<SUBMISSION>
<ACCESSION-NUMBER>0000950144-05-010605
<TYPE>S-4
<PUBLIC-DOCUMENT-COUNT>5
<REFERENCES-429>333-127839
<FILING-DATE>20051024
<DATE-OF-FILING-DATE-CHANGE>20051024
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>LENNAR CORP /NEW/
<CIK>0000920760
<ASSIGNED-SIC>1520
<IRS-NUMBER>954337490
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1130
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>S-4
<ACT>33
<FILE-NUMBER>333-129205
<FILM-NUMBER>051151975
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
<PHONE>3055594000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>700 NW 107TH AVENUE
<STREET2>SUITE 400
<CITY>MIAMI
<STATE>FL
<ZIP>33172
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>PACIFIC GREYSTONE CORP /DE/
<DATE-CHANGED>19940323
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>g97778sv4.htm
<DESCRIPTION>LENNAR CORPORATION
<TEXT>
<HTML>
<HEAD>
<TITLE>Lennar Corporation</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">As filed with the Securities and Exchange
Commission on October&nbsp;24, 2005</FONT></B>
</DIV>

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

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

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

<P align="center">
<B><FONT size="4">UNITED STATES</FONT></B>

<DIV align="center">
<B><FONT size="4">SECURITIES AND EXCHANGE COMMISSION</FONT></B>
</DIV>

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

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

<P align="center">
<B><FONT size="5">FORM S-4</FONT></B>

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

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

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

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

</TABLE>
</CENTER>

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

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

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

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

<DIV align="center">
<I><FONT size="2">of registrant&#146;s principal executive
offices)</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="41%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="19%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" valign="top">
    <B><FONT size="2">Mark Sustana<BR>
    General Counsel and Secretary<BR>
    700 Northwest 107th Avenue<BR>
    Miami, Florida 33172<BR>
    (305)&nbsp;559-4000<BR>
     </FONT></B><I><FONT size="2">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I></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">
    <B><I><FONT size="2">Copies to:<BR>
     </FONT></I><FONT size="2">David W. Bernstein,&nbsp;Esq.<BR>
    Kathleen L. Werner,&nbsp;Esq.<BR>
    Clifford Chance US LLP<BR>
    31 West 52nd&nbsp;Street<BR>
    New York, New York 10019<BR>
    (212) 878-8000</FONT></B></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">Guarantees of Series&nbsp;B 5.60% Senior Notes
    due 2015(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">&#151;
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="bottom">
    <FONT size="2">$0.00(2)
    </FONT></TD>
</TR>

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

</TR>

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

</TR>

</TABLE>
</CENTER>
<P>

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

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

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">See the following pages for a list of the
    guarantors, all of which are direct or indirect subsidiaries of
    Lennar Corporation.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">(2)&nbsp;The Series&nbsp;B 5.6% Senior Notes due
2015 were previously registered by the Registrant on
Registration Number 333-127839, filed with the Securities and
Exchange Commission on August&nbsp;25, 2005. A fee of $58,850
was paid at that time. Pursuant to Rule&nbsp;457(n) under the
Securities Act, no separate fee for the additional guarantees
being registered by this Registration Statement is payable.
</FONT>

<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 that specifically states that this Registration
Statement shall thereafter become effective in accordance with
Section&nbsp;8(a) of the Securities Act of 1933 or until the
Registration Statement shall become effective on such date as
the SEC, acting pursuant to said Section&nbsp;8(a), may
determine.</FONT></B>

<P align="left">
<FONT size="2">Pursuant to Rule 429 under the Securities Act,
this Registration Statement also relates to $500,000,000 of
Series&nbsp;B 5.60% Senior Notes and guarantees of such notes,
previously registered by the Registrant and co-registrants on
Registration Number 333-127839 filed with the Securities and
Exchange Commission on August&nbsp;25, 2005.
</FONT>

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

<DIV align="left">
<HR size="4" noshade color="#000000" style="margin-top: -10px">
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<TR>
    <TD width="60%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="16%"><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 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 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="left" nowrap><B><FONT size="1">Name of Co-Registrant</FONT></B></TD>
    <TD></TD>
    <TD 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 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 Long Beach Promenade Partners, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Delaware
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1258506</FONT></TD>
    <TD><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 Massachusetts Properties, Inc.
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Delaware
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-2681100</FONT></TD>
    <TD><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 CDE, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Delaware
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1870117</FONT></TD>
    <TD><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 New Jersey Properties, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Delaware
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-2681142</FONT></TD>
    <TD><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 Port Imperial South Building 10, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">New Jersey
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-2562132</FONT></TD>
    <TD><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 Port Imperial South Building 12, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">New Jersey
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-2562179</FONT></TD>
    <TD><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 Riverside West Urban Renewal Company,
    L.L.C.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">New Jersey
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-2562043</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">LLT, LLC
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="bottom">
    <FONT size="2">Delaware
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">20-1484778</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On August&nbsp;25, 2005, the Registrant filed
Registration Number 333-127839 which registered the
Series&nbsp;B 5.6% Senior Notes due 2015 and certain guarantees.
The purpose of this Registration Statement is to add the
guarantees of the guarantors set forth above to the
Series&nbsp;B 5.6% Senior Notes due 2015.
</FONT>

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

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

<P align="center">
<IMG src="g97778lennar.gif" alt="(LENNAR CORPORATION LOGO)">

<P align="center">
<B><FONT size="4">Offer to Exchange</FONT></B>

<DIV align="center">
<B>Any and all outstanding Series&nbsp;A 5.60% Senior Notes due
2015,</B>
</DIV>

<DIV align="center">
<B>$500,000,000 aggregate principal amount outstanding,</B>
</DIV>

<DIV align="center">
<B>for Series&nbsp;B 5.60%&nbsp;Senior Notes due 2015.</B>
</DIV>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

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

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

<DIV align="center">
<B>on &nbsp;&nbsp;&nbsp;&nbsp;&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.</B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We are offering to exchange our Series&nbsp;B
5.60%&nbsp;Senior Notes due 2015 for the identical principal
amounts of our outstanding Series&nbsp;A 5.60%&nbsp;Senior Notes
due 2015. The aggregate principal amount at maturity of the
Series&nbsp;A Notes, and therefore the aggregate principal
amount of Series&nbsp;B Notes that would be issued if all the
Series&nbsp;A Notes are exchanged, is $500,000,000. 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We issued the Series&nbsp;A Notes in transactions
that were exempt from the registration requirements of the
Securities Act of 1933, as amended. We completed the first of
these transactions, in which we issued $300&nbsp;million
aggregate principal amount of Series&nbsp;A Notes, on
April&nbsp;28, 2005, and we completed the second transaction, in
which we issued $200&nbsp;million aggregate principal amount of
Series&nbsp;A Notes, on July&nbsp;13, 2005. This exchange offer
is being made in accordance with Registration Rights Agreements
dated April&nbsp;28, 2005 and July&nbsp;13, 2005, among the
initial purchasers of the Series&nbsp;A Notes and us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Series&nbsp;A Notes are, and the
Series&nbsp;B Notes, when issued, will be, 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,
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
Series&nbsp;B Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Before 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.
We will receive no proceeds from the exchange offer.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">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;,
2005.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">Investment in the Series&nbsp;B Notes to be
issued in the exchange offer involves risks. You should
carefully read the &#147;Risk Factors&#148; section, which
begins on page&nbsp;8 of this document, before you exchange your
Series&nbsp;A Notes.</FONT></B>

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">No person has been authorized to give any
information or to make any representations, other than those
contained in this prospectus. If given or made, that information
or those representations may not be relied upon as having been
authorized by us. This prospectus does not constitute an offer
to or solicitation of any person in any jurisdiction in which
such an offer or solicitation would be unlawful.</FONT></B>

<DIV align="left">
<A name='101'></A>
</DIV>

<!-- link1 "FORWARD-LOOKING INFORMATION" -->

<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 in this prospectus and the
documents incorporated by reference into this prospectus are
&#147;forward-looking statements,&#148; as that term is defined
in the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include statements regarding this
exchange offer, as well as our business, financial condition,
results of operations, cash flows, strategies and prospects. You
can identify forward-looking statements by the fact that these
statements do not relate strictly to historical or current
matters. Rather, forward-looking statements relate to
anticipated or expected events, activities, trends or results.
Because forward-looking statements relate to matters that have
not yet occurred, these statements are inherently subject to
risks and uncertainties. Many factors could cause our actual
activities or results to differ materially from the activities
and results anticipated in forward-looking statements. These
factors include those described under the caption &#147;Risk
Factors&#148; in this prospectus, those described under the
caption &#147;Risk Factors Relating to Our Business&#148; in our
Annual Report on Form&nbsp;10-K for our fiscal year ended
November&nbsp;30, 2004, as amended on Form&nbsp;10-K/A, which is
incorporated into this prospectus by reference, and other
factors that may be included in our other filings with the
Securities and Exchange Commission. We do not undertake any
obligation to update forward-looking statements.
</FONT>

