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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 XhuegATdA2VlwApVuAx8CA==

<SEC-DOCUMENT>0000950123-10-004161.txt : 20100121
<SEC-HEADER>0000950123-10-004161.hdr.sgml : 20100121
<ACCEPTANCE-DATETIME>20100121172150
ACCESSION NUMBER:		0000950123-10-004161
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		26
FILED AS OF DATE:		20100121
DATE AS OF CHANGE:		20100121

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PARAGON TILE LLC
		CENTRAL INDEX KEY:			0001177860
		IRS NUMBER:				352111763
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-17
		FILM NUMBER:		10539565

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRINITY HOMES LLC
		CENTRAL INDEX KEY:			0001177863
		IRS NUMBER:				352027321
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-16
		FILM NUMBER:		10539564

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER CLARKSBURG LLC
		CENTRAL INDEX KEY:			0001177864
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-24
		FILM NUMBER:		10539572

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER MORTGAGE CORP
		CENTRAL INDEX KEY:			0001177867
		IRS NUMBER:				582203537
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-07
		FILM NUMBER:		10539555

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER SPE LLC
		CENTRAL INDEX KEY:			0001177870
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-27
		FILM NUMBER:		10539575

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOMEBUILDERS TITLE SERVICES OF VIRGINIA INC
		CENTRAL INDEX KEY:			0001177871
		IRS NUMBER:				541969702
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-23
		FILM NUMBER:		10539571

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOMEBUILDERS TITLE SERVICES INC
		CENTRAL INDEX KEY:			0001177873
		IRS NUMBER:				582440984
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-22
		FILM NUMBER:		10539570

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXAS LONE STAR TITLE LP
		CENTRAL INDEX KEY:			0001177874
		IRS NUMBER:				582506293
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-21
		FILM NUMBER:		10539569

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			APRIL CORP
		CENTRAL INDEX KEY:			0001177888
		IRS NUMBER:				841112772
		STATE OF INCORPORATION:			CO
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-28
		FILM NUMBER:		10539576

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER SQUIRES REALTY INC
		CENTRAL INDEX KEY:			0000916320
		IRS NUMBER:				561807308
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-33
		FILM NUMBER:		10539581

	BUSINESS ADDRESS:	
		STREET 1:		1927 LAKESIDE PKWY STE 602
		CITY:			TUCKER
		STATE:			GA
		ZIP:			30084

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY ROAD
		STREET 2:		SUITE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES HOLDINGS CORP
		CENTRAL INDEX KEY:			0001179599
		IRS NUMBER:				582222637
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-30
		FILM NUMBER:		10539578

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY ROAD
		STREET 2:		SUITE B-200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER ALLIED COMPANIES HOLDINGS INC
		CENTRAL INDEX KEY:			0001277104
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-20
		FILM NUMBER:		10539568

	BUSINESS ADDRESS:	
		STREET 1:		BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY RD STE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		7708293700

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES CORP
		CENTRAL INDEX KEY:			0001060462
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				620880780
		STATE OF INCORPORATION:			TN
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-34
		FILM NUMBER:		10539582

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES TEXAS HOLDINGS INC
		CENTRAL INDEX KEY:			0001060463
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				582222643
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-29
		FILM NUMBER:		10539577

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES USA INC
		CENTRAL INDEX KEY:			0000915840
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				582086934
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459
		FILM NUMBER:		10539548

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE B 200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES SALES, INC
		CENTRAL INDEX KEY:			0000916321
		IRS NUMBER:				860728694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-32
		FILM NUMBER:		10539580

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER HOMES SALES INC
		DATE OF NAME CHANGE:	20050630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER HOMES SALES ARIZONA INC
		DATE OF NAME CHANGE:	19931216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER REALTY CORP
		CENTRAL INDEX KEY:			0001060466
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				581200012
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-31
		FILM NUMBER:		10539579

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES TEXAS LP
		CENTRAL INDEX KEY:			0001060468
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				760496353
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-02
		FILM NUMBER:		10539550

	BUSINESS ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNW00DY RD
		STREET 2:		STE C 550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		4042503420

	MAIL ADDRESS:	
		STREET 1:		5775 PEACHTREE DUNWOODY RD
		STREET 2:		STE C-550
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER REALTY SERVICES, LLC
		CENTRAL INDEX KEY:			0001177859
		IRS NUMBER:				351679595
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-18
		FILM NUMBER:		10539566

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342
		BUSINESS PHONE:		404-250-3420

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		5775 PEACHTREE DUNWOODY RD
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30342

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MERIT REALTY INC
		DATE OF NAME CHANGE:	20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES INVESTMENTS, LLC
		CENTRAL INDEX KEY:			0001177866
		IRS NUMBER:				043617414
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-03
		FILM NUMBER:		10539551

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3737

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER HOMES INVESTMENT CORP
		DATE OF NAME CHANGE:	20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER REALTY, INC (NJ)
		CENTRAL INDEX KEY:			0001177868
		IRS NUMBER:				223620212
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-25
		FILM NUMBER:		10539573

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3737

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER REALTY SERVICES, LLC
		DATE OF NAME CHANGE:	20050630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BEAZER REALTY INC
		DATE OF NAME CHANGE:	20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BEAZER HOMES INDIANA, LLP
		CENTRAL INDEX KEY:			0001177880
		IRS NUMBER:				351901790
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-19
		FILM NUMBER:		10539567

	BUSINESS ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3737

	MAIL ADDRESS:	
		STREET 1:		C/O BEAZER HOMES USA INC
		STREET 2:		1000 ABERNATHY ROAD, SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CROSSMANN COMMUNITIES PARTNERSHIP
		DATE OF NAME CHANGE:	20020718

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer General Services, Inc.
		CENTRAL INDEX KEY:			0001332189
		IRS NUMBER:				201887139
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-14
		FILM NUMBER:		10539562

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Homes Indiana Holdings Corp.
		CENTRAL INDEX KEY:			0001332190
		IRS NUMBER:				033617414
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-13
		FILM NUMBER:		10539561

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Realty Los Angeles, Inc.
		CENTRAL INDEX KEY:			0001332191
		IRS NUMBER:				202495958
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-12
		FILM NUMBER:		10539560

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Realty Sacramento, Inc.
		CENTRAL INDEX KEY:			0001332192
		IRS NUMBER:				202495906
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-11
		FILM NUMBER:		10539559

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BH Procurement Services, LLC
		CENTRAL INDEX KEY:			0001332195
		IRS NUMBER:				202498277
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-09
		FILM NUMBER:		10539557

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Commercial Holdings, LLC
		CENTRAL INDEX KEY:			0001332196
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-15
		FILM NUMBER:		10539563

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BH Building Products, LP
		CENTRAL INDEX KEY:			0001332197
		IRS NUMBER:				202498366
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-10
		FILM NUMBER:		10539558

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arden Park Ventures, LLC
		CENTRAL INDEX KEY:			0001372115
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			FL

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-08
		FILM NUMBER:		10539556

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		7708293700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dove Barrington Development LLC
		CENTRAL INDEX KEY:			0001476624
		IRS NUMBER:				201737164
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-26
		FILM NUMBER:		10539574

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Elysian Heights Potomia, LLC
		CENTRAL INDEX KEY:			0001476625
		IRS NUMBER:				300237203
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-01
		FILM NUMBER:		10539549

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Beazer Homes Michigan, LLC
		CENTRAL INDEX KEY:			0001476626
		IRS NUMBER:				203420345
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-06
		FILM NUMBER:		10539554

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clarksburg Arora LLC
		CENTRAL INDEX KEY:			0001476627
		IRS NUMBER:				522317355
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-05
		FILM NUMBER:		10539553

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clarksburg Skylark, LLC
		CENTRAL INDEX KEY:			0001476628
		IRS NUMBER:				522321110
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-04
		FILM NUMBER:		10539552

	BUSINESS ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
		BUSINESS PHONE:		770-829-3700

	MAIL ADDRESS:	
		STREET 1:		1000 ABERNATHY ROAD
		STREET 2:		SUITE 1200
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30328
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>g21823sv4.htm
<DESCRIPTION>FORM S-4
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>As filed with the Securities and Exchange Commission on
    January&#160;21, 2010</B>
</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Registration
    <FONT style="white-space: nowrap">No.&#160;333-&#160;&#160;&#160;&#160;&#160;&#160;</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">UNITED STATES SECURITIES AND
    EXCHANGE COMMISSION<BR>
    </FONT><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt"><FONT style="white-space: nowrap">Form&#160;S-4</FONT></FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">REGISTRATION
    STATEMENT</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE SECURITIES ACT OF
    1933</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">BEAZER HOMES USA,
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Exact Name of Registrant as
    Specified in Its Charter)</FONT></I>
</DIV>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="34%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="32%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Delaware</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>1531</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <B>58-2086934</B>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">State or other jurisdiction
    of<BR>
    incorporation or organization</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">Primary Standard Industrial<BR>
    Classification Code Number</FONT></I>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I><FONT style="font-size: 8pt">I.R.S.  Employer<BR>
    Identification No.</FONT></I><FONT style="font-size: 8pt">
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>1000 Abernathy Road, Suite&#160;1200<BR>
    Atlanta, Georgia 30328<BR>
    <FONT style="white-space: nowrap">(770)&#160;829-3700</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Address, including zip code,
    and telephone number, including area code, of each
    registrant&#146;s principal executive offices)</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SEE TABLE OF CO-REGISTRANTS</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Kenneth F. Khoury<BR>
    Executive Vice President, General Counsel and Secretary<BR>
    Beazer Homes USA, Inc.<BR>
    1000 Abernathy Road, Suite&#160;1200<BR>
    Atlanta, Georgia 30328<BR>
    <FONT style="white-space: nowrap">(770)&#160;829-3700</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I><FONT style="font-size: 8pt">(Name, address, including zip
    code, and telephone number, including area code, of agent for
    service)</FONT></I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><I>Copies to:<BR>
    </I>William C. Smith III<BR>
    Troutman Sanders LLP<BR>
    600 Peachtree Street, N.E., Suite&#160;5200<BR>
    Atlanta, Georgia
    <FONT style="white-space: nowrap">30308-2216</FONT><BR>
    <FONT style="white-space: nowrap">(404)&#160;885-3000</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Approximate date of commencement of proposed sale to the
    public:&#160;&#160;</B>As soon as practicable after the
    effective date of this Registration Statement.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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&#160;G, check
    the following
    box:&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is filed to register additional securities for an
    offering pursuant to Rule&#160;462(b) under the Securities Act,
    please check the following box and list the Securities Act
    registration statement number of the earlier effective
    registration statement for the same
    offering.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Form is a post-effective amendment filed pursuant to
    Rule&#160;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.&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Indicate by check mark whether the registrant is a large
    accelerated filer, an accelerated filer, a non-accelerated
    filer, or a smaller reporting company. See the definitions of
    &#147;large accelerated filer,&#148; &#147;accelerated
    filer&#148; and &#147;smaller reporting company&#148; in
    <FONT style="white-space: nowrap">Rule&#160;12b-2</FONT>
    of the Exchange Act. (Check one):
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="23%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="22%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Large&#160;accelerated&#160;filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Accelerated&#160;filer&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    <FONT style="white-space: nowrap">Non-accelerated&#160;filer&#160;</FONT><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT><BR>
    (Do&#160;not&#160;check&#160;if&#160;a&#160;smaller&#160;reporting&#160;company)
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Smaller&#160;reporting&#160;company&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#254;</FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 15%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CALCULATION
    OF REGISTRATION FEE</FONT></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="44%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=05 type=gutterright -->
    <TD width="12%">&nbsp;</TD>	<!-- colindex=05 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Proposed Maximum<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 3px double #000000">
    <B>Amount of<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Title of Each Class of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Amount to be<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Offering Price<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Aggregate Offering<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registration<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
    <B>Securities to be Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Registered</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>per Unit(1)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Price(2)</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Fee(2)</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    12%&#160;Senior Secured Notes due 2017
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $250,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    100%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $250,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $17,825
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Guarantees(2)
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    &#151;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    &#151;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    &#151;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    &#151;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    TOTAL
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $250,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    100%
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $250,000,000
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
    $17,825
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 3px double #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Determined pursuant to Rule&#160;457(i) under the Securities Act
    solely for purposes of calculating the registration fee.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The 12%&#160;Senior Secured Notes due 2017 (the
    &#147;notes&#148;) are guaranteed by the Co-Registrants on a
    senior basis. No separate consideration will be paid in respect
    of the guarantees. Pursuant to Rule&#160;457(n) under the
    Securities Act, no filing fee is required.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>The Registrants hereby amend this Registration Statement on
    such date or dates as may be necessary to delay its effective
    date until the Registrants shall file a further amendment which
    specifically states that the Registration Statement shall
    thereafter become effective in accordance with Section&#160;8(a)
    of the Securities Act of 1933 or until the Registration
    Statement shall become effective on such date as the Commission,
    acting pursuant to said Section&#160;8(a), may determine.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">BEAZER
    HOMES USA, INC.<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CO-REGISTRANTS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="68%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="3%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Primary<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Standard<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>State of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Industrial<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Incorporation<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Classification<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>IRS Employer<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>/Formation</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Code Number</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Identification No.</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TN
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    62-0880780
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer/Squires Realty, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NC
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    56-1807308
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Sales, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    86-0728694
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    GA
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-1200012
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Holdings Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2222637
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Texas Holdings, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2222643
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Texas, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    76-0496353
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    CO
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    84-1112772
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer SPE, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    GA
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    not applied for(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Investments, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    04-3617414
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    NJ
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    22-3620212
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Clarksburg, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    MD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    not applied for(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Homebuilders Title&#160;Services of Virginia, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    VA
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    54-1969702
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Homebuilders Title&#160;Services, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2440984
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Texas Lone Star Title, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    TX
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2506293
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Allied Companies Holdings, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    54-2137836
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Indiana LLP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    IN
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35-1901790
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Services, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35-1679596
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paragon Title, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    IN
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35-2111763
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Trinity Homes, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    IN
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    35-2027321
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Commercial Holdings, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    not applied for(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer General Services, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-1887139
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Indiana Holdings Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    03-3617414
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Los Angeles, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-2495958
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Sacramento, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-2495906
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BH Building Products, LP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-2498366
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BH Procurement Services, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-2498277
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Arden Park Ventures, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    FL
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="bottom">
    not applied for(1)
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Mortgage Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6163
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    58-2203537
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Michigan, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-3420345
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dove Barrington Development LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    DE
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    20-1737164
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Elysian Heights Potomia, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    VA
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    30-0237203
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Clarksburg Arora LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    MD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    52-2317355
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Clarksburg Skylark, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    MD
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6531
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    52-2321110
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The address for each Co-Registrant is 1000 Abernathy Road,
    Suite&#160;1200, Atlanta, Georgia 30328.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 3pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Does not have any employees.</TD>
</TR>

</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 94%; margin-left: 3%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD style=text-align:justify>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #E8112D">The
information in this prospectus is not complete and may be
changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is
effective. This prospectus is not an offer to sell these
securities, and it is not soliciting an offer to buy these
securities in any state where the offer or sale is not
permitted.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #E8112D">PRELIMINARY PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #E8112D">SUBJECT TO COMPLETION DATED
    January 21, 2010</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g21823g2182300.gif" alt="(BEAZER HOMES LOGO)">
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">$250,000,000<BR>
    Offer to Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12%&#160;Senior Secured Notes
    due 2017,<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">which have been registered
    under the Securities Act of 1933,<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">for any and all outstanding<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12%&#160;Senior Secured Notes
    due 2017,<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">which have not been registered
    under the Securities Act of 1933,<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">of<BR>
    </FONT><FONT style="font-size: 24pt">Beazer Homes USA,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    We will exchange all original notes that are validly tendered
    and not withdrawn before the end of the exchange offer for an
    equal principal amount of new notes that we have registered
    under the Securities Act of 1933.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    This exchange offer expires at 5:00&#160;p.m., New York City
    time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, unless extended.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    No public market exists for the original notes or the new notes.
    We do not intend to list the new notes on any securities
    exchange or to seek approval for quotation through any automated
    quotation system.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 5%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>See &#147;Risk Factors&#148; beginning on page 12 for a
    discussion of the risks that holders should consider prior to
    making a decision to exchange original notes for new notes.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes will be our senior secured obligations and will rank
    equally in right of payment with all of our existing and future
    senior obligations, senior to all of our existing and future
    subordinated indebtedness and effectively subordinated to our
    existing and future first priority secured indebtedness,
    including indebtedness under the revolving credit facility (as
    defined herein) to the extent of the value of the assets
    securing such indebtedness. The notes and related guarantees
    will be structurally subordinated to all indebtedness and other
    liabilities of all of our subsidiaries that do not guarantee the
    notes. The notes will be fully and unconditionally guaranteed on
    a senior secured basis by each of our subsidiaries that
    guarantee the revolving credit facility and our outstanding
    senior notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes and the guarantees will be secured by (subject to
    certain exceptions and permitted liens) substantially all the
    tangible and intangible assets of ours and the guarantors, but
    excluding, in any event, the capital stock of any subsidiary or
    other affiliate held by us or any guarantor. The notes and the
    guarantees will be effectively subordinated to our revolving
    credit facility to the extent of the value of the assets
    securing such facility on a first-priority basis. The notes and
    the guarantees will be subject to an intercreditor agreement
    with the lenders under the revolving credit facility. See
    &#147;Description of the Notes&#160;&#151; Security&#160;&#151;
    Intercreditor Agreement.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Neither the Securities and Exchange Commission nor any state
    securities commission has approved or disapproved of these
    securities or determined if this prospectus is truthful or
    complete. Any representation to the contrary is a criminal
    offense.</B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>
<DIV align="left">
<!-- TOC -->
</DIV>

<DIV align="left">
<A name="tocpage"></A>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=quadright -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Page</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>PROSPECTUS SUMMARY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>FORWARD-LOOKING STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>THE EXCHANGE OFFER</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>CAPITALIZATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>RATIO OF EARNINGS TO FIXED CHARGES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>DESCRIPTION OF OTHER INDEBTEDNESS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>DESCRIPTION OF THE NOTES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>MATERIAL UNITED STATES FEDERAL INCOME TAX
    CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    92
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    96
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>INCORPORATION OF CERTAIN DOCUMENTS BY
    REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD>&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv3w2xahy.htm">EX-3.2(ah)</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv3w2xaiy.htm">EX-3.2(ai)</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv3w2xajy.htm">EX-3.2(aj)</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv5w1.htm">EX-5.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv5w2.htm">EX-5.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv5w3.htm">EX-5.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv5w4.htm">EX-5.4</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv5w5.htm">EX-5.5</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv5w6.htm">EX-5.6</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv5w7.htm">EX-5.7</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv5w8.htm">EX-5.8</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv21w1.htm">EX-21.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv23w1.htm">EX-23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv25w1.htm">EX-25.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv99w1.htm">EX-99.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv99w2.htm">EX-99.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv99w3.htm">EX-99.3</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823exv99w4.htm">EX-99.4</A></FONT></TD></TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

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

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You should rely only on the information contained or
    incorporated by reference in this prospectus. We have not
    authorized anyone else to provide you with additional or
    different information. We are only offering these securities in
    states where the offer is permitted. You should not assume that
    the information in this prospectus is accurate as of any date
    other than the dates on the front of this document.
</DIV>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 18%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus incorporates important business and financial
    information about the company that is not included in or
    delivered with this document. For more information regarding the
    documents incorporated by reference into this prospectus, see
    &#147;Where You Can Find More Information&#148; beginning on
    page&#160;97. We will provide, without charge, to each person,
    including any beneficial owner, to whom a copy of this
    prospectus is delivered, upon the written or oral request of
    such person, a copy of any or all of the information
    incorporated by reference in this prospectus, other than
    exhibits to such information (unless such exhibits are
    specifically incorporated by reference into the information that
    this prospectus incorporates). Requests for such copies should
    be directed to:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes USA, Inc.<BR>
    Attn: Secretary<BR>
    1000 Abernathy Road, Suite&#160;1200<BR>
    Atlanta, Georgia 30328<BR>
    Telephone:
    <FONT style="white-space: nowrap">(770)&#160;829-3700</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>In order to obtain timely delivery, security holders must
    request the information no later than five business days
    before&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, the expiration date of the exchange offer.</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    i
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PROSPECTUS
    SUMMARY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>This summary highlights selected information from this
    prospectus. The following summary information is qualified in
    its entirety by the information contained elsewhere in this
    prospectus. This summary may not contain all of the information
    that you should consider prior to making a decision to exchange
    original notes for new notes. You should read the entire
    prospectus carefully, including the &#147;Risk Factors&#148;
    section beginning on page&#160;12 of this prospectus, and the
    additional documents to which we refer you. You can find
    information with respect to these additional documents under the
    caption &#147;Where You Can Find More Information&#148;
    beginning on page&#160;97. Unless the context requires
    otherwise, all references to &#147;we,&#148; &#147;us,&#148;
    &#147;our&#148; and &#147;Beazer Homes&#148; refer specifically
    to Beazer Homes USA, Inc. and its subsidiaries. In this section,
    references to the &#147;Notes&#148; are references to the
    outstanding 12%&#160;Senior Secured Notes due 2017 and the
    exchange 12%&#160;Senior Secured Notes due 2017 offered hereby,
    collectively. Definitions for certain other defined terms may be
    found under &#147;Description of the Notes&#160;&#151; Certain
    Definitions&#148; appearing below.</I>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Company</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Beazer
    Homes USA, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a geographically diversified homebuilder with active
    operations in 16&#160;states. Our homes are designed to appeal
    to homeowners at various price points across various demographic
    segments and are generally offered for sale in advance of their
    construction. Our objective is to provide our customers with
    homes that incorporate exceptional value and quality while
    seeking to maximize our return on invested capital over time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our and our co-registrants&#146; principal executive offices are
    located at 1000 Abernathy Road, Suite&#160;1200, Atlanta,
    Georgia 30328, telephone
    <FONT style="white-space: nowrap">(770)&#160;829-3700.</FONT>
    Our Internet website is
    <FONT style="white-space: nowrap">http://www.beazer.com.</FONT>
    Information on our website is not a part of and shall not be
    deemed incorporated by reference in this prospectus.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Recent
    Developments</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;12, 2010, the Company closed its concurrent
    underwritten public offerings of 22,425,000&#160;shares of its
    common stock and $57.5&#160;million aggregate principal amount
    of its
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Mandatory Convertible Subordinated Notes due 2013, which
    included the full exercise of the underwriters&#146;
    over-allotment option for each offering. The Company received
    net proceeds of $153,772,250 from the offerings, after
    underwriting discounts and commissions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;7, 2010, the Company called for the full
    redemption of its
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2011. The Company will use the net proceeds from the
    January&#160;12, 2010 offerings to replenish funds used to
    redeem the
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes and for other general corporate purposes including,
    without limitation, funding (or replenishing cash that had been
    used to fund) repurchases of Company indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, on January&#160;7, 2010, the Company entered into a
    first amendment to its Section&#160;382 Rights Agreement, dated
    as of July&#160;31, 2009, between the Company and American Stock
    Transfer&#160;&#038; Trust&#160;Company, LLC, as rights agent.
    Pursuant to the first amendment, the expiration date of the
    Rights Agreement was advanced to January&#160;7, 2010. As a
    result of the first amendment, the rights under the Rights
    Agreement are no longer outstanding and are not exercisable and
    the Rights Agreement has been terminated and is of no further
    force or effect. For more information on these recent
    developments, see our Current Report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed with the Securities and Exchange Commission on
    January&#160;12, 2010.
</DIV>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    1
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;5, 2010, the Company released preliminary unit
    net new orders and closings from continuing operations for the
    quarter ended December&#160;31, 2009. The expected changes in
    both net new orders and closings for the first quarter of fiscal
    2010 compared to the same period in fiscal 2009 for each of our
    operating segments is set forth below.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Net New Orders for the<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Closings for the First<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>First Fiscal Quarter</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Quarter</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Change</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2010</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Change</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 2pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    West
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    357
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    253
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    406
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    439
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (8
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    East
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    274
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    201
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    388
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    271
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Southeast
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    79
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    167
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    180
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (7
</TD>
<TD nowrap align="left" valign="bottom">
    )%
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    728
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    533
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    961
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    890
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On December&#160;17, 2009, the Company announced that it filed
    an application for a federal income tax refund of approximately
    $101&#160;million as a result of tax legislation enacted during
    the quarter ended December&#160;31, 2009. This legislation
    permitted a five year carryback of tax losses incurred in
    certain defined periods. Additionally, the Company expects to
    record a benefit of approximately $101&#160;million to
    stockholders&#146; equity (approximately $2.50 per common share)
    in the quarter ended December&#160;31, 2009 and to receive the
    refund proceeds in cash during the quarter ending March&#160;31,
    2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As part of its tax refund filing, the Company has elected to
    defer taxes on gains arising from the cancellation of
    indebtedness associated with the Company&#146;s previously
    reported buy back of certain senior notes. This deferral is
    permitted under <I>The American Recovery and Reinvestment Act of
    2009 </I>and represents approximately $51&#160;million of
    incremental tax benefit to the Company arising from
    $148&#160;million of gains previously recognized. Taxes owed on
    the deferred gains will be repayable starting in five equal
    annual installments beginning in fiscal 2014 and will not result
    in a reduction to stockholders&#146; equity at that time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company previously disclosed that its estimated benefit of
    applying the five year carryback legislation discussed above was
    approximately $50&#160;million. Our subsequent decision to elect
    to defer taxes on the gains arising from the cancellation of
    indebtedness increased the benefit to approximately
    $101&#160;million. This decision was reached upon consultation
    with external tax advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;15, 2010, the Company entered into (i)&#160;an
    Exchange Agreement with Taberna Preferred Funding&#160;V, Ltd.,
    Taberna Preferred Funding VII, Ltd. and Taberna Preferred
    Funding VIII, Ltd. and (ii)&#160;a Junior Subordinated Indenture
    with Wilmington Trust&#160;Company, as trustee. Pursuant to the
    Exchange Agreement, the Taberna Entities, as holders of
    outstanding trust preferred securities, exchanged the trust
    preferred securities (which were cancelled) for $75&#160;million
    aggregate principal amount of new junior subordinated notes
    issued under the Junior Subordinated Indenture. The material
    terms of the junior subordinated notes are consistent with the
    terms of the trust preferred securities, with certain exceptions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The junior subordinated notes have a
    <FONT style="white-space: nowrap">30-year</FONT> term
    ending July&#160;30, 2036. Until July&#160;30, 2016, the junior
    subordinated notes will pay interest at a fixed rate of 7.987%.
    After July&#160;30, 2016, when the distribution rate on the
    trust preferred securities would have changed from a fixed rate
    to a floating rate set at LIBOR plus 2.45%, the junior
    subordinated notes will also float at that rate, but will be
    subject to a floor of 4.25% and a cap of 9.25%. In addition, the
    Company will now have the option to redeem the junior
    subordinated notes beginning on June&#160;1, 2012 at 75% of par
    value, and beginning on June&#160;1, 2022 the redemption price
    will increase by 1.785% per year.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    The Exchange Offer </TD>
    <TD></TD>
    <TD valign="bottom">
    We are offering to exchange up to $250,000,000 aggregate
    principal amount of our new 12%&#160;Senior Secured Notes due
    2017 for up to $250,000,000 aggregate principal amount of our
    original 12%&#160;Senior Secured Notes due 2017, which are
    currently outstanding. Original notes may only be exchanged in
    $1,000 principal increments. In order to be exchanged, an
    original note must be properly tendered and accepted. All
    original notes that are validly </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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    <BR>
    2
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    tendered and not validly withdrawn prior to the expiration of
    the exchange offer will be exchanged.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Resales Without Further Registration </TD>
    <TD></TD>
    <TD valign="bottom">
    Based on interpretations by the staff of the SEC in several no
    action letters issued to third parties, we believe that the new
    notes issued pursuant to the exchange offer may be offered for
    resale, resold or otherwise transferred by you without
    compliance with the registration and prospectus delivery
    provisions of the Securities Act of 1933 (the &#147;Securities
    Act&#148;) provided that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are acquiring the new notes issued in the
    exchange offer in the ordinary course of your business;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you have not engaged in, do not intend to engage in,
    and have no arrangement or understanding with any person to
    participate in, the distribution of the new notes issued to you
    in the exchange offer in violation of the provisions of the
    Securities Act; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you are not our &#147;affiliate,&#148; as defined
    under Rule&#160;405 of the Securities Act.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Each broker-dealer that receives new notes for its own account
    in exchange for original notes, where such original notes were
    acquired by such broker-dealer as a result of market-making
    activities or other trading activities, must acknowledge that it
    will deliver a prospectus in connection with any resale of such
    new notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The letter of transmittal states that, by so acknowledging that
    it will deliver and by delivering a prospectus, a broker-dealer
    will not be deemed to admit that it is an
    &#147;underwriter&#148; within the meaning of the Securities
    Act. This prospectus, as it may be amended or supplemented from
    time to time, may be used by a broker-dealer in connection with
    resales of new notes received in exchange for original notes
    where such original notes were acquired by such broker-dealer as
    a result of market-making activities or other trading
    activities. We have agreed to use our reasonable best efforts to
    make this prospectus, as amended or supplemented, available to
    any broker-dealer for a period of 180&#160;days after the date
    of this prospectus for use in connection with any such resale.
    See &#147;Plan of Distribution.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Expiration Date </TD>
    <TD></TD>
    <TD valign="bottom">
    5:00&#160;p.m., New York City time,
    on&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, unless we extend the exchange offer.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Accrued Interest on the New Notes and Original Notes </TD>
    <TD></TD>
    <TD valign="top">
    The new notes will bear interest from October&#160;15, 2009 or
    the last interest payment date on which interest was paid on the
    original notes surrendered in exchange therefor. Holders of
    original notes that are accepted for exchange will be deemed to
    have waived the right to receive any payment in respect of
    interest on such original notes accrued to the date of issuance
    of the new notes.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Conditions to the Exchange Offer </TD>
    <TD></TD>
    <TD valign="bottom">
    The exchange offer is subject to certain customary conditions
    which we may waive. See &#147;The Exchange Offer&#160;&#151;
    Conditions.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Procedures for Tendering Original Notes </TD>
    <TD></TD>
    <TD valign="bottom">
    Each holder of original notes wishing to accept the exchange
    offer must complete, sign and date the letter of transmittal, or
    a facsimile of the letter of transmittal; or if the original
    notes are tendered in accordance with the book-entry procedures
    described in this prospectus, the tendering holder must transmit
    an agent&#146;s message to </TD>
</TR>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    the exchange agent at the address listed in this prospectus. You
    must mail or otherwise deliver the required documentation
    together with the original notes to the exchange agent.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Special Procedures for Beneficial Holders </TD>
    <TD></TD>
    <TD valign="top">
    If you beneficially own original notes registered in the name of
    a broker, dealer, commercial bank, trust company or other
    nominee and you wish to tender your original notes in the
    exchange offer, you should contact such registered holder
    promptly and instruct them to tender on your behalf. If you wish
    to tender on your own behalf, you must, before completing and
    executing the letter of transmittal for the exchange offer and
    delivering your original notes, either arrange to have your
    original notes registered in your name or obtain a properly
    completed bond power from the registered holder. The transfer of
    registered ownership may take considerable time.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Guaranteed Delivery Procedures </TD>
    <TD></TD>
    <TD valign="bottom">
    You must comply with the applicable guaranteed delivery
    procedures for tendering if you wish to tender your original
    notes and:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;your original notes are not immediately available; or</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;time will not permit your required documents to
    reach the exchange agent prior to 5:00&#160;p.m., New York City
    time, on the expiration date of the exchange offer; or</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you cannot complete the procedures for delivery by
    book-entry transfer prior to 5:00&#160;p.m., New York City time,
    on the expiration date of the exchange offer.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Withdrawal Rights </TD>
    <TD></TD>
    <TD valign="bottom">
    You may withdraw your tender of original notes at any time prior
    to 5:00&#160;p.m., New York City time, on the date the exchange
    offer expires.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Failure to Exchange Will Affect You Adversely </TD>
    <TD></TD>
    <TD valign="top">
    If you are eligible to participate in the exchange offer and you
    do not tender your original notes, you will not have further
    exchange or registration rights and your original notes will
    continue to be subject to restrictions on transfer under the
    Securities Act. Accordingly, the liquidity of the original notes
    will be adversely affected.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Material United States Federal Income Tax Consequences </TD>
    <TD></TD>
    <TD valign="top">
    The exchange of original notes for new notes pursuant to the
    exchange offer will not result in a taxable event. Accordingly,
    we believe that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;no gain or loss will be realized by a United States
    holder upon receipt of a new note;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;holder&#146;s holding period for the new notes will
    include the holding period of the original notes; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the adjusted tax basis of the new notes will be the
    same as the adjusted tax basis of the original notes exchanged
    at the time of such exchange.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    See &#147;Material United States Federal Income Tax
    Considerations.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Exchange Agent </TD>
    <TD></TD>
    <TD valign="bottom">
    U.S. Bank National Association is serving as exchange agent in
    connection with the Exchange Offer. Deliveries by hand,
    registered, certified, first class or overnight mail should be
    addressed to U.S. Bank National Association, 60 Livingston
    Avenue,
    <FONT style="white-space: nowrap">EP-MN-WS2N,</FONT>
    St. Paul, MN 55107, Attention: Specialized Finance Department,
    Reference: Beazer Homes USA, Inc. Exchange. For information with
    respect to the Exchange Offer, contact the Exchange Agent at </TD>
</TR>
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    <BR>
    4
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    telephone number (800)
    <FONT style="white-space: nowrap">934-6802</FONT> or
    facsimile number
    <FONT style="white-space: nowrap">(651)&#160;495-8158.</FONT></TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Use of Proceeds </TD>
    <TD></TD>
    <TD valign="bottom">
    We will not receive any proceeds from the exchange offer. See
    &#147;Use of Proceeds.&#148;</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of Terms of New Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange offer constitutes an offer to exchange up to
    $250,000,000 aggregate principal amount of the new notes for up
    to an equal aggregate principal amount of the original notes.
    The new notes will be obligations of Beazer Homes evidencing the
    same indebtedness as the original notes, and will be entitled to
    the benefit of the same indenture and supplemental indenture.
    The form and terms of the new notes are substantially the same
    as the form and terms of the original notes except that the new
    notes have been registered under the Securities Act. See
    &#147;Description of the Notes.&#148;
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Comparison
    with Original Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Freely Transferable </TD>
    <TD></TD>
    <TD valign="bottom">
    The new notes will be freely transferable under the Securities
    Act by holders who are not restricted holders. Restricted
    holders are restricted from transferring the new notes without
    compliance with the registration and prospectus delivery
    requirements of the Securities Act. The new notes will be
    identical in all material respects (including interest rate,
    maturity and restrictive covenants) to the original notes, with
    the exception that the new notes will be registered under the
    Securities Act. See &#147;The Exchange Offer&#160;&#151; Terms
    of the Exchange Offer.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Registration Rights </TD>
    <TD></TD>
    <TD valign="bottom">
    The holders of the original notes currently are entitled to
    certain registration rights pursuant to the registration rights
    agreement entered into on the issue date of the original notes
    by and among Beazer Homes, the subsidiary guarantors named
    therein and the initial purchasers named therein, including the
    right to cause Beazer Homes to register the original notes for
    resale under the Securities Act if the Exchange Offer is not
    consummated prior to the exchange offer termination date.
    However, pursuant to the registration rights agreement, such
    registration rights will expire upon consummation of the
    exchange offer. Accordingly, holders of original notes who do
    not exchange their original notes for new notes in the exchange
    offer will not be able to reoffer, resell or otherwise dispose
    of their original notes unless such original notes are
    subsequently registered under the Securities Act or unless an
    exemption from the registration requirements of the Securities
    Act is available.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    New Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
    Issuer </TD>
    <TD></TD>
    <TD valign="bottom">
    Beazer Homes USA, Inc.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Notes Offered </TD>
    <TD></TD>
    <TD valign="bottom">
    The form and terms of the new notes will be the same as the form
    and terms of the outstanding notes except that:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the new notes will bear a different CUSIP number
    from the original notes;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the new notes have been registered under the
    Securities Act and, therefore, will not bear legends restricting
    their transfer; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;you will not be entitled to any exchange or
    registration rights with respect to the new notes.</DIV>
</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will evidence the same debt as the original notes.
    They will be entitled to the benefits of the indenture and the
    supplemental indenture governing the original notes and will be
    treated under the indenture and the supplemental indenture as a
    single class with the original notes. We refer to the new notes
    and the original notes collectively as the notes in this
    prospectus.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Maturity Date </TD>
    <TD></TD>
    <TD valign="bottom">
    October&#160;15, 2017.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Interest </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will bear interest at a rate of 12% per annum from
    October&#160;15, 2009. Interest on the notes will be payable
    semi-annually in cash on October 15 and April 15 of each year,
    commencing on April&#160;15, 2010</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Guarantees </TD>
    <TD></TD>
    <TD valign="bottom">
    On the issue date of the notes, all payments on the notes,
    including principal and interest, will be jointly and severally
    guaranteed on a senior secured basis by substantially all of our
    existing subsidiaries.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Collateral </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes and guarantees will be secured by (subject to certain
    exceptions and permitted liens) substantially all the tangible
    and intangible assets of ours and the guarantors, but excluding
    in any event:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;the pledge of stock of subsidiaries or other
    affiliates;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;real or personal property where the cost of
    obtaining a security interest or perfection thereof exceeds its
    benefits;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;real property subject to a lien securing
    indebtedness incurred for the purpose of financing the
    acquisition thereof;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;real property located outside of the United States;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;unentitled land;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;real property which is leased or held for the
    purpose of leasing to unaffiliated third parties;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;any real property in a community under development
    with a dollar amount of investment as of the most recent
    month-end (determined in accordance with GAAP) of less than
    $2.0&#160;million or with less than 10 lots remaining;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;up to $50.0&#160;million of assets received in
    certain asset dispositions or asset swaps or exchanges made in
    accordance with the indenture; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;assets with respect to which any applicable law or
    contract prohibits the creation or perfection of security
    interests therein.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, we and the guarantors shall not be required to
    execute or deliver any control agreements with respect to any
    deposit account or securities account.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    For more details, see the section &#147;Description of the
    Notes&#160;&#151; Security.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Intercreditor Agreement </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes will be expressly junior in priority to the liens that
    secure our first-priority obligations. As of the issue date of
    the notes, the obligations under the revolving credit facility
    constitute the only first-priority obligations. The indenture
    permits certain additional obligations to be incurred and to
    constitute first-priority obligations. Pursuant to the
    intercreditor agreement, the liens securing the notes may not be
    enforced at any time when obligations secured by first-priority
    liens </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    are outstanding, except for certain limited exceptions. The
    holders of the priority liens will receive all proceeds from any
    realization on the collateral or from the collateral or proceeds
    thereof in any insolvency or liquidation proceeding until the
    obligations secured by the priority liens are paid in full.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Sharing Liens </TD>
    <TD></TD>
    <TD valign="bottom">
    In certain circumstances, we may secure specified indebtedness
    permitted to be incurred under the indenture governing the notes
    by granting liens upon any or all of the collateral securing the
    notes, including on an equal basis with the first-priority liens
    securing the revolving credit facility, on a <I>pari passu
    </I>basis with the notes or on a junior basis.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Ranking </TD>
    <TD></TD>
    <TD valign="bottom">
    The notes and the guarantees will be our and the
    guarantors&#146; senior secured obligations. The indebtedness
    evidenced by the notes and the guarantees will:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;rank senior in right of payment to any of our and
    the guarantors&#146; existing and future subordinated
    indebtedness;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;rank equally in right of payment with all of our and
    the guarantors&#146; existing and future senior indebtedness,
    including our outstanding senior notes and our revolving credit
    facility;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;be secured equally to our and the guarantors&#146;
    obligations under any other pari passu lien obligations incurred
    after the issue date to the extent of the collateral;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;be effectively subordinated to our and the
    guarantors&#146; obligations under our revolving credit facility
    and any other debt incurred after the issue date that has a
    first-priority security interest in the collateral (or that has
    a security interest in assets that do not constitute
    collateral), in each case to the extent of the collateral or
    such other assets; and</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;be structurally subordinated to all existing and
    future indebtedness and other liabilities of our non-guarantor
    subsidiaries (other than indebtedness and liabilities owed to us
    or one of our guarantor subsidiaries).</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture governing the notes permits additional
    indebtedness or other obligations to be secured by the
    collateral (i)&#160;on a lien priority basis prior or pari passu
    with the notes, in each case subject to certain limitations and
    (ii)&#160;on a junior priority basis relative to the notes,
    without regard to any such limitations.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of September&#160;30, 2009, we and the guarantors had
    approximately $12.5&#160;million of indebtedness outstanding
    secured by assets that are not part of the collateral.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, as of September&#160;30, 2009, our non-guarantor
    subsidiaries had outstanding indebtedness and other liabilities
    (excluding intercompany obligations) of $5.9&#160;million.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Optional Redemption </TD>
    <TD></TD>
    <TD valign="bottom">
    Prior to October&#160;15, 2012, we may redeem the notes, in
    whole or in part, at a price equal to 100% of the principal
    amount thereof plus the make-whole premium described under
    &#147;Description of the Notes&#160;&#151; Optional
    Redemption.&#148;</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    We may also redeem any of the notes at any time on or after
    October&#160;15, 2012, in whole or in part, at the redemption
    prices described under &#147;Description of the
    Notes&#160;&#151; Optional Redemption,&#148; plus accrued and
    unpaid interest, if any, to the date of redemption. In addition,
    prior to October&#160;15, 2012, we may redeem up to 35% of the
    aggregate principal amount of the notes issued under the
    indenture with the net proceeds of certain equity offerings,
    provided at least 65% of the aggregate principal amount of the
    notes originally issued remain outstanding immediately after
    such redemption. See &#147;Description of the Notes&#160;&#151;
    Optional Redemption.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Certain Covenants </TD>
    <TD></TD>
    <TD valign="bottom">
    The indenture governing the notes contains certain covenants
    that, among other things, limit our ability and the ability of
    our restricted subsidiaries to:</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;incur additional indebtedness or issue certain
    preferred shares;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;create liens on certain assets to secure debt;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;pay dividends or make other equity distributions;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;purchase or redeem capital stock;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;make certain investments;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;sell assets;</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;agree to restrictions on the ability of restricted
    subsidiaries to make payments to us; or</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    &#149;&#160;consolidate, merge, sell or otherwise dispose of all
    or substantially all of our assets, and engage in transactions
    with affiliates.</DIV>
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    These limitations are subject to a number of important
    qualifications and exceptions. See &#147;Description of the
    Notes&#160;&#151; Certain Covenants.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Change of Control; Asset Sale </TD>
    <TD></TD>
    <TD valign="bottom">
    Upon a change of control, we will be required to make an offer
    to purchase each holder&#146;s notes at a price of 101% of the
    principal amount thereof, plus accrued and unpaid interest, if
    any, to the date of purchase. See &#147;Description of the
    Notes&#160;&#151; Mandatory Offers to Purchase the Notes&#148;
    and &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Change of Control.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    If we sell assets under certain circumstances, we will be
    required to make an offer to purchase the notes at their face
    amount, plus accrued and unpaid interest to the purchase date.
    See &#147;Description of the Notes &#151;&#160;Mandatory Offers
    to Purchase the Notes&#148; and &#147;Description of the
    Notes&#160;&#151; Certain Covenants&#160;&#151; Limitations on
    Asset Sales.&#148;</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    No Listing on any Securities Exchange </TD>
    <TD></TD>
    <TD valign="bottom">
    We do not intend to list the new notes on any securities
    exchange or to seek approval for quotation through any automated
    system.</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD valign="top">
    Risk Factors </TD>
    <TD></TD>
    <TD valign="bottom">
    You should carefully consider the information under &#147;Risk
    Factors&#148; beginning on page&#160;12 of this prospectus and
    all other information included or incorporated by reference in
    this prospectus prior to making a decision to exchange original
    notes for new notes.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For additional information regarding the notes, see the
    &#147;Description of the Notes&#148; section of this prospectus.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    Historical Consolidated Financial and Operating Data</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our summary historical consolidated financial and operating data
    set forth below as of and for each of the three years ended
    September&#160;30, 2007, 2008 and 2009 are derived from our
    audited consolidated financial statements. These historical
    results are not necessarily indicative of the results to be
    expected in the future. You should also read our historical
    financial statements and related notes in our annual report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2009 as well as the
    consolidated financial statements and accompanying notes. You
    should also read &#147;Selected Historical Consolidated
    Financial and Operating Data&#148; and &#147;Management&#146;s
    Discussion and Analysis of Financial Condition and Results of
    Operations&#148; in our
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2009, incorporated herein
    by reference, before deciding to exchange the original notes for
    the new notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="73%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Fiscal Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>($ in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Statement of Operations Data(1):</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total revenue
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    3,037
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,814
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,005
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Gross (loss) profit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (109
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (234
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Operating loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (548
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (616
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (242
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Net loss from continuing operations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (372
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (801
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (178
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Operating Statistics:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Number of new orders, net of cancellations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,377
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5,403
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,205
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Backlog at end of period(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,612
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,318
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,193
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Number of closings(3)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,160
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,697
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,330
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Average sales price per home closed (in thousands)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    286.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    252.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    230.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Balance Sheet Data (end of period):</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash, cash equivalents, and restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    460
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    585
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    557
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Inventory
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,775
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,652
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,318
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,930
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,642
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,029
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,857
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,747
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,509
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,324
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    375
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    197
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Supplemental Financial Data:</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash provided by/(used in):
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Operating activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    509
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    316
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    94
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Investing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (52
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (18
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (80
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    Financing activities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (171
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (167
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (91
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    EBIT(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (493
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (686
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (57
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Adjusted EBITDA(4)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    236
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (28
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Interest incurred(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    148
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    134
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    EBIT/interest incurred(4)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (3.32
</TD>
<TD nowrap align="left" valign="bottom">
    )x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (4.91
</TD>
<TD nowrap align="left" valign="bottom">
    )x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.43
</TD>
<TD nowrap align="left" valign="bottom">
    )x
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Adjusted EBITDA/interest incurred(4)(5)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1.59
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (0.20
</TD>
<TD nowrap align="left" valign="bottom">
    )x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0.80
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Deficiency of earnings to fixed charges(6)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    428
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    542
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    41
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Effective February&#160;1, 2008, we exited the mortgage
    origination business. In fiscal 2008, we completed a
    comprehensive review of each of our markets in order to refine
    our overall investment strategy and to optimize our capital and
    resource allocations. As a result of this review, we decided to
    discontinue homebuilding operations in certain of our markets.
    As of September&#160;30, 2009, all homebuilding operations in
    these exit markets had ceased. Results from our mortgage
    origination business and our exit markets are reported </TD>
</TR>
<!-- XBRL Paragraph Pagebreak -->

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    as discontinued operations in the audited consolidated statement
    of operations for the three years ended September&#160;30, 2007,
    2008 and 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    Gross profit (loss) includes inventory impairments and lot
    options abandonments of $572.0&#160;million, $406.2&#160;million
    and $97.0&#160;million for the fiscal years ended
    September&#160;30, 2007, 2008 and 2009. Operating loss also
    includes goodwill impairments of $51.6&#160;million,
    $48.1&#160;million and $16.1&#160;million for the fiscal years
    ended September&#160;30, 2007, 2008 and 2009. Loss from
    continuing operations for fiscal 2007 and 2009 also include a
    (loss) gain on extinguishment of debt of ($413,000) and
    $144.5&#160;million, respectively. The aforementioned charges
    were primarily related to the deterioration of the homebuilding
    environment over the past few years.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    A home is included in &#147;backlog&#148; after a sales contract
    is executed and prior to the transfer of title to the purchaser.
    Because the closings of pending sales contracts are subject to
    contingencies, it is possible that homes in backlog will not
    result in closings</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    A home is included in &#147;closings&#148; when title is
    transferred to the buyer. Sales and cost of sales for a house
    are generally recognized at the date of closing.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    We have provided EBIT and Adjusted EBITDA information in this
    prospectus because we believe they provide investors with
    additional information to measure our operational performance
    and evaluate our ability to service our indebtedness. EBIT
    (earnings before interest and taxes) equals net income (loss)
    before (a)&#160;previously capitalized interest amortized to
    home construction and land sales expenses and interest expense
    and (b)&#160;income taxes. Adjusted EBITDA (earnings before
    interest, taxes, depreciation, amortization, and impairments) is
    calculated by adding non-cash charges, including depreciation,
    amortization, and inventory impairment and abandonment charges,
    goodwill impairments and joint venture impairment charges for
    the period to EBIT. EBIT and Adjusted EBITDA are not GAAP
    financial measures. EBIT and Adjusted EBITDA should not be
    considered alternatives to net income determined in accordance
    with GAAP as an indicator of operating performance, nor as an
    alternative to cash flows from operating activities determined
    in accordance with GAAP as a measure of liquidity. Because some
    analysts and companies may not calculate EBIT and Adjusted
    EBITDA in the same manner as us, the EBIT and Adjusted EBITDA
    information presented herein may not be comparable to similar
    presentations by others.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    The magnitude and volatility of non-cash inventory impairment
    and abandonment charges, goodwill impairments and joint venture
    impairment charges for the Company, and for other home builders,
    have been significant in recent periods and as such have made
    financial analysis of our industry more difficult. Adjusted
    EBITDA, and other similar presentations by analysts and other
    companies, is frequently used to assist investors in
    understanding and comparing the operating characteristics of
    home building activities by eliminating many of the differences
    in companies&#146; respective capitalization, tax position and
    level of impairments. Management believes this non-GAAP measure
    enables holders of our securities to better understand the cash
    implications of our operating performance and our ability to
    service our debt obligations as they currently exist and as
    additional indebtedness may be incurred in the future. The
    measure is also useful internally, helping management compare
    operating results and as a measure of the level of cash which
    may be available for discretionary spending.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->
</DIV><!-- End box 1 -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    A reconciliation of Adjusted EBITDA and EBIT to net loss, the
    most directly comparable GAAP measure, is provided below for
    each period presented:</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="77%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>Fiscal Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>September&#160;30</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" nowrap align="center" valign="bottom">
    <B>($ in millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Net loss
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (411
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (952
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (189
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Benefit provision for income taxes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (222
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    85
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (9
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Interest expense
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    181
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    141
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    EBIT
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (493
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (686
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (57
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Depreciation and amortization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Inventory impairments and abandonments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    497
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Goodwill impairments
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Joint venture impairment charges
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Adjusted EBITDA
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    236
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (28
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    108
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Interest incurred is expensed or, if qualified, capitalized to
    inventory and subsequently amortized to cost of sales as homes
    sales are closed.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    &#147;Earnings&#148; consist of (i)&#160;income (loss) before
    income taxes, (ii)&#160;amortization of previously capitalized
    interest and (iii)&#160;fixed charges, exclusive of capitalized
    interest cost. &#147;Fixed charges&#148; consist of
    (i)&#160;interest incurred, (ii)&#160;amortization of deferred
    loan costs and debt discount and (iii)&#160;that portion of
    operating lease rental expense (33%) deemed to be representative
    of interest.</TD>
</TR>

