<SUBMISSION>
<ACCESSION-NUMBER>0000950144-05-000441
<TYPE>S-4/A
<PUBLIC-DOCUMENT-COUNT>3
<FILING-DATE>20050121
<DATE-OF-FILING-DATE-CHANGE>20050121
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LENNAR CORP /NEW/
<CIK>0000920760
<ASSIGNED-SIC>1520
<IRS-NUMBER>954337490
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4/A
<ACT>33
<FILE-NUMBER>333-121132
<FILM-NUMBER>05541799
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
<PHONE>3055594000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PACIFIC GREYSTONE CORP /DE/
<DATE-CHANGED>19940323
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-4/A
<SEQUENCE>1
<FILENAME>y69382a1sv4za.htm
<DESCRIPTION>LENNAR CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>Lennar Corporation</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

</FONT></DIV>

<DIV align="center">
<B><FONT size="2">As filed with the Securities and Exchange
Commission on January 21, 2005</FONT></B>
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

<DIV align="right">
<B><FONT size="2">Registration No.&nbsp;333-121132</FONT></B>
</DIV>

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

</FONT></DIV>

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

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</DIV>

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</FONT></DIV>

<P align="center">
<B>AMENDMENT NO.&nbsp;1</B>

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

</FONT></DIV>

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</FONT></DIV>

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

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</FONT></DIV>

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

</FONT></DIV>

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

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

</FONT></DIV>

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

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

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

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

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

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

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

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

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

<TR>
    <TD width="33%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

</TABLE>
</CENTER>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</FONT></DIV>

<P align="left">
<B><FONT size="2">The Registrant hereby amends this Registration
Statement on such date or dates as may be necessary to delay its
effective date until the Registrant shall file a further
amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with
Section&nbsp;8(a) of the Securities Act of 1933 or until the
Registration Statement shall become effective on such date as
the SEC, acting pursuant to said Section&nbsp;8(a), may
determine.</FONT></B>

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

</FONT></DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>
</CENTER>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>
</CENTER>

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

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

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

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

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

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

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

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

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

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

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

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

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

</FONT></DIV>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Notes are our
senior, unsecured and unsubordinated obligations and rank
equally with all of our other unsecured and unsubordinated
indebtedness outstanding from time-to-time. All of our existing
and future wholly-owned subsidiaries, other than our finance
company subsidiaries and foreign subsidiaries, unconditionally
guarantee the Notes on a joint and several basis, although the
guarantees may be suspended under limited circumstances. The
registration statement, of which this prospectus forms a part,
registers the guarantees as well as the Notes.
</FONT>

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

</FONT></DIV>

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

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

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

<P align="left">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B><FONT size="2">These
securities have not been approved or disapproved by the
Securities and Exchange Commission or any state securities
commission nor has the Securities and Exchange Commission or any
state securities commission passed upon the accuracy or adequacy
of this prospectus. Any representation to the contrary is a
criminal offense.</FONT></B>

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

</FONT></DIV>

<P align="center">
<FONT size="2">The date of this Prospectus is
January&nbsp;&nbsp;&nbsp;, 2005.
</FONT>

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

</FONT></DIV>

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

<P align="center">
<B><FONT size="2">FORWARD-LOOKING INFORMATION</FONT></B>

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

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

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives Series&nbsp;B
Notes for its own account pursuant to the exchange offer must
acknowledge that it will deliver a prospectus in connection with
any resale of such Series&nbsp;B Notes. This prospectus, as it
may be amended or supplemented from time to time, may be used by
a broker-dealer in connection with sales of Series&nbsp;B Notes
received in exchange for Series&nbsp;A Notes which were acquired
as a result of market-making activities or other trading
activities. We have agreed that, starting on the day the
exchange offer expires and ending on the close of business on
the first anniversary of that date, we will make this
prospectus, as amended or supplemented, available to any
broker-dealer for use in connection with any such resale. In
addition, until March&nbsp;&nbsp;&nbsp;, 2005, all dealers
effecting transactions in the Series&nbsp;B Notes may be
required to deliver a prospectus.
</FONT>

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

</FONT></DIV>

<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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<P><HR noshade><P>
<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">PROSPECTUS SUMMARY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This summary highlights information contained
elsewhere in this prospectus or in documents incorporated in
this prospectus. It does not contain all the information you
should consider before deciding whether to exchange
Series&nbsp;A Senior Floating-Rate Notes for Series&nbsp;B
Senior Floating-Rate Notes. You should read the entire
prospectus.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are one of the nation&#146;s largest
homebuilders and a provider of financial services. Our
homebuilding operations include the sale and construction of
single-family attached and detached homes, as well as the
purchase, development and sale of residential land directly and
through our unconsolidated entities. Our financial services
subsidiaries provide mortgage financing, title insurance,
closing services and insurance agency services for both buyers
of our homes and others, and sell the loans they originate in
the secondary mortgage market. These subsidiaries also provide
high-speed Internet access, cable television and alarm
installation and monitoring services to residents of communities
we develop and others.
</FONT>

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

</FONT></DIV>

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

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

</FONT></DIV>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR valign="top">
    <TD><FONT size="2">1996&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Expanded in California through our acquisition of
    Renaissance Homes, Inc., significantly expanded our operations
    in Texas with the acquisition of the assets and operations of
    both Houston-based Village Builders and Friendswood Development
    Company and acquired Regency Title in Texas.
    </FONT></TD>
</TR>

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

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

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

<TR valign="top">
    <TD><FONT size="2">1998&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquired the properties of two California
    homebuilders, ColRich Communities and Polygon Communities,
    acquired a Northern California homebuilder, Winncrest Homes, and
    acquired North American Title with operations in Arizona,
    California and Colorado.
    </FONT></TD>
</TR>

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

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

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

<TR valign="top">
    <TD><FONT size="2">2000&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquired U.S.&nbsp;Home Corporation, which
    expanded our operations into New Jersey, Maryland, Virginia,
    Minnesota, Ohio and Colorado and strengthened our position in
    other states, and expanded our title operations in Texas through
    the acquisition of Texas Professional Title.
    </FONT></TD>
</TR>

</TABLE>
</DIV>

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

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

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

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

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

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

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

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

<TR valign="top">
    <TD><FONT size="2">2004&nbsp;&#151;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Acquired The Newhall Land and Farming Company
    through an entity of which we and LNR Property Corporation each
    owns 50%. We expanded into the San&nbsp;Antonio, Texas
    homebuilding market through the acquisition of substantially all
    the real estate assets of Connell-Barron Homes and entered the
    Jacksonville, Florida homebuilding market through the
    acquisition of substantially all of the real estate assets of
    Classic American Homes. Through acquisitions, we also expanded
    our mortgage operations in Oregon and expanded our title and
    closing business into Minnesota.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our revenues from homebuilding operations
increased to $8.3&nbsp;billion in fiscal 2003 from
$2.8&nbsp;billion in fiscal 1999, which represents a compound
annual growth rate of 31%. Over the same period, our net
earnings grew to $751&nbsp;million from $173&nbsp;million, a
compound annual growth rate of 44%. We delivered 32,180 homes in
fiscal 2003 compared with 27,393 homes in fiscal 2002 and 12,606
homes in fiscal 1999.
</FONT>

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

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

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

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

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

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On December&nbsp;15, 2004, we announced our
results for the fiscal year ended November&nbsp;30, 2004. For
the fiscal year, total revenues were $10.5&nbsp;billion, net
earnings were $945.6&nbsp;million and diluted earnings per share
was $5.70. Our homebuilding revenues were $10.0&nbsp;billion,
homebuilding operating earnings were $1.5&nbsp;billion, home
deliveries were 36,204 and new home orders were 37,667. At
November&nbsp;30, 2004, the dollar value of our backlog of homes
under contract totaled $5.1&nbsp;billion (15,546 homes). A press
release announcing our fiscal 2004 results was included as an
exhibit to our Current Report on Form&nbsp;8-K, which was
furnished to the Securities and Exchange Commission on
December&nbsp;15, 2004. Neither this Form&nbsp;8-K nor the
exhibit is incorporated by reference into this registration
statement or any of our filings with the Commission.
</FONT>

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

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

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

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

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

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

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

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

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

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

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

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

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

<DIV>&nbsp;</DIV>

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

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

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

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

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

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

<TR>
    <TD valign="top">
    <FONT size="2">Conditions of the Exchange Offer
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The exchange offer is not conditioned upon any
    minimum principal amount of Series&nbsp;A Notes being tendered
    for exchange. The only condition to the exchange offer is that
    we not be advised that completion of the exchange offer would,
    or might, be unlawful. See &#147;The Exchange Offer&nbsp;&#151;
    Terms of the Exchange Offer.&#148;
    </FONT></TD>
</TR>

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

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

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

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

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

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

</TABLE>
</DIV>

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

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<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">exchange for Series&nbsp;A Notes which were
    acquired by the broker or dealer as a result of market-making
    activities or other trading activities, must acknowledge that it
    will deliver a prospectus in connection with any resale of the
    Series&nbsp;B Notes. See &#147;The Exchange Offer&nbsp;&#151;
    Procedures for Tendering&#148; and &#147;Sales of Series&nbsp;B
    Notes Received by Broker-Dealers.&#148;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Guaranteed Delivery Procedures
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">Eligible holders of Series&nbsp;A Notes who wish
    to tender their Series&nbsp;B Notes but who cannot deliver their
    Series&nbsp;A Notes or any other documents required by the
    letter of transmittal to the exchange agent prior to the
    expiration date (or complete the procedure for book-entry
    transfer on a timely basis), may tender their Series&nbsp;A
    Notes according to the guaranteed delivery procedures described
    in the letter of transmittal. See &#147;The Exchange
    Offer&nbsp;&#151; Guaranteed Delivery Procedures.&#148;
    </FONT></TD>
</TR>

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>
</DIV>

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

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

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

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

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

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

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

</TABLE>
</DIV>

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

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

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

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

<DIV>&nbsp;</DIV>

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

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

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

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

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

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

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

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

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

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

<TR>
    <TD valign="top">
    <FONT size="2">Ranking
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">The Notes are our senior, unsecured and
    unsubordinated obligations and rank equally with all of our
    other unsecured and unsubordinated indebtedness from time to
    time outstanding. The Notes are effectively subordinated to the
    obligations of our subsidiaries who are not guarantors and to
    our obligations that are secured to the extent of the security.
    As of August&nbsp;31, 2004, we had $0.1&nbsp;billion of secured
    indebtedness outstanding.
    </FONT></TD>
</TR>

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

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

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

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

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

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

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

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

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

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

</TABLE>
</DIV>

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

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

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

<P align="left">
<B><FONT size="2">Because the Notes are structurally
subordinated to the obligations of our subsidiaries that are not
guarantors, you may not be fully repaid if we become
insolvent.</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Substantially all of our operating assets are
held by our subsidiaries. Holders of any preferred stock of any
of our subsidiaries that are not guarantors and creditors of any
of those subsidiaries, including trade creditors, have and will
have access to the assets of those subsidiaries that are prior
to those of the Noteholders. As a result, the Notes are
structurally subordinated to the debts, preferred stock and
other obligations of those subsidiaries.
</FONT>

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes are new securities for which there may
currently be no market. Consequently, the Notes may be
relatively illiquid, and you may be unable to sell your Notes.
We do not intend to apply for listing of the Notes on any
securities exchange or for the inclusion of the Notes in any
automated quotation system.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Under fraudulent conveyance laws, the guarantees
by our subsidiaries might be subordinated to existing or future
indebtedness incurred by those subsidiaries, or might not be
enforceable, if a court or a creditors representative, such as a
bankruptcy trustee, concluded that those subsidiaries:
</FONT>
<P>

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The measure of insolvency varies depending upon
the law of the relevant jurisdiction. Generally, however, a
company is considered insolvent if its debts are greater than
the fair value of its property, or if the fair saleable value of
its assets is less than the amount that would be needed to pay
its probable liabilities as its existing debts matured and
became absolute.
</FONT>

