<SUBMISSION>
<ACCESSION-NUMBER>0000950123-04-014920
<TYPE>424B3
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20041217
<DATE-OF-FILING-DATE-CHANGE>20041217
<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>424B3
<ACT>33
<FILE-NUMBER>333-116975
<FILM-NUMBER>041211110
</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>424B3
<SEQUENCE>1
<FILENAME>y69378b3e424b3.htm
<DESCRIPTION>LENNAR CORP
<TEXT>
<HTML>
<HEAD>
<TITLE>LENNAR CORP</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV align="right">
<B>
<FONT size="2">Filed Pursuant to Rule 424(b)(3)<BR>
Registration No. 333-116975
</FONT>
</B>
</DIV>
<DIV align="left">
 <B><FONT size="2">PROSPECTUS</FONT></B>
</DIV>

<P align="center">
<B>Offer to Exchange fully guaranteed Senior Floating-Rate Notes
due 2009,</B>

<DIV align="center">
<B>Series&nbsp;B for any and all outstanding partially
guaranteed</B>
</DIV>

<DIV align="center">
<B>Senior Floating-Rate Notes due 2009</B>
</DIV>


<DIV align="center">
<B>($300,000,000 principal amount outstanding)</B>
</DIV>


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

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


<P align="center">
<B>The exchange offer and withdrawal rights will expire at
5:00&nbsp;p.m., New York City time, on January&nbsp;21, 2005,
unless we extend the exchange offer.</B>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are offering to exchange our fully guaranteed
Senior Floating-Rate Notes due 2009, Series&nbsp;B (&#147;New
Notes&#148;) for the identical principal amounts of our
partially guaranteed Senior Floating-Rate Notes due 2009
(&#147;Initial Notes&#148;). By &#147;fully guaranteed&#148; we
mean guaranteed by all of our wholly owned subsidiaries, other
than finance company subsidiaries and foreign subsidiaries. By
&#147;partially guaranteed&#148; we mean guaranteed by all of
our wholly owned subsidiaries, other than finance company
subsidiaries and foreign subsidiaries, formed or acquired on or
before October&nbsp;9, 2001. The aggregate principal amount of
the Initial Notes, and therefore the principal amount of New
Notes which would be issued if all the Initial Notes were
exchanged, is $300,000,000.
</FONT>


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


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


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B>See &#147;Risk Factors,&#148; which begin on page&nbsp;8, 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;
<FONT size="2">The exchange agent for the exchange offer is
J.P.&nbsp;Morgan Trust Company, National Association.
</FONT>


<P align="left">&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 December&nbsp;14,
2004.
</FONT>


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<A name='101'></A>
</DIV>

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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 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
captioned &#147;Risk Factors,&#148; which begins on page&nbsp;8,
contain further discussions of these and other risks and
uncertainties applicable to our business.
</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 align="left">
<FONT size="2"> <A name='102'></A>
</FONT>
</DIV>

<!-- link1 "PROSPECTUS SUMMARY" -->

<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 Initial
Notes for New 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 33172. Our telephone number at
these offices is (305)&nbsp;559-4000.
</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="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">1954&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">1969&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">1971&nbsp;&#151;</FONT></TD>
    <TD align="left">
    <FONT size="2">Completed initial public offering.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">1972&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">1986&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">1991&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">1992&nbsp;&#151;</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&nbsp;Corporation.
    </FONT></TD>
</TR>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">1996&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">1997&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">1998&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">1999&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">2000&nbsp;&#151;</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="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">2002&nbsp;&#151;</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
    existing Chicago, Baltimore and Central Valley, California
    homebuilding markets and strengthened our position in several of
    our existing markets. We also acquired Sentinel Title with
    operations in Maryland and Washington,&nbsp;D.C.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">2003&nbsp;&#151;</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>&nbsp;</TD>
    <TD><FONT size="2">2004&nbsp;&#151;</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="left">
<B><FONT size="2">Recent Developments</FONT></B>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We received 29,507 new home orders in the nine
months ended August&nbsp;31, 2004, which was 15% more than the
25,737 new home orders we received in the same period last year.
At August&nbsp;31, 2004, the dollar value of our backlog of
homes under contract totaled $6.1&nbsp;billion (19,594 homes),
compared with $4.6&nbsp;billion (16,716 homes) at
August&nbsp;31, 2003.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In March 2004, we entered the San&nbsp;Antonio,
Texas market by acquiring substantially all of the real estate
assets of Connell-Barron Homes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In June 2004, we entered the Jacksonville,
Florida market by acquiring substantially all of the real estate
assets of Classic American Homes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In March and April, 2004, we issued the
$300&nbsp;million principal amount of Senior Floating-Rate Notes
due 2009 that are the subject of the exchange offer made by this
prospectus.
</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 $200&nbsp;million principal amount of Senior
Floating-Rate Notes due 2007. The notes of both these issues are
guaranteed by all our subsidiaries, other than finance company
subsidiaries and foreign subsidiaries, on terms essentially
identical with those on which the New Notes will be guaranteed.
</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
</FONT>
</DIV>

<P align="center"><FONT size="2">3
</FONT>

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<DIV align="left">
<FONT size="2">softer market conditions in Southern California
and Las Vegas, approximately 600 home deliveries scheduled for
the quarter ended November&nbsp;30, 2004 might be delayed into
fiscal 2005.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are always looking at the possibility of
acquiring homebuilders and other companies. However, we have no
agreements or understandings regarding any significant
transactions.
</FONT>

<P align="left">
<B><FONT size="2">Issuance of the Initial Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On March&nbsp;19, 2004, we sold $250&nbsp;million
principal amount at maturity of Senior Floating-Rate Notes due
2009 (&#147;Initial Notes&#148;) to Banc of America Securities
LLC, Deutsche Bank Securities Inc., Banc One Capital Markets,
Inc., Comerica Securities, Credit Lyonnais Securities
(USA)&nbsp;Inc., SunTrust Capital Markets, Inc. and Wachovia
Securities, Inc., as Underwriters, pursuant to an Underwriting
Agreement, dated March&nbsp;12, 2004, between the Underwriters
and us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;8, 2004, we sold an additional
$50&nbsp;million principal amount at maturity of Initial Notes
to Banc of America Securities LLC, as Underwriter, pursuant to
an Underwriting Agreement dated April&nbsp;8, 2004 between the
Underwriter and us.
</FONT>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We issued the Initial Notes under an indenture
dated as of December&nbsp;31, 1997, between Lennar and
J.P.&nbsp;Morgan Trust&nbsp;Company, National Association (as
successor to First National Bank of Chicago, National
Association), as trustee, as supplemented by a Seventh
Supplemental Indenture dated March&nbsp;19, 2004 (the
&#147;Seventh Supplemental Indenture&#148;). The Initial Notes
were guaranteed by substantially all of our subsidiaries, except
our finance company subsidiaries and our foreign subsidiaries,
and except our subsidiaries that were formed or acquired after
October&nbsp;9, 2001. We said the Initial Notes would not be
guaranteed by the subsidiaries formed or acquired after
October&nbsp;9, 2001, unless and until their guarantees were
registered under the Securities Act of 1933. For reasons
discussed under &#147;Purpose of the Exchange Offer&#148;
beginning on page&nbsp;13, we decided that, instead of
attempting to register the guarantees of the additional
subsidiaries, we would register the New Notes, which have the
same terms and provisions as the Initial Notes and are
guaranteed by all our subsidiaries that would have guaranteed
the Initial Notes if the guarantees of the additional
subsidiaries had been registered, and we would offer to exchange
the New Notes for the Initial Notes.
</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 Initial Notes and the New
Notes, unless it is clear from what we are saying that the term
refers only to a particular series of Notes.
</FONT>