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

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

<DIV align="left">
<A name='102'></A>
</DIV>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This summary highlights information contained
elsewhere in this prospectus or in documents incorporated in
this prospectus. It does not contain all the information you
should consider before deciding whether to exchange
Series&nbsp;A 5.60%&nbsp;Senior Notes for Series&nbsp;B
5.60%&nbsp;Senior 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 unconsolidated entities in which we have investments.
Our financial services operations provide mortgage financing,
title insurance, closing services and insurance agency services
for both buyers of our homes and others. We sell substantially
all of the loans that we originate in the secondary mortgage
market. Through our financial services operations, we also
provide high-speed Internet and cable television services to
residents of communities we develop and to others.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our principal offices are at 700 Northwest 107th
Avenue, Miami, Florida 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 part of
this prospectus.
</FONT>

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

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

<TR>
    <TD width="3%"></TD>
    <TD width="7%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">1954:</FONT></B></TD>
    <TD align="left">
    <FONT size="2">We were founded as a local Miami homebuilder.
    </FONT></TD>
</TR>

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">1971:</FONT></B></TD>
    <TD align="left">
    <FONT size="2">We completed our initial public offering.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">1972:</FONT></B></TD>
    <TD align="left">
    <FONT size="2">Our common stock was listed on the New York Stock
    Exchange. We also entered the Arizona homebuilding market.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">1986:</FONT></B></TD>
    <TD align="left">
    <FONT size="2">We acquired Development Corporation of America in
    Florida.
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">1991:</FONT></B></TD>
    <TD align="left">
    <FONT size="2">We entered the Texas homebuilding market.
    </FONT></TD>
</TR>

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

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

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

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

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

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

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

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

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

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

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

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

</TABLE>
</DIV>

<P align="center"><FONT size="2">1
</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="3%"></TD>
    <TD width="7%"></TD>
    <TD width="90%"></TD>
</TR>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">2002:</FONT></B></TD>
    <TD align="left">
    <FONT size="2">We 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 existing
    markets. We also acquired Sentinel Title with operations in
    Maryland and Washington, D.C.
    </FONT></TD>
</TR>

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

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

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">2005:</FONT></B></TD>
    <TD align="left">
    <FONT size="2">We entered the metropolitan New York City and
    Boston markets by acquiring, directly and through a joint
    venture, rights to develop a portfolio of properties in New
    Jersey facing mid-town Manhattan and waterfront properties near
    Boston.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;15, 2005, we completed an
offering of $300&nbsp;million of 5.125% Senior Notes due 2010 in
a private placement to institutional investors.
</FONT>
</DIV>

<P align="center"><FONT size="2">2
</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&nbsp;A NOTES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On April&nbsp;21, 2005, we sold $300&nbsp;million
aggregate principal amount of Series&nbsp;A 5.60%&nbsp;Senior
Notes due 2015 (the &#147;Series&nbsp;A Notes&#148;) and on
July&nbsp;6, 2005, we sold an additional $200&nbsp;million
aggregate principal amount of Series&nbsp;A Notes, in each case
to initial purchasers in transactions that were exempt from the
registration requirements of the Securities Act. Each of the
initial purchasers subsequently resold the Series&nbsp;A Notes
in reliance on Rule&nbsp;144A or other exemptions under the
Securities Act. We entered into Registration Rights Agreements
with the initial purchasers, pursuant to which we agreed to
exchange registered Series&nbsp;B 5.60% Senior Notes due 2015
(&#147;Series&nbsp;B Notes,&#148; and together with the
Series&nbsp;A Notes, the &#147;Notes&#148;) 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
Agreements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We issued the Series&nbsp;A Notes under an
Indenture dated April&nbsp;28, 2005, between us and
J.P.&nbsp;Morgan Trust Company, National Association, as
trustee. The Series&nbsp;B Notes will also be issued under that
Indenture and will be 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 Series&nbsp;B 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.
</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 for general corporate purposes. We
will receive no proceeds from the exchange of the Series&nbsp;B
Notes for the Series&nbsp;A Notes pursuant to the exchange offer.
</FONT>
</DIV>

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

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

<!-- link1 "THE EXCHANGE OFFER" -->

<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
    5.60%&nbsp;Senior Notes due 2015, for identical principal
    amounts of our outstanding Series&nbsp;A 5.60%&nbsp;Senior Notes
    due 2015. At the date of this prospectus, $500&nbsp;million
    aggregate principal amount of Series&nbsp;A 5.60%&nbsp;Senior
    Notes are outstanding.
    </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. In this document, we refer
    to this date as the &#147;expiration date.&#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.
    </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 that are
    exchanged will cease to accrue on the last interest payment date
    before 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 before the day on which they are
    issued in exchange for the Series&nbsp;A Notes. 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 paid
    on June&nbsp;1 and December&nbsp;1 of each year, beginning
    December&nbsp;1, 2005.
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
    <FONT size="2">Procedures for Tendering 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:
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;
    </FONT></TD>
</TR>

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">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 exchange for
    Series&nbsp;A Notes which were acquired by the broker or dealer
    as a result of market-
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">4
</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">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.
    </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;A Notes, but who cannot deliver
    their Series&nbsp;A Notes or any other documents required by the
    letter of transmittal to the exchange agent before 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.
    </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, before
    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.
    </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 before 5:00&nbsp;p.m., New York City time, on the
    expiration date.
    </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. You should consult
    with your tax advisor regarding your particular situation.
    </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 under the caption
    &#147;The Exchange Offer&nbsp;&#151; Exchange Agent&#148; in
    this document.
    </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.
    </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 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.
    </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;">

<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">Consequences of Not Exchanging the Series&nbsp;A
    Notes
    </FONT></TD>
    <TD></TD>
    <TD valign="top">
    <FONT size="2">If you do not exchange 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 market for any Series&nbsp;A Notes that
    remain outstanding after the consummation of the exchange offer
    will be substantially limited.
    </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;">

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The exchange offer applies to $500&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.
</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">$500,000,000 aggregate principal amount of
    Series&nbsp;B 5.60% Senior Notes due 2015.
    </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">May&nbsp;31, 2015.
    </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">June&nbsp;1 and December&nbsp;1 of each year,
    beginning December&nbsp;1, 2005.
    </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 Series&nbsp;B 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 Series&nbsp;B 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, 2005, we had
    $257.0&nbsp;million 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 Series&nbsp;B Notes. The guarantees by our
    subsidiaries may be suspended under certain limited
    circumstances.
    </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 Series&nbsp;B
    Notes at any time and at a redemption price equal to the greater
    of (1)&nbsp;100% of the principal amount of the Notes being
    redeemed and (2)&nbsp;the sum of the present values of the
    remaining scheduled payments of principal and interest on the
    Notes being redeemed, discounted to the redemption date on a
    semiannual basis (assuming a 360-day year consisting of twelve
    30-day months) at the comparable treasury rate plus
    25&nbsp;basis points, plus, in each case, 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 Series&nbsp;B 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.
    </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 Series&nbsp;B Notes involves
    risks. Before you exchange your Series&nbsp;A Notes, you should
    carefully read the &#147;Risk Factors&#148; section beginning on
    page&nbsp;8 of this document as well as the risks relating to
    our business, which are described under the caption &#147;Risk
    Factors Relating to Our Business&#148; in our Annual Report on
    Form&nbsp;10-K for our fiscal year ended November&nbsp;30, 2004,
    as amended on Form&nbsp;10-K/A.
    </FONT></TD>
</TR>

</TABLE>
</DIV>

<P align="center"><FONT size="2">7
</FONT>
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<DIV align="left">
<A name='103'></A>
</DIV>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">In this section we describe risks relating to
the exchange of Series&nbsp;A Notes for Series&nbsp;B Notes.
Investors considering exchanging their Series&nbsp;A Notes for
Series&nbsp;B Notes should also read the risks relating to our
business, which are described in our Annual Report on
Form&nbsp;10-K for our fiscal year ended November&nbsp;30, 2004
under the caption &#147;Risk Factors Relating to Our
Business.&#148; If any of these risks develop into actual
events, the exchange offer or our business, financial condition,
results of operations, cash flows, strategies or prospects could
be materially adversely affected.</FONT></I>