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

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

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The principal reason our subsidiaries, other than
our finance company subsidiaries and our foreign subsidiaries,
have guaranteed the Notes is so holders of Notes will have
rights at least as great with regard to our subsidiaries as any
other holders of a material amount of our unsecured debt.
Therefore, the subsidiaries&#146; guarantees of the Notes will
remain in effect while they are guaranteeing a material amount
of our debt (i.e., the debt of Lennar Corporation, as a separate
entity) to others. At any time, however, when a subsidiary is no
longer guaranteeing at least $75&nbsp;million of our debt other
than the Notes and other notes with similar termination
provisions, either directly or by guaranteeing other
subsidiaries&#146; obligations as guarantors of our debt, that
subsidiary will not be guaranteeing the Notes. Currently, in
addition to these Notes, the subsidiaries are guaranteeing our
principal revolving bank credit line, $350&nbsp;million
principal amount of our Senior Notes due 2013, $322&nbsp;million
principal amount of our Senior Notes due 2010, $300&nbsp;million
principal amount of our Senior Floating-Rate Notes due 2009,
$282&nbsp;million principal amount of 7 5/8%&nbsp;Senior Notes
due 2009 and $250&nbsp;million principal amount of our
5.50%&nbsp;Senior Notes due 2014. However, the
subsidiaries&#146; guarantees of the Senior Notes due 2013, the
Senior Notes due 2009, the Senior Notes due 2014, the Senior
Floating-Rate Notes due 2009 and these Notes also will terminate
with regard to any subsidiary while it is not guaranteeing at
least $75&nbsp;million of our debt and the guarantees of the
Senior Notes due 2010 will terminate with regard to any
subsidiary that no longer is guaranteeing any of our debt.
Therefore, if, while the Notes are outstanding, our subsidiaries
cease guaranteeing our obligations under our principal revolving
bank credit lines, and are not guarantors of any new debt, the
subsidiaries&#146; guarantees of the Notes will terminate until
such time, if any, as they again are guaranteeing at least
$75&nbsp;million of our debt other than the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If our subsidiaries are guaranteeing revolving
credit lines totaling at least $75&nbsp;million, we will treat
the guarantees of the Notes as remaining in effect even during
periods when our borrowings under the revolving credit lines are
less than $75&nbsp;million. Because it is possible that banks
will permit some or all of our subsidiaries to stop guaranteeing
the revolving credit lines, or that we will terminate our
revolving credit lines (which we have discretion to do), it is
possible that, at some time or times in the future, the Notes
will no longer be guaranteed by our subsidiaries.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The rate of interest on the Notes changes each
month to reflect changes in market interest rates. Therefore,
the value of the Notes should not be materially affected by
changes in interest rates. However, an increase in interest
rates would increase the cost of our interest obligations with
regard to the Notes and with regard to our, and our
subsidiaries&#146;, other floating rate debt, including our
principal revolving bank credit line. While we have hedged some
of our exposure to changes in interest rates, we are not fully
hedged. We paid interest of $96.6&nbsp;million during the nine
months ended August&nbsp;31, 2004. Based upon the weighted
outstanding balance of our unhedged floating rate debt for the
nine months ended August&nbsp;31, 2004, a one percentage point
increase in short term interest rates would have increased the
annualized interest we incur by $5.6&nbsp;million.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A provision of the supplemental indenture
relating to our Senior Floating-Rate Notes due 2009 regarding
guarantees by subsidiaries formed or acquired after
October&nbsp;9, 2001, may have constituted a contract to sell
those guarantees which had to be registered under the Securities
Act of 1933. Also, the financial information about guarantor
subsidiaries incorporated into the prospectus supplements
relating to the sale of the Senior Floating-Rate Notes due 2009
may not have included everything required by Securities and
Exchange Commission rules, and, because it related to
substantially all our wholly-owned subsidiaries other than our
finance company subsidiaries and foreign subsidiaries, it may
have misled purchasers about the financial condition of the
subsidiaries that guaranteed the Senior-Floating Rate Notes due
2009. If the offering of the Senior Floating-Rate Notes due 2009
violated the registration requirements of the Securities Act of
1933,
</FONT>

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

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

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

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our indebtedness at August&nbsp;31, 2004 is
listed in the table in the section of this prospectus captioned
&#147;Capitalization&#148; on page&nbsp;14. None of that
indebtedness, other than our homebuilding and financial services
revolving credit facilities, has any covenants that restrict
our, or our subsidiaries&#146;, ability to make payments on
outstanding indebtedness or to pay dividends, or requires us to
maintain financial attributes. Our Senior Floating-Rate Notes
due 2009, 7 5/8%&nbsp;Senior Notes due 2009, 9.95%&nbsp;Senior
Notes due 2010, 5.95%&nbsp;Senior Notes due 2013,
5.50%&nbsp;Senior Notes due 2014 and Zero Coupon Convertible
Senior Subordinated Notes due 2021 all have covenants, similar
to those in the indenture relating to the Notes, that limit our
or our subsidiaries&#146; ability to create liens securing
indebtedness or enter into sale and leaseback transactions.
</FONT>

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>

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

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

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

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

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

<P align="center"><FONT size="2">12
</FONT>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>
</CENTER>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

</TR>

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

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

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

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

</TR>

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

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

</TR>

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

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

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

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

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

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

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

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

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

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

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

</TR>

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

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

</TR>

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

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

</TR>

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">At August&nbsp;31, 2004, the Zero Coupon
    Convertible Senior Subordinated Notes due 2021 were convertible
    into 8,969&nbsp;shares of Class&nbsp;A Common Stock because the
    average closing price of our Class&nbsp;A Common Stock over the
    last twenty trading days of the third quarter of 2004 exceeded
    $33.53 per share (110% of the accreted conversion price).
    </FONT></TD>
</TR>

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

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

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

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

</TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>
</CENTER>

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

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">For the purpose of calculating the ratio of
    earnings to fixed charges, &#147;earnings&#148; consist of
    income from continuing operations before income taxes plus
    &#147;fixed charges&#148; and certain other adjustments.
    &#147;Fixed charges&#148; consist of interest incurred on all
    indebtedness related to continuing operations (including
    amortization of original issue discount) and the implied
    interest component of our rent obligations.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There was no preferred stock outstanding for any
of the periods shown above. Accordingly, the ratio of earnings
to combined fixed charges and preferred stock dividends was
identical to the ratio of earnings to fixed charges.
</FONT>

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

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

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

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

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

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

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who tender Series&nbsp;A Notes in
response to the exchange offer will not be required to pay
brokerage commissions or fees or, except as described in the
instructions in the letter of transmittal, transfer taxes. We
will pay all charges and expenses, other than certain taxes
described below, in connection with the exchange offer. See
&#147;&#151;&nbsp;Fees and Expenses.&#148;
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer will expire at 5:00&nbsp;p.m.,
New York City time,
on &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
unless we extend it by notice to the exchange agent. We reserve
the right to extend the exchange offer at our discretion. If we
extend the exchange offer, the term &#147;expiration date&#148;
will mean the time and date on which the exchange offer as
extended will expire. We will notify the exchange agent of any
extension by oral or written notice and will make a public
announcement of any extension not later than 9:00&nbsp;a.m., New
York City time, on the business day after the previously
scheduled expiration date. Immediately after the expiration
date, we will accept all Series&nbsp;A Notes that have been
properly tendered and not withdrawn.
</FONT>

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

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Any financial institution that is a participant
in DTC&#146;s Book-Entry Transfer Facility System may make
book-entry delivery of Series&nbsp;A Notes by causing DTC to
transfer the Series&nbsp;A Notes into the exchange agent&#146;s
account at DTC in accordance with DTC&#146;s transfer procedure.
Because the only outstanding Notes are Global Notes held by DTC,
all tenders of Series&nbsp;A Notes must be made in that manner.
Even though delivery of Series&nbsp;A Notes is effected through
book-entry transfer into the exchange agent&#146;s account at
DTC, the letter of transmittal (or a facsimile of one), with any
required signature guarantees and any other required documents,
must be transmitted to and received or confirmed by the exchange
agent at its addresses as set forth under the caption
&#147;&#151;&nbsp;Exchange Agent&#148; below prior to
5:00&nbsp;p.m., New York City time, on the expiration date.
Delivery of a document to DTC does not constitute delivery to
the Exchange Agent.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The method of delivering the letter of
transmittal and any other required documents to the exchange
agent is at the election and risk of the holder. It is
recommended that holders use overnight or hand delivery
services. In all cases, sufficient time should be allowed to
assure delivery to the exchange agent before the expiration
time. No letter of transmittal or Series&nbsp;A Notes should be
sent to us. Holders may ask their brokers, dealers, commercial
banks, trust companies or nominees to assist them in effecting
tenders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Signatures on a letter of transmittal or a notice
of withdrawal, as the case may be, must be guaranteed by an
eligible institution unless the Series&nbsp;A Notes are being
tendered for the account of an eligible institution. An eligible
institution is a bank, broker, dealer, credit union, savings
association or other entity which is a member in good standing
of the Securities Transfer Agents Medallion Program.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If the letter of transmittal or any Series&nbsp;A
Notes or bond powers are signed by trustees, executors,
administrators, guardians, attorneys-in-fact, officers of
corporations or others acting in a fiduciary or representative
capacity, they should so indicate when signing, and we may
require that evidence satisfactory to us of their authority to
sign be submitted with the letter of transmittal.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All questions as to the validity, form,
eligibility (including time of receipt) and acceptance and
withdrawal of tendered Series&nbsp;A Notes will be determined by
us in our sole discretion, and that determination will be final
and binding. We reserve the right to reject any Series&nbsp;A
Notes which are not properly tendered or the acceptance of which
we believe might be unlawful. We also reserve the right to waive
any defects, irregularities or conditions of tender as to
particular Series&nbsp;A Notes, without being required to waive
the same defects, irregularities or conditions as to other
Series&nbsp;A Notes. Our interpretation of the terms and
conditions of the exchange offer (including the instructions in
the letter of transmittal) will be final and binding on all
parties. Unless waived, any defects or irregularities in
connection with tenders of Series&nbsp;A Notes must be cured by
the expiration date, or by such later time as we may determine.
Although we intend to request the exchange agent to notify
holders of defects or irregularities with respect to tenders of
Series&nbsp;A Notes, neither we, the exchange agent nor any
other person will incur any liability for failure to give such
notification. Tenders of Series&nbsp;A Notes will not be deemed
to have been made until all defects and irregularities have been
cured or waived. Any Series&nbsp;A Notes received by the
exchange agent that are not properly tendered and as to which
the defects or irregularities have not been cured or waived will
be returned by the exchange agent to the tendering holders,
unless otherwise provided in the letter of transmittal, promptly
after the expiration date.
</FONT>

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

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

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

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

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

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

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;Prior to the expiration date, the
    exchange agent receives from the eligible institution a properly
    completed and duly executed notice of guaranteed delivery (by
    facsimile transmission, mail or hand) setting forth the name and
    address of the eligible holder, and the principal amount of
    Series&nbsp;A Notes tendered, together with a duly executed
    letter of transmittal (or a facsimile of one), stating that the
    tender is being made by that notice of guaranteed delivery and
    guaranteeing that, within three business days after the
    expiration date, confirmation of a book-entry transfer into the
    exchange agent&#146;s account at DTC and any other documents
    required by the letter of transmittal will be delivered to the
    exchange agent;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;Confirmation of a book-entry transfer
    into the exchange agent&#146;s account at DTC and all other
    documents required by the letter of transmittal are received by
    the exchange agent within three business days after the
    expiration date.
    </FONT></TD>
</TR>

</TABLE>

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

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

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will bear the expenses of soliciting tenders
pursuant to the exchange offer. The principal solicitation of
tenders is being made by mail. However, solicitations also may
be made by facsimile, telephone or in person by officers and
regular employees of ours and our affiliates.
</FONT>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have not retained any dealer-manager in
connection with the exchange offer and will not make any
payments to brokers, dealers or others for soliciting
acceptances of the exchange offer. We will, however, pay the
exchange agent reasonable and customary fees for its services
and reimburse it for its reasonable out-of-pocket expenses in
connection with the exchange offer. We may also reimburse
brokerage houses and other custodians, nominees and fiduciaries
for the reasonable out-of-pocket expenses they incur in
forwarding copies of this prospectus, letters of transmittal and
related documents to the beneficial owners of the Series&nbsp;A
Notes and in handling or forwarding tenders for exchange. We
will pay the other expenses incurred in connection with the
exchange offer, including fees and expenses of the trustee,
accounting and legal fees and printing costs.
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange of the Series&nbsp;A Notes for the
Series&nbsp;B Notes in the exchange offer should not constitute
an exchange for federal income tax purposes. Consequently,
(1)&nbsp;no gain or loss should be realized by a
U.S.&nbsp;Holder upon receipt of a Series&nbsp;B Note;
(2)&nbsp;the holding period of the Series&nbsp;B Note should
include the holding period of the Series&nbsp;A Note for which
it is exchanged; and (3)&nbsp;the adjusted tax basis of the
Series&nbsp;B Note should be the same as the adjusted tax basis
of the Series&nbsp;A Note for which it is exchanged, immediately
before the exchange. Even if the exchange of a Series&nbsp;A
Note for a Series&nbsp;B Note were treated as an exchange, the
exchange should constitute a tax-free recapitalization for
federal income tax purposes. Accordingly, a Series&nbsp;B Note
should have the same issue price as a Series&nbsp;A Note and a
U.S.&nbsp;Holder should have the same adjusted basis and holding
period in the Series&nbsp;B Note as it had in the Series&nbsp;A
Note immediately before the exchange. A
&#147;U.S.&nbsp;Holder&#148; means a person who is, for United
States federal income tax purposes, (1)&nbsp;a citizen or
resident of the United States; (2)&nbsp;a corporation,
partnership or other entity created or organized in or under the
laws of the United States or any political subdivision of the
United States; or (3)&nbsp;an estate or trust the income of
which is subject to United States federal income taxation
regardless of its source.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Series&nbsp;B Notes will be recorded in our
accounting records at the same carrying value as the
Series&nbsp;A Notes. Accordingly, we will not recognize any gain
or loss for accounting purposes as a result of the exchange
offer. We will expense the costs of the exchange offer to
operations as incurred.
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">J.P.&nbsp;Morgan Trust Company, National
Association, has been appointed as exchange agent for the
exchange offer. All correspondence in connection with the
exchange offer and the consent and letter of transmittal should
be addressed to the exchange agent, as follows:
</FONT>

