Table of Contents

EXHIBIT 25.1
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF
A CORPORATION DESIGNATED TO ACT AS TRUSTEE
 
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY
OF A TRUSTEE PURSUANT TO SECTION 305(b)(2)                    
 
JPMORGAN CHASE BANK, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
         
        13-4994650
(State of incorporation       (I.R.S. employer
if not a national bank)       identification No.)
         
1111 Polaris Parkway        
Columbus, Ohio       43271
(Address of principal executive offices)       (Zip Code)
Thomas F. Godfrey
Vice President and Assistant General Counsel
JPMorgan Chase Bank, National Association
1 Chase Manhattan Plaza, 25th Floor
New York, NY 10081
Tel: (212) 552-2192
(Name, address and telephone number of agent for service)
LENNAR CORPORATION
(Exact name of obligor as specified in its charter)
         
Delaware
(State or other jurisdiction of
incorporation or organization) 		      95-4337490
(I.R.S. employer
Identification No.)
         
700 Northwest 107th Avenue
Miami, Florida
(Address of principal executive offices) 		      33172
(Zip Code)
 
Guarantees of Series B 5.60% Senior Notes due 2015
(Title of the indenture securities)
 

 

TABLE OF CONTENTS

GENERAL
Item 1. General Information.
Item 2. Affiliations with the Obligor and Guarantors.
Item 16. List of Exhibits
SIGNATURE

Table of Contents

GENERAL
Item 1. General Information.
     Furnish the following information as to the trustee:
  (a)   Name and address of each examining or supervising authority to which it is subject.
 
      Comptroller of the Currency, Washington, D.C.
 
      Board of Governors of the Federal Reserve System, Washington, D.C., 20551
 
      Federal Deposit Insurance Corporation, Washington, D.C., 20429.
 
  (b)   Whether it is authorized to exercise corporate trust powers.
 
      Yes.
Item 2. Affiliations with the Obligor and Guarantors.
     If the obligor or any guarantor is an affiliate of the trustee, describe each such affiliation.
     None.

-2-

Table of Contents

Item 16. List of Exhibits
     List below all exhibits filed as a part of this Statement of Eligibility.
     1. A copy of the Articles of Association of JPMorgan Chase Bank, N.A. (see Exhibit 1 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference).
     2. A copy of the Certificate of Authority of the Comptroller of the Currency for the trustee to commence business. (see Exhibit 2 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference).
     3. None, the authority of the trustee to exercise corporate trust powers being contained in the documents described in Exhibits 1 and 2.
     4. A copy of the existing By-Laws of the Trustee. (see Exhibit 4 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference).
     5. Not applicable.
     6. The consent of the Trustee required by Section 321(b) of the Act. (see Exhibit 6 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference).
     7. A copy of the latest report of condition of the Trustee, published pursuant to law or the requirements of its supervising or examining authority. (see Exhibit 7 to Form T-1 filed in connection with Registration Statement No. 333-106575 which is incorporated by reference).
     8. Not applicable.
     9. Not applicable.
SIGNATURE
     Pursuant to the requirements of the Trust Indenture Act of 1939 the Trustee, JPMorgan Chase Bank, N.A., has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York and State of New York, on the 23rd day of March, 2005.
         
  JPMORGAN CHASE BANK, N.A.
 		  
  By:   /s/ Francine Springer    
    Francine Springer   
       

-3-

Table of Contents

         
Exhibit 7 to Form T-l
Bank Call Notice
RESERVE DISTRICT NO. 2
CONSOLIDATED REPORT OF CONDITION OF
JPMorgan Chase Bank, N.A.
of 270 Park Avenue, New York, New York 10017
and Foreign and Domestic Subsidiaries,
a member of the Federal Reserve System,
at the close of business March 31, 2005, in
accordance with a call made by the Federal Reserve Bank of this
District pursuant to the provisions of the Federal Reserve Act.
         
    Dollar Amounts  
ASSETS   in Millions  
Cash and balances due from depository institutions:
        
Noninterest-bearing balances and currency and coin
   $ 36,236  
Interest-bearing balances
     24,384  
Securities:
        
Held to maturity securities
     101  
Available for sale securities
     60,180  
Federal funds sold and securities purchased under agreements to resell
        
Federal funds sold in domestic offices
     39,536  
Securities purchased under agreements to resell
     133,265  
Loans and lease financing receivables:
        
Loans and leases held for sale
     21,045  
Loans and leases, net of unearned income    $341,550
        
Less: Allowance for loan and lease losses          5,313
       
Loans and leases, net of unearned income and allowance
     339,000  
Trading Assets
     236,590  
Premises and fixed assets (including capitalized leases)
     8,425  
Other real estate owned
     142  
Investments in unconsolidated subsidiaries and associated companies
     840  
Customers’ liability to this bank on acceptances outstanding
     592  
Intangible assets
        
Goodwill
     23,365  
Other Intangible assets
     10,259  
Other assets
     49,089  
 
      
TOTAL ASSETS
   $ 983,049  
 
      

 

Table of Contents

         
LIABILITIES
        
Deposits
        
In domestic offices
   $ 378,772  
Noninterest-bearing $134,412
        
Interest-bearing 244,360
        
In foreign offices, Edge and Agreement subsidiaries and IBF’s
     155,364  
Noninterest-bearing $6,701
        
Interest-bearing 148,663
        
Federal funds purchased and securities sold under agreements to repurchase:
        
Federal funds purchased in domestic offices
     8,918  
Securities sold under agreements to repurchase
     84,208  
Trading liabilities
     138,428  
Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases)
     78,207  
Bank’s liability on acceptances executed and outstanding
     592  
Subordinated notes and debentures
     17,511  
Other liabilities
     38,035  
TOTAL LIABILITIES
     900,035  
Minority Interest in consolidated subsidiaries
     1,424  
EQUITY CAPITAL
        
Perpetual preferred stock and related surplus
     0  
Common stock
     1,785  
Surplus (exclude all surplus related to preferred stock)
     58,591  
Retained earnings
     21.936  
Accumulated other comprehensive income
     (772 )
Other equity capital components
     0  
TOTAL EQUITY CAPITAL
     81,590  
 
      
TOTAL LIABILITIES, MINORITY INTEREST, AND EQUITY CAPITAL
   $ 983,049  
 
      
     I, Joseph L. Sclafani, E.V.P. & Controller of the above-named bank, do hereby declare that this Report of Condition has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.
JOSEPH L. SCLAFANI
     We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been examined by us, and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
             
WILLIAM B. HARRISON, JR.
    )      
JAMES DIMON
    )     DIRECTORS
MICHAEL J. CAVANAGH
    )