<P align="left">
<B><I><FONT size="2">Because the Series&nbsp;B 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></I></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 Series&nbsp;B
Notes are structurally subordinated to the debts, preferred
stock and other obligations of those subsidiaries.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Series&nbsp;B Notes will not be secured by
any of our assets or by any assets of our subsidiaries. As of
August&nbsp;31, 2005, we had $257.0&nbsp;million 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><I><FONT size="2">There is no public market for the
Series&nbsp;B Notes, so you may be unable to sell the
Series&nbsp;B Notes.</FONT></I></B>

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

<P align="left">
<B><I><FONT size="2">Fraudulent conveyance
considerations.</FONT></I></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 laws 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><I><FONT size="2">We could be affected by governmental
regulations.</FONT></I></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,
</FONT>

<P align="center"><FONT size="2">8
</FONT>
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<DIV align="left">
<FONT size="2">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 than was previously the
case. Delays in construction of homes due to delays in obtaining
governmental approvals could have a material adverse effect on
our operations.
</FONT>
</DIV>

<P align="left">
<B><I><FONT size="2">The guarantees of the Series&nbsp;B Notes
may terminate.</FONT></I></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 Series&nbsp;B Notes is so holders of the
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 Series&nbsp;B 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. If,
however, a subsidiary is no longer guaranteeing at least
$75&nbsp;million of our debt other than the Series&nbsp;B Notes
and other notes with similar termination provisions, either
directly or by guaranteeing other subsidiaries&#146; obligations
as guarantors of our debt, that subsidiary&#146;s guarantee of
the Notes will be suspended. In addition to guarantees of the
Series&nbsp;A Notes, currently, the subsidiary guarantors are
guaranteeing our principal revolving bank credit line,
$350&nbsp;million principal amount of our Senior Notes due 2013,
$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, $200&nbsp;million principal
amount of our Senior Floating-Rate Notes due 2007,
$250&nbsp;million principal amount of our 5.50%&nbsp;Senior
Notes due 2014 and $300&nbsp;million principal amount of 5.125%
Senior Notes due 2010. However, the subsidiaries&#146;
guarantees of all of the notes will terminate with regard to any
subsidiary while it is not guaranteeing at least
$75&nbsp;million of our debt. Therefore, if 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 Series&nbsp;B Notes will
terminate until such time, if any, as they again are
guaranteeing at least $75&nbsp;million of our debt, other than
the Series&nbsp;B Notes. Accordingly, noteholders should
anticipate that at some time in the future the Notes may no
longer be guaranteed by our subsidiaries.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If our subsidiaries are guaranteeing revolving
credit lines totaling at least $75 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 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 Series&nbsp;B
Notes will no longer be guaranteed by our subsidiaries.
</FONT>

<P align="left">
<B><I><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></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Holders who fail to exchange their Series&nbsp;A
Notes for Series&nbsp;B 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 market for Series&nbsp;A Notes that remain outstanding 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
Agreements 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 Agreements,
and the Series&nbsp;A Notes that 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">9
</FONT>

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

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

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

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

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

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

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

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

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

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

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2005</FONT></B></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">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">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>
</TR>

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

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">Ratio of earnings to fixed charges&nbsp;(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><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 align="right" valign="bottom"><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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.7x</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><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 align="right" valign="bottom"><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 align="right" valign="bottom"><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 align="right" valign="bottom"><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>
</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>

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from the
issuance of 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 for general corporate
purposes.
</FONT>

<DIV align="left">
<A name='118'></A>
</DIV>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 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 a market develops, that it will provide significant
liquidity to holders of Series&nbsp;B Notes.
</FONT>

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our indebtedness at August&nbsp;31, 2005 is
listed in the table in the section of this offering memorandum
captioned &#147;Capitalization.&#148; None of that indebtedness,
other than our homebuilding and financial services revolving
credit facilities as described below, has any covenants that
restrict our, or our subsidiaries&#146;, ability to make
payments on outstanding indebtedness or to pay dividends, or
requires us to maintain financial attributes. Our Senior
Floating-Rate Notes due 2007, Senior Floating-Rate Notes due
2009, 7 5/8%&nbsp;Senior Notes due 2009, 5.125%&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">In June 2005, we entered into a letter of credit
facility with a financial institution. The purpose of the letter
of credit facility is to facilitate the issuance of up to
$150&nbsp;million of letters of credit on a senior unsecured
basis through the facility&#146;s expiration date of June 2008.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In June 2005, we entered into a new
$1.7&nbsp;billion credit facility that replaced our prior credit
facilities. The credit facility matures in June 2010. It
includes an accordion feature under which, subject to additional
commitments, the aggregate commitment under the facility could
be increased to $2.2&nbsp;billion. Our obligations under the new
credit agreement are guaranteed by substantially all of our
wholly-owned subsidiaries, other than finance company
subsidiaries.
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The facility we entered into in June 2005
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 or equal to 60%;
    </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 specified minimum 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">We limit the aggregate amount of our investments
    in and advances to other non-guarantor entities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">These covenants are described in the credit
agreement, which we have filed with the Securities and Exchange
Commission. See &#147;Where You Can Find More Information.&#148;
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
currently in the credit agreement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At August&nbsp;31, 2005, we had
$227.5&nbsp;million of letters of credit outstanding that were
collateralized against certain borrowings available under our
credit facility.
</FONT>

<P align="center"><FONT size="2">11
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

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

<!-- link1 "CAPITALIZATION" -->

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The table below shows our unaudited
capitalization at August&nbsp;31, 2005, adjusted for the sale of
$300&nbsp;million of 5.125% Senior Notes due 2010 that was
completed on September&nbsp;15, 2005. The exchange of
outstanding Series&nbsp;A Notes for Series&nbsp;B Notes
described in this prospectus 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="77%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><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 facility
    </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">473,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">162,347</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% Senior Notes due 2013
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">344,956</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">7 5/8% Senior Notes due 2009
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">275,936</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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">300,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><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">5.50% Senior Notes due 2014
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">247,326</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">5.60% Senior Notes due 2015
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">502,127</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">5.125% Senior Notes due 2010
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">299,715</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">(2)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">274,639</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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,080,046</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">862,715</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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,682</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">Total debt
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,945,443</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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 par value per
    share, 129,795 shares issued(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12,979</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 par value per
    share, 32,755 shares issued(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,275</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,510,769</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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,490,534</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(39,975</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; 439
    Class&nbsp;A common shares and 44 Class&nbsp;B common shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(4,047</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,047</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, 4,678 Class A common
    shares
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(250,492</FONT></TD>
    <TD align="left" valign="bottom" nowrap><FONT size="2">)</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">(7,778</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 align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,719,312</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <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">8,664,755</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, 2005, our Zero Coupon
    Convertible Senior Subordinated Notes due 2021 were convertible
    into 5,170&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 2005 exceeded
    110% ($35.28) 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">Net of $285 discount.
    </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 5,170&nbsp;shares of Common
    Stock issuable upon conversion of our Zero Coupon Convertible
    Senior Subordinated Notes due 2021, or 7,031&nbsp;shares of
    Common Stock issuable upon exercise of stock options that were
    outstanding at August&nbsp;31, 2005.
    </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">Does not include 372&nbsp;shares of Common Stock
    issuable upon exercise of stock options that were outstanding at
    August&nbsp;31, 2005.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">12
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='120'></A>
</DIV>

<!-- link1 "SELECTED FINANCIAL DATA" -->

<P align="center">
<B><FONT size="2">SELECTED FINANCIAL DATA</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth our selected
financial and operating information as of or for the nine months
ended August&nbsp;31, 2005 and 2004, and for the fiscal years
ended November&nbsp;30, 2000 through 2004. The information
presented below is based upon Lennar&#146;s historical financial
statements, except that the results of operations of a
subsidiary of the Financial Services Division&#146;s title
company that was sold in May 2005 are classified as discontinued
operations. Shares and per share amounts have been retroactively
adjusted to reflect the effect of our April 2003 10%
Class&nbsp;B common stock distribution and our January 2004
two-for-one stock split.
</FONT>

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

<TR>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="1">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="1">&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 Nine</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">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" align="left" nowrap><B><FONT size="1">(Dollars in thousands, except per share amounts)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2005</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2004(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2003(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2002(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2001(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">2000(1)</FONT></B></TD>
</TR>

