<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-012653
<TYPE>S-4/A
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20041028
<DATE-OF-FILING-DATE-CHANGE>20041028
<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>041103538
</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>y98642a2sv4za.htm
<DESCRIPTION>AMENDMENT NO. 2 TO FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>AMENDMENT NO. 2 TO FORM S-4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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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" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on October&nbsp;28, 2004</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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

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<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. 2<BR>
TO</B></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="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>
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    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
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<!-- 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>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
registrant hereby amends this registration statement on such date or
dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states
that this registration statement shall thereafter become effective in
accordance with Section&nbsp;8(a) of the Securities Act of 1933 or
until the registration statement shall become effective on such date
as the commission, acting pursuant to said Section&nbsp;8(a), may
determine.
<DIV align="left"><FONT size="1">

</FONT></DIV>

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<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="y98642a2exv12w1.htm">EX-12.1: STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES</A></TD></TR>
<TR><TD colspan="9"><A HREF="y98642a2exv23w2.htm">EX-23.2: CONSENT OF DELOITTE & TOUCHE LLP</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 align="left"><FONT size="1">

</FONT></DIV>

<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
Colorado, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-0451796</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
Funding, LLC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-1173034</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 Colorado, LLLP
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-0469886</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>

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

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

</FONT></DIV>

<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 Colorado, Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Colorado
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">20-0500944</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>


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

</FONT></DIV>


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>Subject to completion,
dated October&nbsp;28, 2004</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"><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>



<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>



<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>
<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>



<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">

<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.

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



<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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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "FORWARD-LOOKING INFORMATION" -->
<DIV align="left"><A NAME="001"></A></DIV>

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



<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 as that term is defined in the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements
involve risks, uncertainties and other factors that may cause actual results to
differ materially from those which the statements anticipate. Forward-looking
statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often contain words such as &#147;anticipate,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148; &#147;may,&#148; &#147;can,&#148;
&#147;could,&#148; &#147;might,&#148; &#147;guidance,&#148; &#147;goal,&#148; &#147;visibility,&#148; or words or phrases
of similar meaning in connection with discussion of anticipated or targeted future operating or
financial performance. Factors which may affect our results include, but are
not limited to, changes in general economic conditions, the market and prices
for homes generally and in areas where we have developments, the availability
and cost of land suitable for residential development, prices of materials,
labor costs, interest rates, consumer confidence, competition, unusual weather or similar conditions, 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>


<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>


<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>



<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.



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

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



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

</FONT></DIV>
<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 entities. 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.

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

</FONT></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 Southwest Land Title in Texas.</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>
</TR>

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

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

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

</FONT></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 existing Chicago, Baltimore and Central
Valley, California homebuilding markets and strengthened our
position in several of our existing markets. We also acquired
Sentinel Title with operations in Maryland and Washington, D.C.</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>
</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><TD colspan="3"><DIV align="left"><FONT size="1">

</FONT></DIV></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 expanded into the San Antonio, Texas homebuilding market through the acquisition of</TD>
</TR>

<TR><TD colspan="3"><DIV align="left"><FONT size="1">

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

</FONT></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">substantially all the real estate assets of Connell-Barron Homes and
entered the Jacksonville, Florida homebuilding market through the acquisition of
substantially all of the real estate assets of Classic American
Homes. Through acquisitions, we also expanded our mortgage operations in Oregon and
expanded our title and closing business into Minnesota.</TD>
</TR>
<TR><TD><FONT size="1">

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



<tr><td>&nbsp;</td></tr>
<!-- End Table Body -->
</TABLE>
</DIV>





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

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In January&nbsp;2004, a company of which we own 50% (LNR Property Corporation
(&#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>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
received 29,507 new home orders in the nine months ended August&nbsp;31, 2004,
which was 15% more than the 25,737 new home orders we received in the same
period last year. At August&nbsp;31, 2004, the dollar value of our backlog of
homes under contract totaled $6.1&nbsp;billion (19,594 homes),
compared with $4.6&nbsp;billion (16,716 homes) at August&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.

<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.

<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>
<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. However, we have no agreements or understandings regarding any
significant transactions.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

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

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

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



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


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


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

<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.


