right to use any and all other remedies. Said
rights and remedies are given in addition to any other rights the parties may
have by law, statute, ordinance or otherwise.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;Binding Effect. This Agreement shall be binding upon and inure to the
benefit of all of the parties and, to the extent permitted by this Agreement,
their successors, legal representatives and assigns.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;Severability. The invalidity or unenforceability of any particular
provision of this Agreement shall not affect the other provisions hereof, and
this Agreement shall be construed in all respects as if such invalid or
unenforceable provision were omitted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;Headings. The headings, titles, and subtitles herein are inserted for
convenience of reference only and shall not control or affect the meaning or
construction of any of the provisions of this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the undersigned has duly executed this Agreement
effective as of the &nbsp;&nbsp;&nbsp;day of &nbsp;&nbsp;&nbsp;, 200&nbsp;&nbsp;&nbsp;.

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    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>MEMBER:</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>&#091;LENNAR MEMBER&#093;</B></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</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">&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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&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" nowrap>Print Name:</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&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" nowrap>Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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<P align="center" style="font-size: 10pt">7
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<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>20
<FILENAME>y98642a1exv2w1.htm
<DESCRIPTION>EX-2.1: FORM OF BY-LAWS
<TEXT>
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<P align="right" style="font-size: 10pt"><B>DRAFT DATED<BR>
April&nbsp;27, 2004</B>


<P align="right" style="font-size: 10pt">Exhibit&nbsp;2.1


<P align="center" style="font-size: 10pt"><B>Form of By-Laws</B>



<P align="center" style="font-size: 10pt">BY-LAWS



<P align="center" style="font-size: 10pt">of



<P align="center" style="font-size: 10pt">&#091;NAME&#093;



<P align="center" style="font-size: 10pt">A &#091;STATE OF INCORPORATION&#093; Corporation<BR>
Adopted &#091;INSERT DATE&#093;



<P align="center" style="font-size: 10pt">ARTICLE I



<P align="center" style="font-size: 10pt">Offices



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The registered office of the Corporation will be in the City of
&#091;LOCATION OF REGISTERED OFFICE&#093;, County of &#091;COUNTY OF REGISTERED OFFICE&#093;, State
of &#091;STATE OF INCORPORATION&#093;.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Corporation may also have offices at such other places, within or
outside of the State of &#091;STATE OF INCORPORATION&#093;, as the Board of Directors may
from time to time determine or the business of the Corporation may require.


<P align="center" style="font-size: 10pt">ARTICLE II



<P align="center" style="font-size: 10pt">Meetings of Stockholders



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Meetings of stockholders will be held at such places within or outside
of the State of &#091;STATE OF INCORPORATION&#093; as may be fixed from time to time by
the Board of Directors.


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Commencing with the year 2005, annual Meetings of Stockholders will be
held on the third Monday of April of each year, or if that is a legal holiday,
on the next following business day, at 10:00&nbsp;a.m. local time at the place of
the meeting, or at such other date and time as may be fixed by the Board of
Directors. At each annual meeting of stockholders the stockholders will elect
directors and transact such other business as may properly be brought before
the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Special meetings of stockholders may be called at any time for any
purpose or purposes by the Board of Directors or by the President, and must be
called by the President or the Secretary upon the written request of a majority
of the directors or upon the written request of the holders of at least 50% of
all the outstanding shares of any class entitled to vote on the action proposed
to be taken. Each written request must state the time, place and purpose or
purposes of the proposed meeting. A special meeting of stockholders called by
the Board of Directors or the President, other than one required to be called
by reason of a written request of stockholders, may be cancelled by the Board
of Directors at any time not less than 24 hours before the scheduled
commencement of the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Written notice of each annual or special meeting of stockholders,
stating the date, time and place of the meeting and the matters to be voted
upon at it, must be given in the manner set forth in Article&nbsp;VI of these
By-Laws not less than ten nor more than sixty days before the date of the
meeting, to each stockholder entitled to vote at the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Except as otherwise required by law or the Certificate of
Incorporation, the presence in person or by proxy of holders of a majority in
voting power of the shares entitled to vote at a meeting of stockholders will
be necessary, and will constitute a quorum, for the transaction of business at
such meeting. If a matter to be voted upon at a meeting requires the
affirmative vote of the holders of any class of stock voting separately, the
presence in person or


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<P align="left" style="font-size: 10pt">by proxy of holders of a majority in voting power of the shares of that
class also will be necessary to constitute a quorum with regard to that matter.
If a quorum is not present or represented by proxy at any meeting of
stockholders, the holders of a majority of the shares entitled to vote at the
meeting who are present in person or represented by proxy may adjourn the
meeting from time to time until a quorum is present. An adjourned meeting may
be held later without notice other than announcement at the meeting, except
that if the adjournment is for more than thirty days, or if after the
adjournment a new record date is fixed for the adjourned meeting, notice of the
adjourned meeting must be given in the manner set forth in Article&nbsp;VI to each
stockholder of record entitled to vote at the adjourned meeting. Any business
that could have been transacted at a meeting that is adjourned may be
transacted at the adjourned meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 At any meeting of stockholders each stockholder having the right to
vote may vote in person or by proxy. Except as otherwise provided by law or in
the Certificate of Incorporation, each stockholder will be entitled to one vote
for each share of stock entitled to vote standing in that stockholder&#146;s name on
the books of the Corporation. All elections will be determined by plurality
votes. Except as otherwise provided by law or in the Certificate of
Incorporation or By-Laws, any other matter will be determined by the vote of a
majority in voting power of the shares which are voted with regard to it.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Whenever the vote of stockholders at a meeting is required or
permitted in connection with any corporate action, the meeting and vote may be
dispensed with if the action taken is consented to in writing or by electronic
transmission (if permitted by law) by the holders of shares having at least the
minimum number of votes that would be required to authorize the action at a
meeting at which all shares entitled to vote were present and voted, or, if
required by law, by the holders of all the outstanding shares entitled to vote
with regard to the action.


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<P align="center" style="font-size: 10pt">ARTICLE III



<P align="center" style="font-size: 10pt">Directors



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 The Board of Directors will manage the business of the Corporation,
except as otherwise provided by law, the Certificate of Incorporation or these
By-Laws.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 The number of directors which will constitute the entire Board of
Directors will be such number, not less than one (or such greater number as is
the minimum number of directors permitted by applicable state law) nor more
than ten (or such lesser number as is the maximum number of directors permitted
by applicable state law), as is determined by the Board of Directors from time
to time. Until further action by the Board of Directors, the number of
directors which will constitute the entire Board of Directors will be one (or
such greater number as is the minimum number of directors permitted by
applicable state law). As used in these By-Laws, the term &#147;entire Board of
Directors&#148; means the total number of directors which the Corporation would have
if there were no vacancies.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Except as provided in Section&nbsp;5 of this Article, the directors will be
elected at each annual meeting of stockholders. Except as otherwise provided
by law, the Certificate of Incorporation, or these By-Laws, each director
elected will serve until the next succeeding annual meeting of stockholders and
until his successor is elected and qualified.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Except as otherwise required by law or in the Certificate of
Incorporation, any of the directors may be removed for cause by vote of a
majority of the entire Board. Any or all of the directors may be removed for
cause or without cause by vote of the holders of a majority in voting power of
the outstanding shares that are entitled to be voted in the election of
directors, except that if a director is elected by the holders of one or more
classes or series of stock, that director may be removed without cause only by
vote of holders of a majority in voting power of the outstanding shares of that
class or series, or those classes or series.


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 Newly created directorships resulting from an increase in the number
of directors and vacancies occurring in the Board may be filled by vote of a
majority of the directors then in office, even if less than a quorum exists. A
director elected to fill a vacancy, including a vacancy created by a newly
created directorship, will serve until the next succeeding annual meeting of
stockholders and until his or her successor is elected and qualified.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 The Board of Directors, by the affirmative vote of a majority of the
directors then in office or of the members of a committee that has as one of
its purposes determining the compensation of directors, officers or employees,
and irrespective of any personal interest of any of its members, may establish
reasonable compensation of any or all directors for services to the Corporation
as directors, officers, employees or otherwise.