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<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to Our Company</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    homebuilding industry is experiencing a severe downturn that may
    continue for an indefinite period and continue to adversely
    affect our business, results of operations and
    stockholders&#146; equity.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Most housing markets across the United States continue to be
    characterized by an oversupply of both new and resale home
    inventory, including foreclosed homes, reduced levels of
    consumer demand for new homes, increased cancellation rates,
    aggressive price competition among homebuilders and increased
    levels of homebuilder sponsored incentives for home sales. As a
    result of these factors, we, like many other homebuilders, have
    experienced a material reduction in revenues and margins. These
    challenging market conditions are expected to continue for the
    foreseeable future and, in the near term, these conditions may
    further deteriorate. We expect that continued weakness in the
    homebuilding market would adversely affect our business, results
    of operations and stockholders&#146; equity as compared to prior
    periods and could result in additional inventory impairments in
    the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the past few years, we have experienced elevated levels
    of cancellations by potential homebuyers although the level of
    cancellations has improved significantly during the last few
    quarters. Our backlog reflects the number and value of homes for
    which we have entered into a sales contract with a customer but
    have not yet delivered the home. Although these sales contracts
    typically require a cash deposit and do not make the sale
    contingent on the sale of the customer&#146;s existing home, in
    some cases a customer may cancel the contract and receive a
    complete or partial refund of the deposit as a result of local
    laws or as a matter of our business practices. If the current
    industry downturn continues, economic conditions continue to
    deteriorate or if mortgage financing becomes less accessible,
    more homebuyers may have an incentive to cancel their contracts
    with us, even where they might be entitled to no refund or only
    a partial refund, rather than complete the purchase. Significant
    cancellations have had, and could have, a material adverse
    effect on our business as a result of lost sales revenue and the
    accumulation of unsold housing inventory. In particular, our
    cancellation rates for the fiscal quarter and fiscal year ended
    September&#160;30, 2009 were 34.7% and 31.4%, respectively. It
    is important to note that both backlog and cancellation metrics
    are operational, rather than accounting data, and should be used
    only as a general gauge to evaluate performance. There is an
    inherent imprecision in these metrics based on an evaluation of
    qualitative factors during the transaction cycle.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on our impairment tests and consideration of the current
    and expected future market conditions, we recorded inventory
    impairment charges of $102.1&#160;million, lot option
    abandonment charges of $5.0&#160;million and non-cash goodwill
    impairment charges totaling $16.1&#160;million during fiscal
    2009. During fiscal 2009, we also wrote down our investment in
    certain of our joint ventures reflecting $14.8&#160;million of
    impairments of inventory held within those ventures. While we
    believe that no additional joint venture investment or inventory
    impairments existed as of September&#160;30, 2009, future
    economic or financial developments, including general interest
    rate increases, poor performance in either the national economy
    or individual local economies, or our ability to meet our
    projections could lead to future impairments.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    home sales and operating revenues could decline due to
    macro-economic and other factors outside of our control, such as
    changes in consumer confidence, declines in employment levels
    and increases in the quantity and decreases in the price of new
    homes and resale homes in the market.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Changes in national and regional economic conditions, as well as
    local economic conditions where we conduct our operations and
    where prospective purchasers of our homes live, may result in
    more caution on the part of homebuyers and, consequently, fewer
    home purchases. These economic uncertainties involve, among
    other things, conditions of supply and demand in local markets
    and changes in consumer confidence and income, employment
    levels, and government regulations. These risks and
    uncertainties could periodically have an adverse effect on
    consumer demand for and the pricing of our homes, which could
    cause our operating revenues to decline. Additional reductions
    in our revenues could, in turn, further negatively affect the
    market price of our securities.
</DIV>
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    <BR>
    12
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    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    the subject of pending civil litigation which could require us
    to pay substantial damages or could otherwise have a material
    adverse effect on us. The failure to fulfill our obligations
    under the Deferred Prosecution Agreement (the &#147;DPA&#148;)
    with the United States Attorney (or related agreements) and the
    consent order with the SEC could have a material adverse effect
    on our operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On July&#160;1, 2009, we entered into the DPA with the United
    States Attorney for the Western District of North Carolina and a
    separate but related agreement with the United States Department
    of Housing and Urban Development (&#147;HUD&#148;) and the Civil
    Division of the United States Department of Justice (the
    &#147;HUD Agreement&#148;). Under the DPA, we are obligated to
    make payments to a restitution fund in an amount not to exceed
    $50&#160;million. As of September&#160;30, 2009, we have been
    credited with making $10&#160;million of such payments. However,
    the future payments to the restitution fund will be equal to 4%
    of &#147;adjusted EBITDA&#148; as defined in the DPA for the
    first to occur of (x)&#160;a period of 60&#160;months and
    (y)&#160;the total of all payments to the restitution fund
    equaling $50&#160;million. In the event such payments do not
    equal at least $50&#160;million at the end of 60&#160;months
    then, under the HUD Agreement, the obligations to make
    restitution payments will continue until the first to occur of
    (a)&#160;24&#160;months and (b)&#160;the date that
    $48&#160;million has been paid into the restitution fund. Our
    obligation to make such payments could limit our ability to
    invest in our business or make payments of principal or interest
    on our outstanding debt. In addition, in the event we fail to
    comply with our obligations under the DPA or the HUD Agreement
    various federal authorities could bring criminal or civil
    charges against us which could be material to our consolidated
    financial position, results of operations and liquidity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and certain of our current and former employees, officers and
    directors have been named as defendants in securities lawsuits,
    class action lawsuits, lawsuits regarding Employee Retirement
    Income Security Act (ERISA) claims, and derivative stockholder
    actions. In addition, certain of our subsidiaries have been
    named in class action and multi-party lawsuits regarding claims
    made by homebuyers. While a number of these suits have been
    dismissed
    <FONT style="white-space: nowrap">and/or</FONT>
    settled, there can be no assurance that new claims by different
    plaintiffs will not be brought in the future. We cannot predict
    or determine the timing or final outcome of the current lawsuits
    or the effect that any adverse determinations in the lawsuits
    may have on us. An unfavorable determination in any of the
    lawsuits could result in the payment by us of substantial
    monetary damages which may not be covered by insurance. Further,
    the legal costs associated with the lawsuits and the amount of
    time required to be spent by management and the Board of
    Directors on these matters, even if we are ultimately
    successful, could have a material adverse effect on our
    business, financial condition and results of operations. In
    addition to expenses incurred to defend the Company in these
    matters, under Delaware law and our bylaws, we may have an
    obligation to indemnify our current and former officers and
    directors in relation to these matters. We have obligations to
    advance legal fees and expenses to certain directors and
    officers, and we have advanced, and may continue to advance,
    legal fees and expenses to certain other current and former
    employees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the settlement agreement with the SEC entered
    into on September&#160;24, 2008, we consented, without admitting
    or denying any wrongdoing, to a cease and desist order requiring
    future compliance with certain provisions of the federal
    securities laws and regulations. If we are found to be in
    violation of the order in the future, we may be subject to
    penalties and other adverse consequences as a result of the
    prior actions which could be material to our consolidated
    financial position, results of operations and liquidity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our insurance carriers may seek to rescind or deny coverage with
    respect to certain of the pending lawsuits, or we may not have
    sufficient coverage under such policies. If the insurance
    companies are successful in rescinding or denying coverage or if
    we do not have sufficient coverage under our policies, our
    business, financial condition and results of operations could be
    materially adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    dependent on the services of certain key employees, and the loss
    of their services could hurt our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our future success depends upon our ability to attract, train,
    assimilate and retain skilled personnel. If we are unable to
    retain our key employees or attract, train, assimilate or retain
    other skilled personnel in the
</DIV>
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    13
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    future, it could hinder our business strategy and impose
    additional costs of identifying and training new individuals.
    Competition for qualified personnel in all of our operating
    markets is intense.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Recent
    and potential future downgrades of our credit ratings could
    adversely affect our access to capital and could otherwise have
    a material adverse effect on us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the three months ended June&#160;30, 2009, S&#038;P
    lowered the Company&#146;s corporate credit rating from CCC+ to
    CCC and maintained its negative outlook. S&#038;P also cut
    ratings on the Company&#146;s senior unsecured notes from CCC to
    CCC&#8722;. On August&#160;18, 2009, S&#038;P lowered the
    Company&#146;s corporate credit rating to SD (selective default)
    and lowered the rating of the Company&#146;s senior unsecured
    notes from CCC&#8722; to D following the Company&#146;s
    repurchase of $115.5&#160;million of its senior unsecured notes
    on the open market at a discount to face value, which S&#038;P
    determined to constitute a de facto restructuring under its
    criteria. On August&#160;19, 2009, in accordance with its
    criteria for exchange offers and similar restructurings,
    S&#038;P raised the Company&#146;s corporate credit rating back
    to CCC, and maintained the rating of the Company&#146;s senior
    unsecured notes of D, given S&#038;P&#146;s expectation for
    additional discounted repurchases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;6, 2009 Moody&#146;s lowered its rating from B2 to
    Caa2 and reaffirmed its negative outlook. On August&#160;21,
    2009, Moody&#146;s assigned a Caa2/LD probability of default
    rating to the Company following the Company&#146;s repurchase of
    $115.5&#160;million of senior unsecured notes in the open market
    at a discount to face value, which under Moody&#146;s
    definition, constituted a distressed exchange and a limited
    default. The ratings on the senior notes impacted by the open
    market transactions were lowered to Ca from Caa2 to reflect the
    discount incurred by participating bondholders. On
    August&#160;27, 2009, Moody&#146;s removed the LD designation on
    the probability of default rating and changed the ratings on the
    Company&#146;s senior notes back to Caa2, which is consistent
    with Moody&#146;s loss given default framework.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On March&#160;12, 2009, Fitch lowered the Company&#146;s
    issuer-default rating from B&#8722; to CCC and its senior notes
    rating from CCC+/RR5 to CC/RR5. The rating agencies announced
    that these downgrades reflect continued deterioration in our
    homebuilding operations, credit metrics, other earnings-based
    metrics and the significant decrease in our tangible net worth
    over the past year. These ratings and our current credit
    condition affect, among other things, our ability to access new
    capital, especially debt, and may result in more stringent
    covenants and higher interest rates under the terms of any new
    debt. Our credit ratings could be further lowered or rating
    agencies could issue adverse commentaries in the future, which
    could have a material adverse effect on our business, results of
    operations, financial condition and liquidity. In particular, a
    further weakening of our financial condition, including any
    further increase in our leverage or decrease in our
    profitability or cash flows, could adversely affect our ability
    to obtain necessary funds, result in a credit rating downgrade
    or change in outlook, or otherwise increase our cost of
    borrowing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    senior notes, revolving credit and letter of credit facilities,
    and certain other debt impose significant restrictions and
    obligations on us, including limitations on our ability to incur
    additional indebtedness.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of our secured and unsecured indebtedness and revolving
    credit and letter of credit facilities impose certain
    restrictions and obligations on us. Under certain of these
    instruments, we must comply with defined covenants which limit
    the Company to, among other things, incur additional
    indebtedness, engage in certain asset sales, make certain types
    of restricted payments, engage in transactions with affiliates
    and create liens on assets of the Company. Failure to comply
    with certain of these covenants could result in an event of
    default under the applicable instrument. Any such event of
    default could negatively impact other covenants or lead to cross
    defaults under certain of our other debt. There can be no
    assurance that we will be able to obtain any waivers or
    amendments that may become necessary in the event of a future
    default situation without significant additional cost or at all.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    differing financial exposure of our debt holders could impact
    our ability to complete any restructuring of our indebtedness or
    impact the terms of such restructuring.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We believe that a portion of the holders of our existing notes
    may have hedged the risk of default with respect to the existing
    notes. These holders may have an economic interest that is
    different from other holders
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of our existing notes. Such holders may be less willing to
    participate in any voluntary restructuring of our indebtedness
    if, under certain circumstances, they are entitled to receive
    higher consideration from a private counterparty. This could
    make any restructuring of our debt more expensive or prevent us
    from being able to complete certain types of recapitalization
    transactions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">A
    substantial increase in mortgage interest rates or
    unavailability of mortgage financing may reduce consumer demand
    for our homes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Substantially all purchasers of our homes finance their
    acquisition with mortgage financing. Recently, the credit
    markets and the mortgage industry have been experiencing a
    period of unparalleled turmoil and disruption characterized by
    bankruptcies, financial institution failure, consolidation and
    an unprecedented level of intervention by the United States
    federal government. The United States residential mortgage
    market has been further impacted by the deterioration in the
    credit quality of loans originated to non-prime and subprime
    borrowers and an increase in mortgage foreclosure rates. These
    difficulties are not expected to improve until residential real
    estate inventories return to a more normal level and the
    mortgage credit market stabilizes. While the ultimate outcome of
    these events cannot be predicted, they have had and may continue
    to have an impact on the availability and cost of mortgage
    financing to our customers. The volatility in interest rates,
    the decrease in the willingness and ability of lenders to make
    home mortgage loans, the tightening of lending standards and the
    limitation of financing product options, have made it more
    difficult for homebuyers to obtain acceptable financing. Any
    substantial increase in mortgage interest rates or
    unavailability of mortgage financing would adversely affect the
    ability of prospective first-time and
    <FONT style="white-space: nowrap">move-up</FONT>
    homebuyers to obtain financing for our homes, as well as
    adversely affect the ability of prospective
    <FONT style="white-space: nowrap">move-up</FONT>
    homebuyers to sell their current homes. This disruption in the
    credit markets and the curtailed availability of mortgage
    financing has adversely affected, and is expected to continue to
    adversely affect, our business, financial condition, results of
    operations and cash flows as compared to prior periods.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    are unsuccessful in competing against our homebuilding
    competitors, our market share could decline or our growth could
    be impaired and, as a result, our financial results could
    suffer.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Competition in the homebuilding industry is intense, and there
    are relatively low barriers to entry into our business.
    Increased competition could hurt our business, as it could
    prevent us from acquiring attractive parcels of land on which to
    build homes or make such acquisitions more expensive, hinder our
    market share expansion, and lead to pricing pressures on our
    homes that may adversely impact our margins and revenues. If we
    are unable to successfully compete, our financial results could
    suffer and the value of, or our ability to service, our debt
    could be adversely affected. Our competitors may independently
    develop land and construct housing units that are superior or
    substantially similar to our products. Furthermore, some of our
    competitors have substantially greater financial resources and
    lower costs of funds than we do. Many of these competitors also
    have longstanding relationships with subcontractors and
    suppliers in the markets in which we operate. We currently build
    in several of the top markets in the nation and, therefore, we
    expect to continue to face additional competition from new
    entrants into our markets.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    financial condition, results of operations and
    stockholders&#146; equity may be adversely affected by any
    decrease in the value of our inventory, as well as by the
    associated carrying costs.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We regularly acquire land for replacement and expansion of land
    inventory within our existing and new markets. The risks
    inherent in purchasing and developing land increase as consumer
    demand for housing decreases. The market value of land, building
    lots and housing inventories can fluctuate significantly as a
    result of changing market conditions and the measures we employ
    to manage inventory risk may not be adequate to insulate our
    operations from a severe drop in inventory values. When market
    conditions are such that land values are not appreciating,
    previously entered into option agreements may become less
    desirable, at which time we may elect to forego deposits and
    preacquisition costs and terminate the agreements. In fiscal
    2009, we recorded $5.0&#160;million of lot option abandonment
    charges. During fiscal 2009, as a result of the further
    deterioration of the housing market, we determined that the
    carrying amount of certain of our inventory assets exceeded
    their estimated fair value. As a result of our analysis, during
    fiscal 2009, we incurred
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    $102.1&#160;million of non-cash pre-tax charges related to
    inventory impairments. If these adverse market conditions
    continue or worsen, we may have to incur additional inventory
    impairment charges which would adversely affect our financial
    condition, results of operations and stockholders&#146; equity
    and our ability to comply with certain covenants in our debt
    instruments linked to tangible net worth.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    conduct certain of our operations through unconsolidated joint
    ventures with independent third parties in which we do not have
    a controlling interest and we can be adversely impacted by joint
    venture partners&#146; failure to fulfill their
    obligations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We participate in land development joint ventures (JVs) in which
    we have less than a controlling interest. We have entered into
    JVs in order to acquire attractive land positions, to manage our
    risk profile and to leverage our capital base. Our JVs are
    typically entered into with developers, other homebuilders and
    financial partners to develop finished lots for sale to the
    joint venture&#146;s members and other third parties. As a
    result of the continued deterioration of the housing market, in
    fiscal 2009 and 2008 we wrote down our investment in certain of
    our JVs reflecting $14.8&#160;million and $68.8&#160;million of
    impairments of inventory held within those JVs, respectively. If
    these adverse market conditions continue or worsen, we may have
    to take further write downs of our investments in our JVs.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our joint venture investments are generally very illiquid both
    because we lack a controlling interest in the JVs and because
    most of our JVs are structured to require super-majority or
    unanimous approval of the members to sell a substantial portion
    of the JV&#146;s assets or for a member to receive a return of
    its invested capital. Our lack of a controlling interest also
    results in the risk that the JV will take actions that we
    disagree with, or fail to take actions that we desire, including
    actions regarding the sale of the underlying property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our JVs typically obtain secured acquisition, development and
    construction financing. At September&#160;30, 2009, our
    unconsolidated JVs had borrowings totaling $422.7&#160;million,
    of which $327.9&#160;million related to one joint venture in
    which we are a 2.58% partner. Generally, we and our joint
    venture partners have provided varying levels of guarantees of
    debt or other obligations of our unconsolidated JVs. At
    September&#160;30, 2009, these guarantees included, for certain
    joint ventures, construction completion guarantees,
    <FONT style="white-space: nowrap">loan-to-value</FONT>
    maintenance agreements, repayment guarantees and environmental
    indemnities. At September&#160;30, 2009, we had repayment
    guarantees of $15.8&#160;million and
    <FONT style="white-space: nowrap">loan-to-value</FONT>
    maintenance guarantees of $3.9&#160;million of debt of three
    unconsolidated joint ventures. During fiscal 2009 and 2008, as
    the housing market continued to deteriorate, many of these joint
    ventures were in default or are at risk of defaulting under
    their debt agreements and it became more likely that our
    guarantees may be called upon. As of September&#160;30, 2009,
    three of our unconsolidated joint ventures were in default (or
    had received default notices) under their debt agreements. If
    one or more of the guarantees under these debt agreements were
    drawn upon or otherwise invoked, our obligations could be
    significant, individually or in the aggregate, which could have
    a material adverse effect on our financial position or results
    of operations. We cannot predict whether such events will occur
    or whether such obligations will be invoked.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to utilize all of our deferred tax
    assets.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of September&#160;30, 2009, we were in a cumulative loss
    position based on the guidance in Statement of Financial
    Accounting Standards No.&#160;109, <I>Accounting for Income
    Taxes </I>(ASC 740). Due to this cumulative loss position and
    the lack of sufficient objective evidence regarding the
    realization of our deferred tax assets in the foreseeable
    future, we have recorded a valuation allowance for substantially
    all of our deferred tax assets. Although we do expect the
    industry to recover from the current downturn to normal profit
    levels in the future, it may be necessary for us to record
    additional valuation allowances in the future related to
    operating losses. Additional valuation allowances could
    materially increase our income tax expense, and therefore
    adversely affect our results of operations and tangible net
    worth in the period in which such valuation allowance is
    recorded.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    could experience a reduction in home sales and revenues or
    reduced cash flows due to our inability to acquire land for our
    housing developments if we are unable to obtain reasonably
    priced financing to support our homebuilding
    activities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The homebuilding industry is capital intensive, and homebuilding
    requires significant up-front expenditures to acquire land and
    begin development. Accordingly, we incur substantial
    indebtedness to finance our homebuilding activities. If
    internally generated funds are not sufficient, we would seek
    additional capital in the form of equity or debt financing from
    a variety of potential sources, including additional bank
    financing
    <FONT style="white-space: nowrap">and/or</FONT>
    securities offerings. The amount and types of indebtedness which
    we may incur are limited by the terms of our existing debt. In
    addition, the availability of borrowed funds, especially for
    land acquisition and construction financing, may be greatly
    reduced nationally, and the lending community may require
    increased amounts of equity to be invested in a project by
    borrowers in connection with both new loans and the extension of
    existing loans. The credit and capital markets have recently
    experienced significant volatility. If we are required to seek
    additional financing to fund our operations, continued
    volatility in these markets may restrict our flexibility to
    access such financing. If we are not successful in obtaining
    sufficient capital to fund our planned capital and other
    expenditures, we may be unable to acquire land for our housing
    developments. Additionally, if we cannot obtain additional
    financing to fund the purchase of land under our option
    contracts, we may incur contractual penalties and fees.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    subject to extensive government regulation which could cause us
    to incur significant liabilities or restrict our business
    activities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Regulatory requirements could cause us to incur significant
    liabilities and operating expenses and could restrict our
    business activities. We are subject to local, state and federal
    statutes and rules regulating, among other things, certain
    developmental matters, building and site design, and matters
    concerning the protection of health and the environment. Our
    operating expenses may be increased by governmental regulations
    such as building permit allocation ordinances and impact and
    other fees and taxes, which may be imposed to defray the cost of
    providing certain governmental services and improvements. Other
    governmental regulations, such as building moratoriums and
    &#147;no growth&#148; or &#147;slow growth&#148; initiatives,
    which may be adopted in communities which have developed
    rapidly, may cause delays in new home communities or otherwise
    restrict our business activities resulting in reductions in our
    revenues. Any delay or refusal from government agencies to grant
    us necessary licenses, permits and approvals could have an
    adverse effect on our operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    incur additional operating expenses due to compliance programs
    or fines, penalties and remediation costs pertaining to
    environmental regulations within our markets.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are subject to a variety of local, state and federal
    statutes, ordinances, rules and regulations concerning the
    protection of health and the environment. The particular
    environmental laws which apply to any given community vary
    greatly according to the community site, the site&#146;s
    environmental conditions and the present and former use of the
    site. Environmental laws may result in delays, may cause us to
    implement time consuming and expensive compliance programs and
    may prohibit or severely restrict development in certain
    environmentally sensitive regions or areas. From time to time,
    the United States Environmental Protection Agency (EPA) and
    similar federal or state agencies review homebuilders&#146;
    compliance with environmental laws and may levy fines and
    penalties for failure to strictly comply with applicable
    environmental laws or impose additional requirements for future
    compliance as a result of past failures. Any such actions taken
    with respect to us may increase our costs. Further, we expect
    that increasingly stringent requirements will be imposed on
    homebuilders in the future. Environmental regulations can also
    have an adverse impact on the availability and price of certain
    raw materials such as lumber. Our communities in California are
    especially susceptible to restrictive government regulations and
    environmental laws.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    be subject to significant potential liabilities as a result of
    construction defect, product liability and warranty claims made
    against us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a homebuilder, we have been, and continue to be, subject to
    construction defect, product liability and home warranty claims,
    including moisture intrusion and related claims, arising in the
    ordinary course of business. These claims are common to the
    homebuilding industry and can be costly.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and certain of our subsidiaries have been, and continue to
    be, named as defendants in various construction defect claims,
    product liability claims, complaints and other legal actions
    that include claims related to Chinese drywall and moisture
    intrusion. As of September&#160;30, 2009, we had accrued
    $2.7&#160;million in our warranty reserves for the repair of
    less than 40 homes in southwest Florida where certain of our
    subcontractors installed defective Chinese drywall in homes that
    were delivered during our 2006 and 2007 fiscal years. We are
    inspecting additional homes in order to determine whether they
    also contain the defective Chinese drywall. The outcome of these
    inspections may require us to increase our warranty reserve in
    the future. However, the amount of additional liability, if any,
    is not reasonably estimable. Furthermore, plaintiffs may in
    certain of these legal proceedings seek class action status with
    potential class sizes that vary from case to case. Class action
    lawsuits can be costly to defend, and if we were to lose any
    certified class action suit, it could result in substantial
    liability for us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to certain general liability exposures, including
    construction defect, Chinese drywall and related claims and
    product liability, interpretation of underlying current and
    future trends, assessment of claims and the related liability
    and reserve estimation process is highly judgmental due to the
    complex nature of these exposures, with each exposure exhibiting
    unique circumstances. Furthermore, once claims are asserted for
    construction defects, it is difficult to determine the extent to
    which the assertion of these claims will expand geographically.
    Although we have obtained insurance for construction defect
    claims subject to applicable self-insurance retentions, such
    policies may not be available or adequate to cover any liability
    for damages, the cost of repairs,
    <FONT style="white-space: nowrap">and/or</FONT> the
    expense of litigation surrounding current claims, and future
    claims may arise out of events or circumstances not covered by
    insurance and not subject to effective indemnification
    agreements with our subcontractors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    operating expenses could increase if we are required to pay
    higher insurance premiums or litigation costs for various
    claims, which could cause our net income to
    decline.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The costs of insuring against construction defect, product
    liability and director and officer claims are high. This
    coverage may become more costly or more restricted in the future.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Increasingly in recent years, lawsuits (including class action
    lawsuits) have been filed against builders, asserting claims of
    personal injury and property damage. Our insurance may not cover
    all of the claims, including personal injury claims, or such
    coverage may become prohibitively expensive. If we are not able
    to obtain adequate insurance against these claims, we may
    experience losses that could reduce our net income and restrict
    our cash flow available to service debt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, builders have recovered from subcontractors and
    their insurance carriers a significant portion of the
    construction defect liabilities and costs of defense that the
    builders have incurred. Insurance coverage available to
    subcontractors for construction defects is becoming increasingly
    expensive, and the scope of coverage is restricted. If we cannot
    effectively recover from our subcontractors or their carriers,
    we may suffer greater losses which could decrease our net income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A builder&#146;s ability to recover against any available
    insurance policy depends upon the continued solvency and
    financial strength of the insurance carrier that issued the
    policy. Many of the states in which we build homes have lengthy
    statutes of limitations applicable to claims for construction
    defects. To the extent that any carrier providing insurance
    coverage to us or our subcontractors becomes insolvent or
    experiences financial difficulty in the future, we may be unable
    to recover on those policies, and our net income may decline.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We are
    dependent on the continued availability and satisfactory
    performance of our subcontractors, which, if unavailable, could
    have a material adverse effect on our business.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We conduct our construction operations only as a general
    contractor. Virtually all construction work is performed by
    unaffiliated third-party subcontractors. As a consequence, we
    depend on the continued availability of and satisfactory
    performance by these subcontractors for the construction of our
    homes. There may not be sufficient availability of and
    satisfactory performance by these unaffiliated third-party
    subcontractors in the markets in which we operate. In addition,
    inadequate subcontractor resources could have a material adverse
    effect on our business.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    experience fluctuations and variability in our operating results
    on a quarterly basis and, as a result, our historical
    performance may not be a meaningful indicator of future
    results.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our operating results in a future quarter or quarters may fall
    below expectations of securities analysts or investors and, as a
    result, the market value of our common stock will fluctuate. We
    historically have experienced, and expect to continue to
    experience, variability in home sales and net earnings on a
    quarterly basis. As a result of such variability, our historical
    performance may not be a meaningful indicator of future results.
    Our quarterly results of operations may continue to fluctuate in
    the future as a result of a variety of both national and local
    factors, including, among others:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the timing of home closings and land sales;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to continue to acquire additional land or secure
    option contracts to acquire land on acceptable terms;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    conditions of the real estate market in areas where we operate
    and of the general economy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    raw material and labor shortages;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    seasonal home buying patterns;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    other changes in operating expenses, including the cost of labor
    and raw materials, personnel and general economic conditions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    occurrence of natural disasters could increase our operating
    expenses and reduce our revenues and cash flows.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The climates and geology of many of the states in which we
    operate, including California, Florida, Georgia, North Carolina,
    South Carolina, Tennessee and Texas, present increased risks of
    natural disasters. To the extent that hurricanes, severe storms,
    earthquakes, droughts, floods, wildfires or other natural
    disasters or similar events occur, our homes under construction
    or our building lots in such states could be damaged or
    destroyed, which may result in losses exceeding our insurance
    coverage. Any of these events could increase our operating
    expenses, impair our cash flows and reduce our revenues, which
    could, in turn, negatively affect the market price of our
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Future
    terrorist attacks against the United States or increased
    domestic or international instability could have an adverse
    effect on our operations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Adverse developments in the war on terrorism, future terrorist
    attacks against the United States, or any outbreak or escalation
    of hostilities between the United States and any foreign power,
    including the armed conflict in Iraq, may cause disruption to
    the economy, our Company, our employees and our customers, which
    could adversely affect our revenues, operating expenses, and
    financial condition.
</DIV>
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    <B><FONT style="font-family: 'Times New Roman', Times">Risks
    Related to the notes, the Offering and the Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Our
    substantial indebtedness could adversely affect our ability to
    raise additional capital to fund our operations, limit our
    ability to react to changes in the economy or our industry and
    prevent us from making debt service payments.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a highly leveraged company. As of September&#160;30,
    2009, after giving effect to the offering of our
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Mandatory Convertible Subordinated Notes due 2013 and the
    redemption of our
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2011, we had approximately $1.43&#160;billion
    aggregate principal amount of outstanding indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our substantial indebtedness could:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit our ability to borrow money for our working capital,
    capital expenditures, development projects, debt service
    requirements, strategic initiatives or other purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make it more difficult for us to satisfy our obligations with
    respect to our indebtedness, and any failure to comply with the
    obligations of any of our debt instruments, including
    restrictive covenants and borrowing conditions, could result in
    an event of default under the agreements governing our
    indebtedness;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    require us to dedicate a substantial portion of our cash flow
    from operations to the repayment of our indebtedness thereby
    reducing funds available to us for other purposes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit our flexibility in planning for, or reacting to, changes
    in our operations or business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make us more highly leveraged than some of our competitors,
    which may place us at a competitive disadvantage;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make us more vulnerable to downturns in our business or the
    economy;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    restrict us from making strategic acquisitions, developing new
    gaming facilities, introducing new technologies or exploiting
    business opportunities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    limit, along with the financial and other restrictive covenants
    in our indebtedness, among other things, our ability to borrow
    additional funds or dispose of assets;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    result in an event of default if we fail to satisfy our
    obligations under the notes or other debt or fail to comply with
    the financial and other restrictive covenants contained in any
    indenture or our revolving credit facility, which event of
    default could result in all of our debt becoming due and payable
    and could permit our lenders to foreclose on the assets securing
    such debt.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, our interest expense could increase if interest
    rates increase because certain of our debt is variable-rate debt.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Despite
    our substantial indebtedness, we may still be able to incur
    significantly more debt. This could intensify the risks
    described herein.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We and our subsidiaries may be able to incur substantial
    indebtedness in the future. Although the terms of the agreements
    governing our indebtedness contain restrictions on our ability
    to incur additional indebtedness, these restrictions are subject
    to a number of important qualifications and exceptions, and the
    indebtedness incurred in compliance with these restrictions
    could be substantial. If we incur any additional secured debt
    that ranks equally with the notes offered hereby, the holders of
    that debt will be entitled to share ratably with the holders of
    these notes in any proceeds distributed in connection with any
    bankruptcy, liquidation, reorganization or similar proceedings.
    This may have the effect of reducing the amount of proceeds to
    you. If new debt is added to our current debt levels, the
    related risks that we now face could intensify.
</DIV>
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to generate sufficient cash to service all of our
    indebtedness, and may be forced to take other actions to satisfy
    our obligations under our indebtedness that may not be
    successful.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our ability to satisfy our debt obligations will depend upon,
    among other things: our future financial and operating
    performance, which will be affected by prevailing economic
    conditions and financial, business, regulatory and other
    factors, many of which are beyond our control. In addition, as
    of September&#160;30, 2009, $985.7&#160;million of our existing
    senior notes and $154.5&#160;million of our existing senior
    convertible notes had a maturity date (or put right) earlier
    than the maturity date of the notes offered hereby, and we will
    be required to repay or refinance such indebtedness prior to
    when the notes offered hereby come due.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We cannot assure you that our business will generate cash flow
    from operations in an amount sufficient to fund our liquidity
    needs. If our cash flows and capital resources are insufficient
    to service our indebtedness, we may be forced to reduce or delay
    capital expenditures, sell assets, seek additional capital or
    restructure or refinance our indebtedness, including the notes.
    These alternative measures may not be successful and may not
    permit us to meet our scheduled debt service obligations. Our
    ability to restructure or refinance our debt will depend on the
    condition of the capital markets and our financial condition at
    such time. Any refinancing of our debt could be at higher
    interest rates and may require us to comply with more onerous
    covenants, which could further restrict our business operations.
    In addition, the terms of existing or future debt agreements may
    restrict us from adopting some of these alternatives. In the
    absence of such operating results and resources, we could face
    substantial liquidity problems and might be required to dispose
    of material assets or operations to meet our debt service and
    other obligations. We may not be able to consummate those
    dispositions for fair market value or at all. Furthermore, any
    proceeds that we could realize from any such dispositions may
    not be adequate to meet our debt service obligations then due.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Repayment
    of our debt, including required principal and interest payments
    on the notes, is dependent in part on cash flow generated by our
    subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our subsidiaries own a significant portion of our assets and
    conduct a significant portion of our operations. Accordingly,
    repayment of our indebtedness, including the notes, is
    dependent, to a significant extent, on the generation of cash
    flow by our subsidiaries and their ability to make such cash
    available to us, by dividend, debt repayment or otherwise. Our
    subsidiaries may not be able to, or may not be permitted to,
    make distributions to enable us to make payments in respect of
    our indebtedness, including the notes. Each subsidiary is a
    distinct legal entity with no obligation to provide us with
    funds for our repayment obligations, and, under certain
    circumstances, legal and contractual restrictions may limit our
    ability to obtain cash from our subsidiaries. While the
    indenture governing the notes limits the ability of our
    subsidiaries to incur consensual restrictions on their ability
    to pay dividends or make other intercompany payments to us,
    these limitations are subject to certain qualifications and
    exceptions. In the event that we do not receive distributions
    from our subsidiaries, we may be unable to make required
    principal and interest payments on our indebtedness, including
    the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If we
    default on our obligations to pay our other indebtedness, we may
    not be able to make payments on the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any default under the agreements governing our indebtedness that
    is not waived by the required lenders, and the remedies sought
    by the holders of such indebtedness, could leave us unable to
    pay principal, premium, if any, or interest on the notes and
    could substantially decrease the market value of the notes. If
    we are unable to generate sufficient cash flow and are otherwise
    unable to obtain funds necessary to meet required payments of
    principal, premium, if any, or interest on our indebtedness, or
    if we otherwise fail to comply with the various covenants,
    including financial and operating covenants, in the instruments
    governing our indebtedness, we could be in default under the
    terms of the agreements governing such indebtedness. In the
    event of such default, the holders of such indebtedness could
    elect to declare all the funds borrowed thereunder to be due and
    payable, together with accrued and unpaid interest, the lenders
    under our revolving credit facility could elect to terminate
    their commitments, cease making further letters of credit or
    loans available and institute foreclosure proceedings against
    our assets, and we could be forced into bankruptcy or
    liquidation.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If our operating performance declines, we may in the future need
    to seek waivers from the required lenders under our revolving
    credit facility to avoid being in default. If we breach our
    covenants under the revolving credit facility and seek a waiver,
    we may not be able to obtain a waiver from the required lenders.
    If this occurs, we would be in default under our revolving
    credit facility, the lenders could exercise their rights as
    described above, and we could be forced into bankruptcy or
    liquidation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    other secured indebtedness, including any obligations under our
    revolving credit facility, will be effectively senior to the
    notes to the extent of the value of the
    collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our revolving credit facility will initially be collateralized
    by a first-priority lien on the collateral. In addition, the
    indenture governing the notes permits us to incur additional
    indebtedness secured on a first-priority basis by the collateral
    in the future up to an aggregate amount equal to 15% of our
    consolidated tangible assets. The first-priority liens in the
    collateral are higher in priority as to the collateral than the
    second-priority liens securing the notes and the Guarantees. The
    notes and the related Guarantees are secured, subject to
    permitted liens, by a second-priority lien on the collateral. As
    a result, upon any distribution to our creditors, liquidation,
    reorganization or similar proceedings, or following acceleration
    of any of our indebtedness or an event of default under our
    indebtedness and enforcement of the collateral, holders of the
    indebtedness under our revolving credit facility and any other
    indebtedness collateralized by a first-priority lien in the
    collateral are entitled to receive proceeds from the realization
    of value of the collateral to repay such indebtedness in full
    before the holders of the notes are entitled to any recovery
    from such collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Accordingly, holders of the notes are only entitled to receive
    proceeds from the realization of value of the collateral after
    all indebtedness and other obligations under our revolving
    credit facility and any other obligations secured by
    first-priority liens on the collateral are repaid in full. As a
    result, the notes are effectively junior in right of payment to
    indebtedness under our revolving credit facility and any other
    indebtedness collateralized by a first priority lien in the
    collateral, to the extent of the realizable value of such
    collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the collateral securing the notes is subject to
    liens permitted under the terms of the indenture governing the
    notes and the intercreditor agreement, whether arising on or
    after the date notes are issued. The existence of any permitted
    liens could adversely affect the value of the collateral
    securing the notes as well as the ability of the collateral
    agent to realize or foreclose on such collateral.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    notes are structurally subordinated to all liabilities of our
    subsidiaries that are not guarantors.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes are structurally subordinated to indebtedness and
    other liabilities of our non-guarantor subsidiaries and joint
    ventures, and the claims of creditors of these subsidiaries and
    joint ventures, including trade creditors, have priority as to
    the assets of these subsidiaries and joint ventures. In the
    event of a bankruptcy, liquidation, reorganization or similar
    proceeding of any non-guarantor subsidiaries and joint ventures,
    these entities will pay the holders of their debts, holders of
    preferred equity interests and their trade creditors before they
    will be able to distribute any of their assets to us. As of
    September&#160;30, 2009, our non-guarantor subsidiaries had
    liabilities (excluding intercompany liabilities) of
    $5.9&#160;million. In addition, the indenture governing the
    notes permits, subject to certain limitations, these
    subsidiaries and joint ventures to incur additional indebtedness
    and does not contain any limitation on the amount of other
    liabilities, such as trade payables, that may be incurred by
    these entities. See note&#160;15 to the audited consolidated
    financial statements for the year ended September&#160;30, 2009
    incorporated by reference in this prospectus for financial
    information regarding our non-guarantor subsidiaries.
</DIV>
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    <BR>
    22
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    indenture governing the notes and our revolving credit facility
    contain significant operating and financial restrictions which
    may limit our and our subsidiary guarantors&#146; ability to
    operate our and their businesses.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture governing the notes and our revolving credit
    facility contain significant operating and financial
    restrictions on us and our subsidiaries. These restrictions
    limit our and our subsidiaries&#146; ability to, among other
    things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    incur additional indebtedness or issue certain preferred shares;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    create liens on certain assets to secure debt;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pay dividends or make other equity distributions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchase or redeem capital stock;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    make certain investments;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    sell assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    agree to restrictions on the ability of restricted subsidiaries
    to make payments to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consolidate, merge, sell or otherwise dispose of all or
    substantially all of our assets;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    engage in transactions with affiliates.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These restrictions could limit our and our subsidiaries&#146;
    ability to finance our and their future operations or capital
    needs, make acquisitions or pursue available business
    opportunities. In addition, our revolving credit facility
    requires us to maintain specified financial ratios and to
    satisfy certain financial covenants. We may be required to take
    action to reduce our debt or act in a manner contrary to our
    business objectives to meet these ratios and satisfy these
    covenants. Events beyond our control, including changes in
    economic and business conditions in the markets in which we
    operate, may affect our ability to do so. We may not be able to
    meet these ratios or satisfy these covenants and we cannot
    assure you that the lender under our revolving credit facility
    will waive any failure to do so. A breach of any of the
    covenants in, or our inability to maintain the required
    financial ratios under, our debt could result in a default under
    such debt, which could lead to that debt becoming immediately
    due and payable and, if such debt is secured, foreclosure on our
    assets that secure that obligation. A default under a debt
    instrument could, in turn, result in default under other
    obligations and result in other creditors accelerating the
    payment of other obligations and foreclosing on assets securing
    such debt, if any. Any such defaults could materially impair our
    financial conditions and liquidity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mortgages
    are in place on only some of the real property securing the
    notes. We expect that some of our properties will continue to be
    unencumbered by a mortgage as of the closing date of the
    exchange offer. Any issues that we are not able to resolve in
    connection with the issuance of such mortgages may impact the
    value of the collateral. Delivery of such mortgages after the
    issue date of the original notes increases the risk that the
    liens granted by those mortgages could be avoided. In addition,
    the holders of the notes will not have the benefit of title
    insurance with respect to all of the real property
    collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mortgages are in place on only some of the real property
    securing the notes. We expect that some of our properties will
    continue to be unencumbered by a mortgage as of the closing date
    of the exchange offer. We have agreed to put such mortgages in
    place on the real properties already pledged to the lenders
    under our revolving credit facility within 60&#160;days
    following the issue date of the original notes and, with respect
    to real properties not currently pledged to the lenders under
    our revolving credit facility, within 90&#160;days following the
    issue date of the original notes, as each such date may be
    extended by up to 60&#160;days by the collateral agent under the
    revolving credit facility in its sole reasonable discretion. We
    are only required to put mortgages in place with respect to 80%
    of each category of real properties by these dates (based on the
    book value thereof as of September&#160;30, 2009). We are
    required to put the remaining mortgages in place as soon as
    commercially reasonable. If we are unable to obtain a mortgage,
    the value of the collateral securing the notes will be reduced.
</DIV>
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    <BR>
    23
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we or any guarantor were to become subject to a bankruptcy
    proceeding, any mortgage delivered more than 30&#160;days after
    the issue date of the original notes would face a greater risk
    of being avoided than if we had delivered it at such issue date.
    Any mortgage delivered more than 30&#160;days after the issue
    date of the original notes may be treated under bankruptcy law
    as if it were delivered to secure previously existing debt and
    it would not relate back to such issue date. Such a mortgage is
    more likely to be avoided as a preference by the bankruptcy
    court than if the mortgage were delivered and promptly recorded
    at or within 30&#160;days of the time of the issue date of the
    original notes. To the extent that the grant of any such
    mortgage is avoided as a preference, you would lose the benefit
    of the security interest in the core project that the mortgage
    was intended to provide.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we are not required to obtain title insurance on
    real properties unless otherwise required to do so under our
    revolving credit facility. In cases where we are required to
    obtain title insurance with respect to any real property
    collateral under our revolving credit facility, we may satisfy
    our obligations under the notes by delivery of title insurance
    with respect to such real property collateral in an aggregate
    amount of coverage limited to the aggregate principal amount of
    the notes, which coverage may be allocated to the properties pro
    rata based on their respective values (or we may deliver other
    title insurance coverage pursuant to other arrangements that
    would be commercially reasonable under the circumstances). See
    &#147;Description of the Notes&#160;&#151; Security&#160;&#151;
    Further Assurances.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    are certain categories of property that are excluded from the
    collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain categories of assets are excluded from the collateral.
    For example, the collateral will not include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    pledges of stock of subsidiaries or other affiliates;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real or personal property where the cost of obtaining a security
    interest or perfection thereof exceeds its benefits;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real property subject to a lien securing indebtedness incurred
    for the purpose of financing the acquisition thereof;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real property located outside of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    unentitled land;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real property which is leased or held for the purpose of leasing
    to unaffiliated third parties;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any real property in a community under development with a dollar
    amount of investment as of the most recent month-end (determined
    in accordance with GAAP) of less than $2.0&#160;million or with
    less than 10 lots remaining;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    up to $50.0&#160;million of assets received in certain asset
    dispositions or asset swaps or exchanges made in accordance with
    the indenture;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    assets with respect to which any applicable law or contract
    prohibits the creation or perfection of security interests
    therein.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we and the guarantors are not required to execute
    or deliver any control agreements with respect to any deposit
    account or securities account. See &#147;Description of the
    Notes &#151;&#160;Security.&#148; If an event of default occurs
    and the notes are accelerated, the notes and the Guarantees will
    rank equally with the holders of other unsubordinated and
    unsecured indebtedness of the relevant entity with respect to
    such excluded property.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    lien ranking provisions of the intercreditor agreement limit the
    rights of holders of the notes with respect to the collateral,
    even during an event of default.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The rights of the holders of the notes with respect to the
    collateral are substantially limited by the terms of the lien
    ranking agreements set forth in the intercreditor agreement,
    even during an event of default. Under the intercreditor
    agreement, at any time that obligations having the benefit of
    higher priority liens on collateral are outstanding, any actions
    that may be taken with respect to (or in respect of) such
    collateral, including the
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    ability to cause the commencement of enforcement proceedings
    against such collateral and to control the conduct of such
    proceedings, and the approval of amendments to, releases of such
    collateral from the lien of, and waivers of past defaults under,
    such documents relating to such collateral, are at the direction
    of the holders of the obligations secured by the first-priority
    liens, and the holders of the notes secured by lower priority
    liens may be adversely affected. See &#147;Description of the
    Notes&#160;&#151; Security&#148; and &#147;Description of the
    Notes&#160;&#151; Amendment, Supplement and Waiver.&#148; In the
    event the holders of the indebtedness secured by first-priority
    liens decide not to proceed against the collateral, the only
    remedy available to the holders of the notes would be to sue for
    payment on the notes and the related Guarantees. The
    intercreditor agreement contains certain provisions benefiting
    holders of indebtedness under our revolving credit facility and
    our future first lien debt, including provisions prohibiting the
    trustee and the notes collateral agent from objecting following
    the filing of a bankruptcy petition to a number of important
    matters regarding the collateral and the financing to be
    provided to us. After such filing, the value of this collateral
    could materially deteriorate and holders of the notes would be
    unable to raise an objection. In addition, the right of holders
    of obligations secured by first priority liens to foreclose upon
    and sell such collateral upon the occurrence of an event of
    default also would be subject to limitations under applicable
    bankruptcy laws if we or any of our subsidiaries become subject
    to a bankruptcy proceeding.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    value of the collateral securing the notes may not be sufficient
    to satisfy our obligations under the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No appraisal of the value of the collateral was made in
    connection with this exchange offer. The fair market value of
    the collateral is subject to fluctuations based on factors that
    include, among others, the condition of the homebuilding
    industry, our ability to implement our business strategy, the
    ability to sell the collateral in an orderly sale, general
    economic conditions and similar factors. The amount to be
    received upon a sale of the collateral would be dependent on
    numerous factors, including, but not limited to, the actual fair
    market value of the collateral at such time, the timing and the
    manner of the sale and the availability of buyers. By its
    nature, portions of the collateral may be illiquid and may have
    no readily ascertainable market value. In the event of a
    foreclosure, liquidation, bankruptcy or similar proceeding, the
    collateral may not be sold in a timely or orderly manner and the
    proceeds from any sale or liquidation of this collateral may not
    be sufficient to pay our obligations under the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the extent that pre-existing liens, liens permitted under the
    indenture and other rights, including liens on excluded assets,
    such as those securing purchase money obligations and capital
    lease obligations granted to other parties (in addition to the
    holders of obligations secured by first-priority liens),
    encumber any of the collateral securing the notes and the
    Guarantees, those parties have or may exercise rights and
    remedies with respect to the collateral that could adversely
    affect the value of the collateral and the ability of the notes
    collateral agent, the trustee under the indenture or the holders
    of the notes to realize or foreclose on the collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the indenture governing the notes permits us to
    issue additional secured debt, including debt secured equally
    and ratably by the collateral. This would reduce amounts payable
    to holders of the notes from the proceeds of any sale of the
    collateral and thereby dilute their rights to the collateral.
    There may not be sufficient collateral to pay off any additional
    obligations under our revolving credit facility or any
    additional notes we may issue together with the notes offered
    hereby. Consequently, in the event of our, or our subsidiary
    guarantors&#146;, bankruptcy, insolvency, liquidation,
    dissolution, reorganization, or similar proceeding, liquidating
    the collateral securing the notes and the Guarantees may not
    result in proceeds in an amount sufficient to pay any amounts
    due under the notes after also satisfying the obligations to pay
    any creditors with prior liens. If the proceeds of any sale of
    collateral are not sufficient to repay all amounts due on the
    notes, the holders of the notes (to the extent not repaid from
    the proceeds of the sale of the collateral) would have only an
    unsecured, unsubordinated claim against our and the subsidiary
    guarantors&#146; remaining assets.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We
    have control over most of the collateral, and the sale of
    particular assets by us could reduce the pool of assets securing
    the notes and the guarantees.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The collateral documents allow us to remain in possession of,
    retain exclusive control over, freely operate, and collect,
    invest and dispose of any income from, the collateral securing
    the notes and the guarantees.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we are not required to comply with all or any
    portion of Section&#160;314(d) of the Trust&#160;Indenture Act
    of 1939, as amended, if we determine, in good faith based on
    advice of counsel, that, under the terms of that Section
    <FONT style="white-space: nowrap">and/or</FONT> any
    interpretation or guidance as to the meaning thereof of the SEC
    and its staff, including &#147;no action&#148; letters or
    exemptive orders, all or such portion of Section&#160;314(d) of
    the Trust&#160;Indenture Act is inapplicable to the released
    collateral. For example, so long as no default or event of
    default under the indenture would result therefrom and such
    transaction would not violate the Trust&#160;Indenture Act, we
    may, among other things, without any release or consent by the
    indenture trustee, conduct ordinary course activities with
    respect to collateral, such as selling, factoring, abandoning or
    otherwise disposing of collateral and making ordinary course
    cash payments (including repayments of indebtedness). With
    respect to such releases, we must deliver to the notes
    collateral agent, from time to time, an officer&#146;s
    certificate to the effect that all releases and withdrawals
    during the preceding six-month period in which no release or
    consent of the notes collateral agent was obtained in the
    ordinary course of our business were not prohibited by the
    indenture. See &#147;Description of the Notes.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    are circumstances other than repayment or discharge of the notes
    under which the collateral securing the notes and Guarantees
    will be released automatically, without your consent or the
    consent of the trustee.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under various circumstances, all or a portion of the collateral
    may be released, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to enable the sale, transfer or other disposal of such
    collateral in a transaction not prohibited under the indenture
    or the revolving credit facility, including the sale of any
    entity in its entirety that owns or holds such
    collateral;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    with respect to collateral held by a guarantor, upon the release
    of such guarantor from its Guarantee.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, upon the release of collateral securing first
    priority obligations in connection with foreclosure of or other
    exercise of remedy with respect to such collateral, such
    collateral shall, subject to the intercreditor agreement,
    automatically be released and shall no longer secure the notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Guarantee of a subsidiary guarantor will be
    released in connection with a sale of such subsidiary guarantor
    in a transaction not prohibited by the indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indenture will also permit us to designate one or more of
    our restricted subsidiaries that is a guarantor of the notes as
    an unrestricted subsidiary. If we designate a subsidiary
    guarantor as an unrestricted subsidiary, all of the liens on any
    collateral owned by such subsidiary or any of its subsidiaries
    and any guarantees of the notes by such subsidiary or any of its
    subsidiaries will be released under the indenture but, under
    certain circumstances, not under the revolving credit facility.
    Designation of an unrestricted subsidiary will reduce the
    aggregate value of the collateral securing the notes to the
    extent that liens on the assets of the unrestricted subsidiary
    and its subsidiaries are released. In addition, the creditors of
    the unrestricted subsidiary and its subsidiaries will have a
    senior claim on the assets of such unrestricted subsidiary and
    its subsidiaries. See &#147;Description of the Notes.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    collateral is subject to casualty risks.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We intend to maintain insurance or otherwise insure against
    hazards in a manner appropriate and customary for our business.
    There are, however, certain losses that may be either
    uninsurable or not economically insurable, in whole or in part.
    Insurance proceeds may not compensate us fully for our losses.
    If there is a complete or partial loss of any of the pledged
    collateral, the insurance proceeds may not be sufficient to
    satisfy all of the secured obligations, including the notes and
    the Guarantees.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    and state environmental laws may decrease the value of the
    collateral securing the notes and may result in you being liable
    for environmental cleanup costs at our facilities.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes and Guarantees are secured by liens on real property
    that may be subject to both known and unforeseen environmental
    risks, and these risks may reduce or eliminate the value of the
    real property pledged as collateral for the notes or adversely
    affect the ability of the debtor to repay the notes. See
    &#147;Risk Factors&#160;&#151; Risks Related to Our
    Company&#160;&#151; We may incur additional operating expenses
    due to compliance programs or fines, penalties and remediation
    costs pertaining to environmental regulations within our
    markets.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Moreover, under some federal and state environmental laws, a
    secured lender may in some situations become subject to its
    debtor&#146;s environmental liabilities, including liabilities
    arising out of contamination at or from the debtor&#146;s
    properties. Such liability can arise before foreclosure, if the
    secured lender becomes sufficiently involved in the management
    of the affected facility. Similarly, when a secured lender
    forecloses and takes title to a contaminated facility or
    property, the lender could become subject to such liabilities,
    depending on the circumstances. Before taking some actions, the
    collateral agent for the notes may request that you provide for
    its reimbursement for any of its costs, expenses and
    liabilities. Cleanup costs could become a liability of the
    collateral agent for the notes, and, if you agreed to provide
    for the collateral agent&#146;s costs, expenses and liabilities,
    you could be required to help repay those costs. You may agree
    to indemnify the collateral agent for the notes for its costs,
    expenses and liabilities before you or the collateral agent
    knows what those amounts ultimately will be. If you agreed to
    this indemnification without sufficient limitations, you could
    be required to pay the collateral agent an amount that is
    greater than the amount you paid for the notes. In addition,
    rather than acting through the collateral agent, you may in some
    circumstances act directly to pursue a remedy under the
    indenture. If you exercise that right, you could be considered
    to be a lender and be subject to the risks discussed above.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    rights of holders of notes to the collateral securing the notes
    may be adversely affected by the failure to perfect security
    interests in the collateral and other issues generally
    associated with the realization of security interests in
    collateral.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Applicable law requires that a security interest in certain
    tangible and intangible assets can only be properly perfected
    and its priority retained through certain actions undertaken by
    the secured party. The liens in the collateral securing the
    notes may not be perfected with respect to the claims of notes
    if the notes collateral agent has not or is not able to take the
    actions necessary to perfect any of these liens. In addition,
    applicable law requires that certain property and rights
    acquired after the grant of a general security interest, such as
    real property, can only be perfected at the time such property
    and rights are acquired and identified and additional steps to
    perfect in such property and rights are taken. We and the
    guarantors have limited obligations to perfect the security
    interest of the holders of notes in specified collateral. There
    can be no assurance that the trustee or the notes collateral
    agent for the notes will monitor, or that we will inform such
    trustee or notes collateral agent of, the future acquisition of
    property and rights that constitute collateral, and that the
    necessary action will be taken to properly perfect the security
    interest in such after-acquired collateral. The notes collateral
    agent for the notes has no obligation to monitor the acquisition
    of additional property or rights that constitute collateral or
    the perfection of any security interest. Such failure may result
    in the loss of the security interest in the collateral or the
    priority of the security interest in favor of notes against
    third parties. In addition, the security interest of the notes
    collateral agent will be subject to practical challenges
    generally associated with the realization of security interests
    in collateral. For example, the notes collateral agent may need
    to obtain the consent of third parties and make additional
    filings to obtain or enforce a security interest. If the notes
    collateral agent is unable to obtain these consents or make
    these filings, the security interests may be invalid and the
    holders will not be entitled to the collateral or any recovery
    with respect thereto. We cannot assure you that the notes
    collateral agent will be able to obtain any such consent. We
    also cannot assure you that the consents of any third parties
    will be given when required to facilitate a foreclosure on such
    assets. Accordingly, the notes collateral agent may not have the
    ability to foreclose upon those assets and the value of the
    collateral may significantly decrease.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">In the
    event of our bankruptcy, the ability of the holders of the notes
    to realize upon the collateral will be subject to certain
    bankruptcy law limitations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The ability of holders of the notes to realize upon the
    collateral will be subject to certain bankruptcy law limitations
    in the event of our bankruptcy. Under applicable
    U.S.&#160;federal bankruptcy laws, secured creditors are
    prohibited from, among other things, repossessing their security
    from a debtor in a bankruptcy case without bankruptcy court
    approval and may be prohibited from retaining security
    repossessed by such creditor prior to bankruptcy without
    bankruptcy court approval. Moreover, applicable federal
    bankruptcy laws generally permit the debtor to continue to use
    collateral, including cash collateral, even though the debtor is
    in default under the applicable debt instruments, provided that
    the secured creditor receives &#147;adequate protection for the
    interest in the collateral.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The secured creditor is entitled to &#147;adequate
    protection&#148; to protect the value of the secured
    creditor&#146;s interest in the collateral as of the
    commencement of the bankruptcy case, but the adequate protection
    actually provided to a secured creditor may vary according to
    the circumstances. Adequate protection may include an equity
    cushion (i.e., the fair market value of the collateral exceeds
    the amount of the obligations owed to the secured creditors),
    cash payments or the granting of additional security if and at
    such times as the court, in its discretion and at the request of
    such creditor (other than with respect to cash collateral, for
    which adequate protection must be provided before it can be
    used), determines after notice and a hearing that the collateral
    has diminished or may be diminished in value as a result of the
    imposition of the automatic stay of repossession of such
    collateral or the debtor&#146;s use, sale or lease of such
    collateral during the pendency of the bankruptcy case. In view
    of the lack of a precise definition of the term &#147;adequate
    protection&#148; and the broad discretionary powers of a
    U.S.&#160;bankruptcy court, we cannot predict whether or when
    the trustee under the indenture for the notes could foreclose
    upon or sell the collateral or whether or to what extent holders
    of notes would be compensated for any delay in payment or loss
    of value of the collateral through the requirement of
    &#147;adequate protection.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">In the
    event of a bankruptcy of us or any of the guarantors, holders of
    the notes may be deemed to have an unsecured claim to the extent
    that our obligations in respect of the notes exceed the fair
    market value of the collateral securing the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In any bankruptcy proceeding with respect to us or any of the
    guarantors, it is possible that the bankruptcy trustee, the
    <FONT style="white-space: nowrap">debtor-in-possession</FONT>
    or competing creditors will assert that the fair market value of
    the collateral with respect to the notes on the date of the
    bankruptcy filing was less than the then-current principal
    amount and accrued and unpaid interest of the notes. Upon a
    finding by the bankruptcy court that the notes are
    under-collateralized, the claims in the bankruptcy proceeding
    with respect to the notes would be bifurcated between a secured
    claim in an amount equal to the value of the collateral and an
    unsecured claim with respect to the remainder of its claim which
    would not be entitled to the benefits of security in the
    collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Other consequences of a finding of under-collateralization would
    be, among other things, a lack of entitlement on the part of the
    notes to receive post-petition interest and a lack of
    entitlement on the part of the unsecured portion of the notes to
    receive &#147;adequate protection&#148; under federal bankruptcy
    laws. In addition, if any payments of post-petition interest had
    been made at any time prior to such a finding of
    under-collateralization, those payments could be recharacterized
    by the bankruptcy court as a reduction of the principal amount
    of the secured claim with respect to the notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Federal
    and state statutes allow courts, under specific circumstances,
    to void a guarantor&#146;s Guarantee and pledge securing such
    Guarantee and require Note holders to return payments received
    in respect thereof.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any guarantor becomes a debtor in a case under the
    U.S.&#160;Bankruptcy Code or encounters other financial
    difficulty, under federal or state fraudulent transfer law, a
    court may void, subordinate or otherwise decline to enforce such
    guarantor&#146;s Guarantee or such guarantor&#146;s pledge of
    assets securing the guarantee. A court might do so if it found
    that when such guarantor issued the Guarantee or one or more of
    the guarantors made its
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    pledge, or in some states when payments became due under the
    Guarantee, the guarantors received less than reasonably
    equivalent value or fair consideration and:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    was insolvent or rendered insolvent by reason of such incurrence;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    was left with inadequate capital to conduct its business;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    believed or reasonably should have believed that it would incur
    debts beyond its ability to pay.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The court might also void a Guarantee or a related pledge by a
    guarantor, without regard to the above factors, if the court
    found that the applicable guarantor made its pledge (or
    guarantee, if applicable) with actual intent to hinder, delay or
    defraud its creditors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A court would likely find that a guarantor did not receive
    reasonably equivalent value or fair consideration for its
    Guarantee or its pledge securing the Guarantee, if such
    guarantor did not substantially benefit directly or indirectly
    from the issuance of the notes. If a court were to void the
    issuance of the notes or any pledge (or Guarantee, if
    applicable) you may no longer have any claim directly against
    the applicable guarantor. Sufficient funds to repay the notes
    may not be available from other sources, including the remaining
    obligors, if any. In addition, the court might direct you to
    repay any amounts that you already received from a guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The measures of insolvency for purposes of these fraudulent
    transfer laws will vary depending upon the law applied in any
    proceeding to determine whether a fraudulent transfer has
    occurred and upon the valuation assumptions and methodology
    applied by the court. Generally, however, a guarantor would be
    considered insolvent if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the sum of its debts, including contingent liabilities, was
    greater than the fair saleable value of all of its assets;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if the present fair saleable value of its assets was less than
    the amount that would be required to pay its probable liability
    on its existing debts, including contingent liabilities, as they
    become absolute and mature;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it could not pay its debts as they become due.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On the basis of historical financial information, recent
    operating history and other factors, we believe that each
    guarantor, after giving effect to its Guarantee and related
    pledge and rights of contribution it has against other
    guarantors, will not be insolvent, will not have unreasonably
    small capital for the business in which it is engaged and will
    not have incurred debts beyond its ability to pay such debts as
    they mature. We cannot assure you, however, as to what standard
    a court would apply in making these determinations or that a
    court would agree with our conclusions in this regard. The
    Guarantees could be subject to the claim that, since the
    Guarantees and grant of security were incurred for our benefit,
    and only indirectly for the benefit of the other guarantors, the
    obligations of the guarantors thereunder were incurred for less
    than reasonably equivalent value or fair consideration.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Certain
    of our subsidiaries are not subject to the restrictive covenants
    in the indenture governing the notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain of our subsidiaries are not subject to the restrictive
    covenants in the indenture governing the notes. This means that
    these entities are able to engage in many of the activities that
    we and our restricted subsidiaries are prohibited from doing,
    such as incurring substantial additional debt, securing assets
    in priority to the claims of the holders of the notes, paying
    dividends, making investments, selling substantial assets and
    entering into mergers or other business combinations. These
    actions could be detrimental to our ability to make payments of
    principal and interest when due and to comply with our other
    obligations under the notes, and could reduce the amount of our
    assets that would be available to satisfy your claims should we
    default on the notes. In addition, the initiation of bankruptcy
    or insolvency proceedings or the entering of a judgment against
    these subsidiaries, or their default under their other credit
    arrangements, will not result in a cross-default on the notes.
</DIV>
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    <BR>
    29
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">We may
    not be able to repurchase the notes upon a change of
    control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the occurrence of certain specific kinds of change of
    control events, we will be required to offer to repurchase all
    outstanding notes at 101% of the principal amount thereof plus,
    without duplication, accrued and unpaid interest and additional
    interest, if any, to the date of repurchase. However, it is
    possible that we will not have sufficient funds at the time of
    the change of control to make the required repurchase of all
    notes delivered by holders seeking to exercise their repurchase
    rights, particularly as that change of control may trigger a
    similar repurchase requirement for, or result in an event of
    default under or the acceleration of, other indebtedness, or
    that restrictions in our revolving credit facility will not
    allow such repurchases. Any failure by us to repurchase the
    notes upon a change of control would result in an event of
    default under the indenture and may also constitute a
    cross-default on other indebtedness existing at that time. In
    addition, certain important corporate events, such as leveraged
    recapitalizations that would increase the level of our
    indebtedness, would not constitute a &#147;Change of
    Control&#148; under the indenture. See &#147;Description of the
    Notes&#160;&#151; Certain Covenants&#160;&#151; Change of
    Control.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    liens granted by us and certain of our existing and future
    subsidiaries on substantially all of their assets, subject to
    certain exceptions, which secure the notes, may prevent us from
    obtaining additional financing in the future or make the terms
    of securing such additional financing more onerous to
    us.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The notes are secured by liens, which have been granted by us
    and certain of our existing and future subsidiaries, on
    substantially all of the assets of such existing and future
    subsidiaries, subject to certain exceptions. While the terms or
    availability of additional capital is always uncertain, should
    we need to obtain additional financing in the future, because of
    the liens on such assets, it may be even more difficult for us
    to do so. Lenders from whom, in the future, we may seek to
    obtain additional financing may be reluctant to loan us funds
    due to their inability to collateralize all of our assets.
    Alternatively, if we are able to raise additional financing in
    the future, the terms of any such financing may be onerous to
    us. This potential inability to obtain borrowings or our
    obtaining borrowings on unfavorable terms could negatively
    impact our operations and impair our ability to maintain
    sufficient working capital.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    market value of the notes may be exposed to substantial
    volatility.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A number of factors, including factors specific to us and our
    business, financial condition and liquidity, the price of our
    common stock, economic and financial market conditions, interest
    rates, unavailability of capital and financing sources,
    volatility levels and other factors could lead to a decline in
    the value of the notes and a lack of liquidity in any market for
    the notes. Our existing senior notes, including the original
    notes, are thinly traded, and because the new notes similarly
    may be thinly traded, it may be difficult to sell or accurately
    value the notes. Moreover, if one or more of the rating agencies
    rates the notes and assigns a rating that is below the
    expectations of investors, or lowers its or their rating(s) of
    the notes, the price of the notes would likely decline.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">There
    is no established trading market for the new notes, which means
    there are uncertainties regarding the ability of a holder to
    dispose of the new notes and the potential sale
    price.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The new notes will constitute a new issue of securities and
    there is no established trading market for the new notes, which
    means you may be unable to sell your notes at a particular time
    and the prices that you receive when you sell your notes might
    not be favorable. We do not intend to apply for the new notes to
    be listed on any securities exchange or to arrange for quotation
    on any automated dealer quotation systems. The initial
    purchasers of the original notes have advised us that they
    intend to make a market in the new notes, but they are not
    obligated to do so. The initial purchasers may discontinue any
    market making in the new notes at any time, in their sole
    discretion. As a result, an active trading market for the new
    notes may not develop.
</DIV>
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    <BR>
    30
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The trading market for the new notes or, in the case of any
    holders of original notes that do not exchange them, the trading
    market for the original notes following the offer to exchange
    the original notes for the new notes, may not be liquid. Future
    trading prices of the notes will depend on many factors,
    including
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our operating performance and financial condition;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our ability to complete the offer to exchange the original notes
    for the new notes;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the market for similar securities.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Historically, the market for non-investment grade debt has been
    subject to disruptions that have caused volatility in prices. It
    is possible that the market for the new notes will be subject to
    disruptions, which could reduce the market price of our
    securities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">The
    notes will have original issue discount for United States
    federal income tax purposes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The original notes were treated as issued with original issue
    discount (&#147;OID&#148;) for United States federal income tax
    purposes, and such treatment will carry over to the new notes. A
    United States Holder of a note will have to report any OID as
    ordinary income as it accrues (prior to the receipt of cash
    attributable thereto), based on a constant yield method and
    regardless of the United States Holder&#146;s regular method of
    accounting for United States federal income tax purposes. See
    &#147;Material United States Federal Income Tax
    Considerations.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">If you
    fail to exchange your original notes, you will face restrictions
    that will make the sale or transfer of your original notes more
    difficult.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you do not exchange your original notes for new notes in the
    exchange offer, you will continue to be subject to the
    restrictions on transfer of your original notes described in the
    legend on your original notes. In general, you may only offer or
    sell the original notes if they are registered under the
    Securities Act and applicable state securities laws, or offered
    and sold under an exemption from those requirements. To the
    extent other original notes are tendered and accepted in the
    exchange offer and you elect not to exchange your original
    notes, the trading market, if any, for your original notes would
    be adversely affected because your original notes will be less
    liquid than the new notes. See &#147;The Exchange
    Offer&#160;&#151; Consequences of Failure to Exchange.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Some
    holders that exchange their original notes may be required to
    comply with registration and prospectus delivery requirements in
    connection with the sale or transfer of their new
    notes.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you exchange your original notes in the exchange offer for
    the purpose of participating in a distribution of the new notes,
    you may be deemed to have received restricted securities and, if
    so, will be required to comply with the registration and
    prospectus delivery requirements of the Securities Act in
    connection with any resale transaction. If you are required to
    comply with the registration and prospectus delivery
    requirements, then you may face additional burdens on the
    transfer of your notes and could incur liability for failure to
    comply with applicable requirements.
</DIV>

<A name='103'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORWARD-LOOKING
    STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus contains forward-looking statements. These
    forward-looking statements represent our expectations or beliefs
    concerning future events, and it is possible that the results
    described in this prospectus will not be achieved. These
    forward-looking statements can generally be identified by the
    use of statements that include words such as
    &#147;estimate,&#148; &#147;project,&#148; &#147;believe,&#148;
    &#147;expect,&#148; &#147;anticipate,&#148; &#147;intend,&#148;
    &#147;plan,&#148; &#147;foresee,&#148; &#147;likely,&#148;
    &#147;will,&#148; &#147;goal,&#148; &#147;target&#148; or other
    similar words or phrases. All forward-looking statements are
    based upon information available to us on the date of this
    prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    These forward-looking statements are subject to risks,
    uncertainties and other factors, many of which are outside of
    our control, which could cause actual results to differ
    materially from the results discussed in the forward-looking
    statements. For a more detailed description of the risks and
    uncertainties involved, you should
</DIV>
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    <BR>
    31
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    also carefully consider the statements contained in, or
    incorporated by reference to, our filings with the Securities
    and Exchange Commission. Factors that could lead to material
    changes in our performance may include, but are not limited to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the final outcome of various putative class action lawsuits, the
    derivative claims, multi-party suits and similar proceedings as
    well as the results of any other litigation or government
    proceedings and fulfillment of the obligation in the Deferred
    Prosecution Agreement and other settlement agreements and
    consent orders with governmental authorities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    additional asset impairment charges or write downs;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    economic changes nationally or in local markets, including
    changes in consumer confidence, volatility of mortgage interest
    rates and inflation;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continued or increased downturn in the homebuilding industry;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    estimates related to homes to be delivered in the future
    (backlog) are imprecise as they are subject to various
    cancellation risks which cannot be fully controlled;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    continued or increased disruption in the availability of
    mortgage financing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our cost of and ability to access capital and otherwise meet our
    ongoing liquidity needs including the impact of any further
    downgrades of our credit ratings or reductions in our tangible
    net worth or liquidity levels;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential inability to comply with covenants in our debt
    agreements or satisfy such obligations through repayment or
    refinancing;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    increased competition or delays in reacting to changing consumer
    preference in home design;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    shortages of or increased prices for, labor, land or raw
    materials used in housing production;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    factors affecting margins such as decreased land values
    underlying land option agreements, increased land development
    costs on communities under development or delays or difficulties
    in implementing initiatives to reduce production and overhead
    cost structure;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the performance of our joint ventures and our joint venture
    partners;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the impact of construction defect and home warranty claims,
    including those related to possible installation of drywall
    imported from China;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the cost and availability of insurance and surety bonds;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    delays in land development or home construction resulting from
    adverse weather conditions;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    potential delays or increased costs in obtaining necessary
    permits as a result of changes to, or complying with, laws,
    regulations or governmental policies and possible penalties for
    failure to comply with such laws, regulations and governmental
    policies;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    effects of changes in accounting policies, standards, guidelines
    or principles;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    terrorist acts, acts of war and other factors over which we have
    little or no control.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any forward-looking statement speaks only as of the date on
    which such statement is made, and, except as required by law, we
    undertake no obligation to update any forward-looking statement
    to reflect events or circumstances after the date on which such
    statement is made or to reflect the occurrence of unanticipated
    events. New factors emerge from time to time and it is not
    possible for management to predict all such factors.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='104'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    EXCHANGE OFFER</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Terms of
    the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Purpose
    of the Exchange Offer</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We sold $250,000,000 in principal amount of the original notes
    on September&#160;11, 2009, in a transaction exempt from the
    registration requirements of the Securities Act. The initial
    purchasers of the original notes subsequently resold the
    original notes to qualified institutional buyers in reliance on
    Rule&#160;144A under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with the sale of original notes to the initial
    purchasers pursuant to a purchase agreement, dated
    September&#160;3, 2009, among us and the initial purchasers
    named therein, the holders of the original notes became entitled
    to the benefits of a registration rights agreement dated
    September&#160;11, 2009 among us, the guarantors named therein
    and the initial purchasers named therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The registration rights agreement provides that, unless the
    exchange offer would violate applicable law or any applicable
    interpretation of the staff of the SEC, we:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will file an exchange offer registration statement for the notes
    with the SEC;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will use our commercially reasonable efforts to cause the SEC to
    declare the exchange offer registration statement effective
    under the Securities Act;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will use our commercially reasonable efforts to, on or prior to
    180&#160;days after September&#160;11, 2009, complete the
    exchange of the new notes for all original notes tendered prior
    thereto in the exchange offer;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    will keep the registered exchange offer open for not less than
    20 business days (or longer if required by applicable law or
    otherwise extended by us, at our option) after the date notice
    of the registered exchange offer is mailed to the holders of the
    original notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange offer being made by this prospectus, if consummated
    within the required time periods, will satisfy our obligations
    under the registration rights agreement. This prospectus,
    together with the letter of transmittal, is being sent to all
    beneficial holders of original notes known to us.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the terms and subject to the conditions set forth in this
    prospectus and in the accompanying letter of transmittal, we
    will accept all original notes properly tendered and not
    withdrawn prior to the expiration date. We will issue $1,000
    principal amount of new notes in exchange for each $1,000
    principal amount of outstanding original notes accepted in the
    exchange offer. Holders may tender some or all of their original
    notes pursuant to the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on no-action letters issued by the staff of the SEC to
    third parties we believe that holders of the new notes issued in
    exchange for original notes may offer for resale, resell and
    otherwise transfer the new notes, other than any holder that is
    an affiliate of ours within the meaning of Rule&#160;405 under
    the Securities Act, without compliance with the registration and
    prospectus delivery provisions of the Securities Act. This is
    true as long as (i)&#160;the new notes are acquired in the
    ordinary course of the holder&#146;s business, (ii)&#160;the
    holder is not engaging in or intending to engage in a
    distribution of the new notes, and (iii)&#160;the holder has no
    arrangement or understanding with any person to participate in
    the distribution of the new notes. A broker-dealer that acquired
    original notes directly from us cannot exchange the original
    notes in the exchange offer. Any holder who tenders in the
    exchange offer for the purpose of participating in a
    distribution of the new notes cannot rely on the no-action
    letters of the staff of the SEC and must comply with the
    registration and prospectus delivery requirements of the
    Securities Act in connection with any resale transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each broker-dealer that receives new notes for its own account
    in exchange for original notes, where such original notes were
    acquired by such broker-dealer as a result of market-making or
    other trading activities, must acknowledge that it will deliver
    a prospectus in connection with any resale of such new notes.
    See &#147;Plan of Distribution&#148; for additional information.
</DIV>
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    <BR>
    33
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will accept validly tendered original notes promptly
    following the expiration of the exchange offer by giving oral or
    written notice of the acceptance of such notes to the exchange
    agent. The exchange agent will act as agent for the tendering
    holders of original notes for the purposes of receiving the new
    notes from the issuer and delivering new notes to such holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendered original notes are not accepted for exchange
    because of an invalid tender or the occurrence of the conditions
    set forth under &#147;The Exchange Offer&#160;&#151;
    Conditions&#148; without waiver by us, certificates for any such
    unaccepted original notes will be returned, without expense, to
    the tendering holder of any such original notes promptly after
    the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of original notes who tender in the exchange offer will
    not be required to pay brokerage commissions or fees or, subject
    to the instructions in the letter of transmittal, transfer taxes
    with respect to the exchange of original notes, pursuant to the
    exchange offer. We will pay all charges and expenses, other than
    certain applicable taxes in connection with the exchange offer.
    See &#147;The Exchange Offer&#160;&#151; Fees and Expenses.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Shelf
    Registration Statement</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the registration rights agreement, we have agreed to
    file a shelf registration statement if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    we are not permitted to file the exchange offer registration
    statement or consummate the exchange offer because the exchange
    offer is not permitted by applicable law or SEC policy,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer is not consummated within 180&#160;days after
    the issue date of the original notes,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any holder (other than the initial purchasers) is prohibited by
    law or the applicable interpretations of the SEC from
    participating in the exchange offer.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder that sells original notes pursuant to the shelf
    registration statement generally must be named as a selling
    securityholder in the related prospectus and must deliver a
    prospectus to purchasers, because a seller will be subject to
    civil liability provisions under the Securities Act in
    connection with these sales. A seller of the original notes also
    will be bound by applicable provisions of the applicable
    registration rights agreement, including indemnification
    obligations. In addition, each holder of original notes must
    deliver information to be used in connection with the shelf
    registration statement and provide comments on the shelf
    registration statement in order to have its original notes
    included in the shelf registration statement and benefit from
    the provisions regarding any liquidated damages in the
    registration rights agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to file a shelf registration statement with the
    SEC as promptly as practicable, but in any event within
    45&#160;days after being so required, and thereafter use our
    commercially reasonable efforts to cause a shelf registration
    statement to be declared effective by the SEC within
    90&#160;days after being so required (provided that in no event
    shall such effectiveness be required prior to 180&#160;days
    following the issue date of the original notes). In addition, we
    agreed to use our commercially reasonable efforts to keep that
    shelf registration statement continually effective, supplemented
    and amended for a period of two years following the date the
    shelf registration statement is declared effective (or for a
    period of one year from the date the shelf registration
    statement is declared effective and such shelf registration
    statement is filed at the request of the initial purchasers), or
    such shorter period which terminates when all notes covered by
    that shelf registration statement have been sold under&#160;it.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Additional
    Interest in Certain Circumstances</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the following, each a &#147;registration
    default,&#148; occurs:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the exchange offer is not completed on or before the
    180th&#160;calendar day following the issue date of the original
    notes or, if that day is not a business day, then the next
    succeeding day that is a business day;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the shelf registration statement is required to be filed but is
    not filed or declared effective within the time periods required
    by the registration rights agreement or is declared effective
    but thereafter ceases to be effective or usable (subject to
    certain exceptions),
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    34
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the interest rate borne by the notes as to which the
    registration default has occurred will be increased by 0.25% per
    annum upon the occurrence of a registration default. This rate
    will continue to increase by 0.25% each
    <FONT style="white-space: nowrap">90-day</FONT>
    period that the liquidated damages (as defined below) continue
    to accrue under any such circumstance. However, the maximum
    total increase in the interest rate will in no event exceed one
    percent (1.0%) per year. We refer to this increase in the
    interest rate on the notes as &#147;liquidated damages.&#148;
    Such interest is payable in addition to any other interest
    payable from time to time with respect to the notes in cash on
    each interest payment date to the holders of record for such
    interest payment date. After the cure of registration defaults,
    the accrual of liquidated damages will stop and the interest
    rate will revert to the original rate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under certain circumstances, we may delay the filing or the
    effectiveness of the exchange offer or the shelf registration
    and shall not be required to maintain its effectiveness or amend
    or supplement it for a period of up to 60&#160;days during any
    <FONT style="white-space: nowrap">12-month</FONT>
    period. Any delay period will not alter our obligation to pay
    liquidated damages with respect to a registration default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The sole remedy available to the holders of the original notes
    will be the immediate increase in the interest rate on the
    original notes as described above. Any amounts of additional
    interest due as described above will be payable in cash on the
    same interest payment dates as the original notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Expiration
    Date; Extensions; Amendment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will keep the exchange offer open for not less than 20
    business days, or longer if required by applicable law, after
    the date on which notice of the exchange offer is mailed to the
    holders of the original notes. The term &#147;expiration
    date&#148; means the expiration date set forth on the cover page
    of this prospectus, unless we extend the exchange offer, in
    which case the term &#147;expiration date&#148; means the latest
    date to which the exchange offer is extended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to extend the expiration date, we will notify the
    exchange agent of any extension by oral or written notice and
    will issue a public announcement of the extension, each prior to
    9:00&#160;a.m., New York City time, on the next business day
    after the previously scheduled expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We reserve the right
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to delay accepting any original notes and to extend the exchange
    offer or to terminate the exchange offer and not accept original
    notes not previously accepted if any of the conditions set forth
    under &#147;Conditions&#148; shall have occurred and shall not
    have been waived by us, if permitted to be waived by us, by
    giving oral or written notice of such delay, extension or
    termination to the exchange agent,&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to amend the terms of the exchange offer in any manner deemed by
    us to be advantageous to the holders of the original notes. (We
    are required to extend the offering period for certain types of
    changes in the terms of the exchange offer, for example, a
    change in the consideration offered or percentage of original
    notes sought for tender.)
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All conditions set forth under &#147;The Exchange
    Offer&#160;&#151; Conditions&#148; must be satisfied or waived
    prior to the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any delay in acceptance, extension, termination or amendment
    will be followed as promptly as practicable by oral or written
    notice. If the exchange offer is amended in a manner determined
    by us to constitute a material change, we will promptly disclose
    such amendment in a manner reasonably calculated to inform the
    holders of the original notes of such amendment. In the event of
    a material change in the exchange offer, including the waiver of
    a material condition by us, we will extend the exchange offer,
    if necessary, so that at least five business days remain prior
    to the expiration date following the notice of the material
    change.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting the manner in which we may choose to make a
    public announcement of any extension, amendment or termination
    of the exchange offer, we will not be obligated to publish,
    advertise, or otherwise communicate any such announcement, other
    than by making a timely release to an appropriate news agency.
</DIV>
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    <BR>
    35
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<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Offer Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To tender in the exchange offer, a holder must complete, sign
    and date the letter of transmittal, or a facsimile thereof, have
    the signatures on the letter of transmittal guaranteed if
    required by instruction&#160;2 of the letter of transmittal, and
    mail or otherwise deliver the letter of transmittal or such
    facsimile or an agent&#146;s message in connection with a book
    entry transfer, together with the original notes and any other
    required documents. To be validly tendered, such documents must
    reach the exchange agent before 5:00&#160;p.m., New York City
    time, on the expiration date. Delivery of the original notes may
    be made by book-entry transfer in accordance with the procedures
    described below. Confirmation of such book-entry transfer must
    be received by the exchange agent prior to the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The term &#147;agent&#146;s message&#148; means a message,
    transmitted by a book-entry transfer facility to, and received
    by, the exchange agent, forming a part of a confirmation of a
    book-entry transfer, which states that such book-entry transfer
    facility has received an express acknowledgment from the
    participant in such book-entry transfer facility tendering the
    original notes that such participant has received and agrees to
    be bound by the terms of the letter of transmittal and that we
    may enforce such agreement against such participant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tender by a holder of original notes will constitute an
    agreement between such holder and us in accordance with the
    terms and subject to the conditions set forth in this prospectus
    and in the letter of transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Delivery of all documents must be made to the exchange agent at
    its address set forth below. Holders may also request their
    respective brokers, dealers, commercial banks, trust companies
    or nominees to effect such tender for such holders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each broker-dealer that receives new notes for its own account
    in exchange for original notes, where such original notes were
    acquired by such broker-dealer as a result of market-making
    activities or other trading activities, must acknowledge that it
    will deliver a prospectus in connection with any resale of such
    new notes. See &#147;Plan of Distribution.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The method of delivery of original notes and the letter of
    transmittal and all other required documents to the exchange
    agent is at the election and risk of the holders. Instead of
    delivery by mail, it is recommended that holders use an
    overnight or hand delivery service. In all cases, sufficient
    time should be allowed to assure timely delivery to the exchange
    agent before 5:00&#160;p.m., New York City time, on the
    expiration date. No letter of transmittal or original notes
    should be sent to us.</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Only a holder of original notes may tender original notes in the
    exchange offer. The term &#147;holder&#148; with respect to the
    exchange offer means any person in whose name original notes are
    registered on our books or any other person who has obtained a
    properly completed bond power from the registered holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any beneficial holder whose original notes are registered in the
    name of its broker, dealer, commercial bank, trust company or
    other nominee and who wishes to tender should contact such
    registered holder promptly and instruct such registered holder
    to tender on its behalf. If such beneficial holder wishes to
    tender on its own behalf, such registered holder must, prior to
    completing and executing the letter of transmittal and
    delivering its original notes, either make appropriate
    arrangements to register ownership of the original notes in such
    holder&#146;s name or obtain a properly completed bond power
    from the registered holder. The transfer of record ownership may
    take considerable time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Signatures on a letter of transmittal or a notice of withdrawal,
    must be guaranteed by an &#147;eligible guarantor
    institution&#148; within the meaning of
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Securities Exchange Act of 1934, as amended (the
    &#147;Exchange Act&#148;) unless the original notes are tendered:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    by a registered holder who has not completed the box entitled
    &#147;Special Issuance Instructions&#148; or &#147;Special
    Delivery Instructions&#148; on the letter of transmittal&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    for the account of an eligible guarantor institution.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event that signatures on a letter of transmittal or a
    notice of withdrawal are required to be guaranteed, such
    guarantee must be by an eligible guarantor institution.
</DIV>
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    <BR>
    36
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a letter of transmittal is signed by a person other than the
    registered holder of any original notes listed therein, such
    original notes must be endorsed or accompanied by appropriate
    bond powers and a proxy which authorizes such person to tender
    the original notes on behalf of the registered holder, in each
    case signed as the name of the registered holder or holders
    appears on the original notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a letter of transmittal or any original 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, such persons should so
    indicate when signing, and unless waived by us, evidence
    satisfactory to us of their authority so to act must be
    submitted with such letter of transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form, eligibility, including
    time of receipt, and withdrawal of the tendered original notes
    will be determined by us in our sole discretion, which
    determination will be final and binding. We reserve the absolute
    right to reject any and all original notes not properly tendered
    or any original notes our acceptance of which, in the opinion of
    our counsel, would be unlawful. We also reserve the absolute
    right to waive any irregularities or defects as to the original
    notes. If we waive any condition of the notes for any note
    holder, we will waive such condition for all note holders. 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 original
    notes must be cured within such time as we shall determine. None
    of us, the exchange agent or any other person shall be under any
    duty to give notification of defects or irregularities with
    respect to tenders of original notes, nor shall any of them
    incur any liability for failure to give such notification.
    Tenders of original notes will not be deemed to have been made
    until such irregularities have been cured or waived. Any
    original 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 of original notes without cost to
    such holder, unless otherwise provided in the relevant letter of
    transmittal, promptly following the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, we reserve the absolute right in our sole
    discretion to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchase or make offers for any original notes that remain
    outstanding subsequent to the expiration date or, as set forth
    under &#147;The Exchange Offer&#160;&#151; Conditions,&#148; to
    terminate the exchange offer in accordance with the terms of the
    registration rights agreement;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to the extent permitted by applicable law, purchase original
    notes in the open market, in privately negotiated transactions
    or otherwise.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The terms of any such purchases or offers may differ from the
    terms of the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By tendering, each holder will represent to us that, among other
    things:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    such holder or other person is not our &#147;affiliate,&#148; as
    defined under Rule&#160;405 of the Securities Act, or, if such
    holder or other person is such an affiliate, will comply with
    the registration and prospectus delivery requirements of the
    Securities Act to the extent applicable,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the new notes acquired pursuant to the exchange offer are being
    obtained in the ordinary course of business of such holder or
    other person,
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    neither such holder or other person has any arrangement or
    understanding with any person to participate in the distribution
    of such new notes in violation of the Securities Act,&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    if such holder is not a broker-dealer, neither such holder nor
    such other person is engaged in or intends to engage in a
    distribution of the new notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We understand that the exchange agent will make a request
    promptly after the date of this prospectus to establish accounts
    with respect to the original notes at The Depository
    Trust&#160;Company (&#147;DTC&#148;) for the purpose of
    facilitating the exchange offer, and subject to the
    establishment of such accounts, any financial institution that
    is a participant in DTC&#146;s system may make book-entry
    delivery of original notes by causing DTC to transfer such
    original notes into the exchange agent&#146;s account with
    respect to the original notes in accordance with DTC&#146;s
    procedures for such transfer. Although delivery of the original
    notes may be effected through book-entry transfer into the
    exchange agent&#146;s account at DTC, a letter of transmittal
    properly
</DIV>
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    <BR>
    37
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    completed and duly executed with any required signature
    guarantee, or an agent&#146;s message in lieu of a letter of
    transmittal, and all other required documents must in each case
    be transmitted to and received or confirmed by the exchange
    agent at its address set forth below on or prior to the
    expiration date, or, if the guaranteed delivery procedures
    described below are complied with, within the time period
    provided under such procedures. Delivery of documents to DTC
    does not constitute delivery to the exchange agent.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Guaranteed
    Delivery Procedures</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders who wish to tender their original notes&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    whose original notes are not immediately available;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    who cannot deliver their original notes, the letter of
    transmittal or any other required documents to the exchange
    agent prior to 5:00&#160;p.m., New York City time, on the
    expiration date of the exchange offer;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    who cannot complete the procedures for delivery by book-entry
    transfer prior to 5:00&#160;p.m., New York City time, on the
    expiration date of the exchange offer,
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    may effect a tender if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the tender is made by or through an &#147;eligible guarantor
    institution&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    prior to 5:00&#160;p.m., New York City time, on the expiration
    date of the exchange offer, the exchange agent receives from
    such &#147;eligible guarantor institution&#148; a properly
    completed and duly executed Notice of Guaranteed Delivery, by
    facsimile transmission, mail or hand delivery, setting forth the
    name and address of the holder of the original notes, the
    certificate number or numbers of such original notes and the
    principal amount of original notes tendered, stating that the
    tender is being made thereby, and guaranteeing that, within
    three business days after the expiration date, a letter of
    transmittal, or facsimile thereof or agent&#146;s message in
    lieu of such letter of transmittal, together with the
    certificate(s) representing the original notes to be tendered in
    proper form for transfer and any other documents required by the
    letter of transmittal will be deposited by the eligible
    guarantor institution with the exchange agent;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly completed and duly executed letter of transmittal (or
    facsimile thereof) together with the certificate(s) representing
    all tendered original notes in proper form for transfer or an
    agent&#146;s message in the case of delivery by book-entry
    transfer and all other documents required by the letter of
    transmittal are received by the exchange agent within three
    business days after the expiration date.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Withdrawal
    of Tenders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided in this prospectus, tenders of
    original notes may be withdrawn at any time prior to
    5:00&#160;p.m., New York City time, on the expiration date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To withdraw a tender of original notes in the exchange offer, a
    written or facsimile transmission notice of withdrawal must be
    received by the exchange agent at its address set forth in this
    prospectus prior to 5:00&#160;p.m., New York City time, on the
    expiration date. Any such notice of withdrawal must:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name of the depositor, who is the person having
    deposited the original notes to be withdrawn;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    identify the original notes to be withdrawn, including the
    certificate number or numbers and principal amount of such
    original notes or, in the case of original notes transferred by
    book-entry transfer, the name and number of the account at DTC
    to be credited;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    be signed by the depositor in the same manner as the original
    signature on the letter of transmittal by which such original
    notes were tendered, including any required signature
    guarantees, or be accompanied by documents of transfer
    sufficient to have the trustee with respect to the original
    notes register the transfer of such original notes into the name
    of the depositor withdrawing the tender;&#160;and
</TD>
</TR>