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

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


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

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

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


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



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

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

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

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


<TR valign="bottom">
    <TD valign="top">&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 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>



<P align="center" style="font-size: 10pt">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="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 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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top">Conditions of the Exchange Offer</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">The exchange offer is not conditioned upon any minimum principal
amount of Initial Notes being tendered for exchange. 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 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><DIV align="left"><FONT size="1">

</FONT></DIV></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). Therefore, exchanging Initial Notes for New Notes will
not affect the amount of interest a holder will receive.</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">&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">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 December&nbsp;19, 2004, based on the 3 Month LIBOR Rate
plus 0.75% per year.</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">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>

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



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

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

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

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


<TR valign="bottom">
    <TD valign="top">Acceptance of Initial Notes and Delivery of New Notes</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">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 valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">Withdrawal Rights</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Tenders of Initial Notes may be withdrawn at any time prior to
5:00 p.m., New York City time, on the expiration date.
See &#147;The Exchange Offer&#151;Withdrawal of Tenders.&#148;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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

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


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

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



<P align="center" style="font-size: 10pt">7
</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 "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>
  <TD><FONT size="1">

</FONT></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 December&nbsp;19, 2004 based on the 3 Month LIBOR Rate plus 0.75% per year.</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>
</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>
    <TD><FONT size="1">

</FONT></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 August&nbsp;31, 2004, we had $0.1&nbsp;billion of secured
indebtedness outstanding.</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>
</TR>
<TR>
  <TD><FONT size="1">

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

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




<P align="center" style="font-size: 10pt">9
</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 "RISK FACTORS" -->
<DIV align="left"><A NAME="009"></A></DIV>

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

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

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

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

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

<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"><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>

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


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



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



<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 rights at least as great 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., the debt of Lennar Corporation, as a separate
entity) to others. At any time, however, when 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 will
not be guaranteeing
the Notes. Currently, the subsidiaries are
guaranteeing our principal revolving bank credit lines,
$350&nbsp;million principal amount of our Senior Notes due 2013,
$322&nbsp;million principal amount of our Senior Notes due 2010,
$282&nbsp;million principal amount of 7&nbsp;5/8% Senior Notes due 2009,
$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, Senior Notes due 2009, Senior Notes due 2014 and Senior
Floating-Rate Notes due 2007 also will terminate with regard to any
subsidiary while it is not
guaranteeing at least $75&nbsp;million of our debt and the guarantees
of the Senior Notes due 2010 will terminate with regard to any
subsidiary that no longer is guaranteeing any of our debt. Therefore, if,
while the Notes are outstanding,
our subsidiaries cease  guaranteeing our obligations under our
principal revolving bank credit lines, and are not guarantors of any
new debt, the subsidiaries&#146; guarantees of the Notes will
terminate until such time, if any, as they again are guaranteeing at
least $75&nbsp;million of our debt other than the Notes. If our subsidiaries are guaranteeing revolving credit
lines totalling at least $75&nbsp;million, we will treat the guarantees of the
Notes as remaining in effect even during periods when our borrowings under the
revolving credit lines are less than $75&nbsp;million. Because it is
possible that the banks will permit some or all of our subsidiaries
to stop guaranteeing the revolving credit lines, or that we will terminate our revolving credit lines (which we have discretion to do),
it is possible that, at some time or times in the future, the Notes will no longer be
guaranteed by our subsidiaries.
<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>
<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 lines. While
we have hedged some of our exposure to changes in interest rates, we
are not fully hedged. We paid interest of $96.6&nbsp;million during
the nine&nbsp;months ended August&nbsp;31, 2004. Based upon the weighted
outstanding balance of our unhedged floating rate debt for the
nine&nbsp;months ended August&nbsp;31, 2004, a one percentage point increase in
short-term interest rates would have increased the annualized
interest we incur by $5.6&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>



<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).


<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">

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

</FONT></DIV>
<P align="center" style="font-size: 10pt"><B>OTHER INDEBTEDNESS</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
indebtedness at August&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. Our Senior Floating-Rate Notes due 2007, 7&nbsp;5/8%
Senior Notes due 2009, 9.95% Senior Notes due 2010, 5.95% Senior
Notes due 2013, 5.50% Senior Notes due 2014 and Zero Coupon
Convertible Senior Subordinated Notes due 2021 all 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.
<DIV align="left"><FONT size="1">

</FONT></DIV>

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

</FONT></DIV>
<P align="left" style="font-size: 10pt">Our revolving credit
facilities, which we use from time to time to fund general operating
needs, land purchases and on occasion acquisitions of companies,
contain covenants requiring us to maintain, among other financial
attributes, 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>