<P align="center" style="font-size: 10pt">ARTICLE IV



<P align="center" style="font-size: 10pt">Meetings of the Board of Directors



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The first meeting of each newly elected Board of Directors will be
held immediately following the annual meeting of the stockholders. If the
meeting is held at the place of the meeting of stockholders, no notice of the
meeting need be given to the newly elected directors. If the first meeting is
not held at that time and place, it will be held at a time and place specified
in a notice given in the manner provided for notice of special meetings of the
Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Regular meetings of the Board of Directors may be held upon such
notice, or without notice, at such times and at such places within or outside
of the State of &#091;STATE OF INCORPORATION&#093;, as is determined from time to time by
the Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 Special meetings of the Board of Directors may be called by the
Chairman of the Board, if there is one, or by the President or the Secretary,
on at least two days&#146; notice to each


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<P align="left" style="font-size: 10pt">director and must be called by the President or the Secretary on at least
two days&#146; notice at the written request of any director.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Whenever notice of a meeting of the Board of Directors is required,
the notice must be given in the manner set forth in Article&nbsp;VI of these By-Laws
and must state the place, date and hour of the meeting. Except as provided by
law, the Certificate of Incorporation, or other provisions of these By-Laws,
neither the business to be transacted at, nor the purpose of, any regular or
special meeting of the Board of Directors need be specified in the notice or
waiver of notice of the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 Except as otherwise required by law or the Certificate of
Incorporation or other provisions of these By-Laws, a majority of the directors
in office, but in no event less than one-third of the entire Board of
Directors, will constitute a quorum for the transaction of business, and the
vote of a majority of the directors present at any meeting at which a quorum is
present will be the act of the Board of Directors. If a quorum is not present
at any meeting of directors, a majority of the directors present at the meeting
may adjourn the meeting from time to time, without notice of the adjourned
meeting other than announcement at the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 To the extent permitted by law, a director participating in a meeting
by conference telephone or similar communications equipment by which all
persons participating in the meeting can hear each other will be deemed present
in person at the meeting and all acts taken by the director during his or her
participation will be deemed taken at the meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7 Any action of the Board of Directors may be taken without a meeting if
all the members of the Board of Directors consent to the action in writing or
by electronic transmission (if permitted by law) and the writings or electronic
transmissions are filed with the minutes of the Board of Directors.


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<P align="center" style="font-size: 10pt">ARTICLE V



<P align="center" style="font-size: 10pt">Committees



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 If the Board of Directors consists of more than two directors, the
Board of Directors may designate from among its members an Executive Committee
and other committees, each consisting of two or more directors, and may also
designate one or more of its members to serve as alternates on these
committees. To the extent permitted by law, the Executive Committee will have
all the authority of the Board of Directors, except as the Board otherwise
provides, and the other committees will have such authority as the Board grants
them. The Board of Directors will have power at any time to change the
membership of any committees, to fill vacancies in their membership and to
discharge any committees. All resolutions establishing or discharging
committees, designating or changing members of committees, or granting or
limiting authority of committees, may be adopted only by the affirmative vote
of a majority of the entire Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Each committee must keep regular minutes of its proceedings and report
to the Board of Directors as and when the Board requires. Unless the Board
otherwise provides, a majority of the members of any committee may determine
how actions are taken and the procedures to be followed at its meetings and may
fix the time and place of its meetings. Unless a majority of the members of a
committee determine otherwise with respect to that committee, the procedures of
each committee will include permitting members to participate in meetings by
conference telephone or similar communications equipment by which all persons
participating in the meeting can hear each other.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 Any action of a committee may be taken without a meeting if all the
members of the committee consent to the action in writing or by electronic
transmission (if permitted by law) and the writings or electronic transmissions
are filed with the minutes of the committee.


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<P align="center" style="font-size: 10pt">ARTICLE VI



<P align="center" style="font-size: 10pt">Notices



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Any notice to a stockholder may be given personally or by mail. If
mailed, a notice will be deemed given when it is deposited in the United States
mail, postage prepaid, directed to the stockholder at the stockholder&#146;s address
as it appears on the records of stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Any notice to a director may be given personally, by telephone or by
mail, facsimile transmission, telegram, cable or other electronic transmission.
A notice will be deemed given when it is actually given in person or by
telephone, when it is received if it is given by facsimile transmission or
other electronic transmission, on the third business day after the day when it
is deposited in the United States mail, postage prepaid, or on the day when it
is delivered to a telegram, cable or similar communications company, directed
to the director at his or her business address or at such other address as the
director may have designated to the Secretary in writing as the address to
which notices should be sent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 Any person may waive notice of any meeting by signing a written
waiver, whether before or after the meeting. In addition, attendance at a
meeting will be deemed a waiver of notice unless the person attends for the
purpose, expressed to the meeting at its commencement, of objecting to the
transaction of any business because the meeting is not lawfully called or
convened.


<P align="center" style="font-size: 10pt">ARTICLE VII



<P align="center" style="font-size: 10pt">Officers



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The officers of the Corporation will be a President, a Secretary and a
Treasurer, and the Board of Directors may also elect a Chairman of the Board, a
Vice Chairman of the


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<P align="left" style="font-size: 10pt">Board, one or more Vice Presidents (one or more of whom may be designated
an Executive Vice President or a Senior Vice President), one or more Assistant
Secretaries or Assistant Treasurers, and such other officers as it may from
time to time deem advisable. Any two or more offices, except the offices of
President and Secretary, may be held by the same person. No officer except the
Chairman of the Board need be a director of the Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 Each officer will be elected by the Board of Directors and will hold
office for such term, if any, as the Board of Directors shall determine. Any
officer may be removed at any time, either with or without cause, by the vote
of a majority of the entire Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 The compensation of officers will be fixed by the Board of Directors
or in such manner as it may provide.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 The Chairman of the Board, if any, will preside at all meetings of the
stockholders and of the Board of Directors and will have such other duties as
from time to time may be prescribed by the Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 The President will be the Chief Executive Officer of the Corporation,
will have general charge of management of the business and affairs of the
Corporation, subject to the control of the Board of Directors, and will see
that all orders and resolutions of the Board of Directors are carried into
effect. The President will preside over any meeting of the stockholders or the
Board of Directors at which neither the Chairman of the Board nor a Vice
Chairman of the Board is present.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 The officers of the Corporation, other than the Chairman of the Board
and the President, will have such powers and perform such duties in the
management of the property and affairs of the Corporation, subject to the
control of the Board of Directors and the President,


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<P align="left" style="font-size: 10pt">as generally pertain to their respective offices, as well as such powers
and duties as from time to time may be prescribed by the Board of Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 The Board of Directors or the President may assign to officers or
others descriptive titles (such as chief executive officer, chief operating
officer, chief financial officer, principal accounting officer or general
counsel) and may assign to vice presidents designations of priority (such as
executive vice president, senior vice president or first vice president) or
function (such as vice president &#150; finance or a regional vice president).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 The Board of Directors may require any officer, agent or employee to
give security for the faithful performance of his duties.


<P align="center" style="font-size: 10pt">ARTICLE VIII



<P align="center" style="font-size: 10pt">Certificates for Shares



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 The shares of stock of the Corporation will be represented by
certificates, in such form as the Board of Directors may from time to time
prescribe, signed by the President or a Vice-President and by the Treasurer or
an Assistant Treasurer, or the Secretary or an Assistant Secretary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Any or all signatures upon a certificate may be a facsimile. Even if
an officer, transfer agent or registrar who has signed or whose facsimile
signature has been placed upon a certificate ceases to be that officer,
transfer agent or registrar before the certificate is issued, that certificate
may be issued by the Corporation with the same effect as if he, she or it were
that officer, transfer agent or registrar at the date of issue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 The Board of Directors may direct that a new certificate be issued in
place of any certificate issued by the Corporation which is alleged to have
been lost, stolen or destroyed. When doing so, the Board of Directors may
prescribe such terms and conditions precedent to


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<P align="left" style="font-size: 10pt">the issuance of the new certificate as it deems expedient, and may require
a bond sufficient to indemnify the Corporation against any claim that may be
made against it with regard to the allegedly lost, stolen or destroyed
certificate or the issuance of the new certificate.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 The Corporation or a transfer agent of the Corporation, upon surrender
to it of a certificate representing shares, duly endorsed or accompanied by
proper evidence of lawful succession, assignment or authority to transfer,
shall issue a new certificate to the person entitled to it, and shall cancel
the old certificate and record the transaction upon the books of the
Corporation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 The Board of Directors may fix in advance a date as the record date
for determination of the stockholders entitled to notice of or to vote at any
meeting of stockholders, or to express consent to, or dissent from, any
proposal without a meeting, or to receive payment of any dividend or allotment
of any rights, or to take or be the subject of any other action. Except as
otherwise required or permitted by law, that date must be not less than ten nor
more than sixty days before the date of the meeting, nor more than sixty days
before any other action. If no record date is fixed, the record date will be
as provided by law. A determination of stockholders entitled to notice of or
to vote at any meeting of stockholders which has been made as provided in this
Section will apply to any adjournment of the meeting, unless the Board of
Directors fixes a new record date for the adjourned meeting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 The Corporation will for all purposes, be entitled to treat a person
registered on its books as the owner of shares as the owner of those shares,
with the exclusive right, among other things, to receive dividends and to vote
with regard to those shares, and the Corporation will not be bound to recognize
any equitable or other claim to or interest in shares of its stock on the part
of any other person, whether or not the Corporation has notice of the claim or
interest of the other person, except as otherwise provided by law.