</TABLE>
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    <BR>
    38
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    specify the name in which any such original notes are to be
    registered, if different from that of the depositor.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form and eligibility,
    including time of receipt, of such withdrawal notices will be
    determined by us, and our determination shall be final and
    binding on all parties. Any original notes so withdrawn will be
    deemed not to have been validly tendered for purposes of the
    exchange offer and no new notes will be issued with respect to
    the original notes withdrawn unless the original notes so
    withdrawn are validly retendered. Any original notes which have
    been tendered but which are not accepted for exchange will be
    returned to its holder without cost to such holder promptly
    after withdrawal, rejection of tender or termination of the
    exchange offer. Properly withdrawn original notes may be
    retendered by following one of the procedures described above
    under &#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures&#148; at any time prior to the expiration date.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Conditions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding any other term of the exchange offer, we will
    not be required to accept for exchange, or exchange, any new
    notes for any original notes, and may terminate or amend the
    exchange offer before the expiration date, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the opinion of our counsel, the exchange offer or any part
    thereof contemplated herein violates any applicable law or
    interpretation of the staff of the SEC;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any action or proceeding shall have been instituted or
    threatened in any court or by any governmental agency which
    might materially impair our ability to proceed with the exchange
    offer or any material adverse development shall have occurred in
    any such action or proceeding with respect to us;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any governmental approval has not been obtained, which approval
    we shall deem necessary for the consummation of the exchange
    offer as contemplated hereby;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    any cessation of trading on any securities exchange, or any
    banking moratorium, shall have occurred, as a result of which we
    are unable to proceed with the exchange offer;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a stop order shall have been issued by the SEC or any state
    securities authority suspending the effectiveness of the
    registration statement or proceedings shall have been initiated
    or, to our knowledge, threatened for that purpose.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the foregoing conditions exist, we may, in our
    reasonable discretion
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    refuse to accept any original notes and return all tendered
    original notes to the tendering holders;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    extend the exchange offer and retain all original notes tendered
    prior to the expiration of the exchange offer, subject, however,
    to the rights of holders who tendered such original notes to
    withdraw their tendered original notes;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    waive such condition, if permissible, with respect to the
    exchange offer and accept all properly tendered original notes
    which have not been withdrawn. If such waiver constitutes a
    material change to the exchange offer, we will promptly disclose
    such waiver by means of a prospectus supplement that will be
    distributed to the holders, and we will extend the exchange
    offer, if necessary, so that at least five business days remain
    prior to the expiration date following the date of such
    prospectus supplement.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Agent</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have appointed U.S.&#160;Bank National Association as
    exchange agent for the exchange offer. Please direct questions
    and requests for assistance, requests for additional copies of
    this prospectus or of the letter of
</DIV>
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    <BR>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    transmittal and requests for the notice of guaranteed delivery
    to U.S.&#160;Bank National Association addressed as follows:
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">By
    Mail, Overnight Courier or Hand Delivery:<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Bank National Association<BR>
    60 Livingston Avenue<BR>
    EP-MN-WS2N<BR>
    St. Paul, MN 55107<BR>
    Attention: Specialized Finance Department<BR>
    Reference: Beazer Homes USA, Inc. Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">By
    Facsimile:<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">(651)&#160;495-8158</FONT><BR>
    Attention: Specialized Finance Department<BR>
    Reference: Beazer Homes USA, Inc. Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">To
    Confirm by Telephone or for Information:<BR>
    </FONT></I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">(800)&#160;934-6802</FONT><BR>
    Reference: Beazer Homes USA, Inc. Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S.&#160;Bank National Association is the trustee under the
    indenture governing the original notes and the new notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Fees and
    Expenses</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay the expenses of soliciting original notes for
    exchange. The principal solicitation is being made by mail by
    U.S.&#160;Bank National Association as exchange agent. However,
    additional solicitations may be made by telephone, facsimile or
    in person by our officers and regular employees and our
    affiliates and by persons so engaged by the exchange agent.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay U.S.&#160;Bank National Association as exchange
    agent reasonable and customary fees for its services and will
    reimburse it for its reasonable
    <FONT style="white-space: nowrap">out-of-pocket</FONT>
    expenses in connection therewith and pay other registration
    expenses, including fees and expenses of the trustee under the
    indenture, filing fees, blue sky fees and printing and
    distribution expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will pay all transfer taxes, if any, applicable to the
    exchange of the original notes in connection with the exchange
    offer. If, however, certificates representing the new notes or
    the original notes for principal amounts not tendered or
    accepted for exchange are to be delivered to, or are to be
    issued in the name of, any person other than the registered
    holder of the original notes tendered, or if tendered original
    notes are registered in the name of any person other than the
    person signing the letter of transmittal, or if a transfer tax
    is imposed for any reason other than the exchange of the
    original notes in this exchange offer, then the amount of any
    such transfer taxes, whether imposed on the registered holder or
    any other person, will be payable by the tendering holder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Accounting
    Treatment</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The new notes will be recorded at the same carrying value as the
    original notes as reflected in our accounting records on the
    date of exchange. Accordingly, no gain or loss for accounting
    purposes will be recognized by us. The expenses of the exchange
    offer and the unamortized expenses related to the issuance of
    the original notes will be amortized over the term of the new
    notes.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Consequences
    of Failure to Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of original notes who are eligible to participate in the
    exchange offer but who do not tender their original notes will
    not have any further registration rights, and their original
    notes will continue to be subject to restrictions on transfer of
    the original notes as described in the legend on the original
    notes as a
</DIV>
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    <BR>
    40
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    consequence of the issuance of the original notes under
    exemptions from, or in transactions not subject to, the
    registration requirements of the Securities Act and applicable
    state securities laws. In general, the original notes may not be
    offered or sold, unless registered under the Securities Act,
    except under an exemption from, or in a transaction not subject
    to, the Securities Act and applicable state securities laws.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Regulatory
    Approvals</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We do not believe that the receipt of any material federal or
    state regulatory approval will be necessary in connection with
    the exchange offer, other than the effectiveness of the exchange
    offer registration statement under the Securities Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Other</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Participation in the exchange offer is voluntary and holders of
    original notes should carefully consider whether to accept the
    terms and conditions of this exchange offer. Holders of the
    original notes are urged to consult their financial and tax
    advisors in making their own decisions on what action to take
    with respect to the exchange offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither our affiliates nor the affiliates of the guarantors have
    any interest, direct or indirect, in the exchange offer.
</DIV>

<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This exchange offer is intended to satisfy our obligations to
    register an exchange offer of the new notes for the original
    notes required by the registration rights agreement entered into
    in connection with the offering of the original notes. We will
    not receive any cash proceeds from the issuance of the new
    notes. In consideration for issuing the new notes, we will
    receive the outstanding original notes in like principal amount,
    the terms of which are identical in all material respects to the
    terms of the new notes, except as otherwise described herein.
    The original notes surrendered in exchange for the new notes
    will be retired and cancelled and cannot be reissued.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The net proceeds from the sale of the original notes after
    deducting debt issuance costs were approximately
    $218.5&#160;million. The net proceeds that we received from the
    sale of the original notes were used to fund (or replenish cash
    that had been used to fund) open market repurchases of our
    outstanding senior notes that we have made (or have agreed to
    make) since April&#160;1, 2009.
</DIV>
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    <BR>
    41
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='106'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our cash and cash equivalents and
    our capitalization as of September&#160;30, 2009. This table
    should be read in conjunction with our historical financial
    statements and related notes in our
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2009, incorporated herein
    by reference. This table does not reflect the following changes
    in our capital structure that occurred after September&#160;30,
    2009: (i)&#160;the public offering of 22,425,000&#160;shares of
    our common stock, (ii)&#160;the redemption in full of our
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2011, (iii)&#160;the issuance of approximately
    $57.5&#160;million aggregate principal amount of our
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Mandatory Convertible Subordinated Notes due 2013, and
    (iv)&#160;the exchange of $75&#160;million aggregate principal
    amount of our trust preferred securities for new junior
    subordinated notes due 2036. For more information about these
    transactions, see &#147;Prospectus Summary&#160;&#151; Recent
    Developments.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="81%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="15%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>As of<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>September&#160;30,<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>($ in thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash, cash equivalents and restricted cash
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    556,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Debt:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Revolving credit facility
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Senior notes&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    notes due 2011
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127,254
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    8<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    notes due 2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    303,599
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%&#160;Senior
    notes due 2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    164,473
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    6<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    notes due 2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    209,454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    8<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    notes due 2016
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    180,879
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    4<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    senior notes due 2024
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    154,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    12%&#160;Senior secured notes due 2017
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    250,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Convertible Notes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Junior subordinated notes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    103,093
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Other secured notes payable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,543
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Model home financing obligations
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30,361
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Unamortized debt discounts
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (27,257
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,508,899
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Stockholders&#146; equity:
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Common stock, $.001&#160;par value; 80,000,000&#160;shares
    authorized; 43,150,472&#160;shares issued
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Additional paid-in capital
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    568,019
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Accumulated deficit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (187,538
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Treasury stock, at cost (3,357,156&#160;shares)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (183,969
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Total stockholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    196,555
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,705,454
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    42
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<A name='107'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RATIO OF
    EARNINGS TO FIXED CHARGES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table presents our ratios of earnings to fixed
    charges for the periods presented.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="71%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=06 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="19" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended September&#160;30,</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="3" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2009</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Ratio of Earnings to Fixed Charges(1)(2)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.91
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.45
</TD>
<TD nowrap align="left" valign="bottom">
    x
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    &#151;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    The ratio of earnings to fixed charges for each of the periods
    is determined by dividing earnings by fixed charges. Earnings
    consist of (loss) income from continuing operations before
    income taxes, amortization of previously capitalized interest
    and fixed charges, exclusive of capitalized interest cost. Fixed
    charges consist of interest incurred, amortization of deferred
    loan costs and debt discount, and that portion of operating
    lease rental expense (33%) deemed to be representative of
    interest. Earnings for fiscal years ended September&#160;30,
    2007, 2008 and 2009 were insufficient to cover fixed charges by
    $428&#160;million, $542&#160;million and $41&#160;million,
    respectively.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    The ratio of earnings to combined fixed charges and preferred
    dividends is the same as the ratio of earnings to fixed charges
    for the periods presented because no shares of preferred stock
    were outstanding during these periods.</TD>
</TR>

</TABLE>

<A name='108'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF OTHER INDEBTEDNESS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Secured Revolving Credit Facility</B>&#160;&#151; On
    August&#160;5, 2009, we entered into an amendment to our secured
    revolving credit facility that reduced the size of the facility
    to $22&#160;million (the &#147;revolving credit facility&#148;).
    The revolving credit facility is now provided by one lender. The
    revolving credit facility will continue to provide for future
    working capital and letter of credit needs collateralized by
    either cash or assets of Beazer at our option, conditioned upon
    certain conditions and covenant compliance. We also entered into
    three stand-alone, cash- secured, letter of credit agreements
    with banks to maintain the pre-existing letters of credit that
    had been under the prior revolving credit facility. As of
    September&#160;30, 2009, we have secured all of our letters of
    credit under the three stand-alone facilities using cash
    collateral which required additional cash in restricted accounts
    of $48.3&#160;million. The revolving credit facility contains
    certain covenants, including negative covenants and financial
    maintenance covenants, with which we are required to comply.
    Subject to our option to cash collateralize our obligations
    under the revolving credit facility upon certain conditions, our
    obligations under the revolving credit facility are secured by
    liens on substantially all of our personal property and a
    significant portion of our owned real properties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Senior Notes</B>&#160;&#151; Our
    8<FONT style="vertical-align: text-top; font-size: 70%;">3</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2012 (the &#147;2012 notes&#148;),
    6<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%&#160;Senior
    Notes due 2013 (the &#147;2013 notes&#148;),
    6<FONT style="vertical-align: text-top; font-size: 70%;">7</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2015 (the &#147;2015 notes&#148;) and
    8<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Senior
    Notes due 2016 (the &#147;2016 notes&#148; and, together with
    the 2012 notes, the 2013 notes, the 2015 notes, and the
    convertible senior notes (as defined below), the &#147;senior
    notes&#148;) are secured and unsecured obligations ranking pari
    passu with all other existing and future senior indebtedness.
    Substantially all of our significant subsidiaries are full and
    unconditional guarantors of the senior notes and are jointly and
    severally liable for obligations under the senior notes and the
    revolving credit facility. Each guarantor subsidiary is a 100%
    owned subsidiary of Beazer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indentures under which the senior notes were issued contain
    certain restrictive covenants, including limitations on payment
    of dividends. At September&#160;30, 2009, under the most
    restrictive covenants of each indenture, no portion of our
    retained earnings was available for cash dividends or for share
    repurchases. The indentures provide that, in the event of
    defined changes in control or if our consolidated tangible net
    worth falls below a specified level or in certain circumstances
    upon a sale of assets, we are required to offer to repurchase
    certain specified amounts of outstanding senior notes.
    Specifically, each indenture (other than the indenture governing
    the convertible senior notes) requires us to offer to purchase
    10% of each series of senior notes at par if our consolidated
    tangible net worth (defined as stockholders&#146; equity less
    intangible assets as defined) is less than $85&#160;million at
    the end of any two consecutive fiscal quarters. Such offer need
    not be made more than twice in any four-quarter period. If
    triggered and fully subscribed, this could result in our having
    to purchase 10% of outstanding senior notes one or more times,
    in an amount equal to $137.5&#160;million for the first time
    based on the principal outstanding at September&#160;30, 2009.
</DIV>
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<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On October&#160;26, 2007, we obtained consents from holders of
    our senior notes to approve amendments of the indentures under
    which the senior notes were issued. These amendments restrict
    our ability to secure additional debt in excess of
    $700&#160;million until certain conditions are met and enable us
    to invest up to $50&#160;million in joint ventures. The consents
    also provided us with a waiver of any and all defaults under the
    senior notes that may have occurred on or prior to May&#160;15,
    2008 relating to filing or delivering annual and quarterly
    financial statements. Fees and expenses related to obtaining
    these consents totaled approximately $21&#160;million. Such fees
    and expenses have been deferred, and included in other assets in
    the unaudited condensed consolidated balance sheets incorporated
    herein by reference, and are being amortized as an adjustment to
    interest expense in accordance with
    <FONT style="white-space: nowrap">EITF&#160;96-19&#160;&#151;</FONT>
    <I>Debtor&#146;s Accounting for a Modification or Exchange of
    Debt Instruments</I> (ASC 470).
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In June 2004, we issued $180&#160;million aggregate principal
    amount of
    4<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%&#160;Convertible
    Senior Notes due 2024 (the &#147;convertible senior
    notes&#148;). The convertible senior notes are not convertible
    into cash. We may at our option redeem for cash the convertible
    senior notes in whole or in part at any time on or after
    June&#160;15, 2009 at specified redemption prices. Holders have
    the right to require us to purchase all or any portion of the
    convertible senior notes for cash on June&#160;15, 2011,
    June&#160;15, 2014 and June&#160;15, 2019. In each case, we will
    pay a purchase price equal to 100% of the principal amount of
    the convertible senior notes to be purchased plus any accrued
    and unpaid interest, if any, and any additional amounts owed, if
    any to such purchase date.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Subordinated Notes</B>&#160;&#151; On January&#160;12, 2010,
    we issued $57.5&#160;million aggregate principal amount of
    7<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">2</FONT>%
    Mandatory Convertible Subordinated Notes due 2013 (the
    &#147;convertible subordinated notes&#148;). The convertible
    subordinated notes are general, unsecured obligations, are not
    guaranteed by any of our subsidiaries and rank junior to all of
    our existing and future senior indebtedness and to all
    indebtedness of our subsidiaries. The convertible subordinated
    notes rank <I>pari passu </I>to our unsecured junior
    subordinated notes which mature on July&#160;30, 2036.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The convertible subordinated notes will mature on
    January&#160;15, 2013. At the stated maturity date, unless
    previously converted, each convertible subordinated note will
    automatically convert into shares of our common stock. Prior to
    the stated maturity date, holders may convert the convertible
    subordinated notes, in whole or in part, into shares of our
    common stock at the then-applicable defined minimum conversion
    rate.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If our consolidated tangible net worth on the last day of the
    most recent fiscal quarter is less than $85&#160;million, we may
    require holders to convert all of the convertible subordinated
    notes. In addition, if a &#147;fundamental change&#148; (as
    defined in the convertible subordinated notes) occurs prior to
    the stated maturity date, we will provide for the conversion of
    the notes by permitting holders to submit their notes for
    conversion at anytime during the period beginning on the
    effective date of such fundamental change and ending on the
    earlier of either the stated maturity date or the date
    20&#160;days after the effective date of the fundamental change.
    Any notes converted as a result of our consolidated tangible net
    worth or a fundamental change will require us to make an
    interest make-whole payment to holders.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Junior Subordinated Notes</B>&#160;&#151; On June&#160;15,
    2006, we completed a private placement of $103.1&#160;million of
    unsecured junior subordinated notes which mature on
    July&#160;30, 2036 and are redeemable at par on or after
    July&#160;30, 2011 and pay a fixed rate of 7.987% for the first
    ten years ending July&#160;30, 2016. Thereafter, the securities
    have a floating interest rate equal to three-month LIBOR plus
    2.45% per annum, resetting quarterly. These notes were issued to
    Beazer Capital Trust&#160;I, which simultaneously issued, in a
    private transaction, trust preferred securities and common
    securities with an aggregate value of $103.1&#160;million to
    fund its purchase of these notes. The transaction is treated as
    debt in accordance with GAAP. The obligations relating to these
    notes and the related securities are subordinated to the
    revolving credit facility and the senior notes and is
    subordinated to the original notes and new notes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On January&#160;15, 2010, the Company entered into (i)&#160;an
    Exchange Agreement with Taberna Preferred Funding&#160;V, Ltd.,
    Taberna Preferred Funding VII, Ltd. and Taberna Preferred
    Funding VIII, Ltd. and (ii)&#160;a Junior Subordinated Indenture
    with Wilmington Trust&#160;Company, as trustee. Pursuant to the
    Exchange Agreement, the Taberna Entities, as holders of
    outstanding trust preferred securities, exchanged the trust
    preferred securities (which were cancelled) for $75&#160;million
    aggregate principal amount of new junior subordinated notes
    issued under the Junior Subordinated Indenture. The material
    terms of the junior subordinated notes are consistent with the
    terms of the trust preferred securities, with certain exceptions.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The junior subordinated notes have a
    <FONT style="white-space: nowrap">30-year</FONT> term
    ending July&#160;30, 2036. Until July&#160;30, 2016, the junior
    subordinated notes will pay interest at a fixed rate of 7.987%.
    After July&#160;30, 2016, when the distribution rate on the
    trust preferred securities would have changed from a fixed rate
    to a floating rate set at LIBOR plus 2.45%, the junior
    subordinated notes will also float at that rate, but will be
    subject to a floor of 4.25% and a cap of 9.25%. In addition, the
    Company will now have the option to redeem the junior
    subordinated notes beginning on June&#160;1, 2012 at 75% of par
    value, and beginning on June&#160;1, 2022 the redemption price
    will increase by 1.785% per year.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Other Secured Notes Payable</B>&#160;&#151; We periodically
    acquire land through the issuance of notes payable. As of
    September&#160;30, 2009 and September&#160;30, 2008, we had
    outstanding notes payable of $12.5&#160;million and
    $50.6&#160;million, respectively, primarily related to land
    acquisitions. These notes payable expire at various times
    through 2011 and had fixed and variable rates ranging from 4.8%
    to 9.0% at September&#160;30, 2009. These notes are secured by
    the real estate to which they relate. During fiscal 2009, we had
    negotiated a reduced payoff of two of our secured notes payable
    and recorded a $20.1&#160;million gain on debt extinguishment
    which is included in gain on extinguishment of debt in the
    Consolidated Statement of Operations in our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2009, incorporated
    herein by reference.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The agreements governing these secured notes payable contain
    various affirmative and negative covenants. There can be no
    assurance that we will be able to obtain any future waivers or
    amendments that may become necessary without significant
    additional cost or at all. In each instance, however, a covenant
    default can be cured by repayment of the indebtedness.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Model Home Financing Obligations</B>&#160;&#151; Due to a
    continuing interest in certain model home sale-leaseback
    transactions, we have recorded $30.4&#160;million and
    $71.2&#160;million of debt as of September&#160;30, 2009 and
    September&#160;30, 2008, respectively, related to these
    &#147;financing&#148; transactions in accordance with
    SFAS&#160;98 (as amended), <I>Accounting for Leases </I>(ASC
    840). These model home transactions incur interest at a variable
    rate of one-month LIBOR plus 450&#160;basis points, 4.8% as of
    September&#160;30, 2009, and expire at various times through
    2015.
</DIV>

<A name='109'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF THE NOTES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>In this section, references to the &#147;Company&#148; mean
    Beazer Homes USA, Inc. only and not to any of its subsidiaries
    unless the context otherwise requires, and references to the
    &#147;Notes&#148; in this section are references to the
    outstanding 12%&#160;Senior Secured Notes due 2017 and the
    exchange 12%&#160;Senior Secured Notes due 2017 offered hereby,
    collectively. Definitions for certain other defined terms may be
    found under &#147;Description of the Notes&#160;&#151; Certain
    Definitions&#148; appearing below.</I>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are issued as a series of securities under an
    Indenture, dated as of September&#160;11, 2009 (the
    &#147;Indenture&#148;), among the Company, the Subsidiary
    Guarantors, U.S.&#160;Bank National Association, as trustee (the
    &#147;Trustee&#148;), and Wilmington Trust&#160;FSB, as
    collateral agent (the &#147;Notes Collateral Agent&#148;). The
    following summaries of certain provisions of the Indenture,
    Security Documents and Intercreditor Agreement do not purport to
    be complete and are subject to, and are qualified in their
    entirety by reference to, all the provisions of the Indenture,
    Security Documents and Intercreditor Agreement, including the
    definitions of certain terms therein. Wherever particular
    sections or defined terms of the Indenture not otherwise defined
    herein are referred to, such sections or defined terms shall be
    incorporated herein by reference. A copy of the Indenture is
    available to any holder of the Notes upon request to the Company.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">General</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are senior secured obligations of the Company. The
    principal amount of the Notes is $250.0&#160;million. The
    Company may issue additional Notes (&#147;Additional
    Notes&#148;) from time to time subject to the limitations set
    forth under &#147;Certain Covenants&#160;&#151; Limitations on
    Additional Indebtedness.&#148; The Notes and any Additional
    Notes subsequently issued under the Indenture are treated as a
    single class for all purposes under the Indenture. Unless the
    context requires otherwise, references to &#147;Notes&#148; for
    all purposes of the Indenture and this &#147;Description of the
    Notes&#148; include any Additional Notes that are actually
    issued. The Notes are guaranteed by each of the Subsidiary
    Guarantors pursuant to the guarantees (the &#147;Subsidiary
    Guarantees&#148;) described below.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes bear interest at the rate of 12% per annum from the
    Issue Date, payable on April 15 and October 15 of each year,
    commencing on April&#160;15, 2010, to holders of record (the
    &#147;Holders&#148;) at the close of business on April 1 or
    October&#160;1, as the case may be, immediately preceding the
    respective interest payment date. The Notes will mature on
    October&#160;15, 2017. Interest is computed on the basis of a
    <FONT style="white-space: nowrap">360-day</FONT> year
    of twelve
    <FONT style="white-space: nowrap">30-day</FONT>
    months.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Principal, premium, if any, and interest on the Notes is
    payable, and the Notes may be presented for registration of
    transfer or exchange, at the offices of the Trustee. At the
    option of the Company, payment of interest may be made by check
    mailed to the Holders of the Notes at their respective addresses
    set forth in the register of Holders; <I>provided </I>that all
    payments of principal, premium, if any, and interest with
    respect to Notes represented by one or more permanent global
    notes registered in the name of or held by DTC or its nominee
    shall be made by wire transfer of immediately available funds to
    the accounts specified by the Holder or Holders thereof. The
    Company may require payment of a sum sufficient to cover any
    transfer tax or other governmental charge payable in connection
    with certain transfers or exchanges of the Notes. Initially, the
    Trustee will act as the Paying Agent and the Registrar under the
    Indenture. The Company may subsequently act as the Paying Agent
    <FONT style="white-space: nowrap">and/or</FONT> the
    Registrar and the Company may change any Paying Agent
    <FONT style="white-space: nowrap">and/or</FONT> any
    Registrar without prior notice to the Holders.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ranking</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes are senior secured obligations of the Company and rank
    (x)&#160;senior in right of payment to all existing and future
    Indebtedness of the Company that is, by its terms, expressly
    subordinated in right of payment to the Notes (or to all senior
    indebtedness) and <I>pari passu </I>in right of payment with all
    existing and future Indebtedness of the Company that is not so
    subordinated, (y)&#160;effectively senior to all unsecured
    Indebtedness to the extent of the value of the Collateral and
    (z)&#160;effectively junior to any obligations of the Company
    that are either (i)&#160;secured by a Lien on the Collateral
    that is senior or prior to the Liens securing the Notes,
    including the First Priority Liens securing obligations under
    the Revolving Credit Facility, and potentially any Permitted
    Liens or (ii)&#160;secured by assets that are not part of the
    Collateral, in each case to the extent of the value of the
    assets securing such obligations.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Subsidiary Guarantees are senior secured obligations of the
    Subsidiary Guarantors and rank (x)&#160;senior in right of
    payment to all existing and future Indebtedness of the
    Subsidiary Guarantors that is, by its terms, expressly
    subordinated in right of payment to the Subsidiary Guarantees
    (or to all senior indebtedness) and <I>pari passu </I>in right
    of payment with all existing and future Indebtedness of the
    Subsidiary Guarantors that is not so subordinated,
    (y)&#160;effectively senior to all unsecured Indebtedness of the
    Subsidiary Guarantors to the extent of the value of the
    Collateral and (z)&#160;effectively junior to any obligations of
    any Subsidiary Guarantor that are either (i)&#160;secured by a
    Lien on the Collateral that is senior or prior to the Liens
    securing the Subsidiary Guarantees, including the First Priority
    Liens securing obligations under the Revolving Credit Facility,
    and potentially any Permitted Liens or (ii)&#160;secured by
    assets that are not part of the Collateral, in each case, to the
    extent of the value of the assets securing such obligations.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of September&#160;30, 2009, the Company and the Subsidiary
    Guarantors had approximately $12.5&#160;million of Indebtedness
    outstanding secured by assets that are not part of the
    Collateral.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Notes and the Subsidiary Guarantees are
    structurally subordinated to all existing and future liabilities
    of our Subsidiaries that do not guarantee the Notes. As of
    September&#160;30, 2009, our non-guarantor Subsidiaries had
    approximately $5.9&#160;million of liabilities (excluding
    intercompany obligations) in the aggregate.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Security</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes and the Subsidiary Guarantees are secured by
    substantially all of the assets of the Company and the
    Subsidiary Guarantors (other than the Excluded Property (as
    defined herein)), which is referred to herein as the Collateral.
    The Collateral initially consisted of the First Priority
    Collateral, as to which holders of First Priority Obligations
    (which, as of the Issue Date, consisted of obligations under the
    Revolving Credit Facility) had a first-priority security
    interest and the Holders of the Notes and holders of any future
    Other Pari Passu Lien Obligations will have a second-priority
    security interest (subject to Permitted Liens). The Revolving
    Credit Facility currently provides the Company the option of
    having all or a portion of the collateral
</DIV>
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    <BR>
    46
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    thereunder released and replaced with cash collateral. In the
    event any First Priority Collateral is so released, the Holders
    of the Notes and holders of any future Other Pari Passu Lien
    Obligations will have a first-priority security interest in such
    Collateral (subject to Permitted Liens), unless and until the
    Company incurs any other First Priority Obligations secured by
    such Collateral on a first-priority basis.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company and the Subsidiary Guarantors are able to incur
    additional Indebtedness in the future which could share in all
    or part of the Collateral. The amount of all such additional
    Indebtedness is limited by the covenants disclosed under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Liens&#148; and
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Additional
    Indebtedness&#148; below. Under certain circumstances the amount
    of such additional secured Indebtedness could be significant.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mortgages are in place on only some of the real property
    securing the notes. We expect that some of our properties will
    continue to be unencumbered by a mortgage as of the closing date
    of the exchange offer. We have agreed in the Indenture to grant
    mortgages as soon as commercially reasonable following the Issue
    Date. See &#147;Description of the Notes&#160;&#151;
    Security&#160;&#151; Further Assurances&#148; below and
    &#147;Risk Factors&#160;&#151; Risks Related to the Notes and
    the Offering&#160;&#151; Mortgages are in place on only some of
    the real property securing the notes. We expect that some of our
    properties will continue to be unencumbered by a mortgage as of
    the closing date of the exchange offer. Any issues that we are
    not able to resolve in connection with the issuance of such
    mortgages may impact the value of the collateral. Delivery of
    such mortgages after the issue date of the original notes
    increases the risk that the liens granted by those mortgages
    could be avoided. In addition, the holders of the notes will not
    have the benefit of title insurance with respect to all of the
    real property collateral.&#148;
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Collateral</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Collateral has been pledged as collateral to the Notes
    Collateral Agent for the benefit of the Trustee, the Notes
    Collateral Agent and the Holders of the Notes. The Notes and
    Subsidiary Guarantees are secured by second-priority security
    interests in the First Priority Collateral and first-priority
    security interests in the Notes Collateral, in each case subject
    to certain Permitted Liens and encumbrances described in the
    Security Documents. The Collateral generally consists of the
    following assets of the Company and the Subsidiary Guarantors,
    in each case other than assets that constitute Excluded Property:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    real properties owned by the Company and the Subsidiary
    Guarantors;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all accounts;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all inventory and equipment;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all patents, trademarks and copyrights;
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    all general intangibles, instruments, books and records and
    supporting obligations related to the foregoing and proceeds of
    the foregoing;&#160;and
</TD>
</TR>


<TR style="line-height: 4pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    substantially all of the other tangible and intangible assets of
    the Company and the Subsidiary Guarantors.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As of the Issue Date, owned real properties with an aggregate
    Book Value as of September&#160;30, 2009 of approximately
    $390&#160;million are included in the collateral securing the
    Revolving Credit Facility.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as provided in the Intercreditor Agreement, Holders will
    not be able to take any enforcement action with respect to the
    First Priority Collateral so long as any First Priority
    Obligations are outstanding.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As set out in more detail below, upon an enforcement event or
    insolvency proceeding, proceeds from the First Priority
    Collateral will be applied first to satisfy First Priority
    Obligations and then to satisfy obligations on the Notes. In
    addition, the Indenture permits the Company and the Subsidiary
    Guarantors to create additional Liens under specified
    circumstances, including certain additional senior Liens on the
    First Priority Collateral. See the definition of &#147;Permitted
    Liens.&#148;
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">After-Acquired
    Property</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If property (other than Excluded Property) is acquired by the
    Company or a Subsidiary Guarantor that is not automatically
    subject to a perfected security interest under the Security
    Documents or a Restricted
</DIV>
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    47
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subsidiary becomes a Subsidiary Guarantor, or property that was
    Excluded Property ceases to be Excluded Property, then the
    Company or such Subsidiary Guarantor will, as soon as practical
    (but in any event within 60&#160;days) after such
    property&#146;s acquisition or it no longer being Excluded
    Property, provide security over such property (or, in the case
    of a new Subsidiary Guarantor, all of its assets except Excluded
    Property) in favor of the Notes Collateral Agent and deliver
    certain certificates and opinions in respect thereof as required
    by the Indenture or the Security Documents; <I>provided </I>that
    the failure to deliver mortgages (and related documents) with
    respect to any real property within any such
    <FONT style="white-space: nowrap">60-day</FONT>
    period shall not constitute a default under the Indenture until
    such time as the aggregate Book Value of real properties for
    which mortgages (and related documents) have not been delivered
    within such
    <FONT style="white-space: nowrap">60-day</FONT>
    periods (and remain undelivered at the time of determination)
    exceeds $25.0&#160;million.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Regarding Collateral</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company will furnish to the Trustee and the Notes Collateral
    Agent, with respect to the Company or any Subsidiary Guarantor,
    written notice of any change (within 10&#160;days following such
    change) in such Person&#146;s (i)&#160;legal name,
    (ii)&#160;jurisdiction of organization or formation,
    (iii)&#160;identity or corporate structure or
    (iv)&#160;organizational identification number. The Company also
    agrees promptly to notify the Notes Collateral Agent if any
    material portion of the Collateral is damaged, destroyed or
    condemned.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On or prior to December 31 of each year, the Company shall
    deliver to the Trustee a certificate of an authorized officer
    setting forth the information required pursuant to the schedules
    required by the Security Documents or confirming that there has
    been no change in such information since the date of the prior
    certificate.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Further
    Assurances</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company and the Subsidiary Guarantors shall execute any and
    all further documents, financing statements, agreements and
    instruments, and take all further action that may be required
    under applicable law, or that the Notes Collateral Agent may
    reasonably request, in order to grant, preserve, protect and
    perfect the validity and priority of the security interests and
    Liens created or intended to be created by the Security
    Documents in the Collateral unless such actions are not required
    by the Security Documents. Such security interests and Liens
    will be created under the Security Documents and other security
    agreements, mortgages, deeds of trust and other instruments and
    documents in form and substance reasonably satisfactory to the
    Trustee, and the Company shall deliver or cause to be delivered
    to Trustee all such instruments and documents (including
    certificates, legal opinions and lien searches) as the Trustee
    shall reasonably request to evidence compliance with this
    covenant; <I>provided </I>that with respect to any real property
    Collateral that secures First Priority Obligations, (x)&#160;the
    Company and the Subsidiary Guarantors shall not be required to
    deliver or cause to be delivered any such instruments and
    documents to the extent not required to be delivered to the
    applicable First Priority Collateral Agent for the benefit of
    the First Priority Secured Parties, (y)&#160;to the extent any
    title insurance policies are delivered to the applicable First
    Priority Collateral Agent with respect to any real property
    Collateral, the Company and the Subsidiary Guarantors may
    deliver title insurance policies to the Notes Collateral Agent
    in respect of such real property Collateral in an aggregate
    amount of coverage limited to the aggregate principal amount of
    the Notes, which amount of coverage may be allocated
    proportionately among the properties comprising such real
    property Collateral according to the respective individual
    values of such real properties (or the Company and the
    Subsidiary Guarantors may deliver other title insurance coverage
    pursuant to other arrangements that would be commercially
    reasonable under the circumstances taking into account the costs
    associated therewith and the benefits afforded thereby,
    including pursuant to all <I>pro tanto </I>endorsements and
    similar arrangements), and (z)&#160;to the extent a survey is
    delivered to the applicable First Priority Collateral Agent with
    respect to any real property Collateral, the Company and the
    Subsidiary Guarantors may deliver a copy of such survey to the
    Notes Collateral Agent and will otherwise use commercially
    reasonable efforts to ensure that the title insurance policy
    issued to the Notes Collateral Agent with respect to such real
    property contains substantially the same survey coverage as that
    provided to such First Priority Collateral Agent under its title
    insurance policy relating to such real property; and
    <I>provided, further</I>, that with respect to any real property
    Collateral that does not secure any First Priority Obligations,
    the Company and the Subsidiary Guarantors shall be required to
    deliver or cause to be delivered to the Notes Collateral Agent a
    mortgage, deed of trust or similar instrument with respect to
    such property but shall not be
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    required to deliver or cause to be delivered any title insurance
    policies, surveys, appraisals or environmental reports relating
    thereto.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding anything to the contrary set forth in the
    preceding paragraph or elsewhere in the Indenture or any
    Security Document, at the sole cost of the Company (including
    recording and title company charges and fees):
    (i)&#160;mortgages (and any related Security Documents) required
    to be granted pursuant to the preceding paragraph on the Issue
    Date (x)&#160;with respect to real property that is securing
    First Priority Obligations under the Revolving Credit Facility
    on the Issue Date (which has an aggregate Book Value as of
    September&#160;30, 2009 of approximately $390&#160;million),
    shall be granted as soon as commercially reasonable following
    the Issue Date, but in no event (with respect to real property
    constituting at least 80% of all such real property, based on
    the Book Value thereof) later than 60&#160;days following the
    Issue Date and (y)&#160;with respect to any real property that
    is not securing First Priority Obligations under the Revolving
    Credit Facility on the Issue Date (which, together with the real
    property under clause (x), has an aggregate Book Value as of
    September&#160;30, 2009 of approximately $390&#160;million),
    shall be granted as soon as commercially reasonable following
    the Issue Date, but in no event (with respect to real property
    constituting at least 80% of all such real property, based on
    the Book Value thereof) later than 90&#160;days following the
    Issue Date, in each such case, as such date may be extended by
    up to 60&#160;days by the First Priority Collateral Agent with
    respect to the Revolving Credit Facility in its sole reasonable
    discretion and (ii)&#160;the Company and the Subsidiary
    Guarantors shall not be required to execute or deliver any
    control agreements with respect to any deposit account or
    securities account.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Security
    Documents and Certain Related Intercreditor
    Provisions</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company, the Subsidiary Guarantors, the Notes Collateral
    Agent <FONT style="white-space: nowrap">and/or</FONT>
    the Trustee have entered into one or more Security Documents
    creating and establishing the terms of the security interests
    and Liens that secure the Notes and the Subsidiary Guarantees.
    These security interests and Liens secure the payment and
    performance when due of all of the Obligations of the Company
    and the Subsidiary Guarantors under the Notes, the Indenture,
    the Subsidiary Guarantees and the Security Documents, as
    provided in the Security Documents. The attachment and
    perfection of all security interests in all non-real property
    Collateral was completed on or prior to the Issue Date. The
    First Priority Collateral Agents and holders of First Priority
    Obligations secured by First Priority Collateral are referred to
    collectively as &#147;First Priority Secured Parties.&#148; The
    Trustee, Notes Collateral Agent, each Holder, each other holder
    of, or obligee in respect of, any Obligations in respect of the
    Notes outstanding at such time are referred to collectively as
    the &#147;Noteholder Secured Parties.&#148; The Obligations in
    respect of the Notes constitute claims separate and apart from
    (and of a different class from) the First Priority Obligations
    and are junior to the First Priority Liens with respect to the
    First Priority Collateral. In certain states, mortgages may be
    granted solely to a single collateral agent, which will hold
    such mortgages for the benefit of the holders of the First
    Priority Liens and the Second Priority Liens.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Intercreditor
    Agreement</FONT></I></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    On September&#160;11, 2009, the Company, the Subsidiary
    Guarantors, the Notes Collateral Agent and the First Priority
    Collateral Agent with respect to the Revolving Credit Facility
    entered into the Intercreditor Agreement. Although the Holders
    of the Notes and the holders of First Priority Obligations are
    not party to the Intercreditor Agreement, by their acceptance of
    the Notes and First Priority Obligations, respectively, they
    will each agree to be bound thereby. The Indenture provides that
    the Intercreditor Agreement may be amended from time to time
    without the consent of the Holders or the holders of First
    Priority Obligations to add other parties holding Other Pari
    Passu Lien Obligations or other First Priority Obligations, in
    each case to the extent permitted to be incurred under the
    Indenture and other applicable agreements. See &#147;Description
    of the Notes&#160;&#151; Amendment, Supplement and Waiver.&#148;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate amount of the obligations secured by the First
    Priority Collateral may, subject to the limitations set forth in
    the Indenture, be increased. A portion of the obligations
    secured by the First Priority Collateral consists or may consist
    of Indebtedness that is revolving in nature, and the amount
    thereof that may be outstanding at any time or from time to time
    may be increased or reduced and subsequently reborrowed and such
    obligations may, subject to the limitations set forth in the
    Indenture, be increased, extended, renewed,
</DIV>
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    <BR>
    49
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    replaced, restated, supplemented, restructured, repaid,
    refunded, refinanced or otherwise amended or modified from time
    to time, all without affecting the subordination of the Liens
    held by the Noteholder Secured Parties (relative to those of the
    First Priority Secured Parties) or the provisions of the
    Intercreditor Agreement defining the relative rights of the
    parties thereto. The Lien priorities provided for in the
    Intercreditor Agreement shall not be altered or otherwise
    affected by any amendment, modification, supplement, extension,
    increase, replacement, renewal, restatement or refinancing of
    either the obligations secured by the First Priority Collateral
    or the obligations secured by the Notes Collateral, by the
    release of any Collateral or of any guarantees securing any
    secured obligations or by any action that any representative or
    secured party may take or fail to take in respect of any
    Collateral. Notwithstanding any failure by any first priority
    secured party or noteholder secured party to perfect its
    security interests in the Collateral or any avoidance,
    invalidation or subordination by any third party or court of
    competent jurisdiction of the security interests in the
    Collateral granted to the First Priority Secured Parties or the
    Noteholder Secured Parties, the priority and rights with respect
    to the Collateral as between the First Priority Secured Parties
    and the Noteholder Secured Parties, as among the First Priority
    Secured Parties and as between the Noteholder Secured Parties
    and the holders of Other Pari Passu Lien Obligations, are, in
    each case, set forth in the Intercreditor Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each Security Document contains a provision that the Liens
    created thereby and the exercise of rights and remedies
    thereunder are subject to the provisions of the Intercreditor
    Agreement and, in the event of any conflict between the terms of
    the Intercreditor Agreement and the terms of such Security
    Document, the terms of the Intercreditor Agreement shall govern
    and control.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All rights, interests, agreements and obligations of the First
    Priority Collateral Agents and the Notes Collateral Agent,
    respectively, under the Intercreditor Agreement shall remain in
    full force and effect irrespective of: (i)&#160;any lack of
    validity or enforceability of any First Priority Documents or
    any operative agreement evidencing or governing the obligations
    that are secured by Second Priority Liens; (ii)&#160;except as
    otherwise expressly set forth in the Intercreditor Agreement,
    any change in the time, manner or place of payment of, or in any
    other terms of, all or any of the First Priority Obligations or
    the obligations that are secured by Second Priority Liens, or
    any amendment or waiver or other modification, including any
    increase in the amount thereof, whether by course of conduct or
    otherwise, of the terms of any First Priority Document or any
    operative agreement evidencing or governing the obligations that
    are secured by Second Priority Liens; (iii)&#160;except as
    otherwise expressly set forth in the Intercreditor Agreement,
    any exchange, release, avoidance, invalidation, subordination or
    non-perfection of any security interest in any Collateral, or
    any amendment, waiver or other modification, whether in writing
    or by course of conduct or otherwise, of all or any of the First
    Priority Obligations or the obligations that are secured by
    Second Priority Liens or any guaranty thereof; (iv)&#160;the
    commencement of any insolvency or liquidation proceeding in
    respect of the Company or any Subsidiary Guarantor; or
    (v)&#160;any other circumstances which otherwise might
    constitute a defense available to, or a discharge of, the
    Company or any Subsidiary Guarantor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Control
    Over Collateral and Enforcement of Liens</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the terms of the Intercreditor Agreement, prior to
    the Discharge of First Priority Obligations with respect to any
    First Priority Collateral, the applicable First Priority
    Collateral Agent has the exclusive right to control the time and
    method by which the security interests in such First Priority
    Collateral are enforced, including, without limitation,
    following the occurrence of an Event of Default under the
    Indenture. Prior to the Discharge of First Priority Obligations
    with respect to any First Priority Collateral, the Noteholder
    Secured Parties are not permitted to enforce their security
    interests in such First Priority Collateral even if any Event of
    Default under the Indenture has occurred and the Notes have been
    accelerated except (a)&#160;in any insolvency or liquidation
    proceeding, solely as necessary to file a proof of claim or
    statement of interest or, subject to the terms of the
    Intercreditor Agreement, protect their security interests with
    respect to the Obligations under the Notes and Subsidiary
    Guarantees or (b)&#160;certain protective actions in order to
    prove, preserve, perfect or protect (but not enforce) their
    security interests and rights in, and the perfection and
    priority of their Liens on, such First Priority Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any proceeds from any First Priority Collateral received in any
    insolvency or liquidation proceeding or pursuant to any
    enforcement of remedies against the First Priority Collateral
    shall be applied to repay the applicable First Priority
    Obligations in full (including any post-petition interest
    thereon and a requirement to
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    cash collateralize letters of credit at up to 105% of the face
    amount thereof) until the Discharge of First Priority
    Obligations has occurred prior to being applied to the repayment
    of any Obligations owing to the Noteholder Secured Parties and
    the holders of the Other Pari Passu Lien Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    After the Discharge of First Priority Obligations with respect
    to any First Priority Collateral, the Notes Collateral Agent
    will distribute all cash proceeds (after payment of the costs of
    enforcement and collateral administration, including any amounts
    owed to the Trustee in its capacity as Trustee or the Notes
    Collateral Agent in its capacity as Notes Collateral Agent) of
    such First Priority Collateral received by it under the Security
    Documents first, for the ratable benefit of the Noteholder
    Secured Parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All of the Collateral was not appraised in connection with the
    issuance of the Notes. The aggregate book value of the real
    property included as Collateral as of September&#160;30, 2009
    was approximately $390&#160;million, which does not include the
    impact of inventory investments, home deliveries or impairments
    thereafter. The fair market value of the Collateral is subject
    to fluctuations based on factors that include, among others, the
    condition of the homebuilding industry, our ability to implement
    our business strategy, the ability to sell the Collateral in an
    orderly sale, general economic conditions, the availability of
    buyers and similar factors. The amount to be received upon a
    sale of the Collateral would be dependent on numerous factors,
    including but not limited to the actual fair market value of the
    Collateral at such time and the timing and the manner of the
    sale. By its nature, portions of the Collateral may be illiquid
    and may have no readily ascertainable market value. Likewise,
    there can be no assurance that the Collateral is saleable, or,
    if saleable, that there will not be substantial delays in its
    liquidation. In the event of a foreclosure, liquidation,
    bankruptcy or similar proceeding, the proceeds from any sale or
    liquidation of the Collateral may not be sufficient to pay our
    Obligations under the Notes. In addition, the fact that the
    First Priority Secured Parties will receive proceeds from
    enforcement of the First Priority Collateral before Noteholder
    Secured Parties, and that other Persons may have first priority
    Liens in respect of assets subject to Permitted Liens, could
    have a material adverse effect on the amount that would be
    realized upon a liquidation of the Collateral. Accordingly,
    proceeds of any sale of the Collateral pursuant to the Indenture
    and the related Security Documents following an Event of Default
    may not be sufficient to satisfy, and may be substantially less
    than, amounts due under the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the proceeds of the Collateral were not sufficient to repay
    all amounts due on the Notes, the Holders of the Notes (to the
    extent not repaid from the proceeds of the sale of the
    Collateral) would have only an unsecured claim against the
    remaining assets of the Company and the Subsidiary Guarantors.
    To the extent that Liens (including Permitted Liens), rights or
    easements granted to third parties encumber assets located on
    property owned by the Company or the Subsidiary Guarantors,
    including the Collateral, such third parties may exercise rights
    and remedies with respect to the property subject to such Liens
    that could adversely affect the value of the Collateral and the
    ability of the Notes Collateral Agent, the Trustee or the
    Holders of the Notes to realize or foreclose on Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Intercreditor Agreement provides that, as between collateral
    agents in whose favor equal priority Liens have been granted on
    the applicable Collateral for the benefit of holders of
    different series of Indebtedness (e.g., the Notes Collateral
    Agent and the collateral agent for any Other Pari Passu Lien
    Obligations as to their respective Liens on the Notes
    Collateral), the &#147;Applicable Authorized
    Representative&#148; has the right to direct foreclosures and
    take other actions with respect to the applicable Collateral and
    the other collateral agent has no right to take actions with
    respect to such Collateral. The Applicable Authorized
    Representative shall be the collateral agent representing the
    series of Indebtedness with the greatest outstanding aggregate
    principal amount.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">No Duties
    of First Priority Collateral Agent</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Intercreditor Agreement provides that no first priority
    secured party will generally have any duties or other
    obligations to any noteholder secured party with respect to the
    First Priority Collateral, other than, with respect to a First
    Priority Collateral Agent, serving as gratuitous bailee for the
    benefit of the Notes Collateral Agent with respect to certain
    First Priority Collateral to the extent that possession or
    control thereof is taken to perfect a Lien thereon. The duties
    or responsibilities of First Priority Collateral Agents shall be
    limited solely to holding such Collateral as bailee and
    delivering such Collateral to the Notes Collateral Agent upon a
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Discharge of First Priority Obligations. No First Priority
    Collateral Agent shall, by reason of so acting, have a fiduciary
    relationship in respect of the Notes Collateral Agent or any
    other noteholder secured party. In addition, the Intercreditor
    Agreement further provides that, until the Discharge of First
    Priority Obligations with respect to any First Priority
    Collateral, the applicable First Priority Collateral Agent is
    entitled, for the benefit of the applicable First Priority
    Secured Parties, to sell, transfer or otherwise dispose of or
    deal with such First Priority Collateral without regard to any
    security interest that are junior relative to those of the
    applicable First Priority Secured Parties therein or any rights
    to which any noteholder secured party would otherwise be
    entitled as a result of such junior-priority security interest.
    Without limiting the foregoing, the Notes Collateral Agent has
    agreed in the Intercreditor Agreement that no first priority
    secured party will have any duty or obligation first to marshal
    or realize upon the First Priority Collateral, or to sell,
    dispose of or otherwise liquidate all or any portion of the
    First Priority Collateral, in any manner that would maximize the
    return to the Noteholder Secured Parties, notwithstanding that
    the order and timing of any such realization, sale, disposition
    or liquidation may affect the amount of proceeds actually
    received by the Noteholder Secured Parties from such
    realization, sale, disposition or liquidation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for the Noteholder Secured Parties, that the
    Noteholder Secured Parties will waive any claim that may be had
    against any first priority secured party arising out of
    (i)&#160;any actions which any first priority secured party
    takes or omits to take (including, actions with respect to the
    creation, perfection or continuation of Liens on any First
    Priority Collateral, actions with respect to the foreclosure
    upon, sale, release or depreciation of, or failure to realize
    upon, any of the First Priority Collateral and actions with
    respect to the collection of any claim for all or any part of
    the First Priority Obligations from any account debtor,
    guarantor or any other party) or the valuation, use, protection
    or release of any security for such First Priority Obligations,
    (ii)&#160;any election by any first priority secured party, in
    any proceeding instituted under Title&#160;11 of the United
    States Code (the &#147;Bankruptcy Code&#148;) of the application
    of Section&#160;1111(b) of the Bankruptcy Code or (iii)&#160;any
    borrowing of, or grant of a security interest or administrative
    expense priority under Sections&#160;363 and 364 of the
    Bankruptcy Code to the Company or any of its Subsidiaries as
    <FONT style="white-space: nowrap">debtors-in-possession.</FONT>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">No
    Interference; Payment Over; Reinstatement</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for the Noteholder Secured Parties, that prior to the
    Discharge of First Priority Obligations with respect to any
    First Priority Collateral:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not challenge or question in any proceeding the validity
    or enforceability of any first priority security interest in
    such First Priority Collateral, the validity, attachment,
    perfection or priority of any Lien held by any applicable first
    priority secured party, or the validity or enforceability of the
    priorities, rights or duties established by or other provisions
    of the Intercreditor Agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not take or cause to be taken any action the purpose or
    intent of which is, or could be, to interfere, hinder or delay,
    in any manner, whether by judicial proceedings or otherwise, any
    sale, transfer or other disposition of such First Priority
    Collateral by any applicable first priority secured party;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will have no right to (A)&#160;direct any first priority
    secured party to exercise any right, remedy or power with
    respect to such First Priority Collateral or (B)&#160;consent to
    the exercise by any first priority secured party of any right,
    remedy or power with respect to such First Priority Collateral;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not institute any suit or assert in any suit,
    bankruptcy, insolvency or other proceeding any claim against any
    first priority secured party seeking damages from or other
    relief by way of specific performance, instructions or otherwise
    with respect to, and no first priority secured party will be
    liable for, any action taken or omitted to be taken by any first
    priority secured party with respect to such First Priority
    Collateral in accordance with the terms of the Intercreditor
    Agreement;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not object to any waiver or forbearance by the
    applicable First Priority Collateral Agent from or in respect of
    bringing or pursuing any foreclosure proceeding or action or any
    other exercise of any rights or remedies relating to such First
    Priority Collateral;
</TD>
</TR>