<!-- link1 "USE OF PROCEEDS" -->
<DIV align="left"><A NAME="010"></A></DIV>

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



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

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

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



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

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

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



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

</FONT></DIV>
<P align="center" style="font-size: 10pt"><b>(Dollars in thousands,
except per share amounts)</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="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>(Unaudited)<BR>
At or for the<BR>
Nine Months Ended<BR>
August 31,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>At or for the Years Ended November 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>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">6,589,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,547,782</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">364,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">423,638</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">6,954,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,971,420</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">924,570</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706,163</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">78,595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,861</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">94,113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,879</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">909,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">752,145</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">565,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468,210</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">3.42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.94</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">5,241,814</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,868,168</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">386,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">599,223</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">7,838,621</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,222,031</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">1,998,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,521,706</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">564,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">654,569</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">2,563,327</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,176,275</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">3,688,431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,993,008</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
(unaudited):</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">8.2</TD>
    <TD>x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.1</TD>
    <TD>x&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD>x&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>x&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD>x&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>x&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>x&nbsp;</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>&nbsp;</TD>
    <TD align="right">35.1%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.7%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.2%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.6%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.6%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.5%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.3%</TD>
    <TD>&nbsp;</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>&nbsp;</TD>
    <TD align="right">30.4%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.6%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.7%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27.7%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.1%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.0%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.3%</TD>
    <TD>&nbsp;</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 entities) (unaudited):</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">23,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,518</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">19,594</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,716</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">6,143,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,559,000</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 unaudited capitalization as of August&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="85%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="87%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</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">386,858</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<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 5/8% Senior Notes due 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274,556</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">304,009</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">5.50% Senior Notes due 2014</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247,123</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Senior Floating-Rate Notes due 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">200,000</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,721</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:20px; text-indent:-10px">Total homebuilding debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,998,657</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Financial services debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">561,084</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Limited-purpose finance subsidiaries debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,586</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:20px; text-indent:-10px">Total debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,563,327</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B>Stockholders&#146; equity:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;A Common Stock of $0.10 par value per share, 123,629 shares issued (2)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,363</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Class&nbsp;B Common Stock of $0.10 par value per share, 32,589 shares issued (3)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,259</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,275,575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,422,382</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Unearned compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,315</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred compensation plan - 695 Class&nbsp;A common shares and 70 Class&nbsp;B common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,410</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Deferred compensation liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,410</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Treasury stock, at cost, 90 Class&nbsp;A common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,938</TD>
    <TD nowrap>)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Accumulated other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,895</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,688,431</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:20px; text-indent:-10px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total capitalization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,251,758</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- 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%">At August&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 third quarter of 2004 exceeded 110%
($33.53) of the accreted conversion price.</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 our Zero Coupon Convertible Senior
Subordinated Notes due 2021,
or 7,615 shares of Common Stock issuable upon exercise of stock options which were outstanding at August&nbsp;31, 2004.</TD>
</TR>


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

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

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Does not include 559 shares of Common Stock issuable upon exercise of stock options which were outstanding at August&nbsp;31, 2004.</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">13
</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 "RATIO OF EARNINGS TO FIXED CHARGES" -->
<DIV align="left"><A NAME="014"></A></DIV>

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




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>

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

</FONT></DIV></TD></TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Nine 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>August&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>
<TR>
    <TD><DIV align="left"><FONT size="1">

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

<!-- End Table Head -->
<!-- Begin Table Body -->

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

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

<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">8.2x</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.1x</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>

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

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

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




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

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

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

</TABLE>



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


<P align="center" style="font-size: 10pt">14
</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 "THE EXCHANGE OFFER" -->
<DIV align="left"><A NAME="015"></A></DIV>

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



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



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


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




<P align="left" style="font-size: 10pt"><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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<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
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. That financial information
appears in a Current Report on Form&nbsp;8-K/A we filed on
October&nbsp;28, 2004.
<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
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. Further, our filings said the guarantor financial information was about
substantially all our subsidiaries, other than subsidiaries engaged in mortgage
and title insurance activities, not just about the subsidiaries that
guaranteed the Initial Notes, and that 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>
<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We
filed a report on Form&nbsp;8-K/A dated October&nbsp;28, 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>



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

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




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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the terms and subject to the conditions set forth in this prospectus
and in the accompanying 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.


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




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


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


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A holder who validly withdraws
previously tendered Initial Notes will not receive 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.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange offer will expire at 5:00 p.m., New York City time, on
<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.





<P align="center" style="font-size: 10pt">18
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<P align="left" style="font-size: 10pt"><B>Procedures for Tendering Notes</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only a holder of Initial Notes may tender Initial Notes in response to the
exchange offer. 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.


<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.


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



<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.



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


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


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



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


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

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

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the expiration date, the exchange agent receives
from the eligible institution a properly completed and duly executed
notice of guaranteed delivery (by facsimile transmission, mail or
hand) setting forth the name and address of the eligible holder, and
the principal amount of Initial Notes tendered, together with a duly
executed 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 colspan="5">&nbsp;</TD>
</TR>

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

</TABLE>


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


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



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

<P align="center" style="font-size: 10pt">20
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<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.


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



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


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will pay all transfer taxes, if any, applicable to the exchange of
Initial Notes for New Notes pursuant to the exchange offer. If, however, New
Notes or Initial Notes for principal amounts which are not tendered or accepted
for exchange are to be issued in the name of a person other than the
registered holder of the Initial Notes 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.


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



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


<P align="center" style="font-size: 10pt">21
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<DIV style="font-family: 'Times New Roman',Times,serif">



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



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



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


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



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

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

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



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


<P align="center" style="font-size: 10pt">22
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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "DESCRIPTION OF THE NEW NOTES" -->
<DIV align="left"><A NAME="016"></A></DIV>

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



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


<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.


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

</FONT></DIV>
<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 December&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.
<DIV align="left"><FONT size="1">

</FONT></DIV>


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

</FONT></DIV>
<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
December&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.
<DIV align="left"><FONT size="1">

</FONT></DIV>

<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.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture will require that each of our existing and future
subsidiaries (other than any foreign subsidiary and any finance company
subsidiary) that guarantees any of our Indebtedness, or guarantees obligations of any other subsidiary as a guarantor of our Indebtedness,
(other than guarantees by subsidiaries of U.S. Home Corporation (one of our
subsidiaries) solely of U.S. Home&#146;s obligations under its Senior Secured Credit
Facilities) be a guarantor. The guarantee of the Notes by a subsidiary will be
suspended, and that subsidiary will not be a guarantor and will not have any
obligations with regard to the Notes, during any period when the principal
amount of our (i.e. Lennar Corporation&#146;s) obligations or any
[Restricted]
Subsidiary&#146;s obligations with regard to our (i.e. Lennar Corporation&#146;s)
obligations, in each case other than the Notes and any other debt obligations
containing provisions similar to this, that the subsidiary is guaranteeing
totals less than $75&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The indenture will provide that if all or substantially all of the assets
of any guarantor or all of the capital stock of any guarantor is sold
(including by consolidation, merger, issuance or otherwise) or disposed of
(including by liquidation, dissolution or otherwise) by us or any of our
Subsidiaries, then such guarantor or the Person acquiring such assets (in the
event of a sale or other disposition of all or substantially all of the assets
of such guarantor) shall be deemed automatically and unconditionally released
and discharged from any of its obligations under the indenture without any
further action on the part of the Trustee or any Holder of the Notes.


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Limitation
on Liens. </I>We will not, nor will we permit any [Restricted]
Subsidiary to, create, assume, incur or suffer to exist any Lien upon any of
our or its properties, whether owned on the date of original issuance of the
Notes (&#147;Issue Date&#148;) or thereafter acquired, unless:


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such Lien secures indebtedness ranking equal in right of payment
with the Notes, then the Notes are secured on an equal and ratable basis
with the obligation so secured until such time as such obligation is no
longer secured by a Lien;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if such Lien secures Indebtedness which is subordinated to the Notes,
then the Notes are secured and the Lien securing such Indebtedness is
subordinated to the Lien granted to the Holders of the Notes to the same
extent as such Indebtedness is subordinated to the Notes; or</TD>
</TR>

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

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

</TABLE>


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens on property of a Person existing at the time such Person is
merged into or consolidated with or otherwise acquired by us or any
Restricted Subsidiary, provided that such Liens were in existence prior
to, and were not created in contemplation of, such merger, consolidation
or acquisition and do not extend to any assets other than those of the
Person merged into or consolidated with us or any Restricted Subsidiary;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens on property existing at the time of acquisition thereof by us
or any Restricted Subsidiary; provided that such Liens were in existence
prior to, and were not created in contemplation of, such acquisition and
do not extend to any assets other than the property acquired;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens imposed by law such as carriers&#146;, warehouseman&#146;s or mechanics&#146;
Liens, and other Liens to secure the performance of statutory
obligations, surety or appeal bonds, performance bonds or other
obligations of a like nature incurred in the ordinary course of
business;</TD>
</TR>

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

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

</TABLE>


<P align="center" style="font-size: 10pt">25
</DIV>

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




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens securing Indebtedness representing, or incurred to finance, the
cost of acquiring, constructing or improving any assets, provided that
the principal amount of such Indebtedness does not exceed 100% of such
cost, including construction charges;</TD>
</TR>

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens incurred in the ordinary course of business to secure
performance of obligations with respect to statutory or regulatory
requirements, performance or return-of-money bonds, surety bonds or
other obligations of a like nature, in each case which are not incurred
in connection with the borrowing of money, the obtaining of advances or
credit or the payment of the deferred purchase price of property and
which do not in the aggregate impair in any material respect the use of
property in the operation of our business taken as a whole;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pledges or deposits under workmen&#146;s compensation laws, unemployment
insurance laws or similar legislation, or good faith deposits in
connection with bids, tenders, contracts (other than for the payment of
indebtedness) or leases to which Lennar or any Restricted Subsidiary is
a party, or deposits to secure public or statutory obligations of us or
of any Restricted Subsidiary or deposits for the payment of rent, in
each case incurred in the ordinary course of business;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens granted to any bank or other institution on the payments to be
made to such institution by us or any Subsidiary pursuant to any
interest rate swap or similar agreement or foreign currency hedge,
exchange or similar agreement designed to provide protection against
fluctuations in interest rates and currency exchange rates,
respectively, provided that such agreements are entered into in, or are
incidental to, the ordinary course of business;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens arising solely by virtue of any statutory or common law
provision relating to banker&#146;s Liens, rights of set off or similar
rights and remedies;</TD>
</TR>

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens securing indebtedness incurred to finance the acquisition,
construction, improvement, development or expansion of a property which
is given within 180&nbsp;days of the acquisition, construction, improvement,
development or expansion of such property and which is limited to such
property;</TD>
</TR>

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

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

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens for taxes, assessments or governmental charges or claims that
are not yet delinquent or that are being contested in good faith by
appropriate proceedings promptly instituted and diligently concluded;
provided that any reserve or other appropriate provision as shall be
required in conformity with GAAP shall have been made therefor;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liens securing refinancing Indebtedness; provided that any such Lien
does not extend to or cover any property or assets other than the
property or assets securing Indebtedness so refunded, refinanced or
extended;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&#149;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>easements, rights-of-way and other similar encumbrances incurred in
the ordinary course of business and encumbrances consisting of zoning
restrictions, licenses, restrictions on the use of property or minor
imperfections in title thereto which, in the aggregate, are not material
in amount, and which do not in any case materially detract from our
properties subject thereto; and</TD>
</TR>

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

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

</TABLE>


<P align="center" style="font-size: 10pt">26
</DIV>

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




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


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all direct or indirect guaranties or similar agreements by us or any
Subsidiary in respect of, and our or such Subsidiary&#146;s obligations or
liabilities (contingent or otherwise) to purchase or otherwise acquire, or
otherwise assure a creditor against loss in respect of, indebtedness,
obligations or liabilities of another Person of the kind described in clauses
(a)&nbsp;through (d);



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any indebtedness or other obligations, excluding any operating
leases we or any Subsidiary is currently (or may become) a party to described
in clauses (a)&nbsp;through (d)&nbsp;secured by any Lien existing on property which is
owned or held by us or such Subsidiary, regardless of whether the
indebtedness or other obligation secured thereby shall have been assumed by
us or such Subsidiary; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any and all deferrals, renewals, extensions and refinancing of, or
amendments, modifications or supplements to, any indebtedness, obligation or
liability of the kind described in clauses (a)&nbsp;through (f).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Lien&#148; means any mortgage, pledge, lien, encumbrance, charge or security
interest of any kind.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Non-Recourse Indebtedness&#148; means any of our or any Restricted
Subsidiary&#146;s Indebtedness for which the holder of such Indebtedness has no
recourse, directly or indirectly, to us or such Restricted Subsidiary for the
principal of, premium, if any, and interest on such Indebtedness, and for which
we are not or such Restricted Subsidiary is not, directly or indirectly,
obligated or otherwise liable for the principal of, premium, if any, and
interest on such Indebtedness, except pursuant to mortgages, deeds of trust or
other security interests or other recourse, obligations or liabilities, in
respect of specific land or other real property interests of us or such
Restricted Subsidiary securing such indebtedness; provided, however, that
recourse, obligations or liabilities solely for indemnities, covenants or
breach of warranty representations or covenants in respect of Indebtedness will
not prevent that Indebtedness from being classified as Non-Recourse
Indebtedness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Officers&#146; Certificate&#148; when used with respect to us means a certificate
signed by two of our officers (as specified in the indenture), each such
certificate will comply with Section&nbsp;314 of the TIA and include the statements
required under the indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Paying Agent&#148; means the office or agency designated by us where the Notes
may be presented for payment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Person&#148; means any individual, corporation, partnership, joint venture,
joint-stock company, trust, unincorporated organization or government or any
government agency or political subdivision.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Restricted Subsidiary&#148; means any guarantor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Sale-Leaseback Transaction&#148; means a sale or transfer made by us or a
Restricted Subsidiary of any property which is either (A)&nbsp;a manufacturing
facility, office building or warehouse whose book value equals or exceeds 1% of
Consolidated Net Tangible Assets as of the date of determination, or (B)
another property (not including a model home) which exceeds 5% of Consolidated
Net Tangible Assets as of the date of determination, if such sale or transfer
is made with the agreement, commitment or intention of leasing such property to
Lennar or a Restricted Subsidiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Senior Secured Credit Facilities&#148; means the senior secured credit
facilities dated as of May&nbsp;3, 2000, as amended and restated through May&nbsp;30,
2003 between Lennar and Bank One NA as administrative agent and the other
lenders party thereto<B>.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Subsidiary,&#148; means (1)&nbsp;a corporation or other entity of which a majority
in voting power of the stock or other interests is owned by us, by a Subsidiary
or by us and one or more Subsidiaries or (2)&nbsp;a partnership, of which we or any
Subsidiary is the sole general partner.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Telerate Page 3750&#148; means the display page with that designation on the
Moneyline Telerate, Inc. (or such other page as may replace that page on that
service or any successor service as the place where the London interbank
offered rates of major banks are displayed).