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="center" style="font-size: 10pt">ARTICLE IX



<P align="center" style="font-size: 10pt">Indemnification



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 The Corporation shall indemnify any person who was or is made a party
or is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Corporation) by
reason of the fact that the person is or was a director, officer, employee or
agent of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, against expenses
(including attorneys&#146; fees), judgments, fines and amounts paid in settlement
actually and reasonably incurred by him in connection with such action, suit or
proceeding if the person acted in good faith and in a manner the person
reasonably believed to be in or not opposed to the best interests of the
Corporation, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe the conduct was unlawful. The termination of any
action, suit or proceeding by judgment, order, settlement, conviction, or upon
a plea of nolo contendere or its equivalent, will not, of itself, create a
presumption that the person did not act in good faith and in a manner which the
person reasonably believed to be in or not opposed to the best interests of the
Corporation, or, with respect to any criminal action or proceeding, had
reasonable cause to believe that the conduct was unlawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 The Corporation shall indemnify any person who was or is a party or is
threatened to be made a party to any threatened, pending or completed action or
suit by or in the right of the Corporation to procure a judgment in its favor
by reason of the fact that the person is or was a director, officer, employee
or agent of the Corporation, or is or was serving at the request of the
Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise against expenses
(including attorneys&#146; fees) actually and reasonably incurred by the person in
connection with the defense or settlement of


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">such action or suit if the person acted in good faith and in a manner the
person reasonably believed to be in or not opposed to the best interests of the
Corporation, except that no indemnification shall be made in respect of any
claim, issue or matter as to which such person shall have been adjudged to be
liable to the Corporation unless and only to the extent that an applicable
court shall determine upon application that, despite the adjudication of
liability but in view of all the circumstances of the case, such person is
fairly and reasonably entitled to indemnity for such expenses which the Court
of Chancery or such other court shall deem proper.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 To the extent that a director, officer, employee or agent of the
Corporation has been successful on the merits or otherwise in defense of any
action, suit or proceeding referred to in Sections&nbsp;1 and 2 of this Article, or
in defense of any claim, issue or matter therein, the person shall be
indemnified against expenses (including attorneys&#146; fees) actually and
reasonably incurred by the person in connection therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Any indemnification under Sections&nbsp;1 and 2 of this Article (unless
ordered by a court) shall be made by the Corporation only as authorized in the
specific case upon a determination that indemnification of the director,
officer, employee or agent is proper in the circumstances because he has met
the applicable standard of conduct set forth in Section&nbsp;1 or 2. Such
determination shall be made (1)&nbsp;by the Board of Directors by a majority vote of
a quorum consisting of directors who were not parties to such action, suit or
proceeding, or (2)&nbsp;if such a quorum is not obtainable, or, even if obtainable
and a quorum of disinterested directors so directs, by independent legal
counsel (compensated by the Corporation) in a written opinion, or (3)&nbsp;by the
stockholders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 Expenses incurred by an officer, director, employee or agent in
defending a civil, criminal, administrative or investigative action, suit or
proceeding, or threat thereof, may be paid


<P align="center" style="font-size: 10pt">&nbsp;
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<P align="left" style="font-size: 10pt">by the Corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf of the
director, officer, employee or agent to repay such amount if it shall
ultimately be determined that the person is not entitled to be indemnified by
the Corporation as authorized in this Article.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 The Indemnification and advancement of expenses provided by, or
granted pursuant to, the other Sections of this Article shall not be deemed
exclusive of any other rights to which those seeking indemnification or
advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors or otherwise, both as to action in his
official capacity and as to action in another capacity while holding such
office.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 The indemnification and advancement of expenses provided by, or
granted pursuant to, this Article shall, unless otherwise provided when
authorized or ratified, continue as to a person who has ceased to be a
director, officer, employee or agent and shall inure to the benefit of the
heirs, executors and administrators of such a person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.8 The Corporation may purchase and maintain insurance on behalf of any
person who is or was a director, officer, employee or agent of the Corporation,
or is or was serving at the request of the Corporation as a director, officer,
employee or agent of another corporation, partnership, joint venture, trust or
other enterprise against any liability asserted against the person and incurred
by him in any such capacity, or arising out of the person&#146;s status as such,
whether or not the Corporation would have the power to indemnify him against
such liability under the provisions of this Article.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.9 References in this Article to &#147;the Corporation&#148; will include, in
addition to the resulting corporation, any constituent corporation (including
any constituent of a constituent) absorbed in a consolidation or merger which,
if its separate existence had continued, would have had power and authority to
indemnify its directors, officers and employees or agents so


<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">that any person who is or was a director, officer, employee or agent of
such constituent corporation, or is or was serving at the request of such
constituent corporation as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, will stand
in the same position under the provisions of this Article with respect to the
resulting or surviving corporation as he would have with respect to the
constituent corporation if its separate existence had continued.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 For purposes of this Article, references to &#147;other enterprises&#148; will
include employee benefit plans; references to &#147;fines&#148; will include any excise
taxes assessed on a person with respect to an employee benefit plan; and
references to &#147;serving at the request of the Corporation&#148; will include any
service as a director, officer, employee or agent of a subsidiary of the
Corporation and any service as a director, officer, employee or agent of the
Corporation which imposes duties on, or involves services by, such director,
officer, employee, or agent with respect to an employee benefit plan, its
participants, or beneficiaries; and a person who acted in good faith and in a
manner he reasonably believed to be in the interest of the participants and
beneficiaries of an employee benefit plan will be deemed to have acted in a
manner &#147;not opposed to the best interests of the Corporation&#148; as referred to in
this Article.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 The provisions of this Article will be deemed retroactive and will
include all acts of the officers and directors of the Corporation since the
date of incorporation.


<P align="center" style="font-size: 10pt">ARTICLE X



<P align="center" style="font-size: 10pt">General Provisions



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 The corporate seal will have inscribed on it the name of the
Corporation, the year of its creation, the words &#147;CORPORATE SEAL &#091;STATE OF
INCORPORATION&#093;,&#148; and such other appropriate legend as the Board of Directors
may from time to time determine. Unless


<P align="center" style="font-size: 10pt">&nbsp;
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">prohibited by the Board of Directors, a facsimile of the corporate seal
may be affixed or reproduced in lieu of the corporate seal itself.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The books of the Corporation, except as such are required by law to
be kept within the State of &#091;STATE OF INCORPORATION&#093;, may be kept at such place
or places within or outside of the State of &#091;STATE OF INCORPORATION&#093; as the
Board of Directors may from time to time determine.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 If any provision of these by-laws conflicts with applicable law,
these by-laws will be deemed to contain the most nearly comparable provision
that does not conflict with applicable law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 The fiscal year of the Corporation will end on November&nbsp;30 of each
year.


<P align="center" style="font-size: 10pt">ARTICLE XI



<P align="center" style="font-size: 10pt">Amendments



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 These By-Laws may be amended or repealed, and new By-Laws may be
adopted, amended or repealed (a)&nbsp;at any regular or special meeting, or by
written consent, of stockholders, or (b)&nbsp;by the affirmative vote of a majority
of the entire Board at any regular or special meeting of the Board, except that
no By-Law may be adopted or amended by the Board of Directors if the By-Law or
amendment is inconsistent with a By-Law, or an amendment to a By-Law, adopted
by the stockholders after the date on which these By-Laws were adopted.



<P align="center" style="font-size: 10pt">&nbsp;
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<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>21
<FILENAME>y98642a1exv12w1.htm
<DESCRIPTION>EX-12.1: COMPUTATION OF RATIO OF EARNINGS
<TEXT>
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<HEAD>
<TITLE>EX-12.1</TITLE>
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<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>
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    <TD width="1%">&nbsp;</TD>
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    <TD width="3%">&nbsp;</TD>
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    <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>Six 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="7"><B>May 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</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">547,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,326</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">79,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,746</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">(63,886</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(65,881</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">7,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,950</TD>
    <TD>&nbsp;</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">55,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,468</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">626,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513,609</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">67,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,869</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">12,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,877</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">79,843</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82,746</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">7.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2</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">
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>22
<FILENAME>y98642a1exv23w2.htm
<DESCRIPTION>EX-23.2: CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="right" style="font-size: 10pt">Exhibit&nbsp;23.2


<P align="center" style="font-size: 10pt"><B>Consent of Independent
Registered Public Accounting Firm</B>



<P align="left" style="font-size: 10pt">The Board of Directors<BR>
Lennar Corporation

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">We consent to the
incorporation by reference in this Amendment No.&nbsp;1 to
Registration Statement No.&nbsp;333-116975 of Lennar Corporation on
Form&nbsp;S-4 of our report dated February&nbsp;27, 2004, except for
that portion of Note&nbsp;17 relating to the senior floating-rate
notes due 2009 as to which the date is August&nbsp;20, 2004, on the
consolidated financial statements of Lennar Corporation and
subsidiaries appearing in the Current Report on Form&nbsp;8-K of
Lennar Corporation dated August&nbsp;24, 2004, and of our report dated
February&nbsp;27, 2004 on the consolidated financial statement
schedule appearing in the Annual Report on Form&nbsp;10-K of Lennar
Corporation for the fiscal 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.
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="font-size: 10pt">/s/
Deloitte&nbsp;&#38;&nbsp;Touche LLP<BR>
&nbsp;&nbsp;&nbsp;&nbsp;<BR>
Miami, Florida<BR>
August 24, 2004
<DIV align="left"><FONT size="1">

</FONT></DIV>



<P align="center" style="font-size: 10pt">
</DIV>


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>23
<FILENAME>y98642a1exv99w5.txt
<DESCRIPTION>EX-99.5: FORM OF LETTER OF TRANSMITTAL
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.5


                         FORM OF LETTER OF TRANSMITTAL
                                  TO EXCHANGE
                       SENIOR FLOATING-RATE NOTES DUE 2009
                                       FOR
                  SENIOR FLOATING-RATE NOTES DUE 2009, SERIES B
                  (REGISTERED UNDER THE SECURITIES ACT OF 1933)
                                       OF
                               LENNAR CORPORATION




THE EXCHANGE OFFER WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON [     ],
2004, UNLESS IT IS EXTENDED.