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

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

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

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

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

</TABLE>
</CENTER>

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

<P align="center"><FONT size="2">20
</FONT>
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<!-- link1 "DESCRIPTION OF NOTES" -->

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes will be our direct, unsecured
obligations and will rank equal in right of payment by us with
all of our other unsecured and unsubordinated indebtedness from
time to time outstanding. The Notes will be issued in
denominations of $1,000 principal amount and integral multiples
of that amount and will be payable, and may be presented for
registration of transfer and exchange, without service charge,
at the Trustee&#146;s office in New York, New York.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes are limited in aggregate principal
amount to $200,000,000, but we may, without consent of the
Holders, &#147;reopen&#148; the Notes and issue additional notes
at any time on the same terms and conditions and with the same
CUSIP number as the Notes we offer by this prospectus. The Notes
will mature on August&nbsp;20, 2007 and will bear interest at
the 3&nbsp;Month LIBOR Rate (as defined below) plus
0.50%&nbsp;per year. The interest rate on the Notes will in no
event be higher than the maximum rate permitted by New York law
as the same may be modified by United States law of general
application. Interest on the Notes will be payable quarterly on
February&nbsp;20, May&nbsp;20, August&nbsp;20 and
November&nbsp;20 of each year, commencing February&nbsp;20,
2005; provided that if any interest payment date (other than an
interest payment date that falls on the maturity date or on a
redemption date) is not a Business Day, then the interest
payment date will be postponed until the first following
Business Day. If the interest payment date falling on the
maturity date or on a redemption date is not a Business Day,
then the interest payment due on that date will be paid on the
next Business Day and no additional interest will accrue.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;3 Month LIBOR Rate&#148; means the rate for
deposits in U.S.&nbsp;dollars for the 3-month period commencing
on the applicable interest reset date which appears on Telerate
Page&nbsp;3750 at approximately 11:00&nbsp;a.m., London time, on
the second London banking day prior to the applicable interest
reset date. If this rate does not appear on Telerate
Page&nbsp;3750, the calculation agent will determine the rate on
the basis of the rates at which deposits in U.S.&nbsp;dollars
are offered by four major banks in the London interbank market
(selected by the calculation agent) at approximately
11:00&nbsp;a.m., London time, on the second London banking day
prior to the applicable interest reset date to prime banks in
the London interbank market for a period of three months
commencing on that interest reset date and in a principal amount
equal to an amount not less than $1,000,000 that is
representative for a single transaction in such market at such
time. In such case, the calculation agent will request the
principal London office of each of the aforesaid major banks to
provide a quotation of such rate. If at least two such
quotations are provided, the rate for that interest reset date
will be the arithmetic mean of the quotations, and, if fewer
than two quotations are provided as requested, the rate for that
interest reset date will be the arithmetic mean of the rates
quoted by major banks in New York City, selected by the
calculation agent, at approximately 11:00&nbsp;a.m., New York
City time, on the second London banking day prior to the
applicable interest reset date for loans in U.S.&nbsp;dollars to
leading European banks for a period of three
</FONT>

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

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<DIV align="left">
<FONT size="2">months commencing on that interest reset date and
in a principal amount equal to an amount not less than
$1,000,000 that is representative for a single transaction in
such market at such time. A London banking day is any business
day in which dealings in U.S.&nbsp;dollars are transacted in the
London interbank market.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 3 Month LIBOR Rate will be reset quarterly on
each interest payment date (each of these dates is called an
&#147;interest reset date&#148;), beginning on February&nbsp;20,
2005. Interest will accrue on the Notes that we issue in
exchange for Series&nbsp;A Notes from August&nbsp;18, 2004 or
from the most recent date to which interest on the Series&nbsp;A
Notes has been paid or duly provided for, until the principal
amount of each Note is paid or duly made available for payment.
We will pay interest to the persons in whose names the Notes are
registered at the close of business 15 calendar days before the
interest payment date; provided that the interest payable at the
maturity date or on a redemption date will be paid to the person
to whom principal is payable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Interest will be calculated on the basis of a
360-day year and the actual number of days in each quarterly
interest payment period. The calculation agent will, upon the
request of the holder of any Note, provide the interest rate
then in effect. The calculation agent is J.P.&nbsp;Morgan Trust
Company, National Association until such time as we appoint a
successor calculation agent. All calculations made by the
calculation agent in the absence of manifest error shall be
conclusive for all purposes and binding on us and the holders of
the Notes. We may appoint a successor calculation agent with the
written consent of the trustee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All percentages resulting from any calculation of
the interest rate with respect to the Notes will be rounded, if
necessary, to the nearest one-hundred thousandth of a percentage
point, with five one-millionths of a percentage point rounded
upwards (e.g.,&nbsp;9.876545% (or&nbsp;.09876545) being rounded
to 9.87655% (or&nbsp;.0987655) and 9.876544% (or&nbsp;.09876544)
being rounded to 9.87654% (or&nbsp;.09878654)), and all dollar
amounts in or resulting from any such calculation will be
rounded to the nearest cent (with one-half cent being rounded
upwards).
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In connection with the Notes, we have not agreed
to any financial covenants or any restrictions on the payment of
dividends or the issuance or repurchase of our securities. We
have agreed to no covenants or other provisions to protect
Holders (as defined below) of the Notes in the event of a highly
leveraged transaction or a change in control transaction.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may, at our option, redeem the Notes in whole
at any time or in part on any interest payment date on or after
February&nbsp;20, 2006 on at least 30 but not more than
60&nbsp;days&#146; prior notice, at a redemption price equal to
100% of the principal amount of the Notes being redeemed plus
accrued and unpaid interest on the Notes being redeemed to the
date of redemption.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In determining the redemption price and accrued
interest, interest will be calculated on the basis of a 360-day
year consisting of twelve 30-day months.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If money sufficient to pay the redemption price
of and accrued interest on the Notes to be redeemed is deposited
with the Trustee on or before the redemption date, on and after
the redemption date interest will cease to accrue on the Notes
(or such portions thereof) called for redemption and such Notes
will cease to be outstanding.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each of the guarantors will unconditionally
guarantee on a joint and several basis all of our obligations
under the Notes, including our obligations to pay principal,
premium, if any, and interest with respect to the Notes. The
guarantees will be general unsecured obligations of the
guarantors and will rank <I>pari passu </I>with all existing and
future unsecured indebtedness of the guarantors that is not, by
its terms, expressly subordinated in right of payment to the
guarantees or other senior Indebtedness of the guarantors. The
obligations of each guarantor are limited to the maximum amount
which, after giving effect to all other contingent and fixed
liabilities of such guarantor and after giving effect to any
collections from or payments made by or on behalf of
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture will require that each of our
existing and future subsidiaries (other than any foreign
subsidiary and any finance company subsidiary) that guarantees
any of our Indebtedness, or guarantees obligations of any other
subsidiary as a guarantor of our Indebtedness, (other than
guarantees by subsidiaries of U.S.&nbsp;Home Corporation (one of
our subsidiaries) solely of U.S.&nbsp;Home&#146;s obligations
under its Senior Secured Credit Facilities) be a guarantor. The
guarantee of the Notes by a subsidiary will be suspended, and
that subsidiary will not be a guarantor and will not have any
obligations with regard to the Notes, during any period when the
principal amount of our (i.e. Lennar Corporation&#146;s)
obligations or any Restricted Subsidiary&#146;s obligations with
regard to our (i.e. Lennar Corporation&#146;s) obligations, in
each case other than the Notes and any other debt obligations
containing provisions similar to this, that the subsidiary is
guaranteeing totals less than $75&nbsp;million.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture will provide that if all or
substantially all of the assets of any guarantor or all of the
capital stock of any guarantor is sold (including by
consolidation, merger, issuance or otherwise) or disposed of
(including by liquidation, dissolution or otherwise) by us or
any of our Subsidiaries, then such guarantor or the Person
acquiring such assets (in the event of a sale or other
disposition of all or substantially all of the assets of such
guarantor) shall be deemed automatically and unconditionally
released and discharged from any of its obligations under the
indenture without any further action on the part of the Trustee
or any Holder of the Notes.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Limitation on Liens.</FONT></I><FONT size="2">
We will not, nor will we permit any Subsidiary to, create,
assume, incur or suffer to exist any Lien upon any of our or its
properties, whether owned on the date of original issuance of
the Notes (&#147;Issue Date&#148;) or thereafter acquired,
unless:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if such Lien secures Indebtedness ranking equal
    in right of payment with the Notes, then the Notes are secured
    on an equal and ratable basis with the obligation so secured
    until such time as such obligation is no longer secured by a
    Lien;
    </FONT></TD>
</TR>

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

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

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

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

</TABLE>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens on property of a Person existing at the
    time such Person is merged into or consolidated with or
    otherwise acquired by us or any Restricted Subsidiary, provided
    that such Liens were in existence prior to, and were not created
    in contemplation of, such merger, consolidation or acquisition
    and do not extend to any assets other than those of the Person
    merged into or consolidated with us or any Restricted Subsidiary;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens on property existing at the time of
    acquisition thereof by us or any Restricted Subsidiary; provided
    that such Liens were in existence prior to, and were not created
    in contemplation of, such acquisition and do not extend to any
    assets other than the property acquired;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens imposed by law such as carriers&#146;,
    warehouseman&#146;s or mechanics&#146; Liens, and other Liens to
    secure the performance of statutory obligations, surety or
    appeal bonds, performance bonds or other obligations of a like
    nature incurred in the ordinary course of business;
    </FONT></TD>
</TR>

</TABLE>

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

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

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

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens securing Indebtedness representing, or
    incurred to finance, the cost of acquiring, constructing or
    improving any assets, provided that the principal amount of such
    Indebtedness does not exceed 100% of such cost, including
    construction charges;
    </FONT></TD>
</TR>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens incurred in the ordinary course of business
    to secure performance of obligations with respect to statutory
    or regulatory requirements, performance or return-of-money
    bonds, surety bonds or other obligations of a like nature, in
    each case which are not incurred in connection with the
    borrowing of money, the obtaining of advances or credit or the
    payment of the deferred purchase price of property and which do
    not in the aggregate impair in any material respect the use of
    property in the operation of our business taken as a whole;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">pledges or deposits under workmen&#146;s
    compensation laws, unemployment insurance laws or similar
    legislation, or good faith deposits in connection with bids,
    tenders, contracts (other than for the payment of indebtedness)
    or leases to which Lennar or any Restricted Subsidiary is a
    party, or deposits to secure public or statutory obligations of
    us or of any Restricted Subsidiary or deposits for the payment
    of rent, in each case incurred in the ordinary course of
    business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens granted to any bank or other institution on
    the payments to be made to such institution by us or any
    Subsidiary pursuant to any interest rate swap or similar
    agreement or foreign currency hedge, exchange or similar
    agreement designed to provide protection against fluctuations in
    interest rates and currency exchange rates, respectively,
    provided that such agreements are entered into in, or are
    incidental to, the ordinary course of business;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens arising solely by virtue of any statutory
    or common law provision relating to banker&#146;s Liens, rights
    of set off or similar rights and remedies;
    </FONT></TD>
</TR>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens securing indebtedness incurred to finance
    the acquisition, construction, improvement, development or
    expansion of a property which is given within 180&nbsp;days of
    the acquisition, construction, improvement, development or
    expansion of such property and which is limited to such property;
    </FONT></TD>
</TR>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens existing on the Issue Date;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens for taxes, assessments or governmental
    charges or claims that are not yet delinquent or that are being
    contested in good faith by appropriate proceedings promptly
    instituted and diligently concluded; provided that any reserve
    or other appropriate provision as shall be required in
    conformity with GAAP shall have been made therefor;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Liens securing refinancing Indebtedness; provided
    that any such Lien does not extend to or cover any property or
    assets other than the property or assets securing Indebtedness
    so refunded, refinanced or extended;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">easements, rights-of-way and other similar
    encumbrances incurred in the ordinary course of business and
    encumbrances consisting of zoning restrictions, licenses,
    restrictions on the use of property or minor imperfections in
    title thereto which, in the aggregate, are not material in
    amount, and which do not in any case materially detract from our
    properties subject thereto;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any extensions, substitutions, modifications,
    replacements or renewals of the Permitted Liens described above.
    </FONT></TD>
</TR>

</TABLE>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the foregoing, we may, and any
Restricted Subsidiary may, create, assume, incur or suffer to
exist any Lien upon any of our properties or assets without
equally and ratably securing the Notes if the aggregate amount
of all Indebtedness then outstanding secured by such Lien and
all other Liens which are not Permitted Liens, together with the
aggregate net sales proceeds from all Sale-Leaseback Transaction
which are not Permitted Sale Leaseback Transactions (as defined
below), does not exceed 20% of Total Consolidated
Stockholders&#146; Equity.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Sale and Leaseback
Transactions.</FONT></I><FONT size="2"> We will not, nor will we
permit any Restricted Subsidiary to, enter into any
Sale-Leaseback Transaction, except for any of the following
&#147;Permitted Sale-Leaseback Transactions&#148;:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a Sale-Leaseback Transaction involving the
    leasing by us or any Restricted Subsidiary of model homes in our
    communities;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a Sale-Leaseback Transaction relating to a
    property which occurs within 180&nbsp;days from the date of
    acquisition of such property by us or a Restricted Subsidiary or
    the date of the completion of construction or commencement of
    full operations on such property, whichever is later;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a Sale-Leaseback Transaction where we, within
    365&nbsp;days after such Sale-Leaseback Transaction, apply or
    cause to be applied to the retirement of our or any Restricted
    Subsidiary&#146;s Funded Debt (other than our Funded Debt which
    by its terms or the terms of the instrument pursuant to which it
    was issued is subordinate in right of payment to the Notes)
    proceeds of the sale of such property, but only to the extent of
    the amount of proceeds so applied;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a Sale-Leaseback Transaction where we or our
    Restricted Subsidiaries would, on the effective date of the
    relevant sale or transfer, be entitled, pursuant to the
    indenture, to issue, assume or guarantee Indebtedness secured by
    a Lien upon the relevant property at least equal in amount to
    the then present value (discounted at the actual rate of
    interest of the Sale-Leaseback Transaction) of the obligation
    for the net rental payments in respect of such Sale-Leaseback
    Transaction without equally and ratably securing the Notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a Sale-Leaseback Transaction between
    (A)&nbsp;Lennar and a Restricted Subsidiary or (B)&nbsp;between
    Restricted Subsidiaries, so long as the lessor is Lennar or a
    wholly-owned Restricted Subsidiary;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">a Sale-Leaseback Transaction which has a lease of
    no more than three years in length.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the foregoing provisions, we may,
and may permit any Restricted Subsidiary to, effect any
Sale-Leaseback Transaction involving any real or tangible
personal property which is not a Permitted Sale-Leaseback
Transaction, provided that the aggregate net sales proceeds from
all Sale-Leaseback Transactions which are not Permitted
Sale-Leaseback Transactions, together with all Indebtedness
secured by Liens other than Permitted Liens, does not exceed 20%
of Total Consolidated Stockholders&#146; Equity.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We must deliver to the Trustee, within
120&nbsp;days after the end of each fiscal year, an
Officers&#146; Certificate as to the signer&#146;s knowledge of
our compliance with all conditions and our covenants in the
indenture. The Officers&#146; Certificate also must state
whether or not the signer knows of any Default or Event of
Default. If the signer knows of such a Default or Event of
Default, the Officers&#146; Certificate must describe the
Default or Event of Default and the efforts to remedy it. For
the purposes of this provision of the indenture, compliance is
determined without regard to any grace period or requirement of
notice under the indenture.
</FONT>

<P align="left">
<B><FONT size="2">Events of Default and Remedies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are Events of Default under the
indenture:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if we fail to pay any interest on the Notes
    continuing for 30&nbsp;days after it was due;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if we fail to pay any principal or redemption
    price due with respect to the Notes;
    </FONT></TD>
</TR>

</TABLE>

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

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<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our or any Restricted Subsidiary&#146;s failure
    to fulfill an obligation to pay Indebtedness for borrowed money
    (other than Indebtedness which is non-recourse to us or any
    Restricted Subsidiary), which such failure shall have resulted
    in the acceleration of, or be a failure to pay at final
    maturity, Indebtedness aggregating more than $50&nbsp;million;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our failure to perform any other covenant or
    warranty in the indenture, continued for 30&nbsp;days after
    written notice as provided in the indenture;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">final judgments or orders are rendered against us
    or any Restricted Subsidiary which require the payment by us or
    any Restricted Subsidiary of an amount (to the extent not
    covered by insurance) in excess of $50&nbsp;million and such
    judgments or orders remain unstayed or unsatisfied for more than
    60&nbsp;days and are not being contested in good faith by
    appropriate proceedings;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">certain events of bankruptcy, insolvency or
    reorganization with respect to us or any Restricted Subsidiary.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If an Event of Default has occurred and is
continuing, the Trustee or the Holders of not less than 25% in
principal amount of the Notes then outstanding may declare the
principal amount of the Notes then outstanding and interest, if
any, accrued thereon to be due and payable immediately. However,
if we cure all defaults (except the nonpayment of the principal
and interest due on any of the Notes that have become due by
acceleration) and certain other conditions in the indenture are
met, with certain exceptions, such declaration may be annulled
and past defaults may be waived by the Holders of a majority of
the principal amount of the Notes then outstanding. In the case
of certain events of bankruptcy or insolvency, the principal
amount of the Notes will automatically become and be immediately
due and payable.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Within 90&nbsp;days after a Trust Officer (as
defined in the indenture) has knowledge of the occurrence of a
Default or any Event of Default, the Trustee must mail to all
Holders notice of all Defaults or Events of Default known to a
Trust Officer, unless such Default or Event of Default is cured
or waived before the giving of such notice. However, except in
the case of a payment default on any of the Notes, the Trustee
will be protected in withholding such notice if and so long as a
trust committee of directors and/or officers of the Trustee in
good faith determines that the withholding of such notice is in
the interest of the Holders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Holders of a majority in principal amount of
the Notes then outstanding will have the right to direct the
time, method and place of conducting any proceedings for any
remedy available to the Trustee with regard to the Notes,
subject to certain limitations specified in the indenture.
</FONT>

<P align="left">
<B><FONT size="2">Modifications of the Indenture</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">With the consent of the Holders of not less than
a majority in principal amount of the Notes at the time
outstanding, we and the Trustee may modify the indenture or any
supplemental indenture or the rights of the Holders of the
Notes. However, without the consent of each Holder of Notes
which is affected, we cannot:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">extend the fixed maturity of any Note;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reduce the rate or extend the time for the
    payment of interest;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">reduce the principal amount of any Note or the
    redemption price;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">impair the right of a Holder to institute suit
    for the payment thereof;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">change the currency in which the Notes are
    payable.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, without the consent of the Holders
of all of the Notes then outstanding, we cannot reduce the
percentage of Notes the Holders of which are required to consent
to any such supplemental indenture.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Series&nbsp;B Notes will be issued in the
form of one or more global securities (&#147;Global
Securities&#148;) that will be deposited with, or on behalf of,
The Depository Trust Company, New York, New York (the
&#147;Depositary&#148;). Interests in the Global Securities will
be issued only in denominations of $1,000 principal
</FONT>

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

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<DIV align="left">
<FONT size="2">amount or integral multiples of that amount.
Unless and until it is exchanged in whole or in part for
securities in definitive form, a Global Security may not be
transferred except as a whole to a nominee of the Depositary for
such Global Security, or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary.
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">Book-Entry System</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Initially, the Notes have been registered in the
name of Cede&nbsp;&#38; Co., the nominee of the Depositary.
Accordingly, beneficial interests in the Notes are shown on, and
transfers thereof will be effected only through, records
maintained by the Depositary and its participants.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payments on the Notes registered in the name of
the Depositary&#146;s nominee will be made in immediately
available funds to the Depositary&#146;s nominee as the
registered owner of the Global Securities. We and the Trustee
will treat the Depositary&#146;s nominee as the owner of such
Notes for all other purposes as well. Therefore, neither we, the
Trustee nor any paying agent has any direct responsibility or
liability for the payment of any amount due on the Notes to
owners of beneficial interests in the Global Securities. It is
the Depositary&#146;s current practice, upon receipt of any
payment, to credit Direct Participants&#146; accounts on the
payment date according to their respective holdings of
beneficial interests in the Global Securities as shown on the
Depositary&#146;s records unless the Depositary has reason to
believe that it will not receive payment. Payments by Direct and
Indirect Participants to owners of beneficial interests in the
Global Securities will be governed by standing instructions and
customary practices, as is the case with Securities held for the
accounts of customers in bearer form or registered in
&#147;street name.&#148; Such payments will be the
responsibility of such Direct and Indirect Participants and not
of the Depositary, the Trustee or us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notes represented by a Global Security will be
exchangeable for Notes in definitive form of like tenor in
authorized denominations only if:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the Depositary notifies us that it is unwilling
    or unable to continue as Depositary;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the Depositary ceases to be a clearing agency
    registered under applicable law and a successor depositary is
    not appointed by us within 90&nbsp;days;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we, in our discretion, determine not to require
    all of the Notes to be represented by a Global Security and
    notify the Trustee of our decision.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Same-Day Settlement and Payment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as the Depositary continues to make its
Same-Day Funds Settlement System available to us, all payments
on the Notes will be made by us in immediately available funds.
</FONT>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Secondary trading in long-term notes and
debentures of corporate issues is generally settled in
clearing-house or next-day funds. In contrast, the Notes will
trade in the Depositary&#146;s Same-Day Funds Settlement System
until maturity; therefore, the Depositary will require that
trades be settled in immediately available funds.
</FONT>

<P align="left">
<B><FONT size="2">Concerning the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">J.P.&nbsp;Morgan Trust Company, National
Association is the Trustee under the Indenture and has been
appointed by us as the initial paying agent, registrar and
custodian with regard to the Notes. We may maintain deposit
accounts and conduct other banking transactions with the Trustee
or its affiliates in the ordinary course of business. The
Trustee serves as the trustee for our other outstanding public
debt securities. The Trustee and its affiliates may from time to
time in the future provide banking and other services to us in
the ordinary course of their business.
</FONT>

<P align="left">
<B><FONT size="2">Discharge of the Indenture</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We may satisfy and discharge our obligations
under the indenture with respect to the Notes by:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">delivering to the Trustee for cancellation all
    outstanding Notes;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">depositing with the Trustee, after all
    outstanding Notes have become due and payable (or are by their
    terms to become due and payable within one year), whether at
    stated maturity, or otherwise, cash sufficient to pay all of the
    outstanding Notes and paying all other sums payable under the
    indenture by us with respect to the Notes.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the deposit of such funds with the Trustee,
the indenture will, with certain limited exceptions, cease to be
of further effect with respect to the Notes. The rights that
would continue following the deposit of those funds with the
Trustee are:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the remaining rights of registration of transfer,
    substitution and exchange of the Notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the rights of Holders under the indenture to
    receive payments due with respect to the Notes and the other
    rights, duties and obligations of Holders, as beneficiaries with
    respect to the amounts, if any, so deposited with the
    Trustee;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the rights, obligations and immunities of the
    Trustee under the Indenture.
    </FONT></TD>
</TR>

</TABLE>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are definitions of certain of the
terms used in the Indenture and in the description of the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Business Day&#148; means each Monday,
Tuesday, Wednesday, Thursday or Friday which is not a legal
holiday in New York, New York.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Consolidated Net Tangible Assets&#148;
means the total amount of assets which would be included on a
consolidated balance sheet of Lennar and the Restricted
Subsidiaries under GAAP (less applicable reserves and other
properly deductible items) after deducting therefrom:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(A)&nbsp;all short-term liabilities, i.e.,
    liabilities payable by their terms less than one year from the
    date of determination and not renewable or extendable at the
    option of the obligor for a period ending more than one year
    after such date, and liabilities in respect of retiree benefits
    other than pensions for which the Restricted Subsidiaries are
    required to accrue pursuant to Statement of Financial Accounting
    Standards No.&nbsp;106;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(B)&nbsp;investments in subsidiaries that are not
    Restricted Subsidiaries;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(C)&nbsp;all assets reflected on our balance
    sheet as the carrying value of goodwill, trade names,
    trademarks, patents, unamortized debt discount, unamortized
    expense incurred in the issuance of debt and other intangible
    assets.
    </FONT></TD>
</TR>

</TABLE>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Default&#148; means any event which upon
the giving of notice or the passage of time, or both, would be
an Event of Default.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Funded Debt&#148; of any Person means all
Indebtedness for borrowed money created, incurred, assumed or
guaranteed in any manner by such person, and all Indebtedness,
contingent or otherwise, incurred or assumed by such person in
connection with the acquisition of any business, property or
asset, which in each case matures more than one year after, or
which by its terms is renewable or extendible or payable out of
the proceeds of similar Indebtedness incurred pursuant to the
terms of any revolving credit agreement or any similar agreement
at the option of such person for a period ending more than one
year after the date as of which Funded Debt is being determined.
However, Funded Debt shall not include:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any Indebtedness for the payment, redemption or
    satisfaction of which money (or evidences of indebtedness, if
    permitted under the instrument creating or evidencing such
    indebtedness) in the necessary amount shall have been
    irrevocably deposited in trust with a trustee or proper
    depository either on or before the maturity or redemption date
    thereof;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any Indebtedness of such person to any of its
    subsidiaries or of any subsidiary to such person or any other
    subsidiary;&nbsp;or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any Indebtedness incurred in connection with the
    financing of operating, construction or acquisition projects,
    provided that the recourse for such indebtedness is limited to
    the assets of such projects.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Holder&#148; means a Person in whose name a
Note is registered on the Registrar&#146;s books.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Indebtedness&#148; means, with respect to
us or any Subsidiary, and without duplication:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;the principal of and premium, if any,
    and interest on, and fees, costs, enforcement expenses,
    collateral protection expenses and other reimbursement or
    indemnity obligations in respect to all our or any
    Subsidiary&#146;s indebtedness or obligations to any Person,
    including but not limited to banks and other lending
    institutions, for money borrowed that is evidenced by a note,
    bond, debenture, loan agreement, or similar instrument or
    agreement (including purchase money obligations with original
    maturities in excess of one year and noncontingent reimbursement
    obligations in respect of amounts paid under letters of credit);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;all our or any Subsidiary&#146;s
    reimbursement obligations and other liabilities (contingent or
    otherwise) with respect to letters of credit, bank guarantees or
    bankers&#146; acceptances;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;all obligations and liabilities
    (contingent or otherwise) in respect of our or any
    Subsidiary&#146;s leases required, in conformity with generally
    accepted accounting principles, to be accounted for as capital
    lease obligations on our balance sheet;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(d)&nbsp;all our or any Subsidiary&#146;s
    obligations (contingent or otherwise) with respect to an
    interest rate or other swap, cap or collar agreement or other
    similar instrument or agreement or foreign currency hedge,
    exchange, purchase or similar instrument or agreement;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(e)&nbsp;all direct or indirect guaranties or
    similar agreements by us or any Subsidiary in respect of, and
    our or such Subsidiary&#146;s obligations or liabilities
    (contingent or otherwise) to purchase or otherwise acquire, or
    otherwise assure a creditor against loss in respect of,
    indebtedness, obligations or liabilities of another Person of
    the kind described in clauses&nbsp;(a) through&nbsp;(d);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(f)&nbsp;any indebtedness or other obligations,
    excluding any operating leases we or any Subsidiary is currently
    (or may become) a party to described in clauses&nbsp;(a) through
    (d)&nbsp;secured by any Lien existing on property which is owned
    or held by us or such Subsidiary, regardless of whether the
    indebtedness or other obligation secured thereby shall have been
    assumed by us or such Subsidiary;&nbsp;and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(g)&nbsp;any and all deferrals, renewals,
    extensions and refinancing of, or amendments, modifications or
    supplements to, any indebtedness, obligation or liability of the
    kind described in clauses&nbsp;(a) through&nbsp;(f).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Lien&#148; means any mortgage, pledge,
lien, encumbrance, charge or security interest of any kind.
</FONT>

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

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<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Non-Recourse Indebtedness&#148; means any
of our or any Restricted Subsidiary&#146;s Indebtedness for
which the holder of such Indebtedness has no recourse, directly
or indirectly, to us or such Restricted Subsidiary for the
principal of, premium, if any, and interest on such
Indebtedness, and for which we are not or such Restricted
Subsidiary is not, directly or indirectly, obligated or
otherwise liable for the principal of, premium, if any, and
interest on such Indebtedness, except pursuant to mortgages,
deeds of trust or other security interests or other recourse,
obligations or liabilities, in respect of specific land or other
real property interests of us or such Restricted Subsidiary
securing such indebtedness; provided, however, that recourse,
obligations or liabilities solely for indemnities, covenants or
breach of warranty representations or covenants in respect of
Indebtedness will not prevent that Indebtedness from being
classified as Non-Recourse Indebtedness.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Officers&#146; Certificate&#148; when used
with respect to us means a certificate signed by two of our
officers (as specified in the indenture), each such certificate
will comply with Section&nbsp;314 of the TIA and include the
statements required under the indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Paying Agent&#148; means the office or
agency designated by us where the Notes may be presented for
payment.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Person&#148; means any individual,
corporation, partnership, joint venture, joint-stock company,
trust, unincorporated organization or government or any
government agency or political subdivision.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Restricted Subsidiary&#148; means any
guarantor.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Sale-Leaseback Transaction&#148; means a
sale or transfer made by us or a Restricted Subsidiary of any
property which is either (A)&nbsp;a manufacturing facility,
office building or warehouse whose book value equals or exceeds
1% of Consolidated Net Tangible Assets as of the date of
determination, or (B)&nbsp;another property (not including a
model home) which exceeds 5% of Consolidated Net Tangible Assets
as of the date of determination, if such sale or transfer is
made with the agreement, commitment or intention of leasing such
property to Lennar or a Restricted Subsidiary.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Senior Credit Facilities&#148; means the
senior credit facilities dated as of May&nbsp;3, 2000, as
amended and restated through May&nbsp;27, 2004 between Lennar
and Bank One, National Association as administrative agent and
the other lenders party thereto.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Telerate Page&nbsp;3750&#148; means the
display page with that designation on the Moneyline Telerate,
Inc. (or such other page as may replace that page on that
service or any successor service as the place where the London
interbank offered rates of major banks are displayed).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Total Consolidated Stockholders&#146;
Equity&#148; means, with respect to any date of determination,
our total consolidated stockholders&#146; equity as shown on the
most recent consolidated balance sheet that is contained or
incorporated in the latest annual report on Form&nbsp;10-K (or
equivalent report) or quarterly report on Form&nbsp;10-Q (or
equivalent report) filed with the SEC, and is as of a date not
more than 181&nbsp;days prior to the date of determination, in
the case of the consolidated balance sheet contained or
incorporated in an annual report on Form&nbsp;10-K, or
135&nbsp;days prior to the date of determination, in the case of
the consolidated condensed balance sheet contained in a
quarterly report on Form&nbsp;10-Q.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;U.S.&nbsp;Government Obligations&#148;
means direct obligation of, and obligations guaranteed by, the
United States of America for the payment of which the full faith
and credit of the United States of America is pledged.
</FONT>

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

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<P align="center">
<B><FONT size="2">BOOK ENTRY, DELIVERY AND FORM</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The certificates representing the Series&nbsp;B
Notes will be issued in fully registered form. The Series&nbsp;B
Notes initially will be represented by a single, permanent
global note, in definitive, fully registered form without
interest coupons (the &#147;Global Note&#148;) and will be
deposited with the trustee as custodian for DTC and registered
in the name of Cede&nbsp;&#38; Co., as DTC&#146;s nominee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon the issuance of a Global Note, DTC or its
nominee will credit the accounts of persons holding through it
with the respective principal amounts of the Series&nbsp;B Notes
represented by such Global Note that are received by such
persons in the exchange offer. Ownership of beneficial interests
in a Global Note will be limited to persons that have accounts
with DTC (&#147;participants&#148;) or persons that may hold
interests through participants. Any person acquiring an interest
in a Global Note through an offshore transaction may hold such
interest through Clearstream (formerly known as Cedel) or
Euroclear. Ownership of beneficial interests in a Global Note
will be shown on, and the transfer of that ownership interest
will be effected only through, records maintained by DTC (with
respect to participants&#146; interests) and such participants
(with respect to the owners of beneficial interests in such
Global Note other than participants). The laws of some
jurisdictions require that certain purchasers of securities take
physical delivery of such securities in definitive form. Such
limits and such laws may impair the ability to transfer
beneficial interests in a Global Note.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Payment of principal of and interest on
Series&nbsp;B Notes represented by a Global Note will be made in
immediately available funds to DTC or its nominee, as the case
may be, as the sole registered owner and the sole holder of the
Series&nbsp;B Notes represented thereby for all purposes under
the indenture. We have been advised by DTC that upon receipt of
any payment of principal of or interest on any Global Note, DTC
will immediately credit, on its book-entry registration and
transfer system, the accounts of participants with payments in
amounts proportionate to their respective beneficial interests
in the principal or face amount of such Global Note as shown on
the records of DTC. Payments by participants to owners of
beneficial interests in a Global Note held through such
participants will be governed by standing instructions and
customary practices as is now the case with securities held for
customer accounts registered in &#147;street name&#148; and will
be the sole responsibility of such participants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A Global Note may not be transferred except as a
whole by DTC or a nominee of DTC to a nominee of DTC or to DTC.
A Global Note is exchangeable for certificated Series&nbsp;B
Notes only if (a)&nbsp;DTC notifies us that it is unwilling or
unable to continue as a depositary for such Global Note or if at
any time DTC ceases to be a clearing agency registered under the
Exchange Act, (b)&nbsp;we in our discretion at any time
determine not to have all the Series&nbsp;B Notes represented by
such Global Note, or (c)&nbsp;there shall have occurred and be
continuing a default or an event of default with respect to the
Series&nbsp;B Notes represented by such Global Note. Any Global
Note that is exchangeable for certificated Series&nbsp;B Notes
pursuant to the preceding sentence will be exchanged for
certificated Series&nbsp;B Notes in authorized denominations and
registered in such names as DTC or any successor depositary
holding such Global Note may direct. Subject to the foregoing, a
Global Note is not exchangeable, except for a Global Note of
like denomination to be registered in the name of DTC or any
successor depositary or its nominee. In the event that a Global
Note becomes exchangeable for certificated Series&nbsp;B Notes,
(a)&nbsp;certificated Series&nbsp;B Notes will be issued only in
fully registered form in denominations of $1,000 or integral
multiples thereof, (b)&nbsp;payment of principal of, and
premium, if any, and interest on, the certificated Series&nbsp;B
Notes will be payable, and the transfer of the certificated
Series&nbsp;B Notes will be registerable, at our office or
agency maintained for such purposes and (c)&nbsp;no service
charge will be made for any registration of transfer or exchange
of the certificated Series&nbsp;B Notes, although we may require
payment of a sum sufficient to cover any tax or governmental
charge imposed in connection therewith.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as DTC or any successor depositary for a
Global Note, or any nominee, is the registered owner of such
Global Note, DTC or such successor depositary or nominee, as the
case may be, will be considered the sole owner or holder of the
Series&nbsp;B Notes represented by such Global Note for all
purposes under the indenture and the Series&nbsp;B Notes. Except
as set forth above, owners of beneficial interests in a Global
Note will not be entitled to have the Series&nbsp;B Notes
represented by such Global Note registered in their names, will
not receive or be entitled to receive physical delivery of
certificated Series&nbsp;B Notes in definitive form and will not
be considered to be the owners or holders of any Series&nbsp;B
Notes under such Global Note. Accordingly,
</FONT>

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

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<DIV align="left">
<FONT size="2">each person owning a beneficial interest in a
Global Note must rely on the procedures of DTC or any successor
depositary, and, if such person is not a participant, on the
procedures of the participant through which such person owns its
interest, to exercise any rights of a holder under the
indenture. We understand that under existing industry practices,
in the event that we request any action of holders or that an
owner of a beneficial interest in a Global Note desires to give
or take any action which a holder is entitled to give or take
under the indenture, DTC or any successor depositary would
authorize the participants holding the relevant beneficial
interest to give or take such action and such participants would
authorize beneficial owners owning through such participants to
give or take such action or would otherwise act upon the
instructions of beneficial owners owning through them.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC has advised us that it will take any action
permitted to be taken by a holder of Notes (including the
presentation of Notes for exchange as described below) only at
the direction of one or more participants to whose accounts the
DTC interests in the Global Notes are credited and only in
respect of such portion of the aggregate principal amount of
Notes as to which such participant or participants has or have
given such direction. However, if there is an Event of Default
under the indenture, DTC will exchange the Global Notes for
Certificated Securities, which it will distribute to its
participants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">DTC has advised us as follows: DTC is a limited
purpose trust company organized under the laws of the State of
New York, a member of the Federal Reserve System, a
&#147;clearing corporation&#148; within the meaning of the
Uniform Commercial Code and a &#147;Clearing Agency&#148;
registered pursuant to the provisions of Section&nbsp;17A of the
Exchange Act. DTC was created to hold securities for its
participants and facilitate the clearance and settlement of
securities transactions between participants through electronic
book-entry changes in accounts of its participants, thereby
eliminating the need for physical movement of certificates.
Participants include securities brokers and dealers, banks,
trust companies and clearing corporations and certain other
organizations. Indirect access to the DTC system is available to
others such as banks, brokers, dealers and trust companies that
clear through or maintain a custodial relationship with a
participant, either directly or indirectly (&#147;indirect
participants&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although DTC has agreed to the foregoing
procedures in order to facilitate transfers of interests in the
Global Notes among participants of DTC, it is under no
obligation to perform such procedures, and such procedures may
be discontinued at any time. Neither the Issuer nor the Trustee
nor the initial purchasers will have any responsibility for the
performance by DTC or its participants or indirect participants
of their respective obligations under the rules and procedures
governing their operations.
</FONT>

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

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

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each broker-dealer that receives Series&nbsp;B
Notes for its own account pursuant to the exchange offer must
acknowledge that it will deliver a prospectus in connection with
any resale of such Series&nbsp;B Notes. This prospectus, as it
may be amended or supplemented from time to time, may be used by
a broker-dealer in connection with sales of Series&nbsp;B Notes
received in exchange for Series&nbsp;A Notes which were acquired
as a result of market-making activities or other trading
activities. We have agreed that, starting on the expiration date
and ending on the close of business on the first anniversary of
the expiration date, we will make this prospectus, as amended or
supplemented, available to any broker-dealer for use in
connection with any such resale. In addition, until
March&nbsp;&nbsp;&nbsp;, 2005, all dealers effecting
transactions in the Series&nbsp;B Notes may be required to
deliver a prospectus.
</FONT>