</TABLE>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not seek, and will waive any right, to have such First
    Priority Collateral or any part thereof marshaled upon any
    foreclosure or other disposition of such First Priority
    Collateral;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    it will not attempt, directly or indirectly, whether by judicial
    proceedings or otherwise, to challenge the enforceability of any
    provision of the Intercreditor Agreement;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided, </I>that nothing in the Intercreditor Agreement
    shall be deemed to waive any rights granted under applicable law
    that the Notes Collateral Agent may have on behalf of the
    holders of the Notes to a commercially reasonable disposition of
    the Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any first priority secured party is required in any
    insolvency or liquidation proceeding or otherwise to turn over
    or otherwise pay to the estate of the Company or any Subsidiary
    Guarantor (or any trustee, receiver or similar person therefor),
    because the payment of such amount was declared to be fraudulent
    or preferential in any respect or for any other reason (any such
    amount, a &#147;Recovery&#148;), whether received as proceeds of
    security, enforcement of any right of setoff or otherwise, then
    as among the parties to the Intercreditor Agreement, the
    applicable First Priority Obligations shall be deemed to be
    reinstated to the extent of such Recovery and to be outstanding
    as if such payment had not occurred and such holder of First
    Priority Obligations shall be entitled to a reinstatement of
    First Priority Obligations with respect to all such recovered
    amounts and shall have all rights under the Intercreditor
    Agreement. If the Intercreditor Agreement was terminated (in
    whole or in part) prior to such Recovery, the Intercreditor
    Agreement shall be reinstated in full force and effect, and such
    prior termination shall not diminish, release, discharge, impair
    or otherwise affect the obligations of the parties thereto. Any
    First Priority Collateral received by a noteholder secured party
    prior to the time of such Recovery shall be deemed to have been
    received prior to the Discharge of First Priority Obligations
    with respect to such First Priority Collateral and subject to
    the provisions of the immediately following paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for the Noteholder Secured Parties that if any
    noteholder secured party obtains possession of the First
    Priority Collateral or realizes any proceeds or payment in
    respect of the First Priority Collateral, pursuant to any
    Security Document or by the exercise of any rights available to
    it under applicable law or in any bankruptcy, insolvency or
    similar proceeding or through any other exercise of remedies, at
    any time prior to the Discharge of First Priority Obligations
    with respect to such First Priority Collateral, then it will
    hold such First Priority Collateral, proceeds or payment in
    trust for the applicable First Priority Secured Parties and
    transfer such First Priority Collateral, proceeds or payment, as
    the case may be, to the applicable First Priority Collateral
    Agent. The Notes Collateral Agent has further agreed in the
    Intercreditor Agreement for the Noteholder Secured Parties that
    if, at any time, all or part of any payment with respect to any
    First Priority Obligations secured by any First Priority
    Collateral previously made shall be Recovered from a first
    priority secured party, then the Notes Collateral Agent will
    promptly pay over to the applicable First Priority Collateral
    Agent any payment received by it (and not otherwise Recovered
    from it) in respect of any such First Priority Collateral and
    shall promptly turn any such First Priority Collateral then held
    by it over to the applicable First Priority Collateral Agent,
    and the provisions set forth in the Intercreditor Agreement will
    be reinstated as if such payment had not been made, until the
    Discharge of First Priority Obligations with respect to such
    First Priority Collateral; <I>provided</I>, that in order to
    exercise its rights under this provision, the First Priority
    Collateral Agent shall have first defended itself and the
    holders of the First Priority Obligations against any such
    Recovery actions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Agreements
    With Respect to Bankruptcy or Insolvency Proceedings</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any First Priority Collateral Agent consents to financing
    (&#147;DIP Financing&#148;) to be provided by one or more
    lenders (the &#147;DIP Lenders&#148;) under Section&#160;364 of
    the Bankruptcy Code which is to be secured by any First Priority
    Collateral or the use of cash collateral representing proceeds
    of First Priority Collateral under Section&#160;363 of the
    Bankruptcy Code, the Notes Collateral Agent has agreed in the
    Intercreditor Agreement for the Noteholder Secured Parties, that
    it will raise no objection to any such financing or to the Liens
    on such First Priority Collateral securing the same (&#147;DIP
    Financing Liens&#148;) or to any use of cash collateral that
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    constitutes First Priority Collateral, unless such DIP
    Financing, DIP Financing Liens or use of cash collateral is not
    permitted under the applicable First Priority Documents so long
    as:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;either (x)&#160;all DIP Financing Liens are senior to,
    or rank <I>pari passu </I>with, the Liens of the applicable
    First Priority Secured Parties in such First Priority Collateral
    (in which case, the Notes Collateral Agent will agree for the
    Noteholder Secured Parties, to subordinate the Liens of the
    Noteholder Secured Parties in such First Priority Collateral to
    the First Priority Liens in such First Priority Collateral and
    the DIP Financing Liens) or (y)&#160;the Liens of the Notes
    Collateral Agent are not subordinated to such DIP Financing
    Liens;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Noteholder Secured Parties retain liens on all
    such First Priority Collateral, including proceeds thereof
    arising after the commencement of such proceeding, with the same
    priority as existed prior to the commencement of the case under
    the Bankruptcy Code, subject to any super-priority ranking of
    liens in favor of the DIP Lenders as provided above and any
    &#147;carve out&#148; for administrative expenses agreed to by
    the applicable First Priority Collateral Agent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the terms of such DIP Financing or use of cash
    collateral do not require the Company or any Subsidiary
    Guarantor to seek approval for any plan of reorganization that
    is a Non-Conforming Plan of Reorganization;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the terms of such DIP Financing do not require any
    Noteholder Secured Parties to extend additional credit or incur
    any monetary obligations in connection with such DIP Financing
    without the consent of such Noteholder Secured Parties.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Nothing in the Indenture or the Intercreditor Agreement is
    deemed to preclude the Noteholder Secured Parties (or any of
    them) from offering competing DIP Financing secured by Liens
    subordinate to the First Priority Liens.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for each of the Noteholder Secured Parties that they
    will:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;not object to or oppose a sale or other disposition of
    any First Priority Collateral (or any portion thereof) under
    Section&#160;363 of the Bankruptcy Code if the applicable First
    Priority Secured Parties shall have consented to such sale or
    disposition of such First Priority Collateral and the proceeds
    of such sale or disposition are applied in accordance with the
    Intercreditor Agreement. Notwithstanding the foregoing, the
    Intercreditor Agreement shall not be construed to prohibit the
    Noteholder Secured Parties from exercising a credit bid under
    Section&#160;363(k) of the Bankruptcy Code in a sale or other
    disposition of any First Priority Collateral under
    Section&#160;363 of the Bankruptcy Code; <I>provided </I>that in
    connection with and immediately after giving effect to any such
    sale pursuant to such credit bid under Section&#160;363(k) of
    the Bankruptcy Code there occurs a Discharge of First Priority
    Obligations with respect to such First Priority Collateral;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;not object to or otherwise contest (or support any
    other Person contesting), any motion for relief from the
    automatic stay or from any injunction against foreclosure or
    enforcement in respect of any First Priority Collateral made by
    the applicable First Priority Secured Parties;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;until the Discharge of First Priority Obligations
    with respect to any First Priority Collateral, not seek (or
    support any other Person seeking) relief from the automatic stay
    or any other stay in any insolvency or liquidation proceeding in
    respect of such First Priority Collateral, without the prior
    written consent of the applicable First Priority Collateral
    Agent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;not object to, or otherwise contest (or support any
    Person contesting), (a)&#160;any request by any of the First
    Priority Secured Parties for adequate protection on account of
    any applicable First Priority Collateral or (b)&#160;any
    objection by any of the First Priority Secured Parties to any
    motion, relief, action or proceeding based on the applicable
    First Priority Collateral Agent&#146;s or such holder of First
    Priority Obligations&#146; claiming a lack of adequate
    protection with respect to such First Priority Collateral;
</DIV>
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    <BR>
    54
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;until the Discharge of First Priority Obligations with
    respect to any First Priority Collateral, not assert or enforce
    (or support any Person asserting or enforcing) any claim under
    Section&#160;506(c) of the Bankruptcy Code senior to or <I>pari
    passu </I>with the Liens on such First Priority Collateral
    securing the applicable First Priority Obligations for costs or
    expenses of preserving or disposing any such First Priority
    Collateral;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;not oppose or otherwise contest (or support any other
    Person contesting) any lawful exercise by the First Priority
    Secured Parties of the right to credit bid under
    Section&#160;363(k) of the Bankruptcy Code at any sale of First
    Priority Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, no noteholder secured party will file or prosecute
    in any insolvency or liquidation proceeding any motion for
    adequate protection (or any comparable request for relief) based
    upon its respective security interests in any First Priority
    Collateral, except that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;any of them may freely seek and obtain adequate
    protection of their interests that is junior to the protection
    provided to the First Priority Obligations, including relief
    granting a junior Lien co-extensive in all respects with, but
    subordinated to, all Liens granted in the insolvency or
    liquidation proceeding to, or for the benefit of, the holders of
    the applicable First Priority Obligations on the same basis as
    Second Priority Liens under the Intercreditor Agreement (and the
    Intercreditor Agreement provides that the applicable First
    Priority Secured Parties will not object to the granting of such
    junior Lien);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;any of them may freely seek and obtain any relief upon
    a motion for adequate protection (or any comparable relief),
    without any condition or restriction whatsoever, at any time
    after the Discharge of First Priority Obligations with respect
    to such First Priority Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting the generality of any provisions of the
    Intercreditor Agreement, any vote to accept, and any other act
    to support the confirmation or approval of any Non-Conforming
    Plan of Reorganization shall be inconsistent with and,
    accordingly, a violation of the terms of the Intercreditor
    Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notes Collateral Agent has agreed in the Intercreditor
    Agreement for the Noteholder Secured Parties that (a)&#160;the
    Noteholder Secured Parties&#146; claims against the Company and
    the Subsidiary Guarantors in respect of the First Priority
    Collateral constitute junior secured claims separate and apart
    (and of a different class) from the senior secured claims of the
    holders of First Priority Obligations against the Company and
    the Subsidiary Guarantors in respect of the First Priority
    Collateral, (b)&#160;the First Priority Obligations include all
    interest that accrues after the commencement of any insolvency
    or liquidation proceeding of the Company or any Subsidiary
    Guarantor at the rate provided for in the applicable First
    Priority Documents, regardless of whether a claim for
    post-petition interest is allowed or allowable in any such
    insolvency or liquidation proceeding and (c)&#160;the
    Intercreditor Agreement constitutes a &#147;subordination
    agreement&#148; under Section&#160;510 of the Bankruptcy Code.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Insurance</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until written notice by the applicable First Priority Collateral
    Agent to the Trustee that the Discharge of First Priority
    Obligations with respect to any First Priority Collateral has
    occurred, as between such First Priority Collateral Agent, on
    the one hand, and the Noteholder Secured Parties, on the other
    hand, only such First Priority Collateral Agent has the right
    (subject to the rights of the Company and the Subsidiary
    Guarantors under the applicable First Priority Documents) to
    adjust or settle any insurance policy or claim covering or
    constituting such First Priority Collateral in the event of any
    covered loss thereunder and to approve any award granted in any
    condemnation or similar proceeding affecting such First Priority
    Collateral. To the extent that an insured loss covers or
    constitutes both First Priority Collateral and Notes Collateral,
    then the applicable First Priority Collateral Agents and the
    Notes Collateral Agent will work jointly and in good faith to
    collect, adjust or settle (subject to the rights of the Company
    and the Subsidiary Guarantors under the applicable First
    Priority Documents and the Notes) under the relevant insurance
    policy.
</DIV>
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    <BR>
    55
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <I><FONT style="font-family: 'Times New Roman', Times">Refinancings
    of the First Priority Obligations and the Notes</FONT></I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The First Priority Obligations and the obligations under the
    Indenture and the Notes may be refinanced or replaced, in whole
    or in part, in each case, without notice to, or the consent
    (except to the extent a consent is otherwise required to permit
    the refinancing transaction under the applicable First Priority
    Documents, the Indenture or the Security Documents) of any first
    priority secured party or any noteholder secured party, all
    without affecting the Lien priorities provided for in the
    Intercreditor Agreement; <I>provided, however</I>, that the
    holders of any such refinancing or replacement Indebtedness (or
    an authorized agent or trustee on their behalf) bind themselves
    in writing to the terms of the Intercreditor Agreement pursuant
    to such documents or agreements (including amendments or
    supplements to the Intercreditor Agreement) as any First
    Priority Collateral Agent or Notes Collateral Agent, as the case
    may be, shall reasonably request and in form and substance
    reasonably acceptable to such First Priority Collateral Agent or
    Notes Collateral Agent, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if at any time in connection with or after the
    Discharge of First Priority Obligations with respect to any
    First Priority Collateral, the Company enters into any
    refinancing of the First Priority Obligations secured by such
    First Priority Collateral on a first-priority basis which
    qualifies as Permitted Liens under clause&#160;(xi) of the
    definition thereof, then such Discharge of First Priority
    Obligations shall automatically be deemed not to have occurred
    for all purposes of the Intercreditor Agreement and the
    Indenture, and the obligations under such refinancing shall
    automatically be treated as First Priority Obligations for all
    purposes of the Intercreditor Agreement, including for purposes
    of the Lien priorities and rights in respect of such First
    Priority Collateral set forth therein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with any refinancing or replacement contemplated
    by the foregoing, the Intercreditor Agreement may be amended at
    the request and sole expense of the Company, and without the
    consent of any Holder of Notes, (a)&#160;to add parties (or any
    authorized agent or trustee therefor) providing any such
    refinancing or replacement Indebtedness in compliance with the
    applicable First Priority Documents and the Indenture,
    (b)&#160;to establish that Liens on any Notes Collateral
    securing such refinancing or replacement Indebtedness shall have
    the same priority (or junior priority) as the Liens on any Notes
    Collateral securing the Indebtedness being refinanced or
    replaced and (c)&#160;to establish that the Liens on any First
    Priority Collateral securing such refinancing or replacement
    indebtedness shall have the same priority (or junior priority)
    as the Liens on any First Priority Collateral securing the
    Indebtedness being refinanced or replaced, all on the terms
    provided for herein immediately prior to such refinancing or
    replacement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the terms of the Security Documents, the Company and
    the Subsidiary Guarantors have the right to remain in possession
    and retain exclusive control of the Collateral, to freely
    operate the Collateral and to collect, invest and dispose of any
    income therefrom. See &#147;Risk Factors&#160;&#151; Risks
    Related to the Notes and the Offering&#160;&#151; We have
    control over most of the collateral, and the sale of particular
    assets by us could reduce the pool of assets securing the notes
    and the guarantees.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Release
    of Collateral</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company and the Subsidiary Guarantors are entitled to the
    releases of property and other assets included in the Collateral
    from the Liens securing the Notes under any one or more of the
    following circumstances:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to enable the disposition of such property or assets to the
    extent not prohibited under the covenant described under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitation on Asset Sales;&#148;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in the case of a Subsidiary Guarantor that is released from its
    Subsidiary Guarantee, the release of the property and assets of
    such Subsidiary Guarantor;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    as described under &#147;Description of the Notes&#160;&#151;
    Amendment, Supplement and Waiver&#148; below.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, with respect to any First Priority Collateral, and
    notwithstanding the existence of any Event of Default but
    subject to the Intercreditor Agreement, the second priority lien
    on such First Priority Collateral securing the Notes shall also
    terminate and be released automatically to the extent the First
    Priority Liens on
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    such First Priority Collateral are released by the applicable
    First Priority Collateral Agent in connection with the
    foreclosure of, or other disposition in connection with the
    exercise of remedies with respect to, such First Priority
    Collateral by such First Priority Collateral Agent (except with
    respect to any proceeds of such sale, transfer or disposition
    that remain after satisfaction in full of the applicable First
    Priority Obligations). The Notes Collateral Agent shall, at no
    cost to the Notes Collateral Agent, promptly execute and deliver
    such release documents and instruments and shall take such
    further actions as any First Priority Collateral Agent shall
    reasonably request to evidence any release of the second
    priority lien as described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The security interests in all Collateral securing the Notes and
    Subsidiary Guarantees also will be released upon
    (i)&#160;payment in full of the principal of, together with
    accrued and unpaid interest on, the Notes and all other
    Obligations under the Indenture, the Subsidiary Guarantees and
    the Security Documents that are due and payable at or prior to
    the time such principal, together with accrued and unpaid
    interest, are paid or (ii)&#160;a legal defeasance or covenant
    defeasance under the Indenture or a discharge of the Indenture,
    in each case as described under &#147;Description of the
    Notes&#160;&#151; Discharge and Defeasance of Indenture.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Compliance
    with Trust&#160;Indenture Act</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will comply with the
    provisions of the Trust&#160;Indenture Act (the &#147;TIA&#148;)
    &#167;&#160;314 to the extent applicable. To the extent
    applicable, the Company will cause TIA &#167;&#160;313(b),
    relating to reports, TIA &#167;&#160;314(b), relating to
    opinions, and TIA &#167;&#160;314(d), relating to the release of
    property or securities subject to the Lien of the Security
    Documents, to be complied with. Any certificate or opinion
    required by TIA &#167;&#160;314(d) shall be made by an officer
    or legal counsel, as applicable, of the Company except in cases
    where TIA &#167;&#160;314(d) requires that such certificate or
    opinion be made by an independent Person, which Person will be
    an independent engineer, appraiser or other expert selected by
    or reasonably satisfactory to the Trustee. Notwithstanding
    anything to the contrary in this paragraph, the Company will not
    be required to comply with all or any portion of TIA
    &#167;&#160;314(d) if it reasonably determines that under the
    terms of TIA &#167;&#160;314(d) or any interpretation or
    guidance as to the meaning thereof of the SEC and its staff,
    including &#147;no action&#148; letters or exemptive orders, all
    or any portion of TIA &#167;&#160;314(d) is inapplicable to any
    release or series of releases of Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without limiting the generality of the foregoing, certain no
    action letters issued by the SEC have permitted an indenture
    qualified under the TIA to contain provisions permitting the
    release of collateral from Liens under such indenture in the
    ordinary course of the issuer&#146;s business without requiring
    the issuer to provide certificates and other documents under
    Section&#160;314(d) of the TIA. The Company and the Subsidiary
    Guarantors may, subject to the provisions of the Indenture,
    among other things, without any release or consent by the
    Noteholder Secured Parties, conduct ordinary course activities
    with respect to the Collateral, including, without limitation:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    selling or otherwise disposing of, in any transaction or series
    of related transactions, any property subject to the Lien of the
    Security Documents that has become worn out, defective, obsolete
    or not used or useful in the business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    abandoning, terminating, canceling, releasing or making
    alterations in or substitutions of any leases or contracts
    subject to the Lien or the Indenture or any of the Security
    Documents;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    surrendering or modifying any franchise, license or permit
    subject to the Lien of the Security Documents that it may own or
    under which it may be operating;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    altering, repairing, replacing, changing the location or
    position of and adding to its structures, machinery, systems,
    equipment, fixtures and appurtenances;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    granting a license of any intellectual property;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    selling, transferring or otherwise disposing of inventory in the
    ordinary course of business;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    collecting accounts receivable in the ordinary course of
    business as permitted by the covenant described under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales;&#148;
</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    57
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    making cash payments (including for the repayment of
    Indebtedness or interest) from cash that is at any time part of
    the Collateral in the ordinary course of business that are not
    otherwise prohibited by the Indenture and the Security
    Documents;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    abandoning any intellectual property that is no longer used or
    useful in the Company&#146;s business.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">No
    Impairment of the Security Interests</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Neither the Company nor any of the Subsidiary Guarantors are
    permitted to take any action, or knowingly or negligently omit
    to take any action, which action or omission might or would have
    the result of materially impairing the security interest with
    respect to the Collateral for the benefit of the Notes
    Collateral Agent, the Trustee and the Holders of the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that any release of Collateral in
    accordance with the provisions of the Indenture and the Security
    Documents will not be deemed to impair the security under the
    Indenture, and that any engineer, appraiser or other expert may
    rely on such provision in delivering a certificate requesting
    release so long as all other provisions of the Indenture with
    respect to such release have been complied with.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Optional
    Redemption</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company may redeem all or any portion of the Notes at any
    time and from time to time on or after October&#160;15, 2012 and
    prior to maturity at the following redemption prices (expressed
    in percentages of the principal amount thereof) together, in
    each case, with accrued and unpaid interest to the date fixed
    for redemption, if redeemed during the
    <FONT style="white-space: nowrap">12-month</FONT>
    period beginning on October 15 of each year indicated below:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="90%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Year</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Percentage</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2012
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    106.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2013
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    104.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2014
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    102.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    2015 and thereafter
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    100.000
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, on or prior to October&#160;15, 2012, the Company
    may, at its option, redeem up to 35% of the aggregate principal
    amount of Notes issued under the Indenture with the net proceeds
    of an Equity Offering at 112% of the principal amount thereof
    plus accrued and unpaid interest, if any, to the date fixed for
    redemption; <I>provided</I>, that at least 65% of the aggregate
    principal amount of the Notes originally issued under the
    Indenture remain outstanding after such redemption. Notice of
    any such redemption must be given within 60&#160;days after the
    date of the closing of the relevant Equity Offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Prior to October&#160;15, 2012, we may at our option redeem the
    Notes, in whole or in part, at a redemption price equal to 100%
    of the principal amount of the Notes to be redeemed plus the
    Applicable Premium as of, and accrued and unpaid interest to,
    the redemption date (subject to the right of Holders on the
    relevant record date to receive interest due on the relevant
    interest payment date). Notice of such redemption must be mailed
    by first-class mail to each Holder&#146;s registered address,
    not less than 30 nor more than 60&#160;days prior to the
    redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Applicable Premium&#148;</I> means, with respect to a
    Note at any redemption date, the greater of (i)&#160;1.00% of
    the principal amount of such Note and (ii)&#160;the excess of
    (A)&#160;the present value at such redemption date of
    (1)&#160;the redemption price of such Note on October&#160;15,
    2012 (such redemption price being described in the second
    paragraph of this &#147;Description of the Notes&#160;&#151;
    Optional Redemption&#148; section exclusive of any accrued
    interest) plus (2)&#160;all required remaining scheduled
    interest payments due on such Note through October&#160;15, 2012
    (but excluding accrued and unpaid interest to the redemption
    date), computed using a discount rate equal to the Treasury Rate
    plus 0.50% per annum, over (B)&#160;the principal amount of such
    Note on such redemption date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Treasury Rate&#148;</I> means, as of any redemption
    date, the yield to maturity as of such redemption date of United
    States Treasury securities with a constant maturity (as compiled
    and published in the most recent Federal Reserve Statistical
    Release H. 15 (519)&#160;that has become publicly available at
    least two Business Days
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    58
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    prior to the redemption date (or, if such Statistical Release is
    no longer published, any publicly available source of similar
    market data)) most nearly equal to the period from the
    redemption date to October&#160;15, 2012; <I>provided,
    however</I>, that if the period from the redemption date to
    October&#160;15, 2012 is less than one year, the weekly average
    yield on actually traded United States Treasury securities
    adjusted to a constant maturity of one year will be used.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the event less than all of the Notes are to be redeemed at
    any time, selection of the Notes to be redeemed will be made by
    the Trustee from among the outstanding Notes on a pro rata
    basis, by lot or by any other method permitted by the Indenture.
    Notice of redemption will be mailed at least 15&#160;days but
    not more than 60&#160;days before the redemption date to each
    Holder whose Notes are to be redeemed at the registered address
    of such Holder. On and after the redemption date, interest will
    cease to accrue on the Notes or portions thereof called for
    redemption.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Mandatory
    Offers to Purchase the Notes</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture requires the Company:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to offer to purchase all of the outstanding Notes upon
    a Change of Control of the Company;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to offer to purchase a portion of the outstanding
    Notes using Net Proceeds neither used to repay certain
    Indebtedness nor used or invested as provided in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    See &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Change of Control&#148; and
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of the provisions relating to an offer to purchase is
    waivable by the Board of Directors of the Company. If an offer
    to purchase upon a Change of Control or otherwise were to be
    required, there can be no assurance that the Company would have
    sufficient funds to pay the purchase price for all Notes that
    the Company is required to purchase. In addition, the
    Company&#146;s ability to finance the purchase of Notes may be
    limited by the terms of its then existing borrowing agreements.
    Failure by the Company to purchase the Notes when required will
    result in an Event of Default with respect to the Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an offer is made to purchase Notes as a result of a Change of
    Control or otherwise, the Company will comply with applicable
    law, including, without limitation, Section&#160;14(e) under the
    Exchange Act, and
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    thereunder, if applicable.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Change of Control feature of the Notes may in certain
    circumstances make more difficult or discourage a takeover of
    the Company and, thus, the removal of incumbent management. The
    Change of Control feature, however, is not the result of
    management&#146;s knowledge of any specific effort to obtain
    control of the Company by means of a merger, tender offer,
    solicitation or otherwise, or part of a plan by management to
    adopt a series of anti-takeover provisions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">The
    Subsidiary Guarantees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the Subsidiary Guarantors (so long as it remains a
    Subsidiary of the Company) unconditionally guarantees on a joint
    and several basis all of the Company&#146;s obligations under
    the Notes, including its obligations to pay principal, premium,
    if any, and interest with respect to the Notes. Each of the
    Subsidiary Guarantees are senior secured obligations of the
    applicable Subsidiary Guarantor. The obligations of each
    Subsidiary Guarantor are limited to the maximum amount which,
    after giving effect to all other contingent and fixed
    liabilities of such Subsidiary Guarantor and after giving effect
    to any collections from or payments made by or on behalf of any
    other Subsidiary Guarantor in respect of the obligations of such
    other Subsidiary Guarantor under its Subsidiary Guarantee or
    pursuant to its contribution obligations under the Indenture,
    will result in the obligations of such Subsidiary Guarantor
    under its Subsidiary Guarantee not constituting a fraudulent
    conveyance or fraudulent transfer under federal or state law.
    Each Subsidiary Guarantor that makes a payment or distribution
    under a Subsidiary Guarantee shall be entitled to a contribution
    from each other Subsidiary Guarantor in an amount <I>pro
    rata</I>, based on the net assets of each Subsidiary Guarantor,
    determined
</DIV>
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    <BR>
    59
</DIV><!-- END PAGE WIDTH -->
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    in accordance with GAAP. Except as provided in &#147;Description
    of the Notes&#160;&#151; Certain Covenants&#148; below, the
    Company is not restricted from selling or otherwise disposing of
    any of the Subsidiary Guarantors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that each existing and future Restricted
    Subsidiary (other than, in the Company&#146;s discretion, any
    Restricted Subsidiary the assets of which have a Book Value of
    not more than $5.0&#160;million) be a Subsidiary Guarantor and,
    at the Company&#146;s discretion, any Unrestricted Subsidiary
    may be a Subsidiary Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that if all or substantially all of the
    assets of any Subsidiary Guarantor or all (or a portion
    sufficient to cause such Subsidiary Guarantor to no longer be a
    Subsidiary of the Company) of the Capital Stock of any
    Subsidiary Guarantor is sold (including by consolidation,
    merger, issuance or otherwise) or disposed of (including by
    liquidation, dissolution or otherwise) by the Company or any of
    its Subsidiaries, or, unless the Company elects otherwise, if
    any Subsidiary Guarantor is designated an Unrestricted
    Subsidiary in accordance with the terms of the Indenture, then
    such Subsidiary Guarantor (in the event of a sale or other
    disposition of all of the Capital Stock of such Subsidiary
    Guarantor or a designation as an Unrestricted Subsidiary) 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
    Subsidiary 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, subject in
    each case to compliance with the covenants sets forth below
    under &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales&#148; and
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Mergers and
    Consolidations,&#148; as applicable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Definitions</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Set forth below is a summary of certain of the defined terms
    used in the Indenture. Reference is made to the Indenture for
    the full definition of all terms used in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Acquired Indebtedness&#148;</I> means Indebtedness of
    any Person and its Subsidiaries existing at the time such Person
    became a Subsidiary of the Company (or such Person is merged
    with or into the Company or one of the Company&#146;s
    Subsidiaries) or assumed in connection with the acquisition of
    assets from any such Person, including, without limitation,
    Indebtedness Incurred in connection with, or in contemplation of
    (a)&#160;such Person being merged with or into or becoming a
    Subsidiary of the Company or one of its Subsidiaries (but
    excluding Indebtedness of such Person which is extinguished,
    retired or repaid in connection with such Person being merged
    with or into or becoming a Subsidiary of the Company or one of
    its Subsidiaries) or (b)&#160;such acquisition of assets from
    any such Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Affiliate&#148;</I> of any Person means any other
    Person directly or indirectly controlling or controlled by, or
    under direct or indirect common control with, such Person. For
    purposes of the Indenture, each executive officer and director
    of the Company and each Subsidiary of the Company will be an
    Affiliate of the Company. In addition, for purposes of the
    Indenture, control of a Person means the power to direct the
    management and policies of such Person, directly or indirectly,
    whether through the ownership of voting securities, by contract
    or otherwise. Notwithstanding the foregoing, the term
    &#147;Affiliate&#148; will not include, with respect to the
    Company or any Restricted Subsidiary which is a Wholly Owned
    Subsidiary of the Company, any Restricted Subsidiary which is a
    Wholly Owned Subsidiary of the Company.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Asset Sale&#148;</I> for any Person means the sale,
    transfer, lease, conveyance or other disposition (including,
    without limitation, by merger, consolidation or sale and
    leaseback transaction, and whether by operation of law or
    otherwise) of any of that Person&#146;s assets (including,
    without limitation, the sale or other disposition of Capital
    Stock of any Subsidiary of such Person, whether by such Person
    or such Subsidiary), whether owned on the date of the Indenture
    or subsequently acquired in one transaction or a series of
    related transactions, in which such Person
    <FONT style="white-space: nowrap">and/or</FONT> its
    Subsidiaries receive cash
    <FONT style="white-space: nowrap">and/or</FONT> other
    consideration (including, without limitation, the unconditional
    assumption of Indebtedness of such Person
    <FONT style="white-space: nowrap">and/or</FONT> its
    Subsidiaries) having an
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    aggregate Fair Market Value of $5.0&#160;million or more as to
    each such transaction or series of related transactions;
    <I>provided, however</I>, that none of the following shall
    constitute an Asset Sale:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;a transaction or series of related transactions that
    results in a Change of Control;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;sales of homes or land in the ordinary course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;sales, leases, conveyances or other dispositions,
    including, without limitation, exchanges or swaps, of real
    estate or other assets, in each case in the ordinary course of
    business, for development or disposition of the Company&#146;s
    or any of its Subsidiaries&#146; projects;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;sales, leases, sale-leasebacks or other dispositions
    of amenities, model homes and other improvements at the
    Company&#146;s or its Subsidiaries&#146; projects in the
    ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;transactions between the Company and any of its
    Restricted Subsidiaries which are Wholly Owned Subsidiaries, or
    among such Restricted Subsidiaries which are Wholly Owned
    Subsidiaries of the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;any disposition of Cash Equivalents or obsolete or
    worn out equipment, in each case, in the ordinary course of
    business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;the sale or other disposition of assets no longer
    used or useful in the conduct of business of the Company or any
    of its Restricted Subsidiaries;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;the making of any Restricted Payment or Permitted
    Investment that is permitted to be made, and is made, under the
    covenant described under the heading &#147;Description of the
    Notes&#160;&#151; Certain Covenants&#160;&#151; Limitations on
    Restricted Payments.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Bankruptcy Law&#148;</I> means title&#160;11 of the
    United States Code, as amended, or any similar federal or state
    law for the relief of debtors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Book Value&#148;</I> means, with respect to any asset
    of the Company or any of its Subsidiaries, the book value
    thereof as reflected in the most recent consolidated financial
    statements of the Company filed with SEC (or if such asset has
    been acquired after the date of such financial statements, the
    then-current book value thereof as reasonably determined by the
    Company consistent with recent practices).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Business Day&#148;</I> means any day other than a Legal
    Holiday.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Capital Stock&#148;</I> of any Person means any and all
    shares, rights to purchase, warrants or options (whether or not
    currently exercisable), participations, or other equivalents of
    or interests in (however designated and whether voting or
    non-voting) the equity (which includes, but is not limited to,
    common stock, preferred stock and partnership and joint venture
    interests) of such Person (excluding any debt securities that
    are convertible into, or exchangeable for, such equity).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Capitalized Lease Obligations&#148;</I> of any Person
    means the obligations of such Person to pay rent or other
    amounts under a lease that is required to be capitalized for
    financial reporting purposes in accordance with GAAP, and the
    amount of such obligation will be the capitalized amount thereof
    determined in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Cash Equivalents&#148;</I> means any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;direct obligations of the United States or any agency
    thereof or obligations guaranteed by the United States or any
    agency thereof, in each case maturing within one year of the
    date of acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;certificates of deposit, time deposits, bankers
    acceptances and other obligations placed with commercial banks
    organized under the laws of the United States of America or any
    state thereof, or branches or agencies of foreign banks licensed
    under the laws of the United States of America or any state
    thereof, having a short-term rating of not less than A&#8722; by
    each of Moody&#146;s and S&#038;P at the time of acquisition,
    and having a maturity of not more than one year;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;commercial paper rated at least
    <FONT style="white-space: nowrap">P-1,</FONT>
    <FONT style="white-space: nowrap">A-1</FONT> or the
    equivalent thereof by Moody&#146;s or S&#038;P, respectively,
    and in each case and maturing not more than one year from the
    date of the acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;repurchase agreements or money-market accounts which
    are fully secured by direct obligations of the United States or
    any agency thereof;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;investments in money market funds
    (x)&#160;substantially all of the assets of which consist of
    investments described in the foregoing clauses&#160;(i) through
    (iv)&#160;or (y)&#160;which (A)&#160;have total net assets of at
    least $2&#160;billion, (B)&#160;have investment objectives and
    policies that substantially conform with the Company&#146;s
    investment policy as in effect from time to time,
    (C)&#160;purchase only first-tier or U.S.&#160;government
    obligations as defined by
    <FONT style="white-space: nowrap">Rule&#160;2a-7</FONT>
    of the SEC promulgated under the Investment Company Act of 1940
    and (D)&#160;otherwise comply with such
    <FONT style="white-space: nowrap">Rule&#160;2a-7.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Change of Control&#148;</I> means any of the following:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the sale, transfer, lease, conveyance or other
    disposition (in one transaction or a series of transactions) of
    all or substantially all of the Company&#146;s assets as an
    entirety or substantially as an entirety to any Person or
    &#147;group&#148; (within the meaning of Section&#160;13(d)(3)
    of the Exchange Act); <I>provided </I>that a transaction where
    the holders of all classes of Common Equity of the Company
    immediately prior to such transaction own, directly or
    indirectly, 50% or more of the aggregate voting power of all
    classes of Common Equity of such Person or group immediately
    after such transaction will not be a Change of Control;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the acquisition by the Company
    <FONT style="white-space: nowrap">and/or</FONT> any
    of its Subsidiaries of 50% or more of the aggregate voting power
    of all classes of Common Equity of the Company in one
    transaction or a series of related transactions;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the liquidation or dissolution of the Company;
    <I>provided </I>that a liquidation or dissolution of the Company
    which is part of a transaction or series of related transactions
    that does not constitute a Change of Control under the
    &#147;provided&#148; clause of clause&#160;(i) above will not
    constitute a Change of Control under this clause (iii);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any transaction or a series of related transactions
    (as a result of a tender offer, merger, consolidation or
    otherwise) that results in, or that is in connection with,
    (a)&#160;any Person, including a &#147;group&#148; (within the
    meaning of Section&#160;13(d)(3) of the Exchange Act) acquiring
    &#147;beneficial ownership&#148; (as defined in
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    under the Exchange Act), directly or indirectly, of 50% or more
    of the aggregate voting power of all classes of Common Equity of
    the Company or of any Person that possesses &#147;beneficial
    ownership&#148; (as defined in
    <FONT style="white-space: nowrap">Rule&#160;13d-3</FONT>
    under the Exchange Act), directly or indirectly, of 50% or more
    of the aggregate voting power of all classes of Common Equity of
    the Company or (b)&#160;less than 50% (measured by the aggregate
    voting power of all classes) of the Common Equity of the Company
    being registered under Section&#160;12(b) or 12(g) of the
    Exchange Act;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;a majority of the Board of Directors of the Company not
    being comprised of Continuing Directors;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;a change of control shall occur as defined in the
    instrument governing any publicly traded debt securities of the
    Company which requires the Company to repay or repurchase such
    debt securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Collateral&#148;</I> means all the assets and
    properties subject to the Liens created by the Security
    Documents.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Common Equity&#148;</I> of any Person means all Capital
    Stock of such Person that is generally entitled to (i)&#160;vote
    in the election of directors of such Person, or (ii)&#160;if
    such Person is not a corporation, vote or otherwise participate
    in the selection of the governing body, partners, managers or
    others that will control the management and policies of such
    Person.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Cash Flow Available for Fixed
    Charges&#148;</I> of the Company and its Restricted Subsidiaries
    means for any period, the sum of the amounts for such period of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Consolidated Net Income, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Consolidated Income Tax Expense (without regard to
    income tax expense or credits attributable to extraordinary and
    nonrecurring gains or losses on Asset Sales), plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;Consolidated Interest Expense, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;all depreciation, and, without duplication,
    amortization (including, without limitation, capitalized
    interest amortized to cost of sales), plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;all other non-cash items reducing Consolidated Net
    Income during such period,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    minus all other non-cash items increasing Consolidated Net
    Income during such period; all as determined on a consolidated
    basis for the Company and its Restricted Subsidiaries in
    accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Fixed Charge Coverage Ratio&#148;</I> of
    the Company means, with respect to any determination date, the
    ratio of (i)&#160;Consolidated Cash Flow Available for Fixed
    Charges of the Company for the prior four full fiscal quarters
    for which financial results have been reported immediately
    preceding the determination date, to (ii)&#160;the aggregate
    Consolidated Interest Incurred of the Company for the prior four
    full fiscal quarters for which financial results have been
    reported immediately preceding the determination date;
    <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;with respect to any Indebtedness Incurred during, and
    remaining outstanding at the end of, such four full fiscal
    quarter period, such Indebtedness will be assumed to have been
    incurred as of the first day of such four full fiscal quarter
    period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;with respect to Indebtedness repaid (other than a
    repayment of revolving credit obligations repaid solely out of
    operating cash flows) during such four full fiscal quarter
    period, such Indebtedness will be assumed to have been repaid on
    the first day of such four full fiscal quarter period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;with respect to the Incurrence of any Acquired
    Indebtedness, such Indebtedness and any proceeds therefrom will
    be assumed to have been Incurred and applied as of the first day
    of such four full fiscal quarter period, and the results of
    operations of any Person and any Subsidiary of such Person that,
    in connection with or in contemplation of such Incurrence,
    becomes a Subsidiary of the Company or is merged with or into
    the Company or one of the Company&#146;s Subsidiaries or whose
    assets are acquired, will be included, on a pro forma basis, in
    the calculation of the Consolidated Fixed Charge Coverage Ratio
    as if such transaction had occurred on the first day of such
    four full fiscal quarter period;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;with respect to any other transaction pursuant to which
    any Person becomes a Subsidiary of the Company or is merged with
    or into the Company or one of the Company&#146;s Subsidiaries or
    pursuant to which any Person&#146;s assets are acquired, such
    Consolidated Fixed Charge Coverage Ratio shall be calculated on
    a pro forma basis as if such transaction had occurred on the
    first day of such four full fiscal quarter period, but only if
    such transaction would require a pro forma presentation in
    financial statements prepared pursuant to
    <FONT style="white-space: nowrap">Rule&#160;11-02</FONT>
    of
    <FONT style="white-space: nowrap">Regulation&#160;S-X</FONT>
    under the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Income Tax Expense&#148;</I> of the
    Company for any period means the income tax expense of the
    Company and its Restricted Subsidiaries for such period,
    determined on a consolidated basis in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Interest Expense&#148;</I> of the Company
    for any period means the Interest Expense of the Company and its
    Restricted Subsidiaries for such period, determined on a
    consolidated basis in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Interest Incurred&#148;</I> of the Company
    for any period means the Interest Incurred of the Company and
    its Restricted Subsidiaries for such period, determined on a
    consolidated basis in accordance with GAAP.
</DIV>
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    <BR>
    63
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Net Income&#148;</I> of the Company for
    any period means the aggregate net income (or loss) of the
    Company and its Restricted Subsidiaries for such period,
    determined on a consolidated basis in accordance with GAAP;
    <I>provided </I>that there will be excluded from such net income
    (to the extent otherwise included therein), without duplication:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the net income (or loss) of any Person (other than a
    Restricted Subsidiary) in which any Person (including, without
    limitation, an Unrestricted Subsidiary) other than the Company
    or any Restricted Subsidiary has an ownership interest, except
    to the extent that any such income has actually been received by
    the Company or any Restricted Subsidiary in the form of cash
    dividends or similar cash distributions during such period, or
    in any other form but converted to cash during such period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;except to the extent includable in Consolidated Net
    Income pursuant to the foregoing clause (i), the net income (or
    loss) of any Person that accrued prior to the date that
    (a)&#160;such Person becomes a Restricted Subsidiary or is
    merged with or into or consolidated with the Company or any of
    its Restricted Subsidiaries or (b)&#160;the assets of such
    Person are acquired by the Company or any of its Restricted
    Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the net income of any Restricted Subsidiary to the
    extent that (but only so long as) the declaration or payment of
    dividends or similar distributions by such Restricted Subsidiary
    of that income is not permitted by operation of the terms of its
    charter or any agreement, instrument, judgment, decree, order,
    statute, rule or governmental regulation applicable to that
    Restricted Subsidiary during such period;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;in the case of a successor to the Company by
    consolidation, merger or transfer of its assets, any earnings of
    the successor prior to such merger, consolidation or transfer of
    assets;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;the gains (but not losses) realized during such period
    by the Company or any of its Restricted Subsidiaries resulting
    from (a)&#160;the acquisition of securities issued by the
    Company or extinguishment of Indebtedness of the Company or any
    of its Restricted Subsidiaries, (b)&#160;Asset Sales by the
    Company or any of its Restricted Subsidiaries and (c)&#160;other
    extraordinary items realized by the Company or any of its
    Restricted Subsidiaries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, in calculating Consolidated Net
    Income, the Company will be entitled to take into consideration
    the tax benefits associated with any loss described in
    clause&#160;(v) of the preceding sentence, but only to the
    extent such tax benefits are actually recognized by the Company
    or any of its Restricted Subsidiaries during such period;
    <I>provided, further</I>, that there will be included in such
    net income, without duplication, the net income of any
    Unrestricted Subsidiary to the extent such net income is
    actually received by the Company or any of its Restricted
    Subsidiaries in the form of cash dividends or similar cash
    distributions during such period, or in any other form but
    converted to cash during such period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Tangible Assets&#148;</I> of the Company
    as of any date means the total amount of assets of the Company
    and its Restricted Subsidiaries (less applicable reserves) on a
    consolidated basis at the end of the fiscal quarter immediately
    preceding such date, as determined in accordance with GAAP,
    less: (i)&#160;Intangible Assets and (ii)&#160;appropriate
    adjustments on account of minority interests of other Persons
    holding equity investments in Restricted Subsidiaries, in the
    case of each of clauses&#160;(i) and (ii)&#160;above, as
    reflected on the consolidated balance sheet of the Company and
    its Restricted Subsidiaries as of the end of the fiscal quarter
    immediately preceding such date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Consolidated Tangible Net Worth&#148;</I> of the
    Company as of any date means the stockholders&#146; equity
    (including any Preferred Stock that is classified as equity
    under GAAP, other than Disqualified Stock) of the Company and
    its Restricted Subsidiaries on a consolidated basis at the end
    of the fiscal quarter immediately preceding such date, as
    determined in accordance with GAAP, plus any amount of unvested
    deferred compensation included, in accordance with GAAP, as an
    offset to stockholders&#146; equity, less the amount of
    Intangible Assets reflected on the consolidated balance sheet of
    the Company and its Restricted Subsidiaries as of the end of the
    fiscal quarter immediately preceding such date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Continuing Director&#148;</I> means at any date a
    member of the Board of Directors of the Company who:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;was a member of the Board of Directors of the Company
    on the Issue Date;&#160;or
</DIV>
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    <BR>
    64
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;was nominated for election or elected to the Board of
    Directors of the Company with the affirmative vote of at least a
    majority of the directors who were Continuing Directors at the
    time of such nomination or election.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Covenant Trigger Date&#148;</I> means the first date
    that the Company&#146;s Consolidated Fixed Charge Coverage Ratio
    is at least 2.0 to 1.0 for any four consecutive fiscal quarters
    ended on or after the Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Credit Facilities&#148;</I> means, with respect to the
    Company or any of its Restricted Subsidiaries, one or more debt
    facilities or other financing arrangements (including, without
    limitation, commercial paper or letter of credit facilities or
    indentures) providing for revolving credit loans, term loans,
    letters of credit or other Indebtedness (including the Revolving
    Credit Facility), including any notes, mortgages, guarantees,
    collateral documents, instruments and agreements executed in
    connection therewith, and any amendments, supplements,
    modifications, extensions, renewals, restatements or refundings
    thereof and any indentures, credit facilities, letter of credit
    facilities or commercial paper facilities that replace, refund
    or refinance any part of the loans, notes, other credit
    facilities or commitments thereunder, including any such
    replacement, refunding or refinancing facility or indenture that
    increases the amount permitted to be borrowed thereunder or
    alters the maturity thereof (<I>provided </I>that such increase
    in borrowings is permitted by the covenant described under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitation on Additional
    Indebtedness&#148;) or adds Restricted Subsidiaries as
    additional borrowers or guarantors thereunder and whether by the
    same or any other agent, lender or group of lenders.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Custodian&#148;</I> means any receiver, trustee,
    assignee, liquidator or similar official under any Bankruptcy
    Law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Default&#148;</I> means any event, act or condition
    that is, or after notice or the passage of time, or both, would
    be, an Event of Default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Discharge of First Priority Obligations&#148;</I>
    means, with respect to any First Priority Collateral, the date
    on which the First Priority Obligations secured thereby have
    been paid in full, in cash, all commitments to extend credit
    thereunder shall have been terminated and such First Priority
    Obligations are no longer secured by such First Priority
    Collateral (except that, with respect to any obligations under
    letters of credit, such obligations may be satisfied by cash
    collateralization (in an amount not in excess of 105% of the
    face value thereof) of such letters of credit or provision of
    back-stop letters of credit); <I>provided </I>that the Discharge
    of First Priority Obligations shall not be deemed to have
    occurred in connection with a refinancing of such First Priority
    Obligations with Indebtedness secured by such First Priority
    Collateral on a first-priority basis under an agreement that has
    been designated in writing by the agent, trustee or other
    representative under the agreement so refinancing such First
    Priority Obligations and the Notes Collateral Agent in
    accordance with the terms of the Intercreditor Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Disqualified Stock&#148;</I> means any Capital Stock
    that, by its terms (or by the terms of any security into which
    it is convertible or for which it is exchangeable), or upon the
    happening of any event, matures or is mandatorily redeemable,
    pursuant to a sinking fund obligation or otherwise, or is
    redeemable at the option of the holder thereof, in whole or in
    part, on or prior to the final maturity date of the Notes;
    <I>provided </I>that any Capital Stock which would not
    constitute Disqualified Stock but for provisions thereof giving
    holders thereof the right to require the Company to repurchase
    or redeem such Capital Stock upon the occurrence of a change of
    control occurring prior to the final maturity of the Notes will
    not constitute Disqualified Stock if the change of control
    provisions applicable to such Capital Stock are no more
    favorable to the holders of such Capital Stock than the
    &#147;Change of Control&#148; covenant set forth in the
    Indenture and such Capital Stock specifically provides that the
    Company will not repurchase or redeem (or be required to
    repurchase or redeem) any such Capital Stock pursuant to such
    provisions prior to the Company&#146;s repurchase of Notes
    pursuant to the &#147;Change of Control&#148; covenant set forth
    in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Disqualified Stock Dividend&#148;</I> of any Person
    means, for any dividend payable with regard to Disqualified
    Stock issued by such Person, the amount of such dividend
    multiplied by a fraction, the numerator of which is one and the
    denominator of which is one minus the maximum statutory combined
    federal, state and local income tax rate (expressed as a decimal
    number between 1 and 0)&#160;then applicable to such Person.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Equity Offering&#148;</I> means a public or private
    equity offering or sale after the Issue Date by the Company for
    cash of Capital Stock, other than an offering or sale of
    Disqualified Stock.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Event of Default&#148;</I> has the meaning set forth in
    &#147;Description of the Notes&#160;&#151; Events of
    Default.&#148;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Excluded Property&#148;</I> means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Capital Stock in any Subsidiary or Affiliate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;up to $25.0&#160;million of assets received in
    connection with sales of assets as permitted by clause&#160;(ii)
    of the definition of Permitted Investments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;real or personal property where the cost of obtaining
    a security interest or perfection thereof exceeds its benefits,
    as determined by the Company in good faith in an officer&#146;s
    certificate delivered to the Notes Collateral Agent;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;real property subject to a Lien (a)&#160;permitted by
    clause&#160;(xxvii) of the definition of Permitted Liens or
    (b)&#160;securing Indebtedness incurred for the purpose of
    financing the acquisition thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;real property located outside the United States;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;unentitled land;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;real property that is leased or held for the purpose
    of leasing to unaffiliated third parties;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;any real property in a community under development
    with a dollar amount of investment as of the most recent
    month-end (as determined in accordance with GAAP) of less than
    $2.0&#160;million or with less than 10 lots remaining);&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;assets, with respect to which any applicable law or
    contract prohibits the creation or perfection of security
    interests therein (other than any contract entered into for the
    purpose of causing any real property to constitute Excluded
    Property under this clause (ix)).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Existing Indebtedness&#148;</I> means all of the
    Indebtedness of the Company and its Subsidiaries that is
    outstanding on the date of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Fair Market Value&#148;</I> with respect to any asset
    or property means the sale value that would be obtained in an
    arm&#146;s length transaction between an informed and willing
    seller under no compulsion to sell and an informed and willing
    buyer under no compulsion to buy. Fair Market Value shall be
    determined by the Board of Directors of the Company acting in
    good faith and shall be evidenced by a board resolution
    (certified by the Secretary or Assistant Secretary of the
    Company) delivered to the Trustee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Collateral&#148;</I> means all of the
    Collateral subject to Liens securing any or all of the First
    Priority Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Collateral Agent&#148;</I> means any
    Person acting as collateral agent or in any similar
    representative capacity for the benefit of any of the holders of
    First Priority Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Documents&#148;</I> means all operative
    agreements evidencing or governing the First Priority
    Obligations and the Liens securing such First Priority
    Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Obligations&#148;</I> has the meaning
    set forth in clause (xi)(b) of the definition of Permitted Liens.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;First Priority Liens&#148;</I> means the Liens on any
    or all of the First Priority Collateral that secure any or all
    of the First Priority Obligations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;GAAP&#148;</I> means generally accepted accounting
    principles set forth in the opinions and interpretations of the
    Accounting Principles Board of the American Institute of
    Certified Public Accountants and statements and interpretations
    of the Financial Accounting Standards Board or in such other
    statements by such other entity as may be approved by a
    significant segment of the accounting profession of the United
    States, as in effect from time to time. At any time after the
    Issue Date, the Company may elect to apply International
    Financial
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reporting Standards <B>(&#147;IFRS&#148;)</B> accounting
    principles in lieu of GAAP and, upon any such election,
    references herein to GAAP shall thereafter be construed to mean
    IFRS (except as otherwise provided in the Indenture);
    <I>provided </I>that any such election, once made, shall be
    irrevocable; <I>provided, further</I>, any calculation or
    determination in the Indenture that requires the application of
    GAAP for periods that include fiscal quarters ended prior to the
    Company&#146;s election to apply IFRS shall remain as previously
    calculated or determined in accordance with GAAP. The Company
    shall give notice of any such election made in accordance with
    this definition to the Trustee and the Holders of Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Hedging Obligations&#148;</I> of any Person means the
    obligations of such Person pursuant to any interest rate swap
    agreement, foreign currency exchange agreement, interest rate
    collar agreement, option or futures contract or other similar
    agreement or arrangement relating to interest rates or foreign
    exchange rates.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Holder&#148;</I> means a Person in whose name a Note is
    registered in the Security Register.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Incur&#148;</I> (and derivatives thereof) means to,
    directly or indirectly, create, incur, assume, guarantee, extend
    the maturity of, or otherwise become liable with respect to any
    Indebtedness; <I>provided, however</I>, that neither the accrual
    of interest (whether such interest is payable in cash or kind)
    nor the accretion of original issue discount shall be considered
    an Incurrence of Indebtedness.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Indebtedness&#148;</I> of any Person at any date means,
    without duplication,
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;all indebtedness of such Person for borrowed money
    (whether or not the recourse of the lender is to the whole of
    the assets of such Person or only to a portion thereof);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;all obligations of such Person evidenced by bonds,
    debentures, notes or other similar instruments (including a
    purchase money obligation) given in connection with the
    acquisition of any businesses, properties or assets of any kind
    or with services incurred in connection with capital
    expenditures (other than any obligation to pay a contingent
    purchase price which, as of the date of incurrence thereof, is
    not required to be recorded as a liability in accordance with
    GAAP);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;all fixed obligations of such Person in respect of
    letters of credit or other similar instruments or reimbursement
    obligations with respect thereto (other than standby letters of
    credit or similar instruments issued for the benefit of, or
    surety, performance, completion or payment bonds, earnest money
    notes or similar purpose undertakings or indemnifications issued
    by, such Person in the ordinary course of business);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;all obligations of such Person with respect to Hedging
    Obligations (other than those that fix or cap the interest rate
    on variable rate Indebtedness otherwise permitted by the
    Indenture or that fix the exchange rate in connection with
    Indebtedness denominated in a foreign currency and otherwise
    permitted by the Indenture);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;all Capitalized Lease Obligations of such Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;all Indebtedness of others secured by a Lien on any
    asset of such Person, whether or not such Indebtedness is
    assumed by such Person;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;all Indebtedness of others guaranteed by, or
    otherwise the liability of, such Person to the extent of such
    guarantee or liability;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;all Disqualified Stock issued by such Person (the
    amount of Indebtedness represented by any Disqualified Stock
    will equal the greater of the voluntary or involuntary
    liquidation preference plus accrued and unpaid dividends);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided</I>, that Indebtedness shall not include accrued
    expenses, trade payables, liabilities related to inventory not
    owned, customer deposits or deferred income taxes arising in the
    ordinary course of business. The amount of Indebtedness of any
    Person at any date will be:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the outstanding balance at such date of all
    unconditional obligations as described above;
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the maximum liability of such Person for any contingent
    obligations under clause&#160;(vii) above;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;in the case of clause (vi) (if the Indebtedness
    referred to therein is not assumed by such Person), the lesser
    of the (A)&#160;Fair Market Value of all assets subject to a
    Lien securing the Indebtedness of others on the date that the
    Lien attaches and (B)&#160;amount of the Indebtedness secured.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Independent Financial Advisor&#148;</I> means an
    accounting, appraisal or investment banking firm of nationally
    recognized standing that is, in the reasonable judgment of the
    Company&#146;s Board of Directors, (i)&#160;qualified to perform
    the task for which it has been engaged, and
    (ii)&#160;disinterested and independent, in a direct and
    indirect manner, of the parties to the Affiliate Transaction
    with respect to which such firm has been engaged.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Intercreditor Agreement&#148;</I> means the
    Intercreditor Agreement, dated as of the Issue Date, among
    Citibank, N.A., as a First Priority Collateral Agent, the Notes
    Collateral Agent, the Company and each Subsidiary Guarantor, as
    such agreement may be amended, restated, supplemented or
    otherwise modified from time to time.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Intangible Assets&#148;</I> of the Company means all
    unamortized debt discount and expense, unamortized deferred
    charges, goodwill, patents, trademarks, service marks, trade
    names, copyrights and all other items which would be treated as
    intangibles on the consolidated balance sheet of the Company and
    its Restricted Subsidiaries prepared in accordance with GAAP.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Interest Expense&#148;</I> of any Person for any period
    means, without duplication, the aggregate amount of
    (i)&#160;interest which, in conformity with GAAP, would be set
    opposite the caption &#147;interest expense&#148; or any like
    caption on an income statement for such Person (including,
    without limitation, imputed interest included on Capitalized
    Lease Obligations, all commissions, discounts and other fees and
    charges owed with respect to letters of credit securing
    financial obligations and bankers&#146; acceptance financing,
    the net costs associated with Hedging Obligations, amortization
    of other financing fees and expenses, the interest portion of
    any deferred payment obligation, amortization of discount or
    premium, if any, and all other non-cash interest expense other
    than interest and other charges amortized to cost of sales) and
    includes, with respect to the Company and its Restricted
    Subsidiaries, without duplication (including duplication of the
    foregoing items), all interest amortized to cost of sales for
    such period, and (ii)&#160;the amount of Disqualified Stock
    Dividends recognized by the Company on any Disqualified Stock
    whether or not paid during such period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Interest Incurred&#148;</I> of any Person for any
    period means, without duplication, the aggregate amount of
    (i)&#160;interest which, in conformity with GAAP, would be set
    opposite the caption &#147;interest expense&#148; or any like
    caption on an income statement for such Person (including,
    without limitation, imputed interest included on Capitalized
    Lease Obligations, all commissions, discounts and other fees and
    charges owed with respect to letters of credit securing
    financial obligations and bankers&#146; acceptance financing,
    the net costs associated with Hedging Obligations, amortization
    of other financing fees and expenses, the interest portion of
    any deferred payment obligation, amortization of discount or
    premium, if any, and all other noncash interest expense other
    than interest and other charges amortized to cost of sales) and
    includes, with respect to the Company and its Restricted
    Subsidiaries, without duplication (including duplication of the
    foregoing items), all interest capitalized for such period, all
    interest attributable to discontinued operations for such period
    to the extent not set forth on the income statement under the
    caption &#147;interest expense&#148; or any like caption, and
    all interest actually paid by the Company or a Restricted
    Subsidiary under any guarantee of Indebtedness (including,
    without limitation, a guarantee of principal, interest or any
    combination thereof) of any other Person during such period and
    (ii)&#160;the amount of Disqualified Stock Dividends recognized
    by the Company on any Disqualified Stock whether or not declared
    during such period.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Investments&#148;</I> of any Person means all
    (i)&#160;investments by such Person in any other Person in the
    form of loans, advances or capital contributions,
    (ii)&#160;guarantees of Indebtedness or other obligations of any
    other Person by such Person, (iii)&#160;purchases (or other
    acquisitions for consideration) by such Person of Indebtedness,
    Capital Stock or other securities of any other Person and
    (iv)&#160;other items that would be classified as investments on
    a balance sheet of such Person determined in accordance with
    GAAP. For all purposes of the Indenture, the amount of any such
    Investment shall be the fair market value thereof (with the fair
    market value
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of each Investment being measured at the time made and without
    giving effect to subsequent changes in value). The making of any
    payment in accordance with the terms of a guarantee or other
    contingent obligation permitted under the Indenture shall not be
    considered an Investment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Issue Date&#148;</I> means September&#160;11, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Legal Holiday&#148;</I> means Saturday, Sunday or a day
    on which banking institutions in New York, New York, Atlanta,
    Georgia or at a place of payment are authorized or obligated by
    law, regulation or executive order to remain closed. If a
    payment date is a Legal Holiday at a place of payment, payment
    shall be made at that place on the next succeeding day that is
    not a Legal Holiday.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Lien&#148;</I> means, with respect to any asset, any
    mortgage, lien, pledge, charge, security interest or other
    similar encumbrance of any kind upon or in respect of such
    asset, whether or not filed, recorded or otherwise perfected
    under applicable law (including, without limitation, any
    conditional sale or other title retention agreement).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Marketable Securities&#148;</I> means (a)&#160;equity
    securities that are listed on the New York Stock Exchange, the
    American Stock Exchange or The Nasdaq Stock Market and
    (b)&#160;debt securities that are rated by a nationally
    recognized rating agency, listed on the New York Stock Exchange
    or the American Stock Exchange or covered by at least two
    reputable market makers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Material Subsidiary&#148;</I> means any Subsidiary of
    the Company which accounted for 5% or more of the Consolidated
    Tangible Assets or Consolidated Cash Flow Available for Fixed
    Charges of the Company on a consolidated basis for the fiscal
    year ending immediately prior to any Default or Event of Default.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Moody&#146;s&#148;</I> means Moody&#146;s Investors
    Service, Inc. or any successor to its debt rating business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Net Proceeds&#148;</I> means:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;cash (in U.S.&#160;dollars or freely convertible into
    U.S.&#160;dollars) received by the Company or any Restricted
    Subsidiary from an Asset Sale net of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;all brokerage commissions, investment banking fees and
    all other fees and expenses (including, without limitation, fees
    and expenses of counsel, financial advisors, accountants and
    investment bankers) related to such Asset Sale;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;provisions for all income and other taxes measured by
    or resulting from such Asset Sale of the Company or any of its
    Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;payments made to retire Indebtedness that was incurred
    in accordance with the Indenture and that either (1)&#160;is
    secured by a Lien incurred in accordance with the Indenture on
    the property or assets sold (other than Indebtedness secured by
    Liens on the Collateral) or (2)&#160;is required in connection
    with such Asset Sale to the extent actually repaid in cash;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;amounts required to be paid to any Person (other than
    the Company or a Restricted Subsidiary) owning a beneficial
    interest in the assets subject to the Asset Sale;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;appropriate amounts to be provided by the Company or
    any Restricted Subsidiary thereof, as the case may be, as a
    reserve, in accordance with GAAP, against any liabilities
    associated with such Asset Sale and retained by the Company or
    any Restricted Subsidiary thereof, as the case may be, after
    such Asset Sale, including, without limitation, pension and
    other post-employment benefit liabilities, liabilities related
    to environmental matters and liabilities under any
    indemnification obligations or post-closing purchase price
    adjustments associated with such Asset Sale, all as reflected in
    an Officers&#146; Certificate delivered to the Trustee;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;all non-cash consideration received by the Company or
    any of its Restricted Subsidiaries from such Asset Sale upon the
    liquidation or conversion of such consideration into cash,
    without duplication, net of all items enumerated in
    subclauses&#160;(a) through (e)&#160;of clause&#160;(i) hereof.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Non-Conforming Plan of Reorganization&#148;</I> means
    any plan of reorganization that grants any noteholder secured
    party any right or benefit, directly or indirectly, which right
    or benefit is prohibited at such time by the provisions of the
    Intercreditor Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Non-Recourse Indebtedness&#148;</I> with respect to any
    Person means Indebtedness of such Person for which (i)&#160;the
    sole legal recourse for collection of principal and interest on
    such Indebtedness is against the specific property identified in
    the instruments evidencing or securing such Indebtedness and
    such property was acquired (directly or indirectly, including
    through the purchase of Capital Stock of the Person owning such
    property) with the proceeds of such Indebtedness or such
    Indebtedness was Incurred within 90&#160;days after the
    acquisition (directly or indirectly, including through the
    purchase of Capital Stock of the Person owning such property) of
    such property and (ii)&#160;no other assets of such Person may
    be realized upon in collection of principal or interest on such
    Indebtedness. Indebtedness which is otherwise Non-Recourse
    Indebtedness will not lose its character as Non-Recourse
    Indebtedness because there is recourse to the borrower, any
    guarantor or any other Person for (a)&#160;environmental
    warranties and indemnities, (b)&#160;indemnities for and
    liabilities arising from fraud, misrepresentation,
    misapplication or non-payment of rents, profits, insurance and
    condemnation proceeds and other sums actually received by the
    borrower from secured assets to be paid to the lender, waste and
    mechanics&#146; liens or (c)&#160;in the case of the borrower
    thereof only, other obligations in respect of such Indebtedness
    that are payable solely as a result of a voluntary bankruptcy
    filing (or similar filing or action) by such borrower.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Notes Collateral&#148;</I> means all of the Collateral
    other than the First Priority Collateral.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Obligations&#148;</I> means, with respect to any
    Indebtedness, all obligations (whether in existence on the Issue
    Date or arising afterwards, absolute or contingent, direct or
    indirect) for or in respect of principal (when due, upon
    acceleration, upon redemption, upon mandatory repayment or
    repurchase pursuant to a mandatory offer to purchase, or
    otherwise), premium, interest, penalties, fees, indemnification,
    reimbursement and other amounts payable and liabilities with
    respect to such Indebtedness, including all interest accrued or
    accruing after the commencement of any bankruptcy, insolvency or
    reorganization or similar case or proceeding at the contract
    rate (including, without limitation, any contract rate
    applicable upon default) specified in the relevant
    documentation, whether or not the claim for such interest is
    allowed as a claim in such case or proceeding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Officer&#148;</I> means the chairman, the chief
    executive officer, the president, the chief financial officer,
    the chief operating officer, the chief accounting officer, the
    treasurer, or any assistant treasurer, the controller, the
    secretary, any assistant secretary or any vice president of a
    Person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Officers&#146; Certificate&#148;</I> means a
    certificate signed by two Officers, one of whom must be the
    Person&#146;s chief executive officer, chief operating officer,
    chief financial officer or chief accounting officer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Other Pari Passu Lien Obligations&#148;</I> has the
    meaning set forth in clause (xi)(c) of the definition of
    Permitted Liens.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Paying Agent&#148;</I> means any office or agency where
    Notes and the Subsidiary Guarantees may be presented for payment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Investments&#148;</I> of any Person means
    Investments of such Person in:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Cash Equivalents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;in the case of the Company and its Subsidiaries, any
    receivables, loans or other consideration taken by the Company
    or a Subsidiary in connection with the sale of any asset
    otherwise permitted by the Indenture; <I>provided </I>that
    non-cash consideration received in an Asset Sale or an exchange
    or swap of assets shall be pledged as Collateral under the
    Security Documents to the extent the assets subject to such
    Asset Sale or exchange or swap of assets constituted Collateral,
    with the Lien on such Collateral being of the same priority with
    respect to the Notes as the Lien on the assets disposed of;
    <I>provided further</I> that notwithstanding the foregoing
    clause, up to an aggregate of $25.0&#160;million of
    (x)&#160;non-cash consideration and consideration received as
    referred to in clause&#160;(ii) of the second paragraph under
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales,&#148;
    (y)&#160;assets invested in pursuant to the third paragraph
    under &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Asset Sales&#148; and
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (z)&#160;assets received pursuant to clause&#160;(iv) of the
    proviso set forth in the definition of &#147;Asset Sale&#148;
    may be designated by the Company as Excluded Property not
    required to be pledged as Collateral;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;Investments in joint ventures or Unrestricted
    Subsidiaries having an aggregate fair market value (with the
    fair market value of each Investment being measured at the time
    made and without giving effect to subsequent changes in value),
    taken together with all other Investments made pursuant to this
    clause&#160;(iii) that are at the time outstanding, net of any
    amounts paid to the Company or any Restricted Subsidiary as a
    return of, or on, such Investments not to exceed the greater of
    (x)&#160;$50.0&#160;million and (y)&#160;if the Covenant Trigger
    Date has occurred, 3.0% of Consolidated Tangible Assets;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;other Investments having an aggregate fair market
    value (with the fair market value of each Investment being
    measured at the time made and without giving effect to
    subsequent changes in value), taken together with all other
    Investments made pursuant to this clause&#160;(iv) that are at
    the time outstanding, net of any amounts paid to the Company or
    any Restricted Subsidiary as a return of, or on, such
    Investments not to exceed $10.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Permitted Liens&#148;</I> means
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Liens for taxes, assessments or governmental charges or
    claims that either (a)&#160;are not yet delinquent or
    (b)&#160;are being contested in good faith by appropriate
    proceedings and as to which appropriate reserves have been
    established or other provisions have been made in accordance
    with GAAP;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;statutory Liens of landlords and carriers&#146;,
    warehousemen&#146;s, mechanics&#146;, suppliers&#146;,
    materialmen&#146;s, repairmen&#146;s or other Liens imposed by
    law and arising in the ordinary course of business and with
    respect to amounts that, to the extent applicable, either
    (a)&#160;are not yet delinquent or (b)&#160;are being contested
    in good faith by appropriate proceedings and as to which
    appropriate reserves have been established or other provisions
    have been made in accordance with GAAP;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;Liens (other than any Lien imposed by the Employee
    Retirement Income Security Act of 1974, as amended) incurred or
    deposits made in the ordinary course of business in connection
    with workers&#146; compensation, unemployment insurance and
    other types of social security;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;Liens incurred or deposits made to secure the
    performance of tenders, bids, leases, statutory obligations,
    surety and appeal bonds, progress payments, government
    contracts, utility services, developer&#146;s or other
    obligations to make
    <FONT style="white-space: nowrap">on-site</FONT> or
    off-site improvements and other obligations of like nature
    (exclusive of obligations for the payment of borrowed money but
    including the items referred to in the parenthetical in
    clause&#160;(iii) of the definition of
    &#147;Indebtedness&#148;), in each case incurred in the ordinary
    course of business of the Company and the Restricted
    Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;attachment or judgment Liens not giving rise to a
    Default or an Event of Default and which are being contested in
    good faith by appropriate proceedings;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;easements,
    <FONT style="white-space: nowrap">rights-of-way,</FONT>
    restrictions and other similar charges or encumbrances not
    materially interfering with the ordinary course of business of
    the Company and its Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;zoning restrictions, licenses, restrictions on the
    use of real property or minor irregularities in title thereto,
    which do not materially impair the use of such real property in
    the ordinary course of business of the Company and its
    Subsidiaries or the value of such real property for the purpose
    of such business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;leases or subleases granted to others not materially
    interfering with the ordinary course of business of the Company
    and its Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;purchase money mortgages (including, without
    limitation, Capitalized Lease Obligations and purchase money
    security interests);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;Liens securing Refinancing Indebtedness; <I>provided
    </I>that such Liens only extend to assets which are similar to
    the type of assets securing the Indebtedness being refinanced
    and such refinanced Indebtedness was previously secured by such
    similar assets;
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xi)&#160;Liens securing:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the Notes (including any Additional Notes), the
    Subsidiary Guarantees thereof and other Obligations under the
    Indenture and the Security Documents and in respect thereof and
    any obligations owing to the Trustee or the Notes Collateral
    Agent under the Indenture or the Security Documents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;up to aggregate amount of Indebtedness or other
    obligations of the Company and the Restricted Subsidiaries equal
    to the greatest of (i)&#160;$150.0&#160;million, (ii)&#160;7.5%
    of Consolidated Tangible Assets (but not in excess of
    $200.0&#160;million) and (iii)&#160;following the Covenant
    Trigger Date, 15% of Consolidated Tangible Assets, in each case
    otherwise permitted to be incurred under the Indenture (and all
    obligations, including letters of credit and similar
    instruments, incurred, issued or arising thereunder) and Liens
    securing Refinancing Indebtedness in respect thereof, which
    Liens incurred under this clause&#160;(b) may be on a first-lien
    priority basis compared to the Notes on terms as set forth in
    the Intercreditor Agreement (collectively, <B>&#147;First
    Priority Obligations&#148;</B>); <I>provided </I>that the
    proceeds of any such Indebtedness constituting First Priority
    Obligations shall not be used to repay or repurchase (and such
    Indebtedness shall not be issued in exchange for) any other
    Indebtedness of the Company or any of its Subsidiaries that is
    unsecured or secured by Liens on all or any portion of the
    Collateral that are <I>pari passu </I>with or junior to the
    Liens securing the Notes;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;up to aggregate amount of Indebtedness or other
    obligations of the Company and the Restricted Subsidiaries equal
    to the greater of (i)&#160;$700.0&#160;million (but not to
    exceed, prior to the date that mortgages with respect to real
    properties have been granted to the Notes Collateral Agent
    covering an aggregate Book Value of real properties equal to at
    least $700.0&#160;million, an amount equal to the aggregate Book
    Value of real properties covered by mortgages granted to the
    Notes Collateral Agent since the Issue Date) and
    (ii)&#160;following the Covenant Trigger Date, 40% of
    Consolidated Tangible Assets, in each case less the amount of
    Indebtedness secured under clauses&#160;(a) and (b)&#160;above
    and clause&#160;(xxvii) below, otherwise permitted to be
    incurred under the Indenture (and all obligations, including
    letters of credit and similar instruments, incurred, issued or
    arising thereunder) and Liens securing Refinancing Indebtedness
    in respect thereof, which Liens incurred under this
    clause&#160;(c) shall, to the extent on Collateral, either
    (x)&#160;be on a pari passu lien priority basis compared to the
    Notes on terms as set forth in the Intercreditor Agreement
    (collectively, <B>&#147;Other Pari Passu Lien
    Obligations&#148;</B>) or (y)&#160;be on a junior lien priority
    basis compared to the Notes on a basis substantially the same as
    the basis on which the Liens securing the Notes are treated
    under the Intercreditor Agreement with respect to the First
    Priority Liens, pursuant to an intercreditor agreement, in form
    and substance similar to the Intercreditor Agreement or as
    otherwise reasonably satisfactory to the First Priority
    Collateral Agents and the Notes Collateral Agent (collectively,
    <B>&#147;Junior Lien Obligations&#148;</B>);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided </I>that in the case of (b)&#160;and (c) (other than
    in the case of Junior Lien Obligations) the holders of such
    secured Obligations (or a representative thereof) become party
    to the Intercreditor Agreement;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xii)&#160;any interest in or title of a lessor or sublessor to
    property subject to any (x)&#160;Capitalized Lease Obligations
    incurred in compliance with the provisions of the Indenture or
    (y)&#160;any lease or sublease;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xiii)&#160;Liens existing on the date of the Indenture,
    including, without limitation, Liens securing Existing
    Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xiv)&#160;any option, contract or other agreement to sell an
    asset; <I>provided </I>such sale is not otherwise prohibited
    under the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xv)&#160;Liens securing Non-Recourse Indebtedness of the
    Company or a Restricted Subsidiary thereof;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xvi)&#160;Liens on property or assets of any Restricted
    Subsidiary securing Indebtedness of such Restricted Subsidiary
    owing to the Company or one or more Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xvii)&#160;Liens securing Indebtedness of an Unrestricted
    Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xviii)&#160;any right of a lender or lenders to which the
    Company or a Restricted Subsidiary may be indebted to offset
    against, or appropriate and apply to the payment of, such
    Indebtedness any and all balances, credits,
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    deposits, accounts or monies of the Company or a Restricted
    Subsidiary with or held by such lender or lenders;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xix)&#160;any pledge or deposit of cash or property in
    conjunction with obtaining surety and performance bonds and
    letters of credit required to engage in constructing
    <FONT style="white-space: nowrap">on-site</FONT> and
    off-site improvements required by municipalities or other
    governmental authorities in the ordinary course of business of
    the Company or any Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xx)&#160;Liens in favor of customs and revenue authorities
    arising as a matter of law to secure payment of customs duties
    in connection with the importation of goods;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxi)&#160;Liens encumbering customary initial deposits and
    margin deposits, and other Liens that are customary in the
    industry and incurred in the ordinary course of business
    securing Indebtedness under Hedging Obligations and forward
    contracts, options, futures contracts, futures options or
    similar agreements or arrangements designed to protect the
    Company or any of its Subsidiaries from fluctuations in the
    price of commodities;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxii)&#160;Liens arising out of conditional sale, title
    retention, consignment or similar arrangements for the sale of
    goods entered into by the Company or any of its Subsidiaries in
    the ordinary course of business;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxiii)&#160;Liens on property acquired by the Company or a
    Restricted Subsidiary and Liens on property of a Person existing
    at the time such Person is merged with or into or consolidated
    with the Company or any Restricted Subsidiary or becomes a
    Restricted Subsidiary; <I>provided </I>that in each case such
    Liens (A)&#160;were in existence prior to the contemplation of
    such acquisition, merger or consolidation and (B)&#160;do not
    extend to any asset other than those of the Person merged with
    or into or consolidated with the Company or the Restricted
    Subsidiary or the property acquired by the Company or the
    Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxiv)&#160;Liens replacing any of the Liens described in
    clauses&#160;(xiii) and (xxiii)&#160;above; <I>provided </I>that
    (A)&#160;the principal amount of the Indebtedness secured by
    such Liens shall not be increased (except to the extent of
    reasonable premiums or other payments required to be paid in
    connection with the repayment of the previously secured
    Indebtedness or Incurrence of related Refinancing Indebtedness
    and expenses Incurred in connection therewith) and (B)&#160;the
    new Liens shall be limited to the property or part thereof which
    secured the Lien so replaced or property substituted therefor as
    a result of the destruction, condemnation or damage of such
    property;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxv)&#160;Liens arising from UCC financing statement filings
    regarding operating leases entered into by the Company and its
    Restricted Subsidiaries in the ordinary course of business;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxvi)&#160;Liens securing Indebtedness incurred pursuant to
    clause&#160;(ix) of the second paragraph under the
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Additional
    Indebtedness;&#148;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xxvii)&#160;Liens securing Indebtedness incurred pursuant to
    clause&#160;(x) of the second paragraph under the
    &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Additional
    Indebtedness;&#148; <I>provided </I>that such Liens extend only
    to the land or lots to which such Indebtedness relates.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Person&#148;</I> means any individual, corporation,
    partnership, limited liability company, joint venture,
    incorporated or unincorporated association, joint stock company,
    trust, unincorporated organization or government or other agency
    or political subdivision thereof or other entity of any kind.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Preferred Stock&#148;</I> of any Person means all
    Capital Stock of such Person which has a preference in
    liquidation or with respect to the payment of dividends.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Real Estate Business&#148;</I> means homebuilding,
    housing construction, real estate development or construction
    and the sale of homes and related real estate activities,
    including the provision of mortgage financing or title insurance.
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Refinancing Indebtedness&#148;</I> means Indebtedness
    that refunds, refinances or extends any Existing Indebtedness or
    other Indebtedness permitted to be incurred by the Company or
    its Restricted Subsidiaries pursuant to the terms of the
    Indenture, but only to the extent that:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the Refinancing Indebtedness is subordinated in right
    of payment to the Notes or the Subsidiary Guarantees, as the
    case may be, to the same extent as the Indebtedness being
    refunded, refinanced or extended, if at all;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Refinancing Indebtedness is scheduled to mature
    either (a)&#160;no earlier than the Indebtedness being refunded,
    refinanced or extended, or (b)&#160;after the maturity date of
    the Notes;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the portion, if any, of the Refinancing Indebtedness
    that is scheduled to mature on or prior to the maturity date of
    the Notes has a Weighted Average Life to Maturity at the time
    such Refinancing Indebtedness is Incurred that is equal to or
    greater than the Weighted Average Life to Maturity of the
    portion of the Indebtedness being refunded, refinanced or
    extended that is scheduled to mature on or prior to the maturity
    date of the Notes;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;such Refinancing Indebtedness is in an aggregate
    amount that is equal to or less than the aggregate amount then
    outstanding (including accrued interest) under the Indebtedness
    being refunded, refinanced or extended plus an amount necessary
    to pay any reasonable fees and expenses, including premiums and
    defeasance costs, related to such refinancing;
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;such Refinancing Indebtedness is Incurred by the same
    Person that initially Incurred the Indebtedness being refunded,
    refinanced or extended, except that the Company may Incur
    Refinancing Indebtedness to refund, refinance or extend
    Indebtedness of any Restricted Subsidiary;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;such Refinancing Indebtedness is Incurred within
    180&#160;days before or after the Indebtedness being refunded,
    refinanced or extended is so refunded, refinanced or extended.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Registrar&#148;</I> means an office or agency where
    Notes may be presented for registration of transfer or for
    exchange.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restricted Investment&#148;</I> with respect to any
    Person means any Investment (other than any Permitted
    Investment) by such Person in any (i)&#160;of its Affiliates,
    (ii)&#160;executive officer or director or any Affiliate of such
    Person, or (iii)&#160;any other Person other than a Restricted
    Subsidiary. Notwithstanding the above, a Subsidiary Guarantee
    shall not be deemed a Restricted Investment.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restricted Payment&#148;</I> means any of the following:
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the declaration of any dividend or the making of any
    other payment or distribution of cash, securities or other
    property or assets in respect of the Capital Stock of the
    Company or any Restricted Subsidiary (other than
    (a)&#160;dividends, payments or distributions payable solely in
    Capital Stock (other than Disqualified Stock) of the Company or
    a Restricted Subsidiary and (b)&#160;in the case of a Restricted
    Subsidiary, dividends, payments or distributions payable to the
    Company or to another Restricted Subsidiary and <I>pro rata</I>
    dividends, payments or distributions payable to minority
    stockholders of such Restricted Subsidiary);
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the purchase, redemption, retirement or other
    acquisition for value of any Capital Stock of the Company or any
    Restricted Subsidiary (other than Capital Stock held by the
    Company or a Restricted Subsidiary);
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;any Restricted Investment;&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any principal payment, redemption, repurchase,
    defeasance or other acquisition or retirement of any
    Subordinated Indebtedness (other than (a)&#160;Indebtedness
    pursuant to under clause&#160;(vii) of the second paragraph
    under &#147;Description of the Notes&#160;&#151; Certain
    Covenants&#160;&#151; Limitations on Additional
    Indebtedness&#148; or (b)&#160;the payment, redemption,
    repurchase, defeasance or other acquisition or retirement of
    such Indebtedness in anticipation of satisfying a sinking fund
    obligation, principal installment or final maturity, in each
    case due within one year of the date of such payment,
    redemption, repurchase, defeasance or other acquisition or
    retirement);
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>provided, however</I>, that Restricted Payments will not
    include any purchase, redemption, retirement or other
    acquisition for value of Indebtedness or Capital Stock of the
    Company or a Restricted Subsidiary if the consideration therefor
    consists solely of Capital Stock (other than Disqualified Stock)
    of the Company or a Restricted Subsidiary.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Restricted Subsidiary&#148;</I> means each of the
    Subsidiaries of the Company which is not an Unrestricted
    Subsidiary.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Revolving Credit Facility&#148;</I> means the Amended
    and Restated Credit Agreement, dated as of August&#160;5, 2009,
    among the Company, the lenders and letter of credit issuers
    party thereto, and Citibank, N.A., as agent and swingline
    lender, as such facility may be amended, restated, supplemented
    or otherwise modified from time to time.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;S&#038;P&#148;</I> means Standard and Poor&#146;s
    Ratings Service, a division of McGraw Hill, Inc., a New York
    corporation, or any successor to its debt rating business.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;SEC&#148;</I> means the Securities and Exchange
    Commission.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Second Priority Liens&#148;</I> means the Liens on any
    or all of the First Priority Collateral that secure any or all
    of the Obligations with respect to the Notes.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Securities Act&#148;</I> means the Securities Act of
    1933, as amended, and the rules and regulations of the SEC
    promulgated thereunder.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Security Documents&#148;</I> means the security
    agreements, pledge agreements, mortgages, collateral
    assignments, UCC financing statements and related agreements, as
    amended, supplemented, restated, renewed, refunded, replaced,
    restructured, repaid, refinanced or otherwise modified from time
    to time, creating the security interests in the Collateral as
    contemplated by the Indenture.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Security Register&#148;</I> is a register of the Notes
    and of their transfer and exchange kept by the Registrar.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subordinated Indebtedness&#148;</I> means any
    Indebtedness which is subordinated in right of payment to the
    Notes or the Subsidiary Guarantees, as the case may be.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary&#148;</I> of any Person means any
    (i)&#160;corporation of which at least a majority of the
    aggregate voting power of all classes of the Common Equity is
    directly or indirectly beneficially owned by such Person&#160;and
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;any entity other than a corporation of which such
    Person, directly or indirectly, beneficially owns at least a
    majority of the Common Equity; <I>provided </I>that in each of
    case (i)&#160;and (ii), such Person is required to consolidate
    such entity in accordance with GAAP.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary Guarantee&#148;</I> means the guarantee of
    the Notes by each Subsidiary Guarantor under the Indenture.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Subsidiary Guarantors&#148;</I> means (i)&#160;each of
    the Company&#146;s Restricted Subsidiaries in existence on the
    Issue Date, other than The Ridings Development LLC and
    (ii)&#160;each of the Company&#146;s Subsidiaries that becomes a
    guarantor of the Notes pursuant to the provisions of the
    Indenture.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Trust&#160;Indenture Act&#148;</I> or
    <I>&#147;TIA&#148;</I> means the Trust&#160;Indenture Act of
    1939, as amended.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Trustee&#148;</I> means the party named as such until a
    successor replaces such party in accordance with the applicable
    provisions of the Indenture and thereafter means the successor
    trustee serving under the Indenture.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Unrestricted Subsidiary&#148;</I> means United Home
    Insurance Corporation, a Vermont corporation, Security
    Title&#160;Insurance Company, Inc., a Vermont corporation, and,
    to the extent considered a Subsidiary of the Company, Beazer
    Homes Capital Trust&#160;I, and each of the Subsidiaries of the
    Company (including any newly formed or acquired Subsidiary) so
    designated by a resolution adopted by the Board of Directors of
    the Company as provided below and provided that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;neither the Company nor any of its other Subsidiaries
    (other than Unrestricted Subsidiaries) (1)&#160;provides any
    direct or indirect credit support for any Indebtedness of such
    Subsidiary (including any
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    undertaking, agreement or instrument evidencing such
    Indebtedness) or (2)&#160;is directly or indirectly liable for
    any Indebtedness of such Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the creditors with respect to Indebtedness for borrowed
    money of such Subsidiary have agreed in writing that they have
    no recourse, direct or indirect, to the Company or any other
    Subsidiary of the Company (other than Unrestricted
    Subsidiaries), including, without limitation, recourse with
    respect to the payment of principal or interest on any
    Indebtedness of such Subsidiary;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;no default with respect to any Indebtedness of such
    Subsidiary (including any right which the holders thereof may
    have to take enforcement action against such Subsidiary) would
    permit (upon notice, lapse of time or both) any holder of any
    other Indebtedness of the Company and of its other Subsidiaries
    (other than other Unrestricted Subsidiaries), to declare a
    default on such other Indebtedness or cause the payment thereof
    to be accelerated or payable prior to its stated maturity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Board of Directors of the Company may designate an
    Unrestricted Subsidiary to be a Restricted Subsidiary;
    <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;any such redesignation will be deemed to be an
    Incurrence by the Company and its Restricted Subsidiaries of the
    Indebtedness (if any) of such redesignated Subsidiary for
    purposes of the &#147;Limitations on Additional
    Indebtedness&#148; covenant set forth in the Indenture as of the
    date of such redesignation;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;immediately after giving effect to such redesignation
    and the Incurrence of any such additional Indebtedness, the
    Company and its Restricted Subsidiaries could incur $1.00 of
    additional Indebtedness under the Consolidated Fixed Charge
    Coverage Ratio contained in the &#147;Limitations on Additional
    Indebtedness&#148; covenant set forth in the Indenture;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the Liens on the property and assets of such
    Unrestricted Subsidiary could then be incurred in accordance
    with the &#147;Limitations on Liens&#148; covenant set forth in
    the Indenture as of the date of such redesignation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the foregoing, the Board of Directors of the Company
    also may designate any Restricted Subsidiary to be an
    Unrestricted Subsidiary; <I>provided </I>that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;all previous Investments by the Company and its
    Restricted Subsidiaries in such Restricted Subsidiary (net of
    any returns previously paid on such Investments) will be deemed
    to be Restricted Payments at the time of such designation and
    will reduce the amount available for Restricted Payments under
    the &#147;Limitations on Restricted Payments&#148; covenant set
    forth in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;immediately after giving effect to such designation
    and reduction of amounts available for Restricted Payments under
    the &#147;Limitations on Restricted Payments&#148; covenant set
    forth in the Indenture, either (x)&#160;the Company and its
    Restricted Subsidiaries could incur $1.00 of additional
    Indebtedness under the Consolidated Fixed Charge Coverage Ratio
    contained in the &#147;Limitations on Additional
    Indebtedness&#148; covenant set forth in the Indenture or
    (y)&#160;the Consolidated Fixed Charge Coverage Ratio for the
    Company and its Restricted Subsidiaries would be greater than
    such ratio immediately prior to such designation, in each case
    on a pro forma basis taking into account such
    designation;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;no Default or Event of Default shall have occurred or
    be continuing. Any such designation or redesignation by the
    Board of Directors of the Company will be evidenced to the
    Trustee by the filing with the Trustee of a certified copy of
    the resolution of the Board of Directors of the Company giving
    effect to such designation or redesignation and an
    Officers&#146; Certificate certifying that such designation or
    redesignation complied with the foregoing conditions and setting
    forth the underlying calculations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;U.S.&#160;Government Obligations&#148;</I> means
    securities which are (i)&#160;direct obligations of the United
    States of America, for the payment of which its full faith and
    credit is pledged or (ii)&#160;obligations of a Person
    controlled or supervised by and acting as an agency or
    instrumentality of the United States of America, the payment of
    which is unconditionally guaranteed as a full faith and credit
    obligation by the United States of America, which, are not
    callable or redeemable at the option of the issuer thereof, and
    shall also include a depository receipt issued by a bank or
    trust company as custodian with respect to any such
    U.S.&#160;Government Obligation
</DIV>
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    or a specific payment of interest on or principal of any such
    U.S.&#160;Government Obligation held by such custodian for the
    account of the holder of a depository receipt; <I>provided
    </I>that (except as required by law) such custodian is not
    authorized to make any deduction from the amount payable to the
    holder of such depository receipt from any amount received by
    the custodian in respect of the U.S.&#160;Government Obligation
    or the specific payment of interest on or principal of the
    U.S.&#160;Government Obligation evidenced by such depository
    receipt.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Weighted Average Life to Maturity&#148;</I> means, when
    applied to any Indebtedness or portion thereof, at any date, the
    number of years obtained by dividing (i)&#160;the sum of the
    products obtained by multiplying (a)&#160;the amount of each
    then remaining installment, sinking fund, serial maturity or
    other required payment of principal, including, without
    limitation, payment at final maturity, in respect thereof, by
    (b)&#160;the number of years (calculated to the nearest
    one-twelfth) that will elapse between such date and the making
    of such payment by (ii)&#160;the sum of all such payments
    described in clause&#160;(a) above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>&#147;Wholly Owned Subsidiary&#148;</I> of any Person means
    (i)&#160;a Subsidiary of which 100% of the Common Equity (except
    for directors&#146; qualifying shares or certain minority
    interests owned by other Persons solely due to local law
    requirements that there be more than one stockholder, but which
    interest is not in excess of what is required for such purpose)
    is owned directly by such Person or through one or more other
    Wholly Owned Subsidiaries of such Person, or (ii)&#160;any
    entity other than a corporation in which such Person, directly
    or indirectly, owns all of the Common Equity of such entity.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Certain
    Covenants</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a summary of certain covenants that are
    contained in the Indenture. Such covenants are applicable
    (unless waived or amended as permitted by the Indenture) so long
    as any of the Notes are outstanding or until the Notes are
    defeased pursuant to provisions described under
    &#147;Description of the Notes&#160;&#151; Discharge and
    Defeasance of Indenture.&#148;
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Asset Sales.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    cause or permit any Restricted Subsidiary to, make any Asset
    Sale unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;the Company (or such Restricted Subsidiary, as the case
    may be) receives consideration at the time of such Asset Sale at
    least equal to the Fair Market Value thereof;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;not less than 70% of the consideration received by the
    Company (or such Restricted Subsidiary, as the case may be) is
    in the form of cash, Cash Equivalents and Marketable Securities
    (excluding Marketable Securities of the Company).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of (i)&#160;any Indebtedness (other than any
    Subordinated Indebtedness) of the Company or any Restricted
    Subsidiary that is actually assumed by the transferee in such
    Asset Sale and (ii)&#160;the Fair Market Value of any property
    or assets (including Capital Stock of any Person that will be a
    Restricted Subsidiary following receipt thereof) received that
    are used or useful in a Real Estate Business (<I>provided
    </I>that (except as permitted by clause&#160;(ii) under the
    definition of &#147;Permitted Investment&#148;) to the extent
    that the assets disposed of in such Asset Sale were Collateral,
    such property or assets are pledged as Collateral under the
    Security Documents substantially simultaneously with such sale,
    with the Lien on such Collateral securing the Notes being of the
    same priority with respect to the Notes as the Lien on the
    assets disposed of), shall be deemed to be consideration
    required by clause&#160;(b) above for purposes of determining
    the percentage of such consideration received by the Company or
    the Restricted Subsidiaries. Any Marketable Securities received
    as consideration in connection with an Asset Sale shall be
    converted into cash or Cash Equivalents within 180&#160;days of
    receipt of such Marketable Securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Net Proceeds of an Asset Sale shall, within one year, at the
    Company&#146;s election:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;be used by the Company or a Restricted Subsidiary to
    invest in assets (including Capital Stock of any Person that is
    or will be a Restricted Subsidiary following investment therein)
    used or useful in the
</DIV>
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    business of the Company and the Restricted Subsidiaries;
    <I>provided </I>that (except as permitted by clause&#160;(ii)
    under the definition of &#147;Permitted Investment&#148;) to the
    extent that the assets disposed of in such Asset Sale were
    Collateral, such assets are pledged as Collateral under the
    Security Documents with the Lien on such Collateral securing the
    Notes being of the same priority with respect to the Notes as
    the Lien on the assets disposed of;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;be used to permanently prepay or permanently repay any
    (1)&#160;Indebtedness (or cash collateralize letters of credit)
    constituting First Priority Obligations (and, in the case of
    revolving obligations, to permanently reduce commitments with
    respect thereto) to the extent the assets sold were First
    Priority Collateral or (2)&#160;Indebtedness which had been
    secured by the assets sold in the relevant Asset Sale or other
    Indebtedness that is not subordinated in right of payment to the
    Notes or Subsidiary Guarantees, to the extent the assets sold
    were not Collateral (and, in the case of revolving obligations,
    to permanently reduce commitments with respect thereto);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;be applied to make an offer to purchase (in
    accordance with the terms set forth in the Indenture) Notes and,
    if the Company or a Restricted Subsidiary elects or is required
    to do so, offer to purchase, repay or redeem Other Pari Passu
    Lien Obligations (to the extent the assets sold were Collateral)
    on a <I>pro rata </I>basis if the amount available for such
    purchase, repayment or redemption is less than the aggregate
    amount of (i)&#160;the principal amount of the Notes tendered in
    such offer to purchase and (ii)&#160;the lesser of the principal
    amount, or accreted value, of such other Other Pari Passu Lien
    Obligations or other Indebtedness, as applicable, plus, in each
    case accrued interest to the date of repayment, purchase or
    redemption at 100% of the principal amount or accreted value
    thereof, as the case may be, plus accrued and unpaid interest,
    if any, to the date of repurchase or repayment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of such Net Proceeds neither used to repay the
    Indebtedness described above nor used or invested as set forth
    in the preceding paragraph constitutes &#147;Excess
    Proceeds.&#148; Notwithstanding the above, any Asset Sale that
    is subject to the &#147;Limitations on Mergers and
    Consolidations&#148; covenant set forth in the Indenture will
    not be subject to the &#147;Limitations on Asset Sales&#148;
    covenant set forth in the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that, when the aggregate amount of Excess
    Proceeds equals $25,000,000 or more, the Company will so notify
    the Trustee in writing by delivery of an Officer&#146;s
    Certificate and will offer to purchase from all Holders (and, if
    the Company or a Restricted Subsidiary is required to do so,
    offer to purchase, repay or redeem Other Pari Passu Lien
    Obligations (to the extent the assets sold were Collateral) (an
    &#147;Excess Proceeds Offer&#148;), and will purchase from
    Holders and holders of any such Other Pari Passu Lien
    Obligations on a pro rata basis, accepting such Excess Proceeds
    Offer on the date fixed for the closing of such Excess Proceeds
    Offer (the &#147;Asset Sale Offer Date&#148;), the maximum
    principal amount (in $2,000 minimum denominations or in integral
    multiples of $1,000 in excess thereof) of Notes (and such Other
    Pari Passu Lien Obligations) plus accrued and unpaid interest
    thereon, if any, to the Asset Sale Offer Date that may be
    purchased and paid, as the case may be, out of the Excess
    Proceeds, at an offer price (the &#147;Asset Sale Offer
    Price&#148;) in cash in an amount equal to 100% of the principal
    amount thereof (or, if less, the accreted value) plus accrued
    and unpaid interest, if any, to the Asset Sale Offer Date, in
    accordance with the procedures set forth in the Indenture. To
    the extent that the aggregate amount of Notes (and such Other
    Pari Passu Lien Obligations) tendered pursuant to an Excess
    Proceeds Offer is less than the Excess Proceeds relating
    thereto, then the Company may use such Excess Proceeds, or a
    portion thereof, for general corporate purposes in the business
    of the Company and its Restricted Subsidiaries existing on the
    date of the Indenture. Upon completion of an Excess Proceeds
    Offer, the amount of Excess Proceeds will be reset at zero.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that, notwithstanding the foregoing,
    to the extent the Company or any of its Restricted Subsidiaries
    receives securities or other noncash property or assets as
    proceeds of an Asset Sale, the Company will not be required to
    make any application of such noncash proceeds required by this
    covenant until it receives cash or cash equivalent proceeds from
    a sale, repayment, exchange, redemption or retirement of or
    extraordinary dividend or return of capital on such noncash
    property. Any amounts deferred pursuant to the preceding
    sentence will be applied in accordance with this covenant
    (within the time periods set forth in this covenant as if the
    date of such receipt was the date of an Asset Sale) when cash or
    cash equivalent
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    proceeds are thereafter received from a sale, repayment,
    exchange, redemption or retirement of or extraordinary dividend
    or return of capital on such noncash property.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pending any such application under this covenant, Net Proceeds
    may be used to temporarily reduce Indebtedness or otherwise be
    invested in any manner not prohibited by the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company will comply with the requirements of
    <FONT style="white-space: nowrap">Rule&#160;14e-1</FONT>
    under the Exchange Act and any other securities laws and
    regulations thereunder to the extent such laws or regulations
    are applicable in connection with the repurchase of the Notes
    pursuant to an Excess Proceeds Offer. To the extent that the
    provisions of any securities laws or regulations conflict with
    the provisions of the Indenture, the Company will comply with
    the applicable securities laws and regulations and shall not be
    deemed to have breached its obligations described in the
    Indenture by virtue thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Restricted Payments.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    cause or permit any of its Restricted Subsidiaries to, make any
    Restricted Payment, directly or indirectly, after the date of
    the Indenture if at the time of such Restricted Payment:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the amount of such proposed Restricted Payment (the
    amount of such Restricted Payment, if other than in cash, will
    be determined in good faith by a majority of the disinterested
    members of the Board of Directors of the Company), when added to
    the aggregate amount of all Restricted Payments (excluding
    Restricted Payments permitted by clauses (ii), (iii), (iv),
    (vi)&#160;and (vii)&#160;of the next succeeding paragraph)
    declared or made after the Covenant Trigger Date exceeds the sum
    of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;$40.0&#160;million, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;50% of the Company&#146;s Consolidated Net Income
    accrued during the period (taken as a single period) commencing
    on the first day of the fiscal quarter in which the Covenant
    Trigger Date occurs and ending on the last day of the fiscal
    quarter immediately preceding the fiscal quarter in which the
    Restricted Payment is to occur (or, if such aggregate
    Consolidated Net Income is a deficit, minus 100% of such
    aggregate deficit), plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (3)&#160;the net cash proceeds derived from the issuance and
    sale of Capital Stock of the Company and its Restricted
    Subsidiaries (or any capital contribution to the Company or a
    Restricted Subsidiary) that is not Disqualified Stock (other
    than a sale to, or a contribution by, a Subsidiary of the
    Company) after the Covenant Trigger Date, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (4)&#160;100% of the principal amount of, or, if issued at a
    discount, the accreted value of, any Indebtedness of the Company
    or a Restricted Subsidiary which is issued (other than to a
    Subsidiary of the Company) after the Covenant Trigger Date that
    is converted into or exchanged for Capital Stock of the Company
    that is not Disqualified Stock, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (5)&#160;100% of the aggregate amounts received by the Company
    or any Restricted Subsidiary from the sale, disposition or
    liquidation (including by way of dividends) of any Investment
    (other than to any Subsidiary of the Company and other than to
    the extent sold, disposed of or liquidated with recourse to the
    Company or any of its Subsidiaries or to any of their respective
    properties or assets) but only to the extent (x)&#160;not
    included in clause&#160;(2) above and (y)&#160;that the making
    of such Investment constituted a permitted Restricted
    Investment, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (6)&#160;100% of the principal amount of, or if issued at a
    discount, the accreted value of, any Indebtedness or other
    obligation that is the subject of a guarantee by the Company
    which is released (other than due to a payment on such
    guarantee) after the Covenant Trigger Date, but only to the
    extent that such guarantee constituted a permitted Restricted
    Payment, plus
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (7)&#160;with respect to any Unrestricted Subsidiary that is
    redesignated as a Restricted Subsidiary in accordance with the
    definition of &#147;Unrestricted Subsidiary&#148; (so long as
    the designation of such Subsidiary as an Unrestricted Subsidiary
    was treated as a Restricted Payment made after the Issue
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Date, and only to the extent not included in clause&#160;(2)
    above), an amount equal to the lesser of (x)&#160;the
    proportionate interest of the Company or a Restricted Subsidiary
    in an amount equal to the excess of (I)&#160;the total assets of
    such Subsidiary, valued on an aggregate basis at the lesser of
    Book Value and Fair Market Value thereof, over (II)&#160;the
    total liabilities of such Subsidiary, determined in accordance
    with GAAP, and (y)&#160;the amount of the Restricted Payment
    deemed to be made upon such Subsidiary&#146;s designation as an
    Unrestricted Subsidiary;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Company would be unable to incur $1.00 of
    additional Indebtedness under the Consolidated Fixed Charge
    Coverage Ratio contained in the &#147;Limitations on Additional
    Indebtedness&#148; covenant set forth in the Indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;a Default or Event of Default has occurred and is
    continuing or occurs as a consequence thereof;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the Covenant Trigger Date has not occurred.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, the provisions of the
    &#147;Limitation on Restricted Payments&#148; covenant set forth
    in the Indenture do not prevent:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the payment of any dividend within 60&#160;days after
    the date of declaration thereof if the payment thereof would
    have complied with the limitations of the Indenture on the date
    of declaration;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the purchase, repayment, redemption, repurchase,
    defeasance or other acquisition or retirement of shares of the
    Company&#146;s Capital Stock or the Company&#146;s or a
    Restricted Subsidiary&#146;s Indebtedness for, or out of the net
    proceeds of a substantially concurrent sale (other than a sale
    to a Subsidiary of the Company) of, other shares of its Capital
    Stock (other than Disqualified Stock), <I>provided </I>that the
    proceeds of any such sale will be excluded in any computation
    made under clause&#160;(3) above;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the purchase, repayment, redemption, repurchase,
    defeasance or other acquisition or retirement for value of
    Indebtedness, including premium, if any, with the proceeds of
    Refinancing Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;payments or distributions pursuant to or in connection
    with a merger, consolidation or transfer of assets that complies
    with the provisions of the Indenture applicable to mergers,
    consolidations and transfers of all or substantially all of the
    property and assets of the Company or any Guarantor;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;any purchase, redemption, retirement or other
    acquisition for value of Capital Stock of the Company or any
    Subsidiary held by officers or employees or former officers or
    employees of the Company or any Subsidiary (or their estates or
    beneficiaries under their estates) not to exceed $500,000 in any
    calendar year and $5.0&#160;million in the aggregate since the
    Issue Date;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;repurchases of Capital Stock deemed to occur upon the
    exercise of stock options, warrants or similar instruments if
    such Capital Stock represents a portion of the exercise price of
    such options, warrants or similar instruments;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;the payment by the Company of cash in lieu of the
    issuance of fractional shares upon the exercise of options,
    warrants or similar instruments or upon the conversion or
    exchange of Capital Stock of the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;the payment of dividends on Preferred Stock and
    Disqualified Stock up to an aggregate amount of
    $10.0&#160;million in any fiscal year; <I>provided </I>that
    immediately after giving effect to any declaration of such
    dividend, the Company could incur at least $1.00 of Indebtedness
    under the Consolidated Fixed Charge Coverage Ratio contained in
    the &#147;Limitations on Additional Indebtedness&#148; covenant
    set forth in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;payments not to exceed $40.0&#160;million in the
    aggregate for the purchase, repayment, redemption, repurchase,
    defeasance or other acquisition or retirement for value of the
    Company&#146;s junior subordinated notes due July&#160;30, 2036
    (or the related trust preferred securities issued by Beazer
    Homes Capital Trust&#160;I), as such securities may be amended
    or modified from time to time;&#160;or
</DIV>
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    <BR>
    80
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;other Restricted Payments made after the Issue Date in
    an amount not to exceed $20.0&#160;million in the aggregate.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Additional Indebtedness.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    cause or permit any of its Restricted Subsidiaries, directly or
    indirectly, to, Incur any Indebtedness including Acquired
    Indebtedness; <I>provided </I>that the Company and the
    Subsidiary Guarantors may Incur Indebtedness, including Acquired
    Indebtedness, if, after giving effect thereto and the
    application of the proceeds therefrom, either (i)&#160;the
    Company&#146;s Consolidated Fixed Charge Coverage Ratio on the
    date thereof would be at least 2.0 to 1.0 or (ii)&#160;the ratio
    of Indebtedness of the Company and the Restricted Subsidiaries
    to Consolidated Tangible Net Worth is less than 2.25 to 1.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, the provisions of the Indenture
    do not prevent:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the Company or any Restricted Subsidiary from Incurring
    (A)&#160;Refinancing Indebtedness or (B)&#160;Non-Recourse
    Indebtedness;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the Company from Incurring Indebtedness evidenced by
    the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the Company or any Subsidiary Guarantor from
    Incurring Indebtedness under Credit Facilities not to exceed the
    greater of $150.0&#160;million and 7.5% of Consolidated Tangible
    Assets;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any Subsidiary Guarantee of Indebtedness of the
    Company under the Notes;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;the Company and its Restricted Subsidiaries from
    Incurring Indebtedness under any deposits made to secure
    performance of tenders, bids, leases, statutory obligations,
    surety and appeal bonds, progress statements, government
    contracts and other obligations of like nature (exclusive of the
    obligation for the payment of borrowed money);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;any Subsidiary Guarantor from guaranteeing
    Indebtedness of the Company or any other Subsidiary Guarantor,
    or the Company from guaranteeing Indebtedness of any Subsidiary
    Guarantor, in each case permitted to be Incurred under the
    Indenture (other than Non-Recourse Indebtedness);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;(a)&#160;any Restricted Subsidiary from Incurring
    Indebtedness owing to the Company or any Subsidiary Guarantor
    that is both a Wholly Owned Subsidiary and a Restricted
    Subsidiary; <I>provided </I>that
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (I)&#160;such Indebtedness is subordinated to any Subsidiary
    Guarantee of such Restricted Subsidiary, if any,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (II)&#160;such Indebtedness shall only be permitted pursuant to
    this clause (vii)(a) for so long as the Person to whom such
    Indebtedness is owing is the Company or a Subsidiary Guarantor
    that is both a Wholly Owned Subsidiary and a Restricted
    Subsidiary,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;the Company from Incurring Indebtedness owing to any
    Subsidiary Guarantor that is both a Wholly Owned Subsidiary and
    a Restricted Subsidiary; <I>provided </I>that
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (I)&#160;such Indebtedness is subordinated to the Company&#146;s
    obligations under the Notes and the Indenture,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (II)&#160;such Indebtedness shall only be permitted pursuant to
    this clause (vii)(b) for so long as the Person to whom such
    Indebtedness is owing is a Subsidiary Guarantor that is both a
    Wholly Owned Subsidiary and a Restricted Subsidiary;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;the Company and any Restricted Subsidiary from
    Incurring Indebtedness under Capitalized Lease Obligations or
    purchase money obligations, in each case Incurred for the
    purpose of acquiring or financing all or any part of the
    purchase price or cost of construction or improvement of
    property or equipment used in the business of the Company or
    such Restricted Subsidiary, as the case may be, in an aggregate
    amount not to exceed $20.0&#160;million;
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;the Company or any Restricted Subsidiary from
    Incurring obligations for, pledge of assets in respect of, and
    guaranties of, bond financings of political subdivisions or
    enterprises thereof in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;Company or any Restricted Subsidiary from incurring
    Indebtedness owed to a seller of entitled land, lots under
    development or finished lots under the terms of which the
    Company or such Restricted Subsidiary, as obligor, is required
    to make a payment upon the future sale of such land or
    lots;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (xi)&#160;the Company or any Restricted Subsidiary from
    Incurring Indebtedness in an aggregate principal amount at any
    time outstanding not to exceed $20.0&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company shall not, and the Company will not cause or permit
    any Subsidiary Guarantor that is a Restricted Subsidiary to,
    directly or indirectly, in any event Incur any Indebtedness that
    purports to be by its terms (or by the terms of any agreement
    governing such Indebtedness) subordinated to any other
    Indebtedness of the Company or of such Subsidiary Guarantor, as
    the case may be, unless such Indebtedness is also by its terms
    (or by the terms of any agreement governing such Indebtedness)
    made expressly subordinated to the Notes or the Subsidiary
    Guarantee of such Subsidiary Guarantor, as the case may be, to
    the same extent and in the same manner as such Indebtedness is
    subordinated to such other Indebtedness of the Company or such
    Subsidiary Guarantor, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of determining compliance with this
    &#147;Limitations on Additional Indebtedness&#148; covenant, in
    the event an item of Indebtedness meets the criteria of more
    than one of the types of Indebtedness described in the above
    clauses of this covenant, the Company, in its sole discretion,
    shall classify such item of Indebtedness in any manner that
    complies with this covenant and may from time to time reclassify
    such item of Indebtedness in any manner in which such item could
    be Incurred at the time of such reclassification.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    and Restrictions on Issuance of Capital Stock of Restricted
    Subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not permit any
    Restricted Subsidiary to issue, or permit to be outstanding at
    any time, Preferred Stock or any other Capital Stock
    constituting Disqualified Stock other than any such Capital
    Stock issued to or held by the Company or any Restricted
    Subsidiary of the Company which is a Wholly Owned Subsidiary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Change
    of Control.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that, following the occurrence of any
    Change of Control, the Company will so notify the Trustee in
    writing by delivery of an Officers&#146; Certificate and will
    offer to purchase (a &#147;Change of Control Offer&#148;) from
    all Holders, and will purchase from Holders accepting such
    Change of Control Offer on the date fixed for the closing of
    such Change of Control Offer (the &#147;Change of Control
    Payment Date&#148;), the outstanding principal amount of Notes
    at an offer price (the &#147;Change of Control Price&#148;) in
    cash in an amount equal to 101% of the aggregate principal
    amount thereof plus accrued and unpaid interest, if any, to the
    Change of Control Payment Date in accordance with the procedures
    set forth in the &#147;Change of Control&#148; covenant of the
    Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Indenture provides that, within 30&#160;days
    after the date on which a Change of Control occurs, the Company
    (with Notice to the Trustee) or the Trustee at the
    Company&#146;s request (and at the expense of the Company) will
    send or cause to be sent by first-class mail, postage pre-paid,
    to all Persons who were Holders on the date of the Change of
    Control at their respective addresses appearing in the Security
    Register, a notice of such occurrence and of such Holder&#146;s
    rights arising as a result thereof. Such notice shall specify,
    among other items, the Change of Control Payment Date, which
    shall be no earlier than 45&#160;days nor later than
    60&#160;days from the date such notice is mailed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;In the event of a Change of Control Offer, the Company
    will only be required to accept Notes in minimum denominations
    of $2,000 and integral multiples of $1,000 in excess thereof.
</DIV>
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    <BR>
    82
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;Not later than one Business Day after the Change of
    Control Payment Date in connection with which the Change of
    Control Offer is being made, the Company will (i)&#160;accept
    for payment Notes or portions thereof tendered pursuant to the
    Change of Control Offer, (ii)&#160;deposit with the Paying Agent
    money sufficient, in immediately available funds, to pay the
    purchase price of all Notes or portions thereof so accepted and
    (iii)&#160;deliver to the Paying Agent an Officers&#146;
    Certificate identifying the Notes or portions thereof accepted
    for payment by the Company. The Paying Agent will promptly mail
    or deliver to Holders of Notes so accepted payment in an amount
    equal to the Change of Control Price of the Notes purchased from
    each such Holder, and the Company will execute and, upon receipt
    of an Officer&#146;s Certificate of the Company, the Trustee
    will promptly authenticate and mail or deliver to such Holder a
    new Note equal in principal amount to any unpurchased portion of
    the Note surrendered. Any Notes not so accepted will be promptly
    mailed or delivered by the Paying Agent at the Company&#146;s
    expense to the Holder thereof. The Company will publicly
    announce the results of the Change of Control Offer promptly
    after the Change of Control Payment Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;Any Change of Control Offer will be conducted by the
    Company in compliance with applicable law, including, without
    limitation, Section&#160;14(e) of the Exchange Act and Rule
    <FONT style="white-space: nowrap">14e-1</FONT>
    thereunder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company may enter into other arrangements or Incur other
    Indebtedness with similar change of control obligations. There
    can be no assurance that sufficient funds will be available at
    the time of a Change of Control to make any required
    repurchases. The Company&#146;s failure to make any required
    repurchases in the event of a Change of Control Offer will
    create an Event of Default under the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No quantitative or other established meaning has been given to
    the phrase &#147;all or substantially all&#148; (which appears
    in the definition of Change of Control) by courts which have
    interpreted this phrase in various contexts.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In interpreting this phrase, courts make a subjective
    determination as to the portion of assets conveyed, considering
    such factors as the value of the assets conveyed and the
    proportion of an entity&#146;s income derived from the assets
    conveyed. Accordingly, there may be uncertainty as to whether a
    Holder of Notes can determine whether a Change of Control has
    occurred and exercise any remedies such Holder may have upon a
    Change of Control. In addition, in a recent decision, the
    Chancery Court of Delaware raised the possibility that a change
    of control as a result of a failure to have &#147;continuing
    directors&#148; comprising a majority of the Board of Directors
    may be unenforceable on public policy grounds.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Transactions with Affiliates.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    permit any of its Subsidiaries to, make any Investment, loan,
    advance, guarantee or capital contribution to or for the benefit
    of, or sell, lease, transfer or otherwise dispose of any of its
    properties or assets to, or for the benefit of, or purchase or
    lease any property or assets from, or enter into or amend any
    contract, agreement or understanding with, or for the benefit
    of, (i)&#160;any Affiliate of the Company or any Affiliate of
    the Company&#146;s Subsidiaries or (ii)&#160;any Person (or any
    Affiliate of such Person) holding 10% or more of the Common
    Equity of the Company or any of its Subsidiaries (each an
    &#147;Affiliate Transaction&#148;), except on terms that are no
    less favorable to the Company or the relevant Subsidiary, as the
    case may be, than those that could have been obtained in a
    comparable transaction on an arm&#146;s length basis from a
    Person that is not an Affiliate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that the Company will not, and will
    not permit any of its Subsidiaries to, enter into any Affiliate
    Transaction involving or having a value of more than
    $5.0&#160;million, unless, in each case, such Affiliate
    Transaction has been approved by a majority of the disinterested
    members of the Company&#146;s Board of Directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that the Company will not, and will
    not permit any of its Subsidiaries to, enter into an Affiliate
    Transaction involving or having a value of more than
    $20.0&#160;million unless the Company has delivered to the
    Trustee an opinion of an Independent Financial Advisor to the
    effect that the transaction is fair to the Company or the
    relevant Subsidiary, as the case may be, from a financial point
    of view.
</DIV>
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    <BR>
    83
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture also provides that, notwithstanding the foregoing,
    an Affiliate Transaction will not include:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;any contract, agreement or understanding with, or for
    the benefit of, or plan for the benefit of, employees of the
    Company or its Subsidiaries (in their capacity as such) that has
    been approved by the Company&#146;s Board of Directors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Capital Stock issuances to members of the Board of
    Directors, officers and employees of the Company or its
    Subsidiaries pursuant to plans approved by the stockholders of
    the Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;any Restricted Payment otherwise permitted under the
    &#147;Limitations on Restricted Payments&#148; covenant set
    forth in the Indenture;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;any transaction between the Company and a Restricted
    Subsidiary or a Restricted Subsidiary and another Restricted
    Subsidiary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Liens.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    permit any of its Restricted Subsidiaries to, create, incur,
    assume or suffer to exist any Liens, other than Permitted Liens,
    on any of its or their assets, property, income or profits
    therefrom, except, in the case of any asset or property not part
    of the Collateral, any Lien if the Notes are equally and ratably
    secured with (or on a senior basis to, if such Lien secures
    subordinated Indebtedness) the obligations secured by such Lien.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any Lien created for the benefit of the Holders of the Notes
    pursuant to the preceding paragraph shall provide by its terms
    that such Lien shall be automatically and unconditionally
    released and discharged upon the release and discharge of the
    Lien securing such other obligations, which release and
    discharge in the case of any sale of any such asset or property
    shall not affect any Lien that the Notes Collateral Agent may
    have on the proceeds of such sale.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Restrictions on Distributions from Restricted
    Subsidiaries.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that the Company will not, and will not
    permit any of its Restricted Subsidiaries to, create, assume or
    otherwise cause or suffer to exist or become effective any
    consensual encumbrance or restriction on the ability of any
    Restricted Subsidiary to:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;pay dividends or make any other distributions on its
    Capital Stock or any other interest or participation in, or
    measured by, its profits, owned by the Company or any of its
    other Restricted Subsidiaries, or pay interest on or principal
    of any Indebtedness owed to the Company or any of its other
    Restricted Subsidiaries;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;make loans or advances to the Company or any of its
    other Restricted Subsidiaries;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;transfer any of its properties or assets to the
    Company or any of its other Restricted Subsidiaries, except for
    encumbrances or restrictions existing under or by reason of:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;applicable law;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;covenants or restrictions contained in the agreements
    evidencing Existing Indebtedness as in effect on the date of the
    Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;any restrictions or encumbrances arising under Acquired
    Indebtedness; <I>provided </I>that such encumbrance or
    restriction applies only to the obligor on such Indebtedness and
    its Subsidiaries and that such Acquired Indebtedness was not
    incurred by the Company or any of its Subsidiaries or by the
    Person being acquired in connection with or in anticipation of
    such acquisition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;any restrictions or encumbrances arising in connection
    with Refinancing Indebtedness; <I>provided </I>that any
    restrictions and encumbrances of the type described in this
    clause&#160;(d) that arise under such Refinancing Indebtedness
    are not materially more restrictive than those under the
    agreement creating or evidencing the Indebtedness being
    refunded, refinanced, replaced or extended;
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (e)&#160;any Permitted Lien, or any other agreement restricting
    the sale or other disposition of property, securing Indebtedness
    permitted by the Indenture if such agreement does not expressly
    restrict the ability of a Subsidiary of the Company to pay
    dividends or make loans or advances prior to default thereunder;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (f)&#160;reasonable and customary borrowing base covenants set
    forth in agreements evidencing Indebtedness otherwise permitted
    by the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (g)&#160;customary non-assignment provisions in leases,
    licenses, encumbrances, contracts or similar assets entered into
    or acquired in the ordinary course of business;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (h)&#160;any restriction with respect to a Restricted Subsidiary
    imposed pursuant to an agreement entered into for the sale or
    disposition of all or substantially all of the Capital Stock or
    assets of such Restricted Subsidiary pending the closing of such
    sale or disposition;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;encumbrances or restrictions existing under or by
    reason of the Indenture, the Notes, the Subsidiary Guarantees or
    the Security Documents;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (j)&#160;purchase money obligations that impose restrictions on
    the property so acquired of the nature described in
    clause&#160;(iii) of this covenant;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (k)&#160;Liens permitted under the Indenture securing
    Indebtedness that limit the right of the debtor to dispose of
    the assets subject to such Lien;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (l)&#160;provisions with respect to the disposition or
    distribution of assets or property in joint venture agreements,
    assets sale agreements, stock sale agreements and other similar
    agreements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (m)&#160;customary provisions of any franchise, distribution or
    similar agreements;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (n)&#160;restrictions on cash or other deposits or net worth
    imposed by contracts entered into in the ordinary course of
    business;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (o)&#160;any encumbrance or restrictions of the type referred to
    in clauses (i), (ii)&#160;or (iii)&#160;of this covenant imposed
    by any amendments, modifications, restatements, renewals,
    supplements, refinancings, replacements or refinancings of the
    contracts, instruments or obligations referred to in
    clauses&#160;(a) through (n)&#160;of this paragraph,
    <I>provided</I>, that such amendments, modifications,
    restatements, renewals, supplements, refundings, replacements or
    refinancings are, in the good faith judgment of the
    Company&#146;s Board of Directors, no more restrictive with
    respect to such dividend and other payment restrictions than
    those contained in the dividend or other payment restrictions
    prior to such amendment, modification, restatement, renewal,
    supplement, refunding, replacement or refinancing.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limitations
    on Mergers and Consolidations.</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that neither the Company nor any
    Subsidiary Guarantor will consolidate or merge with or into, or
    sell, lease, convey or otherwise dispose of all or substantially
    all of its assets (including, without limitation, by way of
    liquidation or dissolution), or assign any of its obligations
    under the Notes, the Guarantees or the Indenture (as an entirety
    or substantially in one transaction or series of related
    transactions), to any Person (in each case other than with the
    Company or another Wholly Owned Restricted Subsidiary) unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the Person formed by or surviving such consolidation or
    merger (if other than the Company or such Subsidiary Guarantor,
    as the case may be), or to which such sale, lease, conveyance or
    other disposition or assignment will be made (collectively, the
    &#147;Successor&#148;), is a solvent corporation or other legal
    entity organized and existing under the laws of the United
    States or any state thereof or the District of Columbia, and the
    Successor assumes by supplemental indenture in a form reasonably
    satisfactory to the Trustee all of the obligations of the
    Company or such Subsidiary Guarantor, as the case may be, under
    the Notes or such Subsidiary Guarantor&#146;s Subsidiary
    Guarantee, as the case may be, and the Indenture;
</DIV>
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    <BR>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;immediately after giving effect to such transaction,
    no Default or Event of Default has occurred and is
    continuing;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;immediately after giving effect to such transaction
    and the use of any net proceeds therefrom, on a pro forma basis,
    the Consolidated Fixed Charge Coverage Ratio of the Company or
    the Successor (in the case of a transaction involving the
    Company), as the case may be, would be either (x)&#160;such that
    the Company or the Successor (in the case of a transaction
    involving the Company), as the case may be, would be entitled to
    Incur at least $1.00 of additional Indebtedness under such
    Consolidated Fixed Charge Coverage Ratio test in the
    &#147;Limitations on Additional Indebtedness&#148; covenant set
    forth in the Indenture or (y)&#160;greater than the Consolidated
    Fixed Charge Coverage Ratio of the Company immediately prior to
    such transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The foregoing provisions do not apply to a transaction involving
    the consolidation or merger of a Subsidiary Guarantor with or
    into another Person, or the sale, lease, conveyance or other
    disposition of all or substantially all of the assets of such
    Subsidiary Guarantor, that results in such Subsidiary Guarantor
    being released from its Subsidiary Guarantee as provided under
    &#147;The Subsidiary Guarantees&#148; above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No quantitative or other established meaning has been given to
    the phrase &#147;all or substantially all&#148; by courts which
    have interpreted this phrase in various contexts. In
    interpreting this phrase, courts make a subjective determination
    as to the portion of assets conveyed, considering such factors
    as the value of the assets conveyed and the proportion of an
    entity&#146;s income derived from the assets conveyed.
    Accordingly, there may be uncertainty as to whether a Holder of
    Notes can determine whether the Company has sold, leased,
    conveyed or otherwise disposed of all or substantially all of
    its assets and exercise any remedies such Holder may have upon
    the occurrence of any such transaction.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Events of
    Default</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following are Events of Default under the Indenture:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;the failure by the Company to pay interest on any Note
    when the same becomes due and payable and the continuance of any
    such failure for a period of 30&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;the failure by the Company to pay the principal or
    premium of any Note when the same becomes due and payable at
    maturity, upon acceleration or otherwise (including the failure
    to make payment pursuant to a Change of Control Offer or an
    Excess Proceeds Offer);
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;the failure by the Company or any of its Subsidiaries
    to comply with any of its agreements or covenants in, or
    provisions of, the Notes, the Subsidiary Guarantees, the
    Indenture or any of the Security Documents and such failure
    continues for the period and after the notice specified below;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;the acceleration of any Indebtedness (other than
    Non-Recourse Indebtedness) of the Company or any of its
    Subsidiaries that has an outstanding principal amount of
    $25.0&#160;million or more in the aggregate;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;the failure by the Company or any of its Subsidiaries
    to make any principal or interest payment in respect of
    Indebtedness (other than Non-Recourse Indebtedness) of the
    Company or any of its Subsidiaries with an outstanding aggregate
    amount of $25.0&#160;million or more within five days of such
    principal or interest payment becoming due and payable (after
    giving effect to any applicable grace period set forth in the
    documents governing such Indebtedness); <I>provided</I>, that if
    such failure to pay shall be remedied, waived or extended, then
    the Event of Default hereunder shall be deemed likewise to be
    remedied, waived or extended without further action by the
    Company;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;a final judgment or judgments that exceed
    $25.0&#160;million or more in the aggregate, for the payment of
    money, having been entered by a court or courts of competent
    jurisdiction against the Company or any of its Subsidiaries and
    such judgment or judgments is not satisfied, stayed, annulled or
    rescinded within 60&#160;days of being entered;
</DIV>
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    86
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;the Company or any Material Subsidiary pursuant to or
    within the meaning of any Bankruptcy Law:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;commences a voluntary case;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;consents to the entry of an order for relief against it
    in an involuntary case;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;consents to the appointment of a Custodian of it or for
    all or substantially all of its property;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (d)&#160;makes a general assignment for the benefit of its
    creditors;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;court of competent jurisdiction enters an order or
    decree under any Bankruptcy Law that:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;is for relief against the Company or any Material
    Subsidiary as debtor in an involuntary case;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (b)&#160;appoints a Custodian of the Company or any Material
    Subsidiary or a Custodian for all or substantially all of the
    property of the Company or any Material Subsidiary;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (c)&#160;orders the liquidation of the Company or any Material
    Subsidiary and the order or decree remains unstayed and in
    effect for 60&#160;days;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;any Subsidiary Guarantee ceases to be in full force
    and effect (other than in accordance with the terms of such
    Subsidiary Guarantee and the Indenture) or is declared null and
    void and unenforceable or found to be invalid or any Subsidiary
    Guarantor denies its liability under its Subsidiary Guarantee
    (other than by reason of release of a Subsidiary Guarantor from
    its Subsidiary Guarantee in accordance with the terms of the
    Indenture and the Subsidiary Guarantee);&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;the Liens created by the Security Documents shall at
    any time not constitute a valid and perfected Lien on any
    material portion of the Collateral intended to be covered
    thereby (to the extent perfection by filing, registration,
    recordation or possession is required by the Indenture or the
    Security Documents) other than in accordance with the terms of
    the relevant Security Document and the Indenture and other than
    the satisfaction in full of all Obligations under the Indenture
    or the release or amendment of any such Lien in accordance with
    the terms of the Indenture or the Security Documents, or, except
    for expiration in accordance with its terms or amendment,
    modification, waiver, termination or release in accordance with
    the terms of the Indenture and the relevant Security Document,
    any of the Security Documents shall for whatever reason be
    terminated or cease to be in full force and effect, if in either
    case, such default continues for 30&#160;days after notice, or
    the enforceability thereof shall be contested by the Company or
    any Subsidiary Guarantor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Default as described in
    <FONT style="white-space: nowrap">sub-clause&#160;(iii)</FONT>
    above is not deemed an Event of Default until the Trustee
    notifies the Company, or the Holders of at least 25% in
    principal amount of the then outstanding Notes notify the
    Company and the Trustee, of the Default and the Company does not
    cure the Default within 60&#160;days after receipt of the
    notice. The notice must specify the Default, demand that it be
    remedied and state that the notice is a &#147;Notice of
    Default.&#148; If such a Default is cured within such time
    period, it ceases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an Event of Default (other than an Event of Default specified
    in
    <FONT style="white-space: nowrap">sub-clauses&#160;(vii)</FONT>
    and (viii)&#160;above) shall have occurred and be continuing
    under the Indenture, the Trustee by notice to the Company, or
    the Holders of at least 25% in principal amount of the Notes
    then outstanding by notice to the Company and the Trustee, may
    declare all Notes to be due and payable immediately. Upon such
    declaration of acceleration, the amounts due and payable on the
    Notes, as determined pursuant to the provisions of the
    &#147;Acceleration&#148; section of the Indenture, will be due
    and payable immediately. If an Event of Default with respect to
    the Company specified in
    <FONT style="white-space: nowrap">sub-clauses&#160;(vii)</FONT>
    and (viii)&#160;above occurs, such an amount will ipso facto
    become and be immediately due and payable without any
    declaration, notice or other act on the part of the Trustee and
    the Company or any Holder. The Holders of a majority in
    principal amount of the Notes then outstanding by written notice
    to the Trustee and the Company may waive such Default or Event
    of Default (other than any Default or Event of Default in
    payment of principal or interest) on the Notes under the
    Indenture. Holders of a majority in principal amount of the then
    outstanding Notes may rescind an acceleration and its
    consequence (except an
</DIV>
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    87
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    acceleration due to nonpayment of principal or interest on the
    Notes) if the rescission would not conflict with any judgment or
    decree and if all existing Events of Default have been cured or
    waived.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Holders may not enforce the provisions of the Indenture, the
    Notes or the Subsidiary Guarantees except as provided in the
    Indenture. Subject to certain limitations, Holders of a majority
    in principal amount of the Notes then outstanding may direct the
    Trustee in its exercise of any trust or power; <I>provided,
    however</I>, that such direction does not conflict with the
    terms of the Indenture. The Trustee may withhold from the
    Holders notice of any continuing Default or Event of Default
    (except any Default or Event of Default in payment of principal
    or interest on the Notes or that resulted from the failure to
    comply with the covenant entitled &#147;Change of Control&#148;)
    if the Trustee determines that withholding such notice is in the
    Holders&#146; interest.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company is required to deliver to the Trustee a quarterly
    statement regarding compliance with the Indenture, and include
    in such statement, if any Officer of the Company is aware of any
    Default or Event of Default, a statement specifying such Default
    or Event of Default and what action the Company is taking or
    proposes to take with respect thereto. In addition, the Company
    is required to deliver to the Trustee prompt written notice of
    the occurrence of any Default or Event of Default and any other
    development, financial or otherwise, which might materially
    affect its business, properties or affairs or the ability of the
    Company to perform its obligations under the Indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Reports</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that, as long as any of the Notes are
    outstanding, the Company will deliver to the Trustee and mail to
    each Holder within 15&#160;days after the filing of the same
    with the SEC copies of the quarterly and annual reports and of
    the information, documents and other reports with respect to the
    Company and the Subsidiary Guarantors, if any, which the Company
    and the Subsidiary Guarantors may be required to file with the
    SEC pursuant to Section&#160;13 or 15(d) of the Exchange Act.
    The Indenture further provides that, notwithstanding that
    neither the Company nor any of the Guarantors may be required to
    remain subject to the reporting requirements of Section&#160;13
    or 15(d) of the Exchange Act, the Company will continue to file
    with the SEC and provide the Trustee and Holders with such
    annual and quarterly reports and such information, documents and
    other reports with respect to the Company and the Subsidiary
    Guarantors as are required under Sections&#160;13 and 15(d) of
    the Exchange Act. If filing of documents by the Company with the
    SEC as aforementioned in this paragraph is not permitted under
    the Exchange Act, the Company shall promptly upon written notice
    supply copies of such documents to any prospective holder. The
    Company and each Subsidiary Guarantor will also continue to
    comply with the other provisions of Section&#160;314(a) of the
    Trust&#160;Indenture Act. For the avoidance of doubt, this
    covenant does not require the Company to file any such reports,
    information or documents with the SEC within any specified time
    period and the obligation to deliver such reports, information
    or documents to the Trustee and Holders shall only arise after
    (and only to the extent) such reports, information or documents
    are filed with the SEC.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Discharge
    and Defeasance of Indenture</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company and the Subsidiary Guarantors may discharge their
    obligations under the Notes, the Subsidiary Guarantees, the
    Indenture and the Security Documents and cause the release of
    all Liens on the Collateral granted under the Security Documents
    by irrevocably depositing in trust with the Trustee money or
    U.S.&#160;Government Obligations sufficient to pay principal of,
    premium and interest on the Notes to maturity or redemption and
    the Notes mature or are to be called for redemption within one
    year, subject to meeting certain other conditions.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture permits the Company and the Subsidiary Guarantors
    to terminate all of their respective obligations under the
    Indenture with respect to the Notes and the Subsidiary
    Guarantees and under the Security Documents and cause the
    release of all Liens on the Collateral granted under the
    Security Documents, other
</DIV>
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    88
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    than the obligation to pay interest on and the principal of the
    Notes and certain other obligations <B>(&#147;legal
    defeasance&#148;)</B>, at any time by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;depositing in trust with the Trustee, under an
    irrevocable trust agreement, cash or U.S.&#160;Government
    Obligations in an amount sufficient to pay principal of and
    premium and interest on the Notes to their maturity or
    redemption, as the case may be,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;complying with certain other conditions, including
    delivery to the Trustee of an opinion of counsel or a ruling
    received from the Internal Revenue Service, to the effect that
    Holders will not recognize income, gain or loss for federal
    income tax purposes as a result of the Company&#146;s exercise
    of such right and will be subject to federal income tax on the
    same amount and in the same manner and at the same times as
    would have been the case otherwise, which opinion of counsel is
    based upon a change in the applicable federal tax law since the
    Issue Date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the Indenture permits the Company and the
    Subsidiary Guarantors to terminate all of their obligations
    under the Indenture with respect to certain covenants and Events
    of Default specified in the Indenture, and the Subsidiary
    Guarantees and the Liens on the Collateral granted under the
    Security Documents will be released <B>(&#147;covenant
    defeasance&#148;)</B>, at any time by:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (1)&#160;depositing in trust with the Trustee, under an
    irrevocable trust agreement, cash or U.S.&#160;government
    obligations in an amount sufficient to pay principal of, premium
    and interest on the Notes to their maturity or redemption, as
    the case may be,&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (2)&#160;complying with certain other conditions, including
    delivery to the Trustee of an opinion of counsel or a ruling
    received from the Internal Revenue Service, to the effect that
    Holders will not recognize income, gain or loss for federal
    income tax purposes as a result of the Company&#146;s exercise
    of such right and will be subject to federal income tax on the
    same amount and in the same manner and at the same times as
    would have been the case otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the foregoing, no discharge, legal defeasance or
    covenant defeasance described above will affect the following
    obligations to, or rights of, the Holders of the Notes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights of registration of transfer and exchange of Notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights of substitution of mutilated, defaced, destroyed, lost or
    stolen Notes;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights of Holders of the Notes to receive payments of principal
    thereof, premium, if any, and interest thereon, upon the
    original due dates therefor, but not upon acceleration;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights, obligations, duties and immunities of the Trustee;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    rights of Holders of Notes that are beneficiaries with respect
    to property so deposited with the Trustee payable to all or any
    of them;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    obligations of the Company to maintain an office or agency in
    respect of the Notes.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Company or the Subsidiary Guarantors may exercise the legal
    defeasance option with respect to the Notes notwithstanding the
    prior exercise of the covenant defeasance option with respect to
    the Notes. If the Company or the Subsidiary Guarantors exercise
    the legal defeasance option with respect to the Notes, payment
    of the Notes may not be accelerated due to an Event of Default
    with respect to the Notes. If the Company or the Subsidiary
    Guarantors exercise the covenant defeasance option with respect
    to the Notes, payment of the Notes may not be accelerated due to
    an Event of Default with respect to the covenants to which such
    covenant defeasance is applicable. However, if acceleration were
    to occur by reason of another Event of Default, the realizable
    value at the acceleration date of the cash and
    U.S.&#160;Government Obligations in the defeasance trust could
    be less than the principal of, premium, if any, and interest
    then due on the Notes, in that the required deposit in the
    defeasance trust is based upon scheduled cash flow rather than
    market value, which will vary depending upon interest rates and
    other factors.
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Transfer
    and Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Holder is able to transfer or exchange Notes only in
    accordance with the provisions of the Indenture. The Registrar
    may require a Holder, among other things, to furnish appropriate
    endorsements and transfer documents, and to pay any taxes and
    fees required by law or permitted by the Indenture.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Amendment,
    Supplement and Waiver</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to certain exceptions, the Indenture, the Notes or the
    Security Documents may be amended or supplemented with the
    consent (which may include consents obtained in connection with
    a tender offer or exchange offer for Notes) of the Holders of at
    least a majority in principal amount of the Notes then
    outstanding, and any existing Default or Event of Default (other
    than any continuing Default or Event of Default in the payment
    of interest on or the principal of the Notes) under, or
    compliance with any provision of, the Indenture or any Security
    Document may be waived with the consent (which may include
    consents obtained in connection with a tender offer or exchange
    offer for Notes) of the Holders of a majority in principal
    amount of the Notes then outstanding. Without the consent of any
    Holder, the Company, the Subsidiary Guarantors and the Trustee
    may amend the Indenture, the Notes or the Security Documents or
    waive any provision thereof to cure any ambiguity, defect or
    inconsistency, to comply with the &#147;Limitations on Mergers
    and Consolidations&#148; section set forth in the Indenture; to
    provide for uncertificated Notes in addition to or in place of
    certificated Notes; to provide for any Subsidiary Guarantee of
    the Notes; to add security to or for the benefit of the Notes
    and, in the case of the Security Documents, to or for the
    benefit of the other secured parties named therein or holders of
    Other Pari Passu Lien Obligations or to confirm and evidence the
    release, termination or discharge of any Subsidiary Guarantee of
    or Lien securing the Notes when such release, termination or
    discharge is permitted by the Indenture and the Security
    Documents; to add covenants or new events of default for the
    protection of the Holders of the Notes; to make any change that
    does not adversely affect the legal rights under the Indenture
    of any Holder; or to comply with or qualify the Indenture under
    the Trust&#160;Indenture Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Without the consent of each Holder affected, the Company may not:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;reduce the amount of Notes whose Holders must consent
    to an amendment, supplement or waiver;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;reduce the rate of or change the time for payment of
    interest, including default interest, on any Note;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;reduce the principal of or change the fixed maturity
    of any Note or alter the provisions with respect to redemption
    under the &#147;Optional Redemption&#148; section set forth in
    the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iv)&#160;make any Note payable in money other than that stated
    in the Note;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (v)&#160;make any change in the &#147;Waiver of Past Defaults
    and Compliance with Indenture Provisions,&#148; &#147;Rights of
    Holders to Receive Payment&#148; or, in part, the &#147;With
    Consent of Holders&#148; sections set forth in the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vi)&#160;modify the ranking or priority of the Notes or any
    Subsidiary Guarantee;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (vii)&#160;modify any of the provisions with respect to
    mandatory offers to repurchase Notes pursuant to the
    &#147;Limitations on Asset Sales&#148; or &#147;Change of
    Control&#148; covenants set forth in the Indenture after the
    obligation to make such mandatory offer to repurchase has arisen;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (viii)&#160;release any Subsidiary Guarantor from any of its
    obligations under its Subsidiary Guarantee or the Indenture
    otherwise than in accordance with the terms of the Indenture;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ix)&#160;waive a continuing Default or Event of Default in the
    payment of principal of or interest on the Notes;&#160;or
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (x)&#160;effect a release of all or substantially all of the
    Collateral other than pursuant to the terms of the Security
    Documents or as otherwise permitted by the Indenture.
</DIV>
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    <BR>
    90
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The right of any Holder to participate in any consent required
    or sought pursuant to any provision of the Indenture (and the
    obligation of the Company to obtain any such consent otherwise
    required from such Holder) may be subject to the requirement
    that such Holder shall have been the Holder of record of any
    Notes with respect to which such consent is required or sought
    as of a date identified by the Trustee in a notice furnished to
    Holders in accordance with the terms of the Indenture.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Intercreditor Agreement may be amended from time to time
    with the consent of certain parties thereto. In addition, the
    Intercreditor Agreement and Security Documents may be amended
    from time to time at the sole request and expense of the
    Company, and without the consent of any First Priority
    Collateral Agent or the Notes Collateral Agent (A)&#160;to add
    other parties (or any authorized agent thereof or trustee
    therefor) holding First Priority Obligations or Other Pari Passu
    Lien Obligations that are incurred in compliance with the First
    Priority Documents, the Indenture and the Security Documents,
    (B)&#160;to establish that the Liens on any First Priority
    Collateral securing any such First Priority Obligations shall be
    senior under the Intercreditor Agreement to the Liens on such
    First Priority Collateral securing the Obligations under the
    Indenture, the Notes and the Subsidiary Guarantees on the terms
    provided for in the Intercreditor Agreement in effect
    immediately prior to such amendment and (C)&#160;to establish
    that the Liens on any Notes Collateral securing any such Other
    Pari Passu Lien Obligations shall be pari passu under the
    Intercreditor Agreement with the Liens on such Notes Collateral
    securing the Obligations under the Indenture, the Notes and the
    Subsidiary Guarantees on the terms provided for in the
    Intercreditor Agreement in effect immediately prior to such
    amendment.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">No
    Personal Liability of Incorporators, Shareholders, Officers,
    Directors or Employees</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture provides that no recourse for the payment of the
    principal of, premium, if any, or interest on any of the Notes,
    or for any claim based thereon or otherwise in respect thereof,
    and no recourse under or upon any obligation, covenant or
    agreement of the Company or any Subsidiary Guarantor in the
    Indenture or in any of the Notes or because of the creation of
    any Indebtedness represented thereby, shall be had against any
    incorporator, shareholder, officer, director, employee or
    controlling person of the Company, any Subsidiary Guarantor or
    any successor Person thereof. Each Holder, by accepting such
    Notes waives and releases all such liability.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Concerning
    the Trustee</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture contains certain limitations on the rights of the
    Trustee, should it become a creditor of the Company, to obtain
    payment of claims in certain cases, or to realize on certain
    property received in respect of any such claim as security or
    otherwise. The Trustee is permitted to engage in other
    transactions; however, if it acquires any conflicting interest
    (as defined in the Indenture), it must eliminate such conflict
    or resign.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the provisions of the Intercreditor Agreement and the
    Security Documents, the Holders of a majority in principal
    amount of the then outstanding Notes have the right to direct
    the time, method and place of conducting any proceeding for
    exercising any remedy available to the Trustee, subject to
    certain exceptions. The Indenture provides that in case an Event
    of Default occurs and is not cured, the Trustee is required, in
    the exercise of its power, to use the degree of care of a
    prudent person in similar circumstances in the conduct of his
    own affairs. Subject to such provisions, the Trustee is under no
    obligation to exercise any of its rights or powers under the
    Indenture at the request of any Holder, unless such Holder shall
    have offered to the Trustee security and indemnity satisfactory
    to the Trustee.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Governing
    Law</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Indenture, the Notes and the Subsidiary Guarantees are
    governed by the laws of the State of New&#160;York.
</DIV>
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    <BR>
    91
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MATERIAL
    UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a general discussion of certain material United
    States federal income tax considerations relating to the
    exchange of original notes for new notes and the ownership and
    disposition of the new notes by an initial beneficial owner of
    the original notes. This summary is limited to holders who will
    hold the notes as &#147;capital assets&#148; within the meaning
    of Section&#160;1221 of the Internal Revenue Code of 1986, as
    amended (the &#147;Code&#148;). This summary does not deal with
    the United States federal income tax considerations that may be
    relevant to holders subject to special treatment under the
    United States federal income tax laws, such as dealers in
    securities or foreign currency, tax exempt entities, banks,
    thrifts, insurance companies, retirement plans, regulated
    investment companies, traders in securities that elect to apply
    a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    method of accounting, persons that hold the notes as part of a
    &#147;straddle,&#148; a &#147;hedge&#148; against currency risk,
    a &#147;conversion transaction&#148; or other integrated
    transaction, holders subject to the alternative minimum tax,
    partnerships or other pass-through entities (or investors in
    such entities), certain financial institutions, expatriates and
    former citizens or long-term residents of the United States and
    United States Holders that have a &#147;functional
    currency&#148; other than the U.S.&#160;dollar, all within the
    meaning of the Code. In addition, this discussion does not
    describe United States federal gift or estate tax consequences
    or any tax consequences arising out of the tax laws of any
    state, local or foreign jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The federal income tax considerations set forth below are based
    upon the Code, existing and proposed regulations thereunder, and
    current administrative rulings and court decisions, all of which
    are subject to change. Holders should particularly note that any
    such change could have retroactive application so as to result
    in federal income tax consequences different from those
    discussed below. We have not and will not seek any rulings from
    the Internal Revenue Service (&#147;IRS&#148;) regarding the
    matters discussed below. There can be no assurance that the IRS
    will not take positions concerning the tax consequences of the
    exchange of the old notes and the purchase, ownership or
    disposition of the new notes that are different from those
    discussed below.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, &#147;United States Holders&#148; are beneficial
    owners of the notes, that are, for United States federal income
    tax purposes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    individuals who are citizens or residents of the United States;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    corporations or other entities taxable as corporations created
    or organized in, or under the laws of, the United States, any
    state thereof or the District of Columbia;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    estates, the income of which is subject to United States federal
    income taxation regardless of its source;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    trusts if (i) (A)&#160;a court within the United States is able
    to exercise primary supervision over the administration of the
    trust and (B)&#160;one or more U.S.&#160;persons have the
    authority to control all substantial decisions of the trust, or
    (ii)&#160;the trust was in existence on August&#160;20, 1996,
    was treated as a U.S.&#160;person prior to such date, and
    validly elected to continue to be so treated.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As used herein, a
    <FONT style="white-space: nowrap">&#147;non-United</FONT>
    States Holder&#148; is a beneficial owner of the notes that is
    an individual, corporation, estate or trust for United States
    federal income tax purposes and is not a United States Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any entity taxable as a partnership holds notes, the tax
    treatment of a partner in the partnership will generally depend
    upon the status of the partner and the activities of the
    partnership. If you are a partner of a partnership holding the
    notes, you should consult your tax advisor regarding the tax
    consequences of the purchase, ownership and disposition of the
    notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Persons considering participating in the exchange offer, or
    considering the purchase, ownership or disposition of the notes
    should consult their own tax advisors concerning the United
    States federal income tax consequences in light of their
    particular situations as well as any consequences arising under
    the laws of any other taxing jurisdiction.</B>
</DIV>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exchange
    Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The exchange of the original notes for the new notes should not
    constitute a taxable event to a holder and a holder should not
    recognize any taxable gain or loss or any interest income as a
    result of such exchange. The holding period for the new note
    received in the exchange should include the holding period for
    the original note exchange therefore, and a holder&#146;s
    adjusted tax basis in the new note should be the same as the
    adjusted tax basis of the original notes exchange therefor.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Additional
    Interest</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain circumstances, we may be obligated to pay amounts in
    excess of stated interest or principal on the new notes. Our
    obligation to pay such excess amounts may implicate the
    provisions of the Treasury regulations relating to
    &#147;contingent payment debt instruments.&#148; Under these
    regulations, however, one or more contingencies will not cause a
    debt instrument to be treated as a contingent payment debt
    instrument if, as of the issue date, each such contingency is
    &#147;remote&#148; or is considered to be
    &#147;incidental.&#148; We believe and intend to take the
    position that the foregoing contingencies should be treated as
    remote
    <FONT style="white-space: nowrap">and/or</FONT>
    incidental. Our position is binding on a holder, unless the
    holder discloses in the proper manner to the IRS that it is
    taking a different position. However, this determination is
    inherently factual and we can give you no assurance that our
    position would be sustained if challenged by the IRS. A
    successful challenge of this position by the IRS could affect
    the timing and amount of a holder&#146;s income and could cause
    the gain from the sale or other disposition of a note to be
    treated as ordinary income, rather than capital gain. This
    disclosure assumes that the new notes will not be considered
    contingent payment debt instruments. Holders are urged to
    consult their own tax advisors regarding the potential
    application to the notes of the contingent payment debt
    regulations and the consequences thereof.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Taxation
    of United States Holders</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Stated Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stated interest on the new notes will be treated as
    &#147;qualified stated interest&#148; (i.e., stated interest
    that is unconditionally payable at least annually at a single
    fixed rate over the entire term of the note) and will be taxable
    to United States Holders as ordinary interest income as the
    interest accrues or is paid, in accordance with the
    holder&#146;s regular method of tax accounting.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Original Issue Discount</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The original notes were treated as issued OID for United States
    federal income tax purposes because their &#147;issue
    price&#148; was less than their stated principal amount by more
    than a <I>de minimis</I> amount. (The issue price of a note
    equals the first price at which a substantial amount of the
    notes are sold for cash to investors (not including bond houses,
    brokers, or similar persons or organizations acting in the
    capacity of underwriters, placement agents, or wholesalers).)
    This treatment will carry over to the new notes issued in
    exchange for the original notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A United States Holder (whether a cash or accrual method
    taxpayer) will be required to include in gross income (as
    ordinary income) any OID as it accrues on a constant yield to
    maturity basis, before the receipt of cash payments attributable
    to this income. The amount of OID includible in gross income for
    a taxable year will be the sum of the daily portions of OID with
    respect to the note for each day during that taxable year on
    which the United States Holder holds the note. The daily portion
    is determined by allocating to each day in an &#147;accrual
    period&#148; a pro rata portion of the OID allocable to that
    accrual period. The OID allocable to any accrual period will
    equal (a)&#160;the product of the &#147;adjusted issue
    price&#148; of the note as of the beginning of such period and
    the note&#146;s yield to maturity (determined on the basis of
    compounding at the close of each accrual period and properly
    adjusted for the length of the accrual period) less (b)&#160;the
    qualified stated interest allocable to the accrual period. The
    &#147;adjusted issue price&#148; of a note as of the beginning
    of any accrual period will equal its issue price, increased by
    previously accrued OID.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A United States Holder will not be required to recognize any
    additional income upon the receipt of any payment on the notes
    that is attributable to previously accrued OID.
</DIV>
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    <BR>
    93
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange, Retirement or Redemption of the Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Upon the disposition of a note by sale, exchange, retirement or
    redemption, a United States Holder will generally recognize gain
    or loss equal to the difference between (1)&#160;the amount
    realized on the disposition of the note (other than amounts
    attributable to accrued and unpaid stated interest on the note,
    which will be treated as ordinary interest income for federal
    income tax purposes if not previously included in income) and
    (2)&#160;the United States Holder&#146;s adjusted tax basis in
    the note. A United States Holder&#146;s adjusted tax basis in a
    note generally will equal the cost of the note to such United
    States Holder, increased by any OID previously includible in
    income by the United States Holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Gain or loss from the taxable disposition of a note generally
    will be capital gain or loss and will be long-term capital gain
    or loss if the note was held by the United States Holder for
    more than one year at the time of the disposition. For
    non-corporate holders, certain preferential tax rates may apply
    to gain recognized as long-term capital gain. The deductibility
    of capital losses is subject to certain limitations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Backup
    Withholding and Information Reporting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where required, information will be reported to both United
    States Holders and the IRS regarding the amount of interest
    (including OID) on, and the proceeds from the disposition
    (including a retirement or redemption) of, the notes in each
    calendar year as well as the corresponding amount of tax
    withheld, if any exists.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the backup withholding provisions of the Code and the
    applicable Treasury regulations, a United&#160;States Holder of
    notes may be subject to backup withholding at a rate currently
    equal to 28% with respect to interest (including OID) on,
    <FONT style="white-space: nowrap">and/or</FONT> the
    proceeds from dispositions (including a retirement or
    redemption) of, the notes. Certain holders (including
    corporations) are generally not subject to backup withholding.
    United States Holders will be subject to this backup withholding
    tax if such holder is not otherwise exempt and any of the
    following conditions exist: (1)&#160;such holder fails to
    furnish its taxpayer identification number, or TIN, which, for
    an individual, is ordinarily his or her social security number;
    (2)&#160;the IRS notifies the payor that such holder furnished
    an incorrect TIN; (3)&#160;the payor is notified by the IRS that
    such holder is subject to backup withholding because the holder
    has previously failed to properly report payments of interest or
    dividends; or (4)&#160;such holder fails to certify, under
    penalties of perjury, that it has furnished a correct TIN and
    that the IRS has not notified the holder that it is subject to
    backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
    United States Holder will be allowed as a credit against such
    holder&#146;s United States federal income tax liability and may
    entitle such holder to a refund, provided that the required
    information is timely furnished to the IRS.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of
    <FONT style="white-space: nowrap">Non-United</FONT>
    States Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of the following discussion, interest (including
    OID) and gain on the sale, exchange or other disposition
    (including a retirement or redemption) of a note will be
    considered &#147;U.S.&#160;trade or business income&#148; if the
    income or gain is effectively connected with the conduct of a
    U.S.&#160;trade or business.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All references to interest in this discussion also refer to any
    OID.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxation
    of Interest</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Interest income will qualify for the &#147;portfolio
    interest&#148; exception, and therefore will not be subject to
    United States withholding tax, if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the interest income is not &#147;U.S.&#160;trade or business
    income&#148; of the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder does not actually or constructively own 10% or
    more of the total combined voting power of the Company&#146;s
    stock entitled to vote;
</TD>
</TR>