                 J.P. MORGAN TRUST COMPANY, N.A., EXCHANGE AGENT

<TABLE>
<S>                                 <C>                                    <C>
By Mail:                            By Hand:                               By Overnight Courier:
J.P. Morgan Trust Company, N.A.     J.P. Morgan Trust Company, N.A.        J.P. Morgan Trust Company, N.A.
[                             ]     [                             ]        [                             ]
New York, NY [     ]                New York, NY [     ]                   New York, NY [     ]
Attn: [      ]                      Attn: [           ]                    Attn: [           ]
</TABLE>

Delivery of this instrument to an address other than as set forth above will not
constitute a valid delivery.


        This Letter of Transmittal is to be used to submit Senior Floating-Rate
Notes ("Initial Notes") of Lennar Corporation ("Lennar") for Senior
Floating-Rate Notes , Series B ("New Notes") of Lennar. This Letter of
Transmittal must be delivered to J.P. Morgan Trust Company, as exchange agent
(the "Exchange Agent"). Delivery of this Letter of Transmittal to DTC does not
constitute delivery of the Initial Notes to the Exchange Agent.




<PAGE>

THE EXCHANGE OFFER IS MADE UPON THE TERMS AND SUBJECT TO THE CONDITIONS SET
FORTH IN THE PROSPECTUS AND IN THIS LETTER OF TRANSMITTAL. HOLDERS SHOULD
CAREFULLY REVIEW THE INFORMATION SET FORTH IN EACH DOCUMENT.


      ALL CAPITALIZED TERMS USED HEREIN AND NOT DEFINED HEREIN SHALL HAVE THE
MEANINGS ASCRIBED TO THEM IN THE PROSPECTUS.


      The undersigned must complete, execute and deliver this Letter of
Transmittal to indicate the action the undersigned desires to take, or have
taken, with respect to the exchange offer.


           [THE REST OF THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.]

<PAGE>

        THE INITIAL NOTES MUST BE DELIVERED BY BOOK-ENTRY TRANSFER TO THE
        EXCHANGE AGENT'S ACCOUNT AT DTC, YOU MUST COMPLETE THE FOLLOWING:

Account Number at DTC:

___________________________________
Transaction Code Number:

___________________________________

<PAGE>

                   DESCRIPTION OF THE INITIAL NOTES SUBMITTED


<TABLE>
<CAPTION>
NAME(S) AND ADDRESS(ES) OF              INITIAL NOTES SUBMITTED
  REGISTERED HOLDER(S)           (ATTACH ADDITIONAL LIST IF NECESSARY)
(PLEASE FILL IN, IF BLANK)      ----------------------------------------
--------------------------                           PRINCIPAL AMOUNT OF
                                                        INITIAL NOTES
                                PRINCIPAL AMOUNT OF        SUBMITTED
                                   INITIAL NOTES     (IF LESS THAN ALL)*
                                -------------------  --------------------
<S>                             <C>                  <C>
                                _________________________________________

                                _________________________________________

                                _________________________________________

                                _________________________________________

                                _________________________________________

                                Total Amount of
                                Initial Notes:  _________________________

</TABLE>


-------------------------
*     Initial Notes may be tendered in whole or in part in denominations of
      $1,000 and integral multiples thereof. Unless otherwise indicated it will
      be assumed that all Initial Notes described above are being submitted.

<PAGE>

                    NOTE: SIGNATURES MUST BE PROVIDED BELOW.

              PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.

LADIES AND GENTLEMEN:


By execution hereof, upon the terms and subject to the conditions of the
exchange offer set forth in the accompanying Prospectus, the undersigned hereby
tenders to Lennar the principal amount of Initial Notes indicated in the table
above.



Subject to, and effective upon, the acceptance for exchange of the Initial Notes
tendered herewith in accordance with the terms, and subject to the conditions
of, the exchange offer, the undersigned hereby sells, assigns and transfers to,
or upon the order of, Lennar, all right, title and interest in and to the
Initial Notes tendered hereby. The undersigned hereby irrevocably constitutes
and appoints the Exchange Agent the true and lawful agent and attorney-in-fact
of the undersigned (with full knowledge that the Exchange Agent also acts as the
agent of Lennar and the trustee under the indenture) with respect to such
Initial Notes, with full powers of substitution and revocation (such
power-of-attorney being deemed to be an irrevocable power coupled with an
interest), to (1) present such Initial Notes and all evidences of transfer and
authenticity to, or transfer ownership of, such Initial Notes on the account
books maintained by DTC to, or upon the order of, Lennar, (2) present such
Initial Notes for transfer of ownership on the books of the relevant security
register, and (3) receive all benefits and otherwise exercise all rights of
beneficial ownership of such Initial Notes.



By the execution and delivery of this Letter of Transmittal, the undersigned is
tendering to Lennar the principal amount of Initial Notes indicated in the table
above.


<PAGE>





The undersigned understands that tenders of Initial Notes may be withdrawn by
written notice of withdrawal received by the Exchange Agent at any time at or
prior to 5:00 p.m., New York City time, on ______________, 2004.


If Lennar terminates the exchange offer, then any Initial Notes tendered
pursuant to the exchange offer and not accepted for exchange will be credited to
the account maintained at DTC from which such Initial Notes were delivered, and
the Amendment will not become effective. Notwithstanding any termination of the
exchange offer, Lennar reserves the right to exchange any Initial Notes tendered
pursuant hereto. If Lennar makes a material change in the terms of the exchange
offer or the information concerning the exchange offer or waives a material
condition of the exchange offer, then Lennar will disseminate additional
material in respect of the exchange offer and will extend the exchange offer to
the extent required by law.


The undersigned understands that for a withdrawal of a tender of the Initial
Notes to be effective, a written or facsimile notice of withdrawal or a Request
Message (as defined below) must be timely received by the Exchange Agent at its
address set forth on the front cover of this Letter of Transmittal, at or prior
to 5:00 p.m., New York City time, on ______________, 2004. Any such notice of
withdrawal must (1) specify the name of the person who tendered the Initial
Notes to be withdrawn, (2) contain the aggregate principal amount represented by
such Initial Notes and (3) be signed by the holder of such Initial Notes in the
same manner as the original signature on the Letter of Transmittal by which such
Initial Notes were tendered (including any required signature guarantees) or be
accompanied by (a) documents of transfer sufficient to have the trustee register
the transfer of the Initial Notes into the name of the person withdrawing such
Initial Notes and (b) a properly completed irrevocable proxy that authorizes
such person to effect the revocation on behalf of such holder. In lieu of
submitting a written or facsimile notice of withdrawal or revocation, DTC
participants may electronically transmit a request for withdrawal or revocation
to DTC. DTC will then verify the request and send a Request Message to the
Exchange Agent. A withdrawal of Initial Notes can only be accomplished in
accordance with these procedures.



The undersigned understands that the tender of the Initial Notes pursuant to any
of the procedures described in the prospectus and in the Instructions to this
document (and any subsequent acceptance of such Initial Notes by Lennar) will
constitute a binding agreement between the undersigned and Lennar in accordance
with the terms, and subject to the conditions, set forth in the prospectus, this
Letter of Transmittal and, if applicable, the Notice of Guaranteed Delivery.



The undersigned represents and warrants that the undersigned has full power and
authority to exchange the Initial Notes tendered hereby and that, when such
tendered Initial Notes are accepted for exchange by Lennar, Lennar will acquire
good title thereto, free and clear of all liens, restrictions, charges and
encumbrances and not subject to any adverse claim or right.

<PAGE>





For purposes of the Exchange Offer, the undersigned understands that validly
tendered Initial Notes (or defectively tendered Initial Notes with respect to
which Lennar has waived, or has caused to be waived, such defect) will be deemed
to have been accepted for exchange if, as and when Lennar gives oral (confirmed
in writing) or written notice thereof to the Exchange Agent.