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

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT size="1">Results of Operations:</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Revenues:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,437,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,589,543</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,000,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,348,645</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,751,301</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,554,747</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,362,034</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Financial services
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">399,776</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">361,998</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">500,336</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">556,581</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">482,008</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">422,149</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">314,024</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Total revenues
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,837,037</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,951,541</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,500,968</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,905,226</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,233,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,976,896</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,676,058</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Operating earnings from continuing operations:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,314,557</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">924,570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,548,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,164,089</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">834,056</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">666,123</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">382,195</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Financial services
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">70,188</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">77,611</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">110,731</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">153,719</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">126,941</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">87,669</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">42,133</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Corporate general and administrative expenses
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">123,731</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">94,113</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">141,722</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">111,488</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">85,958</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">75,831</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">50,155</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Loss on redemption of 9.95% senior notes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">34,908</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&#151;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Earnings from continuing operations before
    provision for income taxes
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,226,106</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">908,068</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,517,497</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,206,320</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">875,039</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">677,961</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">374,173</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Earnings from discontinued operations before
    provision for income taxes(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">17,261</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">984</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,570</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">734</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,462</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,462</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Earnings from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">763,251</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">565,273</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">944,642</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">750,934</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">544,712</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">416,946</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">228,245</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Earnings from discontinued operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,745</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">612</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">977</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">457</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">417</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">899</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">892</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">773,996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">565,885</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">945,619</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">751,391</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">545,129</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">417,845</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">229,137</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Diluted Earnings Per Share:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Earnings from continuing operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4.64</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3.42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4.65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3.51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2.72</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1.65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Earnings from discontinued operations
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">.07</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.01</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.00</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Net earnings
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4.71</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3.42</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5.70</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4.65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3.51</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2.73</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1.65</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Cash dividends per share&nbsp;&#151; Class&nbsp;A
    common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.4125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.513</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.144</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.025</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Cash dividends per share&nbsp;&#151; Class&nbsp;B
    common stock
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.4125</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.375</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.513</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.143</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.0225</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.0225</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">0.0225</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT size="1">Financial Position:</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Total assets(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">10,956,717</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">7,838,621</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">9,165,280</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,775,432</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,755,633</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,714,426</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,777,914</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Debt:
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Homebuilding
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,780,331</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,998,657</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,021,014</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,552,217</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,585,309</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,505,255</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,254,650</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Financial services (includes limited purpose
    finance subsidiaries)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">865,397</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">564,670</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">900,340</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">740,469</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">862,618</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">707,077</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">448,860</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Stockholders&#146; equity
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,719,312</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,688,431</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">4,052,972</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,263,774</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,229,157</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,659,262</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,228,580</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Shares outstanding (000s)
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,872</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,128</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">156,230</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">157,836</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">142,811</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">140,833</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">138,008</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Stockholders&#146; equity per share
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">29.89</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23.62</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">25.94</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">20.68</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15.61</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">11.78</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8.90</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="4" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <B><FONT size="1">Delivery and Backlog Information (including
    unconsolidated entities):</FONT></B></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Number of homes delivered
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,956</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,996</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">36,204</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">32,180</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">27,393</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">23,899</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">18,578</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Backlog of home sales contracts
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">21,818</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">19,594</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">15,546</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">13,905</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">12,108</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,339</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,363</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom" bgcolor="#c4d8e2">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3" align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="1">Backlog dollar value
    </FONT></DIV>
    </TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">8,143,152</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">6,142,593</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">5,055,273</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,887,300</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">3,200,206</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">1,981,632</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="1">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="1">2,072,442</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">13
</FONT>
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<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">In May 2005, the Company sold a subsidiary of the
    Financial Services Division&#146;s title company. As a result of
    the sale, the subsidiary&#146;s results of operations have been
    reclassified as discontinued operations to conform with the 2005
    presentation.
    </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">Earnings from discontinued operations before
    provision for income taxes includes a gain of $15.8&nbsp;million
    for the nine months ended August&nbsp;31, 2005 related to the
    sale of a subsidiary of the Financial Services Division&#146;s
    title company.
    </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">As of November&nbsp;30, 2004, 2003, 2002, 2001
    and 2000, the Financial Services Division had assets of
    discontinued operations of $1.0&nbsp;million, $1.3&nbsp;million,
    $0.4&nbsp;million, $0.4&nbsp;million and $1.1&nbsp;million,
    respectively, related to a subsidiary of the Division&#146;s
    title company that was sold in May 2005. As of August&nbsp;31,
    2004, these assets amounted to $2.4&nbsp;million.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">14
</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV align="left">
<A name='110'></A>
</DIV>

<!-- link1 "THE EXCHANGE OFFER" -->

<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 Registration Rights Agreements between us and
the initial purchasers of the Series&nbsp;A Notes states that on
or before August&nbsp;26, 2005, we will file a registration
statement to register the Series&nbsp;B Notes, and that we will
use our reasonable best efforts to (1)&nbsp;cause that
registration statement to become effective on or before
October&nbsp;10, 2005 and (2)&nbsp;complete the exchange offer
on or before November&nbsp;24, 2005. If we fail to meet any of
those targets, the interest rate on the Series&nbsp;A Notes will
increase until we cure the 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 that are validly tendered and not
withdrawn before 5:00&nbsp;p.m., New York City time, on the
expiration date. 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 such Series&nbsp;B Notes
are exchanged. Holders may tender some or all of their
Series&nbsp;A Notes in the exchange offer. However,
Series&nbsp;A Notes may be tendered only in multiples of $1,000
in principal amount.
</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 that 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.
</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 on or
before 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;,
2005, which is the expiration date, 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 we will make a public announcement of any
extension not later than 9:00&nbsp;a.m., New York City time, no
later than 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 the exchange offer. To tender
Series&nbsp;A Notes, the holder must complete, sign and date the
letter of transmittal, or a facsimile of the letter of
transmittal, have the signatures guaranteed if required by the
letter of transmittal, and mail or otherwise deliver the letter
of transmittal or a facsimile, together with the Series&nbsp;A
Notes (delivered using the procedure
</FONT>

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

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

<DIV align="left">
<FONT size="2">for book-entry transfer described below) and any
other required documents, to the exchange agent before
5:00&nbsp;p.m., New York City time, on the expiration date.
</FONT>
</DIV>

<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 Series&nbsp;A 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 the letter of transmittal, 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 before
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
</FONT>

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

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

<DIV align="left">
<FONT size="2">will, by tendering, acknowledge that it will
deliver a prospectus in connection with any resale of those
Series&nbsp;B Notes.
</FONT>
</DIV>

<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;Before 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 before 5:00&nbsp;p.m., New York
City time, on the expiration date, and before we have accepted
the Series&nbsp;A Notes 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 that 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 withdrawn Series&nbsp;A Notes, unless they are
validly re-tendered. Any Series&nbsp;A Notes that have been
tendered but that are not accepted for exchange or that 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 before 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">17
</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 that are not tendered
or accepted for exchange are to be issued in the name of a
person other than the registered holder, 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 by
reason of 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 that 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">
<B><I><FONT size="2">Important Notice:</FONT></I></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">The discussion that follows is not intended or
written to be used, and cannot be used by any person, for the
purpose of avoiding United States Federal tax penalties, and was
written in connection with this exchange offer of Series&nbsp;B
Notes for Series&nbsp;A Notes. You should seek tax advice from
an independent tax advisor based on your particular
circumstances.</FONT></I>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

<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">18
</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="48%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD align="left" nowrap><B><FONT size="2">By Registered Mail, Certified Mail or Overnight</FONT></B></TD>
</TR>

<TR>
    <TD align="left" nowrap><B><FONT size="2">By Facsimile:</FONT></B></TD>
    <TD></TD>
    <TD align="left" nowrap><B><FONT size="2">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 Bryan Street, 9th Floor<BR>
    Dallas, TX 75201<BR>
    Attention: Frank Ivins
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

<P align="center"><FONT size="2">19
</FONT>
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<DIV align="left">
<A name='130'></A>
</DIV>