</TABLE>
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    <BR>
    94
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not, for United States federal income tax
    purposes, a controlled foreign corporation that is related to
    the Company;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not a bank which acquired the note in
    consideration for an extension of credit made pursuant to a loan
    agreement entered into in the ordinary course of its trade or
    business;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    either (A)&#160;the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies, under penalty of perjury, to the
    Company or the Company&#146;s agent that it is not a
    U.S.&#160;person and such
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder provides its name, address and certain other
    information on a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or an applicable substitute form), or (B)&#160;a securities
    clearing organization, bank or other financial institution that
    holds customers&#146; securities in the ordinary course of its
    trade or business holds the note on behalf of the beneficial
    owner and provides a statement to the Company or the
    Company&#146;s agent signed under the penalties of perjury in
    which the organization, bank or financial institution certifies
    that
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    or a suitable substitute has been received by it from the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder or from another financial institution entity on
    behalf of the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder and furnishes the Company or the Company&#146;s
    agent with a copy.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder cannot satisfy the requirements for the portfolio
    interest exception as described above, the gross amount of
    payments of interest to such
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder that is not &#147;U.S.&#160;trade or business
    income&#148; will be subject to United States federal
    withholding tax at the rate of 30%, unless a U.S.&#160;income
    tax treaty applies to reduce or eliminate withholding.
    U.S.&#160;trade or business income will not be subject to United
    States federal withholding tax but will be taxed on a net income
    basis in generally the same manner as a United States Holder
    (unless an applicable income tax treaty provides otherwise), and
    if the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is a foreign corporation, such U.S.&#160;trade or
    business income may be subject to the branch profits tax equal
    to 30% of its effectively connected earnings and profits
    attributable to such interest, or a lower rate provided by an
    applicable treaty. In order to claim the benefit provided by a
    tax treaty or to claim exemption from withholding because the
    income is U.S.&#160;trade or business income, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder must provide either:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8BEN</FONT>
    (or suitable substitute form) claiming an exemption from or
    reduction in withholding under the benefit of an applicable tax
    treaty;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    a properly executed
    <FONT style="white-space: nowrap">Form&#160;W-8ECI</FONT>
    (or suitable substitute form) stating that interest paid on the
    note is not subject to withholding tax because it is
    &#147;U.S.&#160;trade or business income.&#148;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange, Retirement or Redemption of Notes</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the discussion of backup withholding below,
    generally, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder will not be subject to United States federal
    income tax or withholding tax on any gain realized on the sale,
    exchange, retirement or redemption of a note unless:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the gain is &#147;U.S.&#160;trade or business
    income;&#148;&#160;or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is an individual who is present in the United
    States for 183&#160;days or more during the taxable year in
    which the disposition of the note is made and certain other
    requirements are met.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A holder described in the first bullet point above will be
    required to pay United States federal income tax on the net gain
    derived from the sale in the same manner as a United States
    Holder, except as otherwise required by an applicable tax
    treaty, and if such holder is a foreign corporation, it may also
    be required to pay a branch profits tax equal to 30% of its
    effectively connected earnings and profits attributable to such
    gain, or a lower rate provided by an applicable income tax
    treaty. A holder described in the second bullet point above will
    be subject to a 30% United States federal income tax on the gain
    derived from the sale, which may be offset by certain
    U.S.&#160;source capital losses.
</DIV>
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    <BR>
    95
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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>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 2%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting and Backup Withholding</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Where required, information will be reported annually to each
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder as well as the IRS regarding any interest
    (including OID) that is either subject to withholding or exempt
    from United States withholding tax pursuant to a tax treaty or
    to the portfolio interest exception. Copies of these information
    returns may also be made available to the tax authorities of the
    country in which the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder resides under the provisions of a specific treaty
    or agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the backup withholding provisions of the Code and the
    applicable Treasury regulations, a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder of notes may be subject to backup withholding at a
    rate currently equal to 28% with respect to interest (including
    OID) paid on the notes. However, the regulations provide that
    payments of interest to a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder will not be subject to backup withholding and
    related information reporting if the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    under penalties of perjury or satisfies the requirements of an
    otherwise established exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The payment of the proceeds from the disposition (including a
    retirement or redemption) of notes to or through the
    U.S.&#160;office of any broker, United States or foreign, will
    be subject to information reporting and possible backup
    withholding unless the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder certifies its
    <FONT style="white-space: nowrap">non-U.S.&#160;status</FONT>
    under penalty of perjury or satisfies the requirements of an
    otherwise established exemption.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The payment of the proceeds from the disposition of a note to or
    through a
    <FONT style="white-space: nowrap">non-U.S.&#160;office</FONT>
    of a
    <FONT style="white-space: nowrap">non-U.S.&#160;broker</FONT>
    that does not have certain enumerated relationships with the
    United States will not be subject to information reporting or
    backup withholding. When a
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder receives a payment of proceeds from the
    disposition of notes either to or through a
    <FONT style="white-space: nowrap">non-U.S.&#160;office</FONT>
    of a broker that is either a U.S.&#160;person or a person who
    has certain enumerated relationships with the United States, the
    regulations require information reporting (but not backup
    withholding) on the payment, unless the broker has documentary
    evidence in its files that the
    <FONT style="white-space: nowrap">non-United</FONT>
    States Holder is not a U.S.&#160;person.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional tax. Any amounts
    withheld under the backup withholding rules from a payment to a
    holder will be allowed as a credit against such holder&#146;s
    United States federal income tax liability and may entitle such
    holder to a refund, provided that the required information is
    timely furnished to the IRS.
</DIV>