All authority conferred or agreed to be conferred by this Letter of Transmittal
shall not be affected by, and shall survive, the death or incapacity of the
undersigned, and every obligation of the undersigned under this Letter of
Transmittal shall be binding upon the undersigned's heirs, personal
representatives, executors, administrators, successors, assigns, trustees in
bankruptcy and other legal representatives.



The undersigned understands that the delivery and surrender of the Initial Notes
is not effective, and the risk of loss of the Initial Notes does not pass to the
Exchange Agent, until receipt by the Exchange Agent of (a) (1) this Letter of
Transmittal (or a manually signed facsimile copy hereof) properly completed and
duly executed, together with all accompanying evidences of authority, or (2) a
properly transmitted Agent's Message, and (b) all other required documents in
form satisfactory to Lennar. All questions as to the form of documents and the
validity (including the timeliness of receipt or delivery) and acceptance of
tenders and withdrawals of Initial Notes will be determined by Lennar, in its
sole discretion, which determination shall be final and binding.


If the box captioned "Special Issuance Instructions" is completed, please issue
and deliver the confirmation of book-entry transfer as indicated. Lennar
noteholders who deliver Initial Notes to be exchanged by book-entry transfer
may, by making an appropriate entry under "Special Issuance Instructions,"
request that any Initial Notes which are not accepted for exchange be returned
by crediting a different account at DTC. The undersigned is aware that Lennar
has no obligation because of Special Issuance Instructions or otherwise to
transfer any Initial Notes which are not accepted for exchange from the name of
the registered holder of those Initial Notes to the name of another person.

<PAGE>

                                PLEASE SIGN HERE


           (To Be Completed By All Tendering Holders of Initial Notes
             Who Complete the Substitute Form W-9 Contained Herein)






      This Letter of Transmittal must be signed by the registered holder(s) of
the Initial Notes exactly as the name(s) of such holder(s) appear(s) on a
security position listing as the owner of the Initial Notes, or by person(s)
authorized to become registered holder(s) by bond powers transmitted with this
Letter of Transmittal. Endorsements on the Initial Notes and signatures on bond
powers by registered holders not executing this Letter of Transmittal must be
guaranteed by an Eligible Institution. See Instruction 4 below. If this Letter
of Transmittal is signed by a trustee, executor, administrator, guardian,
attorney-in-fact, officer or other person acting in a fiduciary or
representative capacity, such person must set forth his or her full title below
under "Capacity" and submit evidence satisfactory to Lennar of such person's
authority to so act. See Instruction 4 below.



      IF THE SIGNATURE APPEARING BELOW IS NOT OF THE REGISTERED HOLDER(S) OF THE
INITIAL NOTES, THEN THE REGISTERED HOLDER(S) MUST SIGN A CONSENT PROXY, WHICH
SIGNATURE MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION. THE CONSENT PROXY
SHOULD ACCOMPANY THIS LETTER OF TRANSMITTAL.


X  _____________________________________________________________________________

X  _____________________________________________________________________________
          Signature(s) of Registered holder(s) or Authorized Signatory

Dated: ___________________, 2004

Name(s):  ______________________________________________________________________

          ______________________________________________________________________
                                 (Please Print)

Capacity: ______________________________________________________________________

Address:  ______________________________________________________________________
                              (Including Zip Code)

Area Code and Telephone No.:____________________________________________________

Tax Identification or
Social Security No.:____________________________________________________________

                  SIGNATURE GUARANTEE (SEE INSTRUCTION 4 BELOW)
        CERTAIN SIGNATURES MUST BE GUARANTEED BY AN ELIGIBLE INSTITUTION

________________________________________________________________________________
             Name of Eligible Institution Guaranteeing signature(s))

________________________________________________________________________________
   (Address (including zip code) and Telephone Number (including area code) of
                              eligible institution)

________________________________________________________________________________
                             (Authorized Signature)

________________________________________________________________________________
                                 (Printed Name)

________________________________________________________________________________
                                     (Title)

Dated: ___________________, 2004

<PAGE>

                          SPECIAL ISSUANCE INSTRUCTIONS

To be completed ONLY if the New Notes or the Initial Notes which are not
accepted for exchange are to be issued in the name of someone other than the
undersigned, or if the Initial Notes delivered by book-entry transfer which are
not accepted for exchange are to be returned by credit to an account at DTC
other than that designated above.

Issue:   [ ] New Notes

         [ ] Initial Notes not accepted for exchange

to:

Name

_______________________________
(PLEASE PRINT)

Address

_______________________________
_______________________________
_______________________________
(INCLUDE ZIP CODE)

_______________________________
(TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER.)

[ ]   Credit Initial Notes which were delivered by book-entry transfer and are
      not accepted for exchange to the following DTC account:

_______________________________
(ACCOUNT NUMBER)

<PAGE>

                                  INSTRUCTIONS
                 FORMING PART OF THE TERMS OF THE EXCHANGE OFFER


      1. GUARANTEE OF SIGNATURES. No signature guarantee is required on this
Letter of Transmittal if (i) this Letter of Transmittal is signed by the
registered holder of the Initial Notes to be exchanged (which, for purposes of
this document, includes any participant in DTC whose name appears on a security
position listing as the owner of the Initial Notes to be exchanged) unless the
holder has completed the box entitled "Special Issuance Instructions" or (ii)
the Initial Notes to be exchanged are submitted for the account of a member firm
of a registered national securities exchange or a member of the National
Association of Securities Dealers, Inc. or by a commercial bank or trust company
which has an office or correspondent in the United States (collectively,
"Eligible Institutions"). In all other cases, all signatures on this Letter of
Transmittal must be guaranteed by an Eligible Institution. See Instruction 4.



      2. DELIVERY OF LETTER OF TRANSMITTAL AND CERTIFICATES. This Letter of
Transmittal is to be completed by noteholders even though the Initial Notes are
being submitted in accordance with the procedures for delivery by book-entry
transfer described in the Exchange Instructions. The Exchange Agent must
receive, at or before the Expiration Time, confirmation by DTC of transfer of
the Initial Notes to be exchanged to an account of the Exchange Agent, together
with a properly completed and executed Letter of Transmittal.



      Submission may not be conditional or contingent. The method of delivery of
this Letter of Transmittal and confirmation of delivery of the Initial Notes to
be exchanged through DTC, is at the option and risk of the exchanging
noteholder. Delivery will not be deemed made until items are actually received
by the Exchange Agent. If delivery is by mail, registered mail with return
receipt requested, properly insured, is recommended.



      3. INADEQUATE SPACE. If the space provided in this Letter of Transmittal
is inadequate, the numbers of the Initial Notes being submitted for exchange
should be listed on a separate signed schedule, which should be attached to this
Letter of Transmittal.



      4. SIGNATURES ON LETTER OF TRANSMITTAL. The signature(s) on this Letter of
Transmittal must correspond exactly with the name(s) in which the Initial Notes
to be exchanged are held.



      If the Initial Notes to be exchanged are owned of record by two or more
joint owners, all the owners must sign this Letter of Transmittal.



      If this Letter of Transmittal is signed by a trustee, executor,
administrator, guardian, attorney-in-fact, officer of a corporation or other
person acting in a fiduciary or representative capacity, that person should so
indicate when signing, and submit evidence satisfactory to Lennar of the
person's authority so to act.



      5. TRANSFER TAXES. Except as set forth in this Instruction 5, Lennar will
pay any transfer taxes with respect to the transfer to it of the Initial Notes
to be exchanged. If the New Notes or the Initial Notes which are not accepted
for exchange are to be credited to an account at DTC other than the account
designated above, the New Notes will not be issued until Lennar or the Exchange
Agent receives satisfactory evidence of the payment of, or an exemption from the
need to pay, transfer taxes.


<PAGE>

      6. SPECIAL ISSUANCE INSTRUCTIONS. Noteholders may request that the New
Notes and the Initial Notes which are not accepted for exchange be credited to
an account at DTC which the noteholder designates. If no instructions are given,
notes tendered by book-entry transfer which are not accepted for exchange will
be returned by crediting the account at DTC designated above.


      7. REQUESTS FOR ASSISTANCE OR ADDITIONAL COPIES. Requests for assistance
may be directed to, or additional copies of the prospectus and this Letter of
Transmittal may be obtained from, Lennar Corporation Attention: Director of
Investor Relations at 700 Northwest 107th Avenue, Miami Beach, Florida, 33172,
or from your broker, dealer, commercial bank or trust company.


      8. WAIVER OF REQUIREMENTS. The requirements described above may be waived
by Lennar, in whole or in part, at any time and from time to time, in Lennar's
sole discretion, and may be waived as to the Initial Notes submitted by
particular noteholders, even if similar requirements are not waived as to other
noteholders.