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

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from any sale of
Series&nbsp;B Notes by broker-dealers. Series&nbsp;B Notes
received by broker-dealers for their own account pursuant to the
exchange offer may be sold from time to time in transactions in
the over-the-counter market, in negotiated transactions, through
the writing of options on the Series&nbsp;B Notes or a
combination of those methods of resale, at prices which may or
may not be based upon market prices prevailing at the time of
the sale. Any such sale may be made directly to purchasers or to
or through brokers or dealers who may receive compensation in
the form of commissions or concessions from the selling
broker-dealer and/or the purchasers of the Series&nbsp;B Notes.
Any broker-dealer that sells Series&nbsp;B Notes that were
received by it for its own account pursuant to the exchange
offer and any broker or dealer that participates in a
distribution of such Series&nbsp;B Notes may be deemed to be an
&#147;underwriter&#148; within the
</FONT>

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

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<DIV align="left">
<FONT size="2">meaning of the Securities Act and any profit from
sale of the Series&nbsp;B Notes and any commissions or
concessions received by any such persons may be deemed to be
underwriting compensation. The letter of transmittal states that
a broker-dealer will not, by delivering a prospectus, be deemed
to admit that it is an &#147;underwriter&#148; within the
meaning of the Securities Act.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For a period of one year after the expiration
date, we will promptly send additional copies of this prospectus
and any amendment or supplement to this prospectus to any
broker-dealer that requests such documents in the letter of
transmittal. We have agreed to pay all expenses incident to the
exchange offer (including the expenses of one counsel for the
holders of the Series&nbsp;A Notes, other than commissions or
concessions of any brokers or dealers, and we will indemnify the
holders of the Series&nbsp;A Notes (including any
broker-dealers) against certain liabilities, including
liabilities under the Securities Act.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Clifford Chance US LLP, New York, New York, is
passing on the validity of the Series&nbsp;B Notes for us.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements and the
related financial statement schedule of Lennar Corporation and
subsidiaries for the year ended November&nbsp;30, 2003,
incorporated in this prospectus by reference from Lennar
Corporation&#146;s Current Report on Form&nbsp;8-K/A dated
October&nbsp;28, 2004, and from Lennar Corporation&#146;s Annual
Report on Form&nbsp;10-K for the year ended November&nbsp;30,
2003, respectively, have been audited by
Deloitte&nbsp;&#38;&nbsp;Touche&nbsp;LLP, an independent
registered public accounting firm, as stated in their reports
which are incorporated herein by reference, and have been so
incorporated in reliance upon the reports of such firm given
upon their authority as experts in accounting and auditing.
</FONT>

<P align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have filed with the Securities and Exchange
Commission a registration statement on Form&nbsp;S-4 under the
Securities Act with respect to the securities offered by this
prospectus. This prospectus, which constitutes a part of the
registration statement, does not contain all the information set
forth in the registration statement and the exhibits and
schedules to it. We are subject to the informational
requirements of the Securities Exchange Act of 1934, as amended,
and in accordance with it we file periodic reports and other
information with the SEC relating to our business, financial
statements and other matters. The registration statement, its
schedules and exhibits and the periodic reports and other
information filed by us with the SEC are available for
inspection and copying at the public reference facilities
maintained by the SEC at Room&nbsp;1024, Judiciary Plaza,
450&nbsp;Fifth Street, N.W., Washington,&nbsp;D.C. 20549. You
can request copies of these documents by writing to the SEC and
paying a fee for the copying cost. Please call the SEC at
1-800-SEC-0330 for more information about the operation of the
public reference rooms. Our SEC filings are also available at
the SEC&#146;s Internet website at <I>http://www.sec.gov</I>. In
addition, you can read and copy our SEC filings at the offices
of the New York Stock Exchange, 20&nbsp;Broad Street,
New&nbsp;York, New&nbsp;York 10005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our obligations under the Exchange Act to file
periodic reports and other information with the SEC may be
suspended, under certain circumstances, if our Common Stock is
held of record by fewer than 300&nbsp;holders at the beginning
of any fiscal year and is not listed on a national securities
exchange. We have agreed that, whether or not we are required to
do so by the rules and regulations of the SEC, for so long as
any of the Notes remain outstanding we will furnish to the
holders of the Notes upon request, and if required by the
Exchange Act, file with the SEC, all annual, quarterly and
current reports that we are or would be required to file with
the SEC pursuant to Section&nbsp;13(a) or 15(d) of the Exchange
Act. In addition, we have agreed that, as long as any of the
Series&nbsp;A Notes remain outstanding, we will make the
information required by Rule&nbsp;144A(d)(4) under the
Securities Act available to any prospective purchaser of
Series&nbsp;A Notes or beneficial owner of Series&nbsp;A Notes
in connection with a sale of them.
</FONT>

<P align="center"><FONT size="2">33
</FONT>

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

<P align="center">
<B><FONT size="2">INCORPORATION BY REFERENCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We disclose important information to you by
referring you to documents that we have previously filed with
the SEC or documents that we will file with the SEC in the
future. The information incorporated by reference is considered
to be part of this prospectus, and information in documents that
we file later with the SEC will automatically update and
supersede information in this prospectus, and any future filings
made by us with the SEC under Section&nbsp;13(a), 13(c), 14 or
15(d) of the Exchange Act, until we close this exchange offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We incorporate by reference:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(a)&nbsp;our Annual Report on Form&nbsp;10-K for
    the fiscal year ended November&nbsp;30, 2003 (except for
    Note&nbsp;17, which was revised in our Current Report on Form
    8-K dated August 24, 2004, as amended on October&nbsp;28, 2004);
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(b)&nbsp;our Quarterly Reports on Form&nbsp;10-Q
    for the quarters ended February&nbsp;29, 2004, May&nbsp;31, 2004
    and August&nbsp;31, 2004; and
    </FONT></TD>
</TR>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;our Current Reports on Form&nbsp;8-K
    dated March&nbsp;16, 2004 (except for Item&nbsp;12, which
    information was furnished and is not deemed incorporated into
    any of our filings under the Securities Act of 1933),
    April&nbsp;22, 2004, May&nbsp;26, 2004, August&nbsp;24, 2004,
    October&nbsp;28, 2004, December&nbsp;1, 2004 and
    December&nbsp;16, 2004.
    </FONT></TD>
</TR>

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

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

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">You may request copies of these filings, at no
cost, by writing us at the following address:
</FONT>

<P align="center">
<FONT size="2">Lennar Corporation
</FONT>

<DIV align="center">
<FONT size="2">700 Northwest 107th Avenue
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Miami, Florida 33172
</FONT>
</DIV>

<DIV align="center">
<FONT size="2">Attn: Director of Investor Relations
</FONT>
</DIV>

<P align="center"><FONT size="2">34
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
dealer, salesperson, or other person has been authorized to give
any information or to make any representations in connection
with the offer made by this prospectus other than those
contained herein and, if given or made, such information or
representations must not be relied upon as having been
authorized by Lennar. This prospectus does not constitute an
offer to exchange or the solicitation of an offer to exchange
any security other than those to which it relates, nor does it
constitute an offer to exchange, or the solicitation of an offer
to exchange, to any person in any jurisdiction in which such
offer or solicitation is not authorized, or in which the person
making such offer or solicitation is not qualified to do so, or
to any person to whom it is unlawful to make such offer or
solicitation. Neither the delivery of this prospectus nor any
exchange made hereunder shall, under any circumstances, create
any implication that there has been no change in the affairs of
the company since the date of this prospectus or that the
information contained in this prospectus is correct as of any
time subsequent to the date of this prospectus.</FONT></B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="2">TABLE OF CONTENTS</FONT></B>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="90%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Page</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Forward Looking Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Prospectus Summary
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Risk Factors
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Other Indebtedness
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Use of Proceeds
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Absence of Public Market
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Selected Consolidated Condensed Financial
    Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Capitalization
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ratio of Earnings to Fixed Charges
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">The Exchange Offer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Description of Notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Book Entry, Delivery and Form
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Sales of Series&nbsp;B Notes Received by
    Broker-Dealers
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Legal Matters
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Experts
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Where You Can Find More Information
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Incorporation By Reference
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<HR size="1" width="100%" align="center" noshade>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

<P align="center">


<P align="center">
<B><FONT size="4">$200,000,000</FONT></B>

<P align="center">
<B><FONT size="5">Lennar Corporation</FONT></B>

<P align="center">
<B><FONT size="2">Offer to exchange Series&nbsp;B
Senior</FONT></B>

<DIV align="center">
<B><FONT size="2">Floating-Rate Notes due 2007,</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">for any and all outstanding Series&nbsp;A
Senior</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Floating-Rate Notes due 2007</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

<P align="center">
<B>PROSPECTUS</B>

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<FONT size="2">Date January&nbsp;&nbsp;&nbsp;, 2005,
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center">
<HR size="1" width="100%" align="center" noshade>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">PART&nbsp;II</FONT></B>

<P align="center">
<B><FONT size="2">INFORMATION NOT REQUIRED IN
PROSPECTUS</FONT></B>

<P align="left">
<B><FONT size="2">Item&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Indemnification
Of Directors And Officers.</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;145 of the Delaware General
Corporation Law (&#147;DGCL&#148;) empowers us to indemnify,
subject to certain limitations, any person in connection with
any action, suit or proceeding brought before or threatened by
reason of the fact that the person was a director, officer,
employee or agent of ours, or is or was serving as such with
respect to another entity at our request. The DGCL also permits
us to purchase insurance covering our directors, officers,
employees and agents, even if its coverage includes matters for
which we could not indemnify our directors or officers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our bylaws provide for the indemnification by us
of each of our directors and officers to the fullest extent
permitted by applicable law.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;21.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits&nbsp;And Financial Statement
    Schedules.</FONT></I></B></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Arizona*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in California*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Colorado*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Certificate of Incorporation used (with
    variations) by registrants that are incorporated in Delaware*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Florida*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Illinois*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Maryland*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Minnesota*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Nevada*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in New Jersey*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Certificate of Incorporation used (with
    variations) by registrants that are incorporated in New York*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in North
    Carolina*
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">II-1
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="88%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Texas*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Virginia*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in Washington*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.16</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Articles of Incorporation used (with
    variations) by registrants that are incorporated in West
    Virginia*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Limited Liability Company Agreement used
    (with variations) for a Limited Liability Company with a Board
    of Managers*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">1.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Limited Liability Company Agreement used
    (with variations) for a Limited Liability Company with a
    Managing Member*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">2.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of By-Laws used (with variations) by
    registrants that are incorporated in Arizona, California,
    Colorado, Delaware, Florida, Illinois, Maryland, Minnesota,
    Nevada, New Jersey, New York, North Carolina, Texas, Virginia,
    Washington, and West Virginia*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Indenture, dated as of August&nbsp;18, 2004
    between the Company and J.P.&nbsp;Morgan Trust Company, National
    Association, as trustee, including Form of 144A Senior
    Floating-Rate Note dated August&nbsp;18, 2004, made by Lennar
    Corporation with principal amount of $200,000,000*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Rights Agreement dated
    August&nbsp;18, 2004 among Lennar Corporation and the Guarantors
    named therein as Issuers and Banc of America Securities LLC and
    Calyon Securities (USA)&nbsp;Inc. as Initial Purchasers of the
    Senior Floating-Rate Notes due 2007*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Clifford Chance US LLP (counsel)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">10.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Third Amended and Restated Credit Agreement,
    dated May&nbsp;27, 2004, by and among Lennar Corporation and the
    Lenders named therein*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Computation of Ratio of Earnings to
    Fixed Charges*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">21.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">List of subsidiaries (incorporated by reference
    to the Company&#146;s Annual Report on Form&nbsp;10-K for the
    year ended November&nbsp;30, 2003)*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Clifford Chance US LLP
    (counsel)(included in Exhibit&nbsp;5.1)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte&nbsp;&#38; Touche LLP
    (independent registered public accounting firm)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney (included in signature page)
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">25.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Eligibility of Trustee*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Letter of Transmittal*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.6</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Notice of Guaranteed Delivery*
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Form of Exchange Agent Agreement*
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">*&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Previously filed
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">II-2
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;22.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Undertakings.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(a)&nbsp;Insofar as indemnification for
liabilities arising under the Securities Act of 1933 may be
permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise,
the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is
against public policy as expressed in the Act and is, therefore,
unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the
registrant of expenses incurred or paid by a director, officer
or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the
securities being registered, the registrant will, unless in the
opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is
against public policy as expressed in the Securities Act and
will be governed by the final adjudication of such issue.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(b)&nbsp;The undersigned registrants hereby
undertake to respond to requests for information that is
incorporated by reference into the prospectus pursuant to
Items&nbsp;4, 10(b),&nbsp;11, or 13 of this Form, within one
business day of receipt of such request, and to send the
incorporated documents by first class mail or other equally
prompt means. This includes information contained in documents
filed subsequent to the effective date of the registration
statement through the date of responding to the request.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(c)&nbsp;The undersigned registrants hereby
undertake to supply by means of a post-effective amendment all
information concerning a transaction, and the company being
acquired involved therein, that was not the subject of and
included in the registration statement when it became effective.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(d)&nbsp;The undersigned registrants hereby
undertake:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(i)&nbsp;To file, during any period in which
    offers or sales are being made, a post-effective amendment to
    this registration statement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(ii)&nbsp;To include any prospectus required by
    section&nbsp;10(a)(3) of the Securities Act of 1933;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iii)&nbsp;To reflect in the prospectus any facts
    or events arising after the effective date of the registration
    statement (or the most recent post-effective amendment thereof)
    which, individually or in the aggregate, represent a fundamental
    change in the information set forth in the registration
    statement. Notwithstanding the foregoing, any increase or
    decrease in volume of securities offered (if the total dollar
    value of securities offered would not exceed that which was
    registered) and any deviation from the low or high end of the
    estimated maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&nbsp;424(b) if, in the aggregate, the changes in volume and
    price represent no more than a 20% change in the maximum
    aggregate offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(iv)&nbsp;To include any material information
    with respect to the plan of distribution not previously
    disclosed in the registration statement or any material change
    to such information in the registration statement.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(e)&nbsp;That, for the purpose of determining any
liability under the Securities Act of 1933, each such
post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered
therein, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(f)&nbsp;To remove from registration by means of
a post-effective amendment any of the securities being
registered which remain unsold at the termination of the
offering.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(g)&nbsp;The undersigned registrant hereby
undertakes that, for purposes of determining any liability under
the Securities Act of 1933, each filing of the registrant&#146;s
annual report pursuant to Section&nbsp;13(a) or 15(d) of the
Securities Exchange Act of 1934 (and, where applicable, each
filing of an employee benefit plan&#146;s annual report pursuant
to Section&nbsp;15(d) of the Securities Exchange Act of 1934)
that is incorporated by reference in the registration statement
shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such
securities at that time shall be deemed to be the initial bona
fide offering thereof.
</FONT>