<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If you wish to exchange your original notes in the exchange
    offer, you will be required to make representations to us as
    described in &#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures&#148; in this prospectus and in the letter of
    transmittal. In addition, each broker-dealer that receives new
    notes for its own account pursuant to the exchange offer must
    acknowledge that it will deliver a prospectus in connection with
    any resale of such new notes. This prospectus, as it may be
    amended or supplemented from time to time, may be used by a
    broker-dealer in connection with resales of new notes received
    in exchange for original notes where such original notes were
    acquired as a result of market-making activities or other
    trading activities. We have agreed to use our reasonable best
    efforts to make this prospectus, as amended or supplemented,
    available to any broker-dealer for a period of 210&#160;days
    after the date of this prospectus for use in connection with any
    such resale.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will not receive any proceeds from any sale of new notes by
    broker-dealers. New notes received by broker-dealers for their
    own account pursuant to the exchange offer may be sold from time
    to time in one or more transactions in the
    <FONT style="white-space: nowrap">over-the-counter</FONT>
    market, in negotiated transactions, through the writing of
    options on the new notes or a combination of such methods of
    resale, at market prices prevailing at the time of resale, at
    prices related to such prevailing market prices or negotiated
    prices. Any such resale 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 any such
    broker-dealer or the purchasers of any such new notes. Any
    broker-dealer that resells new notes that were received by it
    for its own account pursuant to the exchange offer and any
    broker or dealer that participates in a distribution of such new
    notes may be deemed to be an &#147;underwriter&#148; within the
    meaning of the Securities Act and any profit on any such resale
    of new notes and any commission or
</DIV>
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    <BR>
    96
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    concessions received by any such persons may be deemed to be
    underwriting compensation under the Securities Act. The letter
    of transmittal states that, by acknowledging that it will
    deliver and by delivering a prospectus, a broker-dealer will not
    be deemed to admit that it is an &#147;underwriter&#148; within
    the meaning of the Securities Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A broker-dealer that acquired original notes directly from us
    cannot exchange the original notes in the exchange offer. Any
    holder who tenders in the exchange offer for the purpose of
    participating in a distribution of the new notes cannot rely on
    the no-action letters of the staff of the SEC and must comply
    with the registration and prospectus delivery requirements of
    the Securities Act in connection with any resale transaction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For a period of 180&#160;days after the date of this prospectus,
    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 original notes, other than commissions or
    concessions of any brokers or dealers, and will indemnify the
    holders of the original notes, including any broker-dealers,
    against certain liabilities, including liabilities under the
    Securities Act.
</DIV>

<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The enforceability of the new notes and the guarantees offered
    in this prospectus, the binding obligations of Beazer Homes and
    the Subsidiary Guarantors pertaining to such notes and
    guarantees and other matters will be passed upon for us by
    Troutman Sanders LLP, Atlanta, Georgia. Certain legal matters as
    to the guarantees given by the Subsidiary Guarantors will be
    passed upon by Tune, Entrekin&#160;&#038; White,&#160;P.C.,
    Nashville, Tennessee; Barnes&#160;&#038; Thornburg LLP,
    Indianapolis, Indiana; Gardere Wynne Sewell LLP, Dallas, Texas;
    Holland&#160;&#038; Knight LLP, Orlando, Florida;
    Hogan&#160;&#038; Hartson L.L.P., Denver, Colorado; Greenbaum,
    Rowe, Smith&#160;&#038; Davis LLP, Woodbridge, New Jersey; and
    Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC, Prince
    William, Virginia.
</DIV>

<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The consolidated financial statements, incorporated in this
    prospectus by reference from our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2009, and the
    effectiveness of our internal control over financial reporting
    have been audited by Deloitte&#160;&#038; Touche LLP, an
    independent registered public accounting firm, as stated in
    their reports (which report on the consolidated financial
    statements expresses an unqualified opinion and includes an
    explanatory paragraph relating to the adoption of new accounting
    guidance on the accounting for uncertainty in income taxes on
    October&#160;1, 2007), which are incorporated herein by
    reference. Such financial statements have been so incorporated
    in reliance upon the reports of such firm given upon their
    authority as experts in accounting and auditing.
</DIV>

<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We file annual, quarterly and current reports, proxy statements
    and other information with the SEC. We also filed a registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;S-4,</FONT>
    including exhibits, under the Securities Act with respect to the
    securities offered by this prospectus. This prospectus is a part
    of the registration statement, but does not contain all of the
    information included in the registration statement or the
    exhibits. You may read and copy the registration statement and
    any other document that we file at the SEC&#146;s public
    reference room at 100&#160;F&#160;Street, N.E., Washington D.C.
    20549. You can call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information on the operation of the public reference
    room. You can also find our public filings with the SEC on the
    internet at a web site maintained by the SEC located at
    <FONT style="white-space: nowrap">http://www.sec.gov.</FONT>
    We also make available on our Internet website our annual,
    quarterly and current reports and amendments as soon as
    reasonably practicable after such documents are electronically
    filed with, or furnished to, the SEC. Our Internet address is
    <FONT style="white-space: nowrap">http://www.beazer.com.</FONT>
    The information on our website is not incorporated by reference
    into this prospectus and does not constitute a part of this
    prospectus.
</DIV>
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    <BR>
    97
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<A name='115'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INCORPORATION
    OF CERTAIN DOCUMENTS BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This prospectus is part of a registration statement filed with
    the SEC. The SEC allows us to &#147;incorporate by
    reference&#148; selected documents we file with it, which means
    that we can disclose important information to you by referring
    you to those documents. The information in the documents
    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 this
    information. We incorporate by reference the documents listed
    below filed by us under Section&#160;13(a), 13(c), 14 or 15(d)
    of the Exchange Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2009, Registration
    File
    <FONT style="white-space: nowrap">No.&#160;001-12822,</FONT>
    filed on November&#160;10, 2009, as amended December&#160;7,
    2009;&#160;and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    our Current Reports on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on November&#160;16, 2009, November&#160;23, 2009,
    December&#160;17, 2009, December&#160;22, 2009, January&#160;12,
    2010, January&#160;19, 2010, and January&#160;21, 2010;
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All documents filed by us pursuant to Section&#160;13(a), 13(c),
    14 or 15(d) of the Exchange Act subsequent to the date of this
    prospectus and prior to the termination of the offering made by
    this prospectus are to be incorporated herein by reference. Any
    statement contained in a document incorporated or deemed to be
    incorporated by reference herein shall be deemed to be modified
    or superseded for purposes of this prospectus to the extent that
    a statement contained herein or in any other subsequently filed
    document which also is incorporated or deemed to be incorporated
    by reference herein modifies or supersedes such statement. Any
    such statement so modified or superseded shall not be deemed,
    except as so modified or superseded, to constitute a part of
    this prospectus.
</DIV>
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    <BR>
    98
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No dealer, salesperson or other person has been authorized to
    give any information or to make any representation not contained
    in this prospectus and, if given or made, such information or
    representations must not be relied upon as having been
    authorized by the company or the initial purchasers. This
    prospectus does not constitute an offer to sell, or a
    solicitation of an offer to buy any of the securities offered
    hereby in any jurisdiction to any person to whom it is unlawful
    to make such offer or solicitation in such jurisdiction. Neither
    the delivery of this prospectus nor any sale made hereunder
    shall under any circumstances create any implication that the
    information herein is correct as of any time after the date
    hereof or that there has not been a change in the affairs of the
    company since the date hereof.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 17%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="g21823g2182300.gif" alt="(BEAZER HOMES LOGO)">
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 33%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">PRELIMINARY
    PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 31%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">Beazer Homes USA,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Offer to Exchange</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12%&#160;Senior Secured Notes
    due 2017,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">which have been registered
    under the Securities Act of 1933,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">for any and all
    outstanding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12%&#160;Senior Notes due
    2017,</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">which have not been registered
    under the Securities Act of 1933</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Until&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (90&#160;days after the date of this prospectus), all
    dealers that effect transactions in the new notes, whether or
    not participating in this distribution, may be required to
    deliver a prospectus. This is in addition to dealers&#146;
    obligation to deliver a prospectus when acting as underwriters
    and with respect to their unsold allotments or subscriptions.
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
<!-- XBRL Pagebreak Begin -->

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</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PART&#160;II<BR>
    </FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INFORMATION
    NOT REQUIRED IN PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;20.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of Directors and Officers.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Homes USA, Inc., Beazer
    Homes Holdings Corp., Beazer Homes Sales, Inc. and Beazer Homes
    Texas Holdings, Inc. under Delaware Law.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes USA, Inc., Beazer Homes Holdings Corp., Beazer
    Homes Sales, Inc. and Beazer Homes Texas Holdings, Inc. are
    corporations organized under the laws of the State of Delaware.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;102(b)(7) of the Delaware General Corporation Law,
    the DGCL, enables a corporation incorporated in the State of
    Delaware to eliminate or limit, through provisions in its
    original or amended certificate of incorporation, the personal
    liability of a director for violations of the director&#146;s
    fiduciary duties, except (i)&#160;for any breach of the
    director&#146;s duty of loyalty to the corporation or its
    stockholders, (ii)&#160;for acts or omissions not in good faith
    or which involve intentional misconduct or a knowing violation
    of law, (iii)&#160;any liability imposed pursuant to
    Section&#160;174 of the DGCL (providing for liability of
    directors for unlawful payment of dividends or unlawful stock
    purchases or redemptions) or (iv)&#160;for any transaction from
    which a director derived an improper personal benefit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;145 of the DGCL provides that a corporation
    incorporated in the State of Delaware may indemnify any person
    or persons, including officers and directors, who are, or are
    threatened to be made, parties to any threatened, pending or
    completed legal action, suit or proceeding, whether civil,
    criminal, administrative, or investigative (other than an action
    by or in the right of such corporation), by reason of the fact
    that such person is or was an officer, director, employee or
    agent of such corporation, or is or was serving at the request
    of such corporation as a director, officer, employee or agent of
    another corporation or enterprise. The indemnity may include
    expenses (including attorneys&#146; fees), judgments, fines, and
    amounts paid in settlement actually and reasonably incurred by
    such person in connection with such action, suit or proceeding,
    provided such officer, director, employee, or agent acted in
    good faith and in a manner he or she reasonably believed to be
    in or not opposed to the corporation&#146;s best interests and,
    for criminal proceedings, had no reasonable cause to believe
    that the challenged conduct was unlawful. A corporation
    incorporated in the State of Delaware may indemnify officers and
    directors in an action by or in the right of the corporation
    under the same conditions, except that no indemnification is
    permitted without judicial approval if the officer or director
    is adjudged to be liable to the corporation. Where an officer or
    director is successful on the merits or otherwise in the defense
    of any action referred to above, the corporation must provide
    indemnification against the expenses that such officer or
    director actually and reasonably incurred.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Section&#160;145(g) of the DGCL authorizes a corporation
    incorporated in the State of Delaware to provide liability
    insurance for directors and officers for certain losses arising
    from claims or charges made against them while acting in their
    capacities as directors or officers of the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The certificates of incorporation of Beazer Homes USA, Inc.,
    Beazer Homes Holdings Corp., Beazer Homes Sales, Inc. and Beazer
    Homes Texas Holdings, Inc. provide that no director shall be
    personally liable to the corporation or its stockholders for
    violations of the director&#146;s fiduciary duties, except to
    the extent that a director&#146;s liability may not be limited
    as described above in the discussion of Section&#160;102(b)(7)
    of the DGCL.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Homes USA,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes USA, Inc., provide that the
    corporation shall indemnify and hold harmless to the fullest
    extent authorized by Delaware law or by other applicable law as
    then in effect, any person who was or is a party to or is
    threatened to be made a party to or is involved in (including,
    without limitation, as a witness) any proceeding, by reason of
    the fact that he or she, or a person for whom he or she is the
    legal representative, is or was a director, officer, or employee
    of the corporation or, while a director, officer, or employee of
    the corporation, is or was serving at the request of the
    corporation as a director, officer, employee, agent or manager
    of another corporation, partnership, limited liability company,
    joint venture, trust or other enterprise or nonprofit entity,
    including service with respect to an employee benefit plan
    (hereinafter,
</DIV>
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    <BR>
    II-1
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    an &#147;Indemnitee&#148;), whether the basis of such proceeding
    is alleged action in an official capacity as a director,
    officer, employee, agent or manager or in any other capacity
    while serving as a director, officer, employee, agent or
    manager, against all expense, liability and loss (including
    attorneys&#146; and other professionals&#146; fees, judgments,
    fines, ERISA taxes or penalties and amounts to be paid in
    settlement) actually and reasonably incurred or suffered by such
    person in connection therewith.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the bylaws of Beazer Homes USA, Inc., provide that
    the corporation shall, to the fullest extent authorized by
    Delaware law, advance (or if previously paid by any Indemnitee
    who serves or served as a director or executive officer of the
    corporation on or after June&#160;30, 2008 (each a
    &#147;Class&#160;1 Indemnitee&#148;), reimburse) to any
    Class&#160;1 Indemnitee funds sufficient for the payment of all
    expenses (including attorneys&#146; and other
    professionals&#146; fees and disbursements and court costs)
    actually and reasonably incurred by such Class&#160;1 Indemnitee
    in connection with the investigation of, response to, defense
    (including any appeal) of or settlement of any proceeding, in
    the case of each such proceeding upon receipt of an undertaking
    by or on behalf of such Class&#160;1 Indemnitee to repay such
    amount if it shall ultimately be determined that such
    Class&#160;1 Indemnitee is not entitled to be indemnified by the
    corporation against such expenses. No collateral securing or
    other assurance of performance of such undertaking shall be
    required of such Class&#160;1 Indemnitee by the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes USA, Inc., also provide that the
    corporation may, by action of its Board of Directors, grant
    rights to advancement of expenses to any Indemnitee who is not a
    Class&#160;1 Indemnitee and rights to indemnification and
    advancement of expenses to any agents of the corporation with
    the same scope and effect as the provisions with respect to the
    indemnification of and advancement of expenses to Class&#160;1
    Indemnitees. By resolution adopted by affirmative vote of a
    majority of the Board of Directors, the Board of Directors may
    delegate to the appropriate officers of the corporation the
    decision to grant from time to time rights to advancement of
    expenses to any Indemnitee who is not a Class&#160;1 Indemnitee
    and rights to indemnification and advancement of expenses to any
    agents of the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under the bylaws of Beazer Homes USA, Inc., no Indemnitee shall
    be entitled to any advance or reimbursement by the corporation
    of expenses, or to indemnification from or to be held harmless
    by the corporation against expenses, incurred by him or her in
    asserting any claim or commencing or prosecuting any suit,
    action or proceeding (or part thereof) against the corporation
    (except as provided below) or any subsidiary of the corporation
    or any current or former director, officer, employee or agent of
    the corporation or of any subsidiary of the corporation, but
    such advancement (or reimbursement) and indemnification and hold
    harmless rights may be provided by the corporation in any
    specific instance as permitted by the Bylaws, or in any specific
    instance in which the Board shall first authorize the
    commencement or prosecution of such a suit, action or proceeding
    (or part thereof) or the assertion of such a claim.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Notwithstanding the above, if a claim is not timely paid in full
    by Beazer Homes USA, Inc. after a written claim has been
    received by the corporation, an Indemnitee or Class&#160;1
    Indemnitee (as appropriate) may at any time thereafter bring
    suit against the corporation to recover the unpaid amount of the
    claim and, to the extent successful in whole or in part, the
    Indemnitee or Class&#160;1 Indemnitee (as appropriate) shall be
    entitled to be paid also the expense of prosecuting such suit.
    The Indemnitee or Class&#160;1 Indemnitee (as appropriate) shall
    be presumed to be entitled to indemnification and advancement of
    expenses under upon submission of a written claim (and, in an
    action brought to enforce a claim for an advancement of expenses
    where the required undertaking, if any is required, has been
    tendered to the corporation), and thereafter the corporation
    shall have the burden of proof to overcome the presumption that
    the Indemnitee or Class&#160;1 Indemnitee (as appropriate) is
    not so entitled. Neither the failure of the corporation
    (including its Board of Directors, independent legal counsel or
    its stockholders) to have made a determination prior to the
    commencement of such suit that indemnification of the Indemnitee
    is proper in the circumstances nor an actual determination by
    the corporation (including its Board of Directors, independent
    legal counsel or its stockholders) that the Indemnitee is not
    entitled to indemnification shall be a defense to the suit or
    create a presumption that the Indemnitee is not so entitled.
    These rights to indemnification and advancement (or
    reimbursement) of expenses shall be enforceable by any person
    entitled to such indemnification or advancement (or
    reimbursement) of expenses in any court of competent
    jurisdiction. Notice of any application to a court by an
    Indemnitee shall be given to the corporation promptly upon the
    filing of such application; <U>provided</U>, <U>however</U>,
    that such notice shall
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-2
</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    not be a requirement for an award of or a determination of
    entitlement to indemnification or advancement (or reimbursement)
    of expenses.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The indemnification and advancement of expenses provided in the
    Beazer Homes USA, Inc. bylaws shall be deemed independent of,
    and shall not be deemed exclusive of or a limitation on, any
    other rights to which any person seeking indemnification or
    advancement of expenses may be entitled or acquired under any
    statute, provision of the certificate of incorporation, bylaw,
    agreement, vote of stockholders or of disinterested directors or
    otherwise, both as to such person&#146;s official capacity and
    as to action in another capacity while holding such office.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the bylaws of Beazer Homes USA, Inc., provide that
    the corporation may purchase and maintain liability insurance
    for directors and officers for certain losses arising from
    claims or charges made against them while acting in their
    capacities as directors or officers of the corporation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes USA, Inc. has also entered into indemnification
    agreements with each of its executive officers and directors
    providing such officers and directors indemnification and
    expense advancement and for the continued coverage of such
    person under its directors&#146; and officers&#146; insurance
    programs.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Homes Holdings Corp.,
    Beazer Homes Sales, Inc., Beazer Mortgage Corporation and Beazer
    Homes Texas Holdings, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc. provide that the corporation shall indemnify each
    person who is or was a party or is threatened to be made a party
    to any threatened, pending or completed action, suit or
    proceeding, whether civil, criminal, administrative or
    investigative (other than an action by or in the right of the
    corporation) by reason of the fact that such person is or was a
    director, officer, employee or agent of the corporation, or is
    or was serving at the request of the corporation as a director,
    officer, employee or agent of another corporation, partnership,
    joint venture, trust or other enterprise (an
    &#147;Indemnitee&#148;), against expenses (including
    attorneys&#146; and other professionals&#146; fees), judgments,
    fines and amounts paid in settlement actually and reasonably
    incurred by the Indemnitee in connection with such action, suit
    or proceeding, if the Indemnitee acted in good faith and in a
    manner reasonably believed to be in or not opposed to the best
    interests of the corporation, and with respect to any criminal
    action or proceeding, had no reasonable cause to believe the
    conduct was unlawful. The corporation shall indemnify an
    Indemnitee in an action by or in the right of the corporation
    under the same conditions, except that no indemnification shall
    be made in respect of any claim, issue or matter as to which the
    Indemnitee shall have been adjudged liable to the corporation
    unless and only to the extent that the Court of Chancery or the
    court in which such action or suit was brought shall determine
    upon application, that despite the adjudication of liability,
    but in view of all the circumstances of the case, the Indemnitee
    is fairly and reasonably entitled to indemnity for such expenses
    which the Court of Chancery or such other court shall deem
    proper.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc. provide that any indemnification pursuant to the
    bylaws (except indemnification ordered by a court) shall be made
    by the corporation only as authorized in the specific case upon
    a determination the indemnification of the Indemnitee is proper
    in the circumstances because the Indemnitee has met the
    applicable standard of conduct described above. However, to the
    extent that an Indemnitee is successful on the merits or
    otherwise in the defense of any action, suit or proceeding
    described above, or in the defense of any claim, issue or matter
    therein, the Indemnitee shall be indemnified against reasonable
    expenses (including attorneys&#146; and other
    professionals&#146; fees) actually and reasonably incurred by
    the Indemnitee in connection therewith, without the necessity of
    authorization in the specific case.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the bylaws of Beazer Homes Holdings Corp., Beazer
    Homes Sales, Inc., Beazer Mortgage Corporation and Beazer Homes
    Texas Holdings, Inc. provide that the expenses (including
    attorney&#146;s and other professionals&#146; fees) incurred by
    an officer or director in defending any threatened or pending
    civil, criminal, administrative or investigative action, suit or
    proceeding may, but shall not be required to, be paid by the
    corporation in advance of the final disposition of the suit,
    action or proceeding upon receipt of an undertaking
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-3
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    by or on behalf of such officer or director to repay such amount
    if it shall ultimately be determined that such person is not
    entitled to indemnification by the corporation pursuant to the
    bylaws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc. also provide that the indemnification and
    advancement of expenses provided in the bylaws shall not be
    deemed to be exclusive of any other rights to which those
    seeking indemnification or advancement of expenses may be
    entitled under any other provision of the bylaws, agreement or
    contract, by vote of the stockholders or of the disinterested
    directors or pursuant to the direction of any court of competent
    jurisdiction.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the bylaws of Beazer Homes Holdings Corp., Beazer
    Homes Sales, Inc., Beazer Mortgage Corporation and Beazer Homes
    Texas Holdings, Inc. provide that the corporation may purchase
    and maintain liability insurance for directors and officers for
    certain losses arising from claims or charges made against them
    while acting in their capacities as directors or officers of the
    corporation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Allied Companies
    Holdings, Inc., Beazer Homes Indiana Holdings Corp., Beazer
    General Services, Inc., Beazer Realty Los Angeles, Inc. and
    Beazer Realty Sacramento, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Allied Companies Holdings, Inc., Beazer Homes Indiana
    Holdings Corp., Beazer General Services, Inc., Beazer Realty Los
    Angeles, Inc. and Beazer Realty Sacramento, Inc. are
    corporations organized under the laws of the State of Delaware.
    For a description of the provisions of the DGCL addressing the
    indemnification of directors and officers see the discussion in
    &#147;Indemnification of Officers and Directors of Beazer Homes
    USA, Inc., Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc.&#148; above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The certificates of incorporation of Beazer Allied Companies
    Holdings, Inc., Beazer Homes Indiana Holdings Corp., Beazer
    General Services, Inc., Beazer Realty Los Angeles, Inc. and
    Beazer Realty Sacramento, Inc. provide that no director shall be
    personally liable to the corporation or its stockholders for
    monetary damages for breach of fiduciary duty as a director,
    except to the extent such exemption from liability thereof is
    not permitted under the DGCL. The bylaws of these entities
    provide that the corporation shall indemnify members of the
    board of directors to the fullest extent permitted by the DGCL
    and that the corporation may, if authorized by the board of
    directors, indemnify its officers, employees, agents and any and
    all other persons who may be indemnified by the corporation
    against any and all expenses and liabilities.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Homebuilders
    Title&#160;Services, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Homebuilders Title&#160;Services, Inc. is a corporation
    organized under the laws of the State of Delaware. For a
    description of the provisions of the DGCL addressing the
    indemnification of directors and officers see the discussion in
    &#147;Indemnification of Officers and Director of Beazer Homes
    USA, Inc., Beazer Homes Holdings Corp., Beazer Homes Sales,
    Inc., Beazer Mortgage Corporation and Beazer Homes Texas
    Holdings, Inc.&#148; above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The certificate of incorporation of Homebuilders
    Title&#160;Services, Inc. provides that that no director shall
    be personally liable to the corporation or its stockholders for
    violations of the director&#146;s fiduciary duties to the
    fullest extent permitted by the DGCL.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Homebuilders Title&#160;Services, Inc. provide
    that the corporation shall indemnify any director or officer who
    is or was a party or is threatened to be made a party to any
    threatened, pending or completed action suit or proceeding,
    whether civil, criminal, administrative or investigative (other
    than an action by or in the right of the corporation) by reason
    of the fact that such person is or was a director or officer of
    the corporation, or is or was serving at the request of the
    corporation as a director or officer of another corporation,
    partnership, joint venture, trust or other enterprise, against
    expenses (including attorneys&#146; fees), judgments, fines and
    amounts paid in settlement actually and reasonably incurred by
    such person in connection with such action, suit or proceeding
    <FONT style="white-space: nowrap">and/or</FONT> the
    defense or settlement of such action or suit if such person
    acted in good faith and in a manner reasonably believed to be in
    or not opposed to the best interests of the corporation, and
    with respect to any criminal action or proceeding, had no
    reasonable cause to believe the
</DIV>
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    <BR>
    II-4
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    conduct was unlawful. The corporation shall indemnify officers
    and directors in an action by or in the right of the corporation
    under the same conditions, except that no indemnification shall
    be made in respect of any claim, issue or matter as to which
    such person shall have been adjudged liable to the corporation
    unless and only to the extent that a court in which such action
    or suit is brought determines that such person is fairly and
    reasonably entitled to indemnity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the bylaws of Homebuilders Title&#160;Services,
    Inc. provide that the expenses incurred by a director or officer
    in defending any civil, criminal, administrative or
    investigative action, suit or proceeding shall be paid by the
    corporation in advance of the final disposition of such action,
    suit or proceeding upon receipt of an undertaking by or on
    behalf of such director or officer to repay such amount if it is
    ultimately determined that such director or officer is not
    entitled to be indemnified by the corporation. The
    indemnification and advancement of expenses provided in the
    bylaws is not be deemed to be exclusive of any other rights to
    which those seeking indemnification or advancement of expenses
    may be entitled under any other provision of the bylaws,
    agreement, contract or by vote of the stockholders or of the
    disinterested directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the General Partners of Beazer Homes Texas, L.P. and BH
    Building Products, LP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes Texas, L.P. and BH Building Products, LP are
    limited partnerships organized under the laws of the State of
    Delaware. Pursuant to
    <FONT style="white-space: nowrap">Section&#160;17-108</FONT>
    of the Delaware Revised Uniform Limited Partnership Act (the
    &#147;Act&#148;), a limited partnership may, subject to the
    standards set forth in the partnership agreement, indemnify and
    hold harmless any partner or other person from and against any
    and all claims and demands.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the agreements of limited partnership of Beazer
    Homes Texas, L.P. and BH Building Products, LP, neither their
    respective general partners nor any affiliate of the general
    partners shall have any liability to the limited partnership or
    any partner for any loss suffered by the applicable limited
    partnership which arises out of any action or inaction of the
    applicable general partner, so long as such general partner or
    its affiliates in good faith has determined that such action or
    inaction did not constitute fraud or misconduct. Further,
    pursuant to such agreements of limited partnership, each general
    partner and its affiliates shall be indemnified by the limited
    partnership to the fullest extent permitted by law against any
    losses, judgments, liabilities, damages, expenses and amounts
    paid in settlement of any claims sustained in connection with
    acts performed or omissions that are within the scope of the
    applicable limited partnership agreement, provided that such
    claims are not the result of fraud or willful misconduct. The
    limited partnerships may advance to their respective general
    partners or their affiliates any amounts required to defend any
    claim for which they may be entitled to indemnification. If it
    is ultimately determined that their respective general partners
    or their affiliates are not entitled to indemnification, then
    such person must repay any amounts advanced by the limited
    partnership.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of April Corporation</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    April Corporation is a corporation organized under the laws of
    the State of Colorado.
    <FONT style="white-space: nowrap">Sections&#160;7-109-101</FONT>
    through 7-109-110 of the Colorado Business Corporation Act
    (&#147;CBCA&#148;) provide for the indemnification of officers
    and directors by the corporation under certain circumstances
    against expenses and liabilities incurred in legal proceedings
    involving such persons because of their being or having been an
    officer or director of the corporation. Under the CBCA, a
    corporation may purchase insurance on behalf of an officer or
    director of the corporation against any liability incurred in
    his or her capacity as an officer or director regardless of
    whether the person could be indemnified under the CBCA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of incorporation of April Corporation provide that
    the corporation may indemnify each person who is or was a party
    or is threatened to be made a party to any threatened, pending
    or completed action, suit or proceeding, whether civil,
    criminal, administrative or investigative (other than an action
    by or in the right of the corporation) by reason of the fact
    that such person is or was a director, officer, employee,
    fiduciary or agent of the corporation, or is or was serving at
    the request of the corporation as a director, officer, employee,
    fiduciary or agent of another corporation, partnership, joint
    venture, trust or other enterprise, against expenses (including
    attorneys&#146; fees), judgments, fines and amounts paid in
    settlement actually and
</DIV>
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    <BR>
    II-5
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    reasonably incurred by such person in connection with such
    action, suit or proceeding, if such person acted in good faith
    and in a manner reasonably believed to be in the best interests
    of the corporation, and with respect to any criminal action or
    proceeding, had no reasonable cause to believe the conduct was
    unlawful. The corporation shall indemnify directors, officers,
    employees, fiduciaries and agents of the corporation in an
    action by or in the right of the corporation under the same
    conditions, except that no indemnification shall be made in
    respect of any claim, issue or matter as to which such person
    shall have been adjudged liable for negligence or misconduct in
    the performance of the persons duty to the corporation unless
    and only to the extent that the court in which such action or
    suit was brought shall determine upon application, that despite
    the adjudication of liability but in view of all the
    circumstances of the case, such person is fairly and reasonably
    entitled to indemnity for those expenses which the court deems
    proper.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of April Corporation provide that any
    indemnification pursuant to the articles (except indemnification
    ordered by a court) shall be made by the corporation only as
    authorized in the specific case upon a determination the
    indemnification of the director, employee, fiduciary or agent is
    proper in the circumstances because that person has met the
    applicable standard of conduct described above. However, to the
    extent that a director, employee, fiduciary or agent is
    successful on the merits or otherwise in the defense of any
    action, suit or proceeding described above, or in the defense of
    any claim, issue or matter therein, that person shall be
    indemnified against reasonable expenses (including
    attorneys&#146; and other professionals&#146; fees) actually and
    reasonably incurred by in connection therewith, without the
    necessity of authorization in the specific case.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Furthermore, the articles of April Corporation provide that the
    expenses (including attorney&#146;s and other
    professionals&#146; fees) incurred by an officer or director in
    defending any threatened or pending civil, criminal,
    administrative or investigative action, suit or proceeding may,
    but shall not be required to, be paid by the corporation in
    advance of the final disposition of the suit, action or
    proceeding upon receipt of an undertaking by or on behalf of
    such officer or director to repay such amount if it shall
    ultimately be determined that such person is not entitled to
    indemnification by the corporation pursuant to the bylaws.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of April Corporation also provide that the
    indemnification and advancement of expenses shall not be deemed
    to be exclusive of any other rights to which those seeking
    indemnification or advancement of expenses may be entitled under
    any other provision of the bylaws, agreement or contract, by
    vote of the stockholders or of the disinterested directors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, the articles of April Corporation provide that the
    corporation may purchase and maintain liability insurance for
    directors and officers for certain losses arising from claims or
    charges made against them while acting in their capacities as
    directors or officers of the corporation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Realty Corp.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Realty Corp. is a corporation organized under the laws of
    the State of Georgia.
    <FONT style="white-space: nowrap">Sections&#160;14-2-850</FONT>
    through
    <FONT style="white-space: nowrap">14-2-859</FONT> of
    the Georgia Business Corporation Code (&#147;GBCC&#148;)
    provides for the indemnification of officers and directors by
    the corporation under certain circumstances against expenses and
    liabilities incurred in legal proceedings involving such persons
    because of their being or having been an officer or director of
    the corporation. Under the GBCC, a corporation may purchase
    insurance on behalf of an officer or director of the corporation
    incurred in his or her capacity as an officer or director
    regardless of whether the person could be indemnified under the
    GBCC. The bylaws of Beazer Realty Corp. (&#147;Realty&#148;)
    provide that Realty shall indemnify each officer and director to
    the fullest extent allowed by Georgia law and that Realty may
    obtain insurance on behalf of such officers and directors
    against any liabilities asserted against such persons whether or
    not Realty would have the power to indemnify them.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Managers and Members of Beazer SPE, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer SPE, LLC is a limited liability company organized under
    the laws of the State of Georgia.
    <FONT style="white-space: nowrap">Section&#160;14-11-306</FONT>
    of the Georgia Limited Liability Company Act provides that
    subject to the standards and restrictions, if any, set forth in
    the article of organization or written operating agreement, a
    limited liability company may indemnify and hold harmless any
    member or manager or other person from and against any and
</DIV>
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    <BR>
    II-6
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    all claims and demands whatsoever arising in connection with the
    limited liability company; provided that a limited liability
    company shall not have the power to indemnify any member or
    manager for (i)&#160;for his or her intentional misconduct or
    knowing violation of the law or (ii)&#160;for any transaction
    for which the person received a personal benefit in violation of
    any provision of a written operating agreement. The operating
    agreement of Beazer SPE, LLC provides that members, employees
    and agents shall be entitled to indemnification to the fullest
    extent permitted by law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Partners of Beazer Homes Indiana LLP</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes Indiana LLP is a limited liability partnership
    under the laws of the State of Indiana.
    <FONT style="white-space: nowrap">Section&#160;23-4-1-18</FONT>
    of the Indiana Uniform Partnership Act provides that a
    partnership must indemnify every partner in respect of payments
    made and personal liabilities reasonably incurred by him or her
    in the ordinary and proper conduct of its business, or for the
    preservation of its business or property. The partnership
    agreement of Beazer Homes Indiana LLP provides that it shall
    indemnify the managing partner and hold it harmless against
    liability to third parties for acts or omissions within the
    scope of authority of the managing partner.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Paragon Title, LLC and Trinity
    Homes, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Paragon Title, LLC and Trinity Homes, LLC are limited liability
    companies organized under the laws of the State of Indiana.
    <FONT style="white-space: nowrap">Section&#160;23-18-4-4</FONT>
    of the Indiana Limited Liability Company Act provides that the
    operating agreement of a limited liability company may provide
    for the indemnification of a member or manager for judgments,
    settlements, penalties, fines, or expenses incurred in a
    proceeding to which a person is a party because such person is
    or was a member or manager.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of organization of Paragon Title, LLC and Trinity
    Homes, LLC each provide that the company shall indemnify any
    member or manager (and the responsible officers and directors of
    such member or manager), to the greatest extent not inconsistent
    with the laws and public policies of the State of Indiana, who
    is made a party to any proceeding because such person was or is
    a member or manager (or the responsible officers and directors
    of such member or manager), as a matter of right against all
    liability incurred by such person in connection with such
    proceeding, provided that (i)&#160;the members determine that
    the person has met the standard required for indemnification or
    (ii)&#160;the person is wholly successful on the merits or
    otherwise in the defense of such proceeding. A person will meet
    the standard required for indemnification if (i)&#160;the person
    conducted himself or herself in good faith, (ii)&#160;such
    person reasonably believed that his or her conduct was in or at
    least not opposed to the company, (iii)&#160;in the case of any
    criminal proceeding, such person had no reasonable cause to
    believe his or her conduct was unlawful, and (iv)&#160;such
    person&#146;s liability was not the result of the person&#146;s
    willful misconduct, recklessness, violation of the
    company&#146;s operating agreement or any improperly obtained
    financial or other benefit to which the person was not legally
    entitled.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The articles of organization of Paragon Title, LLC and Trinity
    Homes, LLC also provide that each company shall reimburse or pay
    the expenses of any member or manager (and the responsible
    officers and directors of such member or manager) in advance of
    the final disposition of the proceeding, provided that
    (i)&#160;the members make a determination that such person met
    the applicable standard of conduct, (ii)&#160;the person
    provides a written undertaking to repay any advancements if it
    is ultimately determined that such person is not entitled to
    them, and (iii)&#160;the person provides the company with an
    affirmation that he or she has met the applicable standard of
    conduct. The company may purchase insurance for the benefit of
    any person entitled to indemnification under the articles of
    organization.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Beazer Clarksburg, LLC,
    Clarksburg Arora LLC and Clarksburg Skylark, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Clarksburg, LLC, Clarksburg Arora LLC and Clarksburg
    Skylark, LLC are limited liability companies organized under the
    laws of the State of Maryland.
    <FONT style="white-space: nowrap">Section&#160;4A-203</FONT>
    permits a limited liability company to indemnify and hold
    harmless any member, agent or employee from and against all
    claims and demands, except in the case of action or failure to
    act by the member, agent or employee which constitutes
</DIV>
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    <BR>
    II-7
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    willful misconduct or recklessness, and subject to the standards
    and restrictions, if any set forth in the articles of
    organization or operating agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating agreement of Beazer Clarksburg, LLC provides that
    no member or manager shall be liable, responsible or accountable
    in damages or otherwise to any other member or to the company
    for any act or omission performed or omitted by such person
    except for acts of gross negligence or intentional wrongdoing.
    The operating agreement also provides that the company shall
    endeavor to obtain liability or other insurance payable to the
    company (or as otherwise agreed by the members) to protect the
    company and the members from the acts or omissions of each of
    the members.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating agreements of Clarksburg Arora LLC and Clarksburg
    Skylark, LLC provide that each company will indemnify its member
    and its manager for all costs, expenses (including
    attorney&#146;s fees and disbursements), losses, liabilities and
    damages in connection with any act or omission performed by such
    person in good faith on behalf of the company. In addition, to
    the extent not prohibited by applicable law and upon approval by
    the member, expenses incurred by the member or the manager in
    defending any claim, demand, action, suit or proceeding may be
    advanced by the company prior to a final disposition of such a
    claim, demand, action, suit or proceeding, subject to recapture
    if it is later determined that the member or the manager was not
    entitled to indemnification. The operating agreement of
    Clarksburg Arora LLC also extends the described indemnification
    terms to each officer of the company.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer/Squires Realty,
    Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer/Squires Realty, Inc. is a corporation organized under the
    laws of the State of North Carolina.
    <FONT style="white-space: nowrap">Sections&#160;55-8-50</FONT>
    through
    <FONT style="white-space: nowrap">55-8-58</FONT> of
    the North Carolina Business Corporation Act (&#147;NCBA&#148;)
    provide for the indemnification of officers and directors by the
    corporation under certain circumstances against expenses and
    liabilities incurred in legal proceedings involving such persons
    because of their being or having been an officer or director of
    the corporation. Under the NCBA, a corporation may purchase
    insurance on behalf of an officer or director of the corporation
    for amounts incurred in his or her capacity as an officer or
    director regardless of whether the person could be indemnified
    under the NCBA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The bylaws of Beazer/Squires Realty, Inc. provide that any
    person who serves or has served as a director or who while
    serving as a director serves or has served, at the request of
    the corporation as a director, officer, partner, trustee,
    employee or agent of another entity or trustee or administrator
    under an employee benefit plan, shall have the right to be
    indemnified by the corporation to the fullest extent of the law
    for reasonable expenses, including attorneys&#146; fees, and
    reasonable payments for judgments, decrees, fines, penalties or
    settlements of proceedings seeking to hold him or her liable as
    a result of his or her service to the corporation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Beazer Realty, Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Realty, Inc. (&#147;Beazer Realty&#148;) is a corporation
    organized under the laws of the State of New Jersey.
    <FONT style="white-space: nowrap">Section&#160;14A:3-5</FONT>
    of the New Jersey Business Corporation Act (&#147;NJBA&#148;)
    provides for the indemnification of officers and directors by
    the corporation under certain circumstances against expenses and
    liabilities incurred in legal proceedings involving such persons
    because of their being or having been an officer or director of
    the corporation. Under the NJBA, a corporation may purchase
    insurance on behalf of an officer or director of the corporation
    against incurred in his or her capacity as an officer or
    director regardless of whether the person could be indemnified
    under the NJBA. The certificate of incorporation and the bylaws
    of Beazer Realty provide that Beazer Realty shall indemnify its
    officers and directors to the fullest extent allowed by law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of the Beazer Homes
    Corp.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Homes Corp. is a corporation organized under the laws of
    the State of Tennessee.
    <FONT style="white-space: nowrap">Sections&#160;48-18-501</FONT>
    through
    <FONT style="white-space: nowrap">48-18-509</FONT> of
    the Tennessee Business Corporation Act (&#147;TBCA&#148;)
    provide for the indemnification of officers and directors by the
    corporation under certain circumstances against expenses and
    liabilities incurred in legal proceedings involving such persons
    because of their being or having been an officer or director of
    the corporation. Under the TBCA, a corporation may purchase
    insurance on behalf of an officer or director of the corporation
    against incurred in his or her capacity as an officer or
    director regardless of whether the person could
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-8
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    be indemnified under the TBCA. The charter and bylaws of Beazer
    Homes Corp. do not address the indemnification of officers and
    directors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of General Partner and Employees of Texas Lone Star Title,
    L.P.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Texas Lone Star Title, L.P. is a limited partnership organized
    under the laws of the State of Texas. Article&#160;11 of the
    Texas Revised Limited Partnership Act (&#147;TRLPA&#148;)
    provides for the indemnification of a general partner, limited
    partner, employee or agent by the limited partnership under
    certain circumstances against expenses and liabilities incurred
    in legal proceedings involving such persons because of their
    being or having been a general partner, limited partner,
    employee or agent of the limited partnership. Under the TRLPA, a
    limited partnership may purchase insurance on behalf of a
    general partner, limited partner, employee or agent of the
    limited partnership against any liability incurred regardless of
    whether the person could be indemnified under the TRLPA.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The limited partnership agreement of Texas Lone Star Title, L.P.
    provides that in any threatened, pending or completed proceeding
    to which the general partner was or is a party or is threatened
    to be made a party by reason of the fact that the general
    partner was or is acting in such capacity (other than an action
    by or in the right of the limited partnership), the limited
    partnership shall indemnify the general partner against
    expenses, including attorney&#146;s fees, judgments and amounts
    paid in settlement actually and reasonably incurred by such
    general partner in connection with such action, suit or
    proceeding if the general partner acted in good faith and in a
    manner reasonably believed to be in or not opposed to the best
    interests of the limited partnership, and provided that the
    conduct does not constitute fraud, gross negligence or gross
    misconduct.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Officers and Directors of Homebuilders
    Title&#160;Services of Virginia Inc.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Homebuilders Title&#160;Services of Virginia Inc. is a
    corporation organized under the laws of the State of Virginia.
    <FONT style="white-space: nowrap">Sections&#160;13.1-697</FONT>
    through 13.1-704 of the Virginia Stock Corporation Act
    (&#147;VSCA&#148;) provide for the indemnification of officers
    and directors by the corporation under certain circumstances
    against expenses and liabilities incurred in legal proceedings
    involving such persons because of their being or having been an
    officer or director of the corporation. Under the VSCA, a
    corporation may purchase insurance on behalf of an officer or
    director of the corporation against any liability incurred in an
    official capacity regardless of whether the person could be
    indemnified under the VSCA. The bylaws of Homebuilders
    Title&#160;Services of Virginia Inc. provide that the
    corporation shall indemnify officers and directors to the
    fullest extent allowed by law.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Beazer Commercial Holdings, LLC,
    Beazer Homes Investments, LLC, Beazer Realty Services, LLC,
    Beazer Homes Michigan, LLC, Dove Barrington Development LLC and
    BH Procurement Services, LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Beazer Commercial Holdings, LLC, Beazer Homes Investments, LLC,
    Beazer Realty Services, LLC, Beazer Homes Michigan, LLC, Dove
    Barrington Development LLC and BH Procurement Services, LLC are
    limited liability companies organized under the laws of the
    State of Delaware.
    <FONT style="white-space: nowrap">Section&#160;18-108</FONT>
    of the Delaware Limited Liability Company Act provides that,
    subject to such standards and restrictions, if any, as are set
    forth in its limited liability company agreement, a limited
    liability company may, and shall have the power to, indemnify
    and hold harmless any member or manager or other person from and
    against any and all claims and demands whatsoever. Neither the
    certificate of formation nor the operating agreement of any of
    Beazer Commercial Holdings, LLC, Beazer Homes Investments, LLC,
    Beazer Realty Services, LLC or BH Procurement Services, LLC
    address indemnification of members or managers.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating agreement of Dove Barrington Development LLC
    provides that the company will indemnify, defend and hold
    harmless members and their partners, officers, directors,
    shareholders, members, managers, employees and agents from and
    against any and all claims, demands, obligations, damages,
    actions, causes of action, suits, losses, judgments, fines,
    penalties liabilities, costs and expenses (including, without
    limitation, attorneys&#146; fees, court costs and other
    professional fees and costs incurred as a result of such claims)
    arising out of a good faith act or omission by such indemnified
    person.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Elysian Heights Potomia,
    LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Elysian Heights Potomia, LLC is a limited liability company
    organized under the laws of the State of Virginia.
    <FONT style="white-space: nowrap">Section&#160;13.1-1025</FONT>
    of the Virginia Limited Liability Company Act
    (&#147;VLLCA&#148;) provides for a limitation on the amount of
    damages that can be assessed against a member of manager to the
    lesser of (i)&#160;the monetary amount provided for in the
    articles of organization or operating agreement or (ii)&#160;or
    the greater of $100,000 or the amount of compensation provided
    to the member or manager by the limited liability company in the
    preceding twelve months. However, under the VLLCA, the liability
    of a manager or member will not be limited if the manager or
    member engaged in willful misconduct or a knowing violation of
    criminal law.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The operating agreement for Elysian Heights Potomia, LLC
    provides that the company will indemnify the sole member, the
    manager and any officers appointed by the manager for any acts
    performed within the scope of the operating agreement and taken
    in good faith. However, the company will not indemnify any act
    determined by a court of law to be grossly negligent or
    unlawful, unless the court determines the act was one that is
    entitled to be indemnified, despite being grossly negligent or
    unlawful act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Indemnification
    of the Members and Managers of Arden Park Ventures,
    LLC</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Arden Park Ventures, LLC is a limited liability company
    organized under the laws of the State of Florida.
    Section&#160;608.4229 of the Florida Limited Liability Company
    Act (the &#147;FLLCA&#148;) provides that, subject to such
    standards and restrictions, if any, as are set forth in its
    articles of organization or operating agreement, a limited
    liability company shall have the power to indemnify and hold
    harmless any member or manager or other person from and against
    any and all claims and demands whatsoever. Notwithstanding the
    foregoing, indemnification or advancement of expenses shall not
    be made to or on behalf of any member, manager, managing member,
    officer, employee, or agent if a judgment or other final
    adjudication establishes that the actions, or omissions to the
    act, of such person were material to the cause of action so
    adjudicated and certain additional requirements are met. The
    articles of organization of Arden Park Ventures, LLC does not
    address indemnification of members or managers. Arden Park
    Ventures, LLC does not currently have an operating agreement in
    place.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF"><!-- TABLE 05 -->