IMPORTANT: THIS LETTER OF TRANSMITTAL, TOGETHER WITH CONFIRMATION OF BOOK-ENTRY
TRANSFER, MUST BE RECEIVED BY THE EXCHANGE AGENT BEFORE 5:00 P.M., NEW YORK CITY
TIME, ON [     ], 2004.


<PAGE>

                       (DO NOT WRITE IN THE SPACES BELOW)

Date received:                 Accepted by:              Checked by:

_____________________________  _______________________   _______________________

<TABLE>
<CAPTION>
INITIAL NOTES    INITIAL NOTES                        INITIAL NOTES
  SUBMITTED        ACCEPTED        NEW NOTES ISSUED      RETURNED     BLOCK NO.
-------------    -------------     ----------------   -------------   ---------
<S>              <C>               <C>                <C>             <C>
_____________    _____________     ________________   _____________   _________

_____________    _____________     ________________   _____________   _________

_____________    _____________     ________________   _____________   _________
</TABLE>

Delivery Prepared by:          Checked by:               Date:

_____________________________  _______________________   _______________________


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>24
<FILENAME>y98642a1exv99w6.txt
<DESCRIPTION>EX-99.6: FORM OF NOTICE OF GUARANTEED DELIVERY
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.6

                      FORM OF NOTICE OF GUARANTEED DELIVERY

      THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you
are in any doubt as to the action to be taken, you should seek your own
financial advice from your own independent financial advisor.

                          NOTICE OF GUARANTEED DELIVERY
                                       FOR
                       SENIOR FLOATING-RATE NOTES DUE 2009
                                 IN EXCHANGE FOR
                  SENIOR FLOATING-RATE NOTES DUE 2009, SERIES B
                                       OF
                               LENNAR CORPORATION


Holders of outstanding Senior Floating-Rate Notes due 2009 (the "Initial Notes")
who wish to tender their Initial Notes in exchange for a like principal amount
of Senior Floating-Rate Notes due 2009, Series B (the "New Notes") who cannot
deliver their Letter of Transmittal (and any other documents required by the
Letter of Transmittal) to J.P. Morgan Trust Company, N.A. (the "Exchange
Agent") prior to the expiration date, may use this Notice of Guaranteed
Delivery or one substantially equivalent hereto. This Notice of Guaranteed
Delivery may be delivered by hand or sent by facsimile transmission (receipt
confirmed by telephone and an original delivered by guaranteed overnight
courier) or mail to the Exchange Agent. See "The Exchange Offer -- Procedures
for Tendering Notes" in the prospectus.


<PAGE>

                  THE EXCHANGE AGENT OF THE EXCHANGE OFFER IS:

                         J.P. MORGAN TRUST COMPANY, N.A.

By Hand:                             By Mail:

J.P. Morgan Trust Company, N.A.      J.P. Morgan Trust Company, N.A.
[                     ]              [                     ]
New York, NY [     ]                 New York, NY [     ]
Attention:  [       ]                Attention:  [       ]

By Overnight Express:                By Facsimile:

J.P. Morgan Trust Company, N.A.      (212) [      ]
[                    ]               Attention:  [       ]
New York, NY [     ]
Attention:  [      ]

      DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE, OR TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE TRANSMISSION
OTHER THAN AS SET FORTH ABOVE, WILL NOT CONSTITUTE A VALID DELIVERY.


      THIS FORM IS NOT TO BE USED TO GUARANTEE SIGNATURES. IF THE INSTRUCTIONS
TO THE LETTER OF TRANSMITTAL REQUIRE THAT THE SIGNATURE ON THE LETTER OF
TRANSMITTAL BE GUARANTEED BY AN "ELIGIBLE INSTITUTION," THAT SIGNATURE GUARANTEE
MUST APPEAR IN THE APPLICABLE SPACE PROVIDED IN THE SIGNATURE BOX ON THE LETTER
OF TRANSMITTAL.


<PAGE>

LADIES AND GENTLEMEN:


      The undersigned hereby tenders to the Lennar Corporation ("Lennar"), upon
the terms and subject to the conditions set forth in the prospectus dated
__________, 2004, and the related Letter of Transmittal, receipt of each of
which is hereby acknowledged, the Initial Notes specified below using the
guaranteed delivery procedures set forth in the prospectus under the caption
"The Exchange Offer -- Guaranteed Delivery Procedures."


                            PLEASE SIGN AND COMPLETE

This Notice of Guaranteed Delivery must be signed by the holder(s) of Initial
Notes exactly as the name of the applicable DTC participant's name appears on a
security position listing as the owner of Initial Notes, or by person(s)
authorized to become holder(s) by endorsements and documents transmitted with
this Notice of Guaranteed Delivery. If the signature appearing below is not of
the holder(s) of the Initial Notes, then in order to validly surrender the
Initial Notes the holder(s) must sign a valid proxy. If the signature is by a
trustee, executor, administrator, guardian, attorney-in-fact, officer or other
person acting in a fiduciary or representative capacity, that person must set
forth his or her name, address and capacity as indicated below and may be
required to submit evidence satisfactory to Lennar of that person's authority to
so act.

Aggregate Principal Amount of                Name(s) of Holder(s):
Initial Notes Surrendered:_________________

                                             ___________________________________
                                             ___________________________________
                                             ___________________________________

                                             Address of Holder(s):
Certificate Nos. (if available):___________
                                             ___________________________________
Window Ticket No. (if any):________________
                                             ___________________________________

                                             ___________________________________

                                             ___________________________________

Check box if Initial Notes will be
tendered by Book-Entry Transfer:

                                             Area Code and Tel. No:_____________

[ ] The Depository Trust Company             Names of Authorized Signatory:_____

                                             Capacity:__________________________

Account Number:____________________________  Address of Authorized Signatory:___
                                             ___________________________________
                                             ___________________________________
                                             ___________________________________

                                             Area Code and Tel. No.:____________

                                             Signature(s) of Holder(s) or
                                             Authorized Signatory:______________

Transaction Code Number:___________________  ___________________________________

Dated:_____________________________________  ___________________________________

<PAGE>

                  THE GUARANTEE ON THIS PAGE MUST BE COMPLETED.

                                    GUARANTEE

                    (Not to be used for signature guarantee)


The undersigned bank, broker, dealer, credit union, savings association or other
member entity of the Securities Transfer Agents' Medallion Program, the Stock
Exchange Medallion Program or the New York Stock Exchange Medallion Signature
Program (each of the foregoing entities being referred to as an "Eligible
Institution") hereby guarantees to deliver to the Exchange Agent at one of its
addresses set forth in the Notice of Guaranteed Delivery (i) book-entry
confirmation of the transfer of the Initial Notes into the Exchange Agent's
account at DTC pursuant to the procedures set forth in the prospectus, or (ii)
either (x) a properly completed and duly executed Letter of Transmittal (or a
manually signed facsimile copy thereof) or (y) a properly transmitted Agent's
Message and (z) all other documents required by the Letter of Transmittal or the
Agent's Message, in each case, within three New York Stock Exchange trading days
after the date of this Guarantee.


The Eligible Institution that completes this form must communicate the guarantee
to the Exchange Agent and must deliver all applicable, letters, confirmations,
messages and other documents to the Exchange Agent within the time period shown
herein. Failure to do so could result in financial loss to such Eligible
Institution.

Name of Firm:______________________________  ___________________________________
                                                    (Authorized Signature)
Address:___________________________________
                                             Name:______________________________
___________________________________________                (Please Print)

___________________________________________

___________________________________________  Title:_____________________________

Area Code and Tel. No.:____________________  Date:______________________________


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>25
<FILENAME>y98642a1exv99w7.txt
<DESCRIPTION>EX-99.7: FORM OF EXCHANGE AGENT AGREEMENT
<TEXT>
<PAGE>

                                                                    EXHIBIT 99.7

                        FORM OF EXCHANGE AGENT AGREEMENT

____________, 2004

EXCHANGE AGENT AGREEMENT

J.P. Morgan Trust Company, N.A.

Dear :

Lennar Corporation, a Delaware corporation (the "Company"), proposes to make an
offer (the "Exchange Offer") to exchange up to $300,000,000 aggregate principal
amount of its Senior Floating-Rate Notes due 2009 (the "Initial Notes"), for a
like principal amount of Senior Floating-Rate Notes due 2009, Series B (the "New
Notes"). The terms and conditions of the Exchange Offer are set forth in a
prospectus (the "Prospectus") included in the Company's registration statement
on form S-4 (File No. 333- ) (the "Registration Statement"), filed with the
Securities and Exchange Commission (the "SEC"), proposed to be distributed to
all record holders of the New Notes. The New Notes and the Initial Notes are
collectively referred to herein as the "Notes." Capitalized terms used herein
and not defined shall have the respective meanings ascribed to them in the
Prospectus.

The Company hereby appoints J.P. Morgan Trust Company, N.A. to act as exchange
agent (the "Exchange Agent") in connection with the Exchange Offer. References
hereinafter to "you" shall refer to J.P. Morgan Trust Company, N.A.


The Exchange Offer is expected to be commenced by the Company on or about
___________, 2004. The Letter of Transmittal accompanying the Prospectus is to
be used by the holders of the Initial Notes to accept the Exchange Offer and
contains instructions with respect to the delivery of certificates for Initial
Notes tendered.


The Exchange Offer shall expire at 5:00 P.M., New York City time, on __________,
2004, or on such later date or time to which the Company may extend the Exchange
Offer (the "Expiration Date"). Subject to the terms and conditions set forth in
the Prospectus, the Company expressly reserves the right to extend the Exchange
Offer from time to time and may extend the Exchange Offer by giving oral
(confirmed in writing) or written notice to you before 9:00 A.M., New York City
time, on the next business day after the previously scheduled Expiration Date.

The Company expressly reserves the right, in its sole discretion, to amend or
terminate the Exchange Offer, and not to accept for exchange any Initial Notes
not theretofore accepted for exchange. The Company will give oral (confirmed in
writing) or written notice of any amendment, termination or non-acceptance to
you as promptly as practicable.

In carrying out your duties as Exchange Agent, you are to act in accordance with
the following instructions:


      1. You will perform such duties and only such duties as are specifically
set forth in the section of the Prospectus captioned "The Exchange Offer," in
the Letter of Transmittal


<PAGE>

accompanying the Prospectus or as specifically set forth herein; provided,
however, that in no way will your general duty to act in good faith and without
gross negligence or willful misconduct be limited by the foregoing.

      2. You will establish an account with respect to the Initial Notes at The
Depository Trust Company (the "Book-Entry Transfer Facility") for purposes of
the Exchange Offer within two business days after the date of the Prospectus,
and any financial institution that is a participant in the Book-Entry Transfer
Facility's systems may make book-entry delivery of the Initial Notes by causing
the Book-Entry Transfer Facility to transfer such Initial Notes into your
account in accordance with the Book-Entry Transfer Facility's procedures for
such transfer.


      3. You are to examine each of the Letters of Transmittal and confirmations
of book-entry transfers of Initial Notes into your account at the Book-Entry
Transfer Facility and any other documents delivered or mailed to you by or for
holders of the Initial Notes, to ascertain whether: (i) the Letters of
Transmittal, and any such other documents are duly executed and properly
completed in accordance with instructions set forth therein and that such
book-entry confirmations are in due and proper form and contain the information
required to be set forth therein, and (ii) the Initial Notes have otherwise been
properly tendered. In each case where the Letter of Transmittal or any other
document has been improperly completed or executed, or where book-entry
confirmations are not in due and proper form or omit certain information, or
some other irregularity in connection with the acceptance of the Exchange Offer
exists, you will endeavor to inform the presenters of the need for fulfillment
of all requirements and to take any other action as may be necessary or
advisable to cause such irregularity to be corrected.


      4. With the approval of the Chairman, the President and Chief Executive
Officer, any of the Executive Vice Presidents or the General Counsel of the
Company (such approval, if given orally, to be confirmed in writing) or any
other person designated by such an officer in writing, you are authorized to
waive any irregularities in connection with any tendency of Initial Notes
pursuant to the Exchange Offer.


      5. Tenders of Initial Notes may be made only as set forth in the Letter of
Transmittal and in the section of the Prospectus captioned "The Exchange Offer
-- Procedures for Tendering Notes," and Initial Notes shall be considered
properly tendered by you only when tendered in accordance with the procedures
set forth therein. Notwithstanding the provisions of this paragraph 5, Initial
Notes which the Chairman, the President and Chief Executive Officer, any of the
Executive Vice Presidents or the General Counsel or any other officer of the
Company designated by any such person shall approve as having been properly
tendered shall be considered to be properly tendered (such approval, if given
orally, shall be confirmed in writing).


      6. You shall advise the Company with respect to any Initial Notes received
subsequent to the Expiration Date and accept its instructions with respect to
disposition of such Initial Notes.

      7. You shall accept tenders:

            (a) in cases where the Initial Notes are registered in two or more
names only if signed by all named holders;


            (b) in cases where the signing person (as indicated on the Letter of
Transmittal) is acting in a fiduciary or a representative capacity only when
proper evidence of his or her authority so to act is submitted; and


<PAGE>

            (c) from persons other than the registered holder of Initial Notes
provided that customary transfer requirements, including those regarding any
applicable transfer taxes, are fulfilled.


      You shall accept partial tenders of Initial Notes when so indicated and as
permitted in the Letter of Transmittal and return any untendered Initial Notes
to the holder (or such other person as may be designated in the Letter of
Transmittal) as promptly as practicable after expiration or termination of the
Exchange Offer.



      8. Upon satisfaction or waiver of all of the conditions to the Exchange
Offer, the Company will notify you (such notice if given orally, to be confirmed
in writing) of its acceptance, promptly after the Expiration Date, of all
Initial Notes properly tendered and you, on behalf of the Company, will exchange
such Initial Notes for New Notes and cause such Initial Notes to be canceled.
Delivery of New Notes will be made on behalf of the Company by you at the rate
of $1,000 principal amount of New Notes for each $1,000 principal amount of the
Initial Notes tendered promptly after notice (such notice if given orally, to be
confirmed in writing) of acceptance of said Initial Notes by the Company;
provided, however, that in all cases, Initial Notes tendered pursuant to the
Exchange Offer will be exchanged only after timely receipt by you of
confirmation of book-entry transfer into your account at the Book-Entry Transfer
Facility, a properly completed and, except as described in the section of the
Prospectus captioned "The Exchange Offer -- Procedures for Tendering Notes,"
duly executed Letter of Transmittal (or facsimile thereof) with any required
signature guarantees and any other required documents. Unless otherwise
instructed by the Company, you shall issue New Notes only in denominations of
$1,000 or any integral multiple thereof.



      9. Tenders pursuant to the Exchange Offer are irrevocable, except that,
subject to the terms and upon the conditions set forth in the section of the
Prospectus captioned "The Exchange Offer -- Withdrawal of Tenders" and the
Letter of Transmittal, Initial Notes tendered pursuant to the Exchange Offer may
be withdrawn at any time on or prior to the Expiration Date in accordance with
the terms of the Exchange Offer.


      10. The Company shall not be required to exchange any Initial Notes
tendered if any of the conditions set forth in the Exchange Offer are not met.
Notice of any decision by the Company not to exchange any Initial Notes tendered
shall be given (and confirmed in writing) by the Company to you.


      11. If, pursuant to the Exchange Offer, the Company does not accept for
exchange all or part of the Initial Notes tendered because of an invalid tender,
the occurrence of certain other events set forth in the Prospectus or otherwise,
you shall as soon as practicable after the expiration or termination of the
Exchange Offer return those unaccepted Initial Notes by appropriate book-entry
transfer, together with any related required documents and the Letters of
Transmittal relating thereto that are in your possession, to the persons who
surrendered them.


      12. You are not authorized to pay or offer to pay any concessions,
commissions or other solicitation fees to any broker, dealer, commercial bank,
trust company or other nominee or to engage or use any person to solicit
tenders.

      13. As Exchange Agent hereunder, you:


            (a) shall have no duties or obligations other than those
specifically set forth in the Prospectus, the Letter of Transmittal or herein or
as may be subsequently agreed to in writing by you and the Company;


<PAGE>

            (b) will be regarded as making no representations and having no
responsibilities as to the validity, sufficiency, value or genuineness of any of
the certificates for the Initial Notes deposited with you pursuant to the
Exchange Offer, and will not be required to and will make no representation as
to the validity, value or genuineness of the Exchange Offer;

            (c) will not be obligated to take any legal action hereunder which
might in your reasonable judgment involve any expense or liability, unless you
will have been furnished with reasonable indemnity;

            (d) may rely on and will be protected in acting in reliance upon any
certificate, instrument, opinion, notice, letter, telegram or other document or
security delivered to you and reasonably believed by you to be genuine and to
have been signed by the proper party or parties;

            (e) may act upon any tender, statement, request, comment, agreement
or other instrument whatsoever not only as to its due execution and validity and
effectiveness of its provisions, but also as to the truth and accuracy of any
information contained therein, which you shall in good faith believe to be
genuine or to have been signed or represented by a proper person or persons;

            (f) may rely on and shall be protected in acting upon written or
oral instructions from any officer of the Company;

            (g) may consult with your counsel with respect to any questions
relating to your duties and responsibilities, and the written opinion of such
counsel shall be full and complete authorization and protection in respect of
any action taken, suffered or omitted to be taken by you hereunder in good faith
and in accordance with the written opinion of such counsel; and

            (h) will not advise any person tendering Initial Notes pursuant to
the Exchange Offer as to whether to tender or refrain from tendering all or any
portion of Initial Notes or as to the market value, decline or appreciation in
market value of any Initial Notes that may or may not occur as a result of the
Exchange Offer or as to the market value of the New Notes;

provided, however, that in no way will your general duty to act in good faith
and without gross negligence or willful misconduct be limited by the foregoing.


      14. You will take such action as may from time to time be requested by the
Company or its counsel (and such other action as you may reasonably deem
appropriate) to furnish copies of the Prospectus, Letter of Transmittal and the
Notice of Guaranteed Delivery (as defined in the Prospectus) or such other forms
as may be approved from time to time by the Company, to all persons requesting
such documents and to accept and comply with telephone requests for information
relating to the Exchange Offer, provided that such information shall relate only
to the procedures for accepting (or withdrawing from) the Exchange Offer. The
Company will furnish you with copies of such documents at your request.


      15. You will advise by facsimile transmission or telephone, and promptly
thereafter confirm in writing to Benjamin P. Butterfield of the Company
(telephone number (305) 559-4000, facsimile number (305) 229-6650), and such
other person or persons as the Company may request, daily up to and including
the Expiration Date as to the aggregate principal amount of Initial Notes which
have been duly tendered pursuant to the Exchange Offer and the items received by
you pursuant to the Exchange Offer and this Agreement, separately reporting and
giving cumulative totals as to items properly received and items

<PAGE>

improperly received. In addition, you will also inform, and cooperate in making
available to, the Company or any such other person or persons upon oral request
made from time to time prior to the Expiration Date of such other information as
it or he or she reasonably requests. Such cooperation shall include, without
limitation, the granting by you to the Company and such person as the Company
may request of access to those persons on your staff who are responsible for
receiving tenders, in order to ensure that immediately prior to the Expiration
Date the Company shall have received information in sufficient detail to enable
it to decide whether to extend the Exchange Offer. You shall prepare a final
list of all persons whose tenders were accepted, the aggregate principal amount
of Initial Notes tendered, the aggregate principal amount of Initial Notes
accepted and the identity of any Participating Broker-Dealers and the aggregate
principal amount of New Notes delivered to each, and deliver said list to the
Company.


      16. Letters of Transmittal, book-entry confirmations and Notices of
Guaranteed Delivery received by you shall be preserved by you for a period of
time at least equal to the period of time you preserve other records pertaining
to the transfer of securities, or one year, whichever is longer, and thereafter
shall be delivered by you to the Company. You shall dispose of unused Letters of
Transmittal and other surplus materials as instructed by the Company.


      17. You hereby expressly waive any lien, encumbrance or right of set-off
whatsoever that you may have with respect to funds deposited with you for the
payment of transfer taxes by reasons of amounts, if any, borrowed by the
Company, or any of its subsidiaries or affiliates pursuant to any loan or credit
agreement with you or for compensation owed to you hereunder.

      18. For services rendered as Exchange Agent hereunder, you shall be
entitled to such compensation as set forth on Schedule I attached hereto.


      19. You hereby acknowledge receipt of the Prospectus and the Letter of
Transmittal and further acknowledge that you have examined each of them. Any
inconsistency between this Agreement, on the one hand, and the Prospectus and
the Letter of Transmittal (as they may be amended from time to time), on the
other hand, shall be resolved in favor of the latter two documents, except with
respect to the duties, liabilities and indemnification of you as Exchange Agent,
which shall be controlled by this Agreement.


      20. The Company covenants and agrees to indemnify and hold you harmless in
your capacity as Exchange Agent hereunder against any loss, liability, cost or
expense, including attorneys' fees and expenses arising out of or in connection
with any act, omission, delay or refusal made by you in reliance upon any
signature, endorsement, assignment, certificate, order, request, notice,
instruction or other instrument or document reasonably believed by you to be
valid, genuine and sufficient and in accepting any tender or effecting any
transfer of Initial Notes reasonably believed by you in good faith to be
authorized, and in delaying or refusing in good faith to accept any tenders or
effect any transfer of Initial Notes; provided, however, that anything in this
Agreement to the contrary notwithstanding, the Company shall not be liable for
indemnification or otherwise for any loss, liability, cost or expense to the
extent arising out of your gross negligence or willful misconduct. In no case
shall the Company be liable under this indemnity with respect to any claim
against you unless the Company shall be notified by you, by letter or cable or
by facsimile which is confirmed by letter, of the written assertion of a claim
against you or of any other action commenced against you, promptly after you
shall have received any such written assertion or notice of commencement of
action. The Company shall be entitled to participate, at its own expense, in the
defense of any such claim or other action, and, if the Company so elects, the
Company may assume the defense of any pending or threatened action against you
in respect of which indemnification may be sought hereunder, in which case the
Company shall not thereafter be responsible

<PAGE>

for the subsequently-incurred fees and disbursements of legal counsel for you
under this paragraph so long as the Company shall retain counsel reasonably
satisfactory to you to defend such suit; provided, that the Company shall not be
entitled to assume the defense of any such action if the named parties to such
action include both you and the Company and representation of both parties by
the same legal counsel would, in the written opinion of your counsel, be
inappropriate due to actual or potential conflicting interests between you and
the Company. You understand and agree that the Company shall not be liable under
this paragraph for the fees and expenses of more than one legal counsel for you.

      21. You shall arrange to comply with all requirements under the tax laws
of the United States, including those relating to missing Tax Identification
Numbers, and shall file any appropriate reports with the Internal Revenue
Service. The Company understands that you are required, in certain instances, to
deduct twenty-eight percent (28%) with respect to interest paid on the New Notes
and proceeds from the sale, exchange, redemption or retirement of the New Notes
from holders who have not supplied their correct Taxpayer Identification Number
or required certification. Such funds will be turned over to the Internal
Revenue Service in accordance with applicable regulations.

      22. You shall notify the Company of the amount of any transfer taxes
payable in respect of the exchange of Initial Notes and, upon receipt of a
written approval from the Company, shall deliver or cause to be delivered, in a
timely manner to each governmental authority to which any transfer taxes are
payable in respect of the exchange of Initial Notes, your check in the amount of
all transfer taxes so payable, and the Company shall reimburse you for the
amount of any and all transfer taxes payable in respect of the exchange of
Initial Notes; provided, however, that you shall reimburse the Company for
amounts refunded to you in respect of your payment of any such transfer taxes,
at such time as such refund is received by you.

      23. This Agreement and your appointment as Exchange Agent hereunder shall
be construed and enforced in accordance with the laws of the State of New York
applicable to agreements made and to be performed entirely within such state,
and without regard to conflicts of law principles that would apply the law of
any other jurisdictions.

      24. This Agreement shall be binding upon and inure solely to the benefit
of each party hereto and nothing in this Agreement, express or implied, is
intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement. Without
limitation of the foregoing, the parties hereto expressly agree that no holder
of Initial Notes or New Notes shall have any right, benefit or remedy of any
nature whatsoever under, or by reason of, this Agreement.

      25. This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original, and all of which taken together shall
constitute one and the same agreement.

      26. In case any provision of this Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

      27. This Agreement shall not be deemed or construed to be modified,
amended, rescinded, canceled or waived, in whole or in part except by a written
instrument signed by a duly authorized representative of the party to be
charged.

<PAGE>

      28. Unless otherwise provided herein, all notices, requests and other
communications to any party hereunder shall be in writing (including facsimile
or similar writing) and shall be given to such party, addressed to it, at its
address or fax number set forth below:

      if to the Company, to:

           Lennar Corporation
           700 Northwest 107th Avenue
           Miami, Florida 33172
           Telephone:(305) 559-4000
           Fax: (305) 229-6650
           Attention: Benjamin P. Butterfield

      with a copy to:

           Clifford Chance US LLP
           31 West 52nd Street
           New York, New York 10166
           Telephone: (212) 878-8000
           Fax: (212) 878-8375
           Attention: David W. Bernstein, Esq.

      If to the Exchange Agent, to:

           J.P. Morgan Trust Company, N.A.
           [            ]
           New York, NY [   ]
           Telephone:(212)[      ]
           Fax:(212)[       ]
           Attention: [          ]

      29. Unless terminated earlier by the parties hereto, this Agreement shall
terminate 90 days following the Expiration Date. Notwithstanding the foregoing,
paragraphs 17, 19, 21 and 23 shall survive the termination of this Agreement.
Upon any termination of this Agreement, you shall promptly deliver to the
Company any funds or property then held by you as Exchange Agent under this
Agreement.

      30. This Agreement shall be binding and effective as of the date hereof.

<PAGE>

Please acknowledge receipt of this Agreement and confirm the arrangements herein
provided by signing and returning the enclosed copy.

                                        LENNAR CORPORATION

                                        By:_____________________________________
                                           Name: Stuart Miller
                                           Title: President and Chief Executive
                                                  Officer

                                        Accepted as of the date first above
                                        written:

                                        _____________________, as Exchange Agent

                                        By:_____________________________________
                                           Name:
                                           Title:

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`
end

</TEXT>
</DOCUMENT>
</SUBMISSION>