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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
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<P align="center" style="font-size: 10pt"><B>BOOK ENTRY, DELIVERY AND FORM</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The certificates representing the New Notes will be issued in fully
registered form. The New Notes initially will be represented by a single,
permanent global note, in definitive, fully registered form without interest
coupons (the &#147;Global Note&#148;) and will be deposited with the trustee as custodian
for DTC and registered in the name of Cede &#038; Co., as DTC&#146;s nominee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the issuance of a Global Note, DTC or its nominee will credit the
accounts of persons holding through it with the respective principal amounts of
the New Notes represented by such Global Note that are received by such persons
in the exchange offer. Ownership of beneficial interests in a Global Note will
be limited to persons that have accounts with DTC (&#147;participants&#148;) or persons
that may hold interests through participants. Any person acquiring an interest
in a Global Note through an offshore transaction in reliance on Regulation&nbsp;S
under the Securities Act may hold such interest through Clearstream (formerly
known as Cedel) or Euroclear. Ownership of beneficial interests in a Global
Note will be shown on, and the transfer of that ownership interest will be
effected only through, records maintained by DTC (with respect to participants&#146;
interests) and such participants (with respect to the owners of beneficial
interests in such Global Note other than participants). The laws of some
jurisdictions require that certain purchasers of securities take physical
delivery of such securities in definitive form. Such limits and such laws may
impair the ability to transfer beneficial interests in a Global Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of principal of and interest on New Notes represented by a Global
Note will be made in immediately available funds to DTC or its nominee, as the
case may be, as the sole registered owner and the sole holder of the New Notes
represented thereby for all purposes under the indenture. We have been advised
by DTC that upon receipt of any payment of principal of or interest on any
Global Note, DTC will immediately credit, on its book-entry registration and
transfer system, the accounts of participants with payments in amounts
proportionate to their respective beneficial interests in the principal or face
amount of such Global Note as shown on the records of DTC. Payments by
participants to owners of beneficial interests in a Global Note held through
such participants will be governed by standing instructions and customary
practices as is now the case with securities held for customer accounts
registered in &#147;street name&#148; and will be the sole responsibility of such
participants.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Global Note may not be transferred except as a whole by DTC or a nominee
of DTC to a nominee of DTC or to DTC. A Global Note is exchangeable for
certificated New Notes only if (a)&nbsp;DTC notifies us that it is unwilling or
unable to continue as a depositary for such Global Note or if at any time DTC
ceases to be a clearing agency registered under the Exchange Act, (b)&nbsp;we in our
discretion at any time determine not to have all the New Notes represented by
such Global Note, or (c)&nbsp;there shall have occurred and be continuing a default
or an event of default with respect to the New Notes represented by such Global
Note. Any Global Note that is exchangeable for certificated New Notes pursuant
to the preceding sentence will be exchanged for certificated New Notes in
authorized denominations and registered in such names as DTC or any successor
depositary holding such Global Note may direct. Subject to the foregoing, a
Global Note is not exchangeable, except for a Global Note of like denomination
to be registered in the name of DTC or any successor depositary or its nominee.
In the event that a Global Note becomes exchangeable for certificated New
Notes, (a)&nbsp;certificated New Notes will be issued only in fully registered form
in denominations of $1,000 or integral multiples thereof, (b)&nbsp;payment of
principal of, and premium, if any, and interest on, the certificated New Notes
will be payable, and the transfer of the certificated New Notes will be
registerable, at our office or agency maintained for such purposes and (c)&nbsp;no
service charge will be made for any registration of transfer or exchange of the
certificated New Notes, although we may require payment of a sum sufficient to
cover any tax or governmental charge imposed in connection therewith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So long as DTC or any successor depositary for a Global Note, or any
nominee, is the registered owner of such Global Note, DTC or such successor
depositary or nominee, as the case may be, will be considered the sole owner or
holder of the New Notes represented by such Global Note for all purposes under
the indenture and the New Notes. Except as set forth above, owners of
beneficial interests in a Global Note will not be entitled to have the New
Notes represented by such Global Note registered in their names, will not
receive or be entitled to receive physical delivery of certificated New Notes
in definitive form and will not be considered to be the owners or holders of
any New Notes under such Global Note. Accordingly, each person owning a
beneficial interest in a Global Note must rely on the procedures of DTC or any
successor depositary, and, if such person is not a participant, on the
procedures of the participant through which such person owns its interest, to
exercise any rights of a holder under


<P align="center" style="font-size: 10pt">34
</DIV>

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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
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS" -->
<DIV align="left"><A NAME="018"></A></DIV>
<P align="center" style="font-size: 10pt"><B>SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each broker-dealer that receives New Notes for its own account pursuant to
the exchange offer must acknowledge that it will deliver a prospectus in
connection with any resale of such New Notes. This prospectus, as it may be
amended or supplemented from time to time, may be used by a broker-dealer in
connection with sales of New Notes received in exchange for Initial Notes which
were acquired as a result of market-making activities or other trading
activities. We have agreed that, starting on the expiration date and ending on
the close of business on the first anniversary of the expiration date, we will
make this prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale. In addition, until
<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.


<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/A dated
October&nbsp;28, 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 valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Annual Report on Form 10-K for the fiscal year ended November&nbsp;30,
2003;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
  <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;</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="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 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 Quarterly Report on Form&nbsp;10-Q for the quarter ended
August&nbsp;31, 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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Current Reports on Form 8-K dated March&nbsp;16, 2004
(except as to Item&nbsp;12, which information was furnished and is
not deemed incorporated into any of our filings under the Securities
Act of 1933), April
22, 2004, May&nbsp;26, 2004, August&nbsp;24, 2004 and
October&nbsp;28, 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
</DIV>

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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>No dealer, salesperson, or other person has been authorized to give any
information or to make any representations in connection with the offer made by
this prospectus other than those contained herein and, if given or made, such
information or representations must not be relied upon as having been
authorized by Lennar. This prospectus does not constitute an offer to sell or
the solicitation of an offer to buy any security other than those to which it
relates, nor does it constitute an offer to sell, or the solicitation of an
offer to buy, to any person in any jurisdiction in which such offer or
solicitation is not authorized, or in which the person making such offer or
solicitation is not qualified to do so, or to any person to whom it is unlawful
to make such offer or solicitation. Neither the delivery of this prospectus
nor any sale made hereunder shall, under any circumstances, create any
implication that there has been no change in the affairs of the company since
the date of this prospectus or that the information contained in this
prospectus is correct as of any time subsequent to the date of this prospectus.</B>


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

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

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



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



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="92%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 8pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>


<TD align="center" colspan="3"><B>Page</B><HR noshade size="1"></TD>

</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">FORWARD LOOKING INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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>



<P align="center" style="font-size: 10pt"><B>$300,000,000<BR>
Lennar Corporation</B>



<P align="center" style="font-size: 10pt"><B>Offer to exchange fully guaranteed Senior Floating-Rate Notes due 2009, Series&nbsp;B<BR>
for any and all outstanding partially guaranteed Senior Floating-Rate
Notes due 2009</B>



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



<P align="center" style="font-size: 10pt">Dated <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2004



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

<!-- 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 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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 colspan="5">&nbsp;</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 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>
    <TD colspan="5"><DIV align="left"><FONT size="1">

</FONT></DIV></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"><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="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>
    <TD colspan="5"><DIV align="left"><FONT size="1">

</FONT></DIV></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"><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="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 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 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>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;22. Undertakings.</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for
indemnification against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer or controlling
person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in
connection with the securities being registered, the registrant will, unless in
the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned registrants hereby undertake to respond to requests
for information that is incorporated by reference into the prospectus pursuant
to Items 4, 10(b), 11, or 13 of this Form, within one business day of receipt
of such request, and to send the incorporated documents by first class mail or
other equally prompt means. This includes information contained in documents
filed subsequent to the effective date of the registration statement through
the date of responding to the request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The undersigned registrants hereby undertake to supply by means of a
post-effective amendment all information concerning a transaction, and the
company being acquired involved therein, that was not the subject of and
included in the registration statement when it became effective.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The undersigned registrants hereby undertake:


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or
sales are being made, a post-effective amendment to this
registration statement;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by section
10(a)(3) of the Securities Act of 1933;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events
arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental
change in the information set forth in the registration
statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form
of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate
offering price set forth in the &#147;Calculation of Registration
Fee&#148; table in the effective registration statement;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any material information with respect
to the plan of distribution not previously disclosed in the
registration statement or any material change to such
information in the registration statement.</TD>
</TR>

</TABLE>

<P align="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.



<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>

<!-- 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
October&nbsp;28, 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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<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">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">


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

</FONT></DIV>
<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 Colorado, LLC <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 Funding, LLC<BR>
Lennar Fresno, Inc.<BR>
Lennar Homes, Inc.<BR>
Lennar Homes Holding Corp.<BR>
Lennar Homes of Arizona, Inc.<BR>
Lennar Homes of Colorado, LLLP <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.
<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 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">

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

</FONT></DIV>
<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 Colorado, LLC <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
<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">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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<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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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>

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


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



<P align="left" style="font-size: 10pt">Acme Water Supply &#038; Management Company (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Aquaterra Utilities, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
B. Andrews &#038; Co., Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bayhome USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boca Greens, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boca Isles South Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Boggy Creek USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California Properties, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Bramalea California Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Brazoria County LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Builders Acquisition Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Builders LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Clodine-Bellaire LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Club Pembroke Isles, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Club Tampa Palms, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Hills, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Lake, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Oaks, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Park, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Concord Pointe, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA Homes NJ Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA of Lake Worth, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
DCA of New Jersey, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
E.M.J.V. Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
F.P. Construction Corp. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fidelity Guaranty and Acceptance Corporation (3)(11)(12)(10.1)(6.2)(2.3)<BR>
Fortress Management, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress Mortgage, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress Pennsylvania Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Fortress-Florida, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Genesee Communities I, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Genesee Communities III, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Grand Isle Club, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Greystone Construction, Inc. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Greystone Homes, Inc. (5)(11)(14)(9.1)(17.2)(15.3)<BR>
Greystone Homes of Nevada, Inc. (5)(11)(14)(8.1)(17.2)(15.3)<BR>
Harris County LP, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage Harbour Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage Housing Group, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Heritage USH, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Home Buyer&#146;s Advantage Realty, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Homecraft Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Imperial Homes Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Inactive Corporations, Inc. (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Ridge Golf Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Ridge Recreation Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Kings Wood Development Corporation (3)(11)(12)(13.1)(6.2)(2.3)<BR>
Landmark Homes, Inc. (3)(11)(12)(13.1)(6.2)(2.3)


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

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<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">

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

</FONT></DIV>
<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. (18)(19)(20)(13.1)(6.2)(2.3)<BR>
Strategic Technologies, Inc. (18)(19)(20)(13.1)(6.2)(2.3)<BR>
Strategic Technologies Communications of California,<BR>
Inc.(18)(19)(20)(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 Colorado, Inc. (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)
<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 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;
</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>
<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 Colorado, LLC<SUP>38</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 Funding, LLC<SUP>37</SUP><BR>
Lennar Homes of Colorado, LLLP<SUP>39</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>
<DIV align="left"><FONT size="1">

</FONT></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"><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">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>

<TR valign="top">
    <TD width="1%" nowrap align="right">37</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%"> Executed by Lennar Corporation as Managing Member</TD>
</TR>

</TABLE>


<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">





<DIV align="center">

<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="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>
    <TD>&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="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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 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">October&nbsp;28, 2004</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">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>
    <TD><DIV align="left"><FONT size="1">

</FONT></DIV></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">/s/ Nancy Kaminsky<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(18)</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">October&nbsp;28, 2004</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nancy
Kaminsky</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>
    <TD><DIV align="left"><FONT size="1">

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



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

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

</FONT></DIV></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"> /s/ David B. McCain<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(19)</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">October&nbsp;28, 2004</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David
B. McCain</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>
    <TD><DIV align="left"><FONT size="1">

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




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

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

</FONT></DIV></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"> /s/ Allan J. Pekor<HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="left" valign="top">(20)</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">October&nbsp;28, 2004</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Allan
J. Pekor</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>
    <TD><DIV align="left"><FONT size="1">

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



<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&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">*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">October&nbsp;28, 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>

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

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


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



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

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

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

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="029"></A></DIV>

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="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 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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 colspan="4">&nbsp;</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 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>
    <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">12.1</TD>
    <TD>&nbsp;</TD>
    <TD>Statement of Computation of Ratio of Earnings to Fixed
Charges</TD>
</TR>
<TR>
    <TD><FONT size="1">

</FONT></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>
    <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">23.2</TD>
    <TD>&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP (independent registered
public accounting firm)</TD>
</TR>
<TR>
    <TD><FONT size="1">

</FONT></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>


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</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>2
<FILENAME>y98642a2exv12w1.htm
<DESCRIPTION>EX-12.1: STATEMENT RE: COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 12.1</TITLE>
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: ">

<P align="left" style="font-size: 10pt">Computation of Earnings to Fixed Charges<BR>
(Dollars in thousands)

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

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

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    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><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>August 31,</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19"><B>Years Ended November 30,</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD 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">909,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">752,145</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">125,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,309</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">(99,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(98,533</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">6,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,386</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">89,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,032</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">1,031,183</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">880,339</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">104,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,752</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">20,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,557</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">125,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,309</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">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.1</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>
<DIV align="left"><FONT size="1">

</FONT></DIV>




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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>y98642a2exv23w2.htm
<DESCRIPTION>EX-23.2: CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 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;2 to
Registration Statement No.&nbsp;333-116975 of Lennar Corporation on
Form&nbsp;S-4/A 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/A of
Lennar Corporation dated October&nbsp;28, 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>
October&nbsp;28, 2004
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