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


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are issuing the New Notes under the Eighth
Supplemental Indenture to the indenture dated as of
December&nbsp;31, 1997 between Lennar and J.P.&nbsp;Morgan Trust
Company, National Association (the &#147;Eighth Supplemental
Indenture&#148;). The form and terms of the New Notes will be
identical in all material respects with the form and terms of
the Initial Notes, except that all of our wholly owned
subsidiaries (other than our finance company subsidiaries and
foreign subsidiaries), including the subsidiaries that were
formed or acquired after October&nbsp;9, 2001, will guarantee
the New Notes. The guarantees, and circumstances under which
they will terminate, are discussed under the caption &#147;The
New Notes&nbsp;&#151; Guarantees&#148; on page&nbsp;7.
</FONT>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will receive no proceeds from the exchange of
New Notes for the Initial Notes pursuant to the exchange offer.
</FONT>
</DIV>

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

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<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 fully guaranteed
    Senior Floating-Rate Notes due 2009, Series&nbsp;B for identical
    principal amounts of our partially guaranteed Senior
    Floating-Rate Notes due 2009. By &#147;fully guaranteed&#148; we
    mean guaranteed by all of our wholly owned subsidiaries, other
    than finance company subsidiaries and foreign subsidiaries. By
    &#147;partially guaranteed&#148; we mean guaranteed by all of
    our wholly owned subsidiaries, other than finance company
    subsidiaries and foreign subsidiaries, formed or acquired on or
    before October&nbsp;9, 2001. The guarantees are discussed under
    &#147;Risk Factors&#148; on page&nbsp;8 and under
    &#147;Description of the New Notes&nbsp;&#151; The
    Guarantees&#148; beginning on page&nbsp;20. At the date of this
    prospectus, $300&nbsp;million principal amount of Initial Notes
    are outstanding.
    </FONT></TD>
</TR>


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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange offer will be deemed consummated
    when we deliver to the exchange agent New Notes in the same
    aggregate principal amount as the aggregate principal amount of
    Initial Notes that are validly tendered in response to the
    exchange offer before the initial expiration time. See &#147;The
    Exchange Offer&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
    January&nbsp;21, 2005, unless the exchange offer is extended
    (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 Initial Notes being tendered for
    exchange. The only condition to the exchange offer is that we
    not be advised that completion of the exchange offer would, or
    might, be unlawful.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Accrued Interest on the Initial Note
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Interest on Initial Notes which are exchanged
    will cease to accrue on the last interest payment date prior to
    the day on which New Notes are issued in exchange for them.
    However, New Notes issued in exchange for Initial Notes will
    bear interest from the last interest payment date prior to the
    day on which they are issued in exchange for the Initial Notes
    (i.e., the day on which interest ceases to accrue on the Initial
    Notes). Therefore, exchanging Initial Notes for New Notes will
    not affect the amount of interest a holder will receive.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Interest on the New Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Interest on the New Notes will be reset on each
    interest payment date, beginning December&nbsp;19, 2004, based
    on the 3 Month LIBOR Rate plus 0.75%&nbsp;per year.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Procedures for Tendering Initial <BR>
     Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">A holder of Initial Notes who wishes to accept
    the exchange offer must complete, sign and date a letter of
    transmittal, or a facsimile of one, in accordance with the
    instructions contained under &#147;The Exchange
    Offer&nbsp;&#151; Procedures for Tendering Notes&#148; and
    letter of transmittal, and deliver the letter of transmittal, or
    facsimile, together with the Initial Notes and any other
    required documentation to the exchange agent at the address set
    forth in &#147;The Exchange Offer&nbsp;&#151; Exchange
    Agent.&#148; Initial Notes must be deliv-
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">5
</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">ered by confirmation of book-entry delivery of
    the Initial Notes to the exchange agent&#146;s account at The
    Depository Trust Company (&#147;DTC&#148;). Each broker or
    dealer that receives New Notes for its own account in exchange
    for Initial Notes which were acquired by the broker or dealer as
    a result of market-making activities or other trading
    activities, must acknowledge that it will deliver a prospectus
    in connection with any resale of the New Notes. See &#147;The
    Exchange Offer&nbsp;&#151; Procedures for Tendering Notes&#148;
    and &#147;Sales of New 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">Holders of Initial Notes who wish to tender their
    Initial Notes but who cannot deliver their Initial Notes or any
    other documents required by the letter of transmittal to the
    exchange agent prior to the expiration date (or complete the
    procedure for book-entry transfer on a timely basis), may tender
    their Initial Notes according to the guaranteed delivery
    procedures described in the letter of transmittal. See &#147;The
    Exchange Offer&nbsp;&#151; Guaranteed Delivery Procedures.&#148;
    </FONT></TD>
</TR>

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


<TR>
    <TD valign="top">
    <FONT size="2">Acceptance of Initial Notes and Delivery of New
    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 Initial
    Notes that are properly tendered in response to the exchange
    offer, and not withdrawn, prior to 5:00&nbsp;p.m., New York City
    time, on the expiration date. The New Notes issued pursuant to
    the exchange offer will be delivered promptly after acceptance
    of the Initial Notes. See &#147;The Exchange Offer&nbsp;&#151;
    Procedures for Tendering Notes.&#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 Initial 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">The Exchange Agent
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">J.P.&nbsp;Morgan Trust&nbsp;Company, National
    Association is the exchange agent. The address and telephone
    number of the exchange agent are set forth in &#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 all expenses incident to our
    consummation of the exchange offer. We will also pay any
    transfer taxes which are applicable to the exchange offer (but
    not transfer taxes due to transfers of Initial Notes or New
    Notes by the holder). See &#147;The Exchange Offer&nbsp;&#151;
    Fees and Expenses.&#148;
    </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;">

<P align="center">
<B><FONT size="2">The New Notes</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer applies to the issuance of up
to $300&nbsp;million aggregate principal amount of New Notes in
exchange for Initial Notes. While we issued the Initial Notes
under the Seventh Supplemental Indenture, the New Notes are
being issued under an Eighth Supplemental Indenture. However,
the New Notes will evidence the same debt as the Initial Notes
and the form and terms of the New Notes will be identical in all
material respects with the form and terms of the Initial Notes,
except that all of our wholly owned subsidiaries (other than our
finance company subsidiaries and foreign subsidiaries),
including the subsidiaries that were formed or acquired after
October&nbsp;9, 2001, will guarantee the New Notes. See
&#147;Description of the New Notes.&#148;
</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">$300,000,000 aggregate principal amount of Senior
    Floating-Rate Notes due 2009, Series&nbsp;B which will be
    guaranteed when they are issued by all of our wholly owned
    subsidiaries, other than our finance company subsidiaries or
    foreign subsidiaries.
    </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">March&nbsp;19, 2009.
    </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 March&nbsp;19, June&nbsp;19,
    September 19 and December 19 of each year, beginning
    December&nbsp;19, 2004 based on the 3 Month LIBOR Rate plus
    0.75%&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),
    including the subsidiaries that were formed or acquired after
    October&nbsp;9, 2001, will guarantee the Notes. However, a
    subsidiary will cease to guarantee the Notes if it is
    guaranteeing less than $75&nbsp;million of Lennar debt (or of
    other subsidiaries&#146; guarantees of Lennar debt).
    </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 at any time
    and from time to time on or after March&nbsp;19, 2006 at a
    redemption price equal to 100% of their principal amount plus
    accrued and unpaid interest to the redemption date.
    </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 the New 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
    New Notes for the Initial 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; beginning on page&nbsp;8, 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">7
</FONT>

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

<DIV align="left">
<A name='103'></A>
</DIV>

<!-- link1 "RISK FACTORS" -->

<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 an investment in the
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">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 is
currently no market. Consequently, the Notes may be relatively
illiquid, and you may be unable to sell your Notes. We do not
intend to apply for listing of the Notes on any securities
exchange or for the inclusion of the Notes in any automated
quotation system.
</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">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, the
subsidiaries are guaranteeing our principal revolving bank
credit lines, $350&nbsp;million principal amount of our Senior
Notes due 2013, $322&nbsp;million principal amount of our Senior
Notes due 2010, $282&nbsp;million principal amount of
7&nbsp;5/8%&nbsp;Senior Notes due 2009, $250&nbsp;million
principal amount of our 5.50%&nbsp;Senior Notes due 2014 and
$200&nbsp;million principal amount of our Senior Floating-Rate
Notes due 2007. However, the subsidiaries&#146; guarantees of the
</FONT>

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

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

<DIV align="left">
<FONT size="2">Senior Notes due 2013, Senior Notes due 2009,
Senior Notes due 2014 and Senior Floating-Rate Notes due 2007
also will terminate with regard to any subsidiary while it is
not guaranteeing at least $75&nbsp;million of our debt and the
guarantees of the Senior Notes due 2010 will terminate with
regard to any subsidiary that no longer is guaranteeing any of
our debt. Therefore, if, while the Notes are outstanding, our
subsidiaries cease guaranteeing our obligations under our
principal revolving bank credit lines, and are not guarantors of
any new debt, the subsidiaries&#146; guarantees of the Notes
will terminate until such time, if any, as they again are
guaranteeing at least $75&nbsp;million of our debt other than
the Notes. If our subsidiaries are guaranteeing revolving credit
lines totalling at least $75&nbsp;million, we will treat the
guarantees of the Notes as remaining in effect even during
periods when our borrowings under the revolving credit lines are
less than $75&nbsp;million. Because it is possible that the
banks will permit some or all of our subsidiaries to stop
guaranteeing the revolving credit lines, or that we will
terminate our revolving credit lines (which we have discretion
to do), it is possible that, at some time or times in the
future, the Notes will no longer be guaranteed by our
subsidiaries.
</FONT>
</DIV>

<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 lines. While we have hedged some
of our exposure to changes in interest rates, we are not fully
hedged. We paid interest of $96.6&nbsp;million during the nine
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 the Initial Notes may have
violated the Securities Act of 1933.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The provision of the Seventh Supplemental
Indenture regarding guarantees by subsidiaries formed or
acquired after October&nbsp;9, 2001, may have constituted a
contract to sell those guarantees which had to be registered
under the Securities Act of 1933. Also, the financial
information about guarantor subsidiaries incorporated into the
prospectus supplements relating to the sale of the Initial Notes
may not have included everything required by Securities and
Exchange Commission rules, and, because it related to
substantially all our wholly owned subsidiaries other than our
finance company subsidiaries and foreign subsidiaries, it may
have misled purchasers about the financial condition of the
subsidiaries that guaranteed the Initial Notes. If the offering
of the Initial Notes violated the registration requirements of
the Securities Act of 1933, people who purchased Initial Notes
from us may have a right to rescind their purchases or, if they
no longer own the Initial Notes, to recover their damages, if
any. We believe that if a person who purchased Initial Notes
from us exchanges them for fully guaranteed New Notes, any right
that person might have had to tender the Initial Notes and seek
to recover the consideration paid for them will terminate
(although that person might be able to seek damages, if there
were any).
</FONT>

<DIV align="left">
<A name='104'></A>
</DIV>

<!-- link1 "OTHER INDEBTEDNESS" -->

<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;12. None of that
indebtedness, other than our homebuilding and financial services
revolving credit facilities, has any covenants that restrict
our, or our subsidiaries&#146;, ability to make payments on
outstanding indebtedness or to pay dividends, or requires us to
maintain financial attributes. Our Senior Floating-Rate Notes
due 2007, 7&nbsp;5/8%&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&nbsp;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
</FONT>

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

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

<DIV align="left">
<FONT size="2">$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&nbsp;30, 2004, we had $251.4&nbsp;million of letters of
credit outstanding that were collateralized against borrowings
available under the facility.
</FONT>
</DIV>

<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&nbsp;million plus 50% of net income and 50% of
    the proceeds of issuance of common stock subsequent to
    November&nbsp;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;&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 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; on page&nbsp;31. 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>


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

<!-- link1 "USE OF PROCEEDS" -->

<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 New Notes in exchange for Initial Notes pursuant to
the exchange offer. We used the net proceeds from the sale of
the Initial Notes to reduce the balance on our Term Loan&nbsp;B
due 2008 under our senior credit facilities and for general
corporate purposes.
</FONT>

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

<!-- link1 "ABSENCE OF PUBLIC MARKET" -->

<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 New Notes will be new securities for which
there is no established trading market. We currently do not
intend to list the New Notes on any securities exchange or to
arrange for the New Notes to be quoted on any quotation system.
Accordingly, it is not likely that an active trading market for
the New Notes will develop or, if such a market develops, that
it will provide significant liquidity to holders of Notes.
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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

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

<!-- link1 "SELECTED CONSOLIDATED CONDENSED FINANCIAL INFORMATION" -->

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

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

<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="24%"><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="3"></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="3"></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="3"></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="3"></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="3"></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="3"></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="3"></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 valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" 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="2" 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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 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 valign="bottom" bgcolor="#EEEEEE">
    <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="2" 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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="2" 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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="2" 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 valign="bottom" bgcolor="#EEEEEE">
    <TD colspan="3" 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="2" 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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="2" 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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="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 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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="3" 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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">8.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">7.1</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">8.6</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">6.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">5.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">3.5</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">4.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">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 valign="bottom" bgcolor="#EEEEEE">
    <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">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="3" 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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="2" 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 valign="bottom" bgcolor="#EEEEEE">
    <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">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">11
</FONT>

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

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

<!-- link1 "CAPITALIZATION" -->

<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 New
Notes for Initial Notes will not affect this capitalization,
except that at least some of the Senior Floating-Rate Notes due
2009 will be exchanged for Senior Floating-Rate Notes due 2009,
Series&nbsp;B.
</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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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 valign="bottom" bgcolor="#EEEEEE">
    <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&nbsp;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">12
</FONT>

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

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

<!-- link1 "RATIO OF EARNINGS TO FIXED CHARGES" -->

<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 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 valign="bottom" bgcolor="#EEEEEE">
    <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">8.2</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">7.1</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">8.6</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">6.7</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">5.3</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">3.5</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">x</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">
<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 prospectus supplements by which the Initial
Notes were offered stated that substantially all of our
subsidiaries, other than finance company subsidiaries and
foreign subsidiaries, will guarantee the Initial Notes. But it
went on to state &#147;However, our current subsidiaries formed
or acquired after October&nbsp;9, 2001 will not become
guarantors unless and until their guarantees are registered
under the Securities Act of 1933, as amended.&#148; In addition,
Section&nbsp;4.03 of the Seventh Supplemental Indenture required
that by March&nbsp;31, 2004, we file a registration statement in
order to register guarantees of Initial Notes by our
subsidiaries that were formed or acquired after October&nbsp;9,
2001 who were not guarantors, other than our finance company
subsidiaries and any foreign subsidiaries, and that we use our
best efforts to (i)&nbsp;cause that registration statement to
become effective as promptly as practicable but in any event by
June&nbsp;2, 2004, and (ii)&nbsp;take any other necessary
actions in order to deliver the guarantees registered under that
registration statement by June&nbsp;2, 2004.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">As is discussed below, concerns have arisen that
Section&nbsp;4.03 of the Seventh Supplemental Indenture may have
required separate registration under the Securities Act of 1933
(the &#147;Securities Act&#148;) and that the financial
information about the guarantor subsidiaries incorporated by
reference from our reports under the Securities Exchange Act of
1934, as amended (the &#147;Securities Exchange Act&#148;), may
not have fulfilled the Securities and Exchange Commission&#146;s
(&#147;SEC&#148;) financial statement requirements with regard
to the Initial Notes and incorporation of that financial
information might have implied, incorrectly, that the financial
information related only to the subsidiaries that were
guaranteeing the Initial Notes. Therefore, instead of attempting
to register the guarantees of the additional subsidiaries, we
are offering to exchange New Notes that on issuance will be
guaranteed by all our wholly owned subsidiaries (other than our
finance company subsidiaries or our foreign subsidiaries),
including the subsidiaries that were formed or acquired after
October&nbsp;9, 2001, in exchange for the Initial Notes that
were issued without the guarantees of those additional
subsidiaries. The New Notes will have the same guarantees as the
Initial Notes would have had if we had filed the registration
statement contemplated by Section&nbsp;4.03 of the Seventh
Supplemental Indenture and it had become effective, and they
will be identical in all other ways with what the Initial Notes
would have been.
</FONT>

<DIV>&nbsp;</DIV>

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

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

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Possible Concerns Under the Securities
    Act</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The possibility has been raised that
Section&nbsp;4.03 of the Seventh Supplemental Indenture may have
constituted a contract of sale of the guarantees by the
additional subsidiaries. If it did, sale of the Initial Notes
without an effective registration statement relating to
Section&nbsp;4.03 may have violated Section&nbsp;5(a) of the
Securities Act, which makes it unlawful to sell a security
(defined to include a contract of sale of a security) unless a
registration statement is in effect as to the security. If the
sale of the Initial Notes violated
</FONT>

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

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<DIV align="left">
<FONT size="2">Section&nbsp;5(a) of the Securities Act, any
person who purchased Initial Notes from us may tender the
Initial Notes back to us and sue within one year after the
person purchased the Initial Notes to recover the consideration
paid for the Initial Notes with interest, less the amount of any
interest the person received with regard to the Initial Notes,
or, if the person who purchased the Initial Notes from us no
longer owns them, that person can sue for damages.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, an SEC rule requires that under most
circumstances, a prospectus relating to guaranteed securities
must include financial statements of the guarantors. However,
guarantors&#146; financial statements are not required if the
guarantors are all 100% owned by the issuer and, among other
things, the issuer&#146;s financial statements include, in a
footnote, condensed consolidating financial information with a
separate column for (i)&nbsp;the parent company, (ii)&nbsp;the
subsidiary guarantors on a combined basis and (iii)&nbsp;any
other subsidiaries of the parent company on a combined basis.
The prospectus supplements related to the issuance of the
Initial Notes incorporated the financial statements included in
our filings under the Securities Exchange Act. Those financial
statements included in a footnote condensed consolidating
financial information with separate columns for us, as the
parent company, our wholly owned subsidiaries other than our
finance company subsidiaries and foreign subsidiaries (because
they were guarantors of previously issued debt securities), and
the remainder of our subsidiaries. They did not, however,
contain a separate column that excluded the subsidiaries formed
or acquired after October&nbsp;9, 2001. Therefore, the
incorporated financial statements did not contain all the
financial information necessary to exempt us from the
requirement that the prospectus supplements include or
incorporate financial statements of the guarantors. That
financial information appears in a Current Report on
Form&nbsp;8-K/ A we filed on October&nbsp;28, 2004.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We believe that the fact that the financial
information about guarantor subsidiaries included in our filings
under the Securities Exchange Act included some subsidiaries
that are not guarantors of the Initial Notes was not a material
fact. Further, our filings said the guarantor financial
information was about substantially all our subsidiaries, other
than subsidiaries engaged in mortgage and title insurance
activities, not just about the subsidiaries that guaranteed the
Initial Notes, and that financial information was as of a date
more than three months before the Initial Notes were first
offered. Therefore, we do not believe we violated
Section&nbsp;5(a) or Section&nbsp;12(a)(2) of the Securities
Act. Further, we believe that if a person who purchased Initial
Notes from us exchanges them for fully guaranteed New Notes, any
right that person might have had to tender the Initial Notes and
seek to recover the consideration paid for them will terminate
(although that person might be able to seek damages, if there
were any).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We filed a report on Form&nbsp;8-K/ A dated
October&nbsp;28, 2004 that contained financial statements with a
footnote that included separate supplemental financial
information about the subsidiaries that guaranteed the Initial
Notes.
</FONT>

<P align="center"><FONT size="2">14
</FONT>

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<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 New Notes in exchange for all Initial
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 New Notes issued in
the exchange will be the same as the principal amount of the
Initial Notes for which they are exchanged. Holders may tender
some or all of their Initial Notes in response to the exchange
offer. However, Initial Notes may be tendered only in multiples
of $1,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The form and terms of the New Notes will be the
same in all material respects as the form and terms of the
Initial Notes, except that all of our wholly owned subsidiaries
(other than our finance company subsidiaries and foreign
subsidiaries), including the subsidiaries that were formed or
acquired after October&nbsp;9, 2001 will guarantee the New Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will be deemed to accept all the Initial Notes
which are validly tendered and not withdrawn when we give oral
or written notice to that effect to the exchange agent. The
exchange agent will act as agent for the tendering holders for
the purpose of receiving New Notes from us. If any tendered
Initial Notes are not accepted for exchange because of an
invalid tender or otherwise, certificates for those Initial
Notes will be returned, without expense, to the tendering holder
promptly after the expiration date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who tender Initial Notes in response to
the exchange offer will not be required to pay brokerage
commissions or fees or, except as described in the instructions
in the 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 Initial Notes will not receive New Notes unless the
Initial 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 Initial Notes, until
5:00&nbsp;p.m. New York City time on the expiration date, unless
the Initial Notes have already been accepted for exchange.
</FONT>

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


<P align="left">
<FONT size="2">The exchange offer will expire at 5:00&nbsp;p.m.,
New York City time, on January&nbsp;21, 2005, 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
Initial 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 Initial Notes may tender Initial
Notes in response to the exchange offer. To tender Initial
Notes, the holder must complete, sign and date the letter of
transmittal, or a facsimile of one, have the signatures
guaranteed if required by the letter of transmittal, and mail or
otherwise deliver the letter of transmittal or facsimile of one,
together with the Initial Notes (delivered using the procedure
for book-entry transfer described below) and any other required
documents, to the exchange agent prior to 5:00&nbsp;p.m.,
New&nbsp;York City time, on the expiration date.
</FONT>

<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 Initial Notes by causing DTC to transfer
the Initial Notes into the exchange agent&#146;s account at DTC
in accordance with DTC&#146;s transfer procedure. Because the
only outstanding Notes are Global Notes held by DTC, all tenders
of Initial Notes must be made in that manner. Even though
delivery of Initial Notes is effected through book-entry
transfer into the exchange agent&#146;s account at DTC, the
letter of transmittal (or a facsimile of one), with any required
signature guarantees and any other required documents, must be
transmitted to and received or confirmed by the exchange agent
at its addresses as set forth under the
</FONT>

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

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<DIV align="left">
<FONT size="2">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>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A tender of Initial Notes by a holder will
constitute an agreement by the holder to transfer the Initial
Notes to us in exchange for New Notes on the terms and subject
to the conditions set forth in this prospectus and in the letter
of transmittal.
</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 Initial Notes should be sent
to us. Holders may ask their brokers, dealers, commercial banks,
trust companies or nominees to assist them in effecting tenders.
</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 Initial Notes are being tendered
for the account of an eligible institution. An eligible
institution is a bank, broker, dealer, credit union, savings
association or other entity which is a member in good standing
of the Securities Transfer Agents Medallion Program.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the letter of transmittal or any Initial Notes
or bond powers are signed by trustees, executors,
administrators, guardians, attorneys-in-fact, officers of
corporations or others acting in a fiduciary or representative
capacity, they should so indicate when signing, and we may
require that evidence satisfactory to us of their authority to
sign be submitted with the letter of transmittal.
</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 Initial Notes will be determined by us in
our sole discretion, and that determination will be final and
binding. We reserve the right to reject any Initial Notes which
are not properly tendered or the acceptance of which we believe
might be unlawful. We also reserve the right to waive any
defects, irregularities or conditions of tender as to particular
Initial Notes, without being required to waive the same defects,
irregularities or conditions as to other Initial Notes. Our
interpretation of the terms and conditions of the exchange offer
(including the instructions in the letter of transmittal) will
be final and binding on all parties. Unless waived, any defects
or irregularities in connection with tenders of Initial Notes
must be cured by the expiration date, or by such later time as
we may determine. Although we intend to request the exchange
agent to notify holders of defects or irregularities with
respect to tenders of Initial Notes, neither we, the exchange
agent nor any other person will incur any liability for failure
to give such notification. Tenders of Initial Notes will not be
deemed to have been made until all defects and irregularities
have been cured or waived. Any Initial Notes received by the
exchange agent that are not properly tendered and as to which
the defects or irregularities have not been cured or waived will
be returned by the exchange agent to the tendering holders,
unless otherwise provided in the letter of transmittal, promptly
after the expiration date.
</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 Initial Notes that remain outstanding after the
expiration date and (2)&nbsp;to the extent permitted by
applicable law, to purchase&nbsp;Initial Notes in privately
negotiated transactions or otherwise. The terms of any such
purchases or offers could differ from the terms of the exchange
offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the holder is a broker-dealer that will
receive New Notes for its own account in exchange for Initial
Notes that were acquired as result of market-making activities
or other trading activities, the holder will, by tendering,
acknowledge that it will deliver a prospectus in connection with
any resale of those New Notes.
</FONT>

<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 Initial Notes
and (1)&nbsp;whose Initial Notes are not immediately available,
or (2)&nbsp;who cannot deliver their Initial Notes or any other
required documents to the exchange agent or cannot complete the
procedure for book-entry transfer prior to the expiration date,
may effect a tender if:
</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)
    </FONT></TD>
</TR>

</TABLE>

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

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<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">
    <FONT size="2">setting forth the name and address of the
    eligible holder, and the principal amount of Initial Notes
    tendered, together with a duly executed letter of transmittal
    (or a facsimile of one), stating that the tender is being made
    by that notice of guaranteed delivery and guaranteeing that,
    within three business days after the expiration date,
    confirmation of a book-entry transfer into the exchange
    agent&#146;s account at DTC and any other documents required by
    the letter of transmittal will be delivered to the exchange
    agent;&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 holders who 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 Initial Notes
until 5:00&nbsp;p.m. New York City time on the expiration date,
unless the Initial Notes have already been accepted for exchange.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To withdraw a tender of Initial Notes, a written
or facsimile transmission notice of withdrawal must be received
by the exchange agent prior to 5:00&nbsp;p.m., New York City
time, on the expiration date, and before the Initial Notes we
have accepted for exchange. Any notice of withdrawal must
(i)&nbsp;specify the name of the person who deposited the
Initial Notes to be withdrawn, (ii)&nbsp;identify the Initial
Notes to be withdrawn (including the principal amounts of the
Initial Notes), (iii)&nbsp;be signed by the depositor in the
same manner as the signature on the letter of transmittal by
which the Initial Notes were tendered (including any required
signature guarantees) or be accompanied by documents of transfer
sufficient to have the trustee register the transfer of the
Initial Notes into the name of the person who withdraws the
tender, and (iv)&nbsp;specify the name in which the withdrawn
Initial Notes are to be registered, if different from that of
the depositor. All questions as to the validity, form and
eligibility (including time of receipt) of withdrawal notices
will be determined by us in our sole discretion, and that
determination will be final and binding on all parties. Any
Initial Notes which are withdrawn will be deemed not to have
been validly tendered for purposes of the exchange offer, and no
New Notes will be issued with respect to those Initial Notes
unless they are validly re-tendered. Any Initial Notes which
have been tendered but which are not accepted for exchange or
which are withdrawn will be returned to the holder without cost
to the holder promptly after withdrawal, rejection of tender or
termination of the exchange offer. Properly withdrawn Initial
Notes may be re-tendered at any time prior to the expiration
date.
</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 telecopy, telephone or in person by officers and
regular employees of ours and our affiliates.
</FONT>

<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 Initial Notes
and in handling or forwarding tenders for exchange. We will pay
the other expenses incurred in connection with the exchange
offer, including fees and expenses of the trustee, accounting
and legal fees and printing costs.
</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 Initial Notes for New Notes
pursuant to the exchange offer. If, however, New Notes or
Initial Notes for principal amounts which are not tendered or
</FONT>

<P align="center"><FONT size="2">17
</FONT>

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<DIV align="left">
<FONT size="2">accepted for exchange are to be issued in the
name of a person other than the registered holder of the Initial
Notes that are tendered, or if tendered Initial Notes are
registered in the name of a person other than the person who
signs the letter of transmittal, or if a transfer tax is imposed
for any other reason, other than the exchange of Initial Notes
for New Notes pursuant to the exchange offer, the tendering
holder must pay the transfer taxes (whether imposed on the
registered holder or any other person). Unless satisfactory
evidence of payment of transfer taxes or exemption from the need
to pay them is submitted with the letter of transmittal, the
amount of the transfer taxes will be billed directly to the
tendering holder. We may refuse to issue New Notes in exchange
for Initial Notes, or to return Initial Notes which are not
exchanged, until we receive evidence satisfactory to us that any
transfer taxes payable by the holder have been paid.
</FONT>
</DIV>

<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 Initial Notes for the New
Notes in the exchange offer should not constitute an exchange
for federal income tax purposes. Consequently, (1)&nbsp;no gain
or loss should be realized by a U.S.&nbsp;Holder upon receipt of
a New Note; (2)&nbsp;the holding period of the New Note should
include the holding period of the Initial Note for which it is
exchanged; and (3)&nbsp;the adjusted tax basis of the New Note
should be the same as the adjusted tax basis of the Initial Note
for which it is exchanged, immediately before the exchange. Even
if the exchange of an Initial Note for a New Note were treated
as an exchange, the exchange should constitute a tax-free
recapitalization for federal income tax purposes. Accordingly, a
New Note should have the same issue price as a Initial Note and
a U.S.&nbsp;Holder should have the same adjusted basis and
holding period in the New Note as it had in the Initial Note
immediately before the exchange. A &#147;U.S.&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 New Notes will be recorded in our accounting
records at the same carrying value as the Initial Notes.
Accordingly, we will not recognize any gain or loss for
accounting purposes as a result of the exchange offer. We will
expense the costs of the exchange offer to operations as
incurred.
</FONT>

<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&nbsp;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="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="48%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <B><FONT size="2">By Facsimile:</FONT></B></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <B><FONT size="2">By Registered Mail, Certified Mail or
    Overnight Courier:</FONT></B></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Fax Number: (214)&nbsp;468-6494<BR>
    Attn: 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&nbsp;Company, National
    Association,<BR>
    as Exchange Agent<BR>
    Institutional Trust Services<BR>
    2001&nbsp;Bryan Street, 9th 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">18
</FONT>

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<DIV align="left">
<A name='111'></A>
</DIV>

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

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


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will issue the New Notes under an indenture
dated as of December&nbsp;31, 1997 between us and
J.P.&nbsp;Morgan Trust&nbsp;Company, National Association (as
successor to Bank One Trust&nbsp;Company, National Association),
as trustee (the &#147;Trustee&#148;), as supplemented by the
Eighth Supplemental Indenture. We have summarized in this
section the principal terms of the New Notes and the indenture
under which they were issued. This summary is not complete. You
should read the indenture and the New Notes for additional
information before you decide to invest in the New Notes because
they, and not this description, define your rights as holders of
the New Notes. You may request copies of these documents at our
address shown under the caption &#147;Incorporation by
Reference&#148; on page&nbsp;31 of this prospectus. The
indenture is subject to, and governed by, the Trust Indenture
Act of 1939, as amended (the &#147;TIA&#148;). Capitalized terms
used but not defined in this section have the meanings specified
in the indenture. For purposes of this &#147;Description of
Notes,&#148; &#147;we,&#148; &#147;our&#148; or &#147;us&#148;
refers to Lennar Corporation and does not include our
subsidiaries except in references to financial data determined
on a consolidated basis.
</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 $300,000,000, but we may, without consent of the
Holders, &#147;reopen&#148; the Notes and issue additional notes
at any time on the same terms and conditions and with the same
CUSIP number as the Notes we offer by this prospectus. The Notes
will mature on March&nbsp;&nbsp;19, 2009 and will bear interest
at the 3 Month LIBOR Rate (as defined below) plus 0.75%&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
March&nbsp;19, June&nbsp;19, September 19 and December 19 of
each year, commencing December&nbsp;19, 2004; provided that if
any interest payment date (other than an interest payment date
that falls on the maturity date or on a redemption date) is not
a business day, then the interest payment date will be postponed
until the first following business day. If the interest payment
date falling on the maturity date or on a redemption date is not
a business day, then the interest payment due on that date will
be paid on the next business day and no additional interest will
accrue.
</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 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>

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

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<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 December&nbsp;19,
2004. Interest will accrue on the Notes that we issue in
exchange for Initial Notes from the most recent date to which
interest on the Initial Notes has been paid or duly provided
for, until the principal amount of each Note is paid or duly
made available for payment. We will pay interest to the persons
in whose names the Notes are registered at the close of business
15 calendar days before the interest payment date; provided that
the interest payable at the maturity date or on a redemption
date will be paid to the person to whom principal is payable.
</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&nbsp;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., 9.876545% (or .09876545) being rounded to
9.87655% (or .0987655) and 9.876544% (or .09876544) being
rounded to 9.87654% (or .09878654)), and all dollar amounts in
or resulting from any such calculation will be rounded to the
nearest cent (with one-half cent being rounded upwards).
</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 from time to time, on or after
March&nbsp;19, 2006 on at least 30 but not more than
60&nbsp;days&#146; prior notice, at a redemption price equal to
100% of the principal amount of the Notes being redeemed plus
accrued and unpaid interest on the Notes being redeemed to the
date of redemption.
</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 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
</FONT>

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

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<DIV align="left">
<FONT size="2">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 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 Restricted Subsidiary to,
create, assume, incur or suffer to exist any Lien upon any of
our or its properties, whether owned on the date of original
issuance of the Notes (&#147;Issue Date&#148;) or thereafter
acquired, unless:
</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>

<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 pollution
    control, industrial revenue, water, sewage or any similar bonds;
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">21
</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 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="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
</FONT>

<P align="center"><FONT size="2">22
</FONT>

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<DIV align="left">
<FONT size="2">which are not Permitted Sale Leaseback
Transactions (as defined below), does not exceed 20% of Total
Consolidated Stockholders&#146; Equity.
</FONT>
</DIV>

<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>

<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 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>

</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">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&nbsp;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&nbsp;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 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&nbsp;Company, New York, New York (the
&#147;Depositary&#148;). Interests in the Global Securities will
be issued only in denominations of $1,000 principal amount or
integral multiples of that amount. Unless and until it is
exchanged in whole or in part for securities in definitive form,
a Global Security may not be transferred except as a whole to a
nominee of the Depositary for such Global Security, or by a
nominee of the Depositary to the Depositary or another nominee
of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.
</FONT>

<P align="center"><FONT size="2">24
</FONT>

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<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 will be registered in the
name of Cede&nbsp;&#38; Co., the nominee of the Depositary.
Accordingly, beneficial interests in the Notes will be shown on,
and transfers thereof will be effected only through, records
maintained by the Depositary and its participants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Depositary has advised us and the
underwriters as follows: the Depositary is a limited-purpose
trust company organized under the New York Banking Law, a
&#147;banking organization&#148; within the meaning of the New
York Banking Law, a member of the United States Federal Reserve
System, a &#147;clearing corporation&#148; within the meaning of
the New York Uniform Commercial Code and a &#147;clearing
agency&#148; registered pursuant to the provisions of
Section&nbsp;17A of the United States Securities Exchange Act of
1934, as amended. The Depositary holds securities that its
participants (&#147;Direct Participants&#148;) deposit with the
Depositary. The Depositary also facilitates the settlement among
Direct Participants of securities transactions, such as
transfers and pledges, in deposited securities through
electronic computerized book-entry changes in such Direct
Participants&#146; accounts, eliminating the need for physical
movement of securities certificates. Direct Participants include
securities brokers and dealers (including the Underwriters),
banks, trust companies, clearing corporations and certain other
organizations. The Depositary is owned by a number of its Direct
Participants and by the New York Stock Exchange, Inc., the
American Stock Exchange, Inc. and the National Association of
Securities Dealers, Inc. Access to the Depositary&#146;s
book-entry system is also available to others such as securities
brokers and dealers, banks and trust companies that clear
through or maintain a custodial relationship with a Direct
Participant, either directly or indirectly (&#147;Indirect
Participants&#148;). The rules applicable to the Depositary and
its Direct and Indirect Participants are on file with the SEC.
</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="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, and secondary market trading in the Notes;
therefore, the Depositary will require that trades be settled in
immediately available funds.
</FONT>

<P align="center"><FONT size="2">25
</FONT>

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<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&nbsp;Company, National
Association, as successor to Bank One Trust&nbsp;Company,
National Association, is the Trustee under the Indenture and
will be appointed by us as the initial paying agent, registrar
and custodian with regard to the Notes. We may maintain deposit
accounts and conduct other banking transactions with the Trustee
or its affiliates in the ordinary course of business. The
Trustee serves as the trustee for our other outstanding public
debt securities. The Trustee and its affiliates may from time to
time in the future provide banking and other services to us in
the ordinary course of their business.
</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.
</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="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
</FONT>

<P align="center"><FONT size="2">26
</FONT>

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<DIV align="left">
<FONT size="2">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>
</DIV>
<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="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
</FONT>

<P align="center"><FONT size="2">27
</FONT>

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<DIV align="left">
<FONT size="2">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>
</DIV>

<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>


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

<!-- link1 "BOOK ENTRY, DELIVERY AND FORM" -->

<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 New Notes will
be issued in fully registered form. The New Notes initially will
be represented by a single, permanent global note, in
definitive, fully registered form without interest coupons (the
&#147;Global Note&#148;) and will be deposited with the trustee
as custodian for DTC and registered in the name of
Cede&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 New Notes
represented by such Global Note that are received by such
persons in the exchange offer. Ownership of beneficial interests
in a Global Note will be limited to persons that have accounts
with DTC (&#147;participants&#148;) or persons that may hold
interests through participants. Any person acquiring an interest
in a Global Note through an offshore transaction in reliance on
Regulation&nbsp;S under the Securities Act may hold such
interest through Clearstream (formerly known as Cedel) or
Euroclear. Ownership of beneficial interests in a Global Note
will be shown on, and the transfer of that ownership interest
will be effected only through, records maintained by DTC (with
respect to
</FONT>

<P align="center"><FONT size="2">28
</FONT>

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<DIV align="left">
<FONT size="2">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>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payment of principal of and interest on New Notes
represented by a Global Note will be made in immediately
available funds to DTC or its nominee, as the case may be, as
the sole registered owner and the sole holder of the New Notes
represented thereby for all purposes under the indenture. We
have been advised by DTC that upon receipt of any payment of
principal of or interest on any Global Note, DTC will
immediately credit, on its book-entry registration and transfer
system, the accounts of participants with payments in amounts
proportionate to their respective beneficial interests in the
principal or face amount of such Global Note as shown on the
records of DTC. Payments by participants to owners of beneficial
interests in a Global Note held through such participants will
be governed by standing instructions and customary practices as
is now the case with securities held for customer accounts
registered in &#147;street name&#148; and will be the sole
responsibility of such participants.
</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 New Notes only if
(a)&nbsp;DTC notifies us that it is unwilling or unable to
continue as a depositary for such Global Note or if at any time
DTC ceases to be a clearing agency registered under the Exchange
Act, (b)&nbsp;we in our discretion at any time determine not to
have all the New Notes represented by such Global Note, or
(c)&nbsp;there shall have occurred and be continuing a default
or an event of default with respect to the New Notes represented
by such Global Note. Any Global Note that is exchangeable for
certificated New Notes pursuant to the preceding sentence will
be exchanged for certificated New Notes in authorized
denominations and registered in such names as DTC or any
successor depositary holding such Global Note may direct.
Subject to the foregoing, a Global Note is not exchangeable,
except for a Global Note of like denomination to be registered
in the name of DTC or any successor depositary or its nominee.
In the event that a Global Note becomes exchangeable for
certificated New Notes, (a)&nbsp;certificated New Notes will be
issued only in fully registered form in denominations of $1,000
or integral multiples thereof, (b)&nbsp;payment of principal of,
and premium, if any, and interest on, the certificated New Notes
will be payable, and the transfer of the certificated New Notes
will be registerable, at our office or agency maintained for
such purposes and (c)&nbsp;no service charge will be made for
any registration of transfer or exchange of the certificated New
Notes, although we may require payment of a sum sufficient to
cover any tax or governmental charge imposed in connection
therewith.
</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
New Notes represented by such Global Note for all purposes under
the indenture and the New Notes. Except as set forth above,
owners of beneficial interests in a Global Note will not be
entitled to have the New Notes represented by such Global Note
registered in their names, will not receive or be entitled to
receive physical delivery of certificated New Notes in
definitive form and will not be considered to be the owners or
holders of any New Notes under such Global Note. Accordingly,
each person owning a beneficial interest in a Global Note must
rely on the procedures of DTC or any successor depositary, and,
if such person is not a participant, on the procedures of the
participant through which such person owns its interest, to
exercise any rights of a holder under 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>

<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 account the
DTC interests in the Global Notes are credited and only in
respect of such portion of the aggregate principal amount of
Notes as to which such participant or participants has or have
given such
</FONT>

<P align="center"><FONT size="2">29
</FONT>

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<DIV align="left">
<FONT size="2">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>
</DIV>

<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>

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

<!-- link1 "SALES OF NEW NOTES RECEIVED BY BROKER-DEALERS" -->

<P align="center">
<B><FONT size="2">SALES OF NEW NOTES&nbsp;RECEIVED BY
BROKER-DEALERS</FONT></B>


<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives New Notes for
its own account pursuant to the exchange offer must acknowledge
that it will deliver a prospectus in connection with any resale
of such New Notes. This prospectus, as it may be amended or
supplemented from time to time, may be used by a broker-dealer
in connection with sales of New Notes received in exchange for
Initial Notes which were acquired as a result of market-making
activities or other trading activities. We have agreed that,
starting on the expiration date and ending on the close of
business on the first anniversary of the expiration date, we
will make this prospectus, as amended or supplemented, available
to any broker-dealer for use in connection with any such resale.
In addition, until January&nbsp;23, 2005, all dealers effecting
transactions in the New 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
New Notes by broker-dealers. New Notes received by
broker-dealers for their own account pursuant to the exchange
offer may be sold from time to time in transactions in the
over-the-counter market, in negotiated transactions, through the
writing of options on the New Notes or a combination of those
methods of resale, at prices which may or may not be based upon
market prices prevailing at the time of the sale. Any such sale
may be made directly to purchasers or to or through brokers or
dealers who may receive compensation in the form of commissions
or concessions from the selling broker-dealer and/or the
purchasers of the New Notes. Any broker-dealer that sells New
Notes that were received by it for its own account pursuant to
the exchange offer and any broker or dealer that participates in
a distribution of such New Notes may be deemed to be an
&#147;underwriter&#148; within the meaning of the Securities Act
and any profit from sale of the New Notes and any commissions or
concessions received by any such persons may be deemed to be
underwriting compensation. The 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>

<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 Initial Notes, other than commissions or
concessions of any brokers or dealers, and we will indemnify the
holders of the Initial Notes (including any broker-dealers)
against certain liabilities, including liabilities under the
Securities Act.
</FONT>

<P align="center"><FONT size="2">30
</FONT>

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<DIV align="left">
<A name='114'></A>
</DIV>

<!-- link1 "LEGAL MATTERS" -->

<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 New Notes for us.
</FONT>

<DIV align="left">
<A name='115'></A>
</DIV>

<!-- link1 "EXPERTS" -->

<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;
Touche LLP, an independent registered public accounting firm, as
stated in their reports which are incorporated herein by
reference, and have been so incorporated in reliance upon the
reports of such firm given upon their authority as experts in
accounting and auditing.
</FONT>

<DIV align="left">
<A name='116'></A>
</DIV>

<!-- link1 "WHERE YOU CAN FIND MORE INFORMATION" -->

<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.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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 York,
New 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 holders at the beginning of any
fiscal year and is not listed on a national securities exchange.
We have agreed that, whether or not we are required to do so by
the rules and regulations of the SEC, for so long as any of the
New Notes remain outstanding we will furnish to the holders of
the New Notes upon request, and if required by the Exchange Act,
file with the SEC, all annual, quarterly and current reports
that we are or would be required to file with the SEC pursuant
to Section&nbsp;13(a) or 15(d) of the Exchange Act. In addition,
we have agreed that, as long as any of the Initial Notes remain
outstanding, we will make the information required by
Rule&nbsp;144A(d)(4) under the Securities Act available to any
prospective purchaser of Initial Notes or beneficial owner of
Initial Notes in connection with a sale of them.
</FONT>

<DIV align="left">
<A name='117'></A>
</DIV>

<!-- link1 "INCORPORATION BY REFERENCE" -->

<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="center"><FONT size="2">31
</FONT>

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<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="6%"></TD>
    <TD width="3%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">1.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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&nbsp;8-K dated August&nbsp;24, 2004, as amended on
    October&nbsp;28, 2004);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">2.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Quarterly Report on Form&nbsp;10-Q for the
    quarter ended February&nbsp;29, 2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">3.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Quarterly Report on Form&nbsp;10-Q for the
    quarter ended May&nbsp;31, 2004;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">4.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our Quarterly Report on Form&nbsp;10-Q for the
    quarter ended August&nbsp;31, 2004;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">5.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">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="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">No dealer, salesperson, or other person has
been authorized to give any information or to make any
representations in connection with the offer made by this
prospectus other than those contained herein and, if given or
made, such information or representations must not be relied
upon as having been authorized by Lennar. This prospectus does
not constitute an offer to sell or the solicitation of an offer
to buy any security other than those to which it relates, nor
does it constitute an offer to sell, or the solicitation of an
offer to buy, to any person in any jurisdiction in which such
offer or solicitation is not authorized, or in which the person
making such offer or solicitation is not qualified to do so, or
to any person to whom it is unlawful to make such offer or
solicitation. Neither the delivery of this prospectus nor any
sale made hereunder shall, under any circumstances, create any
implication that there has been no change in the affairs of the
company since the date of this prospectus or that the
information contained in this prospectus is correct as of any
time subsequent to the date of this prospectus.</FONT></B>

<P align="center"><FONT size="2">32
</FONT>

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<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>


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<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 align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#101'>Forward-Looking
    Information</A>
    </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">&nbsp;<A HREF='#102'>Prospectus Summary</A>
    </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">&nbsp;<A HREF='#103'>Risk Factors</A>
    </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</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#104'>Other Indebtedness</A>
    </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">&nbsp;<A HREF='#105'>&nbsp;<A HREF='#101'>Use of
    Proceeds</A>
    </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">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#106'>Absence of Public Market</A>
    </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">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#107'>Selected Consolidated
    Condensed Financial Information</A>
    </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">11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#108'>Capitalization</A>
    </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">&nbsp;<A HREF='#109'>Ratio of Earnings to Fixed
    Charges</A>
    </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">&nbsp;<A HREF='#110'>The Exchange Offer</A>
    </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">&nbsp;<A HREF='#111'>Description of the New
    Notes</A>
    </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</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#112'>Book Entry, Delivery and
    Form</A>
    </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">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#113'>Sales of New
    Notes&nbsp;Received By Broker-Dealers</A>
    </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</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">&nbsp;<A HREF='#114'>Legal Matters</A>
    </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">&nbsp;<A HREF='#115'>Experts</A>
    </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">&nbsp;<A HREF='#116'>Where You Can Find More
    Information</A>
    </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">&nbsp;<A HREF='#117'>Incorporation By
    Reference</A>
    </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>

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<P align="center">
<B><FONT size="4">$300,000,000</FONT></B>

<P align="center">
<B><FONT size="5">Lennar Corporation</FONT></B>

<P align="center">
<B>Offer to Exchange fully guaranteed</B>

<DIV align="center">
<B>Senior Floating-Rate Notes due 2009,</B>
</DIV>

<DIV align="center">
<B>Series&nbsp;B for any and all</B>
</DIV>

<DIV align="center">
<B>outstanding partially guaranteed</B>
</DIV>

<DIV align="center">
<B>Senior Floating-Rate Notes due 2009</B>
</DIV>

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<P align="center">
<B>PROSPECTUS</B>

<P align="center">
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<P align="center">
<B><FONT size="2">Dated December&nbsp;14, 2004</FONT></B>


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