<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-014618
<TYPE>S-4
<PUBLIC-DOCUMENT-COUNT>9
<FILING-DATE>20041210
<DATE-OF-FILING-DATE-CHANGE>20041209
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LENNAR CORP /NEW/
<CIK>0000920760
<ASSIGNED-SIC>1520
<IRS-NUMBER>954337490
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-121132
<FILM-NUMBER>041194596
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
<PHONE>3055594000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PACIFIC GREYSTONE CORP /DE/
<DATE-CHANGED>19940323
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>y69382sv4.htm
<DESCRIPTION>FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>FORM S-4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<B><FONT size="2">As filed with the Securities and Exchange
Commission on December&nbsp;9, 2004</FONT></B>
</DIV>

<DIV align="right">
<B><FONT size="2">Registration
No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B>
</DIV>

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -5px">
</DIV>

<DIV align="left">
<HR size="1" noshade color="#000000" style="margin-top: -10px">
</DIV>

<P align="center">
<B><FONT size="4">UNITED STATES SECURITIES AND EXCHANGE
COMMISSION</FONT></B>

<DIV align="center">
<B>Washington,&nbsp;D.C. 20549</B>
</DIV>

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

<DIV align="center">
<B><FONT size="5">Form&nbsp;S-4</FONT></B>
</DIV>

<DIV align="center">
<B>REGISTRATION STATEMENT</B>
</DIV>

<DIV align="center">
<B>UNDER</B>
</DIV>

<DIV align="center">
<B>THE SECURITIES ACT OF 1933</B>
</DIV>

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

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

<DIV align="center">
<I><FONT size="2">Co-registrants are listed on the following
page.</FONT></I>
</DIV>

<DIV align="center">
<I><FONT size="2">(Exact name of Registrant as specified in its
charter)</FONT></I>
</DIV>

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

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

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="28%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Delaware</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">1520</FONT></B></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <B><FONT size="2">95-4337490</FONT></B></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <I><FONT size="2">(State or other jurisdiction of<BR>
    incorporation or organization)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(Primary Standard Industrial<BR>
    Classification Code Number)</FONT></I></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <I><FONT size="2">(I.R.S. Employer<BR>
    Identification Number)</FONT></I></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<B><FONT size="2">700 Northwest 107th Avenue</FONT></B>

<DIV align="center">
<B><FONT size="2">Miami, Florida 33172</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(305)&nbsp;559-4000</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Address, including zip code, and telephone
number,</FONT></I>
</DIV>

<DIV align="center">
<I><FONT size="2">including area code, of registrant&#146;s
principal executive offices)</FONT></I>
</DIV>

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

<DIV align="center">
<B><FONT size="2">Michael Francis</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Senior Corporate Counsel</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">700 Northwest 107th Avenue</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Miami, Florida 33172</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(305)&nbsp;559-4000</FONT></B>
</DIV>

<DIV align="center">
<I><FONT size="2">(Name, address, including zip code, and
telephone number,</FONT></I>
</DIV>

<DIV align="center">
<I><FONT size="2">including area code, of agent for
service)</FONT></I>
</DIV>

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

<DIV align="center">
<B><I><FONT size="2">Copies to:</FONT></I></B>
</DIV>

<P align="center">
<B><FONT size="2">David W. Bernstein,&nbsp;Esq.</FONT></B>

<DIV align="center">
<B><FONT size="2">Kathleen L. Werner,&nbsp;Esq.</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Clifford Chance US LLP</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">31 West 52nd&nbsp;Street</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">New York, New York 10019-6131</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">(212) 878-8000</FONT></B>
</DIV>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approximate
date of commencement of proposed sale to the
public:</FONT></B><FONT size="2"> As soon as practicable after
this registration statement becomes effective and all other
conditions to the exchange offer have been satisfied or waived.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the securities being registered on this form are being offered
in connection with the formation of a holding company and there
is compliance with General Instruction&nbsp;G, check the
following
box.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this form is filed to register additional securities for an
offering pursuant to Rule&nbsp;462(b) under the Securities Act,
check the following box and list the Securities Act registration
statement number of the earlier effective registration statement
for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
this form is a post-effective amendment filed pursuant to
Rule&nbsp;462(d) under the Securities Act, check the following
box and list the Securities Act registration statement number of
the earlier effective registration statement for the same
offering.&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

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

<DIV align="center">
<B><FONT size="2">CALCULATION OF REGISTRATION FEE</FONT></B>
</DIV>

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

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Proposed Maximum</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount of</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Title of Each Class of</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Amount to be</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Aggregate</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registration</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Securities to be Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Registered</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Price Per Note(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Offering Price(1)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Fee(2)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="9"></TD>
</TR>

<TR>
    <TD colspan="9" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Series&nbsp;B Senior Floating-Rate Notes due 2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$200,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">100%
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$200,000,000
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$25,340
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Guarantees of Series&nbsp;B Senior Floating-Rate
    Notes due 2007(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">(4)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">(4)
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

<TR>
    <TD colspan="9" align="left"><HR size="1" noshade></TD>

</TR>

</TABLE>
</CENTER>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Estimated solely for purposes of calculating the
    registration fee under the Securities Act of 1933, as amended.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Calculated pursuant to Rule&nbsp;457(f)(2).
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">See the following pages for a list of the
    guarantors, all of which are direct and indirect subsidiaries of
    Lennar Corporation.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Pursuant to Rule 457(n) under the Securities Act,
    no separate fee for the guarantees is payable.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">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 SEC, acting pursuant to said Section&nbsp;8(a), may
determine.</FONT></B>

<P align="left">
<HR size="1" noshade color="#000000" style="margin-top: -2px">

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<TR>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Jurisdiction of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Incorporation or</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employer</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Co-Registrant</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Organization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AcmeWater Supply&nbsp;&#38; Management Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-1959099</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Aquaterra Utilities, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-3674555</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Asbury Woods L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4491586</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Avalon-Sienna&nbsp;III, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4369395</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">B. Andrews&nbsp;&#38; Co., Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Maryland</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52-1506110</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Barnsboro Associates, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New Jersey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72-1537693</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bayhome USH, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New Jersey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">68-0554763</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bella Oaks L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4391790</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bennetts Village LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New Jersey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72-1537695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bickford Holdings, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0862875</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Boca Greens, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-1707681</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Boca Isles South Club, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0456217</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Boggy Creek USH, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-2022862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bramalea California, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">95-3426206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bramalea California Properties, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">98-0087244</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Bramalea California Realty, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-3504214</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Brazoria County LP, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-2058054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Brewer Baseline Investors, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">71-0926637</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Builders Acquisition Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-1138117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Builders LP, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-1981685</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cambria L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4343919</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cantera Village L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4045136</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cary Woods L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4511011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Claremont Ridge L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4491588</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Claridge Estates L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4511104</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Clodine-Bellaire LP, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-1937380</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Club Pembroke Isles, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0567595</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Club Tampa Palms, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-1061700</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Colonial Heritage LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Virginia</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-0646289</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord at Meadowbrook L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-0026164</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord at Pheasant Run Trails L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">30-0023454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord at Ravenna L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">41-2088272</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord at Zurich Village L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4492814</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord City Centre L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4303767</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Hills, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3851896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Hills Limited Partnership
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3851920</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Homes, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">48-1259541</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Lake, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3885795</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Lake Limited Partnership
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3885794</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Mills Estates L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4303710</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Mills Limited Partnership
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3983636</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Oaks, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3909432</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Oaks Limited Partnership
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3913675</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Park, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3973265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Park Limited Partnership
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3899290</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Pointe, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3897253</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Concord Pointe Limited Partnership
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3899290</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Coto de Caza, Ltd.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0738531</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Country Club Development at the Fort, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">74-0574053</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Coventry L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4511106</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">DCA Homes NJ Realty, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New Jersey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">22-2242815</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">DCA of Lake Worth, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-1863953</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">DCA of New Jersey, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New Jersey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">22-2285266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">E.M.J.V. Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-3411844</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Enclave Land, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">02-0569313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">ERMLOE, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">61-1426128</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">F.P. Construction Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23-2991585</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
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    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
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<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Jurisdiction of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Incorporation or</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employer</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Co-Registrant</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Organization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

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    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
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<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fidelity Guaranty and Acceptance Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0168225</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fortress Holding&nbsp;&#151; Virginia, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54-1996535</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fortress Illinois, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1178246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fortress Management, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">74-3004651</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fortress Missouri, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-1902931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fortress Mortgage, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54-1830770</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fortress Pennsylvania, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">58-2348576</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fortress Pennsylvania Realty, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23-2991518</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fortress-Florida, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54-1837545</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Fox-Maple Associates, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New Jersey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-1997377</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Foxwood L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4511105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Gateway Commons, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Maryland</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">68-0515247</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities&nbsp;I, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1317557</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities&nbsp;II, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1567457</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities&nbsp;III, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1361682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities IV, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1567305</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities&nbsp;V, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1567306</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities VI, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1567307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities VII, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1567308</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities VIII, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1567309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Communities IX, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">80-0014048</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Genesee Venture, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">84-1567456</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Glenview Reserve, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4415694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Grand Isle Club, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">46-0482148</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Greenfield/ Waterbury L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4099504</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Greystone Construction, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Arizona</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0864245</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Greystone Homes, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">93-1070009</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Greystone Homes of Nevada, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0412604</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Greystone Nevada, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0412611</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Hallston Burbank LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0843511</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Harris County LP, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-1890279</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Haverton L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-0057181</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Heathcote&nbsp;Commons LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Virginia</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1178932</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Heritage Harbour Realty, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">75-3080965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Heritage Housing Group, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Maryland</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52-1783710</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Heritage USH, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72-1551056</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Home Buyer&#146;s Advantage Realty,
    Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0573246</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Homecraft Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0334090</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Imperial Homes Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0334117</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Impressions L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4249224</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inactive Corporations, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-1275889</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kings Lake TH, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54-2096335</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kings Ridge Golf Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0718382</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kings Ridge Recreation Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0718384</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Kings Wood Development Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0766576</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Landmark Homes, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">North Carolina</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56-2009874</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Laureate Homes of Arizona, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Arizona</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0671037</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legacy Homes, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">North Carolina</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56-1588510</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legends Club, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">48-1259544</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legends Golf Club, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-3691814</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">LENH&nbsp;I, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56-2349820</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Acquisition Corp.&nbsp;II
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0812777</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Americanos Douglas, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0725087</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Associates Management, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52-2257293</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Associates Management Holding Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">31-1806357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Aviation, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">02-0543705</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Carolina, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">87-0713832</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<TR>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Jurisdiction of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Incorporation or</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employer</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Co-Registrant</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Organization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Central Park, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1087322</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Central Region Sweep, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-1111068</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Chicago, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-3971759</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Communities, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0855007</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Communities Development, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0262130</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Communities of Florida, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">02-0543694</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Communities of South Florida,
    Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">02-0543702</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Construction, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Arizona</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0972186</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Coto Holdings, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0787906</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Developers, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">48-1259540</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Developers, Inc.&nbsp;II
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">03-0501883</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Developers, Inc.&nbsp;III
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">03-0501885</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Family of Builders GP, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-1981691</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Family of Builders Limited Partnership
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-1981697</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Financial Services, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0774024</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Funding, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1173034</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Fresno, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-1008718</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Homes, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-0711505</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Homes Holding Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">16-1641233</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Homes of Arizona, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Arizona</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0163412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Homes of California, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">93-1223261</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Homes of Texas Land and Construction,
    Ltd.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">75-2792018</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Homes of Texas Sales and Marketing,
    Ltd.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">75-2792019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Houston Land, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">71-0893559</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar La&nbsp;Paz, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0812776</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar La&nbsp;Paz Limited, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0812775</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Land Partners Sub, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0776454</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Land Partners Sub&nbsp;II,
    Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0429001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Military Housing, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">05-0566325</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Nevada, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0401445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Northland&nbsp;I, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0805080</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Northland&nbsp;II, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0821001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Northland&nbsp;III, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0821002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Northland IV, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0821003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Northland&nbsp;V, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0836779</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Northland VI, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0836810</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Northpointe North, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1179019</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Pacific, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0412608</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Pacific, L.P.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0412610</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Pacific Properties, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0412607</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Pacific Properties Management,
    Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">30-0139878</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Realty, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-0866794</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Renaissance, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0726195</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Reno, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">22-3895412</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Sacramento, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0794993</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Sales Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">95-4716082</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar San&nbsp;Jose Holdings, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0645170</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Southland&nbsp;I, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0801714</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Southland&nbsp;II, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0836784</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Southland&nbsp;III, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0836786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Southwest Holding Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-1933536</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Sun Ridge, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">94-3392987</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Texas Holding Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">75-2788257</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar Trading Company, LP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72-1574089</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar.Com, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0980149</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar-Kings Lake, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54-2096420</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennar-Lantana Boatyard, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56-2321100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
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<TR>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
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<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Jurisdiction of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Incorporation or</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employer</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Co-Registrant</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Organization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

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    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
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    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
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<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lennarstone Marketing Group, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Arizona</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">86-0998754</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">LFS Holding Company, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-1105931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">LH Eastwind, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-0097714</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">LHI Renaissance, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">02-0680656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">LN, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">22-3871208</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Long Point Development Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0587917</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lorton Station, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Virginia</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0694499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lucerne Merged Condominiums, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0576452</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Lundgren Bros. Construction, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Minnesota</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">41-0970679</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">M.A.P. Builders, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-1908120</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Madrona Village L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4343916</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Marble Mountain Partners, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">41-2076340</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Marlborough Development Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">95-6072804</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mid-County Utilities, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Maryland</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0610395</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Midland Housing Industries Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">95-2775081</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Midland Investment Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">95-2842301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mission Viejo 12S Venture, LP
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0615197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mission Viejo Holdings, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0785862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Moffett Meadows Partners, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">56-2320229</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">New Home Brokerage, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0683361</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">North County Land Company, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-1130656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Northbridge L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4511102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Northern Land Company, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1179078</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Northgate Highlands Development&nbsp;II, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0698064</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">NuHome Designs, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0569460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Oceanpointe Development Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0264460</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Orrin Thompson Construction Company
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Minnesota</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0334101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Orrin Thompson Homes Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Minnesota</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0334105</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Paparone Construction Co.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New Jersey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0334106</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Parc Chestnut L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4440993</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Parkside Estates L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4280079</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patriot Homes, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Maryland</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52-1720993</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Patriot Homes of Virginia, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Virginia</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52-2200965</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Placer Vineyards, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">71-0926641</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Polygon La&nbsp;Paz Associates
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Washington</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-1640455</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Providence Glen L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4319757</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rancho Summit, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">33-0787817</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rivenhome Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0569346</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Riviera Land Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-1281470</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">RRKTG Lumber, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-1902931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rutenberg Homes, Inc. (FL)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0340291</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Rutenberg Homes of Texas, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0215995</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">S. Florida Construction, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">71-0949799</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">S. Florida Construction&nbsp;II, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72-1567303</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">S. Florida Construction&nbsp;III, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">72-1567302</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Savell Gulley Development Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0564056</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SEA Joint Venture, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Colorado</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0675477</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">SFHR Management, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4461074</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Silver Lakes-Gateway Clubhouse, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0628738</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sonoma L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4443842</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">South Park Development, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-2057895</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Spanish Springs Development, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0672277</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stoney Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">59-3374931</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stoneybrook Golf Club, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0669064</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Strategic Cable Technologies, L.P.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1179138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Strategic Holdings, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-1770357</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Strategic Technologies, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-0523605</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<TR>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Jurisdiction of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Incorporation or</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">I.R.S. Employer</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Co-Registrant</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Organization</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Identification No.</FONT></B></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Strategic Technologies Communications of
    California, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">95-4149805</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summerway Investment Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0589471</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summerwood, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Maryland</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">27-0045425</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summit Acquisition Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">14-1842265</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summit Enclave, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">30-0070526</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summit Glen, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4359627</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summit Land, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4357327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summit Ridge&nbsp;23, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">30-0036763</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summit Townes, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4334330</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summit-Meadowbrook, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4196022</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Summit-Reserve, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4168228</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sunstar Enterprises, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1179187</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Club at Stoneybrook, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">65-1061241</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Courts of Indian Creek L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4415696</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Fortress Group, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">54-1774997</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Grande By Lennar Builders, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">81-0560954</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Sexton L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4100579</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tustin Villas Partners, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">41-2076342</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Tustin Vistas Partners, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">32-0054237</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;Home Associates Management,
    Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">43-1981702</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;Home Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">52-2227619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;Home of Arizona Construction
    Co.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Arizona</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">74-2402824</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;Home of West Virginia, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">West Virginia</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">01-0656197</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;Home Realty, Inc. (TX)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0136964</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;Home Realty Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0327612</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.&nbsp;Home Southwest Holding
    Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0680795</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.H. Corporation of New York
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New York</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">22-1995835</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.H. Los Prados, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">88-0232393</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">U.S.H. Realty, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Maryland</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">74-2765031</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">University Community Partners, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">45-0512619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">USH Acquisition Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0604353</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">USH Bickford, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">California</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0654167</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">USH Equity Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0450341</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">USH Heritage Pom, L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Arizona</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0686598</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">USH Millennium Ventures Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0546603</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">USH (West Lake), Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">New Jersey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">22-3471278</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">USH Woodbridge, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0561576</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">USHHH, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0641307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Villages of Rio Pinar Club, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">48-1259543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">West Adams Street L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Illinois</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">36-4210710</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">West Chocolate Bayou Development
    Corp.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">76-0648748</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Westbrook Homes, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Delaware</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1179223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Westchase, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Nevada</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-1954138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Westchase, Ltd.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Texas</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">91-1954138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Weststone Corporation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">Florida</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">74-2944437</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<TABLE width="100%" border="1" cellpadding="5"><TR><TD>
<FONT size="2" color="#E8112D">The information in this
prospectus is not complete and may be changed. We may not
exchange these securities until the registration statement filed
with the Securities and Exchange Commission is effective. This
prospectus is not an offer to exchange these securities and it
is not soliciting an offer to exchange these securities in any
state where the offer or sale is not
permitted.</FONT><FONT size="2"> <BR>
</FONT>
</TD></TR></TABLE>

<P align="center">
<B><FONT size="2" color="#E8112D">Subject to Completion, Dated
December&nbsp;9, 2004</FONT></B>

<P align="left">
<B><FONT size="2">PROSPECTUS</FONT></B>

<P align="center">
<B><FONT size="5">OFFER TO EXCHANGE</FONT></B>

<P align="center">
<B><FONT size="2">Series&nbsp;B Senior Floating-Rate Notes due
2007 which have been registered under the Securities Act for any
and all outstanding Series&nbsp;A Senior Floating-Rate Notes Due
2007</FONT></B>

<DIV align="center">
<B><FONT size="2">($200,000,000 aggregate principal amount
outstanding)</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">of</FONT></B>

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

<P align="center">
<B><FONT size="2">The exchange offer and withdrawal
rights</FONT></B>

<DIV align="center">
<B><FONT size="2">will expire at 5:00&nbsp;p.m., New York City
time,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
unless we extend the exchange offer.</FONT></B>
</DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are offering to
exchange our Series&nbsp;B Senior Floating-Rate Notes due 2007
for the identical principal amounts of our Series&nbsp;A Senior
Floating-Rate Notes due 2007. The aggregate principal amount at
maturity of the Series&nbsp;A Notes, and therefore the principal
amount of Series&nbsp;B Notes which would be issued if all the
Series&nbsp;A Notes were exchanged, is $200,000,000. The terms
of the Series&nbsp;B Notes will be identical with the terms of
the Series&nbsp;A Notes, except that the issuance of the
Series&nbsp;B Notes is being registered under the Securities Act
of 1933, as amended, and therefore the Series&nbsp;B Notes will
not be subject to the restrictions on transfer that apply to the
Series&nbsp;A Notes.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series&nbsp;A
Notes were issued in transactions which were exempt from the
registration requirements of the Securities Act solely to
qualified institutional buyers, as that term is defined in
Rule&nbsp;144A under the Securities Act. The exchange offer is
being made in accordance with a registration rights agreement
dated as of August&nbsp;18, 2004, among Banc of America
Securities LLC, Calyon Securities (USA)&nbsp;Inc. and us. We
will receive no proceeds from the exchange offer.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the
exchange offer, there has been no public market for the
Series&nbsp;B Notes. We do not currently intend to list the
Series&nbsp;B Notes on a securities exchange or seek approval
for quotation of the Series&nbsp;B Notes on an automated
quotation system. Therefore, it is unlikely that an active
trading market for the Series&nbsp;B Notes will develop.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exchange agent
for the exchange offer is J.P.&nbsp;Morgan Trust Company,
National Association. This prospectus and the accompanying
letter of transmittal are being mailed to holders of
Series&nbsp;A Notes on or
about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>See
&#147;Risk Factors,&#148; which begin on page&nbsp;9, for a
discussion of certain factors that should be considered in
evaluating the exchange offer.</B>

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size="2">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.</FONT></B>

<P align="center">
<FONT size="2">The date of this Prospectus
is &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.
</FONT>
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<P align="center">
<B><FONT size="2">FORWARD-LOOKING INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Some of the statements contained in, or
incorporated into, this prospectus are forward-looking
statements. By their nature, forward-looking statements involve
risks, uncertainties and other factors that may cause actual
results to differ materially from those which the statements
anticipate. Forward-looking statements can be identified by the
fact that they do not relate strictly to historical or current
facts. They often contain words such as &#147;anticipate,&#148;
&#147;estimate,&#148; &#147;expect,&#148; &#147;project,&#148;
&#147;intend,&#148; &#147;plan,&#148; &#147;believe,&#148;
&#147;may,&#148; &#147;can,&#148; &#147;could,&#148;
&#147;might,&#148; &#147;guidance,&#148; &#147;goal,&#148;
&#147;visibility,&#148; or words or phrases of similar meaning
in connection with discussion of anticipated or targeted future
operating or financial performance. Factors which may affect our
results include, but are not limited to, changes in general
economic conditions, the market and prices for homes generally
and in areas where we have developments, the availability and
cost of land suitable for residential development, prices of
materials, labor costs, interest rates, consumer confidence,
competition, 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;9, contain further discussions of these and
other risks and uncertainties applicable to our business.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives Series&nbsp;B
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 Series&nbsp;B 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 Series&nbsp;B Notes
received in exchange for Series&nbsp;A Notes which were acquired
as a result of market-making activities or other trading
activities. We have agreed that, starting on the day the
exchange offer expires and ending on the close of business on
the first anniversary of that date, we will make this
prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale. In
addition,
until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
all dealers effecting transactions in the Series&nbsp;B Notes
may be required to deliver a prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">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.</FONT></B>

<P align="center"><FONT size="2">1
</FONT>
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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="center">
<B><FONT size="2">PROSPECTUS SUMMARY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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
Series&nbsp;A Senior Floating-Rate Notes for Series&nbsp;B
Senior Floating-Rate Notes. You should read the entire
prospectus.
</FONT>

<P align="center">
<B><FONT size="2">LENNAR</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our principal offices are at 700&nbsp;N.W.
107th&nbsp;Avenue, Miami, FL&nbsp;33172. Our telephone number at
these offices is (305)&nbsp;559-4000. Our website address is
<U>www.lennar.com.</U> The information on our website is not a
part of this prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following is a summary of our growth history:
</FONT>
<P>

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

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">1954&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Founded as a Miami homebuilder.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1969&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Began developing, owning and managing commercial
    and multi-family residential real estate.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1971&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Completed initial public offering.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1972&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Entered the Arizona homebuilding market.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1986&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquired Development Corporation of America in
    Florida.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1991&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Entered the Texas homebuilding market.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1992&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Materially expanded our commercial operations by
    acquiring, through a joint venture, an AmeriFirst portfolio of
    loans, mortgages and properties from the Resolution Trust
    Corporation.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1995&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Entered the California homebuilding market
    through the acquisition of Bramalea California,&nbsp;Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1996&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1997&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Completed spin-off of our commercial real estate
    investment business to LNR Property Corporation. We continued
    our expansion in California through homesite acquisitions and
    investments in unconsolidated entities. We also acquired Pacific
    Greystone Corporation, which further expanded our operations in
    California and Arizona and brought us into the Nevada
    homebuilding market.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1998&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">1999&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquired Eagle Home Mortgage with operations in
    Nevada, Oregon and Washington and Southwest Land Title in Texas.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">2000&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquired U.S.&nbsp;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.
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">2
</FONT>

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<P>

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

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">2002&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquired Patriot Homes, Sunstar Communities, Don
    Galloway Homes, Genesee Company, Barry Andrews Homes, Cambridge
    Homes, Pacific Century Homes, Concord Homes and Summit Homes,
    which expanded our operations into the Carolinas and the
    Chicago, Baltimore and Central Valley, California homebuilding
    markets and strengthened our position in several of our existing
    markets. We also acquired Sentinel Title with operations in
    Maryland and Washington,&nbsp;D.C.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">2003&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquired Seppala Homes and Coleman Homes which
    expanded our operations in South Carolina and California. We
    also acquired Mid America Title in Illinois.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">2004&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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&nbsp;Antonio, Texas
    homebuilding market through the acquisition of 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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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&nbsp;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.
</FONT>

<P align="center">
<B><FONT size="2">RECENT DEVELOPMENTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the nine months ended August&nbsp;31, 2004, we
received 29,507 new home orders, 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In August 2004, we issued to initial purchasers
for resale under SEC Rule&nbsp;144A or SEC Regulation&nbsp;S,
$250&nbsp;million principal amount of 5.50%&nbsp;Senior Notes
due 2014 and the $200&nbsp;million principal amount of Senior
Floating-Rate Notes due 2007 that is the subject of the exchange
offer made by this prospectus. We intend to make an exchange
offer with regard to the 5.50%&nbsp;notes that is similar to the
exchange offer that we are making by this prospectus. The notes
issued in both of these exchange offers are guaranteed by all
our subsidiaries, other than finance company subsidiaries and
foreign subsidiaries, on terms essentially identical with those
on which the Series&nbsp;B Notes will be guaranteed.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On November&nbsp;4, 2004, we announced that as a
result of significant hurricane activity in Florida affecting
both new orders and production, electrical connection and
production delays in the Las Vegas market and softer market
conditions in Southern California and Las Vegas, approximately
600&nbsp;home deliveries scheduled for the quarter ended
November&nbsp;30, 2004 might be delayed into fiscal 2005.
</FONT>
</DIV>

<P align="center"><FONT size="2">3
</FONT>
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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="center">
<B><FONT size="2">ISSUANCE OF THE SERIES A NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;18, 2004, we sold
$200&nbsp;million aggregate principal amount of Series&nbsp;A
Senior Floating-Rate Notes due 2007 (&#147;Series&nbsp;A
Notes&#148;) to Banc of America Securities LLC and Calyon
Securities (USA)&nbsp;Inc. as initial purchasers, pursuant to a
Purchase Agreement dated August&nbsp;11, 2004, among those
parties and us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each of the initial purchasers subsequently
resold the Series&nbsp;A Notes in reliance on Rule&nbsp;144A
under the Securities Act and other available exemptions under
the Securities Act. We and the initial purchasers entered into a
registration rights agreement pursuant to which we agreed to
offer to exchange Series&nbsp;B Notes for the Series&nbsp;A
Notes and also granted holders of Series&nbsp;A Notes rights
under certain circumstances to have resales of Series&nbsp;A
Notes registered under the Securities Act. The exchange offer
made by this prospectus is intended to satisfy our principal
obligations under the registration rights agreement. See
&#147;The Exchange Offer&nbsp;&#151; Purpose and Effects.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We issued the Series&nbsp;A Notes under an
indenture dated as of August&nbsp;18, 2004, between us and
J.P.&nbsp;Morgan Trust Company, National Association, as
trustee. The Series&nbsp;B Notes also are being issued under
that indenture and are entitled to the benefits of the
indenture. The form and terms of the Series&nbsp;B Notes will be
identical in all material respects with the form and terms of
the Series&nbsp;A Notes, except that (1)&nbsp;the Series&nbsp;B
Notes will have been registered under the Securities Act and,
therefore, the global certificate (and any individual
certificates) will not bear legends describing restrictions on
transferring the Notes represented by such global certificates,
and (2)&nbsp;holders of Series&nbsp;B Notes will not be, and
upon the consummation of the exchange offer, holders of
Series&nbsp;A Notes will no longer be, entitled to rights under
the registration rights agreements intended for the holders of
unregistered securities. See &#147;The Exchange
Offer&nbsp;&#151; Termination of Certain Rights&#148; and
&#147;&#151;&nbsp;Procedures for Tendering&#148; and
&#147;Description of the Series&nbsp;B Notes.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The proceeds we received from the issuance of the
Series&nbsp;A Notes were used to repay debt under our revolving
credit facilities. We will receive no proceeds from the exchange
of Series&nbsp;B Notes for the Series&nbsp;A Notes pursuant to
the exchange offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">When we refer to &#147;the Notes&#148; in this
prospectus, we refer to both the Series&nbsp;A Notes and the
Series&nbsp;B Notes, unless it is clear from what we are saying
that the term refers only to a particular series of Notes.
</FONT>
</DIV>

<P align="center"><FONT size="2">4
</FONT>

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER</FONT></B>

<DIV>&nbsp;</DIV>

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

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

<TR>
    <TD valign="top">
    <FONT size="2">The Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We are offering to exchange our Series&nbsp;B
    Senior Floating-Rate Notes due 2007, for identical principal
    amounts of our Series&nbsp;A Senior Floating-Rate Notes due
    2007. At the date of this prospectus, $200&nbsp;million
    aggregate principal amount of Series&nbsp;A Senior Floating-
    Rate Notes are outstanding. See &#147;The Exchange
    Offer&nbsp;&#151; Terms of the Exchange Offer.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Expiration of Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">5:00&nbsp;p.m., New York time,
    on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
    unless we extend the exchange offer (the day on which the
    exchange offer expires, being the expiration date). See
    &#147;The Exchange Offer&nbsp;&#151; Expiration Date; Extension;
    Termination.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Conditions of the Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange offer is not conditioned upon any
    minimum principal amount of Series&nbsp;A 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. See &#147;The Exchange Offer&nbsp;&#151;
    Terms of the Exchange Offer.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Accrued Interest on the Series&nbsp;A Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Interest on Series&nbsp;A Notes which are
    exchanged will cease to accrue on the last interest payment date
    prior to the day on which Series&nbsp;B Notes are issued in
    exchange for them. However, Series&nbsp;B Notes issued in
    exchange for Series&nbsp;A Notes will bear interest from the
    last interest payment date prior to the day on which they are
    issued in exchange for the Series&nbsp;A Notes (i.e., the day on
    which interest ceases to accrue on the Series&nbsp;A Notes). See
    &#147;Description of the Series&nbsp;B Notes.&#148; Therefore,
    exchanging Series&nbsp;A Notes for Series&nbsp;B Notes will not
    affect the amount of interest a holder will receive.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Interest on the Series&nbsp;B Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Interest on the Series&nbsp;B Notes will be reset
    on each interest payment date, beginning February&nbsp;20, 2005,
    based on the 3 Month LIBOR Rate plus 0.50%&nbsp;per year.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Procedures for Tendering <BR>
     Series&nbsp;A Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">A holder of Series&nbsp;A Notes who wishes to
    accept the exchange offer must (1)&nbsp;complete, sign and date
    a letter of transmittal, or a facsimile of one, in accordance
    with the instructions contained under &#147;The Exchange
    Offer&nbsp;&#151; Procedures for Tendering&#148; and in the
    letter of transmittal, and (2)&nbsp;deliver the letter of
    transmittal, or facsimile, together with the Series&nbsp;A Notes
    and any other required documentation to the exchange agent at
    the address set forth in &#147;The Exchange Offer&nbsp;&#151;
    Exchange Agent.&#148; Series&nbsp;A Notes must be delivered by
    confirmation of book-entry delivery of the Series&nbsp;A Notes
    to the exchange agent&#146;s account at The Depository Trust
    Company (&#147;DTC&#148;). By executing a letter of transmittal,
    a holder will represent to us that, among other things, the
    person acquiring the Series&nbsp;B Notes will be doing so in the
    ordinary course of the person&#146;s business, whether or not
    the person is the holder, that neither the holder nor any other
    person (i)&nbsp;is engaged in, or intends to engage in, or has
    an arrangement or understanding with any person to participate
    in, the distribution of the Series&nbsp;B Notes, (ii)&nbsp;is an
    initial purchaser who acquired Series&nbsp;A Notes from us in
    the initial offering of those Notes, or (iii)&nbsp;is an
    &#147;affiliate,&#148; as defined under Rule&nbsp;405 under the
    Securities Act, of ours. Each broker or dealer that receives
    Series&nbsp;B Notes for its own account in
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">5
</FONT>

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">exchange for Series&nbsp;A 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 deliver a prospectus in connection with any resale of the
    Series&nbsp;B Notes. See &#147;The Exchange Offer&nbsp;&#151;
    Procedures for Tendering&#148; and &#147;Sales of Series&nbsp;B
    Notes Received by Broker-Dealers.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Guaranteed Delivery Procedures
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eligible holders of Series&nbsp;A Notes who wish
    to tender their Series&nbsp;B Notes but who cannot deliver their
    Series&nbsp;A 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 Series&nbsp;A
    Notes according to the guaranteed delivery procedures described
    in the letter of transmittal. See &#147;The Exchange
    Offer&nbsp;&#151; Guaranteed Delivery Procedures.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Acceptance of Series&nbsp;A Notes and Delivery of
    Series&nbsp;B Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Unless we are advised that it would, or might, be
    unlawful for us to do so, we will accept any and all
    Series&nbsp;A Notes that are properly tendered and not properly
    withdrawn in response to the exchange offer, prior to
    5:00&nbsp;p.m., New York City time, on the expiration date. The
    Series&nbsp;B Notes issued pursuant to the exchange offer will
    be delivered promptly after acceptance of the Series&nbsp;A
    Notes. See &#147;The Exchange Offer&nbsp;&#151; Procedures for
    Tendering.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Withdrawal Rights
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Tenders of Series&nbsp;A Notes may be withdrawn
    at any time prior to 5:00&nbsp;p.m., New York City time, on the
    expiration date. See &#147;The Exchange Offer&nbsp;&#151;
    Withdrawal of Tenders.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Material U.S.&nbsp;Federal Income Tax
    Considerations
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">For U.S.&nbsp;federal income tax purposes, the
    exchange of Series&nbsp;A Notes for Series&nbsp;B Notes should
    not be considered a sale or exchange or otherwise taxable event
    to the holders of the Series&nbsp;A Notes.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">The Exchange Agent
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">J.P.&nbsp;Morgan Trust Company, National
    Association is the exchange agent. The address and telephone
    number of the exchange agent are set forth in the section of
    this prospectus captioned &#147;The Exchange Offer&nbsp;&#151;
    Exchange Agent.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Fees and Expenses
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will bear the expense of soliciting tenders
    pursuant to the exchange offer. We will also pay any transfer
    taxes which are applicable to the exchange of Series&nbsp;A
    Notes for Series&nbsp;B Notes pursuant to the exchange offer.
    See &#147;The Exchange Offer&nbsp;&#151; Fees and Expenses.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Resales of the Series&nbsp;B Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Based on interpretations by the staff of the SEC
    set forth in no-action letters issued to third parties, we
    believe Series&nbsp;B Notes issued pursuant to the exchange
    offer in exchange for Series&nbsp;A Notes may be offered for
    resale, resold and otherwise transferred by the holder (other
    than (1)&nbsp;a broker-dealer who purchased the Series&nbsp;A
    Notes directly from us for resale pursuant to Rule&nbsp;144A
    under the Securities Act or another exemption under the
    Securities Act or (2)&nbsp;a person that is an affiliate of
    ours, as that term is defined in Rule&nbsp;405 under the
    Securities Act), without registration or the need to deliver a
    prospectus under the Securities Act, provided that the holder is
    acquiring the Series&nbsp;B Notes in the ordinary course of
    business and is not participating, and has no
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">6
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">arrangement or understanding with any person to
    participate, in a distribution of the Series&nbsp;B Notes. Each
    broker-dealer that receives Series&nbsp;B Notes for its own
    account in exchange for Series&nbsp;A Notes that were acquired
    by the broker as a result of market-making or other trading
    activities, must acknowledge that it will deliver a prospectus
    in connection with any resale of the Series&nbsp;B Notes. See
    &#147;The Exchange Offer&nbsp;&#151; Purpose and Effects&#148;
    and &#147;Sales of Series&nbsp;B Notes Received By
    Broker-Dealers.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Consequences of Not Exchanging the Series&nbsp;A
    Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you do not properly tender your Series&nbsp;A
    Notes, the existing transfer restrictions on the Series&nbsp;A
    Notes will continue to apply. Because we anticipate that most
    holders will elect to exchange their Series&nbsp;A Notes for
    Series&nbsp;B Notes due to the absence of restrictions on the
    resale of Series&nbsp;B Notes under the Securities Act, we
    anticipate that the liquidity of the market for any
    Series&nbsp;A Notes remaining after the consummation of the
    exchange offer will be substantially limited.
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">7
</FONT>

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<DIV style="width: 100%; border: 1px solid black; padding: 12px;">

<P align="center">
<B><FONT size="2">THE SERIES B NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer applies to $200&nbsp;million
aggregate principal amount of Series&nbsp;A Notes. The terms of
the Series&nbsp;B Notes are identical in all material respects
with those of the Series&nbsp;A Notes, except for certain
transfer restrictions and rights relating to the exchange of the
Series&nbsp;A Notes for Series&nbsp;B Notes. The Series&nbsp;B
Notes will evidence the same debt as the Series&nbsp;A Notes and
will be entitled to the benefits of the indenture under which
both the Series&nbsp;A Notes were, and the Series&nbsp;B Notes
will be, issued. See &#147;Description of the Series&nbsp;B
Notes.&#148;
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR>
    <TD valign="top">
    <FONT size="2">Securities Offered
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">$200,000,000 aggregate principal amount of
    Series&nbsp;B Senior Floating-Rate Notes due 2007.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Maturity Date
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">August&nbsp;20, 2007.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Interest Payment Dates
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Payable quarterly on February&nbsp;20,
    May&nbsp;20, August&nbsp;20 and November&nbsp;20 of each year,
    beginning February&nbsp;20, 2005, based on the 3&nbsp;Month
    LIBOR Rate plus 0.50%&nbsp;per year.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Sinking Fund
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">None.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Ranking
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">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.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Guarantees
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">All of our wholly-owned subsidiaries (other than
    our finance company subsidiaries and foreign subsidiaries) will
    guarantee the Notes. The guarantees by our subsidiaries may be
    suspended under certain limited circumstances. See
    &#147;Description of Notes&nbsp;&#151; The Guarantees.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Redemption at our Option
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We may redeem any or all of the Notes on any
    interest payment date on or after February&nbsp;20, 2006 at a
    redemption price equal to 100% of their principal amount, plus
    accrued and unpaid interest on the Notes to the redemption date.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Certain Indenture Provisions
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Indenture governing the Notes contains
    covenants limiting our and some of our subsidiaries&#146;
    ability to create liens securing indebtedness or enter into sale
    and leaseback transactions. These covenants are subject to
    important exceptions and qualifications. See &#147;Description
    of Notes&nbsp;&#151; Certain Covenants.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Use of Proceeds
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">We will receive no proceeds from the exchange of
    Series&nbsp;A Notes for the Series&nbsp;B Notes pursuant to the
    exchange offer.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Risk Factors
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Investing in the Notes involves risks. See
    &#147;Risk Factors&#148; for a description of risks you should
    particularly consider before investing in the Notes.
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">8
</FONT>

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

<P align="center">
<B><FONT size="2">RISK FACTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Investors considering exchanging their Notes
should give particular consideration to the matters described in
our Annual Report on Form&nbsp;10-K for the fiscal year ended
November&nbsp;30, 2003 under the heading &#147;Particular
Factors Which Could Affect Us,&#148; and to the following
factors:</FONT></I>

<P align="left">
<B><FONT size="2">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.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Because the Notes are unsecured, you may not
be fully repaid if we become insolvent.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes will not be secured by any of our
assets or our subsidiaries&#146; assets. As of August&nbsp;31,
2004, we had $0.1&nbsp;billion of secured indebtedness
outstanding. If we become insolvent, the holders of any of our
secured debt would receive payments from the assets securing it
before you receive payments from sales of those assets.
</FONT>

<P align="left">
<B><FONT size="2">There is no public market for the Notes, so
you may be unable to sell the Notes.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes are new securities for which there may
currently be 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.
</FONT>

<P align="left">
<B><FONT size="2">Fraudulent conveyance
considerations.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Received less than fair consideration for the
    guarantees;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Were rendered insolvent as a result of issuing
    the guarantees;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Were engaged in a business or transaction for
    which our or our subsidiaries&#146; remaining assets constituted
    unreasonably small capital;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Intended to incur, or believed that we or they
    would incur, debts beyond our or their ability to pay as those
    debts matured;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Intended to hinder, delay or defraud our or their
    creditors.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">We could be affected by governmental
regulations.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All of our businesses are subject to substantial
governmental regulations. In particular, the homebuilding
business is subject to governmental regulations relating to land
use, water rights, construction materials, building design and
minimum elevation of properties, as well as a variety of
environmental matters. Changes in government regulations often
increase the cost of building homes in areas in which we have
communities and could prevent entirely the building of new homes
in some areas. In addition, our recent experience has been that
obtaining approvals under governmental regulations in certain
municipalities has been taking longer
</FONT>

<P align="center"><FONT size="2">9
</FONT>

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<DIV align="left">
<FONT size="2">than was previously the case. Delays in
construction of homes due to delays in obtaining governmental
approvals could have an adverse effect upon our operations.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">The guarantees of the Notes may
terminate.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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, in
addition to these Notes, the subsidiaries are guaranteeing our
principal revolving bank credit line, $350&nbsp;million
principal amount of our Senior Notes due 2013, $322&nbsp;million
principal amount of our Senior Notes due 2010, $300&nbsp;million
principal amount of our Senior Floating-Rate Notes due 2009,
$282&nbsp;million principal amount of 7&nbsp;5/8%&nbsp;Senior
Notes due 2009 and $250&nbsp;million principal amount of our
5.50%&nbsp;Senior Notes due 2014. However, the
subsidiaries&#146; guarantees of the Senior Notes due 2013, the
Senior Notes due 2009, the Senior Notes due 2014, the Senior
Floating-Rate Notes due 2009 and these Notes 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If our subsidiaries are guaranteeing revolving
credit lines totaling 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 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.
</FONT>

<P align="left">
<B><FONT size="2">We would be affected by an increase in
interest rates.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The rate of interest on the Notes changes each
month to reflect changes in market interest rates. Therefore,
the value of the Notes should not be materially affected by
changes in interest rates. However, an increase in interest
rates would increase the cost of our interest obligations with
regard to the Notes and with regard to our, and our
subsidiaries&#146;, other floating rate debt, including our
principal revolving bank credit line. While we have hedged some
of our exposure to changes in interest rates, we are not fully
hedged. We paid interest of $96.6&nbsp;million during the nine
months ended August&nbsp;31, 2004. Based upon the weighted
outstanding balance of our unhedged floating rate debt for the
nine 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.
</FONT>

<P align="left">
<B><FONT size="2">The sale of our Senior Floating-Rate Notes due
2009 may have violated the Securities Act of 1933.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A provision of the supplemental indenture
relating to our Senior Floating-Rate Notes due 2009 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 Senior Floating-Rate Notes due 2009
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 Senior-Floating Rate Notes due
2009. If the offering of the Senior Floating-Rate Notes due 2009
violated the registration requirements of the Securities Act of
1933,
</FONT>

<P align="center"><FONT size="2">10
</FONT>
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<DIV align="left">
<FONT size="2">people who purchased Senior Floating-Rate Notes
due 2009 from us may have a right to rescind their purchases or,
if they no longer own the Senior Floating-Rate Notes due 2009,
to recover their damages, if any.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">There could be negative consequences to you if
you do not exchange your Series&nbsp;A Notes for Series&nbsp;B
Notes.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who fail to exchange their Series&nbsp;A
Notes will continue to be subject to restrictions on transfer of
the Series&nbsp;A Notes. Any Series&nbsp;A Notes tendered and
exchanged in the exchange offer will reduce the aggregate
principal amount of Series&nbsp;A Notes outstanding. Because we
anticipate that most holders will elect to exchange the
Series&nbsp;A Notes for Series&nbsp;B Notes due to the absence
of restrictions on the resale of Series&nbsp;B Notes under the
Securities Act, we anticipate that the liquidity of the market
for any Series&nbsp;A Notes remaining after the consummation of
the exchange offer will be substantially limited. As a result of
making the exchange offer, we will have fulfilled our
obligations under the registration rights agreement relating to
the Series&nbsp;A Notes. Following the consummation of the
exchange offer, holders who did not tender their Series&nbsp;A
Notes generally will not have any further registration rights
under the registration rights agreement, and the Series&nbsp;A
Notes which were not exchanged will continue to be subject to
restrictions on transfer. The Series&nbsp;A Notes are currently
eligible for sale under Rule&nbsp;144A through the Portal Market.
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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<P align="center">
<B><FONT size="2">OTHER INDEBTEDNESS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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;14. 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 2009, 7&nbsp;5/8%&nbsp;Senior Notes due 2009,
9.95%&nbsp;Senior Notes due 2010, 5.95%&nbsp;Senior Notes due
2013, 5.50%&nbsp;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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have a $1.3&nbsp;billion senior unsecured
credit facility, of which $928 million is a revolving credit
facility maturing in May 2009 and $398&nbsp;million is a 364-day
revolving credit facility maturing in May 2005, of which we can
convert the outstanding balance into a term loan, which would
mature in 2009. The facility has a $74.5&nbsp;million accordion
feature, which would increase the facility to $1.4&nbsp;billion.
At November&nbsp;30, 2004, no amounts were outstanding under the
facility. At November 30, 2004, we had $251.4 million of letters
of credit outstanding that were collateralized against
borrowings available under the facility.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The facility includes financial covenants which
require, among other things, that
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We maintain a debt to total capital ratio of less
    than 55%;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We maintain an interest coverage ratio of not
    less than 2.0 to 1.0;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">We maintain a minimum consolidated tangible net
    worth of $1,541 million plus 50% of net income and 50% of the
    proceeds of issuances of common stock subsequent to November 30,
    2002;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The aggregate amount of the indebtedness of
    entities that are not borrowers or guarantors of the facilities
    that we guarantee may not exceed 20% of our consolidated
    tangible net worth; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The aggregate amount of our advances to our
    mortgage banking subsidiaries and our investments in and
    advances to other non-guarantor entities may not exceed 30% of
    our consolidated tangible net worth.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The terms used in these covenants are defined in
the credit agreement, which we file with the Securities and
Exchange Commission. See &#147;Where You Can Find More
Information,&#148; beginning on page&nbsp;33. From time to time,
we may amend the terms of the credit agreement or enter into new
borrowing arrangements. Amendments to the credit agreement may
modify or eliminate some or all of the covenants or may add new
covenants, and new borrowing arrangements may include covenants
that are different from those in the credit agreement.
</FONT>

<P align="center">
<B><FONT size="2">USE OF PROCEEDS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from the
issuance of Series&nbsp;B Notes in exchange for Series&nbsp;A
Notes pursuant to the exchange offer. We used the net proceeds
from the sale of the Series&nbsp;A Notes to repay debt under our
revolving credit facilities.
</FONT>

<P align="center">
<B><FONT size="2">ABSENCE OF PUBLIC MARKET</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Series&nbsp;B Notes will be new securities
for which there is no established trading market. We currently
do not intend to list the Series&nbsp;B Notes on any securities
exchange or to arrange for the Series&nbsp;B Notes to be quoted
on any quotation system. Accordingly, it is not likely that an
active trading market for the Series&nbsp;B Notes will develop
or, if such a market develops, that it will provide significant
liquidity to holders of Series&nbsp;B Notes.
</FONT>

<P align="center"><FONT size="2">12
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">SELECTED CONSOLIDATED CONDENSED FINANCIAL
INFORMATION</FONT></B>

<DIV align="center">
<B><FONT size="2">(Dollars in thousands, except per share
amounts)</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth our summary
financial and operating information as of and for each of the
years ended November&nbsp;30, 1999 through 2003 and as of and
for the nine months ended August&nbsp;31, 2003 and 2004. The
financial and operating information as of and for the years
ended November&nbsp;30, 1999 through 2003 has been derived from
our consolidated financial statements audited by
Deloitte&nbsp;&#38; Touche LLP, an independent registered public
accounting firm. The financial and operating information for the
nine-month periods have been derived from our unaudited
financial statements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In the opinion of management, the unaudited
financial statements include all adjustments, consisting only of
normal recurring adjustments, that management considers
necessary for a fair presentation of the financial position and
results of operations for the period. The results of operations
for the nine-month periods are not necessarily indicative of the
results which may be obtained for the full year.
</FONT>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="21%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">At or for the</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine Months Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">August&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">At or for the Years Ended November&nbsp;30,</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

<TR>
    <TD colspan="4"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Results of Operations:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,589,543</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,547,782</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,348,645</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,751,301</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,554,747</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,362,034</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,822,060</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Financial services
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">364,609</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">423,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">558,974</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">484,219</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">425,354</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">316,934</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">269,307</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,954,152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,971,420</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,907,619</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,235,520</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,980,101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,678,968</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,091,367</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">924,570</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">706,163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,164,089</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">834,056</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">666,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">382,195</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">291,944</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Financial services
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">78,595</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,861</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">154,453</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">127,611</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">89,131</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,595</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Corporate general and administrative expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,113</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">74,879</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">111,488</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85,958</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,831</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50,155</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37,563</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Earnings before provision for income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">909,052</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">752,145</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,207,054</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">875,709</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">679,423</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">375,635</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">285,477</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">565,885</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">468,210</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">751,391</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">545,129</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">417,845</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">229,137</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">172,714</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net earnings per share (diluted)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.94</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.65</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1.24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Financial Position:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Inventories
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,241,814</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,868,168</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,656,101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,237,577</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,416,541</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,301,584</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,274,551</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Cash
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">386,858</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">599,223</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,201,276</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">731,163</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">824,013</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">287,627</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">83,256</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total assets
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7,838,621</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,222,031</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,775,432</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,755,633</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,714,426</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,777,914</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,057,647</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,998,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,521,706</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,552,217</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,585,309</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,505,255</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,254,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">523,661</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Financial services
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">564,670</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">654,569</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">740,469</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">862,618</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">707,077</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">448,860</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">278,634</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,563,327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,176,275</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,292,686</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,447,927</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,212,332</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,703,510</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">802,295</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,688,431</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,993,008</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,263,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,229,157</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,659,262</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,228,580</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">881,499</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other Data:
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of earnings to fixed charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.2x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.1x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.6x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.3x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.5x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Homebuilding debt as a percentage of total
    capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35.1</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">41.6</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">47.6</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50.5</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">37.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Net homebuilding debt as a percentage of total
    capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30.4</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23.6</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">29.1</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44.0</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Delivery and Backlog Information (including
    unconsolidated entities):
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Number of homes delivered
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,996</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21,518</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32,180</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">27,393</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">23,899</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,578</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,606</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Backlog of home sales contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">19,594</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16,716</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13,905</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,108</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,339</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,903</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dollar value of backlog
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,143,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,559,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,887,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,982,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,072,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">662,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">13
</FONT>

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

<P align="center">
<B><FONT size="2">CAPITALIZATION</FONT></B>

<DIV align="center">
<B><FONT size="2">(In thousands, except per share
amounts)</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The table below shows our unaudited
capitalization as of August&nbsp;31, 2004. The exchange of
Series&nbsp;B Notes for Series&nbsp;A Notes will not affect this
capitalization.
</FONT>

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

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="78%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Zero Coupon Convertible Senior Subordinated Notes
    due 2021(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">267,763</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.95%&nbsp;Senior Notes due 2013
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">344,485</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">7&nbsp;5/8%&nbsp;Senior Notes due 2009
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">274,556</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">9.95%&nbsp;Senior Notes due 2010
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">304,009</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">5.50%&nbsp;Senior Notes due 2014
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">247,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Senior Floating-Rate Notes due 2007
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,721</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total homebuilding debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,998,657</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Financial services debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">561,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Limited-purpose finance subsidiaries debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,586</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,563,327</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

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

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Class&nbsp;A Common Stock of $0.10&nbsp;par value
    per share, 123,629&nbsp;shares issued(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,363</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Class&nbsp;B Common Stock of $0.10&nbsp;par value
    per share, 32,589&nbsp;shares issued(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,259</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Additional paid-in capital
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,275,575</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Retained earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,422,382</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Unearned compensation
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,315</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred compensation plan&nbsp;&#151; 695
    Class&nbsp;A common shares and 70 Class&nbsp;B common shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(6,410</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Deferred compensation liability
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,410</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Treasury stock, at cost, 90 Class&nbsp;A common
    shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(3,938</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Accumulated other comprehensive loss
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(17,895</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,688,431</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,251,758</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">At August&nbsp;31, 2004, the Zero Coupon
    Convertible Senior Subordinated Notes due 2021 were convertible
    into 8,969&nbsp;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
    $33.53 per share (110% of the accreted conversion price).
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Does not include 8,969&nbsp;shares of Common
    Stock issuable upon conversion of our Zero Coupon Convertible
    Senior Subordinated Notes due 2021, or 7,615&nbsp;shares of
    Common Stock issuable upon exercise of stock options which were
    outstanding at August&nbsp;31, 2004.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Does not include 559&nbsp;shares of Common Stock
    issuable upon exercise of stock options which were outstanding
    at August&nbsp;31, 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">14
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">RATIO OF EARNINGS TO FIXED CHARGES</FONT></B>

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Nine&nbsp;Months</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Ended</FONT></B></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">August&nbsp;31,</FONT></B></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Years Ended November&nbsp;30,</FONT></B></TD>
</TR>

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">1999</FONT></B></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of earnings to fixed charges(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.2x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.1x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8.6x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.3x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.5x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="center"><FONT size="2">15
</FONT>

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

<P align="center">
<B><FONT size="2">THE EXCHANGE OFFER</FONT></B>

<P align="left">
<B><FONT size="2">Purpose of the Exchange Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The offering memorandum by which the
Series&nbsp;A Notes were offered stated that by
December&nbsp;16, 2004, we would file a registration statement
in order to register the Series&nbsp;B Notes, and that we would
use our reasonable best efforts to (i)&nbsp;cause that
registration statement to become effective by January&nbsp;30,
2005, and (ii)&nbsp;complete the offer to exchange the
Series&nbsp;A Notes for the Series&nbsp;B Notes by
March&nbsp;16, 2005. If we fail to meet any of those targets,
the interest rate on the Notes will increase until we cure the
registration default.
</FONT>

<P align="left">
<B><FONT size="2">Terms of the Exchange Offer</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the terms and subject to the conditions set
forth in this prospectus and in the accompanying letter of
transmittal, we will issue Series&nbsp;B Notes in exchange for
all Series&nbsp;A Notes which are validly tendered prior to
5:00&nbsp;p.m., New York City time, on the expiration date (as
defined below) and not withdrawn. The principal amount of the
Series&nbsp;B Notes issued in the exchange will be the same as
the principal amount of the Series&nbsp;A Notes for which they
are exchanged. Holders may tender some or all of their
Series&nbsp;A Notes in response to the exchange offer. However,
Series&nbsp;A Notes may be tendered only in multiples of $1,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The form and terms of the Series&nbsp;B Notes
will be the same in all material respects as the form and terms
of the Series&nbsp;A Notes (except that the Series&nbsp;B Notes
will not contain terms with respect to transfer restrictions).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will be deemed to accept all the Series&nbsp;A
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 Series&nbsp;B Notes from us. If any
tendered Series&nbsp;A Notes are not accepted for exchange
because of an invalid tender or otherwise, certificates for
those Series&nbsp;A Notes will be returned, without expense, to
the tendering holder promptly after the expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who tender Series&nbsp;A 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 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;&nbsp;Fees and Expenses.&#148;
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A holder who validly withdraws previously
tendered Series&nbsp;A Notes will not receive Series&nbsp;B
Notes unless the Series&nbsp;A Notes are re-tendered at or prior
to 5:00&nbsp;p.m., New York City time, on the expiration date.
Holders will have the right to withdraw previously tendered
Series&nbsp;A Notes, until 5:00&nbsp;p.m. New York City time on
the expiration date, unless the Series&nbsp;A Notes have already
been accepted for exchange.
</FONT>

<P align="left">
<B><FONT size="2">Expiration Date; Extension;
Termination</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer will expire at 5:00&nbsp;p.m.,
New York City time,
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
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&nbsp;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 Series&nbsp;A Notes that have been
properly tendered and not withdrawn.
</FONT>

<P align="left">
<B><FONT size="2">Procedures for Tendering Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only a holder of Series&nbsp;A Notes may tender
Series&nbsp;A Notes in response to the exchange offer. To tender
Series&nbsp;A 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 Series&nbsp;A Notes
(delivered using the procedure for book-entry transfer described
below) and any other required documents, to the exchange agent
prior to 5:00&nbsp;p.m., New York City time, on the expiration
date.
</FONT>

<P align="center"><FONT size="2">16
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any financial institution that is a participant
in DTC&#146;s Book-Entry Transfer Facility System may make
book-entry delivery of Series&nbsp;A Notes by causing DTC to
transfer the Series&nbsp;A 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 Series&nbsp;A Notes must be made in that manner.
Even though delivery of Series&nbsp;A 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;&nbsp;Exchange Agent&#148; below prior to
5:00&nbsp;p.m., New York City time, on the expiration date.
Delivery of a document to DTC does not constitute delivery to
the Exchange Agent.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A tender of Series&nbsp;A Notes by a holder will
constitute an agreement by the holder to transfer the
Series&nbsp;A Notes to us in exchange for Series&nbsp;B Notes on
the terms and subject to the conditions set forth in this
prospectus and in the letter of transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 Series&nbsp;A Notes should be
sent to us. Holders may ask their brokers, dealers, commercial
banks, trust companies or nominees to assist them in effecting
tenders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 Series&nbsp;A 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the letter of transmittal or any Series&nbsp;A
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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All questions as to the validity, form,
eligibility (including time of receipt) and acceptance and
withdrawal of tendered Series&nbsp;A 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 Series&nbsp;A
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 Series&nbsp;A Notes, without being required to waive
the same defects, irregularities or conditions as to other
Series&nbsp;A 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 Series&nbsp;A 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
Series&nbsp;A Notes, neither we, the exchange agent nor any
other person will incur any liability for failure to give such
notification. Tenders of Series&nbsp;A Notes will not be deemed
to have been made until all defects and irregularities have been
cured or waived. Any Series&nbsp;A 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.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the holder is a broker-dealer that will
receive Series&nbsp;B Notes for its own account in exchange for
Series&nbsp;A 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 Series&nbsp;B
Notes.
</FONT>

<P align="center"><FONT size="2">17
</FONT>
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<P align="left">
<B><FONT size="2">Guaranteed Delivery Procedures</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who wish to tender their Series&nbsp;A
Notes and (1)&nbsp;whose Series&nbsp;A Notes are not immediately
available, or (2)&nbsp;who cannot deliver their Series&nbsp;A
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:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;The tender is made through an eligible
    institution;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;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
    Series&nbsp;A 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;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon request to the exchange agent, a form of
notice of guaranteed delivery will be sent to any holder who may
wish to use the guaranteed delivery procedures described above.
</FONT>

<P align="left">
<B><FONT size="2">Withdrawal of Tenders</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Except as otherwise described below, holders will
have the right to withdraw previously tendered Series&nbsp;A
Notes until 5:00&nbsp;p.m. New York City time on the expiration
date, unless the Series&nbsp;A Notes have already been accepted
for exchange.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To withdraw a tender of Series&nbsp;A Notes, a
written or facsimile transmission notice of withdrawal must be
received by the exchange agent prior to 5:00&nbsp;p.m., New York
City time, on the expiration date, and before the Series&nbsp;A
Notes we have accepted for exchange. Any notice of withdrawal
must (i)&nbsp;specify the name of the person who deposited the
Series&nbsp;A Notes to be withdrawn, (ii)&nbsp;identify the
Series&nbsp;A Notes to be withdrawn (including the principal
amounts of the Series&nbsp;A Notes), (iii)&nbsp;be signed by the
depositor in the same manner as the signature on the letter of
transmittal by which the Series&nbsp;A 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 Series&nbsp;A Notes into the name of the
person who withdraws the tender, and (iv)&nbsp;specify the name
in which the withdrawn Series&nbsp;A 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 Series&nbsp;A Notes which are withdrawn will be
deemed not to have been validly tendered for purposes of the
exchange offer, and no Series&nbsp;B Notes will be issued with
respect to those Series&nbsp;A Notes unless they are validly
re-tendered. Any Series&nbsp;A 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 Series&nbsp;A Notes may
be re-tendered at any time prior to the expiration date.
</FONT>

<P align="left">
<B><FONT size="2">Fees and Expenses</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 facsimile, telephone or in person by officers and
regular employees of ours and our affiliates.
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 Series&nbsp;A
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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will pay all transfer taxes, if any,
applicable to the exchange of Series&nbsp;A Notes for
Series&nbsp;B Notes pursuant to the exchange offer. If, however,
Series&nbsp;B Notes or Series&nbsp;A 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
Series&nbsp;A Notes that are tendered, or if tendered
Series&nbsp;A 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 Series&nbsp;A Notes for Series&nbsp;B Notes pursuant
to the exchange offer, the tendering holder must pay the
transfer taxes (whether imposed on the registered holder or on
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 Series&nbsp;B Notes in exchange for
Series&nbsp;A Notes, or to return Series&nbsp;A Notes which are
not exchanged, until we receive evidence satisfactory to us that
any transfer taxes payable by the holder have been paid.
</FONT>

<P align="left">
<B><FONT size="2">Material Federal Income Tax
Considerations</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange of the Series&nbsp;A Notes for the
Series&nbsp;B 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.&nbsp;Holder upon receipt of a Series&nbsp;B Note;
(2)&nbsp;the holding period of the Series&nbsp;B Note should
include the holding period of the Series&nbsp;A Note for which
it is exchanged; and (3)&nbsp;the adjusted tax basis of the
Series&nbsp;B Note should be the same as the adjusted tax basis
of the Series&nbsp;A Note for which it is exchanged, immediately
before the exchange. Even if the exchange of a Series&nbsp;A
Note for a Series&nbsp;B Note were treated as an exchange, the
exchange should constitute a tax-free recapitalization for
federal income tax purposes. Accordingly, a Series&nbsp;B Note
should have the same issue price as a Series&nbsp;A Note and a
U.S.&nbsp;Holder should have the same adjusted basis and holding
period in the Series&nbsp;B Note as it had in the Series&nbsp;A
Note immediately before the exchange. A
&#147;U.S.&nbsp;Holder&#148; means a person who is, for United
States federal income tax purposes, (1)&nbsp;a citizen or
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.
</FONT>

<P align="left">
<B><FONT size="2">Accounting Treatment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Series&nbsp;B Notes will be recorded in our
accounting records at the same carrying value as the
Series&nbsp;A 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.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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<P align="left">
<B><FONT size="2">Exchange Agent</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">J.P.&nbsp;Morgan Trust Company, National
Association, 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:
</FONT>

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

<TR>
    <TD width="54%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="43%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="left" nowrap><B><FONT size="1">By Registered Mail, Certified Mail or</FONT></B></TD>
</TR>

<TR>
    <TD align="left" nowrap><B><FONT size="1">By Facsimile:</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Overnight Courier:</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Fax number: (214)&nbsp;468-6494<BR>
    Attention: Frank Ivins<BR>
    Confirm by telephone: (800)&nbsp;275-2048
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">J.P.&nbsp;Morgan Trust Company, National
    Association, as Exchange Agent<BR>
    Institutional Trust Services<BR>
    2001&nbsp;Bryan Street, 9th&nbsp;Floor<BR>
    Dallas, TX 75201<BR>
    Attention: Frank Ivins
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Requests for additional copies of this prospectus
or the letter of transmittal should be directed to the exchange
agent.
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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

<P align="center">
<B><FONT size="2">DESCRIPTION OF NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We issued the Series&nbsp;A Notes, and we will
issue the Series&nbsp;B Notes under an indenture dated as of
August&nbsp;18, 2004 (the &#147;Indenture&#148;) between us and
J.P.&nbsp;Morgan Trust Company, National Association, as trustee
(the &#147;Trustee&#148;). We have summarized in this section
the principal terms of the Notes and the Indenture under which
they were issued. This summary is not complete. You should read
the Indenture and the Notes for additional information before
you decide to exchange Series&nbsp;B Notes for Series&nbsp;A
Notes because they, and not this description, define your rights
as holders of the Series&nbsp;B Notes. You may request copies of
these documents at our address shown under the caption
&#147;Incorporation by Reference&#148; on page&nbsp;34 of this
prospectus. The indenture is subject to, and governed by, the
Trust Indenture Act of 1939, as amended (the &#147;TIA&#148;).
Any Series&nbsp;A Notes that remain outstanding after the
completion of the Exchange Offer, together with the
Series&nbsp;B Notes, will be treated as a single class of
securities under the Indenture. 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.
</FONT>

<P align="left">
<B><FONT size="2">General</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes are limited in aggregate principal
amount to $200,000,000, 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 August&nbsp;20, 2007 and will bear interest at
the 3&nbsp;Month LIBOR Rate (as defined below) plus
0.50%&nbsp;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
February&nbsp;20, May&nbsp;20, August&nbsp;20 and
November&nbsp;20 of each year, commencing February&nbsp;20,
2005; 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;3 Month LIBOR Rate&#148; means the rate for
deposits in U.S.&nbsp;dollars for the 3-month period commencing
on the applicable interest reset date which appears on Telerate
Page&nbsp;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&nbsp;3750, the calculation agent will determine the rate on
the basis of the rates at which deposits in U.S.&nbsp;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.&nbsp;dollars to
leading European banks for a period of three
</FONT>

<P align="center"><FONT size="2">21
</FONT>
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<DIV align="left">
<FONT size="2">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.&nbsp;dollars are transacted in the
London interbank market.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 February&nbsp;20,
2005. Interest will accrue on the Notes that we issue in
exchange for Series&nbsp;A Notes from August&nbsp;18, 2004 or
from the most recent date to which interest on the Series&nbsp;A
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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest will be calculated on the basis of a
360-day year and the actual number of days in each quarterly
interest payment period. The calculation agent will, upon the
request of the holder of any Note, provide the interest rate
then in effect. The calculation agent is J.P.&nbsp;Morgan Trust
Company, National Association 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.,&nbsp;9.876545% (or&nbsp;.09876545) being rounded
to 9.87655% (or&nbsp;.0987655) and 9.876544% (or&nbsp;.09876544)
being rounded to 9.87654% (or&nbsp;.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).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There is no sinking fund applicable to the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Redemption at Our Option</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may, at our option, redeem the Notes in whole
at any time or in part on any interest payment date on or after
February&nbsp;20, 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">The Guarantees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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
</FONT>

<P align="center"><FONT size="2">22
</FONT>
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<DIV align="left">
<FONT size="2">any other guarantor in respect of the obligations
of such other guarantor under its guarantee or pursuant to its
contribution obligations under the indenture, will result in the
obligations of such guarantor under its guarantee not
constituting a fraudulent conveyance or fraudulent transfer
under federal or state law. Each guarantor that makes a payment
or distribution under a guarantee shall be entitled to a
contribution from each other guarantor in an amount <I>pro
rata,</I> based on the net assets of each guarantor, determined
in accordance with United States generally accepted accounting
principles, or GAAP.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.&nbsp;Home Corporation (one of
our subsidiaries) solely of U.S.&nbsp;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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Certain Covenants</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Limitation on Liens.</FONT></I><FONT size="2">
We will not, nor will we permit any 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:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if such Lien secures Indebtedness which is
    subordinated to the Notes, then the Notes are secured and the
    Lien securing such Indebtedness is subordinated to the Lien
    granted to the Holders of the Notes to the same extent as such
    Indebtedness is subordinated to the Notes;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">such Lien is a Permitted Lien (as defined below).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following Liens are &#147;Permitted
Liens&#148;:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">23
</FONT>
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<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens incurred in connection with pollution
    control, industrial revenue, water, sewage or any similar bonds;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens securing Indebtedness (A)&nbsp;between a
    Restricted Subsidiary and us, or (B)&nbsp;between Restricted
    Subsidiaries;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens arising from the Uniform Commercial Code
    financing statements regarding leases;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens incurred in connection with Non-Recourse
    Indebtedness;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens existing on the Issue Date;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any extensions, substitutions, modifications,
    replacements or renewals of the Permitted Liens described above.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">24
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Sale and Leaseback
Transactions.</FONT></I><FONT size="2"> 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;:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a Sale-Leaseback Transaction involving the
    leasing by us or any Restricted Subsidiary of model homes in our
    communities;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a Sale-Leaseback Transaction which has a lease of
    no more than three years in length.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Compliance Certificate</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default and Remedies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are Events of Default under the
indenture:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if we fail to pay any interest on the Notes
    continuing for 30&nbsp;days after it was due;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if we fail to pay any principal or redemption
    price due with respect to the Notes;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">25
</FONT>

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<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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&nbsp;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;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain events of bankruptcy, insolvency or
    reorganization with respect to us or any Restricted Subsidiary.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Modifications of the Indenture</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">extend the fixed maturity of any Note;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reduce the rate or extend the time for the
    payment of interest;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reduce the principal amount of any Note or the
    redemption price;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">impair the right of a Holder to institute suit
    for the payment thereof;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">change the currency in which the Notes are
    payable.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">Global Securities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Series&nbsp;B 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
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<DIV align="left">
<FONT size="2">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.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Book-Entry System</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Initially, the Notes have been registered in the
name of Cede&nbsp;&#38; Co., the nominee of the Depositary.
Accordingly, beneficial interests in the Notes are shown on, and
transfers thereof will be effected only through, records
maintained by the Depositary and its participants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Depositary has advised us 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notes represented by a Global Security will be
exchangeable for Notes in definitive form of like tenor in
authorized denominations only if:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the Depositary notifies us that it is unwilling
    or unable to continue as Depositary;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Same-Day Settlement and Payment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="center"><FONT size="2">27
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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; therefore, the Depositary will require that
trades be settled in immediately available funds.
</FONT>

<P align="left">
<B><FONT size="2">Concerning the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">J.P.&nbsp;Morgan Trust Company, National
Association is the Trustee under the Indenture and has been
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.
</FONT>

<P align="left">
<B><FONT size="2">Discharge of the Indenture</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may satisfy and discharge our obligations
under the indenture with respect to the Notes by:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">delivering to the Trustee for cancellation all
    outstanding Notes;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the remaining rights of registration of transfer,
    substitution and exchange of the Notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the rights, obligations and immunities of the
    Trustee under the Indenture.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Certain Definitions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are definitions of certain of the
terms used in the Indenture and in the description of the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Business Day&#148; means each Monday,
Tuesday, Wednesday, Thursday or Friday which is not a legal
holiday in New York, New York.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(B)&nbsp;investments in subsidiaries that are not
    Restricted Subsidiaries;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(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.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">28
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any Indebtedness of such person to any of its
    subsidiaries or of any subsidiary to such person or any other
    subsidiary;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Holder&#148; means a Person in whose name a
Note is registered on the Registrar&#146;s books.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Indebtedness&#148; means, with respect to
us or any Subsidiary, and without duplication:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the principal of and premium, if any,
    and interest on, and fees, costs, enforcement expenses,
    collateral protection expenses and other reimbursement or
    indemnity obligations in respect to all our or any
    Subsidiary&#146;s indebtedness or obligations to any Person,
    including but not limited to banks and other lending
    institutions, for money borrowed that is evidenced by a note,
    bond, debenture, loan agreement, or similar instrument or
    agreement (including purchase money obligations with original
    maturities in excess of one year and noncontingent reimbursement
    obligations in respect of amounts paid under letters of credit);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;all our or any Subsidiary&#146;s
    reimbursement obligations and other liabilities (contingent or
    otherwise) with respect to letters of credit, bank guarantees or
    bankers&#146; acceptances;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;all obligations and liabilities
    (contingent or otherwise) in respect of our or any
    Subsidiary&#146;s leases required, in conformity with generally
    accepted accounting principles, to be accounted for as capital
    lease obligations on our balance sheet;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;all our or any Subsidiary&#146;s
    obligations (contingent or otherwise) with respect to an
    interest rate or other swap, cap or collar agreement or other
    similar instrument or agreement or foreign currency hedge,
    exchange, purchase or similar instrument or agreement;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;all direct or indirect guaranties or
    similar agreements by us or any Subsidiary in respect of, and
    our or such Subsidiary&#146;s obligations or liabilities
    (contingent or otherwise) to purchase or otherwise acquire, or
    otherwise assure a creditor against loss in respect of,
    indebtedness, obligations or liabilities of another Person of
    the kind described in clauses&nbsp;(a) through&nbsp;(d);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;any indebtedness or other obligations,
    excluding any operating leases we or any Subsidiary is currently
    (or may become) a party to described in clauses&nbsp;(a) 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;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;any and all deferrals, renewals,
    extensions and refinancing of, or amendments, modifications or
    supplements to, any indebtedness, obligation or liability of the
    kind described in clauses&nbsp;(a) through&nbsp;(f).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Lien&#148; means any mortgage, pledge,
lien, encumbrance, charge or security interest of any kind.
</FONT>

<P align="center"><FONT size="2">29
</FONT>

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Paying Agent&#148; means the office or
agency designated by us where the Notes may be presented for
payment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Restricted Subsidiary&#148; means any
guarantor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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)&nbsp;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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Senior Credit Facilities&#148; means the
senior credit facilities dated as of May&nbsp;3, 2000, as
amended and restated through May&nbsp;27, 2004 between Lennar
and Bank One, National Association as administrative agent and
the other lenders party thereto.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Telerate Page&nbsp;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).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Total Consolidated Stockholders&#146;
Equity&#148; means, with respect to any date of determination,
our total consolidated stockholders&#146; equity as shown on the
most recent consolidated balance sheet that is contained or
incorporated in the latest annual report on Form&nbsp;10-K (or
equivalent report) or quarterly report on Form&nbsp;10-Q (or
equivalent report) filed with the SEC, and is as of a date not
more than 181&nbsp;days prior to the date of determination, in
the case of the consolidated balance sheet contained or
incorporated in an annual report on Form&nbsp;10-K, or
135&nbsp;days prior to the date of determination, in the case of
the consolidated condensed balance sheet contained in a
quarterly report on Form&nbsp;10-Q.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;U.S.&nbsp;Government Obligations&#148;
means direct obligation of, and obligations guaranteed by, the
United States of America for the payment of which the full faith
and credit of the United States of America is pledged.
</FONT>

<P align="center"><FONT size="2">30
</FONT>

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<P align="center">
<B><FONT size="2">BOOK ENTRY, DELIVERY AND FORM</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The certificates representing the Series&nbsp;B
Notes will be issued in fully registered form. The Series&nbsp;B
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&nbsp;&#38; Co., as DTC&#146;s nominee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 Series&nbsp;B 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 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payment of principal of and interest on
Series&nbsp;B 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
Series&nbsp;B 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 Series&nbsp;B
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 Series&nbsp;B 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
Series&nbsp;B Notes represented by such Global Note. Any Global
Note that is exchangeable for certificated Series&nbsp;B Notes
pursuant to the preceding sentence will be exchanged for
certificated Series&nbsp;B 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 Series&nbsp;B Notes,
(a)&nbsp;certificated Series&nbsp;B 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 Series&nbsp;B
Notes will be payable, and the transfer of the certificated
Series&nbsp;B 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 Series&nbsp;B Notes, although we may require
payment of a sum sufficient to cover any tax or governmental
charge imposed in connection therewith.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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
Series&nbsp;B Notes represented by such Global Note for all
purposes under the indenture and the Series&nbsp;B Notes. Except
as set forth above, owners of beneficial interests in a Global
Note will not be entitled to have the Series&nbsp;B Notes
represented by such Global Note registered in their names, will
not receive or be entitled to receive physical delivery of
certificated Series&nbsp;B Notes in definitive form and will not
be considered to be the owners or holders of any Series&nbsp;B
Notes under such Global Note. Accordingly,
</FONT>

<P align="center"><FONT size="2">31
</FONT>

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<DIV align="left">
<FONT size="2">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 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.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 accounts 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="center">
<B><FONT size="2">SALES OF SERIES&nbsp;B NOTES RECEIVED BY
BROKER-DEALERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives Series&nbsp;B
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 Series&nbsp;B 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 Series&nbsp;B Notes
received in exchange for Series&nbsp;A Notes which were acquired
as a result of market-making activities or other trading
activities. We have agreed that, starting on the expiration date
and ending on the close of business on the first anniversary of
the expiration date, we will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in
connection with any such resale. In addition,
until &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
all dealers effecting transactions in the Series&nbsp;B Notes
may be required to deliver a prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from any sale of
Series&nbsp;B Notes by broker-dealers. Series&nbsp;B 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 Series&nbsp;B 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 Series&nbsp;B Notes.
Any broker-dealer that sells Series&nbsp;B 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 Series&nbsp;B Notes may be deemed to be an
&#147;underwriter&#148; within the
</FONT>

<P align="center"><FONT size="2">32
</FONT>

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<DIV align="left">
<FONT size="2">meaning of the Securities Act and any profit from
sale of the Series&nbsp;B Notes and any commissions or
concessions received by any such persons may be deemed to be
underwriting compensation. The 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.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 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 Series&nbsp;A Notes, other than commissions or
concessions of any brokers or dealers, and we will indemnify the
holders of the Series&nbsp;A Notes (including any
broker-dealers) against certain liabilities, including
liabilities under the Securities Act.
</FONT>

<P align="center">
<B><FONT size="2">LEGAL MATTERS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Clifford Chance US LLP, New York, New York, is
passing on the validity of the Series&nbsp;B Notes for us.
</FONT>

<P align="center">
<B><FONT size="2">EXPERTS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements and the
related financial statement schedule of Lennar Corporation and
subsidiaries for the 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 year ended November&nbsp;30,
2003, respectively, have been audited by
Deloitte&nbsp;&#38;&nbsp;Touche&nbsp;LLP, an independent
registered public accounting firm, as stated in their reports
which are incorporated herein by reference, and have been so
incorporated in reliance upon the reports of such firm given
upon their authority as experts in accounting and auditing.
</FONT>

<P align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have filed with the Securities and Exchange
Commission a registration statement on Form&nbsp;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&nbsp;Fifth Street, N.W., Washington,&nbsp;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. 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&nbsp;Broad Street,
New&nbsp;York, New&nbsp;York 10005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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&nbsp;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 Notes remain outstanding we will furnish to the
holders of the 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&nbsp;13(a) or 15(d) of the Exchange
Act. In addition, we have agreed that, as long as any of the
Series&nbsp;A 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
Series&nbsp;A Notes or beneficial owner of Series&nbsp;A Notes
in connection with a sale of them.
</FONT>

<P align="center"><FONT size="2">33
</FONT>

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<P align="center">
<B><FONT size="2">INCORPORATION BY REFERENCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We incorporate by reference:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;our Annual Report on Form&nbsp;10-K for
    the fiscal year ended November&nbsp;30, 2003 (except for
    Note&nbsp;17, which was revised in our Current Report on Form
    8-K dated August 24, 2004, as amended on October&nbsp;28, 2004);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;our Quarterly Reports on Form&nbsp;10-Q
    for the quarters ended February&nbsp;29, 2004, May&nbsp;31, 2004
    and August&nbsp;31, 2004; and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;our Current Reports on Form&nbsp;8-K
    dated March&nbsp;16, 2004 (except for Item&nbsp;12, which
    information was furnished and is not deemed incorporated into
    any of our filings under the Securities Act of 1933),
    April&nbsp;22, 2004, May&nbsp;26, 2004, August&nbsp;24, 2004,
    October&nbsp;28, 2004 and December&nbsp;1, 2004.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You may request copies of these filings, at no
cost, by writing us at the following address:
</FONT>

<P align="center">
<FONT size="2">Lennar Corporation
</FONT>

<DIV align="center">
<FONT size="2">700 Northwest 107th Avenue
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Miami, Florida 33172
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attn: Director of Investor Relations
</FONT>
</DIV>

<P align="center"><FONT size="2">34
</FONT>

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

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

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 exchange or the solicitation of an offer to exchange
any security other than those to which it relates, nor does it
constitute an offer to exchange, or the solicitation of an offer
to exchange, 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
exchange 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.</FONT></B>

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

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

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

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

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

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other Indebtedness
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Absence of Public Market
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Selected Consolidated Condensed Financial
    Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Exchange Offer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Book Entry, Delivery and Form
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sales of Series&nbsp;B Notes Received by
    Broker-Dealers
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Matters
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Experts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where You Can Find More Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Incorporation By Reference
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

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

<P align="center">


<P align="center">
<B><FONT size="4">$200,000,000</FONT></B>

<P align="center">
<B><FONT size="5">Lennar Corporation</FONT></B>

<P align="center">
<B><FONT size="2">Offer to exchange Series&nbsp;B
Senior</FONT></B>

<DIV align="center">
<B><FONT size="2">Floating-Rate Notes due 2007,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">for any and all outstanding Series&nbsp;A
Senior</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Floating-Rate Notes due 2007</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

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

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<P align="center">
<FONT size="2">Date &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
</FONT>

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

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">PART&nbsp;II</FONT></B>

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>

<P align="left">
<B><FONT size="2">Item&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
Of Directors And Officers.</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our bylaws provide for the indemnification by us
of each of our directors and officers to the fullest extent
permitted by applicable law.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;21.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits&nbsp;And Financial Statement
    Schedules.</FONT></I></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Arizona
    (incorporated by reference to Exhibit&nbsp;1.1 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in California
    (incorporated by reference to Exhibit&nbsp;1.2 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Colorado
    (incorporated by reference to Exhibit&nbsp;1.3 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Certificate of Incorporation used (with
    variations) by registrants that are incorporated in Delaware
    (incorporated by reference to Exhibit&nbsp;1.4 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Florida
    (incorporated by reference to Exhibit&nbsp;1.5 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Illinois
    (incorporated by reference to Exhibit&nbsp;1.6 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Maryland
    (incorporated by reference to Exhibit&nbsp;1.7 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Minnesota
    (incorporated by reference to Exhibit&nbsp;1.8 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Nevada
    (incorporated by reference to Exhibit&nbsp;1.9 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in New Jersey
    (incorporated by reference to Exhibit&nbsp;1.10 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Certificate of Incorporation used (with
    variations) by registrants that are incorporated in New York
    (incorporated by reference to Exhibit&nbsp;1.11 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in North
    Carolina (incorporated by reference to Exhibit&nbsp;1.12 of
    Amendment No.&nbsp;1 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-1
</FONT>

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

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

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Texas
    (incorporated by reference to Exhibit&nbsp;1.13 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Virginia
    (incorporated by reference to Exhibit&nbsp;1.14 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Washington
    (incorporated by reference to Exhibit&nbsp;1.15 of Amendment
    No.&nbsp;1 to the Company&#146;s Registration Statement on
    Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in West
    Virginia (incorporated by reference to Exhibit&nbsp;1.16 of
    Amendment No.&nbsp;1 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Limited Liability Company Agreement used
    (with variations) for a Limited Liability Company with a Board
    of Managers (incorporated by reference to Exhibit&nbsp;1.17 of
    Amendment No.&nbsp;1 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Limited Liability Company Agreement used
    (with variations) for a Limited Liability Company with a
    Managing Member (incorporated by reference to Exhibit&nbsp;1.18
    of Amendment No.&nbsp;1 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">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 (incorporated by reference to
    Exhibit&nbsp;2.1 of Amendment No.&nbsp;1 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4/ A, File
    No.&nbsp;333-116975, filed August&nbsp;25, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of August&nbsp;18, 2004
    between the Company and J.P.&nbsp;Morgan Trust Company, National
    Association, as trustee, including Form of 144A Senior
    Floating-Rate Note dated August&nbsp;18, 2004, made by Lennar
    Corporation with principal amount of $200,000,000.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Rights Agreement dated
    August&nbsp;18, 2004 among Lennar Corporation and the Guarantors
    named therein as Issuers and Banc of America Securities LLC and
    Calyon Securities (USA)&nbsp;Inc. as Initial Purchasers of the
    Senior Floating-Rate Notes due 2007.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Clifford Chance US LLP (counsel).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Third Amended and Restated Credit Agreement,
    dated May&nbsp;27, 2004, by and among Lennar Corporation and the
    Lenders named therein (incorporated by reference to
    Exhibit&nbsp;10.1 of Amendment No.&nbsp;3 to the Company&#146;s
    Registration Statement on Form&nbsp;S-4/A, File
    No.&nbsp;333-116975, filed December&nbsp;9, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Computation of Ratio of Earnings to
    Fixed Charges (incorporated by reference to Exhibit&nbsp;12.1 of
    Amendment No.&nbsp;2 to the Company&#146;s Registration
    Statement on Form&nbsp;S-4/ A, File No.&nbsp;333-116975, filed
    October&nbsp;28, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">List of subsidiaries (incorporated by reference
    to the Company&#146;s Annual Report on Form&nbsp;10-K for the
    year ended November&nbsp;30, 2003).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Clifford Chance US LLP
    (counsel)(included in Exhibit&nbsp;5.1).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte&nbsp;&#38; Touche LLP
    (independent registered public accounting firm).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney (included in signature page).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility of Trustee.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter of Transmittal.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Notice of Guaranteed Delivery.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Exchange Agent Agreement.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-2
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;22.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Undertakings.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The undersigned registrants hereby
undertake to respond to requests for information that is
incorporated by reference into the prospectus pursuant to
Items&nbsp;4, 10(b),&nbsp;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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(d)&nbsp;The undersigned registrants hereby
undertake:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;To file, during any period in which
    offers or sales are being made, a post-effective amendment to
    this registration statement;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;To include any prospectus required by
    section&nbsp;10(a)(3) of the Securities Act of 1933;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;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&nbsp;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;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iv)&nbsp;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.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(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.
</FONT>

<P align="center"><FONT size="2">II-3
</FONT>

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

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-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 December&nbsp;9, 2004.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">LENNAR CORPORATION
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ Stuart A. Miller
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;Stuart A. Miller
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;President and Chief Executive
    Officer
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following direct and indirect subsidiaries of
registrant may guarantee the debt securities and co-registrants
under this registration statement:
</FONT>

<P align="left">
<B><FONT size="2">Name of Co-Registrant</FONT></B>

<P align="left">
<FONT size="2">Acme Water Supply&nbsp;&#38; Management Company
</FONT>

<DIV align="left">
<FONT size="2">Aquaterra Utilities, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Asbury Woods L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Avalon-Sienna&nbsp;III, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">B. Andrews&nbsp;&#38; Co., Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Barnsboro Associates, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bayhome USH, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bella Oaks L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bennetts Village LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bickford Holdings, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Greens, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Isles South Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boggy Creek USH, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California Properties, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Brazoria County LP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Brewer Baseline Investors, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Builders Acquisition Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Builders LP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cambria L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cantera Village L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cary Woods L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Claremont Ridge L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Claridge Estates L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Clodine-Bellaire LP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Club Pembroke Isles, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Club Tampa Palms, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Colonial Heritage LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Meadowbrook L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Pheasant Run Trails L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Ravenna L.L.C.
</FONT>
</DIV>

<P align="center"><FONT size="2">II-4
</FONT>

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

<DIV align="left">
<FONT size="2">Concord at Zurich Village L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord City Centre L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Hills, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Hills Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Lake, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Lake Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Mills Estates L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Mills Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Oaks, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Oaks Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Park, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Park Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Pointe, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Pointe Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Coto de Caza, Ltd.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Country Club Development at the Fort, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Coventry L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA Homes NJ Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA of Lake Worth, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA of New Jersey, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E.M.J.V. Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Enclave Land, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">ERMLOE, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">F.P. Construction Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fidelity Guaranty and Acceptance Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Holding&nbsp;&#151; Virginia, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Illinois, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Management, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Missouri, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Mortgage, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Pennsylvania, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Pennsylvania Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress-Florida, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fox-Maple Associates, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Foxwood L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Gateway Commons, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;I, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;II, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;III, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities IV, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;V, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VI, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VII, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VIII, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities IX, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Venture, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Glenview Reserve, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Grand Isle Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">GreenfieldWaterbury L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Construction, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Homes of Nevada, Inc.
</FONT>
</DIV>

<P align="center"><FONT size="2">II-5
</FONT>

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

<DIV align="left">
<FONT size="2">Greystone Nevada, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Hallston Burbank LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Harris County LP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Haverton L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heathcote&nbsp;Commons LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage Harbour Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage Housing Group, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage USH, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Home Buyer&#146;s Advantage Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Homecraft Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Imperial Homes Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Impressions L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Inactive Corporations, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Lake TH, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Ridge Golf Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Ridge Recreation Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Wood Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Landmark Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Laureate Homes of Arizona, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legacy Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legends Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legends Golf Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LENH&nbsp;I, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Acquisition Corp.&nbsp;II
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Americanos Douglas, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Associates Management, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Associates Management Holding Company
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Aviation, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Carolina, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Central Park, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Central Region Sweep, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Chicago, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities Development, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities of Florida, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities of South Florida, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Construction, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Coto Holdings, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers, Inc.&nbsp;II
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers, Inc.&nbsp;III
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Family of Builders GP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Family of Builders Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Financial Services, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Funding, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Fresno, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes Holding Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Arizona, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of California, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Texas Land and Construction, Ltd.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Texas Sales and Marketing, Ltd.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Houston Land, LLC
</FONT>
</DIV>

<P align="center"><FONT size="2">II-6
</FONT>

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

<DIV align="left">
<FONT size="2">Lennar La&nbsp;Paz, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar La&nbsp;Paz Limited, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Land Partners Sub, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Land Partners Sub&nbsp;II, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Military Housing, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Nevada, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;I, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;II, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;III, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland IV, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;V, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland VI, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northpointe North, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific, L.P.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific Properties, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific Properties Management, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Renaissance, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Reno, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sacramento, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sales Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar San&nbsp;Jose Holdings, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;I, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;II, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;III, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southwest Holding Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sun Ridge, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Texas Holding Company
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Trading Company, LP
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar.Com, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar-Kings Lake, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar-Lantana Boatyard, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennarstone Marketing Group, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LFS Holding Company, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LH Eastwind, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LHI Renaissance, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LN, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Long Point Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lorton Station, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lucerne Merged Condominiums, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lundgren Bros. Construction, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">M.A.P. Builders, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Madrona Village L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Marble Mountain Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Marlborough Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mid-County Utilities, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Midland Housing Industries Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Midland Investment Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mission Viejo 12S Venture, LP
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mission Viejo Holdings, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Moffett Meadows Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">New Home Brokerage, Inc.
</FONT>
</DIV>

<P align="center"><FONT size="2">II-7
</FONT>

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

<DIV align="left">
<FONT size="2">North County Land Company, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northbridge L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northern Land Company, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northgate Highlands Development&nbsp;II, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">NuHome Designs, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Oceanpointe Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Orrin Thompson Construction Company
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Orrin Thompson Homes Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Paparone Construction Co.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parc Chestnut L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parkside Estates L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Patriot Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Patriot Homes of Virginia, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Placer Vineyards, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Polygon La&nbsp;Paz Associates
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Providence Glen L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rancho Summit, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rivenhome Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Riviera Land Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">RRKTG Lumber, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rutenberg Homes, Inc. (FL)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rutenberg Homes of Texas, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction&nbsp;II, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction&nbsp;III, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Savell Gulley Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">SEA Joint Venture, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">SFHR Management, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Silver Lakes-Gateway Clubhouse, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Sonoma L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">South Park Development, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Spanish Springs Development, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Stoney Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Stoneybrook Golf Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Cable Technologies, L.P.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Holdings, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Technologies, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Technologies Communications of
California, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summerway Investment Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summerwood, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Acquisition Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Enclave, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Glen, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Land, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Ridge&nbsp;23, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Townes, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit-Meadowbrook, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit-Reserve, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Sunstar Enterprises, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Club at Stoneybrook, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Courts of Indian Creek L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Fortress Group, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Grande By Lennar Builders, Inc.
</FONT>
</DIV>

<P align="center"><FONT size="2">II-8
</FONT>

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

<DIV align="left">
<FONT size="2">The Sexton L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tustin Villas Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tustin Vistas Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Associates Management, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home of Arizona Construction Co.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home of West Virginia, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Realty, Inc. (TX)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Realty Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Southwest Holding Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Corporation of New York
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Los Prados, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">University Community Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Acquisition Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Bickford, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Equity Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Heritage Pom, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Millennium Ventures Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH (West Lake), Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Woodbridge, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USHHH, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Villages of Rio Pinar Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">West Adams Street L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">West Chocolate Bayou Development Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westbrook Homes, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westchase, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westchase, Ltd.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Weststone Corporation
</FONT>
</DIV>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">as Guarantors
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ Waynewright Malcolm
    </FONT></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;Waynewright Malcolm
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;Vice President
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-9
</FONT>

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

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints each of
Diane J. Bessette, Bruce E. Gross, Waynewright Malcolm and
Stuart A. Miller as 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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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.
</FONT>

<P align="left">
<B><FONT size="2">On Behalf of Lennar Corporation:</FONT></B>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title(s)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Stuart A. Miller<BR>
    <HR size="1" noshade>Stuart A. Miller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer,<BR>
    President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Bruce E. Gross<BR>
    <HR size="1" noshade>Bruce E. Gross
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President and<BR>
    Chief Financial Officer<BR>
    (Principal Financial Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Diane J. Bessette<BR>
    <HR size="1" noshade>Diane J. Bessette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President and Controller (Principal
    Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Irving Bolotin<BR>
    <HR size="1" noshade>Irving Bolotin
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Steven L. Gerard<BR>
    <HR size="1" noshade>Steven L. Gerard
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ R. Kirk Landon<BR>
    <HR size="1" noshade>R. Kirk Landon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Sidney Lapidus<BR>
    <HR size="1" noshade>Sidney Lapidus
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Herv&#233; Ripault<BR>
    <HR size="1" noshade>Herv&#233; Ripault
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Donna Shalala<BR>
    <HR size="1" noshade>Donna Shalala
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Steven J. Saiontz<BR>
    <HR size="1" noshade>Steven J. Saiontz
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Robert J. Strudler<BR>
    <HR size="1" noshade>Robert J. Strudler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chairman of the Board of Directors
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-10
</FONT>

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

<P align="left">
<B><FONT size="2">On Behalf of the Following
Co-Registrants:</FONT></B>

<P align="left">
<FONT size="2">Acme Water Supply&nbsp;&#38; Management
Company(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>

<DIV align="left">
<FONT size="2">Aquaterra Utilities,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">B. Andrews&nbsp;&#38; Co.,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bayhome USH, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Greens, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Isles South Club,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boggy Creek USH, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California Properties,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Brazoria County LP,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Builders Acquisition
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Builders LP, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Clodine-Bellaire LP,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Club Pembroke Isles,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Club Tampa Palms, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Hills, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Lake, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Oaks, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Park, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Pointe, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA Homes NJ Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA of Lake Worth, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA of New Jersey, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E.M.J.V. Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">F.P. Construction Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fidelity Guaranty and Acceptance
Corporation(3)(11)(12)(10.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Management,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Mortgage, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Pennsylvania Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress-Florida, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;I,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;III,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Grand Isle Club, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Construction,
Inc.(5)(11)(14)(9.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Homes, Inc.(5)(11)(14)(9.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Homes of Nevada,
Inc.(5)(11)(14)(8.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Harris County LP, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage Harbour Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage Housing Group,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage USH, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Home Buyer&#146;s Advantage Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Homecraft Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Imperial Homes
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Inactive Corporations,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Ridge Golf
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Ridge Recreation
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Wood Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Landmark Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Laureate Homes of Arizona,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-11
</FONT>

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

<DIV align="left">
<FONT size="2">Legacy Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legends Club, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legends Golf Club, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Acquisition
Corp.&nbsp;II(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Associates Management Holding
Company(7)(4.1)(7.2)(7.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Aviation, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Carolina, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Central Region Sweep,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Chicago, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities Development,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities of Florida,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities of South Florida,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Construction,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers,
Inc.&nbsp;II(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers,
Inc.&nbsp;III(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Family of Builders GP,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Fresno, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes Holding
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Arizona,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of California,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar La&nbsp;Paz,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar La&nbsp;Paz Limited,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Land Partners Sub,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Land Partners Sub&nbsp;II,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Military Housing,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Nevada, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;I,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;II,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;III,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland IV,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;V,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland VI,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific, Inc.(5)(11)(14)(8.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific Properties,
Inc.(5)(11)(14)(8.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific Properties Management,
Inc.(5)(11)(14)(8.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Realty, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Renaissance,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sacramento, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sales Corp.(5)(11)(14)(9.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar San&nbsp;Jose Holdings,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;I,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;II,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;III,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southwest Holding
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Texas Holding
Company(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar.Com, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar-Kings Lake, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar-Lantana Boatyard,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Long Point Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lucerne Merged Condominiums,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-12
</FONT>

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

<DIV align="left">
<FONT size="2">Lundgren Bros. Construction,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">M.A.P. Builders, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Marlborough Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mid-County Utilities,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Midland Housing Industries
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Midland Investment
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mission Viejo Holdings,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">New Home Brokerage,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Oceanpointe Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Orrin Thompson Construction
Company(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Orrin Thompson Homes
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Paparone Construction
Co.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Patriot Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Patriot Homes of Virginia,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rivenhome Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Riviera Land Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rutenberg Homes,
Inc.(FL)(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rutenberg Homes of Texas,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Savell Gulley Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Silver Lakes-Gateway Clubhouse,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Stoney Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Stoneybrook Golf Club,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Holdings,
Inc.(1)(18)(19)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Technologies,
Inc.(1)(18)(19)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Technologies Communications of
California, Inc.(1)(18)(19)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summerway Investment
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Acquisition
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Club at Stoneybrook,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Fortress Group,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Grande By Lennar Builders,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Associates Management,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home
Corporation(3)(11)(12)(16.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home of Arizona Construction
Co.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home of West Virginia,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Realty
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Southwest Holding
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Corporation of New
York(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Los Prados, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Realty, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Acquisition Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Equity Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Millennium Ventures
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH(West Lake), Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Woodbridge, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USHHH, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Villages of Rio Pinar Club,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">West Chocolate Bayou Development
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westchase, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Weststone Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Asbury Woods L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Avalon-Sienna&nbsp;III, L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Barnsboro Associates, LLC(2)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-13
</FONT>

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

<DIV align="left">
<FONT size="2">Bella Oaks L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bennetts Village LLC(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bickford Holdings, LLC(3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Brewer Baseline Investors, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cambria L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cantera Village L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cary Woods L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Claremont Ridge L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Claridge Estates L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Colonial Heritage LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Meadowbrook L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Pheasant Run Trails L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Ravenna L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Zurich Village L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord City Centre L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Hills Limited Partnership(4)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Lake Limited Partnership(5)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Mills Estates L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Mills Limited Partnership(6)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Oaks Limited Partnership(7)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Park Limited Partnership(8)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Pointe Limited Partnership(9)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Coto de Caza, Ltd.(10)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Country Club Development at the Fort, LLC(11)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Coventry L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Enclave Land, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">ERMLOE, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Holding&nbsp;&#151; Virginia, LLC(14)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Illinois, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Missouri, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Pennsylvania, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fox-Maple Associates, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Foxwood L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Gateway Commons, L.L.C.(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;II, LLC(16)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities IV, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;V, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VI, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VII, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VIII, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities IX, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Venture, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Glenview Reserve, LLC(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greenfield/ Waterbury L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Nevada, LLC(18)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Hallston Burbank LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Haverton L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heathcote&nbsp;Commons LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Impressions L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Lake TH, LLC(19)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LENH&nbsp;I, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Americanos Douglas, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Associates Management, LLC(20)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-14
</FONT>

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

<DIV align="left">
<FONT size="2">Lennar Central Park, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Coto Holdings, L.L.C.(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Family of Builders Limited Partnership(22)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Financial Services, LLC(23)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Funding, LLC(37)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Texas Land and Construction,
Ltd.(24)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Texas Sales and Marketing,
Ltd.(25)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Houston Land, LLC(26)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northpointe North, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific, L.P.(27)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Reno, LLC(28)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sun Ridge, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Trading Company, LP(29)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennarstone Marketing Group, LLC(30)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LFS Holding Company, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LH Eastwind, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LHI Renaissance, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LN, L.L.C.(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lorton Station, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Madrona Village L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Marble Mountain Partners, LLC(25)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mission Viejo 12S Venture, LP(31)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Moffett Meadows Partners, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">North County Land Company, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northbridge L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northern Land Company, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northgate Highlands Development&nbsp;II, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">NuHome Designs, L.L.C.(14)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parc Chestnut L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parkside Estates L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Placer Vineyards, LLC(32)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Polygon La&nbsp;Paz Associates(33)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Providence Glen L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rancho Summit, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">RRKTG Lumber, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction&nbsp;II, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction&nbsp;III, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">SEA Joint Venture, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">SFHR Management, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Sonoma L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">South Park Development, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Spanish Springs Development, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Cable Technologies, L.P.(34)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summerwood, L.L.C.(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Enclave, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Glen, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Land, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Ridge&nbsp;23, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Townes, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit-Meadowbrook, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit-Reserve, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Sunstar Enterprises, LLC(17)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-15
</FONT>

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

<DIV align="left">
<FONT size="2">The Courts of Indian Creek L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Sexton L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tustin Villas Partners, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tustin Vistas Partners, LLC(35)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">University Community Partners, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Bickford, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Heritage Pom, L.L.C.(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">West Adams Street L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westbrook Homes, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westchase, Ltd.(36)
</FONT>
</DIV>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Concord Homes, Inc. as Managing Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by U.S.&nbsp;Home Corporation as
    Managing Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of U.S.H. Bickford, LLC, as
    Managing Member, by U.S.&nbsp;Home Corporation, its Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Hills,
    Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Lake,
    Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by the Liquidation Agent, Concord Homes,
    Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Oaks,
    Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Park,
    Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(9)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Pointe,
    Inc.
    </FONT></TD>
</TR>

</TABLE>
<P>

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

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(10)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Lennar Land
    Partners Sub&nbsp;II, Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(11)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Fresno, Inc. as Managing Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(12)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Chicago, Inc. as Managing
    Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(13)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Homes, Inc. as Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(14)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by The Fortress Group, Inc. as Managing
    Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(15)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar San&nbsp;Jose Holdings, Inc.
    as Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(16)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Fortress Holding-Virginia,
    LLC, its Managing Member, by The Fortress Group, Inc., its
    Managing Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(17)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Renaissance, Inc. as Managing
    Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(18)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Greystone Homes of Nevada, Inc. as
    Managing Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(19)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar-Kings Lake, Inc. as Manager
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(20)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Associates Management Holding
    Company as Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(21)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Homes of California, Inc. as
    Managing Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(22)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Lennar Family of
    Builders GP, Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(23)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of LFS Holding Company, LLC by
    U.S.&nbsp;Home Corporation, its Managing Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(24)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Texas Holding Company, its
    General Partner
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(25)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Tustin Villas Partners,
    LLC, its Member, by Lennar Homes of California, Inc., its Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(26)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Lennar Homes of Texas Land
    and Construction, Ltd. by Lennar Texas Holding Company, its
    General Partner
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(27)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Greystone Homes, Inc., its General
    Partner
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(28)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Pacific Properties Management,
    Inc. as Managing Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(29)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Lennar Texas
    Holding Company
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(30)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Greystone Homes, Inc. as Managing
    Member
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-16
</FONT>

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

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

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(31)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Mission Viejo Holdings, Inc., its
    General Partner
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(32)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Brewer Baseline Investors,
    LLC, its Member, by Lennar Renaissance, Inc., its Member
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(33)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Lennar
    La&nbsp;Paz, Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(34)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Strategic
    Technologies, Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(35)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(36)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Westchase, Inc.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD><FONT size="2">(37)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Corporation as Managing Member
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-17
</FONT>

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

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

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Title(s)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

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

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

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Allan J. Pekor<BR>
    <HR size="1" noshade>Allan J. Pekor
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Diane J. Bessette<BR>
    <HR size="1" noshade>Diane J. Bessette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(2.3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Controller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Waynewright Malcolm<BR>
    <HR size="1" noshade>Waynewright Malcolm
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Antoinette Kelso<BR>
    <HR size="1" noshade>Antoinette Kelso
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(4.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Edward C. Giermann<BR>
    <HR size="1" noshade>Edward C. Giermann
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(5)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Bruce E. Gross<BR>
    <HR size="1" noshade>Bruce E. Gross
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(6.2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Financial Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ A. Elizabeth Guerra-Pazos<BR>
    <HR size="1" noshade>A. Elizabeth Guerra-Pazos
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(7)<BR>
    (7.2)<BR>
    (7.3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director<BR>
    Chief Financial Officer<BR>
    Controller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Emile Haddad<BR>
    <HR size="1" noshade>Emile Haddad
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(8.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Jonathan M. Jaffe<BR>
    <HR size="1" noshade>Jonathan M. Jaffe
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(9.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Craig M. Johnson<BR>
    <HR size="1" noshade>Craig M. Johnson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(10.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Steven Lane<BR>
    <HR size="1" noshade>Steven Lane
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(11)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ L. Christian Marlin<BR>
    <HR size="1" noshade>L. Christian Marlin
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(12)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Stuart A. Miller<BR>
    <HR size="1" noshade>Stuart A. Miller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(13.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Betty Jo Powers<BR>
    <HR size="1" noshade>Betty Jo Powers
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(14)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Mark Shea<BR>
    <HR size="1" noshade>Mark Shea
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(15.3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Controller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Robert J. Strudler<BR>
    <HR size="1" noshade>Robert J. Strudler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(16.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-18
</FONT>

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

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

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Title(s)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

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

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

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Michael White<BR>
    <HR size="1" noshade>Michael White
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(17.2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Financial Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Nancy Kaminsky<BR>
    <HR size="1" noshade>Nancy Kaminsky
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(18)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ David McCain<BR>
    <HR size="1" noshade>David McCain
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(19)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">December&nbsp;9, 2004
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-19
</FONT>

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

<P align="center">
<B><FONT size="2">EXHIBIT INDEX</FONT></B>

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

<TR>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

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

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of August&nbsp;18, 2004
    between the Company and J.P.&nbsp;Morgan Trust Company, National
    Association, as trustee, including Form of 144A Senior
    Floating-Rate Note dated August&nbsp;18, 2004, made by Lennar
    Corporation with principal amount of $200,000,000.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Rights Agreement dated
    August&nbsp;18, 2004 among Lennar Corporation and the Guarantors
    named therein as Issuers and Banc of America Securities LLC and
    Calyon Securities (USA)&nbsp;Inc. as Initial Purchasers of the
    Senior Floating-Rate Notes due 2007.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Clifford Chance US LLP (counsel).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Clifford Chance US LLP (counsel)
    (included in Exhibit&nbsp;5.1).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte&nbsp;&#38; Touche LLP
    (independent registered public accounting firm).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney (included in signature page).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility of Trustee.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter of Transmittal.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Notice of Guaranteed Delivery.
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Exchange Agent Agreement.
    </FONT></TD>
</TR>

</TABLE>
</CENTER>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>y69382exv4w1.htm
<DESCRIPTION>INDENTURE
<TEXT>
<HTML>
<HEAD>
<TITLE>INDENTURE</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;4.1</B>



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






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



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



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



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



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



<P align="center" style="font-size: 10pt"><B>J.P. MORGAN TRUST COMPANY, N.A.</B>



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



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



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



<P align="center" style="font-size: 10pt">Dated as of August&nbsp;18, 2004



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



<P align="center" style="font-size: 10pt"><B>Senior Floating-Rate Notes due 2007, Series&nbsp;A</B>



<P align="center" style="font-size: 10pt"><B>Senior Floating-Rate Notes due 2007, Series&nbsp;B</B>



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







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

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

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




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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="2"><B>TIA Section</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Indenture Section</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD nowrap><DIV style="margin-left:10px; text-indent:-10px">310(a)</DIV></TD>
    <TD>(1)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(a)(2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(a)(3) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(a)(4) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(a)(5) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.10&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.8; 7.10; 11.2</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">311(a) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.11&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">((b) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.11&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">312(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.5&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.3&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.3&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">313(a) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(b)(1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(b)(2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6; 11.2</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.6&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">314(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">4.6; 4.8; 11.2</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
   <TD><DIV style="margin-left:10px; text-indent:-10px">(c)(1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.2; 11.4</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)(2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.2; 11.4</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)(3) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.5&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(f)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">315(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1(b)</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.5; 11.2</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">7.1(a)</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(d)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.5; 7.1(c)</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(e)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.11&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px">316(last sentence) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.9&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(a)(1)(A) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.5&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(a)(1)(B) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.4&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(a)(2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">N.A.</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.7&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">9.4&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px">317(a)(1) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.8&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(a)(2) </DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">6.9&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(b)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2.4&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">318(a)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.1&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px">(c)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">11.1&nbsp;</TD>
</TR>

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




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

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

<TR valign="top">
    <TD width="100%">N.A. means Not Applicable.</TD>
</TR>

</TABLE>



<P align="left" style="font-size: 10pt">Note: This cross-reference table shall not, for any purpose, be deemed to be a part of the Indenture.



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

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

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




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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;1.1. Definitions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;1.2. Incorporation by Reference of TIA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;1.3. Rules of Construction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE II.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">THE NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.1. Form and Dating; Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.2. Execution and Authentication; Aggregate Principal Amount</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">Section&nbsp;2.3. Registrar and Paying Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.4. Paying Agent to Hold Assets in Trust</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">Section&nbsp;2.5. Holder Lists</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">Section&nbsp;2.6. Transfer and Exchange</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">Section&nbsp;2.7. Replacement Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.8. Outstanding Notes</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">Section&nbsp;2.9. Treasury Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.10. Temporary Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.11. Cancellation</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">Section&nbsp;2.12. Defaulted Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.13. CUSIP Number</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.14. Deposit of Monies</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">Section&nbsp;2.15. Restrictive Legends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.16. Book-Entry Provisions for Global Security</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.17. Special Transfer Provisions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;2.18. Additional Interest Under Registration Rights Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

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



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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE III.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;3.1. Optional Redemption by the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE IV.</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">COVENANTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.1. Payment of Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.2. Reporting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.3. Corporate Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.4. Compliance Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.5. Further Instruments and Acts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.6. Limitations on Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.7. Sale-Leaseback Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;4.8. Furnishing Guarantees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE V.</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">SUCCESSOR CORPORATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;5.1. Company May Consolidate, etc., Only on Certain Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;5.2. Successor Corporation Substituted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE VI.</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">DEFAULTS AND REMEDIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.1. Events of Default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.2. Acceleration of Maturity; Rescission and Annulment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.3. Other Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.4. Waiver of Existing Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.5. Control by Majority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.6. Payments of Notes on Default; Suit Therefor</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.7. Limitation on Suits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.8. Collection Suit by Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.9. Trustee May File Proofs of Claim</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.10. Restoration of Positions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.11. Priorities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.12. Undertaking for Costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.13. Stay, Extension or Usury Laws</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;6.14. Liability of Stockholders, Officers, Directors and Incorporators</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE VII.</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">TRUSTEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.1. Duties of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.2. Rights of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.3. Individual Rights of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.4. Trustee&#146;s Disclaimer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.5. Notice of Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.6. Reports by Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.7. Compensation and Indemnity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.8. Replacement of Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.9. Successor Trustee by Merger, etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.10. Eligibility; Disqualification</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;7.11. Preferential Collection of Claims</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE VIII.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">DISCHARGE OF INDENTURE</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">Section&nbsp;8.1. Termination of the Company&#146;s Obligations</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">Section&nbsp;8.2. Application of Trust Money</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>

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</TABLE>
</DIV>



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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;8.3. Officers&#146; Certificate; Opinion of Counsel</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">Section&nbsp;8.4. Repayment to the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;8.5. Reinstatement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE IX.</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">MODIFICATION OF THE INDENTURE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;9.1. Without Consent of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;9.2. With Consent of Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE X.</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">GUARANTEE OF NOTES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.1. Unconditional Guarantee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.2. Limitations on Guarantees; Release or Suspension of Particular Guarantors&#146; Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.3. Execution and Delivery of Guarantee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.4. Release of a Guarantor due to Extraordinary Events</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.5. Waiver of Subrogation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.6. No Set-Off</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.7. Obligations Absolute</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.8. Obligations Continuing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.9. Obligations Not Reduced</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.10. Obligations Reinstated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.11. Obligations Not Affected</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.12. Waiver</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.13. No Obligation to Take Action Against the Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.14. Dealing with the Company and Others</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.15. Default and Enforcement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

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



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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="94%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.16. Amendment, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.17. Acknowledgment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.18. Costs and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.19. No Merger or Waiver; Cumulative Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.20. Survival of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.21. Guarantee in Addition to Other Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.22. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.23. Successors and Assigns</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;10.24. Acknowledgement under TIA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD align="center"><DIV style="margin-left:10px; text-indent:-10px">ARTICLE XI.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">MISCELLANEOUS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.1. TIA Controls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.2. Notices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.3. Communications by Holders with Other Holders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.4. Certificate and Opinion as to Conditions Precedent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.5. Statements Required in Certificate or Opinion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.6. Rules by Trustee, Paying Agent, Registrar, Calculation Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.7. Legal Holidays</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.8. Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.9. No Adverse Interpretation of Other Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.10. No Personal Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.11. Successors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.12. Duplicate Originals</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Section&nbsp;11.13. Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>

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



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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INDENTURE, dated as of August&nbsp;18, 2004, between Lennar Corporation, a
Delaware corporation (the &#147;<I>Company</I>&#148;), each of the Guarantors party hereto and
J.P. Morgan Trust Company, as Trustee (the &#147;<I>Trustee</I>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has duly authorized the creation of an issue of its Senior
Floating-Rate Notes due 2007, Series&nbsp;A, and its Senior Floating-Rate Notes due
2007, Series&nbsp;B, to be issued in exchange for the Senior Floating-Rate Notes due
2007, Series&nbsp;A, pursuant to the Registration Rights Agreement (as defined
herein) and, to provide therefor, the Company has duly authorized the execution
and delivery of this Indenture. All things necessary to make the Notes (as
defined), when duly issued and executed by the Company, and authenticated and
delivered hereunder, the valid obligations of the Company, and to make this
Indenture a valid and binding agreement of the Company, have been done.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each party hereto agrees as follows for the benefit of the other parties
and for the equal and ratable benefit of the Holders (as defined) of the
Company&#146;s Senior Floating-Rate Notes due 2007, Series&nbsp;A and Series&nbsp;B.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.1. Definitions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;3 Month LIBOR Rate&#148; </I>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="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Additional Interest</I>&#148; shall have the meaning set forth in the Registration
Rights Agreement.


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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Affiliate</I>&#148; of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition,
&#147;control&#148; when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly,
whether through the ownership of voting securities, by contract or otherwise;
and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the
foregoing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Agent</I>&#148; means any Registrar, Paying Agent or co-Registrar.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Agent Members</I>&#148; has the meaning provided in Section&nbsp;2.16.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Authenticating Agent</I>&#148; has the meaning provided in Section&nbsp;2.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Bankruptcy Law</I>&#148; has the meaning provided in Section&nbsp;6.1.


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


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Calculation Agent</I>&#148; has the meaning provided in Section&nbsp;2.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Capital Stock</I>&#148; means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated) of or in
such Person&#146;s capital stock or other equity interests, and options, rights or
warrants to purchase such capital stock or other equity interests, whether now
outstanding or issued after the Issue Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Common Stock</I>&#148; means the common stock, par value $.10 per share, of the
Company, as that stock may be reconstituted from time to time, except that
&#147;Common Stock&#148; will not include the Company&#146;s Class&nbsp;B Common Stock.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Consolidated Net Tangible Assets&#148; </I>means the total amount of assets which
would be included on a consolidated balance sheet of the Company and the
Restricted Subsidiaries under GAAP (less applicable reserves and other properly
deductible items) after deducting therefrom:


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>investments in Subsidiaries that are not
Restricted Subsidiaries; and</TD>
</TR>

</TABLE>

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


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



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" nowrap align="right">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all assets reflected on the Company&#146;s balance
sheet as the carrying value of goodwill, trade names,
trademarks, patents, unamortized debt discount, unamortized
expense incurred in the issuance of debt and other intangible
assets.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Corporate Trust Office</I>&#148; means the principal office of the Trustee at
which at any particular time its corporate trust business is principally
administered (which at the date of this Indenture is at 10151 Deerwood Park
Blvd., Building 400, 5th Floor, Jacksonville, Florida 32256).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Custodian</I>&#148; has the meaning provided in Section&nbsp;6.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Default</I>&#148; means any event which, upon the giving of notice or passage of
time, or both, would be an Event of Default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Default Interest Payment Date</I>&#148; has the meaning provided in Section&nbsp;2.11.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Depositary</I>&#148; means The Depository Trust Company, its nominees and
successors.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Event of Default</I>&#148; has the meaning provided in Section&nbsp;6.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Act</I>&#148; means the Securities Exchange Act of 1934, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Notes</I>&#148; means the Senior Floating-Rate Notes due 2007, Series&nbsp;B
to be issued in exchange for the Initial Notes pursuant to (i)&nbsp;the Registration
Rights Agreement, or (ii)&nbsp;with respect to Initial Notes issued under this
Indenture subsequent to the Issue Date pursuant to Section&nbsp;2.2, a registration
rights agreement substantially identical to the Registration Rights Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Exchange Offer</I>&#148; has the meaning provided in the Registration Rights
Agreement.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Funded Debt</I>&#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; provided, however,
that Funded Debt shall not include (i)&nbsp;any Indebtedness for the payment,
redemption or satisfaction of which money (or evidences of


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">indebtedness, if permitted under the instrument creating or evidencing
such indebtedness) in the necessary amount shall have been irrevocably
deposited in trust with a trustee or proper depository either on or before the
maturity or redemption date thereof or (ii)&nbsp;any Indebtedness of such person to
any of its subsidiaries or of any subsidiary to such person or any other
subsidiary or (iii)&nbsp;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.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>GAAP</I>&#148; means generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of
the Financial Accounting Standards Board or in such other statements by such
other entity as may be approved by a significant segment of the accounting
profession of the United States, as in effect on the Issue Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Global Note</I>&#148; has the meaning provided in Section&nbsp;2.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantee</I>&#148; has the meaning provided in Section&nbsp;10.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Guarantor</I>&#148; means (1)&nbsp;initially, each of the Guarantors named on the
signature pages of this Indenture, and (2)&nbsp;each of the Company&#146;s Subsidiaries
which becomes a guarantor of the Notes pursuant to the provisions of this
Indenture, in each case subject to release as provided in this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Holder</I>&#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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>IAI Global Note</I>&#148; means, a permanent global note in registered form
representing the aggregate principal amount of Notes sold to Institutional
Accredited Investors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indebtedness</I>&#148; means, with respect to the Company or any Subsidiary, and
without duplication, (a)&nbsp;the principal of and premium, if any, and interest on,
and fees, costs, enforcement expenses, collateral protection expenses and other
reimbursement or indemnity obligations in respect to all indebtedness or
obligations of the Company or any Subsidiary to any Person, including but not
limited to banks and other lending institutions, for money borrowed that is
evidenced by a note, bond, debenture, loan agreement, or similar instrument or
agreement (including purchase money obligations with original maturities in
excess of one year and noncontingent reimbursement obligations in respect of
amounts paid under letters of credit); (b)&nbsp;all reimbursement obligations and
other liabilities (contingent or otherwise) of the Company or any Subsidiary
with respect to letters of credit, bank guarantees or bankers&#146; acceptances, (c)
all obligations and liabilities (contingent or otherwise) in respect of leases
of the Company or any Subsidiary required, in conformity with generally
accepted accounting principles, to be accounted for as capital lease
obligations on the balance sheet of the Company, (d)&nbsp;all obligations of the
Company or any Subsidiary (contingent or otherwise) with respect to an interest
rate or other swap, cap or collar agreement or other similar instrument or
agreement or foreign currency hedge, exchange, purchase or similar instrument
or agreement, (e)&nbsp;all direct or indirect guaranties or similar agreements by
the Company or any Subsidiary in respect of, and obligations or liabilities
(contingent or otherwise) of the Company or such Subsidiary to



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<P align="left" style="font-size: 10pt">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), (f)&nbsp;any indebtedness or other
obligations, excluding any operating leases the Company or any Subsidiary is
currently (or may become) a party to, described in clauses (a)&nbsp;through (d)
secured by any Lien existing on property which is owned or held by the Company
or Subsidiary, regardless of whether the indebtedness or other obligation
secured thereby shall have been assumed by the Company or such Subsidiary and
(g)&nbsp;any and all deferrals, renewals, extensions and refinancing of, or
amendments, modification or supplements to, any indebtedness, obligation or
liability of the kind described in clauses (a)&nbsp;through (f).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Indenture</I>&#148; means this Indenture, as amended or supplemented from time to
time in accordance with the terms hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Initial Notes</I>&#148; means, collectively, (i)&nbsp;the Senior Floating-Rate Notes
due 2007, Series&nbsp;A, of the Company issued on the Issue Date and (ii)&nbsp;any other
Senior Floating-Rate Notes due 2007, Series&nbsp;A that are issued under this
Indenture, subsequent to the Issue Date, pursuant to Section&nbsp;2.2, for so long
as each such securities constitute Restricted Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Initial Purchasers</I>&#148; means Banc of America Securities LLC and Calyon
Securities (USA)&nbsp;Inc.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Institutional Accredited Investor</I>&#148; means an institution that is an
&#147;accredited investor&#148; as that term is defined in Rule&nbsp;501(a)(1), (2), (3)&nbsp;or
(7)&nbsp;under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Interest Payment Date</I>&#148; means the stated maturity of an installment of
interest on the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Interest Reset Date</I>&#148; has the meaning provided in Section&nbsp;2.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Issue Date</I>&#148; means August&nbsp;18, 2004.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Lien</I>&#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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Maturity Date</I>&#148; means August&nbsp;20, 2007.


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


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Non-U.S. Person</I>&#148; means a person who is not a U.S. person, as defined in
Regulation&nbsp;S.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Notes</I>&#148; means, collectively, the Initial Notes, the Private Exchange
Notes, if any, and the Unrestricted Notes, treated as a single class of
securities, as amended or supplemented from time to time in accordance with the
terms of this Indenture, that are issued pursuant to this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Obligations</I>&#148; means all obligations for principal, premium, interest,
penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Officer</I>&#148; means the Chairman of the Board, any Vice Chairman of the Board,
the President, any Vice President, the Treasurer, the Secretary, the Controller
or any Assistant Secretary of a Person.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Opinion of Counsel</I>&#148; means a written opinion from legal counsel who is
acceptable to the Trustee. That counsel may be an employee of or counsel to the
Company or the Trustee. Each such opinion will include the statements
described in Section&nbsp;11.5 if and to the extent required by that Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Paying Agent</I>&#148; has the meaning provided in Section&nbsp;2.3.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Liens</I>&#148; has the meaning provided in Section&nbsp;4.6.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Permitted Sale-Leaseback Transactions</I>&#148; has the meaning provided in
Section&nbsp;4.7.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Physical Notes</I>&#148; has the meaning provided in Section&nbsp;2.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Private Exchange Notes</I>&#148; shall have the meaning provided in the
Registration Rights Agreement(s).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Private Placement Legend</I>&#148; means the legend initially set forth on the
Initial Notes in the form set forth in Exhibit&nbsp;A.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Property</I>&#148; of any Person means all types of real, personal, tangible,
intangible or mixed property owned by such Person, whether or not included in
the most recent consolidated balance sheet of such Person and its Subsidiaries
under GAAP.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Qualified Institutional Buyer</I>&#148; or &#147;<I>QIB</I>&#148; shall have the meaning specified
in Rule&nbsp;144A.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Record Date</I>&#148; means the Record Date specified in the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Redemption Date</I>&#148; when used with respect to any Note to be redeemed, means
the date fixed for such redemption by or pursuant to this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Redemption Price</I>&#148; when used with respect to any Note to be redeemed,
means the price at which it is to be redeemed pursuant to this Indenture. For
the avoidance of doubt, the Redemption Price excludes accrued interest to the
Redemption Date.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Registrar</I>&#148; has the meaning provided in Section&nbsp;2.3.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Registration Rights Agreement</I>&#148; means, as applicable, (i)&nbsp;the Registration
Rights Agreement dated as of the Issue Date among the Company, the Guarantors
and the Initial Purchasers or (ii)&nbsp;any registration rights agreement,
substantially identical to the Registration Rights Agreement, entered into
among the Company, the Guarantors and the respective purchasers, on
substantially identical terms, relating to any Initial Notes issued pursuant to
Section&nbsp;2.2.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Regulation&nbsp;S</I>&#148; means Regulation&nbsp;S under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Regulation&nbsp;S Global Note</I>&#148; means a permanent global note in registered
form representing the aggregate principal amount of Notes sold in reliance on
Regulation&nbsp;S under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Restricted Security</I>&#148; has the meaning assigned to such term in Rule
144(a)(3) under the Securities Act; <I>provided</I>, <I>however</I>, that the Trustee shall
be entitled to request and conclusively rely on an Opinion of Counsel with
respect to whether any Note constitutes a Restricted Security.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Rule&nbsp;144A</I>&#148; means Rule&nbsp;144A under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Sale-Leaseback Transaction</I>&#148; means a sale or transfer made by the Company
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
the Company or a Restricted Subsidiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>SEC</I>&#148; means the Securities and Exchange Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Securities Act</I>&#148; means the Securities Act of 1933, as amended.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Senior Secured Credit Facilities</I>&#148; means the senior secured credit
facilities dated as of May&nbsp;3, 2000, as amended and restated through May&nbsp;27,
2004 between the Company and Bank One N.A., as administrative agent and the
other lenders party thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Special Record Date</I>&#148; has the meaning provided in Section&nbsp;2.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>State</I>&#148; means any state of the United States or the District of Columbia.


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


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trustee</I>&#148; means the person named as such in this Indenture and, subject to
the provisions of Article&nbsp;Seven of this Indenture, any successor to that
person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>TIA</I>&#148; means the Trust Indenture Act of 1939, as amended, as in effect on
the date of this Indenture, except as otherwise provided in Section&nbsp;9.3.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Trust Officer</I>&#148; means the Chairman of the Board, the President or any
other officer or assistant officer of the Trustee assigned by the Trustee to
administer its corporate trust matters.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>Unrestricted Notes</I>&#148; means one or more Notes that do not and are not
required to bear the Private Placement Legend, including, without limitation,
the Exchange Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Government Obligations</I>&#148; means direct obligations of, and obligations
guaranteed by, the United States of America for the payment of which the full
faith and credit of the United States of America is pledged.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>U.S. Legal Tender</I>&#148; means such coin or currency of the United States of
America as at the time of payment shall be legal tender for the payment of
public and private debts.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.2. Incorporation by Reference of TIA. Whenever this Indenture
refers to a provision of the TIA, such provision is incorporated by reference
in, and made a part of, this Indenture. The following TIA terms used in this
Indenture have the following meanings:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>indenture securities</I>&#148; means the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>indenture security holder</I>&#148; means a Holder.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>indenture to be qualified</I>&#148; means this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>indenture trustee</I>&#148; or &#147;<I>institutional trustee</I>&#148; means the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<I>obligor</I>&#148; on the indenture securities means the Company or any other
obligor on the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other TIA terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule and not
otherwise defined herein have the meanings assigned to them therein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;1.3. Rules of Construction. Unless the context otherwise
requires:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a term has the meaning assigned to it;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) an accounting term not otherwise defined has the meaning
assigned to it in accordance with GAAP of any date of determination;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) &#147;or&#148; is not exclusive;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) words in the singular include the plural, and words in the
plural include the singular;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) &#147;herein,&#148; &#147;hereof&#148; and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or
other subdivision; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any reference to a statute, law or regulation means that
statute, law or regulation as amended and in effect from time to time and
includes any successor statute, law or regulation; <I>provided</I>, <I>however</I>,
that any reference to the Bankruptcy Law shall mean the Bankruptcy Law as
applicable to the relevant case.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.1. Form and Dating; Interest. The Initial Notes and the
Trustee&#146;s certificate of authentication relating thereto shall be substantially
in the form of Exhibit&nbsp;A hereto, <I>provided</I>, that any Initial Notes issued in a
public offering shall be substantially in the form of Exhibit&nbsp;B hereto. The
Exchange Notes and the Trustee&#146;s certificate of authentication relating thereto
shall be substantially in the form of Exhibit&nbsp;B hereto. The Notes may have
notations, legends or endorsements required by law, stock exchange rule or
depository rule or usage. The Company and the Trustee shall approve the form
of the Notes and any notation, legend or endorsement on them. Each Note shall
be dated the date of its issuance and shall show the date of its
authentication.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The terms and provisions contained in the Notes annexed hereto as Exhibits
A and B shall constitute, and are hereby expressly made, a part of this
Indenture and, to the extent


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">applicable, the Company and the Trustee, by their execution and delivery
of this Indenture, expressly agree to such terms and provisions and to be bound
thereby.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes offered and sold in reliance on Rule&nbsp;144A and Notes offered and sold
in reliance on Regulation&nbsp;S shall be issued initially in the form of one or
more permanent global Notes in registered form, substantially in the form set
forth in Exhibit&nbsp;A (each, a &#147;<I>Global Note</I>&#148;), deposited with the Trustee, as
custodian for the Depositary, duly executed by the Company and authenticated by
the Trustee as hereinafter provided and shall bear the legend set forth in
Exhibit&nbsp;C. The aggregate principal amount of the Global Note may from time to
time be increased or decreased by adjustments made on the records of the
Trustee, as custodian for the Depositary, as hereinafter provided.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes issued in exchange for interests in a Global Note pursuant to
Section&nbsp;2.16 may be issued and Notes offered and sold in reliance on any other
exemption from registration under the Securities Act other than as described in
the preceding paragraph shall be issued in the form of permanent certificated
Notes in registered form in substantially the form set forth in Exhibit&nbsp;A (the
&#147;<I>Physical Notes</I>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All Notes offered and sold in reliance on Regulation&nbsp;S shall remain in the
form of a Global Note until the consummation of the Exchange Offer pursuant to
the Registration Rights Agreement; <I>provided</I>, <I>however</I>, that all of the time
periods specified in the Registration Rights Agreement to be complied with by
the Company have been so complied with.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The unpaid principal amount of the Notes shall bear interest at the 3
Month LIBOR Rate plus 0.50% per year until paid or duly provided for, such
interest to accrue from August&nbsp;18, 2004, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for. The 3 Month
LIBOR Rate will be reset quarterly on each Interest Payment Date (each, an
&#147;<I>Interest Reset Date</I>&#148;), beginning on November&nbsp;20, 2004. The initial interest
rate will be &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;%. The calculation agent (the &#147;<I>Calculation Agent</I>&#148;) shall be
J.P. Morgan Trust Company, N.A. until such time as the Company appoints a
successor Calculation Agent. The Calculation Agent will, upon the request of
the Holder of any Note, provide the interest rate then in effect. All
calculations made by the Calculation Agent in the absence of manifest error
shall be conclusive for all purposes and binding on the Company and the Holders
of the Notes. The Company may appoint a successor Calculation Agent with the
written consent of the Trustee. Interest shall be paid quarterly in arrears on
each Interest Payment Date to the Person or Persons in whose name the Notes are
registered on the Record Date for such Interest Payment Date; provided that
interest payable at the Maturity Date or on a Redemption Date shall be paid to
the Person to whom principal or the Redemption Price is payable. Any such
interest that is not so punctually paid or duly provided for shall forthwith
cease to be payable to the Holders on such Record Date and shall be paid as
provided in Section&nbsp;2.12. Payments of interest on the Notes shall include
interest accrued to but excluding the respective Interest Payment Dates.
Interest payments for the Notes shall be computed and paid on the basis of a
360-day year and the actual number of days elapsed. In the event that any
Interest Payment Date on the Notes is not a Business Day, then such Interest
Payment Date will be postponed to the next succeeding day that is a Business
Day, and no additional interest will accrue. All percentages resulting from
any calculation of the interest rate with respect to the Notes will be rounded,
if necessary, to the nearest one-hundred thousandth of a percentage point, with
five one-millionths of a percentage


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">point rounded upwards (e.g., 9.876545% (or .09876545) being rounded to
9.87655% (or .0987655) and 9.876544% (or .09876544) being rounded to 9.87654%
(or .0987654)), and all dollar amounts in or resulting from any such
calculation will be rounded to the nearest cent (with one-half cent being
rounded upwards).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.2. Execution and Authentication; Aggregate Principal Amount. An
Officer of the Company (duly authorized by all requisite corporate actions)
shall sign and attest to the Notes for the Company by manual or facsimile
signature.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an Officer whose signature is on a Note was an Officer at the time of
such execution but no longer holds that office or position at the time the
Trustee authenticates the Note, the Note shall nevertheless be valid.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Note shall not be valid until an authorized signatory of the Trustee
manually signs the certificate of authentication on the Note. The signature
shall be conclusive evidence that the Note has been authenticated under this
Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall authenticate all (i)&nbsp;Initial Notes; (ii)&nbsp;Private
Exchange Notes from time to time for issue only in exchange for a like
principal amount of Initial Notes and (iii)&nbsp;Unrestricted Notes from time to
time upon a written order of the Company in the form of an Officers&#146;
Certificate of the Company. Each such written order shall specify the amount
of Notes to be authenticated and the date on which the Notes are to be
authenticated, whether the Notes are to be Initial Notes, Private Exchange
Notes or Unrestricted Notes and whether the Notes are to be issued as Physical
Notes or Global Notes or such other information as the Trustee may reasonably
request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may appoint an authenticating agent (the &#147;<I>Authenticating
Agent</I>&#148;) reasonably acceptable to the Company to authenticate Notes. Unless
otherwise provided in the appointment, an Authenticating Agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such Authenticating
Agent. An Authenticating Agent has the same rights as an Agent to deal with
the Company or with any Affiliate of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes shall be issuable in fully registered form only, without
coupons, in denominations of $1,000 and any integral multiple thereof. Subject
to applicable law, the aggregate principal amount of the Notes which may be
authenticated and delivered on the Issue Date shall not exceed $250,000,000;
provided that, the Company may, without the consent of the Holders, issue
additional Notes under this Indenture at any time hereafter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.3. Registrar and Paying Agent. The Company shall maintain an
office or agency (which shall be located in the Borough of Manhattan in the
City of New York, State of New York) where (a)&nbsp;Notes may be presented or
surrendered for registration of transfer or for exchange (&#147;<I>Registrar</I>&#148;), (b)
Notes may be presented or surrendered for payment (&#147;<I>Paying Agent</I>&#148;) and (c)
notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. The Registrar shall keep a register of the Notes and
of their transfer and exchange. The Company may have one or more co-Registrars
and one or more additional paying agents reasonably acceptable to the Trustee.
The term &#147;Paying Agent&#148; includes any


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">additional Paying Agent. The Company may act as its own Paying Agent. If
the Company elects to act as its own paying agent, the Company will notify the
Trustee of its election and will hold for the benefit of the Holders all assets
for the payment of principal of premium, if any, or interest on, the Notes.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall enter into an appropriate agency agreement with any
Agent not a party to this Indenture, which agreement shall incorporate the
provisions of the TIA and implement the provisions of this Indenture that
relate to such Agent. The Company shall notify the Trustee of the name and
address of any such Agent. If the Company shall fail to maintain a Registrar
or Paying Agent, the Trustee shall act as such.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company initially appoints the Trustee as Registrar, Paying Agent and
custodian for service of demands and notices in connection with the Notes. Any
of the Registrar, the Paying Agent or any other agent may resign upon 30&nbsp;days&#146;
notice to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.4. Paying Agent to Hold Assets in Trust. The Company shall
require each Paying Agent other than the Trustee to agree in writing that such
Paying Agent shall hold in trust for the benefit of the Holders or the Trustee
all assets held by the Paying Agent for the payment of principal of, premium,
if any, or interest on, the Notes (whether such assets have been distributed to
it by the Company or any other obligor on the Notes), and the Company and the
Paying Agent shall notify the Trustee of any Default by the Company (or any
other obligor on the Notes) in making any such payment. The Company at any
time may require a Paying Agent to distribute all assets held by it to the
Trustee and account for any assets disbursed and the Trustee may at any time
during the continuance of any payment Default, upon written request to a Paying
Agent, require such Paying Agent to distribute all assets held by it to the
Trustee and to account for any assets distributed. Upon distribution to the
Trustee of all assets that shall have been delivered to the Paying Agent, the
Paying Agent shall have no further liability for such assets.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.5. Holder Lists. The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of the Holders and shall otherwise comply with TIA &#167;
312(a). If the Trustee is not the Registrar, the Company shall furnish or
cause the Registrar to furnish to the Trustee five (5)&nbsp;Business Days before
each Record Date and at such other times as the Trustee may request in writing
a list as of such date and in such form as the Trustee may reasonably require
of the names and addresses of the Holders, which list may be conclusively
relied upon by the Trustee, and the Company shall otherwise comply with TIA &#167;
312(a).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.6. Transfer and Exchange. Subject to Sections&nbsp;2.16 and 2.17,
when Notes are presented to the Registrar or a co-Registrar with a request to
register the transfer of such Notes or to exchange such Notes for an equal
principal amount of Notes of other authorized denominations, the Registrar or
co-Registrar shall register the transfer or make the exchange as requested if
its requirements for such transaction are met; <I>provided</I>, <I>however</I>, that the
Notes presented or surrendered for registration of transfer or exchange shall
be duly endorsed or accompanied by a written instrument of transfer in form
satisfactory to the Company, the Trustee and the Registrar or co-Registrar,
duly executed by the Holder thereof or his attorney duly authorized in writing.
To permit registration of transfers and exchanges, the Company shall


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">execute and the Trustee shall authenticate Notes at the Registrar&#146;s or
co-Registrar&#146;s request. No service charge shall be made for any registration
of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any transfer tax, fee or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar
governmental charge payable upon exchanges or transfers pursuant to Section
2.10 or 3.1, in which event the Company shall be responsible for the payment of
such taxes or charges).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrar or co-Registrar shall not be required to register the
transfer of or exchange of any Note (i)&nbsp;during a period beginning at the
opening of business 15&nbsp;days before the mailing of a notice of redemption of
Notes and ending at the close of business on the day of such mailing and (ii)
selected for redemption in whole or in part pursuant to Article&nbsp;III, except the
unredeemed portion of any Note being redeemed in part.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any Holder of a beneficial interest in a Global Note shall, by acceptance
of such Global Note, agree that transfers of beneficial interests in such
Global Notes may be effected only through a book entry system maintained by the
Holder of such Global Note (or its agent), and that ownership of a beneficial
interest in the Note shall be required to be reflected in a book entry system.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.7. Replacement Notes. If a mutilated Note is surrendered to the
Trustee or if the Holder of a Note claims that the Note has been lost,
destroyed or wrongfully taken, the Company shall issue and the Trustee shall
authenticate a replacement Note if the Trustee&#146;s requirements are met. If
required by the Trustee or the Company, such Holder must provide an indemnity
bond or other indemnity of reasonable tenor, sufficient in the reasonable
judgment of the Company and the Trustee, to protect the Company, the Trustee or
any Agent from any loss which any of them may suffer if a Note is replaced.
Every replacement Note shall constitute an additional obligation of the
Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.8. Outstanding Notes. Notes outstanding at any time are all the
Notes that have been authenticated by the Trustee except those canceled by it,
those delivered to it for cancellation and those described in this Section as
not outstanding. Subject to the provisions of Section&nbsp;2.9, a Note does not
cease to be outstanding because the Company or any of its Affiliates holds the
Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a Note is replaced pursuant to Section&nbsp;2.7 (other than a mutilated Note
surrendered for replacement), it ceases to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced Note is held by a protected
purchaser. A mutilated Note ceases to be outstanding upon surrender of such
Note and replacement thereof pursuant to Section&nbsp;2.7.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, on a Redemption Date or the Maturity Date, the Paying Agent holds U.S.
Legal Tender or U.S. Government Obligations sufficient to pay all of the
principal, premium, if any, and interest due on the Notes payable on that date
and is not prohibited from paying such money to the Holders thereof pursuant to
the terms of this Indenture, then on and after that date such Notes shall be
deemed not to be outstanding and interest on them shall cease to accrue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.9. Treasury Notes. In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver,
consent or notice, Notes


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">owned by the Company or an Affiliate of the Company shall be considered as
though they are not outstanding, except that for the purposes of determining
whether the Trustee shall be protected in relying on any such direction, waiver
or consent, only Notes which a Trust Officer of the Trustee has been informed
in writing by the Company to be so owned shall be so considered. The Company
shall notify the Trustee, in writing, when either it or, to its knowledge, any
of its Affiliates repurchases or otherwise acquires Notes, of the aggregate
principal amount of such Notes so repurchased or otherwise acquired and such
other information as the Trustee may reasonably request and the Trustee shall
be entitled to rely thereon.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.10. Temporary Notes. Until typewritten Notes are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Notes upon receipt of a written order of the Company in the form of an
Officers&#146; Certificate. The Officers&#146; Certificate shall specify the amount of
temporary Notes to be authenticated and the date on which the temporary Notes
are to be authenticated. Temporary Notes shall be substantially in the form of
typewritten Notes but may have variations that the Company consider appropriate
for temporary Notes and so indicate in the Officers&#146; Certificate. Without
unreasonable delay, the Company shall prepare and the Trustee shall
authenticate, upon receipt of a written order of the Company pursuant to
Section&nbsp;2.2, typewritten Notes in exchange for temporary Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.11. Cancellation. The Company at any time may deliver Notes to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward
to the Trustee any Notes surrendered to them for transfer, exchange or payment.
The Trustee, or at the direction of the Trustee, the Registrar or the Paying
Agent, and no one else, shall cancel and, at the written direction of the
Company, shall dispose, in its customary manner, of all Notes surrendered for
transfer, exchange, payment or cancellation. Subject to Section&nbsp;2.7, the
Company may not issue new Notes to replace Notes that they have paid or
delivered to the Trustee for cancellation. If the Company shall acquire any of
the Notes, such acquisition shall not operate as a redemption or satisfaction
of the Indebtedness represented by such Notes unless and until the same are
surrendered to the Trustee for cancellation pursuant to this Section&nbsp;2.11.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.12. Defaulted Interest. The Company shall pay interest on
overdue principal from time to time on demand at the rate of interest borne by
the Notes. The Company shall, to the extent lawful, pay interest on overdue
installments of interest (without regard to any applicable grace periods) from
time to time on demand at the rate of interest borne by the Notes. All such
interest will be computed on the basis of a 360-day year comprised of twelve
30-day months, and, in the case of a partial month, the actual number of days
elapsed.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Company defaults in a payment of interest on the Notes, it shall
pay the defaulted interest, plus (to the extent lawful) any interest payable on
the defaulted interest, to the Persons who are Holders on a subsequent special
record date, which special record date shall be the fifteenth day next
preceding the date fixed by the Company for the payment of defaulted interest
or the next succeeding Business Day if such date is not a Business Day. The
Company shall notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment (a
"<I>Default Interest Payment Date</I>&#148;), and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such defaulted interest or shall make
arrangements satisfactory to the Trustee for such deposit on or prior to the
date of the proposed payment, such


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">money when deposited to be held in trust for the benefit of the Persons
entitled to such defaulted interest as provided in this Section; provided,
however, that in no event shall the Company deposit monies proposed to be paid
in respect of defaulted interest later than 11:00&nbsp;a.m. New York City time of
the proposed Default Interest Payment Date. At least 15&nbsp;days before the
subsequent special record date, the Company shall mail (or cause to be mailed)
to each Holder, as of a recent date selected by the Company, with a copy to the
Trustee at least 20&nbsp;days prior to such special record date, a notice that
states the subsequent special record date, the Default Interest Payment Date
and the amount of defaulted interest, and interest payable on such defaulted
interest, if any, to be paid. Notwithstanding the foregoing, any interest
which is paid prior to the expiration of the 30-day period set forth in Section
6.1(1) shall be paid to Holders as of the regular record date for the Interest
Payment Date for which interest has not been paid. Notwithstanding the
foregoing, the Company may make payment of any defaulted interest in any other
lawful manner not inconsistent with the requirements of any securities exchange
on which the Notes may be listed, and upon such notice as may be required by
such exchange.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.13. CUSIP Number. In issuing the Notes, the Company may use a
&#147;CUSIP&#148; number, and, if so, the Trustee shall use the CUSIP number in notices
of redemption or exchange as a convenience to Holders; <I>provided</I>, <I>however</I>, that
no representation is hereby deemed to be made by the Trustee as to the
correctness or accuracy of the CUSIP number printed in the notice or on the
Notes, and that reliance may be placed only on the other identification numbers
printed on the Notes. The Company shall promptly notify the Trustee of any
change in the CUSIP number.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event that the Company shall issue and the Trustee shall
authenticate any Notes issued under this Indenture subsequent to the Issue Date
pursuant to Section&nbsp;2.2, the Company shall use its reasonable efforts to obtain
the same &#147;CUSIP&#148; number for such Notes as is printed on the Notes outstanding
at such time and provides written notice to the Trustee to such effect;
<I>provided</I>, <I>however</I>, that if any series of Notes issued under this Indenture
subsequent to the Issue Date is determined, pursuant to an Opinion of Counsel
of the Company in a form reasonably satisfactory to the Trustee to be a
different class of security than the Notes outstanding at such time for federal
income tax or securities laws purposes, the Company shall use its reasonable
efforts to obtain a &#147;CUSIP&#148; number for such Notes that is different than the
&#147;CUSIP&#148; number printed on the Notes then outstanding and cause such opinion to
be delivered to the Trustee. Notwithstanding the foregoing or any other
provision herein to the contrary, all Notes issued under this Indenture shall
vote and consent together on all matters as one class and no series of Notes
will have the right to vote or consent as a separate class on any matter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.14. Deposit of Monies. Prior to 11:00&nbsp;a.m. New York City time
on each Interest Payment Date, Maturity Date or Redemption Date, the Company
shall have deposited with the Paying Agent in immediately available funds money
sufficient to make cash payments, if any, due on such Interest Payment Date,
Maturity Date or Redemption Date, as the case may be, in a timely manner which
permits the Paying Agent to remit payment to the Holders on such Interest
Payment Date, Maturity Date or Redemption Date, as the case may be.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.15. Restrictive Legends. Each Global Note and Physical Note
that constitutes a Restricted Security shall bear the Private Placement Legend
on the face thereof until after the second anniversary of the later of the
Issue Date (or in the case of any Initial Notes issued after


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">the Issue Date, two years after the date of initial issuance thereof) and
the last date on which the Company or any Affiliate of the Company was the
owner of such Note (or any predecessor security) (or such shorter period of
time as permitted by Rule 144(k) under the Securities Act or any successor
provision thereunder) (or such longer period of time as may be required under
the Securities Act or applicable state securities laws in the opinion of
counsel for the Company, unless otherwise agreed by the Company and the Holder
thereof).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Global Note shall also bear the legend as set forth in Exhibit&nbsp;C.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.16. Book-Entry Provisions for Global Security.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Global Notes initially shall (i)&nbsp;be registered in the name of the
Depositary or the nominee of such Depositary, (ii)&nbsp;be delivered to the Trustee
as custodian for such Depositary and (iii)&nbsp;bear the legend as set forth in
Exhibit&nbsp;C.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Members of, or participants in, the Depositary (&#147;<I>Agent Members</I>&#148;)
shall have no rights under this Indenture with respect to any Global Note held
on their behalf by the Depositary, or the Trustee as its custodian, or under
the Global Notes, and the Depositary may be treated by the Company, the Trustee
and any Agent of the Company or the Trustee as the absolute owner of such
Global Note for all purposes whatsoever. Notwithstanding the foregoing,
nothing herein shall prevent the Company, the Trustee or any Agent of the
Company or the Trustee from giving effect to any written certification, proxy
or other authorization furnished by the Depositary or impair, as between the
Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a Holder of any Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Transfers of a Global Note shall be limited to transfers in whole,
but not in part, to the Depositary, its successors or their respective
nominees. Interests of beneficial owners in a Global Note may be transferred
or exchanged for Physical Notes in accordance with the rules and procedures of
the Depositary and the provisions of Section&nbsp;2.17. In addition, Physical Notes
shall be transferred to all beneficial owners in exchange for their beneficial
interests in a Global Note if (i)&nbsp;the Depositary notifies the Company that it
is unwilling or unable to continue as Depositary for the Global Notes and a
successor depositary is not appointed by the Company within 90&nbsp;days of such
notice or (ii)&nbsp;an Event of Default has occurred and is continuing and the
Registrar has received a written request from the Depositary to issue Physical
Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In connection with any transfer or exchange of a portion of the
beneficial interest in a Global Note to beneficial owners pursuant to Section
2.16(c), the Registrar shall (if one or more Physical Notes are to be issued)
reflect on its books and records the date and a decrease in the principal
amount of such Global Note in an amount equal to the principal amount of the
beneficial interest in the Global Note to be transferred, and the Company shall
execute and the Trustee shall authenticate and deliver, one or more Physical
Notes of like tenor and amount.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In connection with the transfer of an entire Global Note to
beneficial owners pursuant to Section&nbsp;2.16(c), such Global Note shall be deemed
to be surrendered to the Trustee for cancellation, and the Company shall
execute and the Trustee shall authenticate and deliver, to each beneficial
owner identified by the Depositary in exchange for its beneficial interest in
the


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Global Note, an equal aggregate principal amount of Physical Notes of
authorized denominations.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Any Physical Note constituting a Restricted Security delivered in
exchange for an interest in a Global Note pursuant to Section&nbsp;2.16(c) shall,
except as otherwise provided by Section&nbsp;2.17(a)(i)(x) and (c), bear the Private
Placement Legend.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Holder of a Global Note may grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;2.17. Special Transfer Provisions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Transfers to Non-QIB Institutional Accredited Investors and Non-U.S.
Persons. The following provisions shall apply with respect to the registration
of any proposed transfer of a Note constituting a Restricted Security to any
Institutional Accredited Investor which is not a QIB or to any Non-U.S. Person:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registrar shall register the transfer of any Note
constituting a Restricted Security, whether or not such Note bears the
Private Placement Legend, if (x)&nbsp;the requested transfer is after the
second anniversary of the Issue Date (<I>provided</I>, <I>however</I>, that neither the
Company nor any Affiliate of the Company has held any beneficial interest
in such Note, or portion thereof, or predecessor security at any time on
or prior to the second anniversary of the Issue Date (or in the case of
any Initial Notes issued after the Issue Date, two years after the date
of initial issuance thereof)) or (y) (1)&nbsp;in the case of a transfer to an
Institutional Accredited Investor which is not a QIB (excluding Non-U.S.
Persons), the proposed transferee has delivered to the Registrar a
certificate substantially in the form of Exhibit&nbsp;D hereto or (2)&nbsp;in the
case of a transfer to a Non-U.S. Person, the proposed transferor has
delivered to the Registrar a certificate substantially in the form of
Exhibit&nbsp;E hereto; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the proposed transferee is an Agent Member and the Notes to
be transferred consist of Physical Notes which after transfer are to be
evidenced by an interest in the IAI Global Note or Regulation&nbsp;S Global
Note, as the case may be, upon receipt by the Registrar of (x)&nbsp;written
instructions given in accordance with the Depositary&#146;s and the
Registrar&#146;s procedures and (y)&nbsp;the appropriate certificate, if any,
required by clause (y)&nbsp;of paragraph (i)&nbsp;above, the Registrar shall
register the transfer and reflect on its books and records the date and
an increase in the principal amount of the IAI Global Note or Regulation
S Global Note, as to case may be, in an amount equal to the principal
amount of Physical Notes to be transferred, and the Trustee shall cancel
the Physical Notes so transferred; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the proposed transferor is an Agent Member seeking to
transfer an interest in a Global Note, upon receipt by the Registrar of
(x)&nbsp;written instructions given in accordance with the Depositary&#146;s and
the Registrar&#146;s procedures and (y)&nbsp;the appropriate certificate, if any,
required by clause (y)&nbsp;of paragraph (i)&nbsp;above, the Registrar shall
register the transfer and reflect on its books and records the date and
(A)&nbsp;a decrease in the


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


<P align="left" style="margin-left:3%; font-size: 10pt">principal amount of the Global Note from which such interests are to
be transferred in an amount equal to the principal amount of the Notes to
be transferred and (B)&nbsp;an increase in the principal amount of the IAI
Global Note or the Regulation&nbsp;S Global Note, as the case may be, in an
amount equal to the principal amount of the Notes to be transferred.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Transfers to QIBS. The following provisions shall apply with respect
to the registration of any proposed transfer of a Note constituting a
Restricted Security to a QIB (excluding transfers to Non-U.S. Persons):



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registrar shall register the transfer of any Restricted
Security if such transfer is being made by a proposed transferor who has
checked the box provided for on the form of Note stating, or has
otherwise advised the Company and the Registrar in writing, that the sale
has been made in compliance with the provisions of Rule&nbsp;144A to a
transferee who has signed the certification provided for on the form of
Note stating, or has otherwise advised the Company and the Registrar in
writing, that it is purchasing the Note for its own account or an account
with respect to which it exercises sole investment discretion and that it
and any such account is a QIB within the meaning of Rule&nbsp;144A, and is
aware that the sale to it is being made in reliance on Rule&nbsp;144A and
acknowledges that it has received such information regarding the Company
as it has requested pursuant to Rule&nbsp;144A or has determined not to
request such information and that it is aware that the transferor is
relying upon its foregoing representations in order to claim the
exemption from registration provided by Rule&nbsp;144A; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the proposed transferee is an Agent Member, and the Notes to
be transferred consist of Physical Notes which after transfer are to be
evidenced by an interest in a Global Note, upon receipt by the Registrar
of written instructions given in accordance with the Depositary&#146;s and the
Registrar&#146;s procedures, the Registrar shall reflect on its books and
records the date and an increase in the principal amount of such Global
Note in an amount equal to the principal amount of the Physical Notes to
be transferred, and the Trustee shall cancel the Physical Notes so
transferred; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if the proposed transferor is an Agent Member seeking to
transfer an interest in the IAI Global Note or the Regulation&nbsp;S Global
Note, upon receipt by the Registrar of written instructions given in
accordance with the Depositary&#146;s and the Registrar&#146;s procedures, the
Registrar shall register the transfer and reflect on its books and
records the date and (A)&nbsp;a decrease in the principal amount of the IAI
Global Note or the Regulation&nbsp;S Global Note, as the case may be, in an
amount equal to the principal amount of the Notes to be transferred and
(B)&nbsp;an increase in the principal amount of the Global Note in an amount
equal to the principal amount of the Notes to be transferred.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Restrictions on Transfer and Exchange of Global Notes.
Notwithstanding any other provisions of this Indenture, a Global Note may not
be transferred as a whole except by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Private Placement Legend. Upon the transfer, exchange or replacement
of Notes not bearing the Private Placement Legend, the Registrar shall deliver
Notes that do not bear the


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Private Placement Legend. Upon the transfer, exchange or replacement of
Notes bearing the Private Placement Legend, the Registrar shall deliver only
Notes that bear the Private Placement Legend unless (i)&nbsp;the requested transfer
is after the second anniversary of the Issue Date (<I>provided</I>, <I>however</I>, that
neither the Company nor any Affiliate of the Company has held any beneficial
interest in such Note, or portion thereof, or any predecessor security at any
time prior to or on the second anniversary of the Issue Date (or, in the case
of any Initial Notes issued after the Issue Date, two years after the date of
initial issuance thereof), or (ii)&nbsp;there is delivered to the Registrar an
Opinion of Counsel reasonably satisfactory to the Company and the Trustee to
the effect that neither such legend nor the related restrictions on transfer
are required in order to maintain compliance with the provisions of the
Securities Act.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;General. By its acceptance of any Note bearing the Private Placement
Legend, each Holder of such a Note acknowledges the restrictions on transfer of
such Note set forth in this Indenture and in the Private Placement Legend and
agrees that it will transfer such Note only as provided in this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrar shall retain copies of all letters, notices and other
written communications received pursuant to Section&nbsp;2.16 or this Section&nbsp;2.17.
The Company shall have the right to inspect and make copies of all such
letters, notices or other written communications at any reasonable time during
the Registrar&#146;s normal business hours upon the giving of reasonable written
notice to the Registrar.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Transfer of Notes Held by Affiliates. Any certificate (i)&nbsp;evidencing
a Note that has been transferred to an Affiliate of the Company within two
years after the Issue Date (or in the case of any Initial Notes issued after
the Issue Date, two years after the date of initial issuance thereof), as
evidenced by a notation on the Assignment Form for such transfer or in the
representation letter delivered in respect thereof or (ii)&nbsp;evidencing a Note
that has been acquired from an Affiliate of the Company (other than by an
Affiliate of the Company) in a transaction or a chain of transactions not
involving any public offering, shall, until two years after the last date on
which the Company or any Affiliate of the Company was an owner of such Note, in
each case, bear the Private Placement Legend, unless otherwise agreed by the
Company (with written notice thereof to the Trustee).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Notice of Affiliate Purchases. In connection with the purchase or
sale of any Note or any beneficial interest therein by the Company or any
Affiliate thereof (other than a sale to the Initial Purchasers pursuant to the
Purchase Agreement), the Company shall file with the Trustee and Registrar a
written notice identifying the transaction as such for the purposes hereof.


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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;Section&nbsp;2.18. Additional Interest Under Registration Rights Agreement.
Under certain circumstances, the Company shall be obligated to pay Additional
Interest to the Holders, all as set forth in Section&nbsp;4 of the Registration
Rights Agreement. The terms thereof are hereby incorporated herein by
reference.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;3.1. Optional Redemption by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Right to Redeem; Notice to Trustee. The Company, at its option, may
redeem the Notes in accordance with the provisions of paragraphs 5 and 6 of the
Notes. If the Company elects to redeem Notes pursuant to paragraph 5 of the
Notes, it shall notify the Trustee in writing of the Redemption Date, the
principal amount of Notes to be redeemed and the Redemption Price that would be
in effect if such Notes were being redeemed on the date of the notice. The
Company shall give the notice to the Trustee provided for in this Section
3.1(a) at least 30&nbsp;days but not more than 60&nbsp;days before the Redemption Date
(unless a shorter notice shall be satisfactory to the Trustee).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notice of Redemption. At least 30&nbsp;days but not more than 60&nbsp;days
before a Redemption Date, the Company shall mail or cause to be mailed a notice
of redemption by first-class mail to the Trustee and to each Holder of Notes to
be redeemed at such Holder&#146;s address as it appears on the Note register.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The notice shall identify the Notes to be redeemed and shall state:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Redemption Date;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;the Redemption Price that would be in effect if such Notes were being
redeemed on the date of the notice;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;the name and address of the Paying Agent;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;that Notes called for redemption must be presented and surrendered to
the Paying Agent to collect the Redemption Price and any accrued interest;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;that interest on Notes called for redemption shall cease to accrue on
and after the Redemption Date and, unless the Company defaults in making the
redemption payment, the only remaining right of the Holder shall be to receive
payment of the Redemption Price upon presentation and surrender to the Paying
Agent of the Notes;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;if fewer than all the outstanding Notes are to be redeemed, the
certificate number and principal amounts of the particular Notes to be
redeemed; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;the CUSIP number or numbers for the Notes called for redemption.


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the Company&#146;s request, the Trustee shall give the notice of redemption
in the Company&#146;s name and at the Company&#146;s expense. In such event, the Company
will provide the Trustee with the information required by clauses (i)&nbsp;through
(iii)&nbsp;and (vi).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Effect of Notice of Redemption. Once notice of redemption is
mailed, Notes called for redemption become due and payable on the Redemption
Date and at the Redemption Price stated in the notice. Upon presentation and
surrender to the Paying Agent, Notes called for redemption shall be paid at the
Redemption Price, together with any accrued interest.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Sinking Fund. There shall be no sinking fund provided for the
Notes.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.1. Payment of Notes. The Company will promptly pay or cause to
be paid the principal of, premium, if any, and interest, if any, on each of the
Notes at the places and time and in the manner provided in the Notes and this
Indenture. An installment of principal, premium or interest will be considered
paid on the date it is due if the Trustee or Paying Agent holds on that date in
accordance with this Indenture money designated for and sufficient to pay the
installment then due.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will pay or cause to be paid interest on overdue principal at
the rate specified in the Notes; it will also pay interest on overdue
installments of interest at the same rate, to the extent lawful.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.2. Reporting. The Company will file with the Trustee within 15
days after filing with the SEC, copies of its annual reports and of the
information, documents, and other reports (or copies of such portions of any of
the foregoing as the SEC may by rules and regulations prescribe) which the
Company is required to file with the SEC pursuant to Section&nbsp;13 or 15(d) of the
Exchange Act. The Company also will comply with the other provisions of TIA
Section&nbsp;314(a).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.3. Corporate Existence. Subject to Article&nbsp;V, the Company will
do or cause to be done all things necessary to preserve and keep in full force
and effect its corporate existence, rights (charter and statutory) and
franchises; <I>provided, however</I>, that the Company will not be required to
preserve any such right or franchise if the Board of Directors determines that
the preservation of the right or franchise is no longer desirable in the
conduct of the business of the Company and that its loss will not be
disadvantageous in any material respect to the Holders of the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.4. Compliance Certificate. The Company will deliver to the
Trustee within 120&nbsp;days after the end of each fiscal year of the Company an
Officers&#146; Certificate stating that in the course of the performance by the
signers of their duties as Officers of the Company they would normally have
knowledge of any Default or Event of Default by the Company and whether or not
the signers know of any Default or Event of Default that occurred during the
fiscal year. If they do, the certificate will describe the default or Event of
Default, its status and


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">what action the Company is taking or proposes to take with respect
thereto. The Company also will comply with TIA Section&nbsp;314(a)(4). 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.5. Further Instruments and Acts. Upon request of the Trustee,
the Company will execute and deliver such further instruments and do such
further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.6. Limitations on Liens. The Company shall not, nor shall it
permit any Restricted Subsidiary to, create, assume, incur or suffer to exist
any Lien, upon any of its properties or assets, whether owned on the Issue Date
or thereafter acquired, unless (1)&nbsp;if such Lien secures Indebtedness which is
pari passu with the Notes, then the Notes are secured on an equal and ratable
basis with the obligation so secured until such time as such obligation is no
longer secured by a Lien, (2)&nbsp;if such Lien secures Indebtedness which is
subordinated to the Notes, then the Notes are secured and the Lien securing
such Indebtedness is subordinated to the Lien granted to the holders of the
Notes to the same extent as such Indebtedness is subordinated to the Notes or
(3)&nbsp;such Lien is a Permitted Lien (as defined below).


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Liens on property of a Person existing at the time such Person is
merged into or consolidated with or otherwise acquired by the Company or any
Restricted Subsidiary, provided that such Liens were in existence prior to, and
were not created in contemplation of, such merger, consolidation or
acquisitions and do not extend to any assets other than those of the Person
merged into or consolidated with the Company or a Restricted Subsidiary;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Liens on property existing at the time of acquisition thereof by the
Company or any Restricted Subsidiary; provided that such Liens were in
existence prior to, and were not created in contemplation of, such acquisition
and do not extend to any assets other than the property acquired;


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Liens incurred in connection with pollution control, industrial
revenue, water, sewage or any similar bonds;


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Liens securing Indebtedness (A)&nbsp;between a Restricted Subsidiary and
the Company, or (B)&nbsp;between Restricted Subsidiaries;


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Liens incurred in the ordinary course of business to secure
performance of obligations with respect to statutory or regulatory
requirements, performance or return-of-money bonds, surety bonds or other
obligations of a like nature, in each case which are not incurred in connection
with the borrowing of money, the obtaining of advances or credit or the payment
of the deferred purchase price of property and which do not in the aggregate
impair in any material respect the use of property in the operation of the
Company&#146;s business taken as a whole;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;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 the Company or any Restricted Subsidiary is a party, or
deposits to secure public or statutory obligations of the Company or of any
Restricted Subsidiary or deposits for the payment of rent, in each case
incurred in the ordinary course of business;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Liens granted to any bank or other institution on the payments to be
made to such institution by the Company or any Subsidiary pursuant to any
interest rate swap or similar agreement or foreign currency hedge, exchange or
similar agreement designed to provide protection against fluctuations in
interest rates and currency exchange rates, respectively, provided that such
agreements are entered into in, or are incidental to, the ordinary course of
business;


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Liens arising from the Uniform Commercial Code financing statements
regarding leases;


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Liens incurred in connection with Non-Recourse Indebtedness;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;Liens existing on the Issue Date;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;Liens for taxes, assessments or governmental charges or claims that
are not yet delinquent or that are being contested in good faith by appropriate
proceedings promptly instituted and diligently concluded; provided that any
reserve or other appropriate provision as shall be required in conformity with
GAAP shall have been made therefor;


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


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


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">material in amount, and which do not in any case materially detract from
the Company&#146;s properties subject thereto; and



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;any extensions, substitutions, modifications, replacements or
renewals of the Permitted Liens described above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Company may, and may permit any
Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien
upon any of its properties or assets without equally and ratably securing the
Notes if the aggregate amount of all Indebtedness then outstanding secured by
such Lien and all similar Liens, together with the aggregate net sale proceeds
from all Sale-Leaseback Transactions which are not Permitted Sale-Leaseback
Transactions, does not exceed 20% of the total consolidated stockholders&#146;
equity of the Company as shown on the most recent consolidated balance sheet
that is contained or incorporated in the latest annual report on Form 10-K (or
equivalent report) or quarterly report on Form 10-Q (or equivalent report)
filed with the 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 balance sheet contained in
the quarterly report on Form 10-Q; provided that Indebtedness secured by
Permitted Liens shall not be included in the amount of such secured
Indebtedness.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.7. Sale-Leaseback Transactions. The Company shall not, and
shall not permit any Restricted Subsidiary to, after the date hereof, enter
into any Sale-Leaseback Transaction other than Permitted Sale-Leaseback
Transactions (as defined below). The following Sale-Leaseback Transactions
constitute &#147;Permitted Sale-Leaseback Transactions&#148;:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;a Sale-Leaseback Transaction involving the leasing by the Company or
any Restricted Subsidiary of model homes in the Company&#146;s communities;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;a Sale-Leaseback Transaction relating to a property entered into
within 180&nbsp;days after the later of the date of acquisition of such property by
the Company or a Restricted Subsidiary or the date of the completion of
construction or commencement of full operations on such property, whichever is
later;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;a Sale-Leaseback Transaction where the Company, within 365&nbsp;days after
such Sale-Leaseback Transaction, applies or causes to be applied to the
retirement of any Funded Debt of the Company or any Restricted Subsidiary
(other than Funded Debt which by its terms or the terms of the instrument by
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;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;a Sale-Leaseback Transaction where the Company or any Restricted
Subsidiary would, on the effective date of such sale or transfer, be entitled,
pursuant to this 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;


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;a Sale-Leaseback Transaction between the Company and any Restricted
Subsidiary or among Restricted Subsidiaries, provided that the lessor shall be
the Company or a wholly-owned Restricted Subsidiary; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;a Sale-Leaseback Transaction which has a lease of no more than three
years in length.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the foregoing, the Company may, and may permit any
Restricted Subsidiary to, effect any Sale-Leaseback Transaction involving any
real or tangible personal property which is not a Permitted Sale-Leaseback
Transaction, provided that the aggregate net sales proceeds from all
Sale-Leaseback Transactions which are not Permitted Sale-Leaseback
Transactions, together with all Indebtedness secured by Liens other than
Permitted Liens, does not exceed 20% of the total consolidated stockholders&#146;
equity of the Company as shown on the most recent consolidated balance sheet
that is contained or incorporated in the latest annual report on Form 10-K (or
equivalent report) or quarterly report on Form 10-Q (or equivalent report)
filed with the 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 balance sheet contained in
the quarterly report on Form 10-Q.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;4.8.Furnishing Guarantees. The Company shall cause any Subsidiary
formed or acquired after the Issue Date, other than its finance company
Subsidiaries and any foreign Subsidiaries, that guarantees any Indebtedness of
the Company or any other Subsidiary, other than guarantees by Subsidiaries of
U.S. Home Corporation solely of U.S. Home Corporation&#146;s obligations as a
guarantor under the Senior Secured Credit Facilities to become a Guarantor by
causing, as promptly as practicable, but in any event not later than the
earlier of (i)&nbsp;15 Business Days after the end of the fiscal quarter in which
such Subsidiary was formed or acquired or (ii)&nbsp;the date on which such
Subsidiary becomes a guarantor of any other Indebtedness of the Company or any
Subsidiary, such Subsidiary to execute and deliver to the Trustee a Guarantee
in substantially the form of Exhibit&nbsp;F hereto and the Company shall furnish to
the Trustee an Officers&#146; Certificate stating that all conditions precedent, if
any, provided for in the Indenture and this Supplemental Indenture relating to
the proposed action have been complied with, and an Opinion of Counsel stating
that, in the opinion of such counsel, all such conditions precedent have been
complied with.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.1. Company May Consolidate, etc., Only on Certain Terms. The
Company will not consolidate with or merge into any other corporation or
convey, transfer or lease its properties and assets substantially as an
entirety to any Person, unless:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the corporation formed by the consolidation or into which the
Company is merged or the person which acquires by conveyance or transfer,
or which leases, the properties and assets of the Company substantially
as an entirety will be a corporation organized and existing under the
laws of the United States of America, a State of the United States of
America or the District of Columbia and expressly assumes, by a one or


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<P align="left" style="margin-left:3%; font-size: 10pt">more supplemental indentures, executed and delivered to the Trustee,
in form satisfactory to the Trustee, the due and punctual payment of the
principal of, premium, if any, and interest, if any, on all the Notes and
the performance of every covenant of this Indenture and of all
Supplemental Indentures to be performed or observed by the Company;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) immediately after giving effect to the transaction, no Event of
Default, and no event which, after notice or lapse of time or both, would
become an Event of Default, will have occurred and be continuing; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Company has delivered to the Trustee an Officers&#146;
Certificate and an Opinion of Counsel, each stating that the
consolidation, merger, conveyance, transfer or lease and the supplemental
indenture (or the supplemental indentures together) comply with this
Article and that all the conditions precedent relating to the transaction
set forth in this Section have been fulfilled.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;5.2. Successor Corporation Substituted. Upon any event described
in Section&nbsp;5.1, the successor corporation will succeed to, and be substituted
for, and may exercise every right and power of, the Company under this
Indenture, and, except in connection with a lease transaction, the predecessor
corporation will be relieved of all obligations and covenants under this
Indenture.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.1. Events of Default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An &#147;Event of Default&#148; occurs if:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a default by the Company in the payment when due of interest on
the Notes, which default continues for a period of 30&nbsp;days;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a default by the Company in the payment when due of the
principal or Redemption Price due with respect to the Notes;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a default by the Company or any Restricted Subsidiary with
respect to its obligation to pay Indebtedness for borrowed money (other
than any Non-Recourse Indebtedness), which default shall have resulted in
the acceleration of, or be a failure to pay at final maturity,
Indebtedness aggregating more than $50&nbsp;million;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a failure to perform any other covenant or warranty of the
Company herein, which continues for 30&nbsp;days after written notice;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) final judgments or orders are rendered against the Company or
any Restricted Subsidiary which require the payment by the Company or any
Restricted Subsidiary of an amount (to the extent not covered by
insurance) in excess of $50&nbsp;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;


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the Company or any Restricted Subsidiary, pursuant to any
Bankruptcy Law applicable to the Company or such Restricted Subsidiary:
(A)&nbsp;commences a voluntary case; (B)&nbsp;consents to the entry of an order for
relief against it in an involuntary case; (C)&nbsp;consents to the appointment
of a Custodian of it or for any substantial part of its property; or (D)
makes a general assignment for the benefit of its creditors; or



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a court of competent jurisdiction enters an order or decree
under any applicable Bankruptcy Law: (A)&nbsp;for relief in an involuntary
case against the Company or any Restricted Subsidiary; (B)&nbsp;appointing a
Custodian of the Company or any Restricted Subsidiary or for any
substantial part of its respective property; or (C)&nbsp;ordering its winding
up or liquidation of the Company or any Restricted Security; and the
order or decree remains unstayed and in effect for 90&nbsp;days.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the occurrences described in clauses (1)&nbsp;through (7)&nbsp;will
constitute an Event of Default whatever the reason for the occurrence and
whether it is voluntary or involuntary or is effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term &#147;Bankruptcy Law&#148; means Title 11 of the United States Code or any
similar United States Federal or State law for the relief of debtors. The term
&#147;Custodian&#148; means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Default under clause (4)&nbsp;of this Section is not an Event of Default
until the Trustee notifies the Company, or the Holders of at least 25% in
principal amount of the then outstanding Notes with regard to which the Company
has failed to comply with a covenant or agreement notify the Company and the
Trustee, of the Default and the Company does not cure the Default within 45
days after the giving of the notice. The notice must specify the Default,
demand that it be remedied and state that the notice is a &#147;Notice of Default.&#148;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will deliver to the Trustee, within 20&nbsp;days after it occurs,
written notice in the form of an Officers&#146; Certificate of any event of which
the Company is aware which with the giving of notice and the lapse of time
would become an Event of Default under clause (4), its status and what action
the Company is taking or proposes to take with respect to it.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.2. Acceleration of Maturity; Rescission and Annulment. If an
Event of Default occurs and is continuing, unless the principal of the Notes
has already become due and payable, the Trustee by notice to the Company, or
the Holders of not less than 25&nbsp;percent in aggregate principal amount of the
Notes then outstanding by notice to the Company and the Trustee may declare the
outstanding principal of the Notes and any accrued and unpaid interest through
the date of such declaration on all of the Notes to be immediately due and
payable. Upon such a declaration, such outstanding principal amount and
accrued and unpaid interest, if any, shall be due and payable immediately. If
an Event of Default specified in Section&nbsp;6.1(6) or (7)&nbsp;of this Indenture occurs
and is continuing, the outstanding principal amount of the Notes shall
automatically become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders. The Holders of a
majority in aggregate principal amount of the Notes then outstanding, on behalf
of the Holders of all of the Notes, by notice to


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<P align="left" style="font-size: 10pt">the Company and the Trustee (and without notice to any other Holder), may
rescind any acceleration and its consequences if the rescission would not
conflict with any judgment or decree and if all existing Events of Default have
been cured or waived except nonpayment of the outstanding principal amount of
any of the Notes that has become due solely as a result of acceleration and if
all amounts due to the Trustee under Section&nbsp;7.7 of this Indenture have been
paid. No such rescission shall affect any subsequent Default or Event of
Default or impair any right consequent thereto.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In case the Trustee shall have proceeded to enforce any right under this
Indenture and such proceedings shall have been discontinued or abandoned
because of such waiver or rescission and annulment or for any other reason or
shall have been determined adversely to the Trustee, then and in every such
case the Company, the Holders of Notes, and the Trustee shall be restored
respectively to their several positions and rights hereunder and all rights,
remedies and powers of the Company, the Holders of Notes, and the Trustee shall
continue as though no such proceeding had been taken.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall within 90&nbsp;days after a Trust Officer has knowledge of
the occurrence of a Default or any Event of Default, mail to all Holders, as
the names and addresses of such Holders appear upon the Note register, notice
of all Defaults or Events of Default known to a Trust Officer, unless such
Default or Event of Default is cured or waived before the giving of such notice
and provided that, except in the case of default in the payment of the
principal, interest or Redemption Price, as the case may be, on any of the
Notes, the Trustee shall be protected in withholding such notice if and so long
as a trust committee of directors and/or officers of the Trustee in good faith
determines that the withholding of such notice is in the interest of the
Holders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Holders of a majority in principal amount of the Notes then
outstanding shall have the right to direct the time, method and place of
conducting any proceedings for any remedy available to the Trustee, subject to
the limitations specified herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.3. Other Remedies. If an Event of Default as to a series occurs
and is continuing, the Trustee may pursue any available remedy to collect the
payment of principal of, premium, if any, and interest, if any, on the Notes or
to enforce the performance of any provision under this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Securityholder in exercising any right or remedy
accruing upon an Event of Default will not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.4. Waiver of Existing Defaults. The Holders of a majority in
aggregate principal amount of the Notes then outstanding, on behalf of the
Holders of all the Notes, by notice to the Trustee may consent to the waiver of
any past Default with regard to the Notes and its consequences except (i)&nbsp;a
default in the payment of interest or premium, if any, on, or the principal of,
Notes, or (ii)&nbsp;a default in respect of a covenant or a provision that under
Section&nbsp;9.2 cannot be modified or amended without the consent of the Holders of
all Notes then outstanding.


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<P align="left" style="font-size: 10pt">The defaults described in clauses (i)&nbsp;and (ii)&nbsp;in the previous sentence
may be waived with the consent of the Holders of all Notes then outstanding.
When a Default or Event of Default is waived, it is deemed cured and not
continuing, but no waiver will extend to any subsequent or other Default or
impair any consequent right.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.5. Control by Majority. The Holders of a majority in principal
amount of the Notes then outstanding may direct the time, method and place of
conducting any proceeding for any remedy available to the Trustee with regard
to the Notes or of exercising any trust or power conferred on the Trustee with
regard to the Notes. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture or, subject to Section&nbsp;7.1, that the
Trustee determines is unduly prejudicial to the rights of other Holders or that
would involve the Trustee in personal liability provided, however, that the
Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction. Prior to taking any action as a result of a
direction given under this Section, the Trustee will be entitled to
indemnification satisfactory to it in its sole discretion against all losses
and expenses caused by taking or not taking that action.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.6. Payments of Notes on Default; Suit Therefor. The Company
covenants that upon the occurrence of an Event of Default described in Section
6.1(1) or (2), then, upon demand of the Trustee, the Company will pay to the
Trustee, for the benefit of the holders of the Notes, the whole amount that
will then have become due and payable on all such Notes for principal, premium,
if any, and interest, with interest on the overdue principal and premium, if
any, and (to the extent that payment of such interest is enforceable under
applicable law) on the overdue installments of interest at the rate borne by
the Notes; and, in addition, such further amount as will be sufficient to cover
the costs and expenses of collection, including a reasonable compensation to
the Trustee, its agents, attorneys and counsel, and any expenses or liabilities
incurred by the Trustee hereunder other than through its negligence or bad
faith. Until such demand by the Trustee, the Company may pay the principal of
and premium, if any, and interest on the Notes to the registered Holders,
whether or not the Notes are overdue.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.7. Limitation on Suits. A Holder may not pursue any remedy with
respect to this Indenture unless:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the Holder gives to the Trustee written notice stating that an Event
of Default is continuing;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;the Holders of at least 25% in principal amount of the Notes then
outstanding make a written request to the Trustee to pursue the remedy;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;such Holder or Holders offer to the Trustee reasonable security or
indemnity satisfactory to the Trustee against any loss, liability or expense;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;the Trustee does not comply with the request within 60&nbsp;days after
receipt of the request and the offer of security or indemnity, and the Event of
Default has not been waived; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;the Trustee has received no contrary direction from the Holders of a
majority in principal amount of the Notes then outstanding during such 60-day
period.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Holder may not use this Indenture to prejudice the rights of another
Holder or to obtain a preference or priority over another Holder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.8. Collection Suit by Trustee. If an Event of Default in
payment of principal, premium, if any, or interest, if any, specified in clause
(1)&nbsp;or (2)&nbsp;of Section&nbsp;6.1 occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company
for the whole amount of principal, premium, if any, and interest remaining
unpaid (together with interest on that unpaid interest to the extent lawful)
and the amounts provided for in Section&nbsp;7.7.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.9. Trustee May File Proofs of Claim. The Trustee may file such
proofs of claim and other papers or documents as may be necessary or advisable
in order to have the claims of the Trustee and the Holders allowed in any
judicial proceedings relative to the Company, its creditors or its property
and, unless prohibited by law or applicable regulations, may vote on behalf of
the Holders in any election of a trustee in bankruptcy or other person
performing similar functions, and any Custodian in any such judicial proceeding
is hereby authorized by each Holder to make payments to the Trustee and, if the
Trustee consents to the making of such payments directly to the Holders, to pay
to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and its counsel, and any
other amounts due the Trustee under Section&nbsp;7.7.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.10. Restoration of Positions. If a judicial proceeding by the
Trustee or a Holder to enforce any right or remedy under this Indenture is
dismissed or decided favorably to the Company, except as otherwise provided in
the judicial proceeding, the Company, the Trustee and the Holders will be
restored to the positions they would have been in if the judicial proceeding
had not been instituted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.11. Priorities. If the Trustee collects any money pursuant to
this Article&nbsp;VI with respect to the Notes, it will pay out the money or
property in the following order:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FIRST: to the Trustee for amounts due under Section&nbsp;7.7;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECOND: to the Holders for amounts due and unpaid on the Notes for
principal, premium and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Notes for principal,
premium and interest, respectively; and


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may fix a record date and payment date for any payment to the
Holders pursuant to this Section. At least 15&nbsp;days before the record date, the
Company will mail to each Holder and the Trustee a notice that states the
record date, the payment date and the amount to be paid.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.12. Undertaking for Costs. In any suit for the enforcement of
any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may
require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys&#146; fees, against any party litigant in the
suit, having due


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<P align="left" style="font-size: 10pt">regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section&nbsp;6.12 does not apply to a suit by the Trustee, a
suit by a Holder pursuant to Section&nbsp;6.7, or a suit by Holders of in aggregate
more than 10% in principal amount of the Notes then outstanding, or to any suit
instituted by any Holder for the enforcement of the payment of the principal
of, premium, if any, or interest on any Note held by that Holder on or after
the due date provided in the Note.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.13. Stay, Extension or Usury Laws. The Company agrees (to the
extent that it may lawfully do so) that it will not at any time insist upon, or
plead, or in any manner whatsoever claim, and will resist any and all efforts
to be compelled to take the benefit or advantage of, any stay or extension law
or any usury or other law, wherever enacted, now or at any subsequent time in
force, which would prohibit or forgive the Company from paying all or any
portion of the principal of, premium, if any, and/or interest on any of the
Notes as contemplated in this Indenture, or which may affect the covenants or
performance of this Indenture, and the Company (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such
law and agrees that it will not hinder, delay or impede the execution of any
power granted to the Trustee in this Indenture, but (to the extent that it may
lawfully do so) will suffer and permit the execution of any such power as
though no such law had been enacted.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;6.14. Liability of Stockholders, Officers, Directors and
Incorporators. No stockholder, officer, director or incorporator, as such,
past, present or future, of the Company, or any of its successor corporations,
will have any personal liability in respect of the Company&#146;s obligations under
this Indenture or any Notes by reason of his or its status as such stockholder,
officer, director or incorporator; provided, however, that nothing in this
Indenture or in the Notes will prevent recourse to and enforcement of the
liability of any stockholder or subscriber to Capital Stock in respect of
shares of Capital Stock which have not been fully paid up.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.1. Duties of Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If an Event of Default has occurred and is continuing, the Trustee
will exercise the rights and powers vested in it by this Indenture and use the
same degree of care and skill in their exercise as a prudent man would exercise
or use under the circumstances in the conduct of his own affairs.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Except during the continuance of an Event of Default:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trustee undertakes to perform such duties and only such
duties as are specifically set forth in this Indenture and no implied
covenants or obligations will be read into this Indenture against the
Trustee; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed in them, upon
certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture in the absence of bad


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<P align="left" style="margin-left:3%; font-size: 10pt">faith on the Trustee&#146;s part; provided, however, that the Trustee
will examine the certificates and opinions to determine whether or not
they substantially conform to the requirements of this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except
that:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) this paragraph does not limit the effect of paragraph (b)
of this Section&nbsp;7.1;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Trustee will not be liable for any error of judgment
made in good faith by a Trust Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the Trustee will not be liable with respect to any action
it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section&nbsp;6.5; and



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the Trustee will not be required to expend or risk its own
funds or otherwise incur financial liability in the performance of
any of its duties under this Indenture or any Supplemental
Indenture or in the exercise of any of its rights or powers, if it
has reasonable grounds to believe repayment of the funds or
adequate indemnity against the risk or liability is not reasonably
assured to it.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee is subject to
the provisions of this Section&nbsp;7.1 and to the provisions of the TIA.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Trustee may refuse to perform any duty or exercise any right or
power unless it receives indemnity satisfactory to it against any loss,
liability or expense.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Trustee will not be liable for interest on any money received by
it except as the Trustee may agree with the Company. Money and Government
Obligations held in trust by the Trustee need not be segregated from other
funds or items except to the extent required by law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.2. Rights of Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trustee may rely on any document believed by it to be genuine and
to have been signed or presented by the proper person. The Trustee need not
investigate any fact or matter stated in the document.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Before the Trustee acts or refrains from acting, it may require an
Officers&#146; Certificate or an Opinion of Counsel which conforms to Section&nbsp;11.5.
The Trustee will not be liable for any action it takes or omits to take in good
faith in reliance on such an Officers&#146; Certificate or Opinion of Counsel.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trustee may act through agents and will not be responsible for
the misconduct or negligence of any agent appointed with due care.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Trustee will not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or
powers, except conduct which constitutes willful misconduct, negligence or bad
faith.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The Trustee may consult with counsel, and the Trustee will not be
liable for any action it takes or omits in reliance on, and in accordance with,
written advice of counsel.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Trustee will not be required to investigate any facts or matters
stated in any document, but if it decides to investigate any matters or facts,
the Trustee or its agents or attorneys will be entitled to examine the books,
records and premises of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.3. Individual Rights of Trustee. The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may
otherwise deal with the Company or any of its affiliates with the same rights
it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar
or co-paying agent may do the same with like rights. However, the Trustee must
comply with Sections&nbsp;7.10 and 7.11.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.4. Trustee&#146;s Disclaimer. The Trustee (i)&nbsp;is not responsible for
and makes no representation as to the validity or adequacy of this Indenture,
(ii)&nbsp;will not be accountable for the Company&#146;s use of the proceeds from the
Notes, and (iii)&nbsp;will not be responsible for any statement of the Company in
this Indenture, other than the Trustee&#146;s certificate of authentication, or in
any document used in the sale of the Notes, other than statements, if any,
provided in writing by the Trustee for use in such a prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.5. Notice of Defaults. The Trustee will give to the Holders
notice of any Default with regard to the Notes known to the Trustee, within 90
days after it occurs; provided, that, except in the case of a Default in the
payment of the principal of, or premium, if any, or interest on any Note, the
Trustee will be protected in withholding notice of the Default if and so long
as a committee of its Trust Officers in good faith determines that the
withholding of the notice is in the interests of the Holders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.6. Reports by Trustee. Within 60&nbsp;days after each November&nbsp;30
beginning with the November&nbsp;30 following the date of this Indenture, the
Trustee will mail to each Holder, at the name and address which appears on the
registration books of the Company, and to each Holder who has, within the two
years preceding the mailing, filed that person&#146;s name and address with the
Trustee for that purpose and each Holder whose name and address have been
furnished to the Trustee pursuant to Section&nbsp;2.5, a brief report dated as of
that November&nbsp;30 which complies with TIA Section&nbsp;313(a). The Trustee also will
comply with TIA Section&nbsp;313(b).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each report will at the time of its mailing to Holders be filed
with each stock exchange on which the Notes are listed and also with the SEC.
The Company will promptly notify the Trustee when the Notes are listed on any
stock exchange and of any delisting of the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.7. Compensation and Indemnity. The Company will pay to the
Trustee from time to time reasonable compensation for its services. The
Trustee&#146;s compensation will not be limited by any law on compensation of a
trustee of an express trust. The Company will


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">reimburse the Trustee upon request for all reasonable out-of-pocket
expenses incurred or made by it, including costs of collection, in addition to
the compensation for its services. Those expenses will include the reasonable
compensation and expenses, disbursements and advances of the Trustee&#146;s agents,
counsel, accountants and experts. The Company will indemnify the Trustee
against any and all loss, liability or expense (including reasonable attorneys&#146;
fees) incurred by it in connection with the administration of the trust created
by this Indenture and the performance of its duties under this Indenture. The
Trustee will notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company will not relieve
the Company of its obligations under this Section. The Company will defend the
claim and the Trustee may have separate counsel and the Company will pay the
fees and expenses of such counsel. The Company need not pay for any settlement
made without its consent. The Company need not reimburse any expense or
indemnify against any loss, expense or liability incurred by the Trustee to the
extent it is due to the Trustee&#146;s own willful misconduct, negligence or bad
faith.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To secure the Company&#146;s obligation to make payments to the Trustee under
this Section&nbsp;7.7, the Trustee will have a lien prior to the Notes on all money
or property held or collected by the Trustee, other than money or property held
in trust to pay principal or interest on the Notes. Those obligations of the
Company will survive the satisfaction and discharge of this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When the Trustee incurs expenses or renders services after an Event of
Default specified in clause (6)&nbsp;or (7)&nbsp;of Section&nbsp;6.1 occurs, the expenses and
the compensation for the services of the Trustee are intended to constitute
expenses of administration under any Bankruptcy Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section&nbsp;7.7, &#147;Trustee&#148; will include any predecessor
Trustee, but the willful misconduct, negligence or bad faith of any Trustee
will not affect the rights of any other Trustee under this Section&nbsp;7.7.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.8. Replacement of Trustee. The Trustee may resign at any time
by so notifying the Company. The Holders of a majority in aggregate principal
amount of the Notes then outstanding may remove the Trustee by so notifying the
Trustee and the Company and may appoint a successor Trustee. The Company may
remove the Trustee if:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;the Trustee fails to comply with Section&nbsp;7.10;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;the Trustee is adjudged bankrupt or insolvent or an order for relief
is entered with respect to the Trustee under any bankruptcy law;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;a receiver or other public officer takes charge of the Trustee or its
property; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;the Trustee becomes incapable of acting.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company will promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders
of a majority in aggregate principal amount of the


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Notes then outstanding may appoint a successor Trustee to replace the
successor Trustee appointed by the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No removal or appointment of a Trustee will be valid if that removal or
appointment would conflict with any law applicable to the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A successor Trustee will deliver a written acceptance of its appointment
to the retiring Trustee and to the Company. Immediately after that, the
retiring Trustee will, subject to the lien provided for in Section&nbsp;7.7,
transfer all property held by it as a Trustee to the successor Trustee, the
resignation or removal of the retiring Trustee will become effective, and the
successor Trustee will have all the rights, powers and duties of the Trustee
under this Indenture. A successor Trustee will mail notice of its succession to
each Holder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If a successor Trustee does not take office within 60&nbsp;days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or
the Holders of a majority in aggregate principal amount of the Notes then
outstanding may petition any court of competent jurisdiction for the
appointment of a successor Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Trustee fails to comply with Section&nbsp;7.10, any Holder may petition
any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the replacement of the Trustee pursuant to this Section,
the Company&#146;s obligations under Section&nbsp;7.7 will continue for the benefit of
the retiring Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.9. Successor Trustee by Merger, etc. If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust assets to, another Person, the resulting, surviving
or transferee Person will, without any further act, be the successor Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at the time a successor by merger, conversion or consolidation to the
Trustee succeeds to the trusts created by this Indenture any of the Notes have
been authenticated but not delivered, the successor to the Trustee may adopt
the certificate of authentication of the predecessor Trustee, and deliver the
Notes which were authenticated by the predecessor Trustee; and if at that time
any of the Notes have not been authenticated, the successor to the Trustee may
authenticate those Notes either in the name of the predecessor or in its own
name as the successor to the Trustee; and in either case the certificates of
authentication will have the full force provided in this Indenture for
certificates of authentication.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.10. Eligibility; Disqualification. The Trustee will at all
times satisfy the requirements of TIA Section&nbsp;310(a). The Trustee will at all
times have a combined capital and surplus of at least $50,000,000 as set forth
in its most recently published annual report of condition, which will be deemed
for this paragraph to be its combined capital and surplus. The Trustee will
comply with TIA Section&nbsp;310(b), including the optional provision permitted by
the second sentence of TIA Section&nbsp;310(b)(9).


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;7.11. Preferential Collection of Claims. The Trustee will comply
with TIA Section&nbsp;311(a), excluding any creditor relationship listed in TIA
Section&nbsp;311(b). A Trustee who has resigned or been removed will be subject to
TIA Section 311(a) to the extent indicated.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.1. Termination of the Company&#146;s Obligations. When (1)&nbsp;the
Company shall deliver to the Trustee for cancellation all Notes theretofore
authenticated (other than any Notes which have been destroyed, lost or stolen
and in lieu of or in substitution for which other Notes shall have been
authenticated and delivered) and not theretofore canceled, or (2)&nbsp;all the Notes
not theretofore canceled or delivered to the Trustee for cancellation shall
have become due and payable, or are by their terms to become due and payable
within one year, whether at stated maturity or upon redemption and the Company
shall deposit with the Trustee, in trust, monies and/or U.S. Government
Obligations sufficient to pay at the Maturity Date or Redemption Date, as
applicable (other than any Notes which shall have been mutilated, destroyed,
lost or stolen and in lieu of or in substitution for which other Notes shall
have been authenticated and delivered) not theretofore canceled or delivered to
the Trustee for cancellation, including the principal amount and interest
accrued to the Maturity Date or Redemption Date, as applicable, and if the
Company shall also pay or cause to be paid all other sums payable hereunder by
the Company, then this Indenture shall cease to be of further effect with
respect to the Notes (except as to (i)&nbsp;remaining rights of registration of
transfer, substitution and exchange of Notes, (ii)&nbsp;rights hereunder of Holders
to receive payments of the principal amount, including interest due with
respect to the Notes and the other rights, duties and obligations of Holders,
as beneficiaries hereof with respect to the amounts, if any, so deposited with
the Trustee and (iii)&nbsp;the rights, obligations and immunities of the Trustee
under this Indenture with respect to the Notes), and the Trustee, on demand of
the Company accompanied by an Officers&#146; Certificate and an Opinion of Counsel
as required by Section&nbsp;8.3 and at the cost and expense of the Company, shall
execute proper instruments acknowledging satisfaction of and discharging this
Indenture with respect to the Notes; the Company, however, hereby agrees to
reimburse the Trustee for any costs or expenses thereafter reasonably and
properly incurred by the Trustee and to compensate the Trustee for any services
thereafter reasonably and properly rendered by the Trustee in connection with
this Indenture or the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.2. Application of Trust Money. Subject to Section&nbsp;8.4, the
Trustee will hold in trust money or U.S. Government Obligations deposited with
it pursuant to Section&nbsp;8.1. It will apply the deposited money and the money
from the U.S. Government Obligations through the Paying Agent and in accordance
with this Indenture to the payment of principal of, premium, if any, and
interest, if any, on the Notes with regard to which the money or U.S.
Government Obligations were deposited.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.3. Officers&#146; Certificate; Opinion of Counsel. Upon any
application or demand by the Company to the Trustee to take any action under
Section&nbsp;6.1, the Company shall furnish to the Trustee an Officers&#146; Certificate
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, and an


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<P align="left" style="font-size: 10pt">Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each such Officers&#146; Certificate and Opinion of Counsel provided for in
this Indenture and delivered to the Trustee with respect to compliance with a
condition or covenant pursuant to the previous paragraph shall comply with the
provisions of Section&nbsp;11.5.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.4. Repayment to the Company. The Trustee and the Paying Agent
will promptly pay to the Company upon request any excess money or securities
held by them at any time. The Trustee and the Paying Agent will pay to the
Company upon request any money held by them for the payment of principal,
premium or interest that remains unclaimed for two years. After such payment,
all liability of the Trustee and the Paying Agent with respect to that money
will cease.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;8.5. Reinstatement. If the Trustee or the Paying Agent is unable
to apply any money in accordance with Section&nbsp;8.2 by reason of any order or
judgment of any court of governmental authority enjoining, restraining or
otherwise prohibiting such application, the Company&#146;s obligations under this
Indenture shall be revived and reinstated with respect to the Notes as though
no deposit had occurred pursuant to Section&nbsp;8.1 until such time as the Trustee
or the Paying Agent is permitted to apply all such money in accordance with
Section&nbsp;8.2, provided, however, that if the Company makes any payment of
principal amount or Redemption Price of or interest on any Note following the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money held by the
Trustee or Paying Agent.


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



<P align="center" style="font-size: 10pt">MODIFICATION OF THE INDENTURE



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.1. Without Consent of Holders. The Company and the Trustee may
amend or supplement this Indenture or the Notes without notice to or consent of
any Holder:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;to cure any ambiguity, defect or inconsistency;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;to comply with Article&nbsp;5;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;to provide for uncertificated Notes in addition to or in place
of certificated Notes; or


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;to make any change that does not materially adversely affect the
rights of any Holder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After an amendment under this Section becomes effective, the Company will
mail to the Holders a notice briefly describing the amendment. The failure to
give such notice to all Holders, or any defect in a notice, will not impair or
affect the validity of an amendment under this Section.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;9.2. With Consent of Holders. The Company and the Trustee may
amend or supplement this Indenture or the Notes without notice to any Holder
but with the written consent of the Holders of a majority in aggregate
principal amount of the Notes then outstanding. The Holders of a majority in
principal amount of the Notes then outstanding may waive compliance by the
Company with any provision of this Indenture or the Notes without notice to any
Holder. However, without the consent of the Holder so affected, no amendment,
supplement or waiver, including a waiver pursuant to Section&nbsp;6.4, may:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) extend the fixed maturity of any Note or any installment of
interest thereon, reduce the principal amount, interest rate, Redemption
Price, or amount due upon acceleration, impair the right of a Holder to
institute suit for the payment thereof, change the currency in which the
Notes are payable;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) reduce the percentage of Notes required to consent to an
amendment, supplement or waiver;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) release any Guarantor except as provided in Article&nbsp;X hereof; or



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) make any change in Section&nbsp;6.4 or 6.8 or the second sentence of
this Section.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It will not be necessary for the consent of the Holders under this Section
to approve the particular form of any proposed amendment, supplement or waiver,
but it will be sufficient if the consent approves the substance of the
amendment, supplement or waiver.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.03. Compliance with Trust Indenture Act. Every amendment or
supplement to this Indenture or the Notes will comply with the TIA as then in
effect.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.04. Revocation and Effect of Consents. A consent to an
amendment, supplement or waiver by a Holder will bind the Holder and every
subsequent Holder of a Note or portion of a Note that evidences the same debt
as the consenting Holder&#146;s Note, even if notation of the consent is not made on
any Note. However, any such Holder or subsequent Holder may revoke the consent
as to the Holder&#146;s Note or portion of a Note. For a revocation to be
effective, the Trustee must receive notice of the revocation before the date
the amendment, supplement or waiver becomes effective. After an amendment,
supplement or waiver becomes effective in accordance with its terms, it will
bind every Holder of every Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.05. Notation on or Exchange of Notes. If an amendment changes
the terms of the Notes, the Trustee may require the Holder of a Note to deliver
the Holder&#146;s Note to the Trustee, who will place an appropriate notation about
the amendment, supplement or waiver on the Note and will return it to the
Holder. Alternatively, the Company may, in exchange for the Note, issue, and
the Trustee will authenticate, a new Note that reflects the amendment,
supplement or waiver.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SECTION 9.06. Trustee to Sign Amendments, etc. The Trustee will sign any
amendment, supplement or waiver authorized pursuant to Article&nbsp;II or this
Article&nbsp;IX if the amendment, supplement or waiver does not adversely affect the
rights, liabilities or immunities of the Trustee. If it does adversely affect
those rights, liabilities or immunities, the Trustee may


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">but need not sign it. The Company may not sign an amendment or supplement
until the amendment or supplement is approved by an appropriate Board
Resolution.



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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.1. Unconditional Guarantee. Each Guarantor, if any, hereby
jointly and severally, unconditionally and irrevocably guarantees (such
guarantee to be referred to herein as a &#147;Guarantee&#148;) to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, that: (a)&nbsp;all amounts due with respect to the Notes
shall be duly and punctually paid in full when due, whether at maturity, by
acceleration or otherwise, and interest on the overdue principal and (to the
extent permitted by law) interest, if any, on the Notes and all other
obligations of the Company or the Guarantors to the Holders or the Trustee
hereunder or thereunder and all other obligations shall be promptly paid in
full or performed, all in accordance with the terms hereof and thereof; and (b)
in case of any extension of time of payment or renewal of any Notes or any of
such other obligations, the same shall be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at
maturity, by acceleration or otherwise. Failing payment when due of any amount
so guaranteed, or failing performance of any other obligation of the Company to
the Holders under this Indenture or under the Notes, for whatever reason, each
Guarantor shall be obligated to pay, or to perform or cause the performance of,
the same immediately. An Event of Default under this Indenture or the Notes
shall constitute an event of default under this Guarantee, and shall entitle
the Holders of Notes to accelerate the obligations of the Guarantors hereunder
in the same manner and to the same extent as the obligations of the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Guarantors hereby agrees that its obligations hereunder shall
be unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, any release of any other Guarantor, the recovery of any
judgment against the Company, any action to enforce the same, whether or not a
Guarantee is affixed to any particular Note, or any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of a
guarantor. Each of the Guarantors hereby waives the benefit of diligence,
presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding
first against the Company, protest, notice and all demands whatsoever and
covenants that its Guarantee shall not be discharged except by complete
performance of the obligations contained in the Notes, this Indenture and this
Guarantee. This Guarantee is a guarantee of payment and not of collection.
Each Guarantor further agrees that, as between it, on the one hand, and the
Holders of Notes and the Trustee, on the other hand, (a)&nbsp;subject to this
Article&nbsp;X, the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article&nbsp;VI hereof for the purposes of this Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (b)&nbsp;in the
event of any acceleration of such obligations as provided in Article&nbsp;VI hereof,
such obligations (whether or not due and payable) shall forthwith become due
and payable by the Guarantors for the purpose of this Guarantee.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No stockholder, officer, director, employee or incorporator, past, present
or future, of any Guarantor, as such, shall have any personal liability under
this Guarantee by reason of his, her or its status as such stockholder,
officer, director, employee or incorporator.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Guarantor that makes a payment or distribution under its Guarantee
shall be entitled to a contribution from each other Guarantor in an amount pro
rata, based on the net assets of each Guarantor, determined in accordance with
GAAP.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.2. Limitations on Guarantees; Release or Suspension of
Particular Guarantors&#146; Obligations. The obligations of each Guarantor under
its Guarantee will be limited to the maximum amount which, after giving effect
to all other contingent and fixed liabilities of such Guarantor and after
giving effect to any collections from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under its
Guarantee or pursuant to its contribution obligations under this 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.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Guarantors shall include (i)&nbsp;each of the Guarantors named on the
signature pages of this Indenture, (ii)&nbsp;each of the Company&#146;s Subsidiaries that
in the future executes a supplemental indenture in which such Subsidiary agrees
to be bound by the terms hereof as a Guarantor; and (iii)&nbsp;any subsidiary that
is a &#147;Restricted Subsidiary&#148; pursuant to the Indenture, dated as of May&nbsp;3,
2000, by and among the Company, the guarantors named therein and the Trustee,
relating to the Company&#146;s 9.95% Senior Notes due 2009, whether formed or
acquired after the Issue Date, that guarantees any outstanding Indebtedness of
the Company or any Subsidiary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Guarantor is released from its guarantee of the outstanding
Indebtedness of the Company or any Restricted Subsidiary, such Guarantor shall
be automatically released from its obligations as Guarantor, and from and after
such date, such Guarantor shall cease to constitute a Guarantor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of a Guarantor will be automatically suspended, and such
Guarantor shall not constitute a Guarantor and shall not have any obligations
with regard to the Notes during any period when the principal amount of the
Company&#146;s obligations and any Restricted Subsidiary&#146;s obligations with regard
to the Company&#146;s obligations, in each case other than the Notes and other
Indebtedness containing provisions similar to this, that the Guarantor is
guaranteeing total less than $75&nbsp;million.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.3. Execution and Delivery of Guarantee. To further evidence
the Guarantee set forth in Section&nbsp;10.1, each Guarantor hereby agrees to
execute and deliver to the Trustee a Guarantee in substantially the form of
Exhibit&nbsp;F hereto. Such Guarantee shall be executed on behalf of each Guarantor
by either manual or facsimile signature of an officer of each Guarantor, each
of whom, in each case, shall have been duly authorized to so execute by all
requisite corporate action. The validity and enforceability of any Guarantee
shall not be affected by the fact that it is not affixed to any Note or Notes.


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an officer of a Guarantor whose signature is on this Indenture or a
Guarantee no longer holds that office at the time the Trustee authenticates the
Note on which such Guarantee is endorsed or at any time thereafter, such
Guarantor&#146;s Guarantee of such Note shall be valid nevertheless.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The delivery of any Note by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Guarantee set forth in this
Indenture on behalf of each Guarantor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.4. Release of a Guarantor due to Extraordinary Events. If no
Default exists or would exist under this Indenture, upon the sale or
disposition of all of the Capital Stock of a Guarantor by the Company or a
Subsidiary of the Company, or upon the consolidation or merger of a Guarantor
with or into any Person (in each case, other than to the Company or an
Affiliate of the Company or Subsidiary), or if any Guarantor is dissolved or
liquidated, such Guarantor and each Subsidiary of such Guarantor that is also a
Guarantor shall be deemed released from all obligations under this Article&nbsp;X
without any further action required on the part of the Trustee or any Holder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee shall execute any documents reasonably requested by the
Company or a Guarantor in order to evidence the release of such Guarantor from
its obligations under its Guarantee endorsed on the Notes under this Article&nbsp;X.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing contained in this Indenture or in any of the Notes shall prevent
any consolidation or merger of a Guarantor with or into the Company or another
Guarantor or shall prevent any sale or conveyance of the property of a
Guarantor as an entirety or substantially as an entirety to the Company or
another Guarantor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.5. Waiver of Subrogation. Until this Indenture is discharged
and all of the Notes are discharged and paid in full, each Guarantor hereby
irrevocably waives and agrees not to exercise any claim or other rights which
it may now or hereafter acquire against the Company that arise from the
existence, payment, performance or enforcement of the Company&#146;s obligations
under the Notes or this Indenture and such Guarantor&#146;s obligations under this
Guarantee and this Indenture, in any such instance including, without
limitation, any right of subrogation, reimbursement, exoneration, contribution,
indemnification, and any right to participate in any claim or remedy of the
Holders against the Company, whether or not such claim, remedy or right arises
in equity, or under contract, statute or common law, including, without
limitation, the right to take or receive from the Company, directly or
indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim or other rights. If any amount
shall be paid to any Guarantor in violation of the preceding sentence and any
amounts owing to the Trustee or the Holders of Notes under the Notes, this
Indenture, or any other document or instrument delivered under or in connection
with such agreements or instruments, shall not have been paid in full, such
amount shall have been deemed to have been paid to such Guarantor for the
benefit of, and held in trust for the benefit of, the Trustee or the Holders
and shall forthwith be paid to the Trustee for the benefit of itself or such
Holders to be credited and applied to the obligations in favor of the Trustee
or the Holders, as the case may be, whether matured or unmatured, in accordance
with the terms of this Indenture. Each Guarantor acknowledges that it will
receive direct and indirect benefits from the financing


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">arrangements contemplated by this Indenture and that the waiver set forth
in this Section&nbsp;10.5 is knowingly made in contemplation of such benefits.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.6. No Set-Off. Each payment to be made by a Guarantor
hereunder in respect of the Obligations shall be payable in the currency or
currencies in which such Obligations are denominated, and shall be made without
set-off, counterclaim, reduction or diminution of any kind or nature.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.7. Obligations Absolute. The obligations of each Guarantor
hereunder are and shall be absolute and unconditional and any monies or amounts
expressed to be owing or payable by each Guarantor hereunder which may not be
recoverable from such Guarantor on the basis of a Guarantee shall be

recoverable from such Guarantor as a primary obligor and principal debtor in
respect thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.8. Obligations Continuing. The obligations of each Guarantor
hereunder shall be continuing and shall remain in full force and effect until
all the obligations have been paid and satisfied in full. Each Guarantor
agrees with the Trustee that it will from time to time deliver to the Trustee
suitable acknowledgments of its continued liability hereunder and under any
other instrument or instruments in such form as counsel to the Trustee may
advise and as will prevent any action brought against it in respect of any
default hereunder being barred by any statute of limitations now or hereafter
in force and, in the event of the failure of a Guarantor so to do, it hereby
irrevocably appoints the Trustee the attorney and agent of such Guarantor to
make, execute and deliver such written acknowledgment or acknowledgments or
other instruments as may from time to time become necessary or advisable, in
the judgment of the Trustee on the advice of counsel, to fully maintain and
keep in force the liability of such Guarantor hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.9. Obligations Not Reduced. The obligations of each Guarantor
hereunder shall not be satisfied, reduced or discharged except solely by the
payment of such principal, premium, if any, interest, fees and other monies or
amounts as may at any time prior to discharge of this Indenture pursuant to
Article&nbsp;VIII be or become owing or payable under or by virtue of or otherwise
in connection with the Notes or this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.10. Obligations Reinstated. The obligations of each Guarantor
hereunder shall continue to be effective or shall be reinstated, as the case
may be, if at any time any payment which would otherwise have reduced the
obligations of any Guarantor hereunder (whether such payment shall have been
made by or on behalf of the Company or by or on behalf of a Guarantor) is
rescinded or reclaimed from the Trustee or any of the Holders upon the
insolvency, bankruptcy, liquidation or reorganization of the Company or any
Guarantor or otherwise, all as though such payment had not been made. If
demand for, or acceleration of the time for, payment by the Company is stayed
upon the insolvency, bankruptcy, liquidation or reorganization of the Company,
all such Indebtedness otherwise subject to demand for payment or acceleration
shall nonetheless be payable by each Guarantor as provided herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.11. Obligations Not Affected. Except as otherwise provided in
Sections&nbsp;10.2 and 10.4, the obligations of each Guarantor hereunder shall not
be affected, impaired or diminished in any way by any act, omission, matter or
thing whatsoever, occurring before, upon or after any demand for payment
hereunder (and whether or not known or consented to by any


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Guarantor or any of the Holders) which, but for this provision, might
constitute a whole or partial defense to a claim against any Guarantor
hereunder or might operate to release or otherwise exonerate any Guarantor from
any of its obligations hereunder or otherwise affect such obligations, whether
occasioned by default of any of the Holders or otherwise, including, without
limitation:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;any limitation of status or power, disability, incapacity or other
circumstance relating to the Company or any other person, including any
insolvency, bankruptcy, liquidation, reorganization, readjustment, composition,
dissolution, winding up or other proceeding involving or affecting the Company
or any other person;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any irregularity, defect, unenforceability or invalidity in respect
of any indebtedness or other obligation of the Company or any other person
under this Indenture, the Notes or any other document or instrument;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;any failure of the Company, whether or not without fault on its part,
to perform or comply with any of the provisions of this Indenture or the Notes,
or to give notice thereof to a Guarantor;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the taking or enforcing or exercising or the refusal or neglect to
take or enforce or exercise any right or remedy from or against the Company or
any other Person or their respective assets or the release or discharge of any
such right or remedy;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the granting of time, renewals, extensions, compromises, concessions,
waivers, releases, discharges and other indulgences to the Company or any other
Person;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;any change in the time, manner or place of payment of, or in any
other term of, any of the Notes, or any other amendment, variation, supplement,
replacement or waiver of, or any consent to departure from, any of the Notes or
this Indenture, including, without limitation, any increase or decrease in any
amount due with respect to any of the Notes;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;any change in the ownership, control, name, objects, businesses,
assets, capital structure or constitution of the Company or a Guarantor;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;any merger or amalgamation of the Company or a Guarantor with any
Person or Persons;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the occurrence of any change in the laws, rules, regulations or
ordinances of any jurisdiction by any present or future action of any
governmental authority or court amending, varying, reducing or otherwise
affecting, or purporting to amend, vary, reduce or otherwise affect, any of the
Obligations or the obligations of a Guarantor under its Guarantee; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;any other circumstance (other than by complete, irrevocable payment)
that might otherwise constitute a legal or equitable discharge or defense of
the Company under this Indenture or the Notes or of a Guarantor in respect of
its Guarantee hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.12. Waiver. Without in any way limiting the provisions of
Section&nbsp;10.1 hereof, each Guarantor hereby waives notice of acceptance hereof,
notice of any liability of any


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Guarantor hereunder, notice or proof of reliance by the Holders upon the
obligations of any Guarantor hereunder, and diligence, presentment, demand for
payment on the Company, protest, notice of dishonor or non-payment of any of
the Obligations, or other notice or formalities to the Company or any Guarantor
of any kind whatsoever.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.13. No Obligation to Take Action Against the Company. Neither
the Trustee nor any other Person shall have any obligation to enforce or
exhaust any rights or remedies or to take any other steps under any security
for the Obligations or against the Company or any other Person or any Property
of the Company or any other Person before the Trustee is entitled to demand
payment and performance by any or all Guarantors of their liabilities and
obligations under their Guarantees or under this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.14. Dealing with the Company and Others. The Holders, without
releasing, discharging, limiting or otherwise affecting in whole or in part the
obligations and liabilities of any Guarantor hereunder and without the consent
of or notice to any Guarantor, may:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;grant time, renewals, extension, compromises, concessions, waivers,
releases, discharges and other indulgences to the Company or any other Person;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;take or abstain from taking security or collateral from the Company
or from perfecting security or collateral of the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;release, discharge, compromise, realize, enforce or otherwise deal
with or do any act or thing in respect of (with or without consideration) any
and all collateral, mortgages or other security given by the Company or any
third party with respect to the obligations or matters contemplated by this
Indenture or the Notes;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;accept compromises or arrangements from the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;apply all monies at any time received from the Company or from any
security upon such part of the Obligations as the Holders may see fit or change
any such application in whole or in part from time to time as the Holders may
see fit; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;otherwise deal with, or waive or modify their right to deal with, the
Company and all other Persons and any security as the Holders or the Trustee
may see fit.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.15. Default and Enforcement. If any Guarantor fails to pay in
accordance with Section&nbsp;10.1 hereof, the Trustee may proceed in its name as
trustee hereunder in the enforcement of the Guarantee of any such Guarantor and
such Guarantor&#146;s obligations thereunder and hereunder by any remedy provided by
law, whether by legal proceedings or otherwise, and to recover from such
Guarantor the obligations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.16. Amendment, Etc. No amendment, modification or waiver of
any provision of this Indenture relating to any Guarantor or consent to any
departure by any Guarantor or any other Person from any such provision will in
any event be effective unless it is signed by such Guarantor and the Trustee.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.17. Acknowledgment. Each Guarantor hereby acknowledges
communication of the terms of this Indenture and the Notes and consents to and
approves of the same.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.18. Costs and Expenses. Each Guarantor shall pay on demand by
the Trustee any and all costs, fees and expenses (including, without
limitation, legal fees on a solicitor and client basis) incurred by the
Trustee, its agents, advisors and counsel or any of the Holders in enforcing
any of their rights under any Guarantee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.19. No Merger or Waiver; Cumulative Remedies. No Guarantee
shall operate by way of merger of any of the obligations of a Guarantor under
any other agreement, including, without limitation, this Indenture. No failure
to exercise and no delay in exercising, on the part of the Trustee or the
Holders, any right, remedy, power or privilege hereunder or under the
Supplemental Indenture or the Notes, shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under this Indenture or the Notes preclude any other or further
exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges in the Guarantee and
under this Indenture, the Notes and any other document or instrument between a
Guarantor and/or the Company and the Trustee are cumulative and not exclusive
of any rights, remedies, powers and privileges provided by law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.20. Survival of Obligations. Without prejudice to the survival
of any of the other obligations of each Guarantor hereunder, the obligations of
each Guarantor under Section&nbsp;10.1 shall survive the payment in full of the
Obligations and shall be enforceable against such Guarantor without regard to
and without giving effect to any defense, right of offset or counterclaim
available to or which may be asserted by the Company or any Guarantor.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.21. Guarantee in Addition to Other Obligations. The
obligations of each Guarantor under its Guarantee and this Indenture are in
addition to and not in substitution for any other obligations to the Trustee or
to any of the Holders in relation to this Indenture or the Notes and any
guarantees or security at any time held by or for the benefit of any of them.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.22. Severability. Any provision of this Article&nbsp;X which is
prohibited or unenforceable in any jurisdiction shall not invalidate the
remaining provisions and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction unless its removal would substantially defeat the basic
intent, spirit and purpose of this Indenture and this Article&nbsp;X.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.23.Successors and Assigns. Each Guarantee shall be binding
upon and inure to the benefit of each Guarantor and the Trustee and the other
Holders and their respective successors and permitted assigns, except that no
Guarantor may assign any of its obligations hereunder or thereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;10.24.Acknowledgement under TIA. Each Guarantor acknowledges
that, by virtue of its Guarantee, it is becoming an &#147;obligor&#148; on indenture
securities under the TIA.


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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.1. TIA Controls.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any provision of this Indenture limits, qualifies, or conflicts with
another provision which is required to be included in this Indenture by the
TIA, the required provision shall control; <I>provided</I>, <I>however</I>, that this Section
11.1 shall not of itself require that this Indenture or the Trustee be
qualified under the TIA or constitute any admission or acknowledgment by any
party hereto that any such qualification is required prior to the time this
Indenture and the Trustee are required by the TIA to be so qualified.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.2. Notices.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notices or other communications required or permitted hereunder shall
be in writing, and shall be sufficiently given if made by hand delivery, by
telex, by telecopier or overnight courier guaranteeing next-day delivery or
registered or certified mail, postage prepaid, return receipt requested,
addressed as follows:


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lennar Corporation</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107th Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida 33172</TD>
</TR>

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

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



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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Trust Company, N.A.</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">10151 Deerwood Park Blvd.</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">Building 400, 5th Floor</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">Jacksonville, Florida 32256</TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan</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">Institutional Trust Services</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">GIS Unit Trust Window</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">4 New York Plaza, 1st Floor</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10004</TD>
</TR>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Company and the Trustee by written notice to the other may
designate additional or different addresses for notices to such Person. Any
notice or communication to the Company or the Trustee shall be deemed to have
been given or made as of the date so delivered if hand delivered; when answered
back, if telexed; when receipt is acknowledged, if faxed; and five (5)&nbsp;calendar
days after mailing if sent by registered or certified mail, postage prepaid
(except


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">that a notice of change of address shall not be deemed to have been given
until actually received by the addressee).



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or communication mailed to a Holder shall be mailed by first
class mail, certified or registered return receipt requested, or by overnight
courier guaranteeing next day delivery to its address as it appears on the
registration books of the Registrar. Any notice or communication shall be
mailed to any Person as described in TIA &#167; 313(c), to the extent required by
the TIA.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders. If a notice or
communication is mailed in the manner provided above, it is duly given, whether
or not the addressee receives it.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.3. Communications by Holders with Other Holders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders may communicate pursuant to TIA &#167; 312(b) with other Holders with
respect to their rights under this Indenture or the Notes. The Company, the
Trustee, the Registrar and any other Person shall have the protection of TIA &#167;
312(c).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.4. Certificate and Opinion as to Conditions Precedent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon any request or application by the Company to the Trustee to take any
action under this Indenture, the Company shall furnish to the Trustee:


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Officers&#146; Certificate, in form and
substance satisfactory to the Trustee, stating that, in
the opinion of the signers, all conditions precedent to
be performed, if any, provided for in this Indenture
relating to the proposed action have been complied with;
and</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an Opinion of Counsel stating that,
in the opinion of such counsel, all such conditions
precedent to be performed, if any, provided for in this
Indenture relating to the proposed action have been
complied with (which counsel, as to factual matters, may
rely on an Officers&#146; Certificate).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.5. Statements Required in Certificate or Opinion.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture, other than the Officers&#146; Certificate
required by Section&nbsp;4.4, shall 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="7%" nowrap align="right">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement that the Person making
such certificate or opinion has read such covenant or
condition;</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="right">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a brief statement as to the nature
and scope of the examination or investigation upon which
the statements or opinions contained in such certificate
or opinion are based;</TD>
</TR>

</TABLE>

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="right">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement that, in the opinion of
such Person, he has made such examination or
investigation as is reasonably necessary to enable him
to express an informed opinion as to whether or not such
covenant or condition has been complied with; and</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="7%" nowrap align="right">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a statement as to whether or not, in
the opinion of such Person, such condition or covenant
has been complied with.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.6. Rules by Trustee, Paying Agent, Registrar, Calculation
Agent.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee may make reasonable rules in accordance with the Trustee&#146;s
customary practices for action by or at a meeting of Holders. The Paying
Agent, Registrar and Calculation Agent may make reasonable rules for its
functions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.7. Legal Holidays.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any payment date is due on a day other than a Business Day, such
payment may be made on the next succeeding Business Day, and no interest shall
accrue for the intervening period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.8. Governing Law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT
REGARD TO CONFLICT OF LAWS RULES THAT WOULD APPLY THE LAWS OF ANY OTHER
JURISDICTION. Each of the parties hereto agrees to submit to the jurisdiction
of the courts of the State of New York sitting in the County of New York, or of
the United States of America for the Southern District of New York in any
action or proceeding arising out of or relating to this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.9. No Adverse Interpretation of Other Agreements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or any of its Subsidiaries. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.10. No Personal Liability.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No director, officer, employee or stockholder of the Company, as such,
shall have any liability for any obligations of the Company under the Notes or
this Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of Notes by accepting a Note waives
and releases all such liability. The waiver and release are part of the
consideration for the issuance of the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.11. Successors. All agreements of the Company in this
Indenture and the Notes shall bind their successors and permitted assigns. All
agreements of the Trustee in this Indenture shall bind its successors and
permitted assigns.


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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;Section&nbsp;11.12. Duplicate Originals. All parties may sign any number of
copies of this Indenture. Each signed copy shall be an original, but all of
them together shall represent the same agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;11.13. Severability. In case any one or more of the provisions in
this Indenture or in the Notes shall be held invalid, illegal or unenforceable,
in any respect for any reason, the validity, legality and enforceability of any
such provision in every other respect and of the remaining provisions shall not
in any way be affected or impaired thereby, it being intended that all of the
provisions hereof shall be enforceable to the full extent permitted by law.


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties to this Indenture have caused it to be
duly executed as of the day and year first above written.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">LENNAR CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Robert Strudler</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Robert Strudler</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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">Authorized signatory for each of the Guarantors listed on Schedule&nbsp;I hereto<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Robert Strudler</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Robert Strudler</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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">J.P. MORGAN TRUST COMPANY, N.A.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Jane E. Pope</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Jane E. Pope</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&#091;Signature Page to Indenture&#093;




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

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




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



<P align="center" style="font-size: 10pt">&#091;FORM OF SERIES A NOTE&#093;




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
&#147;SECURITIES ACT&#148;), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER
OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION
5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A)
THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY
(I)&nbsp;TO THE ISSUER OR ANY SUBSIDIARY OF THE ISSUER, (II)&nbsp;TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS
OF RULE 144A, (III)&nbsp;TO AN INSTITUTIONAL &#147;ACCREDITED INVESTOR&#148; (AS DEFINED IN
RULE 501(a)(1), (2), (3)&nbsp;OR (7)&nbsp;UNDER THE SECURITIES ACT), (IV)&nbsp;IN AN OFFSHORE
TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT, (V)&nbsp;PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI)&nbsp;PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH CASE
IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE U.S., AND
(B)&nbsp;THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
SUBSEQUENT PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS
REFERRED TO IN (A)&nbsp;ABOVE.



<P align="left" style="margin-left:3%; font-size: 10pt">&#091;THE FOREGOING LEGEND MAY BE REMOVED FROM THE SECURITY ON SATISFACTION
OF THE CONDITIONS SPECIFIED IN THE INDENTURE.&#093;


<P align="center" style="font-size: 10pt">A-1
</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;CUSIP No.: <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>


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



<P align="center" style="font-size: 10pt">SENIOR FLOATING-RATE NOTES DUE 2007, SERIES A


<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%"></TD>
    <TD width="3%"></TD>
    <TD width="31%"></TD>
    <TD width="3%"></TD>
    <TD width="31%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2">$</TD>
</TR>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate: 3 Month LIBOR Rate plus 0.50% per year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Payment Dates: Quarterly on each February&nbsp;20, May&nbsp;20, August&nbsp;20
and November&nbsp;20, commencing November&nbsp;20, 2004


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Dates: Close of business on the 15th calendar day prior to the
relevant Interest Payment Date (whether or not a Business Day)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corporation, a Delaware corporation (the &#147;Company,&#148; which term
includes any successor entities), for value received, promises to pay to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
or registered assigns, on August&nbsp;20, 2007, the principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dollars ($&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;), together with interest thereon
as hereinafter provided.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place.


<P align="center" style="font-size: 10pt">A-2
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be
signed manually or by facsimile by its duly authorized officers.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">LENNAR CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

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



<P align="left" style="font-size: 10pt">TRUSTEE&#146;S CERTIFICATE OF<BR>&nbsp;&nbsp;&nbsp;&nbsp;AUTHENTICATION<BR>
This
is one of the Notes described in<BR>
the within-mentioned Indenture.


<P align="left" style="font-size: 10pt">J.P. MORGAN TRUST COMPANY, N.A., as Trustee



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>

</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>

    <TD valign="top">&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>

</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>

</TR>

</TABLE>

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

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



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



<P align="center" style="font-size: 10pt">Senior Floating-Rate Note due 2007, Series&nbsp;A




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to them in the Indenture, dated as of August&nbsp;18, 2004 (the
&#147;<I>Indenture</I>&#148;), and as amended from time to time, by and between Lennar
Corporation, a Delaware corporation (the &#147;<I>Company</I>&#148;), the Guarantors named
therein and J.P. Morgan Trust Company, N.A. as trustee (the &#147;<I>Trustee</I>&#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="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>INTEREST</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note shall bear interest (calculated as provided in the Indenture) at
a rate equal to the 3 Month LIBOR Rate plus 0.50% per year. The 3 Month LIBOR
Rate will be reset quarterly on each Interest Payment Date (each, an &#147;Interest
Reset Date&#148;), beginning on November&nbsp;20, 2004. The initial interest rate will
be &nbsp;&nbsp;&nbsp;%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Calculation Agent will, upon the request of the Holder of any Note,
provide the interest rate then in effect. The Calculation Agent shall be J.P.
Morgan Trust Company, N.A. until such time as the Company appoints a successor
Calculation Agent. All calculations made by the Calculation Agent in the
absence of manifest error shall be conclusive for all purposes and binding on
the Company and the Holders of this Note. The Company may appoint a successor
Calculation Agent with the written consent of the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest shall be paid quarterly in arrears on each Interest Payment Date
to the Person or Persons in whose name this Note is registered on the Record
Date for such Interest Payment Date; provided that interest payable on the
Maturity Date or on a Redemption Date shall be paid to the Person to whom
principal is payable. Any such interest that is not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holders on such Record
Date and shall be payable as provided in 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="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>METHOD OF PAYMENT</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of the Indenture, the Company shall
(a)&nbsp;pay interest on the Notes (except defaulted interest) to the Persons who
are the registered Holders of Notes at the close of business on the Record Date
immediately preceding the Interest Payment Date even if the Notes are canceled,
transferred or exchanged after such Record Date, and (b)&nbsp;make all other
payments in respect of the Notes to the Persons who are registered Holders of
Notes at the close of business on the Business Day preceding the Redemption
Date or Maturity, as the case may be. Holders must surrender Notes to a Paying
Agent to collect such payments in respect of the Notes referred to in clause
(b)&nbsp;of the preceding sentence. The Company shall pay cash amounts in money of
the United States that at the time of payment is legal tender for payment of
public and private debts. However, the Company may make the cash payments by
check payable in such money.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PAYING AGENT, REGISTRAR AND CALCULATION AGENT</TD>
</TR>

</TABLE>

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

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

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


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



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially, J.P. Morgan Trust Company, N.A., a national banking association
(the &#147;Trustee&#148;), shall act as Paying Agent, Registrar and Calculation Agent.
The Company may appoint and change any Paying Agent, Registrar or co-registrar
or Calculation Agent without notice, other than notice to the Trustee. The
Company or any of its Subsidiaries or any of their Affiliates may act as Paying
Agent, Registrar or co-registrar.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>INDENTURE</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company issued the Notes under the Indenture. This Note is one of a
duly authorized issue of Notes of the Company designated as its Senior
Floating-Rate Notes due 2007, Series&nbsp;A (the &#147;<I>Initial Notes</I>&#148;). The Notes
include the Initial Notes, the Private Exchange Notes and the Unrestricted
Notes, as defined below, issued in exchange for the Initial Notes pursuant to
the Registration Rights Agreement. The Initial Notes, the Private Exchange
Notes and the Unrestricted Notes are treated as a single class of securities
under the Indenture. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (the &#147;<I>TIA</I>&#148;), as in effect on the date of the Indenture.
Notwithstanding anything to the contrary herein, the Notes are subject to all
such terms, and Holders of Notes are referred to the Indenture and the TIA for
a statement of such terms. The Notes are general unsecured obligations of the
Company. Each Holder, by accepting a Note, agrees to be bound by all of the
terms and provisions of the Indenture, as the same may be amended from time to
time in accordance with its terms.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>REDEMPTION AT THE OPTION OF THE COMPANY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No sinking fund is provided for the Notes. The Notes are redeemable in
whole or in part on any Interest Payment Date on or after February&nbsp;20, 2006 at
the option of the Company at a Redemption Price equal to 100% of their
principal amount plus accrued and unpaid interest to the Redemption Date.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption at the option of the Company shall be mailed at least
30&nbsp;days but not more than 60&nbsp;days before the Redemption Date to each Holder of
Notes to be redeemed at the Holder&#146;s registered address. If money sufficient
to pay the Redemption Price of all Notes (or portions thereof) to be redeemed
on the Redemption Date is deposited with the Paying Agent prior to or on the
Redemption Date, interest ceases to accrue on such Notes or portions thereof on
and after such date. Notes in denominations larger than $1,000 may be redeemed
in part but only in integral multiples of $1,000.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>REGISTRATION RIGHTS</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Registration Rights Agreement the Company will be
obligated to consummate an exchange offer pursuant to which the Holder of this
Note shall have the right to exchange this Note for the Company&#146;s Senior
Floating-Rate Notes due 2007, Series&nbsp;B (the &#147;<I>Unrestricted Notes</I>&#148;), which will
be registered under the Securities Act, in like principal amount and having
terms identical in all material respects as the Initial Notes. The Holders of
the Initial Notes shall be entitled to receive certain additional interest
payments in the event such exchange


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">offer is not consummated and upon certain other conditions, all pursuant
to and in accordance with the terms of the Registration Rights Agreement.



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DENOMINATIONS; TRANSFER; EXCHANGE</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are in registered form, without coupons, in denominations of
$1,000 and integral multiplies of $1,000. A Holder may transfer Notes in
accordance with the Supplemental Indenture and the Indenture. The Registrar
may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any governmental taxes and fees required by
law or permitted by the Supplemental Indenture. The Registrar need not
transfer or exchange any Notes selected for redemption (except, in the case of
a Note to be redeemed in part, the portion of the Note not to be redeemed) or
any Notes for a period of 15&nbsp;days before any selection of Notes to be redeemed.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PERSONS DEEMED OWNERS</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registered Holder of this Note may be treated as the owner of this
Note for all purposes.


<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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>UNCLAIMED MONEY OR PROPERTY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee and the Paying Agent shall return to the Company upon written
request any money or property held by them for the payment of any amount with
respect to the Notes that remains unclaimed for two years, provided, however,
that the Trustee or such Paying Agent, before being required to make any such
return, shall at the expense of the Company cause to be published once in a
newspaper of general circulation in The City of New York or mail to each such
Holder notice that such money or property remains unclaimed and that, after a
date specified therein, which shall not be less than 30&nbsp;days from the date of
such publication or mailing, any unclaimed money or property then remaining
shall be returned to the Company. After return to the Company, Holders entitled
to the money or property must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another
Person.


<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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AMENDMENT; WAIVER</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain exceptions set forth in the Indenture, (i)&nbsp;the
Indenture or the Notes may be amended with the written consent of the Holders
of at least a majority in aggregate principal amount of the Notes at the time
outstanding and (ii)&nbsp;certain defaults or noncompliance with certain provisions
may be waived with the written consent of the Holders of a majority in
aggregate principal amount of the Notes at the time outstanding. Subject to
certain exceptions set forth in the Indenture, without the consent of any
Holder, the Company and the Trustee may amend the Indenture or the Notes to
cure any ambiguity, defect or inconsistency, to make any change that does not
adversely affect the right of any Holder, to convey, transfer, assign, mortgage
or pledge to the Trustee as security for the Notes any property or assets, to
evidence the succession of another corporation to the Company (or successive
successions) and the assumption by the successor corporation of the covenants,
agreements and obligations of the Company, to add to the covenants of the
Company such further covenants, restrictions or conditions as the Board of
Directors and the Trustee shall consider to be for the benefit of the


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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Holders of Notes, and to make the occurrence, or the occurrence and
continuance, of a default in any such additional covenants, restrictions or
conditions a Default or an Event of Default permitting the enforcement of all
or any of the several remedies provided in the Indenture, to evidence and
provide for the acceptance of appointment hereunder by a successor Trustee with
respect to the Notes, or to modify, eliminate or add to the provisions of the
Indenture to such extent as shall be necessary for the Indenture to comply with
the TIA, or under any similar federal statute hereafter enacted.



<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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEFAULTS AND REMEDIES</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Indenture, Events of Default include (i)&nbsp;a default by the
Company in the payment of any interest which continues for more than 30&nbsp;days
after the due date, (ii)&nbsp;a default by the Company in the payment of any
principal or Redemption Price due with respect to the Notes; (iii)&nbsp;a default by
the Company or any Restricted Subsidiary with respect to its obligation to pay
Indebtedness for borrowed money (other than Non-Recourse Indebtedness), which
default shall have resulted in the acceleration of, or be a failure to pay at
final maturity, Indebtedness aggregating more than $50&nbsp;million; (iv)&nbsp;a failure
to perform any other covenant or warranty of the Company herein and in the
Indenture, which continues for 30&nbsp;days after written notice; (v)&nbsp;final
judgments or orders are rendered against the Company or any Restricted
Subsidiary which require the payment by the Company or any Restricted
Subsidiary of an amount (to the extent not covered by insurance) in excess of
$50&nbsp;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; (vi)&nbsp;the Company or any Restricted Subsidiary, pursuant to any
Bankruptcy Law applicable to the Company or such Restricted Subsidiary: (A)
commences a voluntary case; (B)&nbsp;consents to the entry of an order for relief
against it in an involuntary case; (C)&nbsp;consents to the appointment of a
Custodian of it or for any substantial part of its property; or (D)&nbsp;makes a
general assignment for the benefit of its creditors; or (vii)&nbsp;a court of
competent jurisdiction enters an order or decree under any applicable
Bankruptcy Law: (A)&nbsp;for relief in an involuntary case against the Company or
any Restricted Subsidiary; (B)&nbsp;appointing a Custodian of the Company or any
Restricted Subsidiary or for any substantial part of its respective property;
or (C)&nbsp;ordering the winding up or liquidation of the Company or any Restricted
Security; and the order or decree remains unstayed and in effect for 90&nbsp;days.
If an Event of Default occurs and is continuing, the Trustee, or the Holders of
at least 25% in aggregate principal amount of the Notes at the time
outstanding, may declare the outstanding principal of the Notes and any accrued
and unpaid interest through the date of such declaration on all of the Notes to
be immediately due and payable. Certain events of bankruptcy or insolvency are
Events of Default which shall result in the outstanding principal amount of all
Notes being declared due and payable immediately upon the occurrence of such
Events of Default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders may not enforce the Indenture or the Notes except as provided in
the Indenture. The Trustee may refuse to enforce the Indenture and the Notes
unless it receives reasonable indemnity or security. Subject to certain
limitations, conditions and exceptions, Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may direct the Trustee in
its exercise of any trust or power, including the annulment of a declaration of
acceleration. The Trustee may withhold from Holders notice of any continuing
default (except a default in payment of amounts specified in clauses (i)&nbsp;and
(ii)&nbsp;above) if it determines that withholding notice is in their interests.


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

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

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

<P>
<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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TRUSTEE DEALINGS WITH THE COMPANY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee.


<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">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>NO RECOURSE AGAINST OTHERS</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director, officer, or employee, as such, of the Company or any
Subsidiary, the Indenture or any stockholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Notes or the
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. By accepting a Note, each Holder waives and
releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes.


<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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GUARANTEES</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note will be entitled to the benefits of certain Guarantees, if any,
made for the benefit of the Holders. Reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Guarantors, the Trustee and the Holders.


<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">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>RANKING</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes shall be direct, unsecured obligations of the Company and shall
rank <I>pari passu </I>in right of payment with all other unsecured and unsubordinated
indebtedness of the Company. The Guarantees shall be direct, unsecured
obligations of the Guarantors and shall rank <I>pari passu </I>in right of payment
with all other unsecured and unsubordinated indebtedness of the Guarantors.


<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">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AUTHENTICATION</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee&#146;s Certificate of Authentication on the other side of
this Note.


<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">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ABBREVIATIONS</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TENANT (=tenants by the
entireties), JT TEN (=joint tenants with right of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).


<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">19.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GOVERNING LAW</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS
NOTE.


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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall furnish to any Holder upon written request and without
charge a copy of the Indenture which has in it the text of this Note in larger
type. Requests may be made to:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&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">Lennar Corporation</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107<SUP>th</SUP> Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida 33172</TD>
</TR>

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

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



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

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

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


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you, the Holder, want to assign this Note, fill in the form below and
have your signature guaranteed:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I or we assign and transfer this Note to:


<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="65%">



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="65%">



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="65%">


<DIV align="center" style="font-size: 10pt">(Print or type name, address and zip code and social security or <BR>
tax ID number of assignee)</DIV>



<P align="center" style="font-size: 10pt">and irrevocably appoint &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;, agent to transfer this Note on<BR>
the books of the Company. The agent may substitute another to act for him.



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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="45%">&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">Signed: &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Sign exactly as your name appears</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">on the other side of this Note)</TD>
</TR>

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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature must be guaranteed by an &#147;eligible guarantor institution,&#148; that
is, a bank, stockbroker, savings and loan association or credit union meeting
the requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program (&#147;<I>STAMP</I>&#148;) or
such other &#147;signature guarantee program&#148; as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with any transfer of this Note occurring prior to the date
which is the earlier of (i)&nbsp;the date of the declaration by the SEC of the
effectiveness of a registration statement under the Securities Act of 1933, as
amended (the &#147;<I>Securities Act</I>&#148;), covering resales of this Note (which
effectiveness shall not have been suspended or terminated at the date of the
transfer) and (ii)&nbsp;the second anniversary of the Issue Date (<I>provided</I>, <I>however</I>,
that neither the Company nor any affiliate of the Company has held any
beneficial interest in such Note, or portion thereof, or any predecessor
security at any time on or prior to the second anniversary of the Issue Date),
the undersigned confirms that it has not utilized any general solicitation or
general advertising in connection with the transfer:


<P align="center" style="font-size: 10pt">&#091;Check One&#093;



<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)<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to the Company or a Subsidiary thereof; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(2)<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to and in compliance with Rule&nbsp;144A under the Securities
Act; or</TD>
</TR>

</TABLE>

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

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(3)<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to an institutional &#147;accredited investor&#148; (as defined in Rule
501(a)(1), (2), (3)&nbsp;or (7)&nbsp;under the Securities Act) that has furnished to
the Trustee a signed letter containing certain representations and
agreements (the form of which letter can be obtained from the Trustee); or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(4)<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>outside the United States to a &#147;foreign person&#148; in compliance with
Rule&nbsp;904 of Regulation&nbsp;S under the Securities Act; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(5)<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to the exemption from registration provided by Rule&nbsp;144
under the Securities Act; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(6)<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to an effective registration statement under the Securities
Act; or</TD>
</TR>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">(7)<U>&nbsp;&nbsp;&nbsp;&nbsp;</U></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to another available exemption from the registration
requirements of the Securities Act.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and unless the box below is checked, the undersigned confirms that such
Note is not being transferred to an &#147;affiliate&#148; of the Company as defined in
Rule&nbsp;144 under the Securities Act (an &#147;Affiliate&#148;):


<P align="center" style="font-size: 10pt"><FONT face="Wingdings">&#111;</FONT> The transferee is an Affiliate of the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless one of the items is checked, the Trustee will refuse to register
any of the Notes evidenced by this certificate in the name of any person other
than the registered Holder thereof; <I>provided</I>, <I>however</I>, that if item (3), (4),
(5)&nbsp;or (7)&nbsp;is checked, the Company or the Trustee may require, prior to
registering any such transfer of the Notes, in their sole discretion, such
written legal opinions, certifications (including an investment letter in the
case of box (3)&nbsp;or (4)&nbsp;and other information as the Trustee or the Company have
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If none of the foregoing items are checked, the Trustee or Registrar shall
not be obligated to register this Note in the name of any person other than the
Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Section&nbsp;2.17 of the Indenture shall have
been satisfied.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signed: </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">(Sign exactly as your name appears</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">on the other side of this Note)</TD>
</TR>

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



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



<P align="center" style="font-size: 10pt">TO BE COMPLETED BY PURCHASER IF (2)&nbsp;ABOVE IS CHECKED



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned represents and warrants that it is purchasing this Note
for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a &#147;qualified
institutional buyer&#148; within the meaning of Rule&nbsp;144A under the


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Securities Act and is aware that the sale to it is being made in reliance
on Rule&nbsp;144A and acknowledges that it has received such information regarding
the Company as the undersigned has requested pursuant to Rule&nbsp;144A or has
determined not to request such information and that it is aware that the
transferor is relying upon the undersigned&#146;s foregoing representations in order
to claim the exemption from registration provided by Rule&nbsp;144A.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">Dated:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">&nbsp;</TD>
</TR>

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

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

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



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

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

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


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



<P align="right" style="font-size: 10pt">CUSIP No.: __



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



<P align="center" style="font-size: 10pt">SENIOR FLOATING-RATE NOTES DUE 2007, SERIES B


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">No.
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD align="left" valign="top" colspan="2">$</TD>
</TR>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate: 3 Month LIBOR Rate plus 0.50% per year.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Payment Dates: Quarterly on each February&nbsp;20, May&nbsp;20, August&nbsp;20
and November&nbsp;20, commencing November&nbsp;20, 2004


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Record Dates: Close of business on the 15th calendar day prior to the
relevant Interest Payment Date (whether or not a Business Day)


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lennar Corporation, a Delaware corporation (the &#147;Company,&#148; which term
includes any successor entities), for value received, promises to pay to&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
or registered assigns, on August&nbsp;20, 2007, the principal amount of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dollars ($&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;), together with interest thereon
as hereinafter provided.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the further provisions of this Note contained herein,
which will for all purposes have the same effect as if set forth at this place.


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, Lennar Corporation has caused this instrument to be
signed manually or by facsimile by its duly authorized officers.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">LENNAR CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&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;Dated:


<P align="left" style="font-size: 10pt">TRUSTEE&#146;S CERTIFICATE OF<BR>&nbsp;&nbsp;&nbsp;&nbsp;AUTHENTICATION<BR>
This
is one of the Notes described in<BR>
the within-mentioned Indenture.<BR>
J.P. MORGAN TRUST COMPANY, N.A., as Trustee


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

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

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

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

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



<P align="center" style="font-size: 10pt">Senior Floating-Rate Note due 2007, Series&nbsp;B




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used and not otherwise defined herein shall have the
meanings ascribed to them in the Indenture, dated as of August&nbsp;18, 2004 (the
&#147;<I>Indenture</I>&#148;), and as amended from time to time, by and between Lennar
Corporation, a Delaware corporation (the &#147;<I>Company</I>&#148;), the Guarantors named
therein and J.P. Morgan Trust Company, N.A. as trustee (the &#147;<I>Trustee</I>&#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="1%" nowrap align="right">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>INTEREST</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note shall bear interest (calculated as provided in the Indenture) at
a rate equal to the 3 Month LIBOR Rate plus 0.50% per year. The 3 Month LIBOR
Rate will be reset quarterly on each Interest Payment Date (each, an &#147;Interest
Reset Date&#148;), beginning on November&nbsp;20, 2004. The initial interest rate will
be &nbsp;&nbsp;&nbsp;%.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Calculation Agent will, upon the request of the Holder of any Note,
provide the interest rate then in effect. The Calculation Agent shall be J.P.
Morgan Trust Company, N.A. until such time as the Company appoints a successor
Calculation Agent. All calculations made by the Calculation Agent in the
absence of manifest error shall be conclusive for all purposes and binding on
the Company and the Holders of this Note. The Company may appoint a successor
Calculation Agent with the written consent of the Trustee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest shall be paid quarterly in arrears on each Interest Payment Date
to the Person or Persons in whose name this Note is registered on the Record
Date for such Interest Payment Date; provided that interest payable on the
Maturity Date or on a Redemption Date shall be paid to the Person to whom
principal is payable. Any such interest that is not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holders on such Record
Date and shall be payable as provided in 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="1%" nowrap align="right">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>METHOD OF PAYMENT</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the terms and conditions of the Indenture, the Company shall
(a)&nbsp;pay interest on the Notes (except defaulted interest) to the Persons who
are the registered Holders of Notes at the close of business on the Record Date
immediately preceding the Interest Payment Date even if the Notes are canceled,
transferred or exchanged after such Record Date, and (b)&nbsp;make all other
payments in respect of the Notes to the Persons who are registered Holders of
Notes at the close of business on the Business Day preceding the Redemption
Date or Maturity, as the case may be. Holders must surrender Notes to a Paying
Agent to collect such payments in respect of the Notes referred to in clause
(b)&nbsp;of the preceding sentence. The Company shall pay cash amounts in money of
the United States that at the time of payment is legal tender for payment of
public and private debts. However, the Company may make the cash payments by
check payable in such money.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PAYING AGENT, REGISTRAR AND CALCULATION AGENT</TD>
</TR>

</TABLE>


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initially, J.P. Morgan Trust Company, N.A., a national banking association
(the &#147;Trustee&#148;), shall act as Paying Agent, Registrar and Calculation Agent.
The Company may appoint and change any Paying Agent, Registrar or co-registrar
or Calculation Agent without notice, other than notice to the Trustee. The
Company or any of its Subsidiaries or any of their Affiliates may act as Paying
Agent, Registrar or co-registrar.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>INDENTURE</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company issued the Notes under the Indenture. This Note is one of a
duly authorized issue of Notes of the Company designated as its Senior
Floating-Rate Notes due 2007, Series&nbsp;A (the &#147;<I>Initial Notes</I>&#148;). The Notes
include the Initial Notes, the Private Exchange Notes and the Unrestricted
Notes, as defined below, issued in exchange for the Initial Notes pursuant to
the Registration Rights Agreement. The Initial Notes, the Private Exchange
Notes and the Unrestricted Notes are treated as a single class of securities
under the Indenture. The terms of the Notes include those stated in the
Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (the &#147;<I>TIA</I>&#148;), as in effect on the date of the Indenture.
Notwithstanding anything to the contrary herein, the Notes are subject to all
such terms, and Holders of Notes are referred to the Indenture and the TIA for
a statement of such terms. The Notes are general unsecured obligations of the
Company. Each Holder, by accepting a Note, agrees to be bound by all of the
terms and provisions of the Indenture, as the same may be amended from time to
time in accordance with its terms.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>REDEMPTION AT THE OPTION OF THE COMPANY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No sinking fund is provided for the Notes. The Notes are redeemable in
whole or in part on any Interest Payment Date on or after February&nbsp;20, 2006 at
the option of the Company at a Redemption Price equal to 100% of their
principal amount plus accrued and unpaid interest to the Redemption Date.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>NOTICE OF REDEMPTION AT THE OPTION OF THE COMPANY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice of redemption at the option of the Company shall be mailed at least
30&nbsp;days but not more than 60&nbsp;days before the Redemption Date to each Holder of
Notes to be redeemed at the Holder&#146;s registered address. If money sufficient
to pay the Redemption Price of all Notes (or portions thereof) to be redeemed
on the Redemption Date is deposited with the Paying Agent prior to or on the
Redemption Date, interest ceases to accrue on such Notes or portions thereof on
and after such date. Notes in denominations larger than $1,000 may be redeemed
in part but only in integral multiples of $1,000.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DENOMINATIONS; TRANSFER; EXCHANGE</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are in registered form, without coupons, in denominations of
$1,000 and integral multiplies of $1,000. A Holder may transfer Notes in
accordance with the Supplemental Indenture and the Indenture. The Registrar
may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and to pay any governmental taxes and fees required by
law or permitted by the Supplemental Indenture. The Registrar need not
transfer or exchange any Notes selected for redemption (except, in the case of
a Note to be


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">redeemed in part, the portion of the Note not to be redeemed) or any Notes
for a period of 15&nbsp;days before any selection of Notes to be redeemed.



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>PERSONS DEEMED OWNERS</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registered Holder of this Note may be treated as the owner of this
Note for all purposes.


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="right">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>UNCLAIMED MONEY OR PROPERTY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee and the Paying Agent shall return to the Company upon written
request any money or property held by them for the payment of any amount with
respect to the Notes that remains unclaimed for two years, provided, however,
that the Trustee or such Paying Agent, before being required to make any such
return, shall at the expense of the Company cause to be published once in a
newspaper of general circulation in The City of New York or mail to each such
Holder notice that such money or property remains unclaimed and that, after a
date specified therein, which shall not be less than 30&nbsp;days from the date of
such publication or mailing, any unclaimed money or property then remaining
shall be returned to the Company. After return to the Company, Holders entitled
to the money or property must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another
Person.


<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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AMENDMENT; WAIVER</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to certain exceptions set forth in the Indenture, (i)&nbsp;the
Indenture or the Notes may be amended with the written consent of the Holders
of at least a majority in aggregate principal amount of the Notes at the time
outstanding and (ii)&nbsp;certain defaults or noncompliance with certain provisions
may be waived with the written consent of the Holders of a majority in
aggregate principal amount of the Notes at the time outstanding. Subject to
certain exceptions set forth in the Indenture, without the consent of any
Holder, the Company and the Trustee may amend the Indenture or the Notes to
cure any ambiguity, defect or inconsistency, to make any change that does not
adversely affect the right of any Holder, to convey, transfer, assign, mortgage
or pledge to the Trustee as security for the Notes any property or assets, to
evidence the succession of another corporation to the Company (or successive
successions) and the assumption by the successor corporation of the covenants,
agreements and obligations of the Company, to add to the covenants of the
Company such further covenants, restrictions or conditions as the Board of
Directors and the Trustee shall consider to be for the benefit of the Holders
of Notes, and to make the occurrence, or the occurrence and continuance, of a
default in any such additional covenants, restrictions or conditions a Default
or an Event of Default permitting the enforcement of all or any of the several
remedies provided in the Indenture, to evidence and provide for the acceptance
of appointment hereunder by a successor Trustee with respect to the Notes, or
to modify, eliminate or add to the provisions of the Indenture to such extent
as shall be necessary for the Indenture to comply with the TIA, or under any
similar federal statute hereafter enacted.


<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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>DEFAULTS AND REMEDIES</TD>
</TR>

</TABLE>

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

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

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


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



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Indenture, Events of Default include (i)&nbsp;a default by the
Company in the payment of any interest which continues for more than 30&nbsp;days
after the due date, (ii)&nbsp;a default by the Company in the payment of any
principal or Redemption Price due with respect to the Notes; (iii)&nbsp;a default by
the Company or any Restricted Subsidiary with respect to its obligation to pay
Indebtedness for borrowed money (other than Non-Recourse Indebtedness), which
default shall have resulted in the acceleration of, or be a failure to pay at
final maturity, Indebtedness aggregating more than $50&nbsp;million; (iv)&nbsp;a failure
to perform any other covenant or warranty of the Company herein and in the
Indenture, which continues for 30&nbsp;days after written notice; (v)&nbsp;final
judgments or orders are rendered against the Company or any Restricted
Subsidiary which require the payment by the Company or any Restricted
Subsidiary of an amount (to the extent not covered by insurance) in excess of
$50&nbsp;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; (vi)&nbsp;the Company or any Restricted Subsidiary, pursuant to any
Bankruptcy Law applicable to the Company or such Restricted Subsidiary: (A)
commences a voluntary case; (B)&nbsp;consents to the entry of an order for relief
against it in an involuntary case; (C)&nbsp;consents to the appointment of a
Custodian of it or for any substantial part of its property; or (D)&nbsp;makes a
general assignment for the benefit of its creditors; or (vii)&nbsp;a court of
competent jurisdiction enters an order or decree under any applicable
Bankruptcy Law: (A)&nbsp;for relief in an involuntary case against the Company or
any Restricted Subsidiary; (B)&nbsp;appointing a Custodian of the Company or any
Restricted Subsidiary or for any substantial part of its respective property;
or (C)&nbsp;ordering the winding up or liquidation of the Company or any Restricted
Security; and the order or decree remains unstayed and in effect for 90&nbsp;days.
If an Event of Default occurs and is continuing, the Trustee, or the Holders of
at least 25% in aggregate principal amount of the Notes at the time
outstanding, may declare the outstanding principal of the Notes and any accrued
and unpaid interest through the date of such declaration on all of the Notes to
be immediately due and payable. Certain events of bankruptcy or insolvency are
Events of Default which shall result in the outstanding principal amount of all
Notes being declared due and payable immediately upon the occurrence of such
Events of Default.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders may not enforce the Indenture or the Notes except as provided in
the Indenture. The Trustee may refuse to enforce the Indenture and the Notes
unless it receives reasonable indemnity or security. Subject to certain
limitations, conditions and exceptions, Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may direct the Trustee in
its exercise of any trust or power, including the annulment of a declaration of
acceleration. The Trustee may withhold from Holders notice of any continuing
default (except a default in payment of amounts specified in clauses (i)&nbsp;and
(ii)&nbsp;above) if it determines that withholding notice is in their interests.


<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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>TRUSTEE DEALINGS WITH THE COMPANY</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trustee under the Indenture, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee.


<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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>NO RECOURSE AGAINST OTHERS</TD>
</TR>

</TABLE>

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

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


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



</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A director, officer, or employee, as such, of the Company or any
Subsidiary, the Indenture or any stockholder, as such, of the Company shall not
have any liability for any obligations of the Company under the Notes or the
Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. By accepting a Note, each Holder waives and
releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes.


<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">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GUARANTEES</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note will be entitled to the benefits of certain Guarantees, if any,
made for the benefit of the Holders. Reference is hereby made to the Indenture
for a statement of the respective rights, limitations of rights, duties and
obligations thereunder of the Guarantors, the Trustee and the Holders.


<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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>RANKING</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes shall be direct, unsecured obligations of the Company and shall
rank <I>pari passu </I>in right of payment with all other unsecured and unsubordinated
indebtedness of the Company. The Guarantees shall be direct, unsecured
obligations of the Guarantors and shall rank <I>pari passu </I>in right of payment
with all other unsecured and unsubordinated indebtedness of the Guarantors.


<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">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>AUTHENTICATION</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Note shall not be valid until an authorized officer of the Trustee
manually signs the Trustee&#146;s Certificate of Authentication on the other side of
this Note.


<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">17.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ABBREVIATIONS</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TENANT (=tenants by the
entireties), JT TEN (=joint tenants with right of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).


<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">18.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>GOVERNING LAW</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS
NOTE.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company shall furnish to any Holder upon written request and without
charge a copy of the Indenture which has in it the text of this Note in larger
type. Requests may be made to:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="95%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lennar Corporation</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 N.W. 107<SUP>th</SUP> Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida 33172</TD>
</TR>

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

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



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

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

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


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you, the Holder, want to assign this Note, fill in the form below and
have your signature guaranteed:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I or we assign and transfer this Note to:


<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="65%">



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="65%">



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="65%">


<DIV align="center" style="font-size: 10pt">(Print or type name, address and zip code and social security or</DIV>


<DIV align="center" style="font-size: 10pt">tax ID number of assignee)</DIV>


<P align="left" style="font-size: 10pt">and irrevocably appoint &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;, agent to transfer this Note
on the books of the Company. The agent may substitute another to act for him.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signed: </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">(Sign exactly as your name appears</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">on the other side of this Note)</TD>
</TR>

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



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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Signature must be guaranteed by an &#147;eligible guarantor institution,&#148; that
is, a bank, stockbroker, savings and loan association or credit union meeting
the requirements of the Registrar, which requirements include membership or
participation in the Securities Transfer Agents Medallion Program (&#147;STAMP&#148;) or
such other &#147;signature guarantee program&#148; as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934.


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

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

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY ANY SUCH NOMINEE OF THE
DEPOSITARY, OR BY THE DEPOSITARY OR NOMINEE OF SUCH SUCCESSOR DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (&#147;DTC&#148;),
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT<B>,</B>
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &#038; CO. OR SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT HEREON IS MADE TO CEDE &#038; CO. REPRESENTATIVE OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &#038; CO., HAS AN INTEREST HEREIN.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF CEDE &#038; CO. OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR&#146;S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
SECTION 2.17 OF THE INDENTURE.


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

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

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

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



<P align="center" style="font-size: 10pt">Form of Certificate To Be<BR>
Delivered in Connection with<BR>
Transfers to Non-QIB Accredited Investors



<P align="center" style="font-size: 10pt">&#091;Date&#093;



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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our proposed purchase of Senior Floating-Rate Notes
due 2007, Series&nbsp;A (the &#147;<I>Notes</I>&#148;) of Lennar Corporation (&#147;<I>the Company</I>&#148;), we
confirm that:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We understand that any subsequent transfer of the Notes is
subject to certain restrictions and conditions set forth in the indenture
relating to the Notes (the &#147;<I>Indenture</I>&#148;) and the undersigned agrees to be
bound by, and not to resell, pledge or otherwise transfer the Notes
except in compliance with, such restrictions and conditions and the
Securities Act of 1933, as amended (the &#147;<I>Securities Act</I>&#148;), and all
applicable State securities laws.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. We understand that the offer and sale of the Notes have not been
registered under the Securities Act or any other applicable securities
law, and that the Notes may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. persons except as
permitted in the following sentence. We agree, on our own behalf and on
behalf of any accounts for which we are acting as hereinafter stated,
that if we should sell any Notes, we will do so only (i)&nbsp;to the Company
or any subsidiary thereof, (ii)&nbsp;inside the United States in accordance
with Rule&nbsp;144A under the Securities Act to a person who we reasonably
believe is a &#147;qualified institutional buyer&#148; (as defined in Rule&nbsp;144A
promulgated under the Securities Act), (iii)&nbsp;inside the United States to
an institutional &#147;accredited investor&#148; (as defined below) that, prior to
such transfer, furnishes (or has furnished on its behalf by a U.S.
broker-dealer) to the Trustee (as defined in the Indenture) a signed
letter containing certain representations and agreements relating to the
restrictions on transfer of the Notes (the form of which letter can be
obtained from the Trustee), (iv)&nbsp;outside the United States in accordance
with Rule&nbsp;904 of Regulation&nbsp;S promulgated under the Securities Act, (v)
pursuant to the exemption from registration provided by Rule&nbsp;144 under
the Securities Act (if available), or (vi)&nbsp;pursuant to an effective
registration statement under the Securities Act, and we further agree to
provide to any person purchasing any of the Notes from us a notice
advising such purchaser that resales of the Notes are restricted as
stated herein.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. We understand that, on any proposed resale of any Notes, we will
be required to furnish to the Trustee and the Company such certification,
legal opinions and other information as the Trustee and the Company may
reasonably require to confirm that the proposed sale complies with the
foregoing restrictions. We further understand that the Notes purchased
by us will bear a legend to the foregoing effect.


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

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


<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. We are an institutional &#147;accredited investor&#148; (as defined in Rule
501(a)(1), (2), (3)&nbsp;or (7)&nbsp;of Regulation&nbsp;D under the Securities Act) and
have such knowledge and experience in financial and business matters as
to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to
bear the economic risk of our or their investment, as the case may be.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. We are acquiring the Notes purchased by us for our account or for
one or more accounts (each of which is an institutional &#147;accredited
investor&#148;) as to each of which we exercise sole investment discretion.



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. We have received a copy of the Company&#146;s Offering Memorandum
dated August&nbsp;11, 2004, and acknowledge that we have had access to such
financial and other information, and have been afforded the opportunity
to ask such questions of representatives of the Company and receive
answers thereto, as we deem necessary in connection with our decision to
purchase the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You, the Company, the Initial Purchasers and others are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a
copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby<B>.</B>


<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">Very truly yours, <BR><BR>&#091;Name of Transferee&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">D-2
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<DIV style="font-family: 'Times New Roman',Times,serif">


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<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

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



<P align="center" style="font-size: 10pt">Form of Certificate To Be Delivered<BR>
in Connection with Transfers<BR>
Pursuant to Regulation&nbsp;S



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>Re:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Lennar Corporation (&#147;<I>the Company</I>&#148;) Senior Floating-Rate Notes, Series&nbsp;A
due 2007 (the &#147;<I>Notes</I>&#148;)</TD>
</TR>
</TABLE>



<P align="left" style="font-size: 10pt">Ladies and Gentlemen:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our proposed sale of $&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; aggregate principal
amount of the Notes, we confirm that such sale has been effected pursuant to
and in accordance with Regulation&nbsp;S under the U.S. Securities Act of 1933, as
amended (the &#147;<I>Securities Act</I>&#148;), and, accordingly, we represent that:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the offer of the Notes was not made to a person in the United
States;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) either (a)&nbsp;at the time the buy offer was originated, the
transferee was outside the United States or we and any person acting on
our behalf reasonably believed that the transferee was outside the United
States, or (b)&nbsp;the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither we nor
any person acting on our behalf knows that the transaction has been
prearranged with a buyer in the United States;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) no directed selling efforts have been made in the United States
in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation&nbsp;S, as applicable;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) we have advised the transferee of the transfer restrictions
applicable to the Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You, the Company, the Initial Purchasers and others are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a
copy hereof to any interested party in any administrative or legal proceedings
or official inquiry with respect to the matters covered hereby. Terms used in
this certificate have the meanings set forth in Regulation&nbsp;S.


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<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">Very truly yours,<BR><BR>&#091;Name of Transferee&#093;<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">E-1
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<DIV style="font-family: 'Times New Roman',Times,serif">




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



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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For value received, the undersigned each hereby unconditionally
guarantees, as principal obligor and not only as a surety, to the Holders of
the Notes the cash payments in United States Dollars of any amounts due with
respect to the Notes in the amounts and at the times when due and interest on
all overdue amounts, if lawful, and the payment or performance of all other
obligations of the Company under the Indenture (as defined below) or the Notes,
to the Holder of this Note and the Trustee, all in accordance with and subject
to the terms and limitations of this Note, Article&nbsp;X of the Indenture and this
Guarantee. This Guarantee will become effective in accordance with Article&nbsp;X
of the Indenture and its terms shall be evidenced therein. The validity and
enforceability of any Guarantee shall not be affected by the fact that it is
not affixed to any particular Note.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized terms used but not defined herein shall have the meanings
ascribed to them in the Indenture, dated as of August&nbsp;18, 2004, among Lennar
Corporation, a Delaware corporation, the Guarantors named therein and J.P.
Morgan Trust Company, N.A., as trustee (the &#147;Trustee&#148;), as amended or
supplemented (the &#147;Indenture&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the undersigned to the Holders of Notes and to the
Trustee pursuant to this Guarantee and the Indenture are expressly set forth in
Article&nbsp;X of the Indenture and reference is hereby made to the Indenture for
the precise terms of the Guarantee and all of the other provisions of the
Indenture to which this Guarantee relates.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO
CONFLICT OF LAWS RULES THAT WOULD APPLY THE LAWS OF ANY OTHER JURISDICTION.</B>
Each of the Guarantors hereto agrees to submit to the jurisdiction of the
courts of the State of New York sitting in the County of New York, or of the
United States of America for the Southern District of New York in any action or
proceeding arising out of or relating to this Guarantee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Guarantee is subject to release upon the terms set forth in the
Indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned acknowledges that this Guarantee is subject to the TIA and
the undersigned agrees to discharge its duties under the TIA.


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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, each Guarantor has caused its Guarantee to be duly
executed.


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



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    <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">&#091;GUARANTOR&#093;,<BR>&nbsp;&nbsp;as Guarantor<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top" colspan="2">Name:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top" colspan="2">Title:&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">F-2
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>y69382exv4w2.htm
<DESCRIPTION>EX-4.2 REGISTRATION RIGHTS AGREEMENT
<TEXT>
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<HEAD>
<TITLE>EX-4.2</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;4.2</B>



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



<P align="center" style="font-size: 10pt">Dated as of August&nbsp;18, 2004



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



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



<P align="center" style="font-size: 10pt">AND THE GUARANTORS NAMED HEREIN



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



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



<P align="center" style="font-size: 10pt">BANC OF AMERICA SECURITIES LLC



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



<P align="center" style="font-size: 10pt">CALYON SECURITIES (USA)&nbsp;INC.



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



<P align="center" style="font-size: 10pt">Senior Floating-Rate Notes due 2007



<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">REGISTRATION RIGHTS AGREEMENT



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Rights Agreement (this &#147;Agreement&#148;) is made and entered
into as of August&nbsp;18, 2004, among LENNAR CORPORATION, a Delaware corporation
(the &#147;Company&#148;), and the other entities that are listed on the signature pages
hereof (collectively with any entity that in the future executes a supplemental
indenture pursuant to which such entity agrees to guarantee the Notes (as
hereinafter defined), the &#147;Guarantors&#148; and, together with the Company, the
&#147;Issuers&#148;), and BANC OF AMERICA SECURITIES LLC and CALYON SECURITIES (USA)&nbsp;INC.
(each, an &#147;Initial Purchaser&#148; and, collectively, the &#147;Initial Purchasers&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is entered into in connection with the Purchase Agreement,
dated August&nbsp;11, 2004, among the Company and the Initial Purchasers (the
&#147;Purchase Agreement&#148;), which provides for the sale by the Company to the
Initial Purchasers of $200,000,000 aggregate principal amount of the Company&#146;s
Senior Floating-Rate Notes due 2007 (the &#147;Notes&#148;). The Notes are
unconditionally guaranteed (the &#147;Guarantees&#148;) by each of the Guarantors. The
Notes and the Guarantees are collectively referred to herein as the
&#147;Securities&#148;. In order to induce the Initial Purchasers to enter into the
Purchase Agreement, the Issuers have agreed to provide the registration rights
set forth in this Agreement for the benefit of the Initial Purchasers and any
subsequent holder or holders of the Securities. The execution and delivery of
this Agreement is a condition to the Initial Purchasers&#146; obligation to purchase
the Securities under the Purchase Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The parties hereby agree as follows:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Definitions


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this Agreement, the following terms shall have the following
meanings:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional Interest: See Section&nbsp;4 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advice: See the last paragraph of Section&nbsp;5 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreement: See the introductory paragraphs hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicable Period: See Section&nbsp;2 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Company: See the introductory paragraphs hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effectiveness Date: January&nbsp;30, 2005; provided, however, that with
respect to any Shelf Registration Statement, the Effectiveness Date shall be
the 75th day following the Filing Date with respect thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effectiveness Period: See Section 3(a) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Event Date: See Section 4(b) hereof.


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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Act: The Securities Exchange Act of 1934, as amended, and the
rules and regulations of the SEC promulgated thereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Notes: See Section&nbsp;2 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Offer: See Section&nbsp;2 hereof


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange Offer Registration Statement: See Section&nbsp;2 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Filing Date: (A)&nbsp;If no Exchange Offer Registration Statement has been
filed by the Issuers pursuant to this Agreement, December&nbsp;16, 2004; and (B)&nbsp;in
each other case (which may be applicable notwithstanding the consummation of
the Exchange Offer), the 30th day after the delivery of a Shelf Notice.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantees: See the introductory paragraphs hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantors: See the introductory paragraphs hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holder: Any holder of a Registrable Security or Registrable Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnified Person: See Section 7(c) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indemnifying Person: See Section 7(c) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indenture: The Indenture, dated as of August&nbsp;18, 2004, by and among the
Issuers and J.P. Morgan Trust Company, N.A., as trustee, pursuant to which the
Notes are being issued, as the same may be amended or supplemented from time to
time in accordance with the terms thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Purchasers: See the introductory paragraphs hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial Shelf Registration Statement: See Section 3(a) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inspectors: See Section 5(m) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Issue Date: August&nbsp;18, 2004, the date of original issuance of the
Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NASD: See Section 5(r) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes: See the introductory paragraphs hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering Memorandum: The offering memorandum of the Company dated August
11, 2004, in respect of the offering of the Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participant: See Section 7(a) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participating Broker-Dealer: See Section 2(a) hereof.


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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Person: An individual, trustee, corporation, limited liability company,
partnership, joint stock company, trust, unincorporated association, union,
business association, firm or other legal entity.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Exchange: See Section 2(b) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Private Exchange Notes: See Section 2(b) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prospectus: The prospectus included in any Registration Statement
(including, without limitation, any prospectus subject to completion and a
prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule&nbsp;430A
promulgated under the Securities Act and any term sheet filed pursuant to Rule
434 under the Securities Act), as amended or supplemented by any prospectus
supplement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase Agreement: See the introductory paragraphs hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records: See Section 5(m) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrable Notes: Each Note upon its original issuance and at all times
subsequent thereto, each Exchange Note as to which Section&nbsp;2(c)(iv) hereof is
applicable upon original issuance and at all times subsequent thereto and each
Private Exchange Note upon original issuance thereof and at all times
subsequent thereto, until the earliest to occur of (i)&nbsp;a Registration Statement
(other than, with respect to any Exchange Note as to which Section&nbsp;2(c)(iv)
hereof is applicable, the Exchange Offer Registration Statement) covering such
Note, Exchange Note or Private Exchange Note has been declared effective by the
SEC and such Note, Exchange Note or such Private Exchange Note, as the case may
be, has been disposed of in accordance with such effective Registration
Statement, (ii)&nbsp;such Note has been exchanged pursuant to the Exchange Offer for
an Exchange Note or Exchange Notes that may be resold (or, but for the status
of such Holder as an affiliate of the Issuers under Rule&nbsp;405, could be resold)
without restriction under state and federal securities laws, (iii)&nbsp;such Note,
Exchange Note or Private Exchange Note, as the case may be, ceases to be
outstanding for purposes of the Indenture or (iv)&nbsp;such Note, Exchange Note or
Private Exchange Note, as the case may be, may be resold without restriction
pursuant to Rule 144(k) (as amended or replaced) under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registrable Securities: Each Registrable Note and related guarantees.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration Statement: Any registration statement of the Issuers that
covers any of the Securities, the Exchange Notes (and related guarantees) or
the Private Exchange Notes (and related guarantees) filed with the SEC under
the Securities Act, including the Prospectus, amendments and supplements to
such registration statement, including post-effective amendments, all exhibits,
and all material incorporated by reference or deemed to be incorporated by
reference in such registration statement.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;144: Rule&nbsp;144 promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule (other than Rule&nbsp;144A) or
regulation hereafter adopted by the SEC providing for offers and sales of
securities made in compliance therewith resulting in offers and sales by
subsequent holders that are not affiliates of the issuer of such securities
being free of the registration and prospectus delivery requirements of the
Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;144A: Rule&nbsp;144A promulgated under the Securities Act, as such Rule
may be amended from time to time, or any similar rule (other than Rule&nbsp;144) or
regulation hereafter adopted by the SEC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;405: Rule&nbsp;405 under the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rule&nbsp;415: Rule&nbsp;415 promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter
adopted by the SEC.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC: The Securities and Exchange Commission.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities: See the introductory paragraphs hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Act: The Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Notice: See Section 2(c) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shelf Registration Statement: See Section 3(b) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Shelf Registration Statement: See Section 3(b) hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TIA: The Trust Indenture Act of 1939, as amended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustee: The trustee under the Indenture and the trustee (if any) under
any indenture governing the Exchange Notes (and related guarantees) and Private
Exchange Notes (and related guarantees).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Underwritten registration or underwritten offering: A registration in
which securities of one or more of the Issuers are sold to an underwriter for
reoffering to the public.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Exchange Offer


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Issuers shall file with the SEC, no later than the Filing Date, a
Registration Statement (the &#147;Exchange Offer Registration Statement&#148;) on an
appropriate registration form with respect to a registered offer (the &#147;Exchange
Offer&#148;) to exchange any and all of the Registrable Securities for a like
aggregate principal amount of notes of the Company, guaranteed by the
Guarantors, that are identical in all material respects to the Securities,
except that the Exchange Notes shall contain no restrictive legend thereon (the
&#147;Exchange Notes&#148;), and which are entitled to the benefits of the Indenture or a
trust indenture which is identical in all material respects to the Indenture
(other than such changes to the Indenture or any such identical


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">trust indenture as are necessary to comply with the TIA) and which, in
either case, has been qualified under the TIA. Interest on each Exchange Note
will accrue (A)&nbsp;from the later of (1)&nbsp;the last interest payment date on which
interest was paid on the Note surrendered, or (2)&nbsp;if the Note is surrendered
for exchange on a date in a period which includes the record date for an
interest payment date to occur on or after the date of the exchange and as to
which interest will be paid, such interest payment date or (B)&nbsp;if no interest
has been paid on that Note, from the Issue Date. The Exchange Offer shall
comply with all applicable tender offer rules and regulations under the
Exchange Act and other applicable laws. The Issuers shall use their reasonable
best efforts to (x)&nbsp;cause the Exchange Offer Registration Statement to be
declared effective under the Securities Act on or before the Effectiveness
Date; (y)&nbsp;keep the Exchange Offer open for acceptance for not less than 30&nbsp;days
(or longer if required by applicable law) after the date that notice of the
Exchange Offer is mailed to Holders; and (z)&nbsp;consummate the Exchange Offer on
or prior to March&nbsp;16, 2005. If, after the Exchange Offer Registration
Statement is initially declared effective by the SEC, the Exchange Offer or the
issuance of the Exchange Notes (and related guarantees) thereunder is
interfered with by any stop order, injunction or other order or requirement of
the SEC or any other governmental agency or court, the Exchange Offer
Registration Statement shall be deemed not to have become effective for
purposes of this Agreement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder that participates in the Exchange Offer will be required, as a
condition to its participation in the Exchange Offer, to represent to the
Company in writing (which may be contained in the applicable letter of
transmittal) (1)&nbsp;that any Exchange Notes (and related guarantees) to be
received by it will be acquired in the ordinary course of its business, (2)
that at the time of the consummation of the Exchange Offer such Holder will
have no arrangement or understanding with any Person to participate in the
distribution of the Exchange Notes (and related guarantees) in violation of the
provisions of the Securities Act, (3)&nbsp;that such Holder is not an &#147;affiliate&#148;
(as defined in Rule&nbsp;405 promulgated under the Securities Act) of any Issuer (4)
if the holder is not a broker-dealer, that it is not engaged in, and does not
intend to engage in, the distribution of Exchange Notes (and related
guarantees) and (5)&nbsp;if the holder is a broker-dealer (a &#147;Participating
Broker-Dealer&#148;) that it will receive the Exchange Notes (and related
guarantees) for its own account in exchange for Securities that were acquired
as a result of market-making or other trading activities, and that it will
deliver a prospectus in connection with any resale of the Exchange Notes (and
related guarantees).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon consummation of the Exchange Offer in accordance with this Section&nbsp;2,
the provisions of this Agreement shall continue to apply, mutatis mutandis,
solely with respect to Registrable Securities that are Private Exchange Notes
(and related guarantees), Exchange Notes (and related guarantees) as to which
Section&nbsp;2(c)(iv) is applicable and Exchange Notes (and related guarantees) held
by Participating Broker-Dealers, and the Issuers shall have no further
obligation to register Registrable Securities (other than Private Exchange
Notes (and related guarantees) and other than in respect of any Exchange Notes
(and related guarantees) as to which clause 2(c)(iv) hereof applies) pursuant
to Section&nbsp;3 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No securities other than the Exchange Notes (and related guarantees) shall
be included in the Exchange Offer Registration Statement.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Issuers shall include within the Prospectus contained in the
Exchange Offer Registration Statement a section entitled &#147;Plan of
Distribution,&#148; reasonably acceptable to the Initial Purchasers, which shall
contain a summary statement of the positions taken or policies made by the
staff of the SEC with respect to the potential &#147;underwriter&#148; status of any
Participating Broker-Dealer that is the beneficial owner (as defined in Rule
13d-3 under the Exchange Act) of Exchange Notes received by such Participating
Broker-Dealer in the Exchange Offer, whether such positions or policies have
been publicly disseminated by the staff of the SEC or such positions or
policies represent the prevailing views of the staff of the SEC. Such &#147;Plan of
Distribution&#148; section shall also expressly permit, to the extent permitted by
applicable policies and regulations of the SEC, the use of the Prospectus by
all Persons subject to the prospectus delivery requirements of the Securities
Act, including, to the extent permitted by applicable policies and regulations
of the SEC, all Participating Broker-Dealers, and include a statement
describing the means by which Participating Broker-Dealers may resell the
Exchange Notes in compliance with the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuers shall use their best efforts to keep the Exchange Offer
Registration Statement effective and to amend and supplement the Prospectus
contained therein in order to permit such Prospectus to be lawfully delivered
by all Persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as is necessary to comply with
applicable law in connection with any resale of the Exchange Notes covered
thereby; provided, however, that such period shall not exceed 180&nbsp;days after
such Exchange Offer Registration Statement is declared effective (or such
longer period if extended pursuant to the last paragraph of Section&nbsp;5 hereof)
(the &#147;Applicable Period&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, prior to consummation of the Exchange Offer, any Holder holds any
Securities acquired by it that have, or that are reasonably likely to be
determined to have, the status of an unsold allotment in an initial
distribution, or any Holder is not entitled to participate in the Exchange
Offer, the Issuers upon the request of any such Holder shall simultaneously
with the delivery of the Exchange Notes in the Exchange Offer, issue and
deliver to any such Holder, in exchange (the &#147;Private Exchange&#148;) for such
Securities held by any such Holder, a like principal amount of notes (the
&#147;Private Exchange Notes&#148;) of the Company, guaranteed by the Guarantors, that
are identical in all material respects to the Exchange Notes except for the
placement of a restrictive legend on such Private Exchange Notes. The Private
Exchange Notes shall be issued pursuant to the same indenture as the Exchange
Notes and bear the same CUSIP number as the Exchange Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Exchange Offer, the Issuers shall:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) mail, or cause to be mailed, to each Holder of record
entitled to participate in the Exchange Offer a copy of the
Prospectus forming part of the Exchange Offer Registration
Statement, together with an appropriate letter of transmittal and
related documents;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) use their best efforts to keep the Exchange Offer open
for acceptance for not less than 30&nbsp;days after the date that notice
of the Exchange Offer is mailed to Holders (or longer if required
by applicable law);


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<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) utilize the services of a depositary for the Exchange
Offer with an address in the Borough of Manhattan, The City of New
York;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) permit Holders to withdraw tendered Securities at any
time prior to the close of business, New York time, on the last
business day on which the Exchange Offer shall remain open; and



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) otherwise comply in all material respects with all
applicable laws, rules and regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As soon as practicable after the close of the Exchange Offer and the
Private Exchange, if any, the Issuers shall:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) accept for exchange all Registrable Notes validly
tendered and not validly withdrawn pursuant to the Exchange Offer
and the Private Exchange, if any;



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) deliver to the Trustee for cancellation all Registrable
Notes so accepted for exchange; and



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) cause the Trustee to authenticate and deliver promptly
to each Holder of Securities, Exchange Notes or Private Exchange
Notes, as the case may be, equal in principal amount to the
Securities of such Holder so accepted for exchange.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Notes (and related guarantees) and the Private Exchange Notes
(and related guarantees) shall be issued under (i)&nbsp;the Indenture or (ii)&nbsp;an
indenture identical in all material respects to the Indenture and which, in
either case, has been qualified under the TIA or is exempt from such
qualification and shall provide that the Exchange Notes (and related
guarantees) shall not be subject to the transfer restrictions set forth in the
Indenture. The Indenture or such indenture shall provide that the Exchange
Notes (and related guarantees), the Private Exchange Notes (and related

guarantees) and the Securities shall vote and consent together on all matters
as one class and that none of the Exchange Notes (and related guarantees), the
Private Exchange Notes (and related guarantees) or the Securities will have the
right to vote or consent as a separate class on any matter.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If, (i)&nbsp;because of any change in law or in currently prevailing
interpretations by the SEC staff, the Issuers are not permitted to effect the
Exchange Offer, (ii)&nbsp;the Exchange Offer is not consummated by March&nbsp;16, 2005,
(iii)&nbsp;in certain circumstances, certain holders of Private Exchange Notes (and
related guarantees) so request in writing to the Company, or (iv)&nbsp;in the case
of any Holder that tenders Securities in response to the Exchange Offer, such
Holder does not receive Exchange Notes on the date of the exchange that may be
sold without restriction under state and federal securities laws (other than
due solely to the status of such Holder as an affiliate of any of the Issuers
within the meaning of the Securities Act), then in the case of each of clauses
(i)&nbsp;to and including (iv)&nbsp;of this sentence, the Issuers shall (a)&nbsp;promptly
deliver to the Holders and the Trustee written notice thereof (the &#147;Shelf
Notice&#148;) and (b)&nbsp;at its sole expense and as promptly as practicable shall file
a Shelf Registration Statement pursuant to Section&nbsp;3 hereof.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Shelf Registration


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If at any time a Shelf Notice is delivered as contemplated by Section 2(c)
hereof, then:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Shelf Registration. The Issuers shall file with the SEC a
Registration Statement for an offering to be made on a continuous basis
pursuant to Rule&nbsp;415 covering all of the Registrable Securities not exchanged
in the Exchange Offer, Private Exchange Notes (and related guarantees) and
Exchange Notes (and related guarantees) as to which Section&nbsp;2(c)(iv) is
applicable (the &#147;Initial Shelf Registration Statement&#148;). The Company shall use
its best efforts to file with the SEC the Initial Shelf Registration Statement
on or before the applicable Filing Date. The Initial Shelf Registration
Statement shall be on Form S-1 or another appropriate form permitting
registration of such Registrable Securities for resale by Holders in the manner
or manners designated by them (including, without limitation, one or more
underwritten offerings). The Issuers shall not permit any securities other
than the Registrable Securities to be included in the Initial Shelf
Registration Statement or any Subsequent Shelf Registration Statement (as
defined below).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuers shall use their best efforts to cause the Initial Shelf
Registration Statement to be declared effective under the Securities Act on or
prior to the Effectiveness Date and to keep the Initial Shelf Registration
Statement continuously effective under the Securities Act until the date which
is two years from the Issue Date (the &#147;Effectiveness Period&#148;), or such shorter
period ending when (i)&nbsp;all Registrable Securities covered by the Initial Shelf
Registration Statement have been sold in the manner set forth and as
contemplated in the Initial Shelf Registration Statement or (ii)&nbsp;a Subsequent
Shelf Registration Statement covering all of the Registrable Securities covered
by and not sold under the Initial Shelf Registration Statement or an earlier
Subsequent Shelf Registration Statement has been declared effective under the
Securities Act; provided, however, that the Effectiveness Period in respect of
the Initial Shelf Registration Statement shall be extended to the extent
required to permit dealers to comply with the applicable prospectus delivery
requirements of Rule&nbsp;174 under the Securities Act and as otherwise provided
herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subsequent Shelf Registrations. If the Initial Shelf Registration
Statement or any Subsequent Shelf Registration Statement ceases to be effective
for any reason at any time during the Effectiveness Period (other than because
of the sale of all of the securities registered thereunder), the Company shall
use its best efforts to obtain the prompt withdrawal of any order suspending
the effectiveness thereof, and in any event shall within 30&nbsp;days of such
cessation of effectiveness amend the Initial Shelf Registration Statement in a
manner to obtain the withdrawal of the order suspending the effectiveness
thereof, or file an additional &#147;shelf&#148; Registration Statement pursuant to Rule
415 covering all of the Registrable Securities covered by and not sold under
the Initial Shelf Registration Statement or an earlier Subsequent Shelf
Registration Statement (each, a &#147;Subsequent Shelf Registration Statement&#148;). If
a Subsequent Shelf Registration Statement is filed, the Company shall use its
best efforts to cause the Subsequent Shelf Registration Statement to be
declared effective under the Securities Act as soon as practicable after such
filing and to keep such subsequent Shelf Registration Statement continuously
effective for a period equal to the number of days in the Effectiveness Period
less the aggregate number of days during which the Initial Shelf Registration
Statement or any


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Subsequent Shelf Registration Statement was previously continuously
effective. As used herein the term &#147;Shelf Registration Statement&#148; means the
Initial Shelf Registration Statement and any Subsequent Shelf Registration
Statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Supplements and Amendments. The Issuers shall promptly supplement and
amend any Shelf Registration Statement if required by the rules, regulations or
instructions applicable to the registration form used for such Shelf
Registration Statement, if required by the Securities Act, or if reasonably
requested by the Holders of a majority in aggregate principal amount of the
Registrable Securities (or their counsel) covered by such Registration
Statement or by any underwriter of such Registrable Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Additional Interest


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Issuers and the Initial Purchasers agree that the Holders will
suffer damages if the Issuers fail to fulfill their obligations under Section&nbsp;2
or Section&nbsp;3 hereof and that it would not be feasible to ascertain the extent
of such damages with precision. Accordingly, the Issuers agree to pay, as
liquidated damages, additional interest on the Notes (&#147;Additional Interest&#148;)
under the circumstances and to the extent set forth below (each of which shall
be given independent effect):



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if (A)&nbsp;neither the Exchange Offer Registration Statement
nor the Initial Shelf Registration Statement has been filed with
the SEC on or prior to the applicable Filing Date or (B)
notwithstanding that the Issuers have consummated or will
consummate the Exchange Offer, the Issuers are required to file a
Shelf Registration Statement and such Shelf Registration Statement
has not been filed with the SEC on or prior to the Filing Date
applicable thereto, then, commencing on the day after any such
Filing Date, Additional Interest shall accrue on the principal
amount of the Securities at a rate of 0.25% per annum for the first
90&nbsp;days immediately following each such Filing Date, and such
Additional Interest rate shall increase by an additional 0.25% per
annum at the beginning of each subsequent 90-day period; or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if (A)&nbsp;neither the Exchange Offer Registration Statement
nor the Initial Shelf Registration Statement has been declared
effective by the SEC on or prior to the applicable Effectiveness
Date or (B)&nbsp;notwithstanding that the Issuers have consummated or
will consummate the Exchange Offer, the Issuers are required to
file a Shelf Registration Statement and such Shelf Registration
Statement has not been declared effective by the SEC on or prior to
the applicable Effectiveness Date with respect to such Shelf
Registration Statement, then, commencing on the day after such
Effectiveness Date, Additional Interest shall accrue on the
principal amount of the Securities at a rate of 0.25% per annum for
the first 90&nbsp;days immediately following the day after such
Effectiveness Date, and such Additional Interest rate shall
increase by an additional 0.25% per annum at the beginning of each
subsequent 90-day period; or



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if (A)&nbsp;the Issuers have not exchanged Exchange Notes
(and related guarantees) for all Securities validly tendered in
accordance with the terms of the


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<P align="left" style="margin-left:6%; font-size: 10pt">Exchange Offer on or prior to March&nbsp;16, 2005 or (B)&nbsp;if
applicable, a Shelf Registration Statement has been declared
effective and such Shelf Registration Statement ceases to be
effective at any time during the Effectiveness Period, then,
Additional Interest shall accrue on the principal amount of the
Securities at a rate of 0.25% per annum for the first 90&nbsp;days
commencing on (x)&nbsp;March&nbsp;16, 2005, in the case of (A)&nbsp;above, or (y)
the day such Shelf Registration Statement ceases to be effective in
the case of (B)&nbsp;above, and such Additional Interest rate shall
increase by an additional 0.25% per annum at the beginning of each
such subsequent 90-day period;

<P align="left" style="font-size: 10pt">provided, however, that Additional Interest rate on the Notes may not under any
circumstance accrue under more than one of the foregoing clauses (i), (ii)&nbsp;and
(iii)&nbsp;of this Section&nbsp;4 and the rate at which Additional Interest accrues on
the Notes as a result of the provisions of clauses (i), (ii)&nbsp;and (iii)&nbsp;of this
Section&nbsp;4 may not exceed in the aggregate 1.0% per annum; provided further,
that (1)&nbsp;upon the filing of the applicable Exchange Offer Registration
Statement or the applicable Shelf Registration Statement as required hereunder
(in the case of clause (i)&nbsp;of this Section&nbsp;4), (2)&nbsp;upon the effectiveness of
the Exchange Offer Registration Statement or the applicable Shelf Registration
Statement as required hereunder (in the case of clause (ii)&nbsp;of this Section&nbsp;4),
or (3)&nbsp;upon the exchange of the Exchange Notes (and related guarantees) for all
Securities tendered (in the case of clause (iii)(A) of this Section&nbsp;4), or upon
the effectiveness of a Subsequent Shelf Registration Statement in the case of
Shelf Registration Statement which had ceased to remain effective (in the case
of clause (iii)(B) of this Section&nbsp;4), Additional Interest on the Notes as a
result of such clause (or the relevant subclause thereof), as the case may be,
shall cease to accrue.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Issuers shall notify the Trustee within three business days after
each and every date on which an event occurs in respect of which Additional
Interest is required to be paid (an &#147;Event Date&#148;), which notice shall also be
at least three business days prior to the date of any payment to be made in
accordance with the following sentence. Any amounts of Additional Interest due
pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section&nbsp;4 will be payable in
cash simultaneously with, and to the same persons entitled to receive, stated
interest on the Notes, commencing with the first such payment of interest
occurring after any such Additional Interest commences to accrue. The amount
of Additional Interest payable with respect to Registrable Notes will be
determined by multiplying the applicable Additional Interest rate by the
principal amount of the Registrable Notes, multiplied by a fraction, the
numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360-day year
comprised of twelve 30-day months and, in the case of a partial month, the
actual number of days elapsed), and the denominator of which is 360.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Registration Procedures


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the filing of any Registration Statement pursuant to
Sections&nbsp;2 or 3 hereof, the Issuers shall effect such registrations to permit
the sale of the securities covered thereby in accordance with the intended
method or methods of disposition thereof, and pursuant thereto and in
connection with any Registration Statement filed by the Issuers hereunder each
of the Issuers shall:


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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Prepare and file with the SEC prior to the applicable Filing Date, a
Registration Statement or Registration Statements as prescribed by Sections&nbsp;2
or 3 hereof, and use its best efforts to cause each such Registration Statement
to become effective and remain effective as provided herein; provided, however,
that, if (1)&nbsp;such filing is pursuant to Section&nbsp;3 hereof, or (2)&nbsp;a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to
Section&nbsp;2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes (and related
guarantees) during the Applicable Period relating thereto, before filing any
Registration Statement or Prospectus or any amendments or supplements thereto,
the Issuers shall furnish to and afford the Holders of the Registrable
Securities included in such Registration Statement or each such Participating
Broker-Dealer, as the case may be, their counsel and the managing underwriters,
if any, a reasonable opportunity to review copies of all such documents
(including copies of any documents to be incorporated by reference therein and
all exhibits thereto) proposed to be filed (in each case at least five days
prior to such filing, or such later date as is reasonable under the
circumstances). The Issuers shall not file any Registration Statement or
Prospectus or any amendments or supplements thereto if the Holders of a
majority in aggregate principal amount of the Registrable Securities included
in such Registration Statement, or any such Participating Broker-Dealer, as the
case may be, their counsel, or the managing underwriters, if any, shall
reasonably object.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Prepare and file with the SEC such amendments and post-effective
amendments to each Shelf Registration Statement or Exchange Offer Registration
Statement, as the case may be, as may be necessary to keep such Registration
Statement continuously effective for the Effectiveness Period or the Applicable
Period, as the case may be; cause the related Prospectus to be supplemented by
any Prospectus supplement required by applicable law, and as so supplemented to
be filed pursuant to Rule&nbsp;424 (or any similar provisions then in force)
promulgated under the Securities Act; and comply with the provisions of the
Securities Act and the Exchange Act applicable to each of them with respect to
the disposition of all securities covered by such Registration Statement as so
amended or in such Prospectus as so supplemented and with respect to the
subsequent resale of any securities being sold by a Participating Broker-Dealer
covered by any such Prospectus. The Issuers shall be deemed not to have used
their best efforts to keep a Registration Statement effective during the
Effectiveness Period or the Applicable Period, as the case may be, relating
thereto, if any of the Issuers voluntarily takes any action that would result
in selling Holders of the Registrable Securities covered thereby or
Participating Broker-Dealers seeking to sell Exchange Notes (and related
guarantees) not being able to sell such Registrable Securities or such Exchange
Notes (and related guarantees) during that period unless such action is
required by applicable law or permitted by this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If (1)&nbsp;a Shelf Registration Statement is filed pursuant to Section&nbsp;3
hereof, or (2)&nbsp;a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section&nbsp;2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes (and related guarantees) during the Applicable Period relating
thereto from whom any of the Issuers has received written notice that it will
be a Participating Broker-Dealer in the Exchange Offer, notify the selling
Holders of Registrable Securities, or each such Participating Broker-Dealer, as
the case may be, their counsel and the managing underwriters, if any, promptly
(but in any event within one day), and confirm such notice in writing, (i)&nbsp;when
a Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to a Registration Statement or any post-effective


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">amendment, when the same has become effective under the Securities Act
(including in such notice a written statement that any Holder may, upon
request, obtain, at the sole expense of the Issuers, one conformed copy of such
Registration Statement or post-effective amendment including financial
statements and schedules, documents incorporated or deemed to be incorporated
by reference and exhibits), (ii)&nbsp;of the issuance by the SEC of any stop order
suspending the effectiveness of a Registration Statement or of any order
preventing or suspending the use of any preliminary prospectus or the
initiation of any proceedings for that purpose, (iii)&nbsp;if at any time when a
prospectus is required by the Securities Act to be delivered in connection with
sales of the Registrable Securities or resales of Exchange Notes (and related
guarantees) by Participating Broker-Dealers, the representations and warranties
of the Issuers contained in any agreement (including any underwriting
agreement) contemplated by Section 5(l) hereof cease to be true and correct in
all material respects, (iv)&nbsp;of the receipt by any of the Issuers of any
notification with respect to the suspension of the qualification or exemption
from qualification of a Registration Statement or any of the Registrable
Securities or the Exchange Notes (and related guarantees) to be sold by any
Participating Broker-Dealer for offer or sale in any jurisdiction, or the
initiation or threatening of any proceeding for such purpose, (v)&nbsp;of the
happening of any event, the existence of any condition or any information
becoming known that makes any statement made in such Registration Statement or
related Prospectus or any document incorporated or deemed to be incorporated
therein by reference untrue in any material respect or that requires the making
of any changes in or amendments or supplements to such Registration Statement,
Prospectus or documents so that, in the case of the Registration Statement, it
will not contain any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any material
fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made, not misleading, and
(vi)&nbsp;of the Issuers&#146; determination that a post-effective amendment to a
Registration Statement would be appropriate.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If (1)&nbsp;a Shelf Registration Statement is filed pursuant to Section&nbsp;3
hereof, or (2)&nbsp;a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section&nbsp;2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes (and related guarantees) during the Applicable Period, use its
best efforts to prevent the issuance of any order suspending the effectiveness
of the Registration Statement or of any order preventing or suspending the use
of the Prospectus or suspending the qualification (or exemption from
qualification) of any of the Registrable Securities or the Exchange Notes (and
related guarantees) to be sold by any Participating Broker-Dealer, for sale in
any jurisdiction, and, if any such order is issued, to use its best efforts to
obtain the withdrawal of any such order at the earliest possible moment.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;If a Shelf Registration Statement is filed pursuant to Section&nbsp;3 and
if requested by the managing underwriter or underwriters (if any), the Holders
of a majority in aggregate principal amount of the Registrable Securities being
sold in connection with an underwritten offering or any Participating
Broker-Dealer, (i)&nbsp;as promptly as practicable incorporate in a prospectus
supplement or post-effective amendment such information as the managing
underwriter or underwriters (if any), such Holders, any Participating
Broker-Dealer or counsel for any of them reasonably request to be included
therein, (ii)&nbsp;make all required filings of such prospectus supplement or such
post-effective amendment as soon as practicable after the


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Company has received notification of the matters to be incorporated in
such prospectus supplement or post-effective amendment, and (iii)&nbsp;supplement or
make amendments to such Registration Statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;If (1)&nbsp;a Shelf Registration Statement is filed pursuant to Section&nbsp;3
hereof, or (2)&nbsp;a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section&nbsp;2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes (and related guarantees) during the Applicable Period, furnish
to each selling Holder of Registrable Securities and to each such Participating
Broker-Dealer who so requests and to their respective counsel and each managing
underwriter, if any, at the sole expense of the Issuers, one conformed copy of
the Registration Statement or Registration Statements and each post-effective
amendment thereto, including financial statements and schedules, and, if
requested, all documents incorporated or deemed to be incorporated therein by
reference and all exhibits.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If (1)&nbsp;a Shelf Registration Statement is filed pursuant to Section&nbsp;3
hereof, or (2)&nbsp;a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section&nbsp;2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes (and related guarantees) during the Applicable Period, deliver
to each selling Holder of Registrable Securities, or each such Participating
Broker-Dealer, as the case may be, their respective counsel, and the
underwriters, if any, at the sole expense of the Issuers, as many copies of the
Prospectus or Prospectuses (including each form of preliminary prospectus) and
each amendment or supplement thereto and any documents incorporated by
reference therein as such Persons may reasonably request; and, subject to the
last paragraph of this Section&nbsp;5, the Issuers hereby consent to the use of such
Prospectus and each amendment or supplement thereto by each of the selling
Holders of Registrable Securities or each such Participating Broker-Dealer, as
the case may be, and the underwriters or agents, if any, and dealers, if any,
in connection with the offering and sale of the Registrable Securities covered
by, or the sale by Participating Broker-Dealers of the Exchange Notes (and
related guarantees) pursuant to, such Prospectus and any amendment or
supplement thereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Prior to any public offering of Registrable Securities or Exchange
Notes (and related guarantees) or any delivery of a Prospectus contained in the
Exchange Offer Registration Statement by any Participating Broker-Dealer who
seeks to sell Exchange Notes (and related guarantees) during the Applicable
Period, use its best efforts to register or qualify, and to cooperate with the
selling Holders of Registrable Securities or each such Participating
Broker-Dealer, as the case may be, the managing underwriter or underwriters, if
any, and their respective counsel in connection with the registration or
qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky laws
of such jurisdictions within the United States as any selling Holder,
Participating Broker-Dealer, or the managing underwriter or underwriters
reasonably request in writing; provided, however, that where Exchange Notes
(and related guarantees) held by Participating Broker-Dealers or Registrable
Securities are offered other than through an underwritten offering, the Issuers
agree to cause their counsel to perform Blue Sky investigations and file
registrations and qualifications required to be filed pursuant to this Section
5(h), keep each such registration or qualification (or exemption therefrom)
effective during the period such Registration Statement is required to be kept
effective and do any and all other acts or things


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">reasonably necessary or advisable to enable the disposition in such
jurisdictions of the Exchange Notes (and related guarantees) held by
Participating Broker-Dealers or the Registrable Securities covered by the
applicable Registration Statement; provided, however, that none of the Issuers
shall be required to (A)&nbsp;qualify generally to do business in any jurisdiction
where it is not then so qualified, (B)&nbsp;take any action that would subject it to
general service of process in any such jurisdiction where it is not then so
subject or (C)&nbsp;subject itself to taxation in excess of a nominal dollar amount
in any such jurisdiction where it is not then so subject.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;If a Shelf Registration Statement is filed pursuant to Section&nbsp;3
hereof, cooperate with the selling Holders of Registrable Securities and the
managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Notes to be
sold, which certificates shall not bear any restrictive legends and shall be in
a form eligible for deposit with The Depository Trust Company; and enable such
Registrable Notes to be in such denominations permitted by the Indenture and
registered in such names as the managing underwriter or underwriters, if any,
or Holders may request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;If (1)&nbsp;a Shelf Registration Statement is filed pursuant to Section&nbsp;3
hereof, or (2)&nbsp;a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section&nbsp;2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes (and related guarantees) during the Applicable Period, upon the
occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof,
as promptly as practicable prepare and (subject to Section 5(a) hereof) file
with the SEC, at the sole expense of the Issuers, a supplement or
post-effective amendment to the Registration Statement or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated
therein by reference, or file any other required document so that, as
thereafter delivered to the purchasers of the Registrable Securities being sold
thereunder or to the purchasers of the Exchange Notes (and related guarantees)
to whom such Prospectus will be delivered by a Participating Broker-Dealer, any
such Prospectus will not contain an untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made,
not misleading.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Prior to the effective date of the first Registration Statement
relating to the Registrable Securities, (i)&nbsp;provide the Trustee with
certificates for the Registrable Notes in a form eligible for deposit with The
Depository Trust Company and (ii)&nbsp;provide a CUSIP number for the Registrable
Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;In connection with any underwritten offering of Registrable Securities
pursuant to a Shelf Registration Statement, enter into an underwriting
agreement which is customary in underwritten offerings of debt securities
similar to the Securities in form and substance reasonably satisfactory to the
Issuers and take all such other actions as are reasonably requested by the
managing underwriter or underwriters in order to expedite or facilitate the
registration or the disposition of such Registrable Securities and, in such
connection, (i)&nbsp;make such representations and warranties to, and covenants
with, the underwriters with respect to the business of the Issuers (including
any acquired business, properties or entity, if applicable) and the
Registration Statement, Prospectus and documents, if any, incorporated or
deemed to be incorporated by reference therein, in each case, as are
customarily made by issuers to


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">underwriters in underwritten offerings of debt securities similar to the
Securities, and confirm the same in writing if and when requested in form and
substance reasonably satisfactory to the Issuers; (ii)&nbsp;obtain the written
opinions of counsel to the Issuers and written updates thereof in form, scope
and substance reasonably satisfactory to the managing underwriter or
underwriters, addressed to the underwriters covering the matters customarily
covered in opinions reasonably requested in underwritten offerings and such
other matters as may be reasonably requested by the managing underwriter or
underwriters; (iii)&nbsp;obtain &#147;cold comfort&#148; letters and updates thereof in form,
scope and substance reasonably satisfactory to the managing underwriter or
underwriters from the independent certified public accountants of the Issuers
(and, if necessary, any other independent certified public accountants of the
Issuers, or of any business or entity acquired by the Issuers for which
financial statements and financial data are, or are required to be, included or
incorporated by reference in the Registration Statement), addressed to each of
the underwriters, such letters to be in customary form and covering matters of
the type customarily covered in &#147;cold comfort&#148; letters in connection with
underwritten offerings of debt securities similar to the Securities and such
other matters as are reasonably requested by the managing underwriter or
underwriters as permitted by the Statement on Auditing Standards No.&nbsp;72, as
amended by the Statement on Auditing Standards No.&nbsp;76; and (iv)&nbsp;if an
underwriting agreement is entered into, the same shall contain indemnification
provisions and procedures no less favorable to the sellers and underwriters, if
any, than those set forth in Section&nbsp;7 hereof (or such other provisions and
procedures acceptable to Holders of a majority in aggregate principal amount of
Registrable Securities covered by such Registration Statement and the managing
underwriter or underwriters or agents, if any). The above shall be done at
each closing under such underwriting agreement, or as and to the extent
required thereunder.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;If (1)&nbsp;a Shelf Registration Statement is filed pursuant to Section&nbsp;3
hereof, or (2)&nbsp;a Prospectus contained in the Exchange Offer Registration
Statement filed pursuant to Section&nbsp;2 hereof is required to be delivered under
the Securities Act by any Participating Broker-Dealer who seeks to sell
Exchange Notes (and related guarantees) during the Applicable Period, make
available for inspection by any selling Holder of such Registrable Securities
being sold, or each such Participating Broker-Dealer, as the case may be, any
underwriter participating in any such disposition of Registrable Securities, if
any, and any attorney, accountant or other agent retained by any such selling
Holder or each such Participating Broker-Dealer, as the case may be, or
underwriter (collectively, the &#147;Inspectors&#148;), at the offices where normally
kept, during reasonable business hours, all financial and other records,
pertinent corporate documents and instruments of the Issuers and subsidiaries
of the Issuers (collectively, the &#147;Records&#148;) as shall be reasonably necessary
to enable them to exercise any applicable due diligence responsibilities, and
cause the officers, directors and employees of the Issuers and any of their
respective subsidiaries to supply all information reasonably requested by any
such Inspector in connection with such Registration Statement and Prospectus.
Each Inspector shall agree in writing that it will keep the Records
confidential and that it will not disclose any of the Records that any of the
Issuers determines, in good faith, to be confidential and notifies the
Inspectors in writing are confidential unless (i)&nbsp;the disclosure of such
Records is necessary to avoid or correct a material misstatement or material
omission in such Registration Statement or Prospectus, (ii)&nbsp;the release of such
Records is ordered pursuant to a subpoena or other order from a court of
competent jurisdiction, or (iii)&nbsp;the information in such Records has been made
generally available to the public; provided, however, that prior notice shall
be provided as soon as practicable to any of the Issuers of the potential
disclosure of any information by such Inspector pursuant to clauses (i)&nbsp;or


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">(ii)&nbsp;of this sentence to permit the Issuers to obtain a protective order
(or waive the provisions of this paragraph (m)) and that such Inspector shall
take such actions as are reasonably necessary to protect the confidentiality of
such information (if practicable) to the extent such action is otherwise not
inconsistent with, an impairment of or in derogation of the rights and
interests of the Holder or any Inspector. If, in the course of performing due
diligence, any Inspector becomes aware of material non public information about
the Company and its subsidiaries, the Inspector will not, and will take all
steps reasonably necessary to ensure that anyone to whom the Inspector
discloses the material non public information will not trade in any securities
of the Company until the information becomes public (whether through inclusion
in the Shelf Registration Statement or Exchange Offer Registration Statement or
otherwise) or the information ceases to be material.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;Provide an indenture trustee for the Registrable Securities or the
Exchange Notes (and related guarantees), as the case may be, and cause the
Indenture or the trust indenture provided for in Section 2(a) hereof, as the
case may be, to be qualified under the TIA not later than the effective date of
the first Registration Statement relating to the Registrable Securities; and in
connection therewith, cooperate with the trustee under any such indenture and
the Holders of the Registrable Securities, to effect such changes to such
indenture as may be required for such indenture to be so qualified in
accordance with the terms of the TIA; and execute, and use their best efforts
to cause such trustee to execute, all documents as may be required to effect
such changes, and all other forms and documents required to be filed with the
SEC to enable such indenture to be so qualified in a timely manner.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;Comply with all applicable rules and regulations of the SEC and make
generally available to its securityholders with regard to any applicable
Registration Statement, a consolidated earnings statement satisfying the
provisions of Section 11(a) of the Securities Act and Rule&nbsp;158 thereunder (or
any similar rule promulgated under the Securities Act) no later than 45&nbsp;days
after the end of any fiscal quarter (or 90&nbsp;days after the end of any 12-month
period if such period is a fiscal year) (i)&nbsp;commencing at the end of any fiscal
quarter in which Registrable Securities are sold to underwriters in a firm
commitment or best efforts underwritten offering and (ii)&nbsp;if not sold to
underwriters in such an offering, commencing on the first day of the first
fiscal quarter of the Company after the effective date of a Registration
Statement, which statements shall cover said 12-month periods.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;Upon consummation of the Exchange Offer or a Private Exchange, obtain
an opinion of counsel to the Company, in a form customary for underwritten
transactions, addressed to the Trustee for the benefit of all Holders of
Registrable Securities participating in the Exchange Offer or the Private
Exchange, as the case may be, that the Exchange Notes (and related guarantees)
or Private Exchange Notes (and related guarantees), as the case may be, and the
related indenture constitute legal, valid and binding obligations of the
Company, enforceable against it in accordance with their respective terms,
subject to customary exceptions and qualifications.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;If the Exchange Offer or a Private Exchange is to be consummated, upon
delivery of the Registrable Securities by Holders to the Company (or to such
other Person as directed by the Issuers) to be exchanged for Exchange Notes
(and related guarantees) or Private Exchange Notes (and related guarantees), as
the case may be, the Issuers shall mark, or cause to


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">be marked, on such Registrable Notes that such Registrable Notes are being
canceled in exchange for Exchange Notes (and related guarantees) or Private
Exchange Notes (and related guarantees), as the case may be; in no event shall
such Registrable Notes be marked as paid or otherwise satisfied.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;Cooperate with each seller of Registrable Securities covered by any
Registration Statement and each underwriter, if any, participating in the
disposition of such Registrable Securities and their respective counsel in
connection with any filings required to be made with the National Association
of Securities Dealers, Inc. (the &#147;NASD&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;Use its best efforts to take all other steps reasonably necessary to
effect the registration of the Exchange Notes (and related guarantees) and/or
Registrable Securities covered by a Registration Statement contemplated hereby.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Issuers may require each seller of Registrable Securities as to which
any registration is being effected to furnish to the Issuers such information
regarding such seller and the distribution of such Registrable Securities as
the Issuers may, from time to time, reasonably request. The Issuers may
exclude from such registration the Registrable Securities of any seller so long
as such seller fails to furnish such information within a reasonable time after
receiving such request. Each seller as to which any Shelf Registration is
being effected agrees to furnish promptly to the Issuers all information
required to be disclosed in order to make the information previously furnished
to the Issuers by such seller not materially misleading.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any Registration Statement refers to any Holder by name or otherwise as
the holder of any securities of the Company, then such Holder shall have the
right to require (i)&nbsp;the insertion therein of language, in form and substance
reasonably satisfactory to such Holder, to the effect that the holding by such
Holder of such securities is not to be construed as a recommendation by such
Holder of the investment quality of the securities covered thereby and that
such holding does not imply that such Holder will assist in meeting any future
financial requirements of the Company, or (ii)&nbsp;in the event that such reference
to such Holder by name or otherwise is not required by the Securities Act or
any similar federal statute then in force, the deletion of the reference to
such Holder in any amendment or supplement to the Registration Statement filed
or prepared subsequent to the time that such reference ceases to be required.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Holder of Registrable Securities and each Participating Broker-Dealer
agrees by its acquisition of such Registrable Securities or of Exchange Notes
(and related guarantees) to be sold by such Participating Broker-Dealer, as the
case may be, that, upon actual receipt of any notice from the Company of the
happening of any event of the kind described in Section&nbsp;5(c)(ii), 5(c)(iv),
5(c)(v), or 5(c)(vi) hereof, such Holder will forthwith discontinue disposition
of such Registrable Securities covered by such Registration Statement or
Prospectus or Exchange Notes (and related guarantees) to be sold by such Holder
or Participating Broker-Dealer, as the case may be, until such Holder&#146;s or
Participating Broker-Dealer&#146;s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 5(j) hereof, or until it is advised
in writing (an &#147;Advice&#148;) by the Issuers that the use of the applicable
Prospectus may be resumed, and has received copies of any amendments or
supplements thereto. In the event that the Issuers shall give any such notice,
the Applicable Period shall be extended by the number of days from and
including the date of the giving of each such notice to and including


<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">the date when each seller of Registrable Securities covered by such
Registration Statement or Exchange Notes (and related guarantees) to be sold by
such Participating Broker-Dealer, as the case may be, shall have received (x)
the copies of the supplemented or amended Prospectus contemplated by Section
5(j) hereof or (y)&nbsp;an Advice with respect to said notice.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Registration Expenses


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All fees and expenses incident to the performance of or compliance with
this Agreement by the Issuers (other than any underwriting discounts or
commissions) shall be borne by the Company whether or not the Exchange Offer
Registration Statement or any Shelf Registration Statement is filed or becomes
effective or the Exchange Offer is consummated, including, without limitation,
(i)&nbsp;all registration and filing fees (including, without limitation, (A)&nbsp;fees
with respect to filings required to be made with the NASD in connection with an
underwritten offering and (B)&nbsp;reasonable fees and expenses of compliance with
state securities or Blue Sky laws (including, without limitation, fees and
disbursements of counsel in connection with Blue Sky qualifications of the
Registrable Securities or Exchange Notes (and related guarantees) and
determination of the eligibility of the Registrable Securities or Exchange
Notes (and related guarantees) for investment under the laws of the
jurisdictions (x)&nbsp;where the holders of Registrable Securities are located, in
the case of the Exchange Notes (and related guarantees), or (y)&nbsp;as provided in
Section 5(h) hereof, in the case of Registrable Securities or Exchange Notes
(and related guarantees) to be sold by a Participating Broker-Dealer during the
Applicable Period)), (ii)&nbsp;printing expenses, including, without limitation,
expenses of printing certificates for Registrable Notes or Exchange Notes in a
form eligible for deposit with The Depository Trust Company and of printing
prospectuses if the printing of prospectuses is requested by the managing
underwriter or underwriters, if any, by the Holders of a majority in aggregate
principal amount of the Registrable Securities included in any Registration
Statement or in respect of Registrable Securities or Exchange Notes (and
related guarantees) to be sold by any Participating Broker-Dealer during the
Applicable Period, as the case may be, (iii)&nbsp;messenger, telephone and delivery
expenses, (iv)&nbsp;fees and disbursements of counsel for the Issuers and reasonable
fees and disbursements of one firm of special counsel for the sellers of
Registrable Securities, (v)&nbsp;fees and disbursements of all independent certified
public accountants referred to in Section&nbsp;5(l)(iii) hereof (including, without
limitation, the expenses of any special audit and &#147;cold comfort&#148; letters
required by or incident to such performance), (vi)&nbsp;Securities Act liability
insurance, if the Issuers desire such insurance, (vii)&nbsp;fees and expenses of all
other Persons retained by the Issuers, (viii)&nbsp;internal expenses of the Issuers
(including, without limitation, all salaries and expenses of officers and
employees of the Issuers performing legal or accounting duties), (ix)&nbsp;the
expense of any annual audit, (x)&nbsp;any fees and expenses incurred in connection
with the listing of the securities to be registered on any securities exchange,
and the obtaining of a rating of the securities, in each case, if applicable,
and (xi)&nbsp;the expenses relating to printing, word processing and distributing
all Registration Statements, underwriting agreements, indentures and any other
documents necessary in order to comply with this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Indemnification


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each of the Issuers agree, jointly and severally, to indemnify and
hold harmless each Holder of Registrable Securities and each Participating
Broker-Dealer selling Exchange Notes (and related guarantees) during the
Applicable Period, the affiliates, officers,


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">directors, representatives, employees and agents of each such Person, and
each Person, if any, who controls any such Person within the meaning of either
Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act (each, a
&#147;Participant&#148;), from and against any and all losses, claims, damages,
judgments, liabilities and expenses (including, without limitation, the
reasonable legal fees and other expenses actually incurred in connection with
any suit, action or proceeding or any claim asserted) caused by, arising out of
or based upon any untrue statement or alleged untrue statement of a material
fact contained in any Registration Statement (or any amendment thereto) or
Prospectus (as amended or supplemented if any of the Issuers shall have made
any amendments or supplements thereto) or any preliminary prospectus, or caused
by, arising out of or based upon any omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the
statements therein, in the case of the Prospectus in light of the circumstances
under which they were made, not misleading, except insofar as such losses,
claims, damages or liabilities are caused by any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity
with information relating to any Participant, any underwriter, or the manner in
which securities are to be distributed, furnished to the Issuers in writing by
such Participant or an underwriter expressly for use therein.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Participant agrees, severally and not jointly, to indemnify and
hold harmless the Issuers, their respective affiliates, officers, directors,
representatives, employees and agents and each Person who controls the Issuers
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the
Exchange Act to the same extent (but on a several, and not joint, basis) as the
foregoing indemnity from the Issuers to each Participant, but only with
reference to information relating to such Participant or the manner in which
securities are to be distributed by such Participant or someone acting on such
Participant&#146;s behalf, furnished to the Issuers in writing by such Participant
expressly for use in any Registration Statement or Prospectus, any amendment or
supplement thereto, or any preliminary prospectus. The liability of any
Participant under this paragraph shall in no event exceed the proceeds received
by such Participant from sales of Registrable Securities or Exchange Notes (and
related guarantees) giving rise to such obligations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any suit, action, proceeding (including any governmental or
regulatory investigation), claim or demand shall be brought or asserted against
any Person in respect of which indemnity may be sought pursuant to either of
the two preceding paragraphs, such Person (the &#147;Indemnified Person&#148;) shall
promptly notify the Persons against whom such indemnity may be sought (the
&#147;Indemnifying Persons&#148;) in writing, and the Indemnifying Persons, upon request
of the Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others the
Indemnifying Persons may reasonably designate (which may include the
Indemnifying Persons, unless representation of the Indemnifying Persons by the
same counsel would be inappropriate due to actual or potential differing
interests between them) in such proceeding and shall pay the fees and expenses
actually incurred by such counsel related to such proceeding; provided,
however, that the failure to so notify the Indemnifying Persons (i)&nbsp;will not
relieve it from any liability under paragraph (a)&nbsp;or (b)&nbsp;above unless and to
the extent such failure results in the forfeiture by the Indemnifying Person of
substantial rights and defenses and (ii)&nbsp;will not, in any event, relieve the
Indemnifying Person from any obligations to any Indemnified Person other than
the indemnification obligation provided in paragraphs (a)&nbsp;and (b)&nbsp;above. In
any such proceeding, any Indemnified Person shall


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">have the right to retain its own counsel, but the fees and expenses of
such counsel shall be at the expense of such Indemnified Person unless (i)&nbsp;the
Indemnifying Persons and the Indemnified Person shall have mutually agreed to
the contrary, (ii)&nbsp;the Indemnifying Persons shall have failed within a
reasonable period of time to retain counsel reasonably satisfactory to the
Indemnified Person or (iii)&nbsp;the named parties in any such proceeding (including
any impleaded parties) include both any Indemnifying Person and the Indemnified
Person or any affiliate thereof and representation of both parties by the same
counsel would be inappropriate due to actual or potential differing interests
between them. It is understood that, unless there exists a conflict among the
Indemnified Persons, the Indemnifying Persons shall not, in connection with
such proceeding or separate but substantially similar related proceeding in the
same jurisdiction arising out of the same general allegations, be liable for
the fees and expenses of more than one separate firm (in addition to any local
counsel) for all Indemnified Persons, and that all such fees and expenses shall
be reimbursed promptly as they are incurred. Any such separate firm for the
Participants against whom a suit, action, proceeding, claim or demand is
brought or asserted and control Persons of such Participants shall be
designated in writing by Participants who sold a majority in interest of
Registrable Securities and Exchange Notes (and related guarantees) sold by all
such Participants, and any such separate firm for the Issuers, their
affiliates, officers, directors, representatives, employees and agents and such
control Persons of the Issuers shall be designated in writing by the Issuers.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Indemnifying Persons shall not be liable for any settlement of any
proceeding effected without their prior written consent, but if settled with
such consent or if there be a final non-appealable judgment for the plaintiff
for which any Indemnified Persons are entitled to indemnification pursuant to
this Agreement, each of the Indemnifying Persons agrees to indemnify and hold
harmless each Indemnified Person from and against any loss or liability by
reason of such settlement or judgment. No Indemnifying Person shall, without
the prior written consent of the Indemnified Persons, effect any settlement or
compromise of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party, or indemnity could have been
sought hereunder by such Indemnified Person, unless such settlement (A)
includes an unconditional written release of such Indemnified Person, in form
and substance reasonably satisfactory to such Indemnified Person, from all
liability on claims that are the subject matter of such proceeding and (B)&nbsp;does
not include any statement as to an admission of fault, culpability or failure
to act by or on behalf of such Indemnified Person.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in the first and second paragraphs
of this Section&nbsp;7 is for any reason unavailable to, or insufficient to hold
harmless, an Indemnified Person in respect of any losses, claims, damages or
liabilities referred to therein, then each Indemnifying Person under such
paragraphs, in lieu of indemnifying such Indemnified Person thereunder and in
order to provide for just and equitable contribution, shall contribute to the
amount paid or payable by such Indemnified Person as a result of such losses,
claims, damages or liabilities in such proportion as is appropriate to reflect
(i)&nbsp;the relative benefits received by the Indemnifying Person or Persons on the
one hand and the Indemnified Person or Persons on the other from the applicable
offering of Registrable or Exchanged Notes or (ii)&nbsp;if the allocation provided
by the foregoing clause (i)&nbsp;is not permitted by applicable law, not only such
relative benefits but also the relative fault of the Indemnifying Person or
Persons on the one hand and the Indemnified Person or Persons on the other in
connection with the statements or omissions or alleged statements or omissions
that resulted in such losses, claims, damages or liabilities (or


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">actions in respect thereof) as well as any other relevant equitable
considerations. The relative fault of the parties shall be determined by
reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company on the one hand or
such Participant or such other Indemnified Person, as the case may be, on the
other, the parties&#146; relative intent, knowledge, access to information and
opportunity to correct or prevent such statement or omission, and any other
equitable considerations appropriate in the circumstances.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The parties agree that it would not be just and equitable if
contribution pursuant to this Section&nbsp;7 were determined by pro rata allocation
(even if the Participants were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount
paid or payable by an Indemnified Person as a result of the losses, claims,
damages, judgments, liabilities and expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any reasonable legal or other expenses actually incurred by such
Indemnified Person in connection with investigating or defending any such
action or claim. Notwithstanding the provisions of this Section&nbsp;7, in no event
shall a Participant be required to contribute any amount in excess of the
amount by which proceeds received by such Participant from sales of Registrable
Securities or Exchange Notes (and related guarantees), as the case may be,
exceeds the amount of any damages that such Participant has otherwise been
required to pay or has paid by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Person guilty of a fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
shall be entitled to contribution from any Person who was not guilty of such
fraudulent misrepresentation.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Any losses, claims, damages, liabilities or expenses for which an
indemnified party is entitled to indemnification or contribution under this
Section&nbsp;7 shall be paid by the Indemnifying Person to the Indemnified Person as
such losses, claims, damages, liabilities or expenses are incurred. The
indemnity and contribution agreements contained in this Section&nbsp;7 and the
representations and warranties of the Company set forth in this Agreement shall
remain operative and in full force and effect, regardless of (i)&nbsp;any
investigation made by or on behalf of any Holder or any person who controls a
Holder, or by the Company, its directors, officers, employees or agents or any
person controlling any of the Issuers, and (ii)&nbsp;any termination of this
Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The indemnity and contribution agreements contained in this Section&nbsp;7
will be in addition to any liability which the Indemnifying Persons may
otherwise have to the Indemnified Persons referred to above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Rules&nbsp;144 and 144A


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the Issuers covenants and agrees that it will file the reports
required to be filed by it under the Securities Act and the Exchange Act and
the rules and regulations adopted by the SEC thereunder in a timely manner in
accordance with the requirements of the Securities Act and the Exchange Act
and, if at any time such Issuer is not required to file such reports, such
Issuer will, upon the request of any Holder or beneficial owner of Registrable
Securities, make available such information necessary to permit sales pursuant
to Rule&nbsp;144A under the Securities


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Act. The Company further covenants and agrees, for so long as any
Registrable Securities remain outstanding that it will take such further action
as any Holder of Registrable Securities may reasonably request, all to the
extent required from time to time to enable such holder to sell Registrable
Securities without registration under the Securities Act within the limitations
of the exemptions provided by (a)&nbsp;Rule&nbsp;144(k) and Rule&nbsp;144A under the
Securities Act, as such Rules may be amended from time to time, or (b)&nbsp;any
similar rule or regulation hereafter adopted by the SEC.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;Underwritten Registrations


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the Registrable Securities covered by any Shelf Registration
Statement are to be sold in an underwritten offering, the investment banker or
investment bankers and manager or managers that will manage the offering will
be selected by the Holders of a majority in aggregate principal amount of such
Registrable Securities included in such offering and shall be reasonably
acceptable to the Issuers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No Holder of Registrable Securities may participate in any underwritten
registration hereunder unless such Holder (a)&nbsp;agrees to sell such Holder&#146;s
Registrable Securities on the basis provided in any underwriting arrangements
approved by the Persons entitled hereunder to approve such arrangements and (b)
completes and executes in a timely manner all questionnaires, powers of
attorney, indemnities, underwriting agreements and other customary documents
required by the Company or the underwriter in connection with such underwriting
arrangements.


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


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;No Inconsistent Agreements. The Issuers have not, as of the date
hereof, and the Issuers shall not, after the date of this Agreement, enter into
any agreement with respect to any of its securities that is inconsistent with
the rights granted to the Holders of Registrable Securities in this Agreement
or otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of the Issuers&#146; other issued and outstanding
securities under any such agreements. The Issuers will not enter into any
agreement with respect to any of its securities which will grant to any Person
piggyback registration rights with respect to any Registration Statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Adjustments Affecting Registrable Securities. The Issuers shall not,
directly or indirectly, take any action with respect to the Registrable
Securities as a class that would adversely affect the ability of the Holders of
Registrable Securities to include such Registrable Securities in a registration
undertaken pursuant to this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Amendments and Waivers. The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, otherwise than with the prior written
consent of (I)&nbsp;the Company and (II)(A) the Holders of not less than a majority
in aggregate principal amount of the then outstanding Registrable Securities
and (B)&nbsp;if the amendment, modification, supplement, waiver or consent would
adversely affect the Participating Broker-Dealers, the Participating Broker-


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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Dealers holding not less than a majority in aggregate principal amount of
the Exchange Notes (and related guarantees) held by all Participating
Broker-Dealers; provided, however, that Section&nbsp;7 and this Section 10(c) may
not be amended, modified or supplemented without the prior written consent of
each Holder and each Participating Broker-Dealer (including any person who was
a Holder or Participating Broker-Dealer of Registrable Securities or Exchange
Notes (and related guarantees), as the case may be, disposed of pursuant to any
Registration Statement) affected by any such amendment, modification or
supplement. Notwithstanding the foregoing, a waiver or consent to depart from
the provisions hereof with respect to a matter that relates exclusively to the
rights of Holders of Registrable Securities whose securities are being sold
pursuant to a Registration Statement and that does not directly or indirectly
affect, impair, limit or compromise the rights of other Holders of Registrable
Securities may be given by Holders of at least a majority in aggregate
principal amount of the Registrable Securities being sold pursuant to such
Registration Statement.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Notices. All notices and other communications (including, without
limitation, any notices or other communications to the Trustee) provided for or
permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, next-day air courier or facsimile:



<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if to a Holder of the Registrable Securities or any
Participating Broker-Dealer, at the most current address of such
Holder or Participating Broker-Dealer, as the case may be, set
forth on the records of the registrar under the Indenture, with a
copy in like manner to the Initial Purchasers 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="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Banc of America Securities LLC<BR>
9 West 57<SUP>th</SUP> Street<BR>
Floor 2M<BR>
New York, New York 10019<BR>
Attn: Transaction Management</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">and</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Calyon Securities (USA)&nbsp;Inc.<BR>
1301 Avenue of the Americas<BR>
17<SUP>th</SUP> Floor<BR>
New York, New York 10019<BR>
Attn: Ronald S. Krolick</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">with a copy to:</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Willkie Farr &#038; Gallagher LLP<BR>
787 Seventh Avenue<BR>
New York, New York, 10019</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">John S. D&#146;Alimonte, Esq.</TD>
</TR>

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

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




<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if to the Company, at the address as follows:


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="14%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">700 N.W. 107th Avenue<BR>
Miami, Florida 33172</TD>
</TR>

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

    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Counsel, Benjamin P. Butterfield</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">with a copy to:</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Clifford Chance US LLP<BR>
200 Park Avenue<BR>
New York, New York 10166<BR></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David W. Bernstein, Esq.</TD>
</TR>

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




<P align="left" style="margin-left:6%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if to the Initial Purchasers, at the address specified in
Section&nbsp;10(d)(i).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All such notices and communications shall be deemed to have been duly
given: when delivered by hand, if personally delivered; five business days
after being deposited in the mail, postage prepaid, if mailed; one business day
after being timely delivered to a next-day air courier; and when receipt is
acknowledged by the addressee, if sent by facsimile.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of all such notices, demands or other communications shall be
concurrently delivered by the Person giving the same to the Trustee under an
indenture at the address and in the manner specified in the indenture.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties hereto,
the Holders and the Participating Broker-Dealers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Counterparts. This Agreement may be executed in any number of
counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original (including facsimile
signatures) and all of which taken together shall constitute one and the same
agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Headings. The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<B>Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE
AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW THAT WOULD APPLY THE LAW OF ANY OTHER
JURISDICTION. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION
OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY OR OF THE
UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.</B>


<P align="center" style="font-size: 10pt">- 24 -
</DIV>

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;Severability. If any term, provision, covenant or restriction of this
Agreement is held by a court of competent jurisdiction to be invalid, illegal,
void or unenforceable, the remainder of the terms, provisions, covenants and
restrictions set forth herein shall remain in full force and effect and shall
in no way be affected, impaired or invalidated, and the parties hereto shall
use their best efforts to find and employ an alternative means to achieve the
same or substantially the same result as that contemplated by such term,
provision, covenant or restriction. It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may
be hereafter declared invalid, illegal, void or unenforceable.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Securities Held by the Issuers or their Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Registrable
Securities is required hereunder, Registrable Securities held by the Issuers or
their respective affiliates (as such term is defined in Rule&nbsp;405 under the
Securities Act) shall not be counted in determining whether such consent or
approval was given by the Holders of such required percentage.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Third-Party Beneficiaries. Holders of Registrable Securities and
Participating Broker-Dealers are intended third-party beneficiaries of this
Agreement, and this Agreement may be enforced by such Persons.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Entire Agreement. This Agreement, together with the Purchase
Agreement and the Indenture, is intended by the parties as a final and
exclusive statement of the agreement and understanding of the parties hereto in
respect of the subject matter contained herein and therein and any and all
prior oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Holders
on the one hand and the Issuers on the other, or between or among any agents,
representatives, parents, subsidiaries, affiliates, predecessors in interest or
successors in interest with respect to the subject matter hereof and thereof
are merged herein and replaced hereby.


<P align="center" style="font-size: 10pt">&#091;Signature page follows.&#093;



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

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

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




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first written above.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">LENNAR CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/
Stuart A. Miller</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Stuart A. Miller</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</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">The foregoing Agreement is hereby<BR>
confirmed and accepted as of the<BR>
date first above written.


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

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3">BANC OF AMERICA SECURITIES LLC<BR>
&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/
Peter Carbone</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD>Peter Carbone</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD>Vice President</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>
</TABLE>

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

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>

    <TD colspan="3">CALYON SECURITIES (USA)&nbsp;INC.<BR>
&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Ronald
S. Krolick</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ronald
S. Krolick</TD>
    <TD>&nbsp;</TD>
</TR><TR>

    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">&#091;Signature Page to Registration Rights Agreement&#093;




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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Acme Water Supply &#038; Management Company<BR>
Aquaterra Utilities, Inc.<BR>
Asbury Woods L.L.C.<BR>
Avalon-Sienna III, L.L.C.<BR>
B. Andrews &#038; Co., Inc.<BR>
Barnsboro Associates, LLC<BR>
Bayhome USH, Inc.<BR>
Bella Oaks L.L.C.<BR>
Bennetts Village LLC<BR>
Bickford Holdings, LLC<BR>
Boca Greens, Inc.<BR>
Boca Isles South Club, Inc.<BR>
Boggy Creek USH, Inc.<BR>
Bramalea California, Inc.<BR>
Bramalea California Properties, Inc.<BR>
Bramalea California Realty, Inc.<BR>
Brazoria County LP, Inc.<BR>
Brewer Baseline Investors, LLC<BR>
Builders Acquisition Corp.<BR>
Builders LP, Inc.<BR>
Cambria L.L.C.<BR>
Cantera Village L.L.C.<BR>
Cary Woods L.L.C.<BR>
Claremont Ridge L.L.C.<BR>
Claridge Estates L.L.C.<BR>
Clodine-Bellaire LP, Inc.<BR>
Club Pembroke Isles, Inc.<BR>
Club Tampa Palms, Inc.<BR>
Colonial Heritage LLC<BR>
Concord at Meadowbrook L.L.C.<BR>
Concord at Pheasant Run Trails L.L.C.<BR>
Concord at Ravenna L.L.C.<BR>
Concord at Zurich Village L.L.C.<BR>
Concord City Centre L.L.C.<BR>
Concord Hills, Inc.<BR>
Concord Hills Limited Partnership<BR>
Concord Homes, Inc.<BR>
Concord Lake, Inc.<BR>
Concord Lake Limited Partnership<BR>
Concord Mills Estates L.L.C.<BR>
Concord Mills Limited Partnership<BR>
Concord Oaks, Inc.<BR>
Concord Oaks Limited Partnership<BR>
Concord Park, Inc.<BR>
Concord Park Limited Partnership<BR>
Concord Pointe, Inc.


<P align="center" style="font-size: 10pt">&#091;Signature Page to Registration Rights Agreement&#093;





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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">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.<BR>
Haverton L.L.C.<BR>
Heathcote Commons LLC<BR>
Heritage Harbour Realty, Inc.<BR>
Heritage Housing Group, Inc.


<P align="center" style="font-size: 10pt">&#091;Signature Page to Registration Rights Agreement&#093;



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

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

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

<P align="left" style="font-size: 10pt">Heritage USH, Inc.<BR>
Home Buyer&#146;s Advantage Realty, Inc.<BR>
Homecraft Corporation<BR>
Imperial Homes Corporation<BR>
Impressions L.L.C.<BR>
Inactive Corporations, Inc.<BR>
Kings Lake TH, LLC<BR>
Kings Ridge Golf Corporation<BR>
Kings Ridge Recreation Corporation<BR>
Kings Wood Development Corporation<BR>
Landmark Homes, Inc.<BR>
Laureate Homes of Arizona, Inc.<BR>
Legacy Homes, Inc.<BR>
Legends Club, Inc.<BR>
Legends Golf Club, Inc.<BR>
LENH I, LLC<BR>
Lennar Acquisition Corp. II<BR>
Lennar Americanos Douglas, LLC<BR>
Lennar Associates Management, LLC<BR>
Lennar Associates Management Holding Company<BR>
Lennar Aviation, Inc.<BR>
Lennar Carolina, Inc.<BR>
Lennar Central Park, LLC<BR>
Lennar Central Region Sweep, Inc.<BR>
Lennar Chicago, Inc.<BR>
Lennar Communities, Inc.<BR>
Lennar Communities Development, Inc.<BR>
Lennar Communities of Florida, Inc.<BR>
Lennar Communities of South Florida, Inc.<BR>
Lennar Construction, Inc.<BR>
Lennar Coto Holdings, L.L.C.<BR>
Lennar Developers, Inc.<BR>
Lennar Developers, Inc. II<BR>
Lennar Developers, Inc. III<BR>
Lennar Family of Builders GP, Inc.<BR>
Lennar Family of Builders Limited Partnership<BR>
Lennar Financial Services, LLC<BR>
Lennar Fresno, Inc.<BR>
Lennar Homes, Inc.<BR>
Lennar Homes Holding Corp.<BR>
Lennar Homes of Arizona, Inc.<BR>
Lennar Homes of California, Inc.<BR>
Lennar Homes of Texas Land and Construction, Ltd.<BR>
Lennar Homes of Texas Sales and Marketing, Ltd.<BR>
Lennar Houston Land, LLC<BR>
Lennar La Paz, Inc.


<P align="center" style="font-size: 10pt">&#091;Signature Page to Registration Rights Agreement&#093;



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

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

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

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


<P align="center" style="font-size: 10pt">&#091;Signature Page to Registration Rights Agreement&#093;



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">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<BR>
Northgate Highlands Development II, LLC<BR>
NuHome Designs, L.L.C.<BR>
Oceanpointe Development Corporation<BR>
Orrin Thompson Construction Company<BR>
Orrin Thompson Homes Corp.<BR>
Paparone Construction Co.<BR>
Parc Chestnut L.L.C.<BR>
Parkside Estates L.L.C.<BR>
Patriot Homes, Inc.<BR>
Patriot Homes of Virginia, Inc.<BR>
Placer Vineyards, LLC<BR>
Polygon La Paz Associates<BR>
Providence Glen L.L.C.<BR>
Rancho Summit, LLC<BR>
Rivenhome Corporation<BR>
Riviera Land Corp.<BR>
RRKTG Lumber, LLC<BR>
Rutenberg Homes, Inc. (FL)<BR>
Rutenberg Homes of Texas, Inc.<BR>
S. Florida Construction, LLC<BR>
S. Florida Construction II, LLC<BR>
S. Florida Construction III, LLC<BR>
Savell Gulley Development Corporation<BR>
SEA Joint Venture, LLC<BR>
SFHR Management, L.L.C.<BR>
Silver Lakes-Gateway Clubhouse, Inc.<BR>
Sonoma L.L.C.<BR>
South Park Development, LLC<BR>
Spanish Springs Development, LLC<BR>
Stoney Corporation<BR>
Stoneybrook Golf Club, Inc.<BR>
Strategic Cable Technologies, L.P.<BR>
Strategic Holdings, Inc.<BR>
Strategic Technologies, Inc.<BR>
Strategic Technologies Communications of California, Inc.<BR>
Summerway Investment Corp.<BR>
Summerwood, L.L.C.


<P align="center" style="font-size: 10pt">&#091;Signature Page to Registration Rights Agreement&#093;



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

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">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<BR>
U.S. Home Associates Management, Inc.<BR>
U.S. Home Corporation<BR>
U.S. Home of Arizona Construction Co.<BR>
U.S. Home of West Virginia, Inc.<BR>
U.S. Home Realty, Inc. (TX)<BR>
U.S. Home Realty Corporation<BR>
U.S. Home Southwest Holding Corp.<BR>
U.S.H. Corporation of New York<BR>
U.S.H. Los Prados, Inc.<BR>
U.S.H. Realty, Inc.<BR>
University Community Partners, LLC<BR>
USH Acquisition Corp.<BR>
USH Bickford, LLC<BR>
USH Equity Corporation<BR>
USH Heritage Pom, L.L.C.<BR>
USH Millennium Ventures Corp.<BR>
USH (West Lake), Inc.<BR>
USH Woodbridge, Inc.<BR>
USHHH, Inc.<BR>
Villages of Rio Pinar Club, Inc.<BR>
West Adams Street L.L.C.<BR>
West Chocolate Bayou Development Corp.<BR>
Westbrook Homes, LLC<BR>
Westchase, Inc.<BR>
Westchase, Ltd.<BR>
Weststone Corporation
&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; as Guarantors

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Stuart A. Miller</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Stuart A. Miller</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:&nbsp;&nbsp;&nbsp;President and Chief
Executive Officer</TD>
</TR>


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



<P align="center" style="font-size: 10pt">&#091;Signature Page to Registration Rights Agreement&#093;




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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>4
<FILENAME>y69382exv5w1.htm
<DESCRIPTION>EX-5.1 OPINION OF CLIFFORD CHANCE US LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-5.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="right" style="font-size: 12pt"><B>Exhibit&nbsp;5.1</B>


<P align="left" style="font-size: 12pt">December&nbsp;9, 2004


<P align="left" style="font-size: 12pt">Lennar Corporation<BR>
700 Northwest 107th Avenue<BR>
Miami, FL 33172


<P align="left" style="font-size: 12pt">Ladies and Gentlemen:

<P align="left" style="font-size: 12pt">We have acted as counsel to
Lennar Corporation (the &#147;Company&#148;) in connection
with the Company&#146;s offer to exchange $200,000,000 principal amount of its
Series&nbsp;B Senior Floating-Rate Notes due 2007 (the &#147;Notes&#148;) for a like principal
amount of the Company&#146;s Series&nbsp;A Senior Floating-Rate Notes due 2007 (the
&#147;Series&nbsp;A Notes&#148;). The exchange offer is being made pursuant to a Registration
Statement on Form S-4 (the &#147;Registration Statement&#148;) under the Securities Act
of 1933, as amended. In that capacity, we are familiar with the proceedings,
corporate and other, relating to the authorization and issuance of the Notes
and the Series&nbsp;A Notes.


<P align="left" style="font-size: 12pt">Based upon the foregoing, and such other examination of law and fact as we have
deemed necessary, we are of the opinion that when issued in exchange for a like
principal amount of Series&nbsp;A Notes in the manner contemplated by the
Registration Statement, the Notes will have been legally issued and will be
binding obligations of the Company.


<P align="left" style="font-size: 12pt">We consent to the filing of this opinion as an exhibit to the Registration
Statement and to the reference to us under the caption &#147;Legal
Matters&#148; in the
prospectus that is a part of the Registration Statement.



<P align="left" style="font-size: 12pt">Very truly yours,

<P align="left" style="font-size: 12pt">/s/ Clifford
Chance US LLP

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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>y69382exv23w2.htm
<DESCRIPTION>EX-23.2 CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-23.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;23.2</B>



<P align="left" style="font-size: 10pt"><B>Consent of Independent Registered Public Accounting Firm</B>





<P align="left" style="font-size: 10pt">We consent to the
incorporation by reference in this
Registration Statement of Lennar Corporation on Form S-4, relating to
the $200,000,000 senior floating-rate notes due 2007, of our report dated February&nbsp;27, 2004,
except for that portion of Note 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 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 10-K of Lennar Corporation for the
year ended November&nbsp;30, 2003, and to the reference to us under the
headings &#147;Selected Consolidated Condensed Financial Information&#148;
and &#147;Experts&#148; in the Prospectus, which is part of this Registration
Statement.



<P align="left" style="font-size: 10pt">/s/ Deloitte &#038; Touche LLP



<P align="left" style="font-size: 10pt">Miami, Florida<BR>
December&nbsp;9, 2004



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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>6
<FILENAME>y69382exv25w1.htm
<DESCRIPTION>EX-25.1: FORM T-1
<TEXT>
<HTML>
<HEAD>
<TITLE>EXHIBIT 25.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 12pt"><B>Exhibit 25.1</B></DIV>
<HR size="4" noshade color="#000000" style="margin-top: -5px">
<HR size="1" noshade color="#000000" style="margin-top: -10px">





<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

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


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


<P align="center" style="font-size: 18pt"><B>FORM T-1</B>


<P align="center" style="font-size: 10pt">STATEMENT OF ELIGIBILITY<BR>
UNDER THE TRUST INDENTURE ACT OF 1939 OF<BR>
A CORPORATION DESIGNATED TO ACT AS TRUSTEE



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="35%">



<P align="center" style="font-size: 10pt">CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF<BR>
A TRUSTEE PURSUANT TO SECTION 305(b)(2) <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>



<P align="center" style="font-size: 10pt"><HR align="center" size="1" noshade width="35%">


<P align="center" style="font-size: 24pt"><B>J. P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION</B>

<DIV align="center" style="font-size: 10pt">(Exact name of trustee as specified in its charter)</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="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>95-4655078</B></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">(State of incorporation
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(I.R.S. employer</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">if not a national bank)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">identification No.)</TD>
</TR>

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

<TR valign="bottom">
    <TD align="left" valign="top"><B>101 California Street, Floor 38</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><B>San Francisco, California</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>94111</B></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(Zip Code)</TD>
</TR>


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



<P align="center" style="font-size: 10pt">F. Henry Kleschen III<BR>
Assistant General Counsel<BR>
227 West Monroe Street, Suite&nbsp;2600<BR>
Chicago, IL 60606<BR>
Tel: (312)&nbsp;267-5064<BR>
(Name, address and telephone number of agent for service)


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



<P align="center" style="font-size: 10pt"><B>Lennar Corporation</B><BR>
(Exact name of obligor as specified in its charter)


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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>59-1578327</B></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(I.R.S. employer</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">identification No.)</TD>
</TR>

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

<TR valign="bottom">
    <TD align="left" valign="top"><B>700 N.W. 107th Avenue</B></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top"><B>Miami, Florida</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>33172</B></TD>
</TR>

<TR valign="bottom">
    <TD align="left" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(Zip Code)</TD>
</TR>


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



<P align="center" style="font-size: 10pt"><B>Senior Floating-Rate Notes</B><BR>
(Title of the indenture securities)



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






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

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

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

<P align="left" style="font-size: 10pt"><B>Item&nbsp;1. General Information.</B>


<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Furnish the following information as to the trustee:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Name and address of each examining or supervising authority to which it is
subject.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Comptroller of the Currency, Washington, D.C.<BR>
Board of Governors of the Federal Reserve System, Washington, D.C.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="right">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Whether it is authorized to exercise corporate trust powers.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Yes.</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt"><B>Item&nbsp;2. Affiliations with Obligor.</B>



<P align="left" style="margin-left:3%; font-size: 10pt">If the Obligor is an affiliate of the trustee, describe each such affiliation.



<P align="left" style="margin-left:3%; font-size: 10pt">None.

<P align="left" style="font-size: 10pt"><B>No responses are included for Items 3-15 of this Form T-1 because the Obligor is not in default as
provided under Item&nbsp;13.</B>



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

<P align="left" style="font-size: 10pt">List below all exhibits filed as part of this statement of eligibility.


<DIV align="right">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="97%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="9%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Articles of Association of the Trustee as Now in Effect (see Exhibit&nbsp;1 to Form&nbsp;T-1 filed in connection with Form&nbsp;8K
of the Southern California Water Company filing, dated December&nbsp;7, 2001, which is incorporated by reference).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;2.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Authority of the Trustee to Commence Business (see Exhibit&nbsp;2 to Form&nbsp;T-1 filed in connection with
Registration Statement No.&nbsp;333-41329, which is incorporated by reference).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;3.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorization of the Trustee to Exercise Corporate Trust Powers (contained in Exhibit&nbsp;2).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;4.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Existing By-Laws of the Trustee (see Exhibit&nbsp;4 to Form&nbsp;T-1 filed in connection with Form&nbsp;8K of the Southern
California Water Company filing, dated December&nbsp;7, 2001, which is incorporated by reference).</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;5.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;6.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The consent of the Trustee required by Section&nbsp;321 (b)&nbsp;of the Act.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;7.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">A copy of the latest report of condition of the Trustee, published pursuant to law or the requirements of its
supervising or examining authority.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;8.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Exhibit&nbsp;9.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Not Applicable</TD>
</TR>


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



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

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

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

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, J. P. Morgan
Trust Company, National Association, has duly caused this statement of eligibility and
qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the
City of Jacksonville, and State of Florida, on the 7th day of December, 2004.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">J. P. Morgan Trust Company, National Association<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ J. Pope
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">J. Pope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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

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

<P align="right" style="font-size: 10pt"><B>EXHIBIT 6</B>


<P align="center" style="font-size: 10pt">THE CONSENT OF THE TRUSTEE REQUIRED BY<BR>
SECTION 321(b) OF THE ACT



<P align="center" style="font-size: 10pt">December&nbsp;7, 2004



<P align="left" style="font-size: 10pt">Securities and Exchange Commission<BR>
Washington, D.C. 20549


<P align="left" style="font-size: 10pt">Ladies and Gentlemen:

<P align="left" style="font-size: 10pt">In connection with the qualification of an indenture between Lennar Corporation and J.P. Morgan
Trust Company, National Association, as trustee, the undersigned, in accordance with Section 321(b)
of the Trust Indenture Act of 1939, as amended, hereby consents that the reports of examinations of
the undersigned, made by Federal or State authorities authorized to make such examinations, may be
furnished by such authorities to the Securities and Exchange Commission upon its request therefor.



<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" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
<BR>
<BR>
<B>J.P. Morgan Trust Company, National Association</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ J. Pope
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">J. Pope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Authorized Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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

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

<P align="left" style="font-size: 10pt"><B>Exhibit&nbsp;7. </B>Report of Condition of the Trustee.

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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="86%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top"><B>Consolidated Report of Condition of</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><u>J.P. Morgan Trust Company, National Association</u></TD>
</TR>

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


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


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

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>as of close of business on</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><u>September</u></TD>
</TR>


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



<P align="center" style="font-size: 10pt"><B>J. P. Morgan Trust Company, National Association<BR>
Statement of Condition</B>



<P align="center" style="font-size: 10pt"><B><I>September&nbsp;30, 2004</I></B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="80%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3"><B>($000)</B></TD>
</TR>


<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Assets</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Cash and Due From Banks</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28,672</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,134</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Loans and Leases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,847</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Premises and Fixed Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,202</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Intangible Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">384,284</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,011</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,941</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">927,091</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="4" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Liabilities</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">94,426</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Other Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,575</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,001</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><B><I>Equity Capital</I></B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Common Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">701,587</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:20px; text-indent:-10px">Retained Earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,903</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Equity Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">777,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:10px; text-indent:-10px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><HR size="1" noshade>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #eeeeee">
    <TD><DIV style="margin-left:30px; text-indent:-10px">Total Liabilities and Equity Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">927,091</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>




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


</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>7
<FILENAME>y69382exv99w5.htm
<DESCRIPTION>EX-99.5 FORM OF LETTER OF TRANSMITTAL
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>Exhibit 99.5</B>



<P align="center" style="font-size: 10pt"><B>FORM OF LETTER OF TRANSMITTAL</B>



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



<P align="center" style="font-size: 10pt"><B>TO EXCHANGE SERIES A SENIOR FLOATING-RATE NOTES DUE 2007</B>



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



<P align="center" style="font-size: 10pt"><B>SERIES B SENIOR FLOATING-RATE NOTES DUE 2007</B>



<DIV align="center" style="font-size: 10pt"><B>(REGISTERED UNDER THE SECURITIES ACT OF 1933)</B>
</DIV>


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



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



<P align="center" style="font-size: 10pt"><B>THE RIGHT TO EXCHANGE LENNAR SERIES A SENIOR FLOATING-RATE NOTES DUE 2007 FOR LENNAR SERIES B SENIOR FLOATING-RATE NOTES DUE 2007 WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON </B>



<P align="center" style="font-size: 10pt"><B>J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, EXCHANGE AGENT</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By Mail:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Hand:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Overnight Courier:</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J.P.
Morgan Trust Company, N.A.,
</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Trust Company, N.A.,
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Trust Company, N.A.,</TD>
</TR>

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

<TR valign="bottom">

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

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2001 Bryan Street, 9th Floor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2001 Bryan Street, 9th Floor
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2001 Bryan Street, 9th Floor</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dallas, TX 75201
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dallas, TX 75201
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dallas, TX 75201</TD>
</TR>

<TR valign="bottom">

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

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


<P align="left" style="font-size: 10pt">Delivery of this instrument to an address other than as set forth above will
not constitute a valid delivery.


<P align="left" style="font-size: 10pt">This Letter of Transmittal is to be used to submit Series&nbsp;A senior
floating-rate notes (&#147;Series&nbsp;A Notes&#148;) of Lennar Corporation (&#147;Lennar&#148;) to be
exchanged for Series&nbsp;B senior floating-rate notes (&#147;Series&nbsp;B Notes&#148;) of Lennar.
This Letter of Transmittal must be delivered to J.P. Morgan Trust Company,
National Association, as exchange agent (the &#147;Exchange Agent&#148;). Delivery of
this Letter of Transmittal to DTC does not constitute delivery to the Exchange
Agent.




<P align="left" style="margin-left:4%; font-size: 10pt">THE SERIES A NOTES MUST BE DELIVERED BY BOOK-ENTRY TRANSFER TO
THE EXCHANGE AGENT&#146;S ACCOUNT AT DTC, YOU MUST COMPLETE THE
FOLLOWING:


<P align="left" style="font-size: 10pt">Account Number at DTC:



<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">


<DIV align="left" style="font-size: 10pt">Transaction Code Number:</DIV>


<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">



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

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

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




<P align="center" style="font-size: 10pt"><B>DESCRIPTION OF SERIES A NOTES SUBMITTED</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="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>NAME(S) AND ADDRESS(ES) OF REGISTERED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>HOLDER(S)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>SERIES A NOTES SUBMITTED</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>(PLEASE FILL IN, IF BLANK)</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>(ATTACH ADDITIONAL LIST IF NECESSARY)</B><HR size="1" noshade></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>PRINCIPAL AMOUNT OF</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>SERIES A NOTES</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>PRINCIPAL AMOUNT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>SUBMITTED (IF LESS</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>OF SERIES A NOTES</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>THAN ALL)*</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Total Amount of
Series&nbsp;A Notes:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></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">*</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Series&nbsp;A Notes may be tendered in whole or in part in denominations of
$1,000 and integral multiples thereof. Unless otherwise indicated it will
be assumed that all Series&nbsp;A Notes described above are being submitted.
See Instruction 4.</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">&nbsp;</H5><P>

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






<P align="center" style="font-size: 10pt"><B>NOTE: THIS LETTER OF TRANSMITTAL MUST BE SIGNED.</B>



<P align="center" style="font-size: 10pt"><B>PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY.</B>

<P align="left" style="font-size: 10pt">By this document, the undersigned submits the Series&nbsp;A Notes listed above (the
&#147;Series&nbsp;A Notes to be Exchanged&#148;) to be exchanged for Series&nbsp;B Notes as
described in the Prospectus dated &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;, (the &#147;Prospectus&#148;) under the
caption &#147;The Exchange Offer&#148; and in the instructions in this Letter of
Transmittal.


<P align="left" style="font-size: 10pt">Subject to, and effective upon, the issuance of Series&nbsp;B Notes in exchange for
the Series&nbsp;A Notes to be Exchanged, the undersigned sells, assigns and
transfers all the Series&nbsp;A Notes to be Exchanged to Lennar and irrevocably
appoints the Exchange Agent the agent and attorney-in-fact of the undersigned,
with full power of substitution, to deliver the certificates representing the
Series&nbsp;A Notes to be Exchanged, or transfer ownership of the Series&nbsp;A Notes to
be Exchanged on the records of DTC, to Lennar upon receipt by the Exchange
Agent, as the undersigned&#146;s agent, of the Series&nbsp;B Notes to be issued in
exchange for the Series&nbsp;A Notes to be Exchanged.


<P align="left" style="font-size: 10pt">The undersigned represents and warrants that the undersigned has full power and
authority to exchange the Series&nbsp;A Notes to be Exchanged for Series&nbsp;B Notes and
that, when Series&nbsp;B Notes are issued in exchange for the Series&nbsp;A Notes to be
Exchanged, Lennar will acquire title to the Series&nbsp;A Notes to be Exchanged,
free and clear of any liens, restrictions, charges, encumbrances or adverse
claims. The undersigned will, upon request, execute and deliver any additional
documents deemed by the Exchange Agent or by Lennar to be necessary or
desirable to complete the transfer of the Series&nbsp;A Notes to be Exchanged to
Lennar.


<P align="left" style="font-size: 10pt">The authority conferred in this Letter of Transmittal will not be affected by,
and will survive, the death or incapacity of the undersigned. The obligations
of the undersigned under this Letter of Transmittal or otherwise resulting from
the submission of the Series&nbsp;A Notes to be Exchanged for exchange will be
binding upon the successors, assigns, heirs, executors, administrators and
legal representatives of the undersigned. The submission of Series&nbsp;A Notes to
be Exchanged for exchange is irrevocable.


<P align="left" style="font-size: 10pt">Unless otherwise indicated in the box below captioned &#147;Special Issuance
Instructions&#148; or the box below captioned &#147;Special Delivery Instructions,&#148;
please issue and deliver the certificates representing the Series&nbsp;B Notes being
issued in exchange for the Series&nbsp;A Notes to be Exchanged, and deliver
certificates representing any Series&nbsp;A Notes which are not being exchanged or
are not accepted for exchange, to the undersigned at the address shown below
the undersigned&#146;s signature. If one or both of the boxes captioned &#147;Special
Issuance Instructions&#148; and &#147;Special Delivery Instructions&#148; are completed,
please issue and deliver the notes or confirmation of book-entry transfer as
indicated. Lennar noteholders who deliver Series&nbsp;A Notes to be Exchanged by
book-entry transfer may, by making an appropriate entry under &#147;Special Issuance
Instructions,&#148; request that any Series&nbsp;A Notes which are not accepted for
exchange be returned by crediting a different account at DTC. The undersigned
is aware that Lennar has no obligation because of Special Issuance Instructions
or otherwise to transfer any Series&nbsp;A Notes which are not accepted for exchange
from the name of the registered holder of those Series&nbsp;A Notes to the name of
another person.



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

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

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




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


<DIV align="center" style="font-size: 10pt"><B>(SEE INSTRUCTIONS 5, 6 AND 7)</B></DIV>


<P align="left" style="font-size: 10pt">To be completed ONLY if Series&nbsp;B Notes or Series&nbsp;A Notes which are not
exchanged are to be issued in the name of someone other than the undersigned,
or if Series&nbsp;A Notes delivered by book-entry transfer which are not exchanged
are to be returned by credit to an account at DTC other than that designated
above.



<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap>Issue:&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD><FONT face="Wingdings">&#111;</FONT> Series&nbsp;B Notes<BR><BR><FONT face="Wingdings">&#111;</FONT> Series&nbsp;A Notes not exchanged</TD>
</TR>
</TABLE>


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



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



<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">


<DIV align="left" style="font-size: 10pt">(PLEASE PRINT)</DIV>


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



<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">


<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">


<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">


<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">


<DIV align="left" style="font-size: 10pt">(INCLUDE ZIP CODE)</DIV>


<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="50%">


<DIV align="left" style="font-size: 10pt">(TAX IDENTIFICATION OR SOCIAL SECURITY NUMBER.)</DIV>


<P>
<TABLE width="100%" border="0" cellpadding="2" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="1%"></TD>
    <TD width="99%"></TD>
</TR>
<TR valign="top">
    <TD nowrap><FONT face="Wingdings">&#111;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>Credit Series&nbsp;A Notes which were delivered by book-entry transfer and
are not accepted for exchange to the following DTC account:</TD>
</TR>
</TABLE>


<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">


<DIV align="left" style="font-size: 10pt">(ACCOUNT NUMBER)</DIV>


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

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

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

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


<DIV align="center" style="font-size: 10pt"><B>FORMING PART OF THE TERMS OF THE EXCHANGE OFFER</B></DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.&nbsp;</B>GUARANTEE OF SIGNATURES. No signature guarantee is required on this
Letter of Transmittal if (i)&nbsp;this Letter of Transmittal is signed by the
registered holder of the Series&nbsp;A Notes to be Exchanged (which, for purposes of
this document, includes any participant in DTC whose name appears on a security
position listing as the owner of the Series&nbsp;A Notes to be Exchanged) unless the
holder has completed the box entitled &#147;Special Issuance Instructions&#148; or (ii)
the Series&nbsp;A Notes to be Exchanged are submitted for the account of a member
firm of a registered national securities exchange or a member of the National
Association of Securities Dealers, Inc. or by a commercial bank or trust
company which has an office or correspondent in the United States
(collectively, &#147;Eligible Institutions&#148;). In all other cases, all signatures on
this Letter of Transmittal must be guaranteed by an Eligible Institution. See
Instruction 5.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.&nbsp;</B>DELIVERY OF LETTER OF TRANSMITTAL AND CERTIFICATES. This Letter of
Transmittal is to be completed by noteholders even though Series&nbsp;A Notes are
being submitted in accordance with the procedures for delivery by book-entry
transfer described in the Exchange Instructions. The Exchange Agent must
receive, at or before the Expiration Time, confirmation by DTC of transfer of
the Series&nbsp;A Notes to be Exchanged to an account of the Exchange Agent,
together with a properly completed and executed Letter of Transmittal.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submission of Series&nbsp;A Notes to be Exchanged will be irrevocable.
Submission may not be conditional or contingent. The method of delivery of
this Letter of Transmittal and confirmation of delivery of Series&nbsp;A Notes to be
Exchanged through DTC, is at the option and risk of the exchanging noteholder.
Delivery will not be deemed made until items are actually received by the
Exchange Agent. If delivery is by mail, registered mail with return receipt
requested, properly insured, is recommended.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.&nbsp;</B>INADEQUATE SPACE. If the space provided in this Letter of Transmittal
is inadequate, the numbers of Series&nbsp;A Notes being submitted for exchange
should be listed on a separate signed schedule, which should be attached to
this Letter of Transmittal.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.&nbsp;</B>SIGNATURES ON LETTER OF TRANSMITTAL. The signature(s) on this Letter
of Transmittal must correspond exactly with the name(s) in which the Series&nbsp;A
Notes to be exchanged are held.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Series&nbsp;A Notes to be Exchanged are owned of record by two or more
joint owners, all the owners must sign this Letter of Transmittal.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Letter of Transmittal is signed by a trustee, executor,
administrator, guardian, attorney-in-fact, officer of a corporation or other
person acting in a fiduciary or representative capacity, that person should so
indicate when signing, and submit evidence satisfactory to the Purchaser of the
person&#146;s authority so to act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.&nbsp;</B>TRANSFER TAXES. Except as set forth in this Instruction 5, Lennar will
pay any transfer taxes with respect to the transfer to it of Series&nbsp;A Notes to
be Exchanged. If Series&nbsp;B Notes or Series&nbsp;A Notes which are not exchanged are
to be credited to an account at DTC other than the account designated above the
Series&nbsp;B Notes will not be issued until Lennar or the Exchange Agent receives
satisfactory evidence of the payment of, or an exemption from the need to pay,
transfer taxes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Except as provided in this Instruction 5, it will not be necessary for
transfer tax stamps to be affixed to the certificates submitted with this
Letter of Transmittal.


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.&nbsp;</B>SPECIAL ISSUANCE INSTRUCTIONS. Noteholders may request that Series&nbsp;B
Notes and Series&nbsp;A Notes which are not exchanged be credited to an account at
DTC which the noteholder designates. If no instructions are given, notes
tendered by book-entry transfer which are not exchanged will be returned by
crediting the account at DTC designated above.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.&nbsp;</B>REQUESTS FOR ASSISTANCE OR ADDITIONAL COPIES. Requests for assistance
may be directed to, or additional copies of the Prospectus and this Letter of
Transmittal may be obtained from, Lennar Corporation, Attn: Director of
Investor Relations at 700 Northwest 107th Avenue, Miami, Florida, 33172, or
from your broker, dealer, commercial bank or trust company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.&nbsp;</B>WAIVER OF REQUIREMENTS. The requirements described above may be waived
by Lennar, in whole or in part, at any time and from time to time, in Lennar&#146;s
sole discretion, and may be waived as to Series&nbsp;A Notes submitted by particular
noteholders, even if similar requirements are not waived as to other
noteholders.

<P align="left" style="font-size: 10pt">Important: This Letter of Transmittal, together with confirmation of
book-entry transfer, must be received by the Exchange Agent before 5:00 P.M.,
New York City time, on .



<P align="center" style="font-size: 10pt"><B>(DO NOT WRITE IN THE SPACES BELOW)</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Date received</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Accepted by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Checked by</B></TD>
</TR>

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

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR align="left" size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR align="left" size="1" noshade></TD>
</TR>

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>SERIES A NOTES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>SERIES A NOTES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>SERIES B NOTES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>SERIES A NOTES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>BLOCK</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>SUBMITTED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ACCEPTED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>ISSUED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>RETURNED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>NO.</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></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 align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></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 align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Delivery Prepared by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Checked by</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B></TD>
</TR>

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

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>

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



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

</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>8
<FILENAME>y69382exv99w6.htm
<DESCRIPTION>EX-99.6 FORM OF NOTICE OF GUARANTEED DELIVERY
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;99.6</B>



<P align="center" style="font-size: 10pt"><B>FORM OF NOTICE OF GUARANTEED DELIVERY</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you
are in any doubt as to the action to be taken, you should seek your own
financial advice from your own independent financial advisor.


<P align="center" style="font-size: 10pt"><B>NOTICE OF GUARANTEED DELIVERY</B>



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



<P align="center" style="font-size: 10pt"><B>SERIES A SENIOR FLOATING-RATE NOTES DUE 2007</B>



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



<P align="center" style="font-size: 10pt"><B>SERIES B SENIOR FLOATING-RATE NOTES DUE 2007</B>



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




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


<P align="left" style="font-size: 10pt">Holders of outstanding Senior Floating-Rate Notes due 2007 (the &#147;Series&nbsp;A
Notes&#148;) who wish to tender their Series&nbsp;A Notes in exchange for a like
principal amount of new Series&nbsp;B Senior Floating-Rate Notes due 2007 (the
&#147;Series&nbsp;B Notes&#148;) who cannot deliver their Series&nbsp;A Notes and Letter of
Transmittal (and any other documents required by the Letter of Transmittal) to
J.P. Morgan Trust Company, National Association (the &#147;Exchange Agent&#148;) prior to
the Expiration Date, may use this Notice of Guaranteed Delivery or one
substantially equivalent hereto. This Notice of Guaranteed Delivery may be
delivered by hand or sent by facsimile transmission (receipt confirmed by
telephone and an original delivered by guaranteed overnight courier) or mail to
the Exchange Agent. See &#147;The Exchange Offer &#151; Procedures for Tendering&#148; in the
Prospectus.



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


<P align="center" style="font-size: 10pt"><B>J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION</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="47%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By Hand:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Mail:</TD>
</TR>

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

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J.P. Morgan Trust Company, National Association,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">J.P. Morgan Trust Company, National
Association,</TD>
</TR>

<TR valign="bottom">

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

<TR valign="bottom">

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

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2001 Bryan Street, 9th Floor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2001 Bryan Street, 9th Floor</TD>
</TR>

<TR valign="bottom">
<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dallas, TX 75201
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dallas, TX 75201</TD>
</TR>

<TR valign="bottom">

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By Overnight Express:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By Facsimile:</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">J.P. Morgan Trust Company, National Association,
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax number: (214) 468-6494</TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Institutional Trust Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confirm by telephone: (800) 275-2048</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">2001 Bryan Street, 9th Floor</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">Dallas, TX 75201</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">Attention:
Frank Ivins</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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



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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS OTHER THAN AS
SET FORTH ABOVE, OR TRANSMISSION OF INSTRUCTIONS VIA FACSIMILE TRANSMISSION
OTHER THAN AS SET FORTH ABOVE, WILL NOT CONSTITUTE A VALID DELIVERY.</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>This form is not to be used to guarantee signatures. If the instructions
to the Letter of Transmittal require that the signature on the Letter of
Transmittal be guaranteed by an &#147;Eligible Institution,&#148; that signature
guarantee must appear in the applicable space provided in the signature box on
the Letter of Transmittal.</B>


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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned hereby tenders to the Lennar Corporation (&#147;Lennar&#148;), upon
the terms and subject to the conditions set forth in the Prospectus dated
&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;, and the related Letter of Transmittal, receipt of each of which
is hereby acknowledged, the Series&nbsp;A Notes specified below using the guaranteed
delivery procedures set forth in the Prospectus under the caption &#147;Procedures
for Tendering Notes&#151;Guaranteed Delivery.&#148;


<P align="center" style="font-size: 10pt"><B>PLEASE SIGN AND COMPLETE</B>


<P align="left" style="font-size: 10pt">This Notice of Guaranteed Delivery must be signed by the holder(s) of Series
Notes exactly as the name of the applicable DTC participant&#146;s name appears on a
security position listing as the owner of Notes, or by person(s) authorized to
become holder(s) by endorsements and documents transmitted with this Notice of
Guaranteed Delivery. If the signature appearing below is not of the holder(s)
of the Notes, then in order to validly surrender Series&nbsp;A Notes the holder(s)
must sign a valid proxy. If the signature is by a trustee, executor,
administrator, guardian, attorney-in-fact, officer or other person acting in a
fiduciary or representative capacity, that person must set forth his or her
name, address and capacity as indicated below and may be required to submit
evidence satisfactory to Lennar of that person&#146;s authority to so act.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Aggregate Principal Amount of<BR>
Series&nbsp;A Notes Surrendered:
</DIV></TD>
    <TD align="left" valign="bottom"><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name(s) of Holder(s):<BR><HR size="1" noshade></TD>
</TR>

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Certificate Nos. (if available): </DIV></TD>
    <TD align="left" valign="bottom"><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade>
Address of Holder(s):</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Window Ticket No. (if any):
</DIV></TD>
    <TD align="left" valign="bottom"><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>

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

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Check box if Series&nbsp;A Notes will be
tendered by Book-Entry Transfer:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Area Code and Tel. No: <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><BR>
Names of Authorized Signatory:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT face="Wingdings">&#111;</FONT> The Depository Trust Company</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

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</DIV>



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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
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<!-- 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">Capacity:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U><U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
</TR>

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

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></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"><HR size="1" noshade></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"><HR size="1" noshade></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">Area Code and Tel. No.: <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Transaction Code Number:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Signature(s) of Holder(s) or Authorized Signatory:</TD>
</TR>

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

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</DIV>



<P align="center" style="font-size: 10pt"><B>THE GUARANTEE ON THIS PAGE MUST BE COMPLETED</B>.



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



<P align="center" style="font-size: 10pt"><I>(Not to be used for signature guarantee)</I>


<P align="left" style="font-size: 10pt">The undersigned bank, broker, dealer, credit union, savings association or
other member entity of the Securities Transfer Agents&#146; Medallion Program,
the Stock Exchange Medallion Program or the New York Stock Exchange
Medallion Signature Program (each of the foregoing entities being referred
to as an &#147;Eligible Institution&#148;) hereby guarantees to deliver to the
Exchange Agent at one of its addresses set forth in the Notice of
Guaranteed Delivery (i)&nbsp;book-entry confirmation of the transfer of the
Series&nbsp;A Notes into the Exchange Agent&#146;s account at DTC pursuant to the
procedures set forth in the Prospectus, or (ii)&nbsp;either (x)&nbsp;a properly
completed and duly executed Letter of Transmittal (or a manually signed
facsimile copy thereof) or (y)&nbsp;a properly transmitted Agent&#146;s Message and
(z)&nbsp;all other documents required by the Letter of Transmittal or the
Agent&#146;s Message, in each case, within three Nasdaq trading days after the
date of this Guarantee.


<P align="left" style="font-size: 10pt">The Eligible Institution that completes this form must communicate the
guarantee to the Exchange Agent and must deliver all applicable, letters,
confirmations, messages and other documents to the Exchange Agent within
the time period shown herein. Failure to do so could result in financial
loss to such Eligible Institution.


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name of Firm: <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Address:<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: <U> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U></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 align="center" valign="top">(Please Print)</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 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 align="left" valign="top">Title: </TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Area Code and Tel. No.: <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date:</TD>
</TR>

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</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>9
<FILENAME>y69382exv99w7.htm
<DESCRIPTION>EX-99.7 FORM OF EXCHANGE AGENT AGREEMENT
<TEXT>
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<TITLE>EX-99.7</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;99.7</B>



<P align="center" style="font-size: 10pt"><B>FORM OF EXCHANGE AGENT AGREEMENT</B>



<P align="left" style="font-size: 10pt"><HR align="left" size="1" noshade width="25%">



<P align="left" style="font-size: 10pt">EXCHANGE AGENT AGREEMENT



<P align="left" style="font-size: 10pt">J.P. Morgan Trust Company, National Association



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


<P align="left" style="font-size: 10pt">Lennar Corporation, a Delaware corporation (the &#147;Company&#148;), proposes to make an
offer (the &#147;Exchange Offer&#148;) to exchange up to $200,000,000 aggregate principal
amount of its Series&nbsp;B Senior Floating-Rate Notes due 2007 (the &#147;Exchange
Notes&#148;), for a like principal amount of its outstanding Series&nbsp;A Senior
Floating-Rate Notes due 2007 (the &#147;Private Notes&#148;). The terms and conditions
of the Exchange Offer are set forth in a prospectus (the &#147;Prospectus&#148;) included
in the Company&#146;s registration statement on form S-4 (File No.&nbsp;333- ) (the
&#147;Registration Statement&#148;), filed with the Securities and Exchange Commission
(the &#147;SEC&#148;), proposed to be distributed to all record holders of the Private
Notes. The Private Notes and the Exchange Notes are collectively referred to
herein as the &#147;Notes.&#148; Capitalized terms used herein and not defined shall have
the respective meanings ascribed to them in the Prospectus.


<P align="left" style="font-size: 10pt">The Company hereby appoints J.P. Morgan Trust Company, National Association to
act as exchange agent (the &#147;Exchange Agent&#148;) in connection with the Exchange
Offer. References hereinafter to &#147;you&#148; shall refer to J.P. Morgan Trust
Company, National Association.


<P align="left" style="font-size: 10pt">The Exchange Offer is expected to be commenced by the Company on or about
&nbsp;&nbsp;&nbsp;. The Letter of Transmittal accompanying the Prospectus is to be
used by the holders of the Private Notes to accept the Exchange Offer and
contains instructions with respect to the delivery of certificates for Private
Notes tendered.


<P align="left" style="font-size: 10pt">The Exchange Offer shall expire at 5:00 P.M., New York City time, on
&nbsp;&nbsp;&nbsp;, or on such later date or time to which the Company may extend
the Exchange Offer (the &#147;Expiration Date&#148;). Subject to the terms and
conditions set forth in the Prospectus, the Company expressly reserves the
right to extend the Exchange Offer from time to time and may extend the
Exchange Offer by giving oral (confirmed in writing) or written notice to you
before 9:00 A.M., New York City time, on the next business day after the
previously scheduled Expiration Date.


<P align="left" style="font-size: 10pt">The Company expressly reserves the right, in its sole discretion, to amend or
terminate the Exchange Offer, and not to accept for exchange any Private Notes
not theretofore accepted for exchange. The Company will give oral (confirmed
in writing) or written notice of any amendment, termination or non-acceptance
to you as promptly as practicable.


<P align="left" style="font-size: 10pt">In carrying out your duties as Exchange Agent, you are to act in accordance
with the following instructions:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>1.&nbsp;</B>You will perform such duties and only such duties as are specifically
set forth in the section of the Prospectus captioned &#147;The Exchange Offer,&#148; in
the Letter of Transmittal accompanying the


<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">Prospectus or as specifically set forth herein; provided, however, that in
no way will your general duty to act in good faith and without gross negligence
or willful misconduct be limited by the foregoing.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2.&nbsp;</B>You will establish an account with respect to the Private Notes at The
Depository Trust Company (the &#147;Book-Entry Transfer Facility&#148;) for purposes of
the Exchange Offer within two business days after the date of the Prospectus,
and any financial institution that is a participant in the Book-Entry Transfer
Facility&#146;s systems may make book-entry delivery of the Private Notes by causing
the Book-Entry Transfer Facility to transfer such Private Notes into your
account in accordance with the Book-Entry Transfer Facility&#146;s procedures for
such transfer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>3.&nbsp;</B>You are to examine each of the Letters of Transmittal and confirmations
of book-entry transfers of Private Notes into your account at the Book-Entry
Transfer Facility and any other documents delivered or mailed to you by or for
holders of the Private Notes, to ascertain whether: (i)&nbsp;the Letters of
Transmittal, and any such other documents are duly executed and properly
completed in accordance with instructions set forth therein and that such
book-entry confirmations are in due and proper form and contain the information
required to be set forth therein, and (ii)&nbsp;the Private Notes have otherwise
been properly tendered. In each case where the Letter of Transmittal or any
other document has been improperly completed or executed, or where book-entry
confirmations are not in due and proper form or omit certain information, or
some other irregularity in connection with the acceptance of the Exchange Offer
exists, you will endeavor to inform the presenters of the need for fulfillment
of all requirements and to take any other action as may be necessary or
advisable to cause such irregularity to be corrected.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>4.&nbsp;</B>With the approval of the Chairman, the President and Chief Executive
Officer, any of the Executive Vice Presidents or the General Counsel of the
Company (such approval, if given orally, to be confirmed in writing) or any
other person designated by such an officer in writing, you are authorized to
waive any irregularities in connection with any tendency of Private Notes
pursuant to the Exchange Offer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>5.&nbsp;</B>Tenders of Private Notes may be made only as set forth in the Letter of
Transmittal and in the section of the Prospectus captioned &#147;The Exchange Offer
&#151; Procedures for Tendering,&#148; and Private Notes shall be considered properly
tendered to you only when tendered in accordance with the procedures set forth
therein. Notwithstanding the provisions of this paragraph 5, Private Notes
which the Chairman, the President and Chief Executive Officer, any of the
Executive Vice Presidents or the General Counsel or any other officer of the
Company designated by any such person shall approve as having been properly
tendered shall be considered to be properly tendered (such approval, if given
orally, shall be confirmed in writing).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>6.&nbsp;</B>You shall advise the Company with respect to any Private Notes received
subsequent to the Expiration Date and accept its instructions with respect to
disposition of such Private Notes.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>7.&nbsp;</B>You shall accept tenders:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>in cases where the Private Notes are registered in two or more names
only if signed by all named holders;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B>in cases where the signing person (as indicated on the Letter of
Transmittal) is acting in a fiduciary or a representative capacity only when
proper evidence of his or her authority so to act is submitted; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;</B>from persons other than the registered holder of Private Notes
provided that customary transfer requirements, including those regarding any
applicable transfer taxes, are fulfilled.


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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You shall accept partial tenders of Private Notes when so indicated and as
permitted in the Letter of Transmittal and return any untendered Private Notes
to the holder (or such other person as may be designated in the Letter of
Transmittal) as promptly as practicable after expiration or termination of the
Exchange Offer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>8.&nbsp;</B>Upon satisfaction or waiver of all of the conditions to the Exchange
Offer, the Company will notify you (such notice if given orally, to be
confirmed in writing) of its acceptance, promptly after the Expiration Date, of
all Private Notes properly tendered and you, on behalf of the Company, will
exchange such Private Notes for Exchange Notes and cause such Private Notes to
be canceled. Delivery of Exchange Notes will be made on behalf of the Company
by you at the rate of $1,000 principal amount of Exchange Notes for each $1,000
principal amount of the Private Notes tendered promptly after notice (such
notice if given orally, to be confirmed in writing) of acceptance of said
Private Notes by the Company; provided, however, that in all cases, Private
Notes tendered pursuant to the Exchange Offer will be exchanged only after
timely receipt by you of confirmation of book-entry transfer into your account
at the Book-Entry Transfer Facility, a properly completed and, except as
described in the section of the prospectus captioned &#147;The Exchange Offer &#151;
Procedures for Tendering,&#148; duly executed Letter of Transmittal (or facsimile
thereof) with any required signature guarantees and any other required
documents. Unless otherwise instructed by the Company, you shall issue
Exchange Notes only in denominations of $1,000 or any integral multiple
thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>9.&nbsp;</B>Tenders pursuant to the Exchange Offer are irrevocable, except that,
subject to the terms and upon the conditions set forth in the Prospectus and
the Letter of Transmittal, Private Notes tendered pursuant to the Exchange
Offer may be withdrawn at any time on or prior to the Expiration Date in
accordance with the terms of the Exchange Offer.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>10.&nbsp;</B>The Company shall not be required to exchange any Private Notes
tendered if any of the conditions set forth in the Exchange Offer are not met.
Notice of any decision by the Company not to exchange any Private Notes
tendered shall be given (and confirmed in writing) by the Company to you.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>11.&nbsp;</B>If, pursuant to the Exchange Offer, the Company does not accept for
exchange all or part of the Private Notes tendered because of an invalid
tender, the occurrence of certain other events set forth in the Prospectus or
otherwise, you shall as soon as practicable after the expiration or termination
of the Exchange Offer return those unaccepted Private Notes by appropriate
book-entry transfer, together with any related required documents and the
Letters of Transmittal relating thereto that are in your possession, to the
persons who surrendered them.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>12.&nbsp;</B>You are not authorized to pay or offer to pay any concessions,
commissions or other solicitation fees to any broker, dealer, commercial bank,
trust company or other nominee or to engage or use any person to solicit
tenders.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>13.&nbsp;</B>As Exchange Agent hereunder, you:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(a)&nbsp;</B>shall have no duties or obligations other than those specifically set
forth in the Prospectus, the Letter of Transmittal or herein or as may be
subsequently agreed to in writing by you and the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(b)&nbsp;</B>will be regarded as making no representations and having no
responsibilities as to the validity, sufficiency, value or genuineness of any
of the certificates for the Private Notes deposited with you pursuant to the
Exchange Offer, and will not be required to and will make no representation as
to the validity, value or genuineness of the Exchange Offer;


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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(c)&nbsp;</B>will not be obligated to take any legal action hereunder which might
in your reasonable judgment involve any expense or liability, unless you will
have been furnished with reasonable indemnity;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(d)&nbsp;</B>may rely on and will be protected in acting in reliance upon any
certificate, instrument, opinion, notice, letter, telegram or other document or
security delivered to you and reasonably believed by you to be genuine and to
have been signed by the proper party or parties;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(e)&nbsp;</B>may act upon any tender, statement, request, comment, agreement or
other instrument whatsoever not only as to its due execution and validity and
effectiveness of its provisions, but also as to the truth and accuracy of any
information contained therein, which you shall in good faith believe to be
genuine or to have been signed or represented by a proper person or persons;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(f)&nbsp;</B>may rely on and shall be protected in acting upon written or oral
instructions from any officer of the Company;


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(g)&nbsp;</B>may consult with your counsel with respect to any questions relating
to your duties and responsibilities, and the written opinion of such counsel
shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted to be taken by you hereunder in good faith
and in accordance with the written opinion of such counsel; and


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>(h)&nbsp;</B>will not advise any person tendering Private Notes pursuant to the
Exchange Offer as to whether to tender or refrain from tendering all or any
portion of Private Notes or as to the market value, decline or appreciation in
market value of any Private Notes that may or may not occur as a result of the
Exchange Offer or as to the market value of the Exchange Notes;

<P align="left" style="font-size: 10pt">provided, however, that in no way will your general duty to act in good faith
and without gross negligence or willful misconduct be limited by the foregoing.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>14.&nbsp;</B>You will take such action as may from time to time be requested by the
Company or its counsel (and such other action as you may reasonably deem
appropriate) to furnish copies of the Prospectus, Letter of Transmittal and the
Notice of Guaranteed Delivery (as defined in the Prospectus) or such other
forms as may be approved from time to time by the Company, to all persons
requesting such documents and to accept and comply with telephone requests for
information relating to the Exchange Offer, provided that such information
shall relate only to the procedures for accepting (or withdrawing from) the
Exchange Offer. The Company will furnish you with copies of such documents at
your request.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>15.&nbsp;</B>You will advise by facsimile transmission or telephone, and promptly
thereafter confirm in writing to Michael Francis, Esq., Senior Corporate
Counsel of the Company (telephone number (305)&nbsp;229-6619, facsimile number (305)
229-6650), and such other person or persons as the Company may request, daily
up to and including the Expiration Date as to the aggregate principal amount of
Private Notes which have been duly tendered pursuant to the Exchange Offer and
the items received by you pursuant to the Exchange Offer and this Agreement,
separately reporting and giving cumulative totals as to items properly received
and items improperly received. In addition, you will also inform, and
cooperate in making available to, the Company or any such other person or
persons upon oral request made from time to time prior to the Expiration Date
of such other information as it or he or she reasonably requests. Such
cooperation shall include, without limitation, the granting by you to the
Company and such person as the Company may request of access to those persons
on your staff who are responsible for receiving tenders, in order to ensure
that immediately prior to the Expiration Date the Company shall have received
information in sufficient detail to enable it to decide whether to extend the
Exchange Offer. You shall prepare a final list of all persons whose tenders
were accepted, the aggregate


<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">principal amount of Private Notes tendered, the aggregate principal amount
of Private Notes accepted and the identity of any Participating Broker-Dealers
and the aggregate principal amount of Exchange Notes delivered to each, and
deliver said list to the Company.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>16.&nbsp;</B>Letters of Transmittal, book-entry confirmations and Notices of
Guaranteed Delivery received by you shall be preserved by you for a period of
time at least equal to the period of time you preserve other records pertaining
to the transfer of securities, or one year, whichever is longer, and thereafter
shall be delivered by you to the Company. You shall dispose of unused Letters
of Transmittal and other surplus materials as instructed by the Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>17.&nbsp;</B>You hereby expressly waive any lien, encumbrance or right of set-off
whatsoever that you may have with respect to funds deposited with you for the
payment of transfer taxes by reasons of amounts, if any, borrowed by the
Company, or any of its subsidiaries or affiliates pursuant to any loan or
credit agreement with you or for compensation owed to you hereunder.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>18.&nbsp;</B>For services rendered as Exchange Agent hereunder, you shall be
entitled to such compensation as set forth on Schedule&nbsp;I attached hereto.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>19.&nbsp;</B>You hereby acknowledge receipt of the Prospectus and the Letter of
Transmittal and further acknowledge that you have examined each of them. Any
inconsistency between this Agreement, on the one hand, and the Prospectus and
the Letter of Transmittal (as they may be amended from time to time), on the
other hand, shall be resolved in favor of the latter two documents, except with
respect to the duties, liabilities and indemnification of you as Exchange
Agent, which shall be controlled by this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>20.&nbsp;</B>The Company covenants and agrees to indemnify and hold you harmless in
your capacity as Exchange Agent hereunder against any loss, liability, cost or
expense, including attorneys&#146; fees and expenses arising out of or in connection
with any act, omission, delay or refusal made by you in reliance upon any
signature, endorsement, assignment, certificate, order, request, notice,
instruction or other instrument or document reasonably believed by you to be
valid, genuine and sufficient and in accepting any tender or effecting any
transfer of Private Notes reasonably believed by you in good faith to be
authorized, and in delaying or refusing in good faith to accept any tenders or
effect any transfer of Private Notes; provided, however, that anything in this
Agreement to the contrary notwithstanding, the Company shall not be liable for
indemnification or otherwise for any loss, liability, cost or expense to the
extent arising out of your gross negligence or willful misconduct. In no case
shall the Company be liable under this indemnity with respect to any claim
against you unless the Company shall be notified by you, by letter or cable or
by facsimile which is confirmed by letter, of the written assertion of a claim
against you or of any other action commenced against you, promptly after you
shall have received any such written assertion or notice of commencement of
action. The Company shall be entitled to participate, at its own expense, in
the defense of any such claim or other action, and, if the Company so elects,
the Company may assume the defense of any pending or threatened action against
you in respect of which indemnification may be sought hereunder, in which case
the Company shall not thereafter be responsible for the subsequently-incurred
fees and disbursements of legal counsel for you under this paragraph so long as
the Company shall retain counsel reasonably satisfactory to you to defend such
suit; provided, that the Company shall not be entitled to assume the defense of
any such action if the named parties to such action include both you and the
Company and representation of both parties by the same legal counsel would, in
the written opinion of your counsel, be inappropriate due to actual or
potential conflicting interests between you and the Company. You understand
and agree that the Company shall not be liable under this paragraph for the
fees and expenses of more than one legal counsel for you. Anything in
this Agreement to the contrary notwithstanding, in no event shall the
Exchange Agent be liable for special, indirect or consequential loss
or damage of any kind whatsoever (including but not limited to lost
profits), even if the Exchange Agent has been advised of the
likelihood of such loss or damage and regardless of the form of
action.


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

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

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

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>21.&nbsp;</B>You shall arrange to comply with all requirements under the tax laws
of the United States, including those relating to missing Tax Identification
Numbers, and shall file any appropriate reports with the Internal Revenue
Service. The Company understands that you are required, in certain instances,
to deduct twenty-eight percent (28%) with respect to interest paid on the
Exchange Notes and proceeds from the sale, exchange, redemption or retirement
of the Exchange Notes from holders who have not supplied their correct Taxpayer
Identification Number or required certification. Such funds will be turned
over to the Internal Revenue Service in accordance with applicable regulations.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>22.&nbsp;</B>You shall notify the Company of the amount of any transfer taxes
payable in respect of the exchange of Private Notes and, upon receipt of a
written approval from the Company, shall deliver or cause to be delivered, in a
timely manner to each governmental authority to which any transfer taxes are
payable in respect of the exchange of Private Notes, your check in the amount
of all transfer taxes so payable, and the Company shall reimburse you for the
amount of any and all transfer taxes payable in respect of the exchange of
Private Notes; provided, however, that you shall reimburse the Company for
amounts refunded to you in respect of your payment of any such transfer taxes,
at such time as such refund is received by you.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>23.&nbsp;</B>This Agreement and your appointment as Exchange Agent hereunder shall
be construed and enforced in accordance with the laws of the State of New York
applicable to agreements made and to be performed entirely within such state,
and without regard to conflicts of law principles that would apply the law of
any other jurisdictions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>24.&nbsp;</B>This Agreement shall be binding upon and inure solely to the benefit
of each party hereto and nothing in this Agreement, express or implied, is
intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement. Without
limitation of the foregoing, the parties hereto expressly agree that no holder
of Private Notes or Exchange Notes shall have any right, benefit or remedy of
any nature whatsoever under, or by reason of, this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>25.&nbsp;</B>This Agreement may be executed in two or more counterparts, each of
which shall be deemed to be an original, and all of which taken together shall
constitute one and the same agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>26.&nbsp;</B>In case any provision of this Agreement shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>27.&nbsp;</B>This Agreement shall not be deemed or construed to be modified,
amended, rescinded, canceled or waived, in whole or in part except by a written
instrument signed by a duly authorized representative of the party to be
charged.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>28.&nbsp;</B>Unless otherwise provided herein, all notices, requests and other
communications to any party hereunder shall be in writing (including facsimile
or similar writing) and shall be given to such party, addressed to it, at its
address or fax number set forth below:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if to the Company, to:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&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">Lennar Corporation</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">700 Northwest 107th Avenue</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Miami, Florida 33172</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone: (305)&nbsp;229-6619</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">Fax: (305)&nbsp;229-6650</TD>
</TR>

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

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



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

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

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


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&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">Clifford Chance US LLP</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">31 West 52nd Street</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">New York, New York 10019</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">Telephone: (212)&nbsp;878-8000</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">Fax: (212)&nbsp;878-8375</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attention: David W. Bernstein, Esq.</TD>
</TR>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to the Exchange Agent, to:

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="85%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&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">J.P. Morgan Trust Company, National
Association, as Exchange Agent</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">Institutional Trust Services<BR>
2001 Bryan Street, 9th Floor<BR>
Dallas, TX 75201<BR>
Telephone: (800) 275-2048<BR>
Fax: (214) 468-6494<BR>
Attention: Frank Ivins</TD>
</TR>

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



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>29.&nbsp;</B>Unless terminated earlier by the parties hereto, this Agreement shall
terminate 90&nbsp;days following the Expiration Date. Notwithstanding the
foregoing, paragraphs 17, 19, 21 and 23 shall survive the termination of this
Agreement. Upon any termination of this Agreement, you shall promptly deliver
to the Company any certificates for Notes, funds or property then held by you
as Exchange Agent under this Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>30.&nbsp;</B>This Agreement shall be binding and effective as of the date hereof.


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

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Please acknowledge receipt of this Agreement and confirm the arrangements
herein provided by signing and returning the enclosed copy.



<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">LENNAR CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2">Stuart A. Miller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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">Accepted as of the date first above written:<BR><BR>J.P. MORGAN TRUST COMPANY, NATIONAL<BR>ASSOCIATION, as Exchange Agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2">Jane E. Pope&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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

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