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

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;21.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Exhibits
    and Financial Statement Schedules.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (a)&#160;The following exhibits are filed as a part of this
    registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(a)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Certificate of Incorporation of Beazer
    Homes USA, Inc.(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(b)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of April Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(c)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Allied Companies
    Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(d)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Beazer Clarksburg, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(e)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Charter of Beazer Homes Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(f)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Holdings Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(g)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Homes Investments, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(h)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Sales, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Texas Holdings,
    Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(j)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Beazer Homes Texas, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Beazer Realty Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(m)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Realty Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(n)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Beazer SPE, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(o)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Beazer/Squires Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(p)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration to qualify as a limited liability partnership for
    Beazer Homes Indiana LLP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(q)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Commercial Holdings, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(r)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation Beazer General Services, Inc.(3)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(s)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Indiana Holdings
    Corp.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(t)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty Los Angeles,
    Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(u)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty Sacramento, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of BH Building Products, LP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(w)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Homebuilders Title&#160;Services
    of Virginia, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(x)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Homebuilders Title&#160;Services,
    Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(y)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Paragon Title, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(z)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of BH Procurement Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(aa)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Texas Lone Star Title,
    L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ab)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Trinity Homes LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ac)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Arden Park Ventures, LLC(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ad)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Mortgage Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ae)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Dove Barrington Development LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(af)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Homes Michigan, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ag)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Elysian Heights Potomia, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ah)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Clarksburg Arora LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ai)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Clarksburg Skylark, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(a)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amended and Restated By-laws of Beazer Homes USA, Inc.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(b)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of April Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(c)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Allied Companies Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(d)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Clarksburg, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(e)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(f)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Holdings Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(g)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Homes Investments, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(h)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Sales, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Texas Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(j)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement of Limited Partnership of Beazer Homes Texas, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(m)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Realty Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(n)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer SPE, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(o)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer/Squires Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(p)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partnership Agreement of Beazer Homes Indiana LLP(13)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(q)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Commercial Holdings, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(r)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Indiana Holdings Corp.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(s)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Los Angeles, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(t)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Sacramento, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(u)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of BH Building Products, LP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of BH Procurement Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(w)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Homebuilders Title&#160;Services of Virginia, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(x)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Homebuilders Title&#160;Services, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(y)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Paragon Title, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(aa)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of Texas Lone Star Title, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ab)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Operating Agreement of Trinity Homes
    LLC(2)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ac)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer General Services, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ae)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Mortgage Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(af)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Liability Company Agreement of Dove Barrington
    Development LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ag)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Homes Michigan, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ah)**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Operating Agreement of Elysian
    Heights Potomia, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ai)**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Clarksburg Arora LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(aj)**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Clarksburg Skylark,
    LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indenture, dated as of September&#160;11, 2009, among
    Beazer, the Guarantors party thereto and U.S. Bank
    Trust&#160;National Association, as trustee, and Wilmington
    Trust&#160;FSB, as notes collateral agent(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Senior Secured Note due 2017 (included in
    Exhibit&#160;4.1 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Registration Rights Agreement, dated September&#160;11,
    2009, by and among Beazer Homes USA, Inc., the guarantors party
    thereto, Citigroup Global Markets Inc. and Moelis&#160;&#038;
    Company LLC(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Troutman Sanders LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Tune, Entrekin&#160;&#038; White,&#160;P.C.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Barnes&#160;&#038; Thornburg LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Gardere Wynne Sewell LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .5**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Holland&#160;&#038; Knight LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Hogan&#160;&#038; Hartson L.L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Greenbaum, Rowe, Smith&#160;&#038; Davis LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 1994 Stock Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of
    Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2005 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Non-Employee Director Stock Option Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.2 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2001 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 1999 Stock Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.2 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on August&#160;8, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2005 Value Created Incentive Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.4 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Corporate Management Stock Purchase
    Program&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.5 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Customer Survey Incentive Plan&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.6 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director Stock Purchase Program&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.7 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Option and Restricted Stock Award
    Agreement&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.8 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Option Award Agreement&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.9 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement of Ian J. McCarthy
    dated as of September&#160;1, 2004&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.01 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on September&#160;1, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Amended and Restated Employment Agreement of
    Ian J. McCarthy dated as of February&#160;3, 2006&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.11 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-12
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment to Amended and Restated Employment Agreement of
    Ian J. McCarthy dated as of December&#160;31, 2008&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.31 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement of Michael H. Furlow
    dated as of August&#160;6, 2009 &#151;&#160;incorporated herein
    by reference to Exhibit&#160;10.3 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement effective May&#160;1, 2007 for Allan P.
    Merrill&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.01 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Employment Agreement effective
    December&#160;31, 2008 for Allan P. Merrill
    &#151;&#160;incorporated herein by reference to
    Exhibit&#160;10.5 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Supplemental Employment Agreement of Ian J.
    McCarthy dated as of February&#160;3, 2006&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Amended and Restated Supplemental Employment
    Agreement of Ian J. McCarthy effective December&#160;31,
    2008&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.6 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Supplemental Employment Agreement of
    Michael H. Furlow dated as of August&#160;6, 2009&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.4 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Employment Agreement effective May&#160;1,
    2007 for Allan P. Merrill&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.02 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Employment Agreement effective May&#160;1,
    2007 for Allan P. Merrill&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.02 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .21
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Letter for Kenneth F. Khoury effective
    January&#160;5, 2009&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Agreement for Kenneth F. Khoury effective
    December&#160;5, 2008&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.2 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Performance Shares&#160;Award Agreement dated as of
    February&#160;2, 2006&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.18 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .24
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Award Agreement dated as of February&#160;2,
    2006&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.19 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .25
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2005 Executive Value Created Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on February&#160;9, 2005 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .26
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indemnification Agreement&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;1, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .27
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Credit Agreement dated as of July&#160;25, 2007 between the
    Company, the lenders thereto, and Wachovia Bank, National
    Association, as Agent, BNP Paribas, The Royal Bank of Scotland,
    and Guaranty Bank, as Documentation Agents, Regions Bank, as
    Senior Managing Agent, and JPMorgan Chase Bank, as Managing
    Agent&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;26, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-13
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .28
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Waiver and First Amendment, dated as of October&#160;10, 2007,
    to and under the Credit Agreement, dated as of July&#160;25,
    2007, among the Company, the lenders thereto and Wachovia Bank,
    National Association, as Agent&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;11, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .29
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment, dated October&#160;26, 2007, to and under the
    Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .30
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amendment, dated as of August&#160;7, 2008, to and under
    the Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on August&#160;8, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .31
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fourth Amendment, dated as of July&#160;31, 2009, to and under
    the Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .32
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Credit Agreement, dated August&#160;5,
    2009, between the Company, the lenders and issuers thereto and
    CITIBANK, N.A., as Swing Line Lender and Agent&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.2 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .33
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2008 Beazer Homes USA, Inc. Deferred Compensation Plan, adopted
    effective January&#160;1, 2008 &#151;&#160;incorporated herein
    by reference to Exhibit&#160;10.27 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Discretionary Employee Bonus Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.28 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Computation of Ratio of Earnings to Fixed Charges
    and Earnings to Combined Fixed Charges and Preferred Dividends(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Beazer Homes USA, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte&#160;&#038; Touche LLP, Independent
    Registered Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Troutman Sanders LLP (included in Exhibit&#160;5.1
    hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Tune, Entrekin&#160;&#038; White,&#160;P.C. (included
    in Exhibit&#160;5.2 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Barnes&#160;&#038; Thornburg LLP (included in
    Exhibit&#160;5.3 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .5**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Gardere Wynne Sewell LLP (included in
    Exhibit&#160;5.4 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Holland&#160;&#038; Knight LLP (included in
    Exhibit&#160;5.5 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Hogan&#160;&#038; Hartson L.L.P. (included in
    Exhibit&#160;5.6 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Greenbaum, Rowe, Smith&#160;&#038; Davis LLP
    (included in Exhibit&#160;5.7 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .9**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC
    (included in Exhibit&#160;5.8 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included in Part&#160;II of the registration
    statement)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility and Qualification of the Trustee under
    the Indenture with respect to the Senior Secured Notes due 2017
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Registered Holders
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Notice of Guaranteed Delivery
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF"><!-- TABLE 06 -->

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment or as an exhibit to a current report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    of the registrant in connection with the issuance of securities.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-14
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    filed on December&#160;2, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated herein by reference to the exhibits to
    Beazer&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    (Registration
    <FONT style="white-space: nowrap">No.&#160;333-112147)</FONT>
    filed on January&#160;23, 2004.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    (Registration
    <FONT style="white-space: nowrap">No.&#160;333-127165)</FONT>
    filed on August&#160;3, 2005.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    filed on August&#160;15, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;1, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on September&#160;11, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    filed on November&#160;13, 2009.</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;22.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">Undertakings.</FONT></I></B>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;To file, during any period in which offers or sales are
    being made, a post-effective amendment to this registration
    statement:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;to include any prospectus required by
    Section&#160;10(a)(3) of the Securities Act of 1933;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;to reflect in the prospectus any facts or events
    arising after the effective date of the registration statement
    (or the most recent post-effective amendment thereof) which,
    individually or in the aggregate, represent a fundamental change
    in the information set forth in the registration statement.
    Notwithstanding the foregoing, any increase or decrease in
    volume of securities offered (if the total dollar value of
    securities offered would not exceed that which was registered)
    and any deviation from the low or high end of the estimated
    maximum offering range may be reflected in the form of
    prospectus filed with the Commission pursuant to
    Rule&#160;424(b) if, in the aggregate, the changes in volume and
    price represent no more than 20% change in the maximum aggregate
    offering price set forth in the &#147;Calculation of
    Registration Fee&#148; table in the effective registration
    statement;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (iii)&#160;to include any material information with respect to
    the plan of distribution not previously disclosed in the
    registration statement or any material change to such
    information in the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Provided, however, that paragraphs (i), (ii)&#160;and
    (iii)&#160;do not apply if the information required to be
    included in a post-effective amendment by those paragraphs is
    contained in reports filed with or furnished to the Commission
    by the Registrant pursuant to Section&#160;13 or
    Section&#160;15(d) of the Securities Exchange Act of 1934 that
    are incorporated by reference in the registration statement, or
    is contained in a form of prospectus filed pursuant to
    Rule&#160;424(b) that is part of the registration statement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;That, for the purpose of determining any liability under
    the Securities Act, each such post-effective amendment shall be
    deemed to be a new registration statement relating to the
    securities offered therein, and the offering of such securities
    at that time shall be deemed to be the initial bona fide
    offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;To remove from registration by means of a post-effective
    amendment any of the securities being registered which remain
    unsold at the termination of the offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;That, for the purpose of determining liability under the
    Securities Act of 1933 to any purchaser:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;Each prospectus filed by the registrant pursuant to
    Rule&#160;424(b)(3) shall be deemed to be part of the
    registration statement as of the date the filed prospectus was
    deemed part of and included in the registration
    statement;&#160;and
</DIV>
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    <BR>
    II-15
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each prospectus required to be filed pursuant to
    Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration
    statement in reliance on Rule&#160;430B relating to an offering
    made pursuant to Rule&#160;415(a)(1)(i), (vii), or (x)&#160;for
    the purpose of providing the information required by
    section&#160;10(a) of the Securities Act of 1933 shall be deemed
    to be part of and included in the registration statement as of
    the earlier of the date such form of prospectus is first used
    after effectiveness or the date of the first contract of sale of
    securities in the offering described in the prospectus. As
    provided in Rule&#160;430B, for liability purposes of the issuer
    and any person that is at that date an underwriter, such date
    shall be deemed to be a new effective date of the registration
    statement relating to the securities in the registration
    statement to which that prospectus relates, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof. Provided, however, that no statement
    made in a registration statement or prospectus that is part of
    the registration statement or made in a document incorporated or
    deemed incorporated by reference into the registration statement
    or prospectus that is part of the registration statement will,
    as to a purchaser with a time of contract of sale prior to such
    effective date, supersede or modify any statement that was made
    in the registration statement or prospectus that was part of the
    registration statement or made in any such document immediately
    prior to such effective date.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    5.&#160;That, for the purpose of determining liability of the
    registrant under the Securities Act of 1933 to any purchaser in
    the initial distribution of the securities, the undersigned
    registrant undertakes that in a primary offering of securities
    of the undersigned registrant pursuant to this registration
    statement, regardless of the underwriting method used to sell
    the securities to the purchaser, if the securities are offered
    or sold to such purchaser by means of any of the following
    communications, the undersigned registrant will be a seller to
    the purchaser and will be considered to offer or sell such
    securities to such purchaser: (i)&#160;any preliminary
    prospectus or prospectus of the undersigned registrant relating
    to the offering required to be filed pursuant to Rule&#160;424;
    (ii)&#160;any free writing prospectus relating to the offering
    prepared by or on behalf of the undersigned registrant or used
    or referred to by the undersigned registrant; (iii)&#160;the
    portion of any other free writing prospectus relating to the
    offering containing material information about the undersigned
    registrant or its securities provided by or on behalf of the
    undersigned registrant; and (iv)&#160;any other communication
    that is an offer in the offering made by the undersigned
    registrant to the purchaser.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes that, for purposes
    of determining any liability under the Securities Act of 1933,
    each filing of the registrant&#146;s annual report pursuant to
    Section&#160;13(a) or 15(d) of the Securities Exchange Act of
    1934 (and, where applicable, each filing of an employee benefit
    plan&#146;s annual report pursuant to Section&#160;15(d) of the
    Securities Exchange Act of 1934)&#160;that is incorporated by
    reference in the registration statement shall be deemed to be a
    new registration statement relating to the securities offered
    therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant, hereby undertakes to file an
    application for the purpose of determining the eligibility of
    the trustee to act under subsection&#160;(a) of Section&#160;310
    of the Trust&#160;Indenture Act in accordance with the rules and
    regulations prescribed by the Commission under
    Section&#160;305(b)(2) of the Act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Insofar as indemnification for liabilities arising under the
    Securities Act of 1933&#160;may be permitted to directors,
    officers and controlling persons of the registrant pursuant to
    the foregoing provisions or otherwise, the registrant has been
    advised that in the opinion of the Securities and Exchange
    Commission such indemnification is against public policy as
    expressed in the Securities Act of 1933 and is therefore
    unenforceable. In the event that a claim for indemnification
    against such liabilities (other than the payment by the
    registrant of expenses incurred or paid by a director, officer
    or controlling person of the registrant in the successful
    defense of any action, suit or proceeding) is asserted by such
    director, officer or controlling person in connection with the
    securities being registered, the registrant will, unless in the
    opinion of its counsel the matter has been settled by
    controlling precedent, submit to a court of appropriate
    jurisdiction the question whether such indemnification by it is
    against public policy as expressed in the Securities Act of
    1933, and will be governed by the final adjudication of such
    issue.
</DIV>
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    <BR>
    II-16
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes that, for purposes
    of determining any liability under the Securities Act of 1933:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;The information omitted from the form of prospectus
    filed as part of this registration statement in reliance upon
    Rule&#160;430A and contained in a form of prospectus filed by
    the registrant pursuant to Rule&#160;424(b)(1) or (4)&#160;or
    497(h) under the Securities Act shall be deemed to be part of
    this registration statement as of the time it was declared
    effective;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;Each post-effective amendment that contains a form of
    prospectus shall be deemed to be a new registration statement
    relating to the securities offered therein, and the offering of
    such securities at that time shall be deemed to be the initial
    bona fide offering thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes to respond to
    requests for information that is incorporated by reference into
    the prospectus pursuant to Item&#160;4, 10(b), 11, or 13 of this
    form, within one business day of receipt of such request, and to
    send the incorporated documents by first class mail or other
    equally prompt means. This includes information contained in
    documents filed subsequent to the effective date of the
    registration statement through the date of responding to the
    request.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned registrant hereby undertakes to supply by means
    of a post-effective amendment all information concerning a
    transaction, and the company being acquired involved therein,
    that was not the subject of and included in the registration
    statement when it became effective.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-17
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, the
    registrant has duly caused this registration statement to be
    signed on its behalf by the undersigned, thereunto duly
    authorized, in the city of Atlanta, state of Georgia, on
    January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER HOMES USA, INC.</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Ian J. McCarthy</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>President and Chief Executive Officer</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-18
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    President, Chief Executive Officer and Director<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President and Chief Financial Officer <BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President, Chief Accounting Officer and
    Controller<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Non-Executive Chairman, Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Laurent
    Alpert</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Laurent
    Alpert</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Peter
    G. Leemputte</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Peter
    G. Leemputte</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Norma
    A. Provencio</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Norma
    A. Provencio</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Larry
    T. Solari</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Larry
    T. Solari</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Stephen
    P. Zelnak, Jr.</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Stephen
    P. Zelnak, Jr.</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
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    <BR>
    II-19
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, each
    of the following registrants has duly caused this registration
    statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>APRIL CORPORATION<BR>
    BEAZER ALLIED COMPANIES HOLDINGS, INC.<BR>
    BEAZER GENERAL SERVICES, INC.<BR>
    BEAZER HOMES CORP.<BR>
    BEAZER HOMES HOLDINGS CORP.<BR>
    BEAZER HOMES INDIANA HOLDINGS CORP.<BR>
    BEAZER HOMES SALES, INC.<BR>
    BEAZER HOMES TEXAS HOLDINGS, INC.<BR>
    BEAZER REALTY CORP.<BR>
    BEAZER REALTY, INC.<BR>
    BEAZER REALTY LOS ANGELES, INC.<BR>
    BEAZER REALTY SACRAMENTO, INC.<BR>
    BEAZER/SQUIRES REALTY, INC.<BR>
    HOMEBUILDERS TITLE&#160;SERVICES OF<BR>
    VIRGINIA, INC.<BR>
    HOMEBUILDERS TITLE&#160;SERVICES, INC.</B>
</DIV>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    officers and directors of the Entities hereby constitutes and
    appoints Ian J. McCarthy, Allan P. Merrill and Kenneth F. Khoury
    his true and lawful attorney-in-fact and agent, with full power
    of substitution, for him and on his behalf and in his name,
    place and stead, in any and all capacities, to sign, execute and
    file this registration statement under the Securities Act of
    1933, as amended, and any or all amendments (including, without
    limitation, post-effective amendments), with all exhibits and
    any and all documents required to be filed with respect thereto,
    with the Securities and Exchange Commission or any regulatory
    authority, granting unto such attorney-in-fact and agent, full
    power and authority to do and perform each and every act and
    thing requisite and necessary to be done in and about the
    premises in order to effectuate the same, as fully to all
    intents and purposes as he himself might or could do, if
    personally present, hereby ratifying and confirming all that
    said attorney-in-fact and agent, or his substitute or
    substitutes, may lawfully do or cause to be done.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="3%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="37%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President <BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-20
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, each
    of the following registrants has duly caused this registration
    statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER MORTGAGE CORPORATION</B>
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    F. Khoury</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Kenneth F. Khoury</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President and Assistant Secretary</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    officers and directors of the Entities hereby constitutes and
    appoints Ian J. McCarthy, Allan P. Merrill and Kenneth F. Khoury
    his true and lawful attorney-in-fact and agent, with full power
    of substitution, for him and on his behalf and in his name,
    place and stead, in any and all capacities, to sign, execute and
    file this registration statement under the Securities Act of
    1933, as amended, and any or all amendments (including, without
    limitation, post-effective amendments), with all exhibits and
    any and all documents required to be filed with respect thereto,
    with the Securities and Exchange Commission or any regulatory
    authority, granting unto such attorney-in-fact and agent, full
    power and authority to do and perform each and every act and
    thing requisite and necessary to be done in and about the
    premises in order to effectuate the same, as fully to all
    intents and purposes as he himself might or could do, if
    personally present, hereby ratifying and confirming all that
    said attorney-in-fact and agent, or his substitute or
    substitutes, may lawfully do or cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, this
    registration statement has been signed by the following persons
    in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer and Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Kenneth
    F. Khoury</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Kenneth
    F. Khoury</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President and Assistant Secretary
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Jeffrey
    Hoza</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Jeffrey
    Hoza</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Vice President and Treasurer
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-21
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER HOMES INDIANA LLP</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By: BEAZER HOMES INVESTMENTS, LLC,<BR>
    its Managing Partner
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By: BEAZER HOMES CORP.,<BR>
    its Sole Member
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 13pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 13pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 13pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 13pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-22
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>ARDEN PARK VENTURES, LLC<BR>
    BEAZER CLARKSBURG, LLC<BR>
    BEAZER COMMERCIAL HOLDINGS, LLC<BR>
    DOVE BARRINGTON DEVELOPMENT LLC<BR>
    BEAZER HOMES INVESTMENTS, LLC<BR>
    BEAZER HOMES MICHIGAN, LLC<BR>
    ELYSIAN HEIGHTS POTOMIA, LLC</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By: BEAZER HOMES CORP.,<BR>
    its Sole Member
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 10pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 10pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-23
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER HOMES TEXAS, L.P.<BR>
    TEXAS LONE STAR TITLE, L.P.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By: BEAZER HOMES TEXAS HOLDINGS, INC.,<BR>
    its General Partner
</DIV>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-24
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER REALTY SERVICES, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES INVESTMENTS, LLC,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President <BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-25
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BEAZER SPE, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES HOLDINGS CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President <BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-26
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BH BUILDING PRODUCTS, LP<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BH PROCUREMENT SERVICES, LLC,<BR>
    its General Partner<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES TEXAS, L.P.,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES TEXAS HOLDINGS, INC.,<BR>
    its General Partner
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President <BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-27
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>BH PROCUREMENT SERVICES, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES TEXAS, L.P.,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES TEXAS HOLDINGS, INC.,<BR>
    its General Partner
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>PARAGON TITLE, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES INVESTMENTS, LLC,<BR>
    its Sole Member and Manager<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>TRINITY HOMES, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES INVESTMENTS, LLC,<BR>
    its Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLARKSBURG ARORA LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER CLARKSBURG, LLC,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President<BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President<BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-31
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURES</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, the registrant has duly caused this Registration
    Statement to be signed on its behalf by the undersigned,
    thereunto duly authorized, in the City of Atlanta, State of
    Georgia, on January&#160;21, 2010.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>CLARKSBURG SKYLARK, LLC<BR>
    </B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    CLARKSBURG ARORA LLC,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER CLARKSBURG, LLC,<BR>
    its Sole Member<BR>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="left">
    BEAZER HOMES CORP.,<BR>
    its Sole Member
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 48pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="49%"></TD>
    <TD width="4%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;
</TD>
    <TD align="center">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV>
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 53%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Allan P. Merrill</B>
</DIV>

<DIV align="center" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Executive Vice President</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">POWER OF
    ATTORNEY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned
    hereby constitutes and appoints Ian J. McCarthy, Allan P.
    Merrill and Kenneth F. Khoury his true and lawful
    attorney-in-fact and agent, with full power of substitution, for
    him and on his behalf and in his name, place and stead, in any
    and all capacities, to sign, execute and file this registration
    statement under the Securities Act of 1933, as amended, and any
    or all amendments (including, without limitation, post-effective
    amendments), with all exhibits and any and all documents
    required to be filed with respect thereto, with the Securities
    and Exchange Commission or any regulatory authority, granting
    unto such attorney-in-fact and agent, full power and authority
    to do and perform each and every act and thing requisite and
    necessary to be done in and about the premises in order to
    effectuate the same, as fully to all intents and purposes as he
    himself might or could do, if personally present, hereby
    ratifying and confirming all that said attorney-in-fact and
    agent, or his substitute or substitutes, may lawfully do or
    cause to be done.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Securities Act of 1933, as
    amended, this Registration Statement has been signed by the
    following persons in the capacities and on the dates indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Signature</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Title</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 12pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Ian
    J. McCarthy</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Ian
    J. McCarthy</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Director and President <BR>
    (Principal Executive Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Allan
    P. Merrill</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Allan
    P. Merrill</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Executive Vice President <BR>
    (Principal Financial Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Robert
    Salomon</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Robert
    Salomon</B>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    Senior Vice President<BR>
    (Principal Accounting Officer)
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">/s/&#160;&#160;Brian
    C. Beazer</DIV><BR>
    <DIV style="font-size: 2pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV><B>Brian
    C. Beazer</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    Director
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    January 21, 2010
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-32
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">EXHIBIT&#160;INDEX</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(a)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Certificate of Incorporation of Beazer
    Homes USA, Inc.(1)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(b)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of April Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(c)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Allied Companies
    Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(d)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Beazer Clarksburg, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(e)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Charter of Beazer Homes Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(f)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Holdings Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(g)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Homes Investments, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(h)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Sales, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Texas Holdings,
    Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(j)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Beazer Homes Texas, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Beazer Realty Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(m)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Realty Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(n)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Beazer SPE, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(o)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Beazer/Squires Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(p)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Registration to qualify as a limited liability partnership for
    Beazer Homes Indiana LLP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(q)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Commercial Holdings, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(r)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation Beazer General Services, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(s)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Homes Indiana Holdings
    Corp.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(t)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty Los Angeles,
    Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(u)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Realty Sacramento, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of BH Building Products, LP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(w)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Homebuilders Title&#160;Services
    of Virginia, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(x)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Incorporation of Homebuilders Title&#160;Services,
    Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(y)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Paragon Title, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(z)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of BH Procurement Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(aa)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Limited Partnership of Texas Lone Star Title,
    L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ab)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Trinity Homes LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ac)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Arden Park Ventures, LLC(4)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ad)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Incorporation of Beazer Mortgage Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ae)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Dove Barrington Development LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(af)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Certificate of Formation of Beazer Homes Michigan, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ag)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Elysian Heights Potomia, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ah)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Clarksburg Arora LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .1(ai)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Articles of Organization of Clarksburg Skylark, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(a)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amended and Restated By-laws of Beazer Homes USA, Inc.(5)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(b)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of April Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(c)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Allied Companies Holdings, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(d)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Clarksburg, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(e)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(f)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Holdings Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(g)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Homes Investments, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(h)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Sales, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(i)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Texas Holdings, Inc.(2)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(j)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Agreement of Limited Partnership of Beazer Homes Texas, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(k)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Corp.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(l)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(m)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Realty Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(n)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer SPE, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(o)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer/Squires Realty, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(p)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Partnership Agreement of Beazer Homes Indiana LLP(13)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(q)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Commercial Holdings, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(r)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Homes Indiana Holdings Corp.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(s)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Los Angeles, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(t)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Realty Sacramento, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(u)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of BH Building Products, LP(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(v)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of BH Procurement Services, LLC(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(w)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Homebuilders Title&#160;Services of Virginia, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(x)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Homebuilders Title&#160;Services, Inc.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(y)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Paragon Title, LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(aa)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Partnership Agreement of Texas Lone Star Title, L.P.(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ab)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Operating Agreement of Trinity Homes
    LLC(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ac)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer General Services, Inc.(3)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ae)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    By-Laws of Beazer Mortgage Corporation(2)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(af)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Limited Liability Company Agreement of Dove Barrington
    Development LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ag)
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Operating Agreement of Beazer Homes Michigan, LLC(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ah)**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Operating Agreement of Elysian
    Heights Potomia, LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(ai)**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Clarksburg Arora LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    3
</TD>
<TD nowrap align="left" valign="top">
    .2(aj)**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Operating Agreement of Clarksburg Skylark,
    LLC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indenture, dated as of September&#160;11, 2009, among
    Beazer, the Guarantors party thereto and U.S. Bank
    Trust&#160;National Association, as trustee, and Wilmington
    Trust&#160;FSB, as notes collateral agent(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Senior Secured Note due 2017 (included in
    Exhibit&#160;4.1 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    4
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Registration Rights Agreement, dated September&#160;11,
    2009, by and among Beazer Homes USA, Inc., the guarantors party
    thereto, Citigroup Global Markets Inc. and Moelis&#160;&#038;
    Company LLC(6)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Troutman Sanders LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Tune, Entrekin&#160;&#038; White,&#160;P.C.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Barnes&#160;&#038; Thornburg LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Gardere Wynne Sewell LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .5**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Holland&#160;&#038; Knight LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Hogan&#160;&#038; Hartson L.L.P.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Greenbaum, Rowe, Smith&#160;&#038; Davis LLP
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    5
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Opinion of Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 1994 Stock Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of
    Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2005 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .2
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Non-Employee Director Stock Option Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.2 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2001 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .3
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated 1999 Stock Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.2 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on August&#160;8, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .4
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2005 Value Created Incentive Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.4 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .5
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amended and Restated Corporate Management Stock Purchase
    Program&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.5 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .6
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Customer Survey Incentive Plan&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.6 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .7
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Director Stock Purchase Program&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.7 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .8
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Option and Restricted Stock Award
    Agreement&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.8 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .9
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Stock Option Award Agreement&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.9 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the year ended September&#160;30, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .10
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement of Ian J. McCarthy
    dated as of September&#160;1, 2004&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.01 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on September&#160;1, 2004 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .11
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Amended and Restated Employment Agreement of
    Ian J. McCarthy dated as of February&#160;3, 2006&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.11 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .12
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment to Amended and Restated Employment Agreement of
    Ian J. McCarthy dated as of December&#160;31, 2008&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.31 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .13
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Employment Agreement of Michael H. Furlow
    dated as of August&#160;6, 2009 &#151;&#160;incorporated herein
    by reference to Exhibit&#160;10.3 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .14
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Agreement effective May&#160;1, 2007 for Allan P.
    Merrill&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.01 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .15
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Employment Agreement effective
    December&#160;31, 2008 for Allan P.
    Merrill&#160;&#151;&#160;incorporated herein by reference to
    Exhibit&#160;10.5 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .16
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Supplemental Employment Agreement of Ian J.
    McCarthy dated as of February&#160;3, 2006&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .17
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    First Amendment to Amended and Restated Supplemental Employment
    Agreement of Ian J. McCarthy effective December&#160;31,
    2008&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.6 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .18
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Supplemental Employment Agreement of
    Michael H. Furlow dated as of August&#160;6, 2009&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.4 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .19
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Employment Agreement effective May&#160;1,
    2007 for Allan P. Merrill&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.02 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .20
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Employment Agreement effective May&#160;1,
    2007 for Allan P. Merrill&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.02 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on April&#160;24, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .21
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Employment Letter for Kenneth F. Khoury effective
    January&#160;5, 2009&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .22
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Change of Control Agreement for Kenneth F. Khoury effective
    December&#160;5, 2008&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.2 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended December&#160;31, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
</TABLE>
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .23
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Performance Shares&#160;Award Agreement dated as of
    February&#160;2, 2006&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.18 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .24
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Award Agreement dated as of February&#160;2,
    2006&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.19 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended March&#160;31, 2006 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .25
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2005 Executive Value Created Incentive Plan&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.1 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on February&#160;9, 2005 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .26
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Indemnification Agreement&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;1, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .27
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Credit Agreement dated as of July&#160;25, 2007 between the
    Company, the lenders thereto, and Wachovia Bank, National
    Association, as Agent, BNP Paribas, The Royal Bank of Scotland,
    and Guaranty Bank, as Documentation Agents, Regions Bank, as
    Senior Managing Agent, and JPMorgan Chase Bank, as Managing
    Agent&#160;&#151; incorporated herein by reference to
    Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;26, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .28
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Waiver and First Amendment, dated as of October&#160;10, 2007,
    to and under the Credit Agreement, dated as of July&#160;25,
    2007, among the Company, the lenders thereto and Wachovia Bank,
    National Association, as Agent&#160;&#151; incorporated herein
    by reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;11, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .29
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Second Amendment, dated October&#160;26, 2007, to and under the
    Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on October&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .30
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Third Amendment, dated as of August&#160;7, 2008, to and under
    the Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on August&#160;8, 2008 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .31
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Fourth Amendment, dated as of July&#160;31, 2009, to and under
    the Credit Agreement, dated as of July&#160;25, 2007, among the
    Company, the lenders thereto and Wachovia Bank, National
    Association, as Agent&#160;&#151; incorporated herein by
    reference to Exhibit&#160;10.1 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .32
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Amended and Restated Credit Agreement, dated August&#160;5,
    2009, between the Company, the lenders and issuers thereto and
    CITIBANK, N.A., as Swing Line Lender and Agent&#160;&#151;
    incorporated herein by reference to Exhibit&#160;10.2 of the
    Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-Q</FONT>
    for the quarter ended June&#160;30, 2009 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .33
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    2008 Beazer Homes USA, Inc. Deferred Compensation Plan, adopted
    effective January&#160;1, 2008&#160;&#151;&#160;incorporated
    herein by reference to Exhibit&#160;10.27 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    10
</TD>
<TD nowrap align="left" valign="top">
    .34
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Discretionary Employee Bonus Plan&#160;&#151; incorporated
    herein by reference to Exhibit&#160;10.28 of the Company&#146;s
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    for the fiscal year ended September&#160;30, 2007 (File
    <FONT style="white-space: nowrap">No.&#160;001-12822).</FONT>
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    12
</TD>
<TD nowrap align="left" valign="top">
    .1
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Statement of Computation of Ratio of Earnings to Fixed Charges
    and Earnings to Combined Fixed Charges and Preferred Dividends(7)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    21
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Subsidiaries of Beazer Homes USA, Inc.
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Deloitte&#160;&#038; Touche LLP, Independent
    Registered Public Accounting Firm
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Troutman Sanders LLP (included in Exhibit&#160;5.1
    hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Tune, Entrekin&#160;&#038; White,&#160;P.C. (included
    in Exhibit&#160;5.2 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Barnes&#160;&#038; Thornburg LLP (included in
    Exhibit&#160;5.3 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .5**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Gardere Wynne Sewell LLP (included in
    Exhibit&#160;5.4 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .6**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Holland&#160;&#038; Knight LLP (included in
    Exhibit&#160;5.5 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .7**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Hogan&#160;&#038; Hartson L.L.P. (included in
    Exhibit&#160;5.6 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .8**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Greenbaum, Rowe, Smith&#160;&#038; Davis LLP
    (included in Exhibit&#160;5.7 hereto)
</TD>
</TR>
</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<!-- XBRL Table Pagebreak -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="88%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
    <B>Exhibit<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="3" nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Number</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Description</B>
</DIV>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    23
</TD>
<TD nowrap align="left" valign="top">
    .9**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Consent of Walsh, Colucci, Lubeley, Emrich&#160;&#038; Walsh PC
    (included in Exhibit&#160;5.8 hereto)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    24
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Powers of Attorney (included in Part&#160;II of the registration
    statement)
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    25
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    <FONT style="white-space: nowrap">Form&#160;T-1</FONT>
    Statement of Eligibility and Qualification of the Trustee under
    the Indenture with respect to the Senior Secured Notes due 2017
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .1**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter of Transmittal
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .2**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Clients
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .3**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Letter to Registered Holders
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="right" valign="top">
&nbsp;
</TD>
<TD nowrap align="right" valign="top">
    99
</TD>
<TD nowrap align="left" valign="top">
    .4**
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="top">
    Form of Notice of Guaranteed Delivery
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 13%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    * </TD>
    <TD></TD>
    <TD valign="bottom">
    To be filed by amendment or as an exhibit to a current report on
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    of the registrant in connection with the issuance of securities.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Filed herewith.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (1) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Annual Report on
    <FONT style="white-space: nowrap">Form&#160;10-K</FONT>
    filed on December&#160;2, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (2) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated herein by reference to the exhibits to
    Beazer&#146;s Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    <FONT style="white-space: nowrap">(Registration&#160;No.&#160;333-112147)</FONT>
    filed on January&#160;23, 2004.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (3) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    <FONT style="white-space: nowrap">(Registration&#160;No.&#160;333-127165)</FONT>
    filed on August&#160;3, 2005.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (4) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    Registration Statement on
    <FONT style="white-space: nowrap">Form&#160;S-4</FONT>
    filed on August&#160;15, 2006.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (5) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on July&#160;1, 2008.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (6) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;8-K</FONT>
    filed on September&#160;11, 2009.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    (7) </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to the exhibits to Beazer&#146;s
    <FONT style="white-space: nowrap">Form&#160;S-3</FONT>
    filed on November&#160;13, 2009.</TD>
</TR>

</TABLE>
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</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2(AH)
<SEQUENCE>2
<FILENAME>g21823exv3w2xahy.htm
<DESCRIPTION>EX-3.2(AH)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w2xahy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.2(ah)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SECOND AMENDED AND RESTATED OPERATING AGREEMENT<BR>
FOR ELYSIAN HEIGHTS POTOMIA, LLC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS SECOND AMENDED AND RESTATED OPERATING AGREEMENT (this &#147;<B>Agreement</B>&#148;) is made as of the 18th
day of August, 2009, by BEAZER HOMES CORP., a Tennessee corporation (&#147;<B>Beazer</B>&#148; or the &#147;<B>Sole
Member</B>&#148;).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">RECITALS:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R-1. The Artery Group, LLC, a Maryland limited liability company (&#147;<B>Artery</B>&#148;), formed Artery
Potomia, LLC, a Virginia limited liability company (the &#147;<B>Company</B>&#148;), pursuant to the applicable
provisions of the Virginia Limited Liability Company Act (the &#147;<B>Act</B>&#148;), and Artery entered into an
original Operating Agreement for the Company dated January&nbsp;1, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R-2. Artery sold and assigned to Beazer a forty-nine percent (49%) membership interest in the
Company and, in connection therewith, Artery and Beazer entered into that certain Amended and
Restated Operating Agreement for Artery Potomia, LLC, dated December&nbsp;3, 2004, as amended by that
certain First Amendment to Amended and Restated Operating Agreement dated October&nbsp;30, 2007, and by
that certain Second Amendment to Amended and Restated Operating Agreement (the &#147;<B>Second Amendment</B>&#148;)
dated June&nbsp;30, 2009 (collectively, the &#147;<B>Operating Agreement</B>&#148;). The Second Amendment, among other
things, confirms that the Company&#146;s name changed, as of June&nbsp;30, 2009, to Elysian Heights Potomia,
LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R-3. Pursuant to that certain Assignment of Membership Interest dated as of even date herewith
(the &#147;<B>Assignment</B>&#148;), Artery assigned to Beazer all of Artery&#146;s right, title and interest in and to
the Company. Therefore, Beazer is now the sole member of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R-4. In connection with the Assignment, Beazer, as the sole member of the Company, wishes to
completely amend and restate the Company&#146;s Operating Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW THEREFORE, in consideration of the above recitals and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Beazer, as the sole
member of the Company, states and affirms that the Company&#146;s Operating Agreement is hereby
completely superseded and restated as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE I<BR>
<U>ORGANIZATION</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Name</U>. The name of the Company shall be ELYSIAN HEIGHTS POTOMIA, LLC.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Term</U>. The Company commenced on October&nbsp;18, 2002 (the date the Certificate of
Organization for the Company was issued by the Virginia State Corporation Commission), and shall
continue until terminated by law or as decided by the Sole Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <U>Place of Business</U>. The Company&#146;s principal office and place of business shall be
located at 1000 Abernathy Road, Suite&nbsp;1200, Atlanta, Georgia 30328.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <U>Purposes</U>. The purposes of the Company are to (a)&nbsp;own, subdivide, develop,
operate, maintain, construct residential units for sale on that certain property located within the
project known as Elysian Heights, in Loudoun County, Virginia, such property being more
particularly described on <U>Exhibit&nbsp;A</U> attached hereto, and sell and/or convey such units (or
other portions of such property) to homeowners or to other parties; (b)&nbsp;engage in any and all
general business activities incidental thereto (including without limitation borrowing money and
encumbering any property of the Company for the foregoing purposes), and (c)&nbsp;conduct any and all
other lawful business when and if approved by the Sole Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <U>Registered Office and Registered Agent of the Company</U>. The current registered
agent of the Company is CT Corporation System, a Virginia corporation, and the current registered
agent&#146;s address is 4701 Cox Road, Suite&nbsp;301, Glen Allen, Virginia 23060, which is located in
Henrico County. The Manager shall have the right to appoint one or more successor registered
agents at the Manager&#146;s sole discretion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <U>Title to Property</U>. Legal title to all property of the Company, both real and
personal, shall be held in the name of the Company or in any other name the Manager deems proper.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE II<BR>
<U>MEMBERS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beazer is the sole member of the Company, owning a one hundred percent (100%) interest
therein.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE III<BR>
<U>CONTRIBUTIONS AND CAPITAL ACCOUNTS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Initial Contributions</U>. The Sole Member acknowledges that all of its initial
Capital Contributions have been made, and the Sole Member&#146;s Capital Account balance is as reflected
in the books and records of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <U>Additional Contributions</U>. The Sole Member may, but shall not be required to, make
capital contributions in addition to those set forth above in this Article&nbsp;III.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <U>Loans</U>. In the event that at any time funds (in excess of the capital
contributions) are required by the Company for or in respect of its business or any of its
obligations, expenses, costs, liabilities or expenditures, the Company may, upon the decision of
the Sole Member,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-2-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">borrow such funds, with interest payable at then-prevailing rates, from the Sole Member or
from commercial banks, savings and loan associations and/or other lending institutions, or third
parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <U>No Benefit to Third Parties</U>. The foregoing provisions of this Article&nbsp;III are not
intended to be for the benefit of any creditor or other person (other than the Sole Member in its
capacity as such) to whom any debts, liabilities or obligations are owed by (or who otherwise has
any claim against) the Company or the Sole Member; and no such creditor or other person shall
obtain any right under any such foregoing provisions or shall by reason of any such foregoing
provision make any claim in respect of any debt, liability or obligation (or otherwise) against the
Company or the Sole Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <U>Capital Account</U>. For all purposes of this Agreement, the &#147;capital account&#148; of the
Sole Member as of any date is hereby defined to mean the amount of cash (or the agreed fair market
value of property) the Sole Member contributed (or is deemed to have contributed) to the capital of
the Company pursuant to this Article&nbsp;III, properly adjusted to reflect (i)&nbsp;the Sole Member&#146;s
distributive share of profits and losses (including partial accounting year sums, if applicable),
and (ii)&nbsp;distributions by the Company to the Sole Member (including partial accounting year sums,
if applicable).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE IV<BR>
<U>ALLOCATIONS AND DISTRIBUTIONS DURING OPERATIONS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Distribution and Timing of Net Cash Flow</U>. Net cash flow shall be distributed to
the Sole Member when and as determined by the Manager in the Manager&#146;s sole discretion. For the
purposes of this Article&nbsp;IV, &#147;net cash flow&#148; shall mean the gross cash proceeds from any source
whatsoever (including without limitation proceeds of financing or refinancing any indebtedness of
the Company) less the portion thereof used to pay or establish reserves for all Company expenses,
debt payments (including principal, interest and any other applicable charges owed to the Sole
Member), capital improvements, replacements and contingencies. Net cash flow shall not be reduced
by depreciation, amortization, cost recovery deductions or similar allowances, but shall be
increased by any reductions of reserves previously established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Allocations</U>. The Company&#146;s profits, losses, and gains and losses from capital
transactions, for tax and accounting purposes, shall be allocated to the Sole Member in accordance
with the Internal Revenue Code of 1986, as from time to time amended, and the regulations
promulgated thereunder, or any federal legislation that may be substituted therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <U>Liability to Creditors</U>. Except as otherwise required by law, none of the Sole
Member, the Manager or the officers of the Company shall be liable for the obligations or losses of
the Company.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-3-<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE V<BR>
<U>MANAGEMENT; OFFICERS; INDEMNIFICATION</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Management</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.1 <U>Management of the Company.</U> All management of the Company shall be vested in a
single manager (the &#147;<B>Manager</B>&#148;) who shall manage the business and operations of the Company and
shall have all right, authority, power and discretion to control, direct, manage and administer the
affairs of the Company and to do all things necessary to carry on the business and purposes of the
Company, in each case subject to the direction of the Sole Member. The initial Manager shall be
Donald W. Knutson. The Manager may be removed, with or without cause, at any time by the Sole
Member, and the Sole Member may, but shall not be required, to appoint a replacement Manager. In
the event that a removed Manager is not replaced, all decisions to be made by the Manager and all
other authority granted the Manager under this Agreement or the Act shall be exercised solely by
the Sole Member. The acts of the Sole Member and the Manager shall bind the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.2 <U>Obligations</U>. The Manager shall not be obligated to devote full-time efforts to
the business of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.3 <U>Business Judgment</U>. The Manager shall exercise reasonable and ordinary business
judgment in managing the business and affairs of the Company.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Officers</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 <U>Appointment of Officers; Removal</U>. The Manager may create such offices, and
appoint persons to hold such offices from time to time as are set forth on <U>Exhibit&nbsp;B</U>
attached hereto, as the Manager shall deem necessary or convenient in connection with the operation
of the Company. Such additional officers shall have only such power as is delegated to them by the
Manager, but in no event shall any such officer possess more power or authority than belongs to the
Manager hereunder. Each such officer of the Company shall hold office until his or her death or
until he or she shall resign or shall have been removed in the manner provided herein. Any officer
or agent appointed by the Manager may be removed by the Manager whenever in the Manager&#146;s judgment
the best interests of the Company would be served thereby, but such removal shall be without
prejudice to the contract rights, if any, of the person so removed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 <U>Bank Accounts</U>. The officers of the Company are authorized and directed to open
accounts with any bank as may be selected as depositories for the Company by the Manager, and to
deposit therein funds of the Company, drafts, checks and notes of the Company, payments on said
accounts to be made in the corporate name. The officers are authorized to execute and deliver
corporate resolutions on such forms as may be presented or required by any such bank, said forms to
be completed with such information as the executing officers may deem to be in the best interest of
the Company. All such resolutions which may be required by banks selected for the Company by the
Manager dealing with the designation of such banks as depositories are adopted as resolutions of
the Sole Member and the Manager, and any officer of the Company may hereafter attest to and
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-4-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">execute such bank resolutions and/or forms without additional action of the Sole
Member or the Manager.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Assignment of Rights and Delegation of Duties</U>. The Manager may contract with any
person or entity with respect to the day-to-day management of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <U>Indemnification by the Company</U>. To the fullest extent not prohibited by
applicable law, the Sole Member, the Manager and, if any, the officers appointed by the Manager,
shall be entitled to indemnification from the Company for any acts performed by them within the
scope of this Agreement, provided that such acts were taken in good faith, except that no
indemnification shall be made for any act adjudicated to be grossly negligent or unlawful unless
the court making such adjudication shall determine that such act was, in spite of such gross
negligence or unlawfulness, one entitled to be indemnified. Any indemnification hereunder shall be
made from, and only from, Company assets, and the Sole Member, the Manager and any such officers
appointed by the Manager shall not be individually or personally liable for any part thereof.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VI<BR>
<U>ADMISSION OF NEW MEMBERS; TRANSFERS OF INTERESTS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Sole Member shall have the right at any time to (i)&nbsp;admit an additional member or members
to the Company, and/or (ii)&nbsp;transfer, sell, assign, convey, hypothecate, pledge or encumber the
Sole Member&#146;s percentage interest in the Company, in whole or in part, to any person or entity.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VII<BR>
<U>FINANCIAL RECORDS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Company Books</U>. The Company shall maintain accurate books of the affairs of the
Company at its principal office using such methods as may be determined from time to time by the
Manager. The Sole Member shall have the right to inspect and examine such books at all reasonable
times.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">ARTICLE VIII<BR>
<U>GENERAL PROVISIONS</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Governing Law</U>. All questions regarding the construction of this Agreement and the
rights and liabilities of the parties shall be determined in accordance with the laws of the
Commonwealth of Virginia without regard to the conflict of laws provisions thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <U>Binding Effect</U>. This Agreement shall be binding upon and shall inure to the
benefit of the Sole Member and the Sole Member&#146;s successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <U>Interpretation</U>. When the context in which words are used in this Agreement so
indicates, words in the singular number shall include the plural, and <U>vice</U> <U>versa</U>,
and words in the masculine gender shall include the feminine and neuter genders, and <U>vice</U>
<U>versa</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-5-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <U>Validity</U>. If a provision of this Agreement is declared invalid, such invalidity
shall not invalidate the remainder of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <U>Entire Agreement; Amendments</U>. This Agreement contains the entire understanding of
the Sole Member and supersedes all prior written and oral agreements regarding the subject matter
of this Agreement, including, without limitation, that certain Amended and Restated Operating
Agreement for the Company, dated December&nbsp;3, 2004, as amended. No representation, agreement,
arrangement or understanding, oral or written, exists relating to the subject matter of this
Agreement that is not fully expressed herein. All amendments to this Agreement must be made in
writing and signed by the Sole Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <U>Captions</U>. Any section or paragraph title or caption contained in this Agreement
is for convenience of reference only, and shall not be deemed a part of or construed to affect the
meaning of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <U>Other Ventures</U>. The Sole Member may engage in and/or possess any interest in
other business ventures of every nature and description, independently or with others, including
but not limited to, the ownership, operation and management of other companies engaged in real
estate acquisition, development and construction, and the Company shall not have any rights in or
to any such independent venture or the income or profits derived therefrom.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Sole Member has signed this Agreement as of the day and year first
above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">BEAZER HOMES CORP., a Tennessee</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">corporation, Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Richard O&#146;Connor</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Richard O&#146;Connor</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President &#151; Forward Planning</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-6-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Exhibit&nbsp;A</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Description of Property
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">See attached.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->-7-<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><U>Exhibit&nbsp;B</U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Officers
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Donald W. Knutson
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Kevin L. Flemming II
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lisa Hupfer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->-8-<!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2(AI)
<SEQUENCE>3
<FILENAME>g21823exv3w2xaiy.htm
<DESCRIPTION>EX-3.2(AI)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w2xaiy</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.2(ai)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>LIMITED LIABILITY COMPANY</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OPERATING AGREEMENT</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>OF</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CLARKSBURG ARORA LLC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this &#147;Agreement&#148;) of
Clarksburg Arora LLC, a Maryland limited liability company (the &#147;Company&#148;), is made and entered
into to be effective as of the Effective Date (as hereinafter defined) between the Company and
Beazer Clarksburg, LLC, a Maryland limited liability company, its sole member (the &#147;Member&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I.</B><BR>
<U><B>DEFINITIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, the following terms shall have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Act</U>. The Maryland Limited Liability Company Act as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Affiliate</U>. Affiliate of an entity shall mean any other entity controlling,
controlled by, or under common control with such entity where &#147;control&#148; means the right to elect a
majority of the board of directors or other body controlling such entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <U>Articles</U>. The Articles of Organization of the Company filed with the State of
Maryland Department of Assessments and Taxation, as amended from time to time by the Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <U>Effective Date</U>. August&nbsp;18, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <U>Member</U>. The entity identified in Article&nbsp;VI who has executed this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II.</B><BR>
<U><B>FORMATION</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>Formation; Acquisition by Member</U>. On May&nbsp;14, 2001, the Company was formed as a
Maryland limited liability company by delivering the Articles to the State of Maryland Department
of Assessments and Taxation in accordance with the provisions of the Act. Effective as of May&nbsp;14,
2001, Clarksburg Member LLC, a Maryland limited liability company,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">formerly
known as Artery Clarksburg, LLC (&#147;Clarksburg Member&#148;), and the Member executed that certain
Limited Liability Company Operating Agreement of the Company (the &#147;Original Agreement&#148;). Pursuant
to that certain Assignment of Membership Interest, entered into as of the Effective Date by and
between Clarksburg Member and the Member, the Member acquired all of Clarksburg Member&#146;s limited
liability company membership interests in the Company. The Member hereby amends and restates the
Original Agreement to acknowledge its sole membership of the Company and to provide herein for the
management and the conduct of the business and affairs of the Company and the relative rights and
obligations of the Member with respect thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Name</U>. The name of the Company is Clarksburg Arora LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Term</U>. The term of the Company shall commence on the date the Articles were filed
with the State of Maryland Department of Assessments and Taxation and shall continue unless
terminated or dissolved in accordance with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Changes to Offices and Agent</U>. The Manager may change the Company&#146;s registered
office, registered agent and principal office from time to time.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III.</B><BR>
<U><B>PURPOSE OF THE COMPANY; NATURE OF BUSINESS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Purpose and Powers of the Company</U>. The purpose of the Company is, and the Company
shall have the power and authority, to engage in and carry on any lawful business, purpose or
activity for which limited liability companies may be formed under the Act, including, without
limitation, to own membership interests in and act as the manager of Clarksburg Skylark, LLC, a
Maryland limited liability company and wholly owned subsidiary of the Company. The Company may,
and shall have power and authority to, take any and all actions as may be necessary, appropriate,
proper, advisable, incidental, convenient to or in furtherance of the foregoing purpose.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV.</B><BR>
<U><B>ACCOUNTING AND RECORDS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Accounting Period</U>. The Company&#146;s accounting period and tax year shall be the
calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Records to be Maintained</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall maintain the following records at its principal office:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of this Agreement and the Articles and all amendments thereto, and
executed copies of the powers of attorney, if any, pursuant to which this Agreement,
the Articles, or any amendments thereto have been executed;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Copies of such records as would enable the Member to determine the
business and financial condition of the Company, the Member, the date upon which the
Member became a Member, the Member&#146;s last known mailing address, and the voting
rights of the Member, as applicable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Copies of the Company&#146;s federal, foreign, state, and local income tax
returns and reports, if any, for the three most recent years;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any financial statements of the Company for the three most recent years;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) True and full information regarding the amount of cash and other property
(including the value thereof) contributed by the Member and what the Member agreed
to contribute in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Member may, at the Member&#146;s own expense, inspect and copy any Company record
upon reasonable request during ordinary business hours.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V.</B><BR>
<U><B>MANAGEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Management of the Company.</U> All management of the Company shall be vested in a
single manager (the &#147;Manager&#148;) who shall manage the business and operations of the Company and
shall have all right, authority, power and discretion to control, direct, manage and administer the
affairs of the Company and to do all things necessary to carry on the business and purposes of the
Company, in each case subject to the direction of the Member. The Manager shall be Donald W.
Knutson, and the Member hereby removes B. Hayes McCarty as a co-manager of the Company. The
Manager may be removed, with or without cause, at any time by the Member, and the Member may, but
shall not be required, to appoint a replacement Manager. In the event that a removed Manager is
not replaced, all decisions to be made by the Manager and all other authority granted the Manager
under this Agreement or the Act shall be exercised solely by the Member. The acts of the Member
and the Manager shall bind the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Officers</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>General Authority</U>. The Company may have such officers (the &#147;Officers&#148;) as may be
appointed by the Manager from time to time, each having such powers and duties as generally pertain
to their respective offices as well as such powers and duties as from time to time may be conferred
by the Manager. Any number of offices may be held by the same person. The salaries of all
Officers of the Company shall be fixed by the Manager. The Officers of the Company shall hold
office until their successors are chosen and qualified; provided, however, any Officer appointed by
the Manager may be removed at any time by the Manager with or without cause in the Manager&#146;s
discretion. Any vacancy occurring in any office of the Company may be filled by the Manager. In
addition, the Manager may appoint, employ or otherwise cause the Company to contract with such
other persons or entities for the transaction of the business of the Company or the performance of services for or on behalf of the Company as it shall determine
in its
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">discretion from time to time. The Manager may delegate to any Officer of the Company or to
any such other person or entity such authority to act on behalf of and to bind the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Bank Accounts</U>. The Officers of the Company are authorized and directed to open
accounts with any bank as may be selected as depositories for the Company by the Manager, and to
deposit therein funds of the Company, drafts, checks and notes of the Company, payments on said
accounts to be made in the corporate name. The Officers are authorized to execute and deliver
corporate resolutions on such forms as may be presented or required by any such bank, said forms to
be completed with such information as the executing Officers may deem to be in the best interest of
the Company. All such resolutions which may be required by banks selected by the Company dealing
with the designation of such banks as depositories are adopted as resolutions of the Member, the
Manager and any Officer of the Company may hereafter attest to and execute such bank resolutions
and/or forms without additional action of the Member or the Manager.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Liability of Member, Manager and Officers</U>. None of the Member, the Manager or the
Officers shall be liable for the obligations of the Company. The failure of the Company to observe
any formalities or requirements relating to the exercise of its powers or management of its
business or affairs under this Agreement or the Act shall not be grounds for imposing personal
liability on the Member, the Manager or any Officer for liabilities of the Company. The Member&#146;s,
the Manager&#146;s and each Officer&#146;s liability shall be limited as set forth in the Act and other
applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <U>Indemnification</U>. To the fullest extent not prohibited by applicable law, the
Company shall indemnify the Member, the Manager and each Officer of the Company for all costs and
expenses (including attorneys&#146; fees and disbursements), losses, liabilities, and damages paid or
accrued by such Member, Manager or Officer in connection with any act or omission performed by such
person in good faith on behalf of the Company. To the fullest extent not prohibited by applicable
law, expenses (including attorneys&#146; fees and disbursements) incurred by any such Member, Manager or
Officer, in defending any claim, demand, action, suit or proceeding may, from time to time, upon
approval by the Member, be advanced by the Company prior to the final disposition of such claim,
demand, action, suit or proceeding, subject to recapture by the Company following a later
determination that such Member, Manager or Officer was not entitled to indemnification hereunder.
Notwithstanding the foregoing, none of the Member, the Manager or the Officers shall be indemnified
against liability for any intentional misconduct, any knowing violation of law or any transaction
in which such Member, Manager or Officer receives a personal benefit in violation or breach of the
Act or this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI.</B><BR>
<U><B>MEMBER; CONTRIBUTIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Member</U>. The sole Member of the Company is Beazer Clarksburg, LLC, a Maryland
limited liability company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Capital Contributions</U>. Unless the Member otherwise agrees, the Member shall not
be required to contribute any capital to the Company except that previously contributed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII.</B><BR>
<U><B>ALLOCATIONS AND DISTRIBUTIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Distributions</U>. Except as provided in paragraph 7.2, the Company may make
distributions as determined by the Manager from time to time in accordance with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Limitations on Distributions</U>. No distribution shall be declared and paid unless,
after the distribution is made, the assets of the Company are in excess of all liabilities of the
Company. No distribution shall be made to the Member if such distribution is prohibited by the
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>Distribution Upon Sale of Assets</U>. Upon a sale of all, or substantially all, of
the assets of the Company, the net proceeds thereof shall be distributed to the Member.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII.</B><BR>
<U><B>MEMBERSHIP INTERESTS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Membership Interest</U>. The Member shall have one hundred percent (100%) ownership
of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <U>Disposition</U>. The Member&#146;s interest in the Company is transferable either
voluntarily or by operation of law. The Member may dispose of all or a portion of the Member&#146;s
interest. Upon the transfer of the Member&#146;s interest, the transferee shall be admitted as a Member
at the time the transfer is completed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX.</B><BR>
<U><B>ADMISSION OF ADDITIONAL MEMBERS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <U>Additional Members</U>. The Member may admit additional Member(s) to the Company and
determine the contributions to be made by, and interests of, such additional Member(s). The
Company and the Member acknowledge that this Agreement governs the relationship between the Company
and the Member only. If the Member admits additional Member(s), or if at any time the Company
otherwise has more than one member, the rights, obligations and duties of all of the members shall
be set forth in a further amended and restated operating agreement of the Company executed at the
time of admission of such additional Member(s) to the Company. Such further amended and restated
operating agreement shall supersede and replace this Agreement in its entirety.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X.</B><BR>
<U><B>DISSOLUTION AND WINDING UP</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <U>Dissolution</U>. The Company shall be dissolved and its affairs wound up or shall be
terminated only upon the occurrence of any of the following events:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Member elects to dissolve the Company;
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;there are no members; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the entry of a decree of judicial dissolution under Section&nbsp;4A-903 of the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <U>Effect of Dissolution</U>. Upon dissolution, the Company shall cease to carry on its
business, and its affairs shall be wound up in accordance with this Article&nbsp;X and the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <U>Winding Up, Liquidation and Distribution of Assets</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the winding up of the Company, the Company property shall be distributed:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;first, to creditors, including the Member if it is a creditor, to the extent permitted by
law, in satisfaction of Company liabilities; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;second, to the Member.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such distributions shall be in cash or property or partly in both, as determined by the
Manager.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <U>Articles of Cancellation</U>. When all debts, liabilities and obligations have been
paid and discharged or adequate provisions have been made therefor and all of the remaining
property and assets have been distributed as provided in Section&nbsp;10.3, Articles of Cancellation
shall be executed and filed with the State of Maryland Department of Assessments and Taxation in
accordance with Section&nbsp;4A-909 of the Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI.</B><BR>
<U><B>AMENDMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <U>Amendment</U>. This Agreement may be amended or modified from time to time only by a
written instrument signed by the Member.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XII.</B><BR>
<U><B>MISCELLANEOUS PROVISIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <U>Entire Agreement</U>. This Agreement represents the entire Agreement between the
Member and the Company and supersedes all prior and/or contemporaneous understandings and
agreements relating thereto (written or oral), including, without limitation, the Original
Agreement, all of which are merged herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <U>No Conflict of Interest</U>. The Member shall not be required to act hereunder as
its sole and exclusive business activity and may have other business interests and engage in other
activities in addition to those relating to the Company. The Company shall not have any right by
virtue of this Agreement in or to any other interests or activities or to the income or proceeds
derived therefrom. The Member may transact business with the Company and, subject to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">applicable
laws, has the same rights and obligations with respect thereto as any other person. No transaction
between the Member and the Company shall be voidable solely because the Member has a direct or
indirect interest in the transaction if either the transaction is fair and reasonable to the
Company or the Member authorizes, approves or ratifies the transaction in accordance with this
Agreement or the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <U>Application of Maryland Law</U>. This Agreement, the application and interpretation
hereof shall be governed exclusively by its terms and the laws of the State of Maryland and
specifically the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <U>Execution of Additional Instruments</U>. The Member hereby agrees to execute such
other and further statements of interest and holdings, designations, powers of attorney and other
instruments necessary to comply with any laws, rules or regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <U>Construction</U>. Whenever the singular form is used in this Agreement, and when
required by the context, the same shall include the plural and vice versa, and the masculine gender
shall include the feminine and neuter genders and vice versa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <U>Headings</U>. The headings in this Agreement are inserted for convenience only and
are in no way intended to describe, interpret, define, or limit the scope, extent or intent of this
Agreement or any provision hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <U>Waivers</U>. The failure of any party to seek redress for violation of or to insist
upon the strict performance of any covenant or condition of this Agreement shall not prevent a
subsequent act, which would have originally constituted a violation, from having the effect of an
original violation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <U>Counterparts</U>. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which shall constitute one and the same instrument. Any
signature page of any such counterpart, or any electronic facsimile thereof, may be attached or
appended to any other counterpart to complete a fully executed counterpart to this Agreement, and
any telecopy or other facsimile transmission of any signature shall be deemed an original and
shall bind such party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <U>Further Assurances</U>. The Member agrees to cooperate, and to execute and deliver
in a timely fashion any and all additional documents necessary to effectuate the purposes of the
Company and this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <U>No Rights of Creditors and Third Parties Under Agreement</U>. This Agreement is
entered into between the Company and the Member for the exclusive benefit of the Company, the
Member and their respective successors and assignees. This Agreement is expressly not intended for
the benefit of any creditor of the Company or any other person. Except and only to the extent
mandated by applicable statute, no such creditor or third party shall have any rights under this
Agreement or any agreement between the Company and the Member with respect to any contribution, any
deficiency in the Member&#146;s capital account (which the Member shall <I>not </I>be obligated to restore), or
otherwise.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <U>Federal Income Tax Elections; Tax Status</U>. All elections required or permitted
to be made by the Company under the Code or Regulations shall be made by the Member. As long as
the Member is the only Member of the Company, the Company shall be taxed as a division of the
Member if the Member is an entity other than an individual, trust, or estate and, if the Member is
an individual, estate, or trust, then as a sole proprietorship or as directly owned assets of the
Member. All provisions of the Articles and of this Agreement are to be construed so as to preserve
the tax status under those circumstances.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, the parties have caused this Agreement to be duly executed as of the
Effective Date.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="38%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">&#147;Member&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">BEAZER CLARKSBURG, LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">a Maryland limited liability company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Beazer Homes Corp.,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">a Tennessee corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">/s/ Jeffrey Hoza</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Jeffrey Hoza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Vice President and Treasurer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">&#147;Company&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">CLARKSBURG ARORA LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">a Maryland limited liability company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Beazer Clarksburg, LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">a Maryland limited liability company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Beazer Homes Corp.,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">a Tennessee corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Jeffrey Hoza</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Jeffrey Hoza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Treasurer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2(AJ)
<SEQUENCE>4
<FILENAME>g21823exv3w2xajy.htm
<DESCRIPTION>EX-3.2(AJ)
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w2xajy</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;3.2(aj)</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>AMENDED AND RESTATED<BR>
OPERATING AGREEMENT<BR>
OF<BR>
CLARKSBURG SKYLARK, LLC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS AMENDED AND RESTATED OPERATING AGREEMENT (this &#147;Agreement&#148;) of Clarksburg Skylark, LLC, a
Maryland limited liability company (the &#147;Company&#148;), is made and entered into to be effective as of
the Effective Date (as hereinafter defined) between the Company and Clarksburg Arora LLC, a
Maryland limited liability company, its sole member (the &#147;Member&#148;).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I.</B><BR>
<U><B>DEFINITIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Agreement, the following terms shall have the following meanings:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <U>Act</U>. The Maryland Limited Liability Company Act as amended from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <U>Affiliate</U>. Affiliate of an entity shall mean any other entity controlling,
controlled by, or under common control with such entity where &#147;control&#148; means. the right to elect a
majority of the board of directors or other body controlling such entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <U>Articles</U>. The Articles of Organization of the Company filed with the State of
Maryland Department of Assessments and Taxation, as amended from time to time by the Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <U>Effective Date</U>. August&nbsp;18, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <U>Member</U>. The entity identified in Article&nbsp;VI who has executed this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II.</B><BR>
<U><B>FORMATION</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>Formation; Acquisition by Member</U>. On April&nbsp;30, 2001, the Company was formed as a
Maryland limited liability company by delivering the Articles to the State of Maryland Department
of Assessments and Taxation in accordance with the provisions of the Act. Effective as of April
30, 2001, DiMaio Joint Venture, a Maryland general partnership, executed that certain Operating
Agreement of the Company (the &#147;Original Agreement&#148;). The
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Member has heretofore acquired all of the limited liability company membership interests in
the Company from DiMaio Joint Venture and hereby amends and restates the Original Agreement to
acknowledge its sole membership of the Company and to provide herein for the management and the
conduct of the business and affairs of the Company and the relative rights and obligations of the
Member with respect thereto.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Name</U>. The name of the Company is Clarksburg Skylark, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Term</U>. The term of the Company shall commence on the date the Articles were filed
with the State of Maryland Department of Assessments and Taxation and shall continue unless
terminated or dissolved in accordance with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Changes to Offices and Agent</U>. The Member may change the Company&#146;s registered
office, registered agent and principal office from time to time.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III.</B><BR>
<U><B>PURPOSE OF THE COMPANY; NATURE OF BUSINESS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <U>Purpose and Powers of the Company</U>. The purpose of the Company is, and the Company
shall have the power and authority, to engage in and carry on any lawful business, purpose or
activity for which limited liability companies may be formed under the Act. The Company may, and
shall have power and authority to, take any and all actions as may be necessary, appropriate,
proper, advisable, incidental, convenient to or in furtherance of the foregoing purpose.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV.</B><BR>
<U><B>ACCOUNTING AND RECORDS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <U>Accounting Period</U>. The Company&#146;s accounting period and tax year shall be the
calendar year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <U>Records to be Maintained</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company shall maintain the following records at its principal office:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of this Agreement and the Articles and all amendments thereto, and
executed copies of the powers of attorney, if any, pursuant to which this Agreement,
the Articles, or any amendments thereto have been executed;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Copies of such records as would enable the Member to determine the
business and financial condition of the Company, the Member, the date upon which the
Member became a Member, the Member&#146;s last known mailing address, and the voting
rights of the Member, as applicable;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Copies of the Company&#146;s federal, foreign, state, and local income tax
returns and reports, if any, for the three most recent years;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any financial statements of the Company for the three most recent years;
and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) True and full information regarding the amount of cash and other property
(including the value thereof) contributed by the Member and what the Member agreed
to contribute in the future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Member may, at the Member&#146;s own expense, inspect and copy any Company record
upon reasonable request during ordinary business hours.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V.</B><BR>
<U><B>MANAGEMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <U>Management of the Company.</U> All management of the Company shall be vested in the
Member. The business and operations of the Company shall be managed by or under the direction of
the Member. The Member shall have the right, authority, power and discretion to control, direct,
manage and administer the business and affairs of the Company and to do all things necessary to
carry on the business and purposes of the Company. The acts of the Member shall bind the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <U>Officers</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <U>General Authority</U>. The Company may have such officers (the &#147;Officers&#148;) as may be
appointed by the Member from time to time, each having such powers and duties as generally pertain
to their respective offices as well as such powers and duties as from time to time may be conferred
by the Member. Any number of offices may be held by the same person. The salaries of all Officers
of the Company shall be fixed by the Member. The Officers of the Company shall hold office until
their successors are chosen and qualified; provided, however, any Officer appointed by the Member
may be removed at any time by the Member with or without cause in the Member&#146;s discretion. Any
vacancy occurring in any office of the Company may be filled by the Member. In addition, the
Member may appoint, employ or otherwise cause the Company to contract with such other persons or
entities for the transaction of the business of the Company or the performance of services for or
on behalf of the Company as it shall determine in its discretion from time to time. The Member may
delegate to any Officer of the Company or to any such other person or entity such authority to act
on behalf of and to bind the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <U>Bank Accounts</U>. The Officers of the Company are authorized and directed to open
accounts with any bank as may be selected as depositories for the Company by the Member, and to
deposit therein funds of the Company, drafts, checks and notes of the Company, payments on said
accounts to be made in the corporate name. The Officers are authorized to execute and deliver
corporate resolutions on such forms as may be presented or required by any such bank, said forms to
be completed with such information as the executing Officers may deem to be in the best interest of
the Company. All such resolutions which may be required by banks selected by the Company dealing
with the designation of such banks as depositories are adopted as resolutions of the Member,
</DIV>