<!-- 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
April&nbsp;28, 2005 between us and J.P.&nbsp;Morgan Trust
Company, N.A., as trustee. 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;A Notes for Series&nbsp;B
Notes because those documents, and not this description, define
your rights as a holder of Series&nbsp;B Notes. You may request
copies of these documents at our address shown under the caption
&#147;Incorporation by Reference&#148; elsewhere in 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 description 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. Except where the context otherwise
requires, references to &#147;interest&#148; include any
&#147;Additional Interest&#148; that may accrue.
</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 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 $500,000,000, but we may, without consent of the
Holders, &#147;reopen&#148; the Notes series and issue
additional notes at any time on the same terms and conditions
and with the same CUSIP number as the Notes offered by this
prospectus. The Notes will mature on May&nbsp;31, 2015. Interest
on the Notes will accrue at 5.60% per annum and will be payable
semi-annually on June&nbsp;1 and December&nbsp;1 of each year,
commencing December&nbsp;1, 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 and no additional interest will
accrue. 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">We will pay interest to the persons in whose
names the Notes are registered at the close of business on
May&nbsp;15 or November&nbsp;15, as applicable, 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 on the Notes will accrue from the most
recent date to which interest has been paid or, if no interest
has been paid, from and including the date of issuance. 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="center"><FONT size="2">20
</FONT>
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<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
or in part from time to time, on at least 30 but not more than
60&nbsp;days&#146; prior notice, at a redemption price equal to
the greater of:
</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">100% of their principal amount; 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 present value of the Remaining Scheduled
    Payments (as defined below) on the Notes being redeemed,
    discounted to the date of redemption, on a semiannual basis, at
    the Treasury Rate plus 25 basis points.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will also pay accrued interest on the Notes
being redeemed to the date of redemption. 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Comparable Treasury Issue&#148; means the
United States Treasury security selected by the Reference
Treasury Dealer as having a maturity comparable to the remaining
term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Notes.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Comparable Treasury Price&#148; means, with
respect to any redemption date, (1)&nbsp;the average of the bid
and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) on the third
business day preceding such redemption date, as set forth in the
daily statistical release (or any successor release) published
by the Federal Reserve Bank of New York and designated
&#147;Composite 3:30&nbsp;p.m. Quotations for U.S. Government
Securities&#148; or (2)&nbsp;if such release (or any successor
release) is not published or does not contain such price on such
business day, (A)&nbsp;the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding the
highest and lowest such Reference Treasury Dealer Quotations, or
(B)&nbsp;if the Trustee obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such quotations.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Reference Treasury Dealer&#148; means
(A)&nbsp;Barclays Capital Inc., Deutsche Bank Securities Inc.,
J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC
(or their respective affiliates which are Primary Treasury
Dealers), and their respective successors; provided, however,
that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in New York City (a &#147;Primary
Treasury Dealer&#148;), we will substitute therefor another
Primary Treasury Dealer; and (B)&nbsp;any other Primary Treasury
Dealer(s) selected by us.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Reference Treasury Dealer Quotations&#148;
means, with respect to each Reference Treasury Dealer and any
redemption date, the average, as determined by the Trustee, of
the bid and asked prices for the Comparable Treasury Issue
(expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury
Dealer at 5:00&nbsp;p.m. on the third business day preceding
such redemption date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Remaining Scheduled Payments&#148; means,
with respect to any Note, the remaining scheduled payments of
the principal (or of the portion) thereof to be redeemed and
interest thereon that would be due after the related redemption
date but for such redemption; provided, however, that, if such
redemption date is not an interest payment date with respect to
such Note, the amount of the next succeeding scheduled interest
payment thereon will be reduced by the amount of interest
accrued thereon to such redemption date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Treasury Rate&#148; means, with respect to
any redemption date, the rate per annum equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.
</FONT>

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

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<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 has unconditionally
guaranteed 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 are general unsecured
obligations of the guarantors and rank <I>pari passu </I>with
all existing and future unsecured indebtedness of the guarantors
that is not, by its terms, expressly subordinated in right of
payment to the guarantees or other senior Indebtedness of the
guarantors. The obligations of each guarantor are limited to the
maximum amount which, after giving effect to all other
contingent and fixed liabilities of such guarantor and after
giving effect to any collections from or payments made by or on
behalf of any other guarantor in respect of the obligations of
such other guarantor under its guarantee or pursuant to its
contribution obligations under the Indenture, will result in the
obligations of such guarantor under its guarantee not
constituting a fraudulent conveyance or fraudulent transfer
under federal or state law. Each guarantor that makes a payment
or distribution under a guarantee shall be entitled to a
contribution from each other guarantor in an amount <I>pro
rata,</I> based on the net assets of each guarantor, determined
in accordance with accounting principles generally accepted in
the United States of America, or GAAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Indenture requires that each of our existing
and future Subsidiaries (other than any foreign Subsidiary and
any finance company Subsidiary) that guarantees any Indebtedness
of us or any other Subsidiary (other than guarantees by
Subsidiaries of U.S. Home Corporation (one of our Subsidiaries)
solely of U.S. Home&#146;s obligations as a guarantor under the
Senior 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. If any guarantor is released
from its guarantee of the outstanding Indebtedness of us or any
other Subsidiary, such guarantor will be automatically released
from its obligations as guarantor under the Indenture, and from
and after such date, such guarantor shall cease to constitute a
guarantor of the Notes.
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Limitation on Liens.
</FONT></I><FONT size="2">We will not, nor will we permit any
Restricted Subsidiary to, create, assume, incur or suffer to
exist any Lien upon any of our or its properties, whether owned
on April&nbsp;28, 2005 (&#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; 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
    </FONT></TD>
</TR>

</TABLE>

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

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<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></TD>
    <TD align="left">
    <FONT size="2">prior to, and were not created in contemplation
    of, such merger, consolidation or acquisition and do not extend
    to any assets other than those of the Person merged into or
    consolidated with us or any Restricted Subsidiary;
    </FONT></TD>
</TR>

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

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

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

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

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

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

<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>

</TABLE>

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

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<P>

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

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

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">any extensions, substitutions, modifications,
    replacements or renewals of the Permitted Liens described above.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Notwithstanding the foregoing, we may, and any
Restricted Subsidiary may, create, assume, incur or suffer to
exist any Lien upon any of our properties or assets without
equally and ratably securing the Notes if the aggregate amount
of all Indebtedness then outstanding secured by such Lien and
all other Liens which are not Permitted Liens, together with the
aggregate net sales proceeds from all Sale-Leaseback Transaction
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; 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
</FONT>

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

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

<P align="left">
<B><FONT size="2">Events of Default and Remedies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are Events of Default under the
Indenture:
</FONT>
<P>

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

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if we fail to pay any interest on the Notes
    continuing for 30&nbsp;days after it was due;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">if we fail to pay any principal or redemption
    price due with respect to the Notes;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">our or any Restricted Subsidiary&#146;s failure
    to fulfill an obligation to pay Indebtedness for borrowed money
    (other than Indebtedness which is non-recourse to us or any
    Restricted Subsidiary), which such failure shall have resulted
    in the acceleration of, or be a failure to pay at final
    maturity, Indebtedness aggregating more than $50&nbsp;million;
    </FONT></TD>
</TR>

<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 million and such
    judgments or orders remain unstayed or unsatisfied for more than
    60&nbsp;days and are not being contested in good faith by
    appropriate proceedings; and
    </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, among other actions:
</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>

</TABLE>

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</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">impair the right of a Holder to institute suit
    for the payment thereof; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">change the currency in which the Notes are
    payable.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, without the consent of the Holders
of all of the Notes then outstanding, we cannot reduce the
percentage of Notes the Holders of which are required to consent
to any such supplemental indenture.
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Notes will be issued in the form of one or
more global securities that will be deposited with, or on behalf
of, The Depository Trust Company, New York, New York. Interests
in the Global Securities will be issued only in denominations of
$1,000 principal amount or integral multiples of that amount.
Unless and until it is exchanged in whole or in part for
securities in definitive form, a Global Security may not be
transferred except as a whole to a nominee of the Depositary for
such Global Security, or by a nominee of the Depositary to the
Depositary or another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a
nominee of such successor Depositary.
</FONT>

<P align="left">
<B><FONT size="2">Book-Entry System</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Initially, the Notes will be registered in the
name of Cede &#38; Co., the nominee of the Depositary.
Accordingly, beneficial interests in the Notes will be shown on,
and transfers thereof will be effected only through, records
maintained by the Depositary and its participants.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Depositary has advised us 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 Exchange
Act. 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 initial purchasers), 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;) which will include the Euroclear System and
Clearstream Banking S.A. 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="center"><FONT size="2">26
</FONT>

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<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; or
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">we, in our discretion, determine not to require
    all of the Notes to be represented by a Global Security and
    notify the Trustee of our decision.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Same-Day Settlement and Payment</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">So long as the Depositary continues to make its
Same-Day Funds Settlement System available to us, all payments
on the Notes will be made by us in immediately available funds.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Secondary trading in long-term notes and
debentures of corporate issues is generally settled in
clearing-house or next-day funds. In contrast, the Notes will
trade in the Depositary&#146;s Same-Day Funds Settlement System
until maturity, and secondary market trading in the Notes;
therefore, the Depositary will require that trades be settled in
immediately available funds.
</FONT>

<P align="left">
<B><FONT size="2">Concerning the Trustee</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">J.P. Morgan Trust Company, N.A. is the Trustee
under the Indenture and has been appointed by us as the 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. J.P. Morgan Securities Inc., an initial purchaser of
the Series&nbsp;A Notes, is an affiliate of the Trustee.
</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; 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 and/or U.S. Government
    Obligations 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;
    and
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">the rights, obligations and immunities of the
    Trustee under the Indenture.
    </FONT></TD>
</TR>

</TABLE>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following are definitions of certain of the
terms used in the Indenture.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Business Day&#148; means each Monday,
Tuesday, Wednesday, Thursday or Friday which is not a legal
holiday in New York, New York.
</FONT>

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

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<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 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>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">(B)&nbsp;investments in subsidiaries that are not
Restricted Subsidiaries; and
</FONT>

<P 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>

<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; 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 (a)&nbsp;through (d);
    </FONT></TD>
</TR>

</TABLE>

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

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<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">(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
    (a)&nbsp;through (d)&nbsp;secured by any Lien existing on
    property which is owned or held by us or such Subsidiary,
    regardless of whether the indebtedness or other obligation
    secured thereby shall have been assumed by us or such
    Subsidiary; and
    </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 (a)&nbsp;through (f).
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Lien&#148; means any mortgage, pledge,
lien, encumbrance, charge or security interest of any kind.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;Non-Recourse Indebtedness&#148; means any
of our or any Restricted Subsidiary&#146;s Indebtedness for
which the holder of such Indebtedness has no recourse, directly
or indirectly, to us or such Restricted Subsidiary for the
principal of, premium, if any, and interest on such
Indebtedness, and for which we are not or such Restricted
Subsidiary is not, directly or indirectly, obligated or
otherwise liable for the principal of, premium, if any, and
interest on such Indebtedness, except pursuant to mortgages,
deeds of trust or other security interests or other recourse,
obligations or liabilities, in respect of specific land or other
real property interests of us or such Restricted Subsidiary
securing such indebtedness; provided, however, that recourse,
obligations or liabilities solely for indemnities, or breaches
of warranties or representations 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) 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 N.A., as administrative agent and the other lenders
party thereto<B>.</B>
</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;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 10-Q.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">&#147;U.S. Government Obligations&#148; means
direct obligations of, and obligations guaranteed by, the United
States of America for the payment of which the full faith and
credit of the United States of America is pledged.
</FONT>

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

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

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

<P align="center">
<B><FONT size="2">BOOK ENTRY, DELIVERY AND FORM</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The certificates representing the 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 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">30
</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;
<I><FONT size="2">DTC has advised us as
follows:</FONT></I><FONT size="2"> DTC is a limited purpose
trust company organized under the laws of the State of New York,
a member of the Federal Reserve System, a &#147;clearing
corporation&#148; within the meaning of the Uniform Commercial
Code and a &#147;Clearing Agency&#148; registered pursuant to
the provisions of Section&nbsp;17A of the Exchange Act. DTC was
created to hold securities for its participants and facilitate
the clearance and settlement of securities transactions between
participants through electronic book-entry changes in accounts
of its participants, thereby eliminating the need for physical
movement of certificates. Participants include securities
brokers and dealers, banks, trust companies and clearing
corporations and certain other organizations. Indirect access to
the DTC system is available to others such as banks, brokers,
dealers and trust companies that clear through or maintain a
custodial relationship with a participant, either directly or
indirectly (&#147;indirect participants&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Although DTC has agreed to the foregoing
procedures in order to facilitate transfers of interests in the
Global Notes among participants of DTC, it is under no
obligation to perform such procedures, and such procedures may
be discontinued at any time. Neither the Issuer nor the Trustee
nor the initial purchasers will have any responsibility for the
performance by DTC or its participants or indirect participants
of their respective obligations under the rules and procedures
governing their operations.
</FONT>

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

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We will not receive any proceeds from any sale of
Series&nbsp;B Notes by broker-dealers. Series&nbsp;B Notes
received by broker-dealers for their own account pursuant to the
exchange offer may be sold from time to time in transactions in
the over-the-counter market, in negotiated transactions, through
the writing of options on the Series&nbsp;B Notes or a
combination of those methods of resale, at prices which may or
may not be based upon market prices prevailing at the time of
the sale. Any such sale may be made directly to purchasers or to
or through brokers or dealers who may receive compensation in
the form of commissions or concessions from the selling
broker-dealer and/or the purchasers of the Series&nbsp;B Notes.
Any broker-dealer that sells Series&nbsp;B Notes that were
received by it for its own account pursuant to the exchange
offer and any broker or dealer that participates in a
distribution of such Series&nbsp;B Notes may be deemed to be an
&#147;underwriter&#148; within the
</FONT>

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

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

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Clifford Chance US LLP, New York, New York, will
pass on the validity of the Series&nbsp;B Notes and the
guarantees for us.
</FONT>

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

<!-- link1 "INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM" -->

<P align="center">
<B><FONT size="2">INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The consolidated financial statements, the
related financial statement schedule, and management&#146;s
report on the effectiveness of internal control over financial
reporting incorporated in this prospectus by reference from
Lennar Corporation&#146;s Annual Report on Form&nbsp;10-K/ A for
the year ended November&nbsp;30, 2004 have been audited by
Deloitte &#38; Touche LLP, an independent registered public
accounting firm, as stated in their reports, which are
incorporated herein by reference, (which reports
(1)&nbsp;express an unqualified opinion on the financial
statements and financial statement schedule and include an
explanatory paragraph relating to the restatement discussed in
Note&nbsp;19, (2)&nbsp;express an adverse opinion on
management&#146;s assessment regarding the effectiveness of
internal control over financial reporting, and (3)&nbsp;express
an adverse opinion on the effectiveness of internal control over
financial reporting because of a material weakness), and have
been so incorporated in reliance upon the reports of such firm
given upon their authority as experts in accounting and auditing.
</FONT>

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

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

<P align="center">
<B><FONT size="2">WHERE YOU CAN FIND MORE INFORMATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We have filed with the Securities and Exchange
Commission a registration statement on Form&nbsp;S-4 under the
Securities Act with respect to the securities offered by this
prospectus. This prospectus, which constitutes a part of the
registration statement, does not contain all the information set
forth in the registration statement and the exhibits and
schedules to it. We are subject to the informational
requirements of the Securities Exchange Act of 1934, as amended,
and in accordance with it we file periodic reports and other
information with the SEC relating to our business, financial
statements and other matters. The registration statement, its
schedules and exhibits and the periodic reports and other
information filed by us with the SEC are available for
inspection and copying at the public reference facilities
maintained by the SEC at Room&nbsp;1024, Judiciary Plaza,
450&nbsp;Fifth Street, N.W., Washington,&nbsp;D.C. 20549. You
can request copies of these documents by writing to the SEC and
paying a fee for the copying cost. Please call the SEC at
1-800-SEC-0330 for more information about the operation of the
public reference rooms. Our SEC filings are also available at
the SEC&#146;s Internet website at www.sec.gov. In addition, you
can read and copy our SEC filings at the offices of the New York
Stock Exchange, 20&nbsp;Broad Street, New York, New York 10005.
You may also view our filings on our website at www.lennar.com.
Information on our website is not part of this prospectus.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our obligations under the Exchange Act to file
periodic reports and other information with the SEC may be
suspended, under certain circumstances, if our Common Stock is
held of record by fewer than 300 holders at the beginning of any
fiscal year and is not listed on a national securities exchange.
We have agreed that, whether or not we are required to do so by
the rules and regulations of the SEC, for so long as any of the
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
</FONT>

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

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

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

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

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

<P align="center">
<B><FONT size="2">INCORPORATION BY REFERENCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">We disclose important information to you by
referring you to documents that we have previously filed with
the SEC or documents that we will file with the SEC in the
future. The information incorporated by reference is considered
to be part of this prospectus, and information in documents that
we file later with the SEC will automatically update and
supersede information in this prospectus, and any future filings
made by us with the SEC under Section&nbsp;13(a), 13(c), 14 or
15(d) of the Exchange Act, until we close this exchange offering.
</FONT>

<P align="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
    our fiscal year ended November&nbsp;30, 2004, as amended on
    Form&nbsp;10-K/A filed with the SEC on October&nbsp;24, 2005;
    </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 Report on Form&nbsp;10-Q
    for our quarterly period ended February&nbsp;28, 2005, as
    amended on Form&nbsp;10-Q/A filed with the SEC on
    October&nbsp;24, 2005;
    </FONT></TD>
</TR>

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

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">(c)&nbsp;our Quarterly Report on Form&nbsp;10-Q
    for our quarterly period ended May&nbsp;31, 2005, as amended on
    Form&nbsp;10-Q/A filed with the SEC on October&nbsp;24, 2005;
    </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;our Quarterly Report on Form&nbsp;10-Q
    for our quarterly period ended August&nbsp;31, 2005; 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">(e)&nbsp;our Current Reports on Form&nbsp;8-K
    filed with the SEC on December&nbsp;6, 2004, December&nbsp;22,
    2004, March&nbsp;23, 2005, April&nbsp;4, 2005,
    April&nbsp;29,&nbsp;2005, June&nbsp;23, 2005, July&nbsp;5, 2005,
    August&nbsp;23, 2005, October&nbsp;3, 2005 and October&nbsp;17,
    2005.
    </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: General Counsel
</FONT>
</DIV>

<P align="center"><FONT size="2">33
</FONT>
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<P><HR noshade><P>

<DIV align="left">

</DIV>

<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</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="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">&nbsp;<A HREF='#101'>Forward-Looking
    Information</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">i</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#102'>Prospectus Summary</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#103'>Risk Factors</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#109'>Ratio of Earnings to Fixed
    Charges</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#118'>Absence of Public Market</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#108'>Capitalization</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#120'>Selected Financial Data</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#110'>The Exchange Offer</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><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">&nbsp;<A HREF='#130'>Description of Notes</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#112'>Book Entry, Delivery and
    Form</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#113'>Sales of Series&nbsp;B Notes
    Received by Broker-Dealers</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">31</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left: 10px; text-indent: -10px">
    <FONT size="2">&nbsp;<A HREF='#114'>Legal Matters</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><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">&nbsp;<A HREF='#115'>Independent Registered
    Public Accounting Firm</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><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">&nbsp;<A HREF='#116'>Where You Can Find More
    Information</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><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">&nbsp;<A HREF='#117'>Incorporation By
    Reference</A>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><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 colspan="9"><FONT size="2">&nbsp;<A HREF="g97778exv5w1.htm">Opinion of Clifford Chance US LLP</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g97778exv12w1.htm">Computation of Ratios of Earnings</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g97778exv23w2.htm">Consent of Deloitte & Touche LLP</A></FONT></TD></TR>
</TABLE>
</CENTER>

<DIV align="left">
<!-- /TOC -->
</DIV>

<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="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<P align="center">
<B><FONT size="4">$500,000,000</FONT></B>

<P align="center">
<IMG src="g97778lennar.gif" alt="(LENNAR CORPORATION LOGO)">

<P align="center">
<B><FONT size="2">Offer to exchange any and all outstanding
Series&nbsp;A</FONT></B>

<DIV align="center">
<B><FONT size="2">5.60%&nbsp;Senior Notes due 2015, $500,000,000
aggregate principal amount outstanding, for
Series&nbsp;B</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">5.60%&nbsp;Senior Notes due 2015.</FONT></B>
</DIV>

<DIV align="center">

</DIV>

<P align="center">
<HR size="1" width="30%" align="center" noshade>

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

<P align="center">
<HR size="1" width="31%" align="center" noshade>

<P align="center">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2005
</FONT>

<P align="center">
<HR size="1" width="100%" align="center" noshade>

<DIV align="center">
<HR size="1" width="100%" align="center" noshade>
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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>

<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;20.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Indemnification Of Directors And
    Officers.</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;145 of the Delaware General
Corporation Law (&#147;DGCL&#148;) empowers us to indemnify,
subject to certain limitations, any person in connection with
any action, suit or proceeding brought before or threatened by
reason of the fact that the person was a director, officer,
employee or agent of ours, or is or was serving as such with
respect to another entity at our request. The DGCL also permits
us to purchase insurance covering our directors, officers,
employees and agents, even if its coverage includes matters for
which we could not indemnify our directors or officers.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Our bylaws provide for the indemnification by us
of each of our directors and officers to the fullest extent
permitted by applicable law.
</FONT>

<DIV>&nbsp;</DIV>

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

<TR>
    <TD width="9%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD><B><FONT size="2">Item&nbsp;21.</FONT></B></TD>
    <TD>
    <B><I><FONT size="2">Exhibits&nbsp;And Financial Statement
    Schedules.</FONT></I></B></TD>
</TR>

</TABLE>

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

<TR>
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><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="85%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><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 April&nbsp;28, 2005, between
    Lennar Corporation and J.P.&nbsp;Morgan Trust Company, N.A., as
    trustee, including Form of 144A 5.60%&nbsp;Senior Note.*
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><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
    April&nbsp;28, 2005, among Lennar Corporation and the Guarantors
    named therein as Issuers and the Initial Purchasers of the
    Series&nbsp;A 5.60%&nbsp;Senior Notes due 2015.*
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Registration Rights Agreement, dated
    July&nbsp;13, 2005, among Lennar Corporation and the Guarantors
    named therein as Issuers and the Initial Purchasers of the
    Series&nbsp;A 5.60% Senior Notes due 2015.*
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><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 align="right" valign="top"><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 align="right" valign="top"><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 its
    fiscal year ended November&nbsp;30, 2004).
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><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 align="right" valign="top"><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 align="right" valign="top"><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 align="right" valign="top"><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 align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.1</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 Letter of Transmittal.*
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.2</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 Notice of Guaranteed Delivery.*
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">99.3</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 Exchange Agent Agreement.*
    </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="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 with Registration Statement
    No.&nbsp;333-127839.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


<P align="center"><FONT size="2">II-1
</FONT>

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

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirements of the Securities
Act of 1933, the registrant certifies that it has reasonable
grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-4 and has duly caused this registration
statement to be signed on its behalf by the undersigned,
thereunto duly authorized, in the city of Miami, State of
Florida, on October&nbsp;21, 2005.
</FONT>
<P>

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

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="2">LENNAR CORPORATION</FONT></B></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: Stuart A. Miller
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title:&nbsp;&nbsp;&nbsp;&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 or 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>

<DIV align="left">
<FONT size="2">Lennar Long Beach Promenade Partners, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Massachusetts Properties, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar CDE, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar New Jersey Properties, Inc.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Port Imperial South Building 10, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Port Imperial South Building 12, LLC
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Riverside West Urban Renewal Company,
L.L.C.
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LLT, LLC
</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: Waynewright Malcolm
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Title: &nbsp;&nbsp;As Vice President of the
    entity or the member, managing member or general partner of the
    entity
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">II-2
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></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
Stuart A. Miller, Bruce E. Gross, Diane J. Bessette, Waynewright
Malcolm and Mark Sustana as his or her true and lawful
attorney-in-fact and agent, with full powers of substitution to
sign for him or her and in his or her name any or all amendments
(including post-effective amendments) to the registration
statement to which this power of attorney is attached and to
file those amendments and all exhibits to them and other
documents to be filed in connection with them with the
Securities and Exchange Commission.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Pursuant to the requirement of the Securities Act
of 1933, this registration statement has been signed by the
following persons in the capacities and on the dates indicated.
</FONT>

<P align="left">
<B><FONT size="2">On Behalf of Lennar Corporation:</FONT></B>

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

<TR>
    <TD width="7%"><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="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><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></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
</TR>

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ STUART A. MILLER<BR>
    <HR size="1" noshade>Stuart A. Miller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chief Executive Officer,<BR>
    President and Director (Principal Executive Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ BRUCE E. GROSS<BR>
    <HR size="1" noshade>Bruce E. Gross
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President and Chief<BR>
    Financial Officer (Principal Financial Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ DIANE J. BESSETTE<BR>
    <HR size="1" noshade>Diane J. Bessette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Vice President and Controller<BR>
    (Principal Accounting Officer)
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ ROBERT J. STRUDLER<BR>
    <HR size="1" noshade>Robert J. Strudler
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chairman of the Board
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ IRVING BOLOTIN<BR>
    <HR size="1" noshade>Irving Bolotin
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ STEVEN L. GERARD<BR>
    <HR size="1" noshade>Steven L. Gerard
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ R. KIRK LANDON<BR>
    <HR size="1" noshade>R. Kirk Landon
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ SIDNEY LAPIDUS<BR>
    <HR size="1" noshade>Sidney Lapidus
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ HERV&#201; RIPAULT<BR>
    <HR size="1" noshade>Herv&#233; Ripault
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ DONNA SHALALA<BR>
    <HR size="1" noshade>Donna Shalala
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ STEVEN J. SAIONTZ<BR>
    <HR size="1" noshade>Steven J. Saiontz
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ DR. JEFFREY SONNENFELD<BR>
    <HR size="1" noshade>Dr. Jeffrey Sonnenfeld
    </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">October&nbsp;21, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

<P align="left">
<B><FONT size="2">On Behalf of the Following
Co-Registrants:</FONT></B>

<DIV align="left">
<FONT size="2">Lennar Long Beach Promenade Partners, LLC
(3)(5)(9)(10)(6)(4)(7)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Massachusetts Properties, Inc.
(5)(9)(10)(6)(4)(7)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar CDE, LLC (5)(9)(10)(6)(4)(7)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar New Jersey Properties, Inc.
(5)(9)(10)(6)(4)(7)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Port Imperial South Building 10, LLC
(1)(11)(9)(12)(8)(13)(14)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Port Imperial South Building 12, LLC
(1)(11)(9)(12)(8)(13)(14)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">Lennar Riverside West Urban Renewal Company,
L.L.C. (2)(11)(9)(12)(8)(13)(14)
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">LLT, LLC (4)(5)(9)(10)(6)(7)(3)
</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 Lennar Port Imperial South, LLC, its
    Member, by Lennar Northeast Properties, Inc., its 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 Lennar Riverside West, LLC, its
    Member, by Lennar Northeast Properties, Inc., its 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 by Lennar Homes of California, Inc., its
    Member.
    </FONT></TD>
</TR>

</TABLE>

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

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

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

<TR>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="14%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Signature</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Title(s)</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
</TR>

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

<TR>
    <TD colspan="7"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="center" valign="top">
    <FONT size="2">/s/ DIANE J. BESSETTE<BR>
    <HR size="1" noshade>Diane J. Bessette
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(4) Controller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/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">(5) Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ STUART A. MILLER<BR>
    <HR size="1" noshade>Stuart A. Miller
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(6)&nbsp;Chief&nbsp;Executive&nbsp;Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ BRUCE E. GROSS<BR>
    <HR size="1" noshade>Bruce E. Gross
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(7)&nbsp;Chief&nbsp;Financial&nbsp;Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ JONATHAN M. JAFFE<BR>
    <HR size="1" noshade>Jonathan M. Jaffe
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(8)&nbsp;Chief&nbsp;Executive Officer
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ STEVEN LANE<BR>
    <HR size="1" noshade>Steven Lane
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(9) Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ L. CHRISTIAN MARLIN<BR>
    <HR size="1" noshade>L. Christian Marlin
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(10) Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ EDWARD GIERMANN<BR>
    <HR size="1" noshade>Edward Giermann
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(11) Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ BETTY JO POWERS<BR>
    <HR size="1" noshade>Betty Jo Powers
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(12) Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ MICHAEL P. WHITE<BR>
    <HR size="1" noshade>Michael P. White
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(13) Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 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">/s/ MARK SHEA<BR>
    <HR size="1" noshade>Mark Shea
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">(14) Director
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">October&nbsp;21, 2005
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

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

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

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

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

<TR>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="79%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

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

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

<TR>
    <TD align="right" valign="top"><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 align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">12</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Statement of Computation of Ratio of Earnings to
    Fixed Charges.
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><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 align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">23</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Consent of Deloitte&nbsp;&#38; Touche LLP
    (independent registered public accounting firm).
    </FONT></TD>
</TR>

<TR>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">24</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Power of Attorney (included in signature page).
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>g97778exv5w1.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">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 5.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Clifford Chance US LLP Letterhead&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;21,
2005<BR><br>
Lennar Corporation<BR>
700 Northwest 107th Avenue<BR>
Miami, FL 33172

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have acted as counsel to Lennar Corporation (the &#147;Company&#148;) in connection with the Company&#146;s
offer to exchange $500,000,000 principal amount of its Series&nbsp;B 5.60% Senior Notes due 2015 (the
&#147;Notes&#148;) and the guarantees of the Notes (the &#147;Guarantees&#148;) by subsidiaries of the Company (the
&#147;Guarantor Subsidiaries&#148;), including the additional
guarantees (the &#147;Additional Guarantees&#148;) from the eight
additional subsidiaries of the Company (the &#147;Additional Guarantors&#148;)
added by a Registration Statement on Form&nbsp;S-4 (the
&#147;Registration Statement&#148;) under the Securities Act of 1933,
as amended, for a like principal amount of the Company&#146;s Series&nbsp;A 5.60% Senior Notes
due 2015 (the &#147;Series&nbsp;A Notes&#148;). 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.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have
previously given the opinion that, based upon the foregoing, and
such other examination of law and fact as we have deemed necessary
when issued in exchange for a like amount of Series&nbsp;A Notes in
the manner contemplated by the Registration, the Notes will have been
legally issued and will be binding obligations of the Company.
</div>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon the foregoing, and such other examination of law and fact as we have deemed necessary,
we are of the opinion that when issued in exchange for a like principal amount of Series&nbsp;A Notes in
the manner contemplated by the Registration Statement, the Additional Guarantees will have been legally issued
and will be binding obligations of the Additional Guarantors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Very truly
yours,<BR><br>
/s/ Clifford Chance US LLP

</DIV>


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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>g97778exv12w1.htm
<DESCRIPTION>COMPUTATION OF RATIOS OF EARNINGS
<TEXT>
<HTML>
<HEAD>
<TITLE>Computation of Ratios of Earnings</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 12.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statement
of Computation of Ratio of Earnings to Fixed Charges<BR>
(Dollars in thousands)
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B> </B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Nine Months Ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>August 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>Years Ended November 30,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-tax earnings from continuing operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,226,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">908,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,517,497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,206,320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">875,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">677,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">374,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to pre-tax earnings from continuing operations:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fixed charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,630</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest capitalized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(121,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(99,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(137,574</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(129,517</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(126,762</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(127,544</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(117,444</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Adjustment for undistributed earnings and losses of
unconsolidated 50% or less owned entities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,833</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(205</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,670</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,928</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Previously capitalized interest amortized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,794</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,171</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,601</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Earnings&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,390,678</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">1,030,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,687,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,383,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,052,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">828,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504,888</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fixed Charges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest incurred</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">133,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">104,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest component of rent expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,012</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,307</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,172</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&#147;Fixed Charges&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">162,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">125,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">161,126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157,530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,630</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings to Fixed Charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.3</TD>
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    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
</TR>
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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>4
<FILENAME>g97778exv23w2.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">
</div>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;23.2</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consent of Independent Registered Public Accounting Firm</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the incorporation by reference in this Registration Statement of
Lennar Corporation on Form S-4, relating to the guarantees of the $500,000,000 Series&nbsp;B 5.60%
Senior Notes due 2015, of our reports dated February&nbsp;11, 2005 (October&nbsp;21, 2005 as to the effects
of the restatement discussed in Note 19) relating to the consolidated financial statements (which
report expresses an unqualified opinion and includes and explanatory paragraph relating to the
restatement discussed in Note 19) and consolidated financial statement schedule of Lennar
Corporation, and our report dated February&nbsp;11, 2005 (October&nbsp;21, 2005 as to the effects of the
material weakness) on management&#146;s report on the effectiveness of internal control over financial
reporting (which report expresses an adverse opinion on management&#146;s assessment and on the
effectiveness of the Company&#146;s internal control over financial reporting because of a material
weakness), appearing in the Annual Report on Form 10-K/A of Lennar Corporation for the year ended
November&nbsp;30, 2004, and to the reference to us under the heading &#147;Independent Registered Public
Accounting Firm&#148; in the Prospectus, which is part of this Registration Statement.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 12pt">/s/
Deloitte &#38; Touche LLP

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Miami, Florida<BR>
October&nbsp;21, 2005

</DIV>


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</DIV>

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