<P align="center"><FONT size="2">II-3
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">SIGNATURES</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-4/A and has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Miami, state of
Florida, on January&nbsp;21, 2005.
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">LENNAR CORPORATION
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ Stuart A. Miller
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;Stuart A. Miller
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;President and Chief Executive
    Officer
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following direct and indirect subsidiaries of
registrant may guarantee the debt securities and co-registrants
under this registration statement:
</FONT>

<P align="left">
<B><FONT size="2">Name of Co-Registrant</FONT></B>

<P align="left">
<FONT size="2">Acme Water Supply&nbsp;&#38; Management Company
</FONT>

<DIV align="left">
<FONT size="2">Aquaterra Utilities, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Asbury Woods L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Avalon-Sienna&nbsp;III, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">B. Andrews&nbsp;&#38; Co., Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Barnsboro Associates, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bayhome USH, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bella Oaks L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bennetts Village LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bickford Holdings, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Greens, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Isles South Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boggy Creek USH, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California Properties, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Brazoria County LP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Brewer Baseline Investors, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Builders Acquisition Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Builders LP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cambria L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cantera Village L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cary Woods L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Claremont Ridge L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Claridge Estates L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Clodine-Bellaire LP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Club Pembroke Isles, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Club Tampa Palms, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Colonial Heritage LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Meadowbrook L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Pheasant Run Trails L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Ravenna L.L.C.
</FONT>
</DIV>

<P align="center"><FONT size="2">II-4
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Concord at Zurich Village L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord City Centre L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Hills, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Hills Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Lake, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Lake Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Mills Estates L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Mills Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Oaks, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Oaks Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Park, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Park Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Pointe, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Pointe Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Coto de Caza, Ltd.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Country Club Development at the Fort, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Coventry L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA Homes NJ Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA of Lake Worth, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA of New Jersey, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E.M.J.V. Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Enclave Land, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">ERMLOE, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">F.P. Construction Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fidelity Guaranty and Acceptance Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Holding&nbsp;&#151; Virginia, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Illinois, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Management, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Missouri, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Mortgage, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Pennsylvania, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Pennsylvania Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress-Florida, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fox-Maple Associates, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Foxwood L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Gateway Commons, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;I, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;II, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;III, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities IV, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;V, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VI, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VII, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VIII, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities IX, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Venture, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Glenview Reserve, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Grand Isle Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">GreenfieldWaterbury L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Construction, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Homes of Nevada, Inc.
</FONT>
</DIV>

<P align="center"><FONT size="2">II-5
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Greystone Nevada, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Hallston Burbank LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Harris County LP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Haverton L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heathcote&nbsp;Commons LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage Harbour Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage Housing Group, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage USH, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Home Buyer&#146;s Advantage Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Homecraft Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Imperial Homes Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Impressions L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Inactive Corporations, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Lake TH, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Ridge Golf Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Ridge Recreation Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Wood Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Landmark Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Laureate Homes of Arizona, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legacy Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legends Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legends Golf Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LENH&nbsp;I, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Acquisition Corp.&nbsp;II
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Americanos Douglas, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Associates Management, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Associates Management Holding Company
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Aviation, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Carolina, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Central Park, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Central Region Sweep, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Chicago, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities Development, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities of Florida, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities of South Florida, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Construction, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Coto Holdings, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers, Inc.&nbsp;II
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers, Inc.&nbsp;III
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Family of Builders GP, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Family of Builders Limited Partnership
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Financial Services, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Funding, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Fresno, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes Holding Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Arizona, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of California, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Texas Land and Construction, Ltd.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Texas Sales and Marketing, Ltd.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Houston Land, LLC
</FONT>
</DIV>

<P align="center"><FONT size="2">II-6
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Lennar La&nbsp;Paz, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar La&nbsp;Paz Limited, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Land Partners Sub, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Land Partners Sub&nbsp;II, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Military Housing, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Nevada, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;I, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;II, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;III, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland IV, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;V, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland VI, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northpointe North, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific, L.P.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific Properties, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific Properties Management, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Renaissance, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Reno, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sacramento, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sales Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar San&nbsp;Jose Holdings, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;I, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;II, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;III, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southwest Holding Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sun Ridge, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Texas Holding Company
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Trading Company, LP
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar.Com, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar-Kings Lake, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar-Lantana Boatyard, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennarstone Marketing Group, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LFS Holding Company, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LH Eastwind, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LHI Renaissance, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LN, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Long Point Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lorton Station, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lucerne Merged Condominiums, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lundgren Bros. Construction, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">M.A.P. Builders, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Madrona Village L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Marble Mountain Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Marlborough Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mid-County Utilities, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Midland Housing Industries Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Midland Investment Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mission Viejo 12S Venture, LP
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mission Viejo Holdings, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Moffett Meadows Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">New Home Brokerage, Inc.
</FONT>
</DIV>

<P align="center"><FONT size="2">II-7
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">North County Land Company, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northbridge L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northern Land Company, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northgate Highlands Development&nbsp;II, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">NuHome Designs, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Oceanpointe Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Orrin Thompson Construction Company
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Orrin Thompson Homes Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Paparone Construction Co.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parc Chestnut L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parkside Estates L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Patriot Homes, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Patriot Homes of Virginia, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Placer Vineyards, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Polygon La&nbsp;Paz Associates
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Providence Glen L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rancho Summit, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rivenhome Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Riviera Land Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">RRKTG Lumber, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rutenberg Homes, Inc. (FL)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rutenberg Homes of Texas, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction&nbsp;II, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction&nbsp;III, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Savell Gulley Development Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">SEA Joint Venture, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">SFHR Management, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Silver Lakes-Gateway Clubhouse, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Sonoma L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">South Park Development, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Spanish Springs Development, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Stoney Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Stoneybrook Golf Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Cable Technologies, L.P.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Holdings, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Technologies, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Technologies Communications of
California, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summerway Investment Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summerwood, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Acquisition Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Enclave, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Glen, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Land, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Ridge&nbsp;23, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Townes, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit-Meadowbrook, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit-Reserve, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Sunstar Enterprises, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Club at Stoneybrook, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Courts of Indian Creek L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Fortress Group, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Grande By Lennar Builders, Inc.
</FONT>
</DIV>

<P align="center"><FONT size="2">II-8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">The Sexton L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tustin Villas Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tustin Vistas Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Associates Management, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home of Arizona Construction Co.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home of West Virginia, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Realty, Inc. (TX)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Realty Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Southwest Holding Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Corporation of New York
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Los Prados, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Realty, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">University Community Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Acquisition Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Bickford, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Equity Corporation
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Heritage Pom, L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Millennium Ventures Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH (West Lake), Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Woodbridge, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USHHH, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Villages of Rio Pinar Club, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">West Adams Street L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">West Chocolate Bayou Development Corp.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westbrook Homes, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westchase, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westchase, Ltd.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Weststone Corporation
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">as Guarantors
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="2%"></TD>
    <TD width="58%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">By:&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">/s/ Waynewright Malcolm
    </FONT></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Name:&nbsp;Waynewright Malcolm
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;Vice President
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">POWER OF ATTORNEY</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">KNOW ALL MEN BY THESE PRESENTS, that each person
whose signature appears below constitutes and appoints each of
Diane J. Bessette, Bruce E. Gross, Waynewright Malcolm and
Stuart A. Miller as his or her true and lawful attorney-in-fact
and agent, with full powers of substitution to sign for him or
her and in his or her name any or all amendments (including
post-effective amendments) to the registration statement to
which this power of attorney is attached and to file those
amendments and all exhibits to them and other documents to be
filed in connection with them with the Securities and Exchange
Commission.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirement of the Securities Act
of 1933, this registration statement has been signed by the
following persons in the capacities and on the dates indicated.
</FONT>

<P align="left">
<B><FONT size="2">On Behalf of Lennar Corporation:</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="37%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title(s)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Stuart A. Miller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer,<BR>
    President and Director<BR>
    (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Bruce E. Gross
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President and<BR>
    Chief Financial Officer<BR>
    (Principal Financial Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Diane J. Bessette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President and Controller (Principal
    Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Irving Bolotin
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Steven L. Gerard
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>R. Kirk Landon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Sidney Lapidus
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Herv&#233; Ripault
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Donna Shalala
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Steven J. Saiontz
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Robert J. Strudler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chairman of the Board of Directors
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <FONT size="2">*By:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">/s/ DIANE J. BESSETTE<BR>
    <HR size="1" noshade>Diane J. Bessette<BR>
     <I>Attorney-in-Fact</I>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">II-10
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="left">
<B><FONT size="2">On Behalf of the Following
Co-Registrants:</FONT></B>

<P align="left">
<FONT size="2">Acme Water Supply&nbsp;&#38; Management
Company(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>

<DIV align="left">
<FONT size="2">Aquaterra Utilities,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">B. Andrews&nbsp;&#38; Co.,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bayhome USH, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Greens, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boca Isles South Club,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Boggy Creek USH, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California Properties,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bramalea California Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Brazoria County LP,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Builders Acquisition
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Builders LP, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Clodine-Bellaire LP,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Club Pembroke Isles,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Club Tampa Palms, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Hills, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Lake, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Oaks, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Park, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Pointe, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA Homes NJ Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA of Lake Worth, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">DCA of New Jersey, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">E.M.J.V. Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">F.P. Construction Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fidelity Guaranty and Acceptance
Corporation(3)(11)(12)(10.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Management,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Mortgage, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Pennsylvania Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress-Florida, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;I,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;III,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Grand Isle Club, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Construction,
Inc.(5)(11)(14)(9.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Homes, Inc.(5)(11)(14)(9.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Homes of Nevada,
Inc.(5)(11)(14)(8.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Harris County LP, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage Harbour Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage Housing Group,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heritage USH, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Home Buyer&#146;s Advantage Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Homecraft Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Imperial Homes
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Inactive Corporations,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Ridge Golf
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Ridge Recreation
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Wood Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Landmark Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Laureate Homes of Arizona,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-11
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Legacy Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legends Club, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Legends Golf Club, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Acquisition
Corp.&nbsp;II(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Associates Management Holding
Company(7)(4.1)(7.2)(7.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Aviation, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Carolina, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Central Region Sweep,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Chicago, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities Development,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities of Florida,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Communities of South Florida,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Construction,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers,
Inc.&nbsp;II(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Developers,
Inc.&nbsp;III(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Family of Builders GP,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Fresno, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes Holding
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Arizona,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of California,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar La&nbsp;Paz,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar La&nbsp;Paz Limited,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Land Partners Sub,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Land Partners Sub&nbsp;II,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Military Housing,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Nevada, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;I,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;II,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;III,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland IV,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland&nbsp;V,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northland VI,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific, Inc.(5)(11)(14)(8.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific Properties,
Inc.(5)(11)(14)(8.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific Properties Management,
Inc.(5)(11)(14)(8.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Realty, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Renaissance,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sacramento, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sales Corp.(5)(11)(14)(9.1)(17.2)(15.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar San&nbsp;Jose Holdings,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;I,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;II,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southland&nbsp;III,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Southwest Holding
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Texas Holding
Company(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar.Com, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar-Kings Lake, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar-Lantana Boatyard,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Long Point Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lucerne Merged Condominiums,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-12
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Lundgren Bros. Construction,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">M.A.P. Builders, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Marlborough Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mid-County Utilities,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Midland Housing Industries
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Midland Investment
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mission Viejo Holdings,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">New Home Brokerage,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Oceanpointe Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Orrin Thompson Construction
Company(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Orrin Thompson Homes
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Paparone Construction
Co.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Patriot Homes, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Patriot Homes of Virginia,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rivenhome Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Riviera Land Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rutenberg Homes,
Inc.(FL)(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rutenberg Homes of Texas,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Savell Gulley Development
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Silver Lakes-Gateway Clubhouse,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Stoney Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Stoneybrook Golf Club,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Holdings,
Inc.(1)(18)(19)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Technologies,
Inc.(1)(18)(19)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Technologies Communications of
California, Inc.(1)(18)(19)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summerway Investment
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Acquisition
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Club at Stoneybrook,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Fortress Group,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Grande By Lennar Builders,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Associates Management,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home
Corporation(3)(11)(12)(16.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home of Arizona Construction
Co.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home of West Virginia,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Realty,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Realty
Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.&nbsp;Home Southwest Holding
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Corporation of New
York(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Los Prados, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">U.S.H. Realty, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Acquisition Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Equity Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Millennium Ventures
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH(West Lake), Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Woodbridge, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USHHH, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Villages of Rio Pinar Club,
Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">West Chocolate Bayou Development
Corp.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westchase, Inc.(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Weststone Corporation(3)(11)(12)(13.1)(6.2)(2.3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Asbury Woods L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Avalon-Sienna&nbsp;III, L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Barnsboro Associates, LLC(2)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-13
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Bella Oaks L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bennetts Village LLC(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Bickford Holdings, LLC(3)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Brewer Baseline Investors, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cambria L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cantera Village L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Cary Woods L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Claremont Ridge L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Claridge Estates L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Colonial Heritage LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Meadowbrook L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Pheasant Run Trails L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Ravenna L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord at Zurich Village L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord City Centre L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Hills Limited Partnership(4)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Lake Limited Partnership(5)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Mills Estates L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Mills Limited Partnership(6)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Oaks Limited Partnership(7)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Park Limited Partnership(8)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Concord Pointe Limited Partnership(9)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Coto de Caza, Ltd.(10)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Country Club Development at the Fort, LLC(11)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Coventry L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Enclave Land, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">ERMLOE, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Holding&nbsp;&#151; Virginia, LLC(14)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Illinois, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Missouri, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fortress Pennsylvania, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Fox-Maple Associates, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Foxwood L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Gateway Commons, L.L.C.(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;II, LLC(16)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities IV, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities&nbsp;V, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VI, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VII, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities VIII, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Communities IX, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Genesee Venture, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Glenview Reserve, LLC(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greenfield/ Waterbury L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Greystone Nevada, LLC(18)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Hallston Burbank LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Haverton L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Heathcote&nbsp;Commons LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Impressions L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Kings Lake TH, LLC(19)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LENH&nbsp;I, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Americanos Douglas, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Associates Management, LLC(20)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-14
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">Lennar Central Park, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Coto Holdings, L.L.C.(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Family of Builders Limited Partnership(22)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Financial Services, LLC(23)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Funding, LLC(37)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Texas Land and Construction,
Ltd.(24)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Homes of Texas Sales and Marketing,
Ltd.(25)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Houston Land, LLC(26)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Northpointe North, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Pacific, L.P.(27)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Reno, LLC(28)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Sun Ridge, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Trading Company, LP(29)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennarstone Marketing Group, LLC(30)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LFS Holding Company, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LH Eastwind, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LHI Renaissance, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LN, L.L.C.(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lorton Station, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Madrona Village L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Marble Mountain Partners, LLC(25)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Mission Viejo 12S Venture, LP(31)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Moffett Meadows Partners, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">North County Land Company, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northbridge L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northern Land Company, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Northgate Highlands Development&nbsp;II, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">NuHome Designs, L.L.C.(14)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parc Chestnut L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Parkside Estates L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Placer Vineyards, LLC(32)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Polygon La&nbsp;Paz Associates(33)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Providence Glen L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Rancho Summit, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">RRKTG Lumber, LLC(17)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction&nbsp;II, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">S. Florida Construction&nbsp;III, LLC(13)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">SEA Joint Venture, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">SFHR Management, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Sonoma L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">South Park Development, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Spanish Springs Development, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Strategic Cable Technologies, L.P.(34)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summerwood, L.L.C.(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Enclave, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Glen, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Land, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Ridge&nbsp;23, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit Townes, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit-Meadowbrook, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Summit-Reserve, L.L.C.(12)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Sunstar Enterprises, LLC(17)
</FONT>
</DIV>

<P align="center"><FONT size="2">II-15
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left">
<FONT size="2">The Courts of Indian Creek L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">The Sexton L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tustin Villas Partners, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Tustin Vistas Partners, LLC(35)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">University Community Partners, LLC(21)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Bickford, LLC(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">USH Heritage Pom, L.L.C.(2)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">West Adams Street L.L.C.(1)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westbrook Homes, LLC(15)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Westchase, Ltd.(36)
</FONT>
</DIV>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Concord Homes, Inc. as Managing Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by U.S.&nbsp;Home Corporation as
    Managing Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of U.S.H. Bickford, LLC, as
    Managing Member, by U.S.&nbsp;Home Corporation, its Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Hills,
    Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Lake,
    Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by the Liquidation Agent, Concord Homes,
    Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(7)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Oaks,
    Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(8)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Park,
    Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(9)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Concord Pointe,
    Inc.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(10)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Lennar Land
    Partners Sub&nbsp;II, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(11)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Fresno, Inc. as Managing Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(12)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Chicago, Inc. as Managing
    Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(13)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Homes, Inc. as Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(14)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by The Fortress Group, Inc. as Managing
    Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(15)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar San&nbsp;Jose Holdings, Inc.
    as Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(16)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Fortress Holding-Virginia,
    LLC, its Managing Member, by The Fortress Group, Inc., its
    Managing Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(17)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Renaissance, Inc. as Managing
    Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(18)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Greystone Homes of Nevada, Inc. as
    Managing Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(19)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar-Kings Lake, Inc. as Manager
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(20)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Associates Management Holding
    Company as Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(21)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Homes of California, Inc. as
    Managing Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(22)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Lennar Family of
    Builders GP, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(23)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of LFS Holding Company, LLC by
    U.S.&nbsp;Home Corporation, its Managing Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(24)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Texas Holding Company, its
    General Partner
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(25)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Tustin Villas Partners,
    LLC, its Member, by Lennar Homes of California, Inc., its Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(26)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Lennar Homes of Texas Land
    and Construction, Ltd. by Lennar Texas Holding Company, its
    General Partner
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(27)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Greystone Homes, Inc., its General
    Partner
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(28)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Pacific Properties Management,
    Inc. as Managing Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(29)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Lennar Texas
    Holding Company
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(30)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Greystone Homes, Inc. as Managing
    Member
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-16
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(31)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Mission Viejo Holdings, Inc., its
    General Partner
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(32)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Brewer Baseline Investors,
    LLC, its Member, by Lennar Renaissance, Inc., its Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(33)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Lennar
    La&nbsp;Paz, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(34)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Strategic
    Technologies, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(35)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed on behalf of Marble Mountain Partners,
    LLC, its Member, by Tustin Villas Partners, LLC, its Member, by
    Lennar Homes of California, Inc., its Member
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(36)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by its General Partner, Westchase, Inc.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(37)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Executed by Lennar Corporation as Managing Member
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-17
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Title(s)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Allan J. Pekor
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Diane J. Bessette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(2.3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Controller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Waynewright Malcolm<BR>
    <HR size="1" noshade>Waynewright Malcolm
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ Antoinette Kelso<BR>
    <HR size="1" noshade>Antoinette Kelso
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(4.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Edward C. Giermann
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(5)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Bruce E. Gross
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(6.2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Financial Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ A. Elizabeth Guerra-Pazos<BR>
    <HR size="1" noshade>A. Elizabeth Guerra-Pazos
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(7)<BR>
    (7.2)<BR>
    (7.3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director<BR>
    Chief Financial Officer<BR>
    Controller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Emile Haddad
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(8.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Jonathan M. Jaffe
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(9.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Craig M. Johnson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(10.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Steven Lane
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(11)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>L. Christian Marlin
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(12)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Stuart A. Miller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(13.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Betty Jo Powers
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(14)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Mark Shea
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(15.3)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Controller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Robert J. Strudler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(16.1)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">II-18
</FONT>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="90%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="30%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="17%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Title(s)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Michael White
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(17.2)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Chief Financial Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>Nancy Kaminsky
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(18)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">*<BR>
    <HR size="1" noshade>David McCain
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(19)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

<TR>
    <TD colspan="9"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <FONT size="2">*By:
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">/s/ DIANE J. BESSETTE<BR>
    <HR size="1" noshade>Diane J. Bessette<BR>
     <I>Attorney-in-Fact</I>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">January&nbsp;20, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">II-19
</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<P align="center">
<B><FONT size="2">EXHIBIT INDEX</FONT></B>

<DIV align="left"><FONT size="1">

</FONT></DIV>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="78%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exhibit</FONT></B></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Description</FONT></B></TD>
</TR>

<TR>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">5</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Opinion of Clifford Chance US LLP (counsel).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Clifford Chance US LLP (counsel)
    (included in Exhibit&nbsp;5.1).
    </FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte &#38; Touche LLP (independent
    registered public accounting firm)
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left"><FONT size="1">

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>y69382a1exv5w1.htm
<DESCRIPTION>OPINION OF CLIFFORD CHANCE US LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>Opinion of Clifford Chance US LLP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;5.1</B>



<P align="center" style="font-size: 10pt">[Clifford Chance US LLP Letterhead]

<P align="left" style="font-size: 10pt">January&nbsp;21, 2005



<P align="left" style="font-size: 10pt">Lennar Corporation<BR>
700 Northwest 107<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Avenue<BR>
Miami, FL 33172

<P align="left" style="font-size: 10pt">Ladies and Gentlemen:


<P align="left" style="font-size: 10pt">We have acted as counsel to Lennar Corporation (the &#147;Company&#148;) and its subsidiaries in connection
with the Company&#146;s offer to exchange $200,000,000 principal amount of its Series&nbsp;B Senior
Floating-Rate Notes due 2007 (the &#147;Notes&#148;) for a like principal amount of the Company&#146;s Series&nbsp;A
Senior Floating-Rate Notes due 2007 (the &#147;Series&nbsp;A Notes&#148;) and guarantees of the Notes by
subsidiaries of the Company (the &#147;Guarantees&#148;). The exchange offer is being made pursuant to a
Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) under the Securities Act of 1933,
as amended. In that capacity, we are familiar with the proceedings, corporate and other, relating
to the authorization and issuance of the Notes and the Series&nbsp;A Notes.


<P align="left" style="font-size: 10pt">Based upon the foregoing, and such other examination of law and fact as we have deemed necessary,
we are of the opinion that when Notes are issued in exchange for a like principal amount of Series
A Notes in the manner contemplated by the Registration Statement, the Notes and the Guarantees will
have been legally issued and will be binding obligations of the Company and those of its
subsidiaries that are the guarantors of the Notes, respectively.


<P align="left" style="font-size: 10pt">We consent to the filing of this opinion as an exhibit to the Registration Statement and to the
reference to us under the caption &#147;Legal Matters&#148; in the prospectus that is a part of the
Registration Statement.


<P align="left" style="font-size: 10pt">Very truly yours,

<P align="left" style="font-size: 10pt">/s/ Clifford Chance US LLP


<P align="center" style="font-size: 10pt">
</DIV>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>y69382a1exv23w2.htm
<DESCRIPTION>CONSENT OF DELOITTE & TOUCHE LLP
<TEXT>
<HTML>
<HEAD>
<TITLE>Consent of Deloitte & Touche LLP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="right" style="font-size: 10pt"><B>Exhibit&nbsp;23.2</B>



<P align="left" style="font-size: 10pt"><B>Consent of Independent Registered Public Accounting Firm</B>




<P align="left" style="font-size: 10pt">We consent to the incorporation by reference in this Amendment No.&nbsp;1 to Registration
Statement No.&nbsp;333-121132 of Lennar Corporation on Form S-4/A of our report dated February
27, 2004, except for that portion of Note 17 relating to the senior floating-rate notes due
2009 as to which the date is August&nbsp;20, 2004, on the consolidated financial statements of
Lennar Corporation and subsidiaries appearing in the Current Report on Form 8-K/A of Lennar
Corporation dated October&nbsp;28, 2004, and of our report dated February&nbsp;27, 2004 on the
consolidated financial statement schedule appearing in the Annual Report on Form 10-K of
Lennar Corporation for the year ended November&nbsp;30, 2003, and to the reference to us under
the headings &#147;Selected Consolidated Condensed Financial Information&#148; and &#147;Experts&#148; in the
Prospectus, which is part of this Registration Statement.



<P align="left" style="font-size: 10pt">/s/ Deloitte &#038; Touche LLP



<P align="left" style="font-size: 10pt">Miami, Florida<BR>
January&nbsp;21, 2005



<P align="center" style="font-size: 10pt">
</DIV>

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