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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">and any Officer of the Company may hereafter attest to and execute such bank resolutions and/or
forms without additional action of the Member.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <U>Liability of Member and Officers</U>. No Member or Officer shall be liable for the
obligations of the Company. The failure of the Company to observe any formalities or requirements
relating to the exercise of its powers or management of its business or affairs under this
Agreement or the Act shall not be grounds for imposing personal liability on the Member or any
Officer for liabilities of the Company. The Member&#146;s and each Officer&#146;s liability shall be limited
as set forth in the Act and other applicable law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <U>Indemnification</U>. To the fullest extent not prohibited by applicable law, the
Company shall indemnify the Member and each Officer of the Company for all costs and expenses
(including attorneys&#146; fees and disbursements), losses, liabilities, and damages paid or accrued by
such Member or Officer in connection with any act or omission performed by such person in good
faith on behalf of the Company. To the fullest extent not prohibited by applicable law, expenses
(including attorneys&#146; fees and disbursements) incurred by any such Member or Officer, in defending
any claim, demand, action, suit or proceeding may, from time to time, upon approval by the Member,
be advanced by the Company prior to the final disposition of such claim, demand, action, suit or
proceeding, subject to recapture by the Company following a later determination that such Member or
Officer was not entitled to indemnification hereunder. Notwithstanding the foregoing, no Member or
Officer shall be indemnified against liability for any intentional misconduct, any knowing
violation of law or any transaction in which such Member or Officer receives a personal benefit in
violation or breach of the Act or this Agreement.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI.</B><BR>
<U><B>MEMBER; CONTRIBUTIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <U>Member</U>. The sole Member of the Company is Clarksburg Arora LLC, a Maryland
limited liability company, formerly known as Artery-Beazer Clarksburg, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <U>Capital Contributions</U>. Unless the Member otherwise agrees, the Member shall not
be required to contribute any capital to the Company except that previously contributed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII.</B><BR>
<U><B>ALLOCATIONS AND DISTRIBUTIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <U>Distributions</U>. Except as provided in paragraph 7.2, the Company may make
distributions as determined by the Member from time to time in accordance with this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <U>Limitations on Distributions</U>. No distribution shall be declared and paid unless,
after the distribution is made, the assets of the Company are in excess of all liabilities of the
Company. No distribution shall be made to the Member if such distribution is prohibited by the
Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <U>Distribution Upon Sale of Assets</U>. Upon a sale of all, or substantially all, of
the assets of the Company, the net proceeds thereof shall be distributed to the Member.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII.</B><BR>
<U><B>MEMBERSHIP INTERESTS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <U>Membership Interest</U>. The Member shall have one hundred percent (100%) ownership
of the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <U>Disposition</U>. The Member&#146;s interest in the Company is transferable either
voluntarily or by operation of law. The Member may dispose of all or a portion of the Member&#146;s
interest. Upon the transfer of the Member&#146;s interest, the transferee shall be admitted as a Member
at the time the transfer is completed.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX.</B><BR>
<U><B>ADMISSION OF ADDITIONAL MEMBERS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <U>Additional Members</U>. The Member may admit additional Member(s) to the Company and
determine the contributions to be made by, and interests of, such additional Member(s). The
Company and the Member acknowledge that this Agreement governs the relationship between the Company
and the Member only. If the Member admits additional Member(s), or if at any time the Company
otherwise has more than one member, the rights, obligations and duties of all of the members shall
be set forth in a further amended and restated operating agreement of the Company executed at the
time of admission of such additional Member(s) to the Company. Such further amended and restated
operating agreement shall supersede and replace this Agreement in its entirety.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X.</B><BR>
<U><B>DISSOLUTION AND WINDING UP</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <U>Dissolution</U>. The Company shall be dissolved and its affairs wound up or shall be
terminated only upon the occurrence of any of the following events:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Member elects to dissolve the Company;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;there are no members; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the entry of a decree of judicial dissolution under Section&nbsp;4A-903 of the Act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <U>Effect of Dissolution</U>. Upon dissolution, the Company shall cease to carry on its
business, and its affairs shall be wound up in accordance with this Article&nbsp;X and the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <U>Winding Up, Liquidation and Distribution of Assets</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon the winding up of the Company, the Company property shall be distributed:
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;first, to creditors, including the Member if it is a creditor, to the extent permitted by
law, in satisfaction of Company liabilities; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;second, to the Member.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any such distributions shall be in cash or property or partly in both, as determined by the
Member.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <U>Articles of Cancellation</U>. When all debts, liabilities and obligations have been
paid and discharged or adequate provisions have been made therefor and all of the remaining
property and assets have been distributed as provided in Section&nbsp;10.3, Articles of Cancellation
shall be executed and filed with the State of Maryland Department of Assessments and Taxation in
accordance with Section&nbsp;4A-909 of the Act.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XI.</B><BR>
<U><B>AMENDMENT</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <U>Amendment</U>. This Agreement may be amended or modified from time to time only by a
written instrument signed by the Member.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE XII.</B><BR>
<U><B>MISCELLANEOUS PROVISIONS</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <U>Entire Agreement</U>. This Agreement represents the entire Agreement between the
Member and the Company and supersedes all prior and/or contemporaneous understandings and
agreements relating thereto (written or oral), including, without limitation, the Original
Agreement, all of which are merged herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <U>No Conflict of Interest</U>. The Member shall not be required to act hereunder as
its sole and exclusive business activity and may have other business interests and engage in other
activities in addition to those relating to the Company. The Company shall not have any right by
virtue of this Agreement in or to any other interests or activities or to the income or proceeds
derived therefrom. The Member may transact business with the Company and, subject to applicable
laws, has the same rights and obligations with respect thereto as any other person. No transaction
between the Member and the Company shall be voidable solely because the Member has a direct or
indirect interest in the transaction if either the transaction is fair and reasonable to the
Company or the Member authorizes, approves or ratifies the transaction in accordance with this
Agreement or the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <U>Application of Maryland Law</U>. This Agreement, the application and interpretation
hereof shall be governed exclusively by its terms and the laws of the State of Maryland and
specifically the Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <U>Execution of Additional Instruments</U>. The Member hereby agrees to execute such
other and further statements of interest and holdings, designations, powers of attorney and other
instruments necessary to comply with any laws, rules or regulations.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <U>Construction</U>. Whenever the singular form is used in this Agreement, and when
required by the context, the same shall include the plural and vice versa, and the masculine gender
shall include the feminine and neuter genders and vice versa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <U>Headings</U>. The headings in this Agreement are inserted for convenience only and
are in no way intended to describe, interpret, define, or limit the scope, extent or intent of this
Agreement or any provision hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <U>Waivers</U>. The failure of any party to seek redress for violation of or to insist
upon the strict performance of any covenant or condition of this Agreement shall not prevent a
subsequent act, which would have originally constituted a violation, from having the effect of an
original violation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8 <U>Counterparts</U>. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which shall constitute one and the same instrument. Any
signature page of any such counterpart, or any electronic facsimile thereof, may be attached or
appended to any other counterpart to complete a fully executed counterpart to this Agreement, and
any telecopy or other facsimile transmission of any signature shall be deemed an original and shall
bind such party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9 <U>Further Assurances</U>. The Member agrees to cooperate, and to execute and deliver
in a timely fashion any and all additional documents necessary to effectuate the purposes of the
Company and this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 <U>No Rights of Creditors and Third Parties Under Agreement</U>. This Agreement is
entered into between the Company and the Member for the exclusive benefit of the Company, the
Member and their respective successors and assignees. This Agreement is expressly not intended for
the benefit of any creditor of the Company or any other person. Except and only to the extent
mandated by applicable statute, no such creditor or third party shall have any rights under this
Agreement or any agreement between the Company and the Member with respect to any contribution, any
deficiency in the Member&#146;s capital account (which the Member shall <I>not </I>be obligated to restore), or
otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11 <U>Federal Income Tax Elections; Tax Status</U>. All elections required or permitted
to be made by the Company under the Code or Regulations shall be made by the Member. As long as
the Member is the only Member of the Company, the Company shall be taxed as a division of the
Member if the Member is an entity other than an individual, trust, or estate and, if the Member is
an individual, estate, or trust, then as a sole proprietorship or as directly owned assets of the
Member. All provisions of the Articles and of this Agreement are to be construed so as to preserve
the tax status under those circumstances.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>IN WITNESS WHEREOF</B>, the parties have caused this Agreement to be duly executed as of the
Effective Date.
</DIV>
<DIV align="center">
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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">CLARKSBURG ARORA LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">a Maryland limited liability company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Beazer Clarksburg, LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">a Maryland limited liability company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Beazer Homes Corp.,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">a Tennessee corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Jeffrey Hoza</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Name: Jeffrey Hoza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Title: Vice President and Treasurer</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">&#147;Company&#148;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">CLARKSBURG SKYLARK, LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="9" valign="top" align="left">a Maryland limited liability company</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Clarksburg Arora, LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">a Maryland limited liability company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" valign="top" align="left">Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Beazer Clarksburg, LLC,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">a Maryland limited liability company</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Beazer Homes Corp.,</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">a Tennessee corporation</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Its:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Sole Member</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jeffrey Hoza</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name: Jeffrey Hoza</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President and Treasurer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>5
<FILENAME>g21823exv5w1.htm
<DESCRIPTION>EX-5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 0pt"><b>Exhibit 5.1</b>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><IMG src="g21823g2182301.gif" alt="(TROUTMAN SANDERS LOGO)"></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><IMG src="g21823g2182302.gif" alt="(TROUTMAN SANDERS LETTERHEAD)"></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
1000 Abernathy Road, Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Beazer Homes USA, Inc.
Registration Statement on Form&nbsp;S-4</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion is delivered in our capacity as counsel to Beazer Homes USA, Inc., a Delaware
corporation (the &#147;Company&#148; or &#147;Beazer Homes&#148;), and to the subsidiaries of Beazer Homes named on
Schedules I and II hereto (each, a &#147;Guarantor&#148; and collectively, the &#147;Guarantors&#148;), in connection
with the Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) filed by Beazer Homes
and the Guarantors with the Securities and Exchange Commission (the &#147;Commission&#148;) under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Registration Statement relates to
the issuance by Beazer Homes of up to $250,000,000 aggregate principal amount of its 12% Senior
Notes due 2017 (the &#147;New Notes&#148;) and the issuance by the Guarantors of guarantees (the
&#147;Guarantees&#148;) with respect to the New Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes and the Guarantees will be issued under an indenture, dated as of September&nbsp;11,
2009 (the &#147;Indenture&#148;), among Beazer Homes, the Guarantors and U.S. Bank National Association, as
trustee (the &#147;Trustee&#148;). The New Notes and Guarantees will be offered by the Company in exchange
for $250,000,000 aggregate principal amount of its outstanding 12% Senior Notes due 2017 and the
related guarantees of those notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As such counsel and for purposes of our opinions set forth below, we have examined originals
or copies, certified or otherwise identified to our satisfaction, of such documents, corporate
records, certificates of public officials and other instruments as we have deemed necessary or
appropriate as a basis for the opinions set forth herein, including, without limitation:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(i)&nbsp;the Registration Statement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ii)&nbsp;the Indenture;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iii)&nbsp;the New Notes;
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="g21823g2182303.gif" alt="(TROUTMAN SANDERS ADDRESS FOOTER)">
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="g21823g2182304.gif" alt="(TROUTMAN SANDERS LOGO)"><BR>
Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 2

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iv)&nbsp;the Guarantees;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(v)&nbsp;the certificate of incorporation of the Company and the bylaws of the Company as
presently in effect as certified by the Secretary of the Company as of the date hereof
(collectively, the &#147;Company Charter Documents&#148;);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(vi)&nbsp;the certificate of incorporation or corresponding formation document of each of the
Guarantors listed on Schedule&nbsp;I hereto (such Guarantors are hereinafter referred to
individually as a &#147;Schedule&nbsp;I Guarantor&#148; and collectively as the &#147;Schedule&nbsp;I Guarantors&#148;)
and the bylaws or corresponding governance document of each of the Schedule&nbsp;I Guarantors as
presently in effect as certified by the Secretary of each Schedule&nbsp;I Guarantor as of the
date hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(vii)&nbsp;a certificate of the Secretary of State of the State of Delaware as to the
incorporation and good standing of the Company under the laws of the State of Delaware as of
January&nbsp;11, 2010;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(viii)&nbsp;certificates of the Secretaries of State (or other applicable governmental
authorities) of the state of incorporation or formation as to the incorporation or formation
of each of the Schedule&nbsp;I Guarantors under the laws of such entities&#146; state of incorporation
or formation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ix)&nbsp;resolutions adopted by the Company&#146;s and each Schedule&nbsp;I Guarantor&#146;s board of directors
(or equivalent governing body), certified by the respective Secretary of the Company and
each such Schedule&nbsp;I Guarantor, relating to the execution and delivery of, and the
performance by the Company and each of the Schedule&nbsp;I Guarantors of its respective
obligations under, the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, we have made such investigations of law as we have deemed
necessary or appropriate as a basis for the opinions set forth herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes, the Guarantees and the Indenture are referred to herein, individually, as a
&#147;Transaction Document&#148; and, collectively, as the &#147;Transaction Documents.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In such examination and in rendering the opinions expressed below, we have assumed: (i)&nbsp;the
due authorization of all agreements, instruments and other documents by all the parties thereto
(other than the due authorization of each such agreement, instrument and document by the Company
and the Guarantors); (ii)&nbsp;the due execution and delivery of all agreements, instruments and other
documents by all the parties thereto (other than the due execution and delivery of each such
agreement, instrument and document by the Company and the Guarantors); (iii)&nbsp;the genuineness of all
signatures on all documents submitted to us; (iv)&nbsp;the authenticity and completeness of all
documents, corporate records, certificates and other instruments submitted to us; (v)&nbsp;that
photocopy, electronic, certified, conformed, facsimile and other copies submitted to
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="g21823g2182304.gif" alt="(TROUTMAN SANDERS LOGO)"><BR>
Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">us of original documents, corporate records, certificates and other instruments conform to the
original documents, records, certificates and other instruments, and that all such original
documents were authentic and complete; (vi)&nbsp;the legal capacity of all individuals executing
documents; (vii)&nbsp;that the Transaction Documents executed in connection with the transactions
contemplated thereby are the valid and binding obligations of each of the parties thereto (other
than the Company and the Guarantors), enforceable against such parties (other than the Company and
the Guarantors) in accordance with their respective terms and that no Transaction Document has been
amended or terminated orally or in writing except as has been disclosed to us; and (viii)&nbsp;that the
statements contained in the certificates and comparable documents of public officials, officers and
representatives of the Company and the Guarantors and other persons on which we have relied for the
purposes of this opinion are true and correct. As to all questions of fact material to this opinion
and as to the materiality of any fact or other matter referred to herein, we have relied (without
independent investigation) upon certificates or comparable documents of officers and
representatives of the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, in rendering the opinions expressed below, we have relied solely (without
independent investigation) upon the opinions of the below listed law firms to establish: (i)&nbsp;that
each of the Guarantors listed on Schedule&nbsp;II hereto (the &#147; Schedule&nbsp;II Guarantors&#148;) is validly
existing under the laws of its respective jurisdiction of incorporation or organization; (ii)&nbsp;that
the execution, delivery and performance by each of the Schedule&nbsp;II Guarantors will not violate the
certificate or articles of incorporation or certificate of formation or bylaws, operating agreement
or partnership agreement, as applicable, of such Schedule&nbsp;II Guarantor; and (iii)&nbsp;that the
execution, delivery and performance by each of the Schedule&nbsp;II Guarantors will not violate the laws
of the jurisdiction of such Schedule&nbsp;II Guarantor&#146;s organization or other applicable laws. Opinions
relied upon in accordance with the foregoing, each of which is attached as an exhibit to the
Registration Statement, are the following:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(i)&nbsp;Legal Opinion of Hogan &#038; Hartson L.L.P., regarding that Guarantor incorporated under the
laws of the State of Colorado;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(ii)&nbsp;Legal Opinion of Barnes &#038; Thornburg LLP, regarding those Guarantors organized under the
laws of the State of Indiana;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iii)&nbsp;Legal Opinion of Walsh Colucci Lubeley Emrich &#038; Walch PC, regarding those Guarantors
organized under the laws of the State of Maryland;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(iv)&nbsp;Legal Opinion of Greenbaum, Rowe, Smith &#038; Davis LLP, regarding that Guarantor
incorporated under the laws of the State of New Jersey;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(v)&nbsp;Legal Opinion of Tune, Entrekin &#038; White, P.C., regarding that Guarantor incorporated
under the laws of the State of Tennessee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(vi)&nbsp;Legal Opinion of Gardere Wynne Sewell LLP, regarding that Guarantor organized under the
laws of the State of Texas; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="g21823g2182304.gif" alt="(TROUTMAN SANDERS LOGO)"><BR>
Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 4

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">(vii)&nbsp;Legal Opinion of Holland &#038; Knight LLP, regarding that Guarantor organized under the
laws of the State of Florida.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and in reliance thereon, and subject to the limitations,
qualifications and exceptions set forth herein, we are of the following opinion:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. When the New Notes have been duly authenticated by U.S. Bank National Association,
in its capacity as Trustee, and duly executed and delivered on behalf of Beazer Homes as
contemplated by the Registration Statement, the New Notes will be legally issued and will
constitute valid and binding obligations of Beazer Homes enforceable against Beazer Homes in
accordance with their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When (a)&nbsp;the New Notes have been duly executed, authenticated, issued and delivered
in accordance with the provisions of the Indenture upon the exchange and (b)&nbsp;the Guarantees
have been duly endorsed on the New Notes, the Guarantees will constitute valid and binding
obligations of the Schedule&nbsp;I Guarantors enforceable against the Schedule&nbsp;I Guarantors in
accordance with their terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. When (a)&nbsp;the New Notes have been duly executed, authenticated, issued and delivered
in accordance with the provisions of the Indenture upon the exchange and (b)&nbsp;the Guarantees
have been duly endorsed on the New Notes, the Guarantees will constitute valid and binding
obligations of the Schedule&nbsp;II Guarantors enforceable against the Schedule&nbsp;II Guarantors in
accordance with their terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our opinions set forth above are subject to applicable bankruptcy, insolvency, reorganization,
fraudulent conveyance and transfer, moratorium or other laws now or hereafter in effect relating to
or affecting the rights or remedies of creditors generally and by general principles of equity
(whether applied in a proceeding at law or in equity) including, without limitation, standards of
materiality, good faith and reasonableness in the interpretation and enforcement of contracts, and
the application of such principles to limit the availability of equitable remedies such as specific
performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are members of the Bar of the States of Georgia, New York, Virginia and North Carolina and
accordingly, do not purport to be experts on or to be qualified to express any opinion herein
concerning the laws of any jurisdiction other than laws of the States of Georgia, New York,
Virginia and North Carolina and the Delaware General Corporation Law, the Delaware Limited
Liability Company Act and the Delaware Revised Uniform Limited Partnership Act (including, with
respect to the Delaware General Corporation Law, the Delaware Limited Liability Company Act, the
Delaware Revised Uniform Limited Partnership Act and all applicable provisions of the Delaware
Constitution and all reported judicial decisions interpreting such laws).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion has been prepared for your use in connection with the Registration Statement and
may not be relied upon for any other purpose. This opinion speaks as of the date
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><IMG src="g21823g2182304.gif" alt="(TROUTMAN SANDERS LOGO)"><BR>
Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 5

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">hereof. We assume no obligation to advise you of any change in the foregoing subsequent to the
effectiveness of the Registration Statement even though the change may affect the legal analysis or
a legal conclusion or other matters in this opinion letter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to being named as counsel to Beazer Homes and the Guarantors in the
Registration Statement, to the references therein to our Firm under the caption &#147;Legal Matters&#148; and
to the inclusion of this opinion as an exhibit to the Registration Statement. In giving this
consent, we do not thereby admit that we are within the category of persons whose consent is
required under Section&nbsp;7 of the Securities Act, or the rules and regulations of the Commission
thereunder.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Troutman Sanders LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Troutman Sanders LLP&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE I
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer/Squires Realty, Inc.<BR>
Beazer Homes Sales, Inc.<BR>
Beazer Realty Corp.<BR>
Beazer Homes Holdings Corp.<BR>
Beazer Homes Texas Holdings, Inc.<BR>
Beazer Homes Texas, L.P.<BR>
Beazer SPE, LLC<BR>
Beazer Homes Investments, LLC<BR>
Homebuilders Title Services of Virginia, Inc.<BR>
Homebuilders Title Services, Inc.<BR>
Beazer Allied Companies Holdings, Inc.<BR>
Beazer Realty Services, LLC<BR>
Beazer Commercial Holdings, LLC<BR>
Beazer General Services, Inc.<BR>
Beazer Homes Indiana Holdings Corp.<BR>
Beazer Realty Los Angeles, Inc.<BR>
Beazer Realty Sacramento, Inc.<BR>
BH Building Products, LP<BR>
BH Procurement Services, LLC<BR>
Beazer Mortgage Corporation<BR>
Beazer Homes Michigan, LLC<BR>
Dove Barrington Development LLC<BR>
Elysian Heights Potomia, LLC

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SCHEDULE II
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes Corp.<BR>
April Corporation<BR>
Beazer Realty, Inc.<BR>
Beazer Clarksburg, LLC<BR>
Texas Lone Star Title, L.P.<BR>
Beazer Homes Indiana LLP<BR>
Paragon Title, LLC<BR>
Trinity Homes, LLC<BR>
Arden Park Ventures, LLC<BR>
Clarksburg Arora LLC<BR>
Clarksburg Skylark, LLC

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>6
<FILENAME>g21823exv5w2.htm
<DESCRIPTION>EX-5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.2</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt; font-family: Helvetica,Arial,sans-serif" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>&nbsp;<BR>
<FONT style="font-size:4pt">&nbsp;</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">john c. tune (1931-1983)</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">ervin m. entrekin (1927-1990) </FONT><BR>
<FONT style="font-variant: SMALL-CAPS">thomas v. white</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">john w. nelley, jr. </FONT><BR>
<FONT style="font-variant: SMALL-CAPS">thomas c. scott</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">peter j. strianse</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">hugh w. entrekin</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">ben h. cantrell</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">john p. williams *</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">lesa hartley skoney</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">joseph p. rusnak</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">todd e. panther</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">shawn r. henry</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">t. chad white</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">LAW OFFICES<BR><FONT style="font-size:6pt">&nbsp;</FONT><BR>
<FONT style="font-size:15pt"><FONT style="font-variant: SMALL-CAPS"><B>Tune, Entrekin &#038; white, P.C.</B></FONT></FONT><BR><FONT style="font-size:6pt">&nbsp;</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">Suite&nbsp;1700, Regions Center</FONT><BR><FONT style="font-size:3pt">&nbsp;</FONT><BR>
315 Deaderick Street<BR><FONT style="font-size:3pt">&nbsp;</FONT><BR>
<FONT style="font-size:10pt"><FONT style="font-variant: SMALL-CAPS"><B>nashville, tennessee 37238-1700</B></FONT></FONT><BR>
<FONT style="font-size:3pt">&nbsp;</FONT>
<DIV align="center"><DIV style="font-size: 3pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><FONT style="font-size:3pt">&nbsp;</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">Telephone 615/ 244-2770</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">Telecopier 615/244-2778</FONT><BR>
<FONT style="font-size:15pt">&nbsp;</FONT><BR>
Sender&#146;s E-mail:hughentre@tewlawfirm.com<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="middle"><FONT style="font-variant: SMALL-CAPS">of counsel</FONT><BR>
<FONT style="font-variant: SMALL-CAPS">John D. Fitzgerald, Jr. </FONT><BR>&nbsp;<BR>
<FONT style="font-variant: SMALL-CAPS">*
rule 31 listed general civil </FONT><BR>
<FONT style="font-variant: SMALL-CAPS">mediator</FONT><BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
1000 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Re:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Beazer Homes USA, Inc.</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Registration Statement on Form&nbsp;S-4</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Beazer Homes Corp., a Tennessee corporation (the &#147;Guarantor&#148;), a
subsidiary of Beazer Homes USA, Inc. (&#147;Beazer&#148;), in connection with the Registration Statement on
Form S-4 (the &#147;Registration Statement&#148;) filed by Beazer and the subsidiaries of Beazer listed in
the Registration Statement, including the Guarantor, with the Securities and Exchange Commission
(the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The
Registration Statement relates to the issuance by the Company of up to $250,000,000 aggregate
principal amount of the Company&#146;s 12% Senior Secured Notes due 2017 (the &#147;New Notes&#148;) and the
issuance by the Guarantor and certain other subsidiaries listed in the Registration Statement of
guarantees (the &#147;New Guarantees&#148;) with respect to the New Notes. The New Notes will be offered by
Beazer in exchange for $250,000,000 aggregate principal amount of the Company&#146;s 12% Senior Secured
Notes due 2017 which have not been registered under the Securities Act. All capitalized terms used
and not otherwise defined herein shall have the meanings assigned to such terms in the Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes and the New Guarantees will be issued under an Indenture dated as of September
11, 2009 among the Company, the Subsidiary Guarantors and U.S. Bank National Association, as
Trustee and Wilmington Trust FSB, as collateral agent
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT face="Helvetica,Arial,sans-serif"><FONT style="font-variant: SMALL-CAPS"><B>Tune, Entrekin &#038; white, P.C.</B></FONT></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 2 of 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively, the &#147;Indenture&#148;). Capitalized terms used herein without definition have the
meanings specified in the Purchase Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering our opinions expressed below, we have examined such documents and have reviewed
such questions of law as we have considered necessary and appropriate for the purposes of our
opinions set forth below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, we have examined copies or originals of such documents,
resolutions, certificates and instruments of the Guarantor as we have deemed necessary to form a
basis for the opinions hereinafter expressed. In addition, we have reviewed certificates of public
officials, statutes, records and other instruments and documents as we have deemed necessary to
form a basis for the opinion hereinafter expressed. In our examination of the foregoing, we have
assumed, without independent investigation, (i)&nbsp;the genuineness of all signatures, (ii)&nbsp;the legal
capacity of natural persons, (iii)&nbsp;the authenticity of all documents submitted to us as originals,
(iv)&nbsp;the conformity to original documents of all documents submitted to us as duplicates or
certified or conformed copies, and (v)&nbsp;the authenticity of the originals of such latter documents.
With regard to certain factual matters, we have relied, without independent investigation or
verification, upon statements and representations of representatives of the Guarantor.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, we are of the opinion that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Guarantor is validly existing as a corporation, and in good standing under the laws of
the jurisdiction of its incorporation or formation and has all requisite power and authority,
corporate or otherwise, to conduct its business, to own its properties, and to execute, deliver and
perform all of its obligations under the Guarantee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Guarantor has duly authorized, executed and delivered the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The execution and delivery by the Guarantor of the Indenture and the Guarantee and the
performance of its obligations thereunder have been duly authorized by all necessary corporate or
other action and do not and will not (i)&nbsp;require any consent or approval of its stockholders, or
(ii)&nbsp;violate any provision of any law, rule or regulation of the state of Tennessee or, to our
knowledge, any order, writ, judgment, injunction, decree, determination or award presently in
effect having applicability to Guarantor which violation would impair its ability to perform its
obligations under the Guarantee or (iii)&nbsp;or violate any of its charter or by-laws.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions set forth above are subject to the following qualifications and exceptions:
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><FONT face="Helvetica,Arial,sans-serif"><FONT style="font-variant: SMALL-CAPS"><B>Tune, Entrekin &#038; white, P.C.</B></FONT></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 3 of 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counsel is a member of the Bar of the state of Tennessee. In rendering the foregoing opinions
we express no opinion as to the effect (if any) of laws of any jurisdiction except those of the
state of Tennessee. This opinion letter has been prepared for your use in connection with the
Registration Statement and may not be relied upon for any other purpose. Troutman Sanders LLP may
rely on this opinion in connection with the issuance of its opinion to be given in connection with
the Registration Statement. Our opinions are rendered only with respect to such laws, and the
rules, regulations and orders thereunder, that are currently in effect, and we assume no obligation
to advise you of any changes in the foregoing subsequent to the effectiveness of the Registration
Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the references in the Registration Statement, to our Firm under the
caption &#147;Legal Matters&#148; and to the inclusion of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act, or the rules and
regulations of the Commission thereunder.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" nowrap>Tune, Entrekin &#038; White, P.C.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" style="border-bottom: 1px solid #000000" valign="top">/s/ Hugh W. Entrekin</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: Hugh W. Entrekin</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.3
<SEQUENCE>7
<FILENAME>g21823exv5w3.htm
<DESCRIPTION>EX-5.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of Barnes &#038; Thornburg LLP&#093;
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Beazer Homes USA, Inc.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt">1000 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 0pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"></TD>
    <TD>&nbsp;</TD>
    <TD>Beazer Homes USA, Inc.<BR>
Registration Statement on Form&nbsp;S-4</TD>
</TR>
</TABLE>
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to (i)&nbsp;Beazer Homes Indiana, LLP, an Indiana limited liability
partnership, (ii)&nbsp;Paragon Title, LLC, an Indiana limited liability company, and (iii)&nbsp;Trinity
Homes, LLC, an Indiana limited liability company doing business as Beazer Homes (collectively, the
&#147;Guarantors&#148;), all of which are remote subsidiaries of Beazer Homes USA, Inc., a Delaware
corporation (&#147;Beazer&#148;), in connection with the Registration Statement on Form S-4 (the
&#147;Registration Statement&#148;) filed by Beazer and the direct and remote subsidiaries of Beazer listed
in the Registration Statement, including the Guarantors, with the Securities and Exchange
Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;).
The Registration Statement relates to the issuance by Beazer of up to $250,000,000 aggregate
principal amount of its 12% Senior Notes due 2017 (the &#147;New Notes&#148;) and the issuance by the
Guarantors and certain other subsidiaries listed in the Registration Statement of guarantees (the
&#147;New Guarantees&#148;) with respect to the New Notes. The New Notes will be offered by Beazer in
exchange for $250,000,000 aggregate principal amount of its outstanding 12% Senior Notes due 2017
which have not been registered under the Securities Act. All capitalized terms used and not
otherwise defined herein shall have the meanings assigned to such terms in the Registration
Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes and the New Guarantees will be issued under an Indenture, dated September&nbsp;11,
2009 (the &#147;Indenture&#148;), among Beazer, the Guarantors, certain other subsidiary guarantors listed in
the Registration Statement and U.S. Bank National Association, as trustee and Wilmington Trust FSB,
as collateral agent. We have assumed, with your permission, that (i)&nbsp;the Indenture has not been
further amended, modified or supplemented, (ii)&nbsp;the substantive provisions of the New Guarantees,
when issued, will be identical to the provisions of Article&nbsp;Eleven of the Indenture and (iii)&nbsp;the
New Notes have been issued pursuant to Article&nbsp;II of the Indenture and otherwise in compliance with
the provisions of the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering our opinions expressed below, we have examined such documents and have reviewed
such questions of law as we have considered necessary and appropriate for the purposes of our
opinions set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion letter, we have examined copies or originals of such
documents, resolutions, certificates and instruments of Beazer, its direct and remote subsidiaries
and the Guarantors as we have deemed necessary to form a basis for the opinions hereinafter
expressed. In addition, we have reviewed certificates of public officials, statutes, records and
other instruments and documents as we have deemed necessary to form a basis for the opinions
hereinafter expressed. In our examination of the foregoing, we have assumed, without independent
investigation, (i)&nbsp;the genuineness of all signatures, (ii)&nbsp;the legal capacity of natural persons,
(iii)&nbsp;the authenticity of all documents submitted to us as originals, (iv)&nbsp;the conformity to
original documents of all documents submitted to us as duplicates or certified or conformed copies,
and (v)&nbsp;the authenticity of the originals of such latter documents. With regard to certain factual
matters, we have relied, without independent investigation or verification, upon certificates,
statements and representations of representatives of Beazer and the Guarantors, including without
limitation those factual matters included in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, we are of the opinion that:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Beazer Homes Indiana, LLP is a general partnership subject to the Uniform
Partnership Act of the State of Indiana, became registered as an Indiana limited liability
partnership pursuant to a Registration to Qualify as a Limited Liability Partnership filed with
the Indiana Secretary of State on December&nbsp;29, 2004, and has all requisite power and authority
under Indiana law and its current partnership agreement to conduct its business and to own its
properties (all as described in the Registration Statement) and to execute, deliver and perform
all of its obligations under the New Guarantees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each of Paragon Title, LLC and Trinity Homes, LLC is validly existing as a limited
liability company under the laws of the State of Indiana and has all requisite power and
authority, limited liability company or otherwise, to conduct its business and to own its
properties (all as described in the Registration Statement) and to execute, deliver and perform
all of its obligations under the New Guarantees.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the Guarantors has duly authorized, executed and delivered the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The execution and delivery by each of the Guarantors of the Indenture and the New
Guarantees and the performance of its obligations thereunder have been duly authorized by all
necessary limited liability company or limited liability partnership or other action, as
applicable, and do not and will not (i)&nbsp;require any further consent or further approval of its
managers, members or partners, as applicable, or (ii)&nbsp;violate any provision of any law, rule or
regulation of the State of Indiana or, to our knowledge, any order, writ, judgment, injunction,
decree, determination or award of any federal or state court or governmental authority
presently in effect to which such Guarantor is a named party which violation would impair its
ability to perform its obligations under the New Guarantees or (iii)&nbsp;violate its (A)&nbsp;current
partnership agreement with respect to Beazer Homes Indiana, LLP, or (B)&nbsp;Articles of
Organization or Operating Agreement with respect to Paragon Title, LLC or Trinity Homes, LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions set forth above are subject to the following qualifications and exceptions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Counsel is a member of the Bar of the State of Indiana. In rendering the foregoing
opinions we express no opinion as to the effect (if any) of laws of any jurisdiction except
those of the State of Indiana. This opinion letter has been prepared for your use in connection
with the Registration Statement and may not be relied upon for any other purpose. This opinion
speaks as of the date hereof. We assume no obligation to advise you of any changes in the
foregoing subsequent to the effectiveness of the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to reliance on this opinion letter and the opinions provided herein by the
law firm Troutman Sanders LLP in and in connection with the legal opinion provided by that law firm
that is included as an exhibit to the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the references in the Registration Statement, to our Firm under the
caption &#147;Legal Matters&#148; and to the inclusion of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act, or the rules and
regulations of the Commission thereunder.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Barnes &#038; Thornburg LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.4
<SEQUENCE>8
<FILENAME>g21823exv5w4.htm
<DESCRIPTION>EX-5.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.4</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Direct: 214-999-4645<BR>
Direct Fax: 214-999-3645<BR>
dearhart@gardere.com

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
1000 Abernathy Road, Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><B><I>Beazer Homes USA, Inc.<br>
Registration Statement of Form&nbsp;S-4</I></B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special Texas counsel to Texas Lone Star Title, L.P., a Texas limited
partnership (the &#147;<U>Guarantor</U>&#148;), and subsidiary of Beazer Homes USA, Inc. (&#147;<U>Beazer</U>&#148;),
in connection with the Registration Statement on Form S-4 (the &#147;<U>Registration Statement</U>&#148;)
filed by Beazer and the subsidiaries of Beazer listed in the Registration Statement, including the
Guarantor, with the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) under the
Securities Act of 1933, as amended. The Registration Statement relates to the issuance by Beazer
of up to $250,000,000 aggregate principal amount of its 12% Senior Notes due 2017 (the
&#147;<U>Exchange Notes</U>&#148;) and the issuance by the Guarantor and certain other subsidiaries listed
in the Registration Statement of guarantees (the &#147;<U>Exchange Guarantees</U>&#148;) with respect to the
Exchange Notes, which will be exchanged for the outstanding 12% Senior Notes due 2017 and the
related guarantees issued by the Guarantor that have not been registered under the Securities Act.
All capitalized terms used and not otherwise defined herein shall have the meanings assigned to
such terms in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Exchange Notes and the Exchange Guarantees will be issued under an Indenture, dated
September&nbsp;11, 2009 (the &#147;<U>Indenture</U>&#148;), by and among Beazer, the Guarantor, certain other
subsidiary guarantors listed in the Registration Statement and U.S. Bank National Association, as
trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering our opinions expressed below, we have examined such documents and have reviewed
such questions of law as we have considered necessary and appropriate for the purposes of our
opinions set forth below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this Opinion Letter, we have examined copies or originals of such
documents, resolutions, certificates and instruments of the Guarantor as we have deemed
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January&nbsp;21, 2010<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">necessary to form a basis for the opinions hereinafter expressed. In addition, we have
reviewed certificates of public officials, statutes, records and other instruments and documents as
we have deemed necessary to form a basis for the opinions hereinafter expressed.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination, we have assumed, without independent investigation, (i)&nbsp;the genuineness of
all signatures, (ii)&nbsp;the legal capacity of natural persons, (iii)&nbsp;the authenticity of all documents
submitted to us as originals, (iv)&nbsp;the conformity to original documents of all documents submitted
to us as duplicates or certified or conformed copies, and (v)&nbsp;the authenticity of the originals of
such latter documents. With regard to certain factual matters, we have relied, without independent
investigation or verification, upon statements and representations of representatives of the
Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the exceptions, limitations, and qualifications set
forth below, we are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Guarantor is validly existing as a limited partnership in the State of Texas and has
all requisite power and authority, limited partnership or otherwise, to conduct its business as
currently conducted, to own its properties, and to execute, deliver and perform all of its
obligations under the Exchange Guarantees to be issued by the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The Guarantor has duly authorized, executed and delivered the Indenture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The execution and delivery by the Guarantor of the Indenture and the Exchange Guarantees
and the performance of its obligations thereunder have been duly authorized by all necessary
limited partnership or other action and do not and will not (i)&nbsp;require any further consent or
approval of its partners, or (ii)&nbsp;violate any provision of any law, rule or regulation of the State
of Texas or, to our knowledge, any order, writ, judgment, injunction, decree, determination, or
award presently addressed to and binding on such Guarantor which violation would impair its ability
to perform its obligations under the Guarantee, or (iii)&nbsp;violate its certificate of limited
partnership or limited partnership agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed herein are subject to the following exceptions, limitations, and
qualifications:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;We are members of the Bar of the State of Texas. In rendering the foregoing opinions, we
express no opinion as to the effect (if any) of laws of any jurisdiction except those of the State
of Texas. Our opinions are rendered only with respect to such laws, and the rules, regulations,
and orders thereunder that are currently in effect, and we disclaim any obligation to advise you of
any change in law or fact. We express no opinion as to the validity, binding effect or
enforceability of the Indenture or the Exchange Guarantees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;This opinion letter has been prepared and furnished for your use in connection with the
Registration Statement and may not be relied upon for any other purpose. We expressly permit
Troutman Sanders LLP to rely on this opinion letter for the purpose of giving its legal opinion in
connection with the Registration Statement. The opinion speaks as
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January&nbsp;21, 2010<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to the date hereof. We assume no obligation to advise you of any changes in the forgoing
subsequent to the effectiveness of the Registration Statement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;We hereby consent to the references in the Registration Statement to our Firm under the
caption &#147;Legal Matters&#148; and to the inclusion of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act, or the rules and
regulations of the Commission thereunder.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">GARDERE WYNNE SEWELL LLP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ David R. Earhart</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David R. Earhart, Partner</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.5
<SEQUENCE>9
<FILENAME>g21823exv5w5.htm
<DESCRIPTION>EX-5.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 6pt"><B>Exhibit 5.5</B>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 6pt">James E.L. Seay<BR>
407.244.1117<BR>
james.seay@hklaw.com

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
1000 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Beazer Homes USA, Inc.<br>
Registration Statement on Form&nbsp;S-4</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Arden Park Ventures, LLC, a Florida limited liability company (the
&#147;Guarantor&#148;), a subsidiary of Beazer Homes Corp. (&#147;Beazer Homes&#148;), in connection with the
Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) filed by Beazer Homes USA, Inc.
(&#147;Beazer&#148;) and the subsidiaries of Beazer listed in the Registration Statement, including Beazer
Homes and the Guarantor, with the Securities and Exchange Commission (the &#147;Commission&#148;) under the
Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Registration Statement relates to
the issuance by Beazer of up to $250,000,000 aggregate principal amount of its 12% Senior Notes due
2017 (the &#147;New Notes&#148;) and the issuance by the Guarantor and certain other subsidiaries listed in
the Registration Statement of guarantees (the &#147;New Guarantees&#148;) with respect to the New Notes. The
New Notes will be offered by Beazer in exchange for $250,000,000 aggregate principal amount of its
outstanding 12% Senior Notes due 2017 which have not been registered under the Securities Act. All
capitalized terms used and not otherwise defined herein shall have the meanings assigned to such
terms in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is our understanding that the New Notes and the New Guarantees will be issued under an
indenture, dated as of September&nbsp;11, 2009 (the &#147;Indenture&#148;), among Beazer, the Guarantor, certain
other subsidiary guarantors listed in the Registration Statement and U.S. Bank National
Association, as trustee (the &#147;Trustee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering our opinions expressed below, we have examined the following documents:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Indenture;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Subsidiary Guarantee contemplated by the Indenture, as executed by the Guarantor and
others (the &#147;Guarantee&#148;);</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a Certificate of Good Standing with respect to the Guarantor issued by the Florida
Department of State and dated January&nbsp;8, 2010;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certified Articles of Organization of the Guarantor which were filed on December&nbsp;16,
2004, as amended; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of the Secretary of Beazer Homes dated January&nbsp;21, 2010; and Joint
Resolution No.&nbsp;2010-01&nbsp;dated
January&nbsp;21, 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, we have examined copies or originals of such documents,
resolutions, certificates, and instruments of the Guarantor as we have deemed necessary to form a
basis for the opinions hereinafter expressed. In addition, we have reviewed certificates of public
officials, statutes, records and other instruments and documents as we have deemed necessary to
form a basis for the opinions hereinafter expressed. In our examination of the foregoing, we have
assumed, without independent investigation, (i)&nbsp;the genuineness of all signatures, (ii)&nbsp;the legal
capacity of natural persons, (iii)&nbsp;the authenticity of all documents submitted to us as originals,
(iv)&nbsp;the conformity to original documents of all documents submitted to us as duplicates or
certified or conformed copies, and (v)&nbsp;the authenticity of the originals of such latter documents.
With regard to certain factual matters, we have relied, without independent investigation or
verification, upon statements and representations of representatives of the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on and subject to the foregoing, we are of the opinion that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Guarantor is validly existing as a Florida limited liability company, and in good
standing under the laws of Florida, the jurisdiction of its formation, and has all
requisite power and authority, limited liability company or otherwise, to conduct its
business, to own its properties, and to execute, deliver and perform all of its
obligations under the Indenture and the Guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Guarantor has duly authorized, executed, and delivered the Indenture and the
Guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution and delivery by the Guarantor of the Indenture and the Guarantee and the
performance of its obligations thereunder have been duly authorized by all necessary
limited liability company or other action and do not and will not (i)&nbsp;require any
additional consent or approval of its members, or (ii)&nbsp;violate any provision of any law,
rule or regulation of the State of Florida or, to our knowledge, any order, writ,
judgment, injunction, decree, determination or award presently in effect having
applicability to the Guarantor which violation would impair its ability to perform its
obligations under the Guarantee or (iii)&nbsp;or violate any of its articles of organization.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions set forth above are subject to the following qualifications and exceptions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We are members of The Florida Bar. In rendering the foregoing opinions we express no
opinion as to the effect (if any) of laws of any jurisdiction except those of the state
of Florida. We express no opinion as to any matter relating to any state or federal
securities law or regulation. Our opinions are rendered only with respect to such laws,
and the rules, regulations and orders thereunder, that are currently in effect, and we
disclaim any obligation to advise you of any change in law or fact that occurs after the
effectiveness of the Registration Statement.</TD>
</TR>



</TABLE>
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In rendering the opinions and other matters set forth herein based on our knowledge, we
hereby advise you that, in the course of our representation of the Guarantor in matters
with respect to which we have been engaged by the Guarantor as counsel, no information
has come to our attention that would give us actual knowledge or actual notice that any
such opinions or other matters are not accurate or that any of the foregoing documents,
certificates, reports and information on which we have relied are not accurate and
complete. Except as otherwise stated herein, we have undertaken no independent
investigation or verification of such matters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We express no opinion as to any matter other than as expressly set forth above, and no
opinion is implied hereby or may be inferred herefrom, and specifically we express no
opinion as to (a)&nbsp;the financial ability of the Guarantor to meet its obligations under
the Indenture, the Guarantee or any other document related thereto, (b)&nbsp;the truthfulness
or accuracy of any applications, reports, plans, documents, financial statements or other
matters furnished by or on behalf of the Guarantor in connection with the Indenture, the
Guarantee or any other document related thereto, or (c)&nbsp;the truthfulness or accuracy of
any representation or warranty as to matters of fact made by the Guarantor in the
Indenture, the Guarantee or any other document.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">D.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We note that the Indenture and the Guarantee (in the case of the Guarantee, presumably,
though the Guarantee does not expressly say so) are governed by New York law. Therefore,
to the extent that the opinion given above requires any interpretation of law, we have
with your permission given the opinion as though the Indenture and the Guarantee were
governed by the laws of Florida; however, you should have no expectation that a court
would disregard a choice of law provision, or that the law of Florida is the same as the
law of New York</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the references in the Registration Statement, to our Firm under the
caption &#147;Legal Matters&#148; and to the inclusion of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act, or the rules and
regulations of the Commission thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed in this letter are limited to the matters set forth herein and no other
opinion should be inferred beyond the matters expressed as stated. This opinion has been prepared
for your use in connection with the Registration Statement and may not be relied upon for any other
purpose. Notwithstanding the foregoing, we agree that the firm of Troutman Sanders LLP may rely,
with our permission, on the matters set forth in this opinion for purposes of rendering its opinion
in connection with the Registration Statement. This opinion speaks as of the date hereof, and we
assume no obligation to advise you or any other person hereafter with regard to any change in the
foregoing subsequent to the effectiveness of the Registration Statement even though the change may
affect the legal analysis or a legal conclusion or other matters in this opinion letter.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Very truly yours,</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">HOLLAND &#038; KNIGHT LLP</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/&nbsp;&nbsp;James E.L. Seay&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">James E.L. Seay</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Partner</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DOCUMENT>
<TYPE>EX-5.6
<SEQUENCE>10
<FILENAME>g21823exv5w6.htm
<DESCRIPTION>EX-5.6
<TEXT>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.6</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="g21823hogan.gif" alt="(HOGAN LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif">Hogan &#038; Hartson LLP<BR>
One Tabor Center, Suite&nbsp;1500<BR>
1200 Seventeenth Street<BR>
Denver, CO 80202<BR>
&#043;1.303.899.7300 <B>tel</B><BR>
&#043;1.303.899.7333 <B>Fax</B>&nbsp;<BR>&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Helvetica,Arial,sans-serif"><B>www.hhlaw.com</B></FONT></TD>
</TR>
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</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 18pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
100 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="right" style="margin-top: 12pt">
<TABLE width="90%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Guaranty made as of the date hereof under that certain
Indenture dated as of September&nbsp;11, 2009, among Beazer Homes USA, Inc., the
Subsidiary Guarantors named on Schedule&nbsp;I thereto, U.S. Bank National
Association, as Trustee and Wilmington Trust FSB, as Notes Collateral Agent</TD>
</TR>
</TABLE>
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This firm has acted as special counsel, solely with respect to the matters addressed in this
letter, to April Corporation, a Colorado corporation (the &#147;Guarantor&#148;), and a subsidiary of Beazer
Homes USA, Inc., a Delaware corporation (&#147;Beazer&#148;), in connection with the Registration Statement
on Form S-4 (the &#147;Registration Statement&#148;) filed by Beazer and the subsidiaries of Beazer listed in
the Registration Statement, including the Guarantor, with the Securities and Exchange Commission
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). The Registration Statement
relates to the issuance by Beazer of up to $250,000,000 aggregate principal amount of its 12%
Senior Secured Notes due 2017 (the &#147;New Notes&#148;) and the issuance by the Guarantor and certain other
subsidiaries listed in the Registration Statement of a guarantee as prescribed by the Indenture (as
defined below) and in the form attached to the Indenture (the &#147;New Guarantee&#148;) with respect to the
New Notes. The New Notes will be offered by Beazer in exchange for $250,000,000 aggregate
principal amount of its outstanding 12% Senior Secured Notes due 2017 which have not been
registered under the Securities Act. All capitalized terms used and not otherwise defined herein
shall have the meanings assigned to such terms in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes and the New Guarantee will be issued under an indenture, dated September&nbsp;11,
2009 (the &#147;Indenture&#148;) among Beazer, the Guarantor, certain other subsidiary guarantors listed in
the Registration Statement, U.S. Bank National Association, as trustee and Wilmington Trust FSB, as
Notes Collateral Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the opinions, which are set forth in paragraphs (a)&nbsp;through (c)&nbsp;below (the
&#147;Opinions&#148;), and other statements made in this letter, we have examined copies of the documents
listed on <U>Schedule&nbsp;1</U> attached hereto (the &#147;Documents&#148;). We believe the Documents provide
an appropriate basis on which to render the opinions hereinafter expressed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination of the Agreement and the other Documents, we have assumed the genuineness
of all signatures, the legal capacity of all natural persons, the accuracy and completeness of all
of the Documents, the authenticity of all originals of the Documents and the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 2

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 16pt">conformity to authentic originals of all of the Documents submitted to us as copies (including
telecopies). As to all matters of fact relevant to the Opinions and other statements made herein,
we have relied on the representations and statements of fact made in the Documents, we have not
independently established the facts so relied on, and we have not made any investigation or inquiry
other than our examination of the Documents.<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this opinion letter, we have assumed that (i)&nbsp;each party to the Indenture
other than the Guarantor has all requisite power and authority under all applicable laws,
regulations and governing documents to execute, deliver and perform its obligations under the
Indenture, and each of such other parties has complied with all legal requirements pertaining to
its status as such status relates to its rights to enforce the Indenture against the Company, (ii)
each of such other parties has duly authorized, executed and delivered the Indenture to which it is
a party, (iii)&nbsp;each party to the Indenture is validly existing and in good standing in all
necessary jurisdictions (except for the Guarantor in the State of Colorado), (iv)&nbsp;the Indenture
constitutes a valid and binding obligation, enforceable against each of such other parties in
accordance with its terms, (v)&nbsp;there has been no mutual mistake of fact or misunderstanding, or
fraud, duress or undue influence, in connection with the negotiation, execution or delivery of the
Indenture, and the conduct of all parties to the Indenture has complied with any requirements of
good faith, fair dealing and conscionability, and (vi)&nbsp;there are and have been no agreements or
understandings among the parties, written or oral, and there is and has been no usage of trade or
course of prior dealing among the parties, that would, in either case, define, supplement or
qualify the terms of the Indenture. We have also assumed the validity and constitutionality of
each relevant statute, rule, regulation and agency action covered by this opinion letter. The
Opinions are given, and other statements are made, in the context of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Opinions are based as to matters of law solely on applicable provisions of internal
Colorado law, as currently in effect, subject to the exclusions and limitations set forth in this
opinion letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon, subject to and limited by the assumptions, qualifications, exceptions, and
limitations set forth in this opinion letter, we are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Company is validly existing as a corporation and in good standing under the laws of
the State of Colorado.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The execution, delivery and performance by the Guarantor of the Indenture and the New
Guarantee have been duly authorized by all necessary corporate action of the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The execution and delivery by the Guarantor of the Indenture did not, and the New
Guarantee does not, (i)&nbsp;require any approval of the Guarantor&#146;s shareholders that has not been
obtained, or (ii)&nbsp;violate the Articles of Incorporation or Bylaws of the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the assumptions, qualifications, exceptions and limitations elsewhere set forth
in this opinion letter, our opinions expressed above are also subject to the effect of: (i)
bankruptcy, insolvency, reorganization, receivership, moratorium and other laws
affecting creditors&#146; rights (including, without limitation, the effect of statutory and other
law
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 16pt">regarding fraudulent conveyances, fraudulent transfers and preferential transfers); and (ii)
the exercise of judicial discretion and the application of principles of equity, good faith, fair
dealing, reasonableness, conscionability and materiality (regardless of whether the applicable
agreements are considered in a proceeding in equity or at law).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We express no opinion in this letter as to any other laws and regulations not specifically
identified above as being covered hereby (and in particular, we express no opinion as to any effect
that such other laws and regulations may have on the opinions expressed herein). We express no
opinion in this letter as to federal or state securities laws or regulations, antitrust, unfair
competition, banking, or tax laws or regulations, or laws or regulations of any political
subdivision below the state level. The opinions set forth in paragraph (c)&nbsp;are based upon a review
of only those laws and regulations (not otherwise excluded in this letter) that, in our experience,
are generally recognized as applicable to transactions of the type contemplated in in the Indenture
and New Guarantee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion letter has been prepared for use in connection with the Registration Statement.
This Opinion letter speaks as of the date hereof. We assume no obligation to advise you of any
changes in the foregoing subsequent to the effective date of the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the filing of this opinion letter as an exhibit to the Registration
Statement and to the reference to this firm under the caption &#147;Legal Matters&#148; in the prospectus
constituting a part of the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nothing herein shall be construed to cause us to be considered &#147;experts&#148; within the meaning of
Section&nbsp;11 of the Securities Act of 1933, as amended.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 0px solid #000000" align="left">/s/ HOGAN &#038; HARTSON L.L.P.
&nbsp;<br>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">HOGAN &#038; HARTSON L.L.P.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Schedule&nbsp;1</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executed copy of the Indenture.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Executed copy of the New Guarantee.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Articles of Incorporation of the Guarantor, as certified by
the Secretary of State of the State of Colorado on December&nbsp;31, 2009, and as
certified by the Secretary of the Guarantor on the date hereof as being
complete, accurate, and in effect on September&nbsp;11, 2009, and on the date
hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Bylaws of the Guarantor, as certified by the Secretary of
the Guarantor on the date hereof as being complete, accurate, and in effect on
September&nbsp;11, 2009, and on the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certificate of good standing of the Guarantor issued by the
Secretary of State of the State of Colorado dated as of the date hereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Joint Resolution of the Board of Directors of the Guarantor
adopted by unanimous written consent on August&nbsp;5, 2009, as certified by the
Secretary of the Guarantor on the date hereof as being complete, accurate, and
in effect relating to, among other things, authorization of the Indenture and
arrangements in connection therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Joint Resolution of the Board of Directors of the Guarantor
adopted by unanimous written consent on January&nbsp;21, 2010, as certified by the
Secretary of the Guarantor on the date hereof as being complete, accurate, and
in effect relating to, among other things, authorization of the New Guarantee
and arrangements in connection therewith.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of Secretary of the Guarantor dated January&nbsp;21,
2010 as to certain facts relating to the Guarantor and the incumbency and
signatures of certain officers of the Guarantor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A certificate of certain officers of the Guarantor dated as of
the date hereof as to certain facts relating to the Guarantor.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">1<!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.7
<SEQUENCE>11
<FILENAME>g21823exv5w7.htm
<DESCRIPTION>EX-5.7
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.7</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
1000 Abernathy Road, Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Troutman Sanders LLP<BR>
600 Peachtree Street, N.E., Suite&nbsp;5200<BR>
Atlanta, Georgia 30308-2216

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Form&nbsp;S-4 Registration Statement Under the Securities Act of 1933 filed by Beazer<BR></B>
<U><B>Homes USA, Inc. and Certain Subsidiary Guarantors, including, Beazer Realty, Inc.</B></U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as counsel to Beazer Realty, Inc., a New Jersey corporation (the &#147;<B>Guarantor</B>&#148;), a
subsidiary of Beazer Homes USA, Inc., a Delaware corporation (the &#147;<B>Company</B>&#148;) in connection with
that certain registration statement on Form S-4 (the &#147;<B>Registration Statement</B>&#148;) to be filed by the
Company and the subsidiary guarantors listed in the Registration Statement, including the
Guarantor, with the Securities and Exchange Commission under the Securities Act of 1933, as
amended. The Registration Statement relates to the issuance by the Company of up to $250,000,000
aggregate principal amount of its Senior Secured Notes due 2017 (the &#147;<B>New Notes</B>&#148;) and the issuance
by the subsidiary guarantors named in the Registration Statement, including the Guarantor, of
guarantees (each, a &#147;<B>Guaranty</B>&#148; and collectively, the &#147;<B>Guarantees</B>&#148;) with respect to the New Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Notes and the Guarantees will be issued pursuant to that certain indenture dated as of
September&nbsp;11, 2009 (the &#147;<B>Indenture</B>&#148;) by and among the Company, the Guarantor, the other subsidiary
guarantors named therein, U.S. Bank National Association, as trustee and Wilmington Trust FSB, as
Notes Collateral Agent (as defined in the Indenture). The New Notes and the Guarantees will be
offered by the Company in exchange for $250,000,000&nbsp;million aggregate principal amount of their
outstanding 12% Senior Secured Notes due 2017 and the related guarantees of those notes.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
Troutman Sanders LLP<BR>
January&nbsp;21, 2010<BR>
Page 2

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with our opinion, we have examined copies, certified or otherwise identified to
our satisfaction, of the following documents: (i)&nbsp;the Indenture; (ii)&nbsp;the Guaranty; (iii)&nbsp;the
Certificate of Good Standing of the Guarantor dated January&nbsp;7, 2010; (iv)&nbsp;the corporate resolutions
of the board of directors of the Guarantor, authorizing and approving (a)&nbsp;the Guarantor&#146;s
execution, delivery and performance of the Indenture and its Guaranty, and (b)&nbsp;the filing of the
Registration Statement with the Securities and Exchange Commission under the Securities Act of
1933, as amended; (v)&nbsp;the Certificate of Incorporation of the Guarantor (the &#147;<B>Certificate of
Incorporation</B>&#148;); and (vi)&nbsp;the Amended and Restated By-laws of the Guarantor (the &#147;<B>By-Laws</B>&#148;). We
have also examined that certain draft of the Registration Statement to be filed with the Securities
and Exchange Commission under the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our examination, we have assumed the genuineness of all signatures, the legal capacity of
all natural persons, the authenticity of all documents submitted to us as originals, the conformity
to original documents submitted to us as certified, photostatic or facsimile copies and the
authenticity of the originals of such documents. As to any facts relevant to the opinions expressed
below that we did not independently establish or verify, we have relied upon statements and
representations of the Guarantor or others, including the representations of the Guarantor in the
documents referenced above and the representations set forth in that certain Officer&#146;s Certificate
of the Guarantor dated January&nbsp;21, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based upon the foregoing, and subject to the limitations and qualifications set forth below,
we are of the opinion that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The Guarantor is validly existing as a corporation and in good standing under the laws of
the State of New Jersey, and the Guarantor has the corporate power to execute, deliver and perform
its obligations under the Guaranty.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;The execution, delivery and performance of the Indenture and the Guaranty by the Guarantor
has been duly authorized by all necessary corporate action on the part of the Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;The execution and delivery by the Guarantor of the Indenture and the Guaranty and the
performance of its obligations thereunder do not and will not (i)&nbsp;require any consent or approval
of Guarantor&#146;s stockholders, or (ii)&nbsp;violate any provision of any law, rule, or regulation of the
State of New Jersey or, to our knowledge, any order, writ, judgment, injunction, decree,
determination or award presently in effect having applicability to the Guarantor, which violation
would impair its ability to perform its obligations under the Guaranty, or (iii)&nbsp;violate either the
Certificate of Incorporation or the By-laws.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
Troutman Sanders LLP<BR>
January&nbsp;21, 2010<BR>
Page 3

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are members of the Bar of the State of New Jersey, and we express no opinion to the laws of
any jurisdiction except the laws of the State of New Jersey and the United States of
America. We note that the documents referenced in this opinion provide that that they are to
be governed by New York law, with certain qualifications and exceptions. We express no opinion as
to the interpretation of the choice of law provisions in the documents referenced herein,
including, without limitation, which provisions of such documents a court would deem subject to New
Jersey rather than New York law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed herein represent the judgment of this law firm as to certain legal
matters, but such opinions are not guarantees or warranties and should not in any respect be
construed as such.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This opinion has been prepared for your use in connection with the Registration Statement and
may not be relied upon for any other purpose without our prior written approval. This opinion
speaks as of the date hereof. We assume no obligation to advise you of any change in the foregoing
subsequent to the effectiveness of the Registration Statement even though the change may affect the
legal analysis or a legal conclusion or other matters in this opinion letter.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Very truly yours,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">/s/ Greenbaum, Rowe, Smith &#038; Davis LLP
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.8
<SEQUENCE>12
<FILENAME>g21823exv5w8.htm
<DESCRIPTION>EX-5.8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;5.8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">&#091;Letterhead of Walsh, Colucci, Lubeley, Emrich &#038; Walsh. P.C.&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">January&nbsp;21, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
1000 Abernathy Road<BR>
Suite&nbsp;1200<BR>
Atlanta, Georgia 30328

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Beazer Homes USA, Inc.<br>
Registration Statement on Form&nbsp;S-4</TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ladies and Gentlemen:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have acted as special Maryland counsel to Beazer Clarksburg, LLC, a Maryland limited
liability company, Clarksburg Arora, LLC, a Maryland limited liability company , and Clarksburg
Skylark, LLC, a Maryland limited liability company (each a &#147;Guarantor&#148; and, collectively, the
&#147;Guarantors&#148;), each a subsidiary of Beazer Homes USA, Inc. (&#147;Beazer&#148;), in connection with the
Registration Statement on Form S-4 (the &#147;Registration Statement&#148;) filed by Beazer and the
subsidiaries of Beazer listed in the Registration Statement, including the Guarantors, with the
Securities and Exchange Commission (the &#147;Commission&#148;) under the Securities Act of 1933, as amended
(the &#147;Securities Act&#148;). The Registration Statement relates to the issuance by Beazer of up to
$250,000,000 aggregate principal amount of its 12% Senior Notes due 2017 (the &#147;New Notes&#148;) and the
issuance by each of the Guarantors and certain other subsidiaries listed in the Registration
Statement of guarantees (individually, a &#147;New Guarantee&#148; and, collectively, the &#147;New Guarantees&#148;)
with respect to the New Notes. The New Notes will be offered by Beazer in exchange for its
outstanding 12% Senior Notes due 2017 which have not been registered under the Securities Act. All
capitalized terms used and not otherwise defined herein shall have the meanings assigned to such
terms in the Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is our understanding that the New Notes and the New Guarantees will be issued under an
indenture, dated September&nbsp;11, 2009 (the &#147;Indenture&#148;) among Beazer, the Guarantors, certain other
subsidiary guarantors listed in the Registration Statement and U.S. Bank National Association, as
trustee (the &#147;Trustee&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In rendering our opinions expressed below, we have examined such documents and have reviewed
such questions of law as we have considered necessary and appropriate for the purposes of our
opinions set forth below.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with this opinion, we have examined copies or originals of such documents,
resolutions, certificates and instruments of each of the Guarantors as we have deemed necessary to
form a basis for the opinions hereinafter expressed. In addition, we have reviewed certificates of
public officials, statutes, records and other instruments and documents as we have deemed necessary
to form a basis for the opinion hereinafter expressed. In our examination of the foregoing, we have
assumed, without independent investigation, (i)&nbsp;the genuineness of all signatures, (ii)&nbsp;the legal
capacity of natural persons, (iii)&nbsp;the authenticity of all documents submitted to us as originals,
(iv)&nbsp;the conformity to original documents of all documents
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 2 of 3

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">submitted to us as duplicates or certified or conformed copies, and (v)&nbsp;the authenticity of
the originals of such latter documents. With regard to certain factual matters, we have relied,
without independent investigation or verification, upon statements and representations of
representatives of each of the Guarantors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the foregoing, we are of the opinion that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each of the Guarantors is validly existing as a limited liability company, and in
good standing under the laws of the jurisdiction of its formation and has all requisite power
and authority, limited liability company or otherwise, to conduct its business, to own its
properties, and to execute, deliver and perform all of its obligations under its respective New
Guarantee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each of the Guarantors has duly authorized, executed and delivered the Indenture.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The execution and delivery by each of the Guarantors of the Indenture and the New
Guarantees and the performance of each Guarantor&#146;s respective obligations thereunder have been
duly authorized by all necessary limited liability company or other action and do not and will
not (i)&nbsp;require any additional consent or approval of its members, or (ii)&nbsp;violate any
provision of any law, rule or regulation of the State of Maryland or, to our knowledge, any
order, writ, judgment, injunction, decree, determination or award presently in effect having
applicability to each Guarantor which violation would impair its ability to perform its
obligations under its respective New Guarantee or (iii)&nbsp;or violate any of its articles of
organization or limited liability company operating agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions set forth above are subject to the following qualifications and exceptions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Counsel is a member of the Bar of the State of Maryland. In rendering the foregoing
opinions we express no opinion as to the effect (if any) of laws of any jurisdiction except
those of the State of Maryland. The undersigned expresses no opinion as to any matter relating
to any state or federal securities law or regulation. Our opinions are rendered only with
respect to such laws, and the rules, regulations and orders thereunder, that are currently in
effect, and we disclaim any obligation to advise you of any change in law or fact that occurs
after the date hereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The opinions set forth herein are subject to applicable bankruptcy, insolvency,
reorganization, fraudulent conveyance and transfer, moratorium or other laws now or hereafter
in effect relating to or affecting the rights or remedies of creditors generally and by general
principles of equity (whether applied in a proceeding at law or in equity) including, without
limitation, standards of materiality, good faith and reasonableness in the interpretation and
enforcement of contracts, and the application of such principles to limit the availability of
equitable remedies such as specific performance.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beazer Homes USA, Inc.<BR>
January&nbsp;21, 2010<BR>
Page 3 of 3

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The undersigned expresses no opinion as to any matter other than as expressly set
forth above, and no opinion is or may be implied or inferred herefrom, and specifically we
express no opinion as to (a)&nbsp;the financial ability of each of the Guarantors to meet its
obligations under the Indenture, the New Guarantees or any other document related thereto, (b)
the truthfulness or accuracy of any applications, reports, plans, documents, financial
statements or other matters furnished by or on behalf of each of the Guarantors in connection
with the Indenture, the New Guarantees or any other document related thereto, or (c)&nbsp;the
truthfulness or accuracy of any representation or warranty as to matters of fact made by each
of the Guarantors in the New Guarantees or any other document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hereby consent to the references in the Registration Statement, to our Firm under the
caption &#147;Legal Matters&#148; and to the inclusion of this opinion as an exhibit to the Registration
Statement. In giving this consent, we do not thereby admit that we are within the category of
persons whose consent is required under Section&nbsp;7 of the Securities Act, or the rules and
regulations of the Commission thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinions expressed in this letter are limited to the matters set forth herein and no other
opinion should be inferred beyond the matters expressed as stated. This opinion letter has been
prepared for your use in connection with the Registration Statement and may not be relied upon for
any other purpose. This opinion speaks as of the date hereof. We assume no obligation to advise you
of any changes in the foregoing subsequent to the effectiveness of the Registration Statement.
Troutman Sanders LLP may rely on this opinion in connection with the issuance of its opinion to be
given in connection with the Registration Statement. This letter is to be interpreted in accordance
with the report of the 2007 REPORT ON LAWYERS&#146; OPINIONS IN BUSINESS TRANSACTIONS BY THE
SPECIAL JOINT COMMITTEE OF THE SECTION OF BUSINESS LAW AND THE SECTION OF REAL PROPERTY, PLANNING
AND ZONING OF THE MARYLAND STATE BAR ASSOCIATION, INC., as revised.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">Very truly yours,

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">WALSH, COLUCCI, LUBELEY,<BR>
EMRICH &#038; WALSH, P.C.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>

<TD align="left" style="border-bottom: 1px solid #000000" valign="top">/s/
Bryan H. Guidash</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" colspan="3" valign="top">Bryan H. Guidash, Shareholder</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>13
<FILENAME>g21823exv21w1.htm
<DESCRIPTION>EX-21.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv21w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;21.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Subsidiaries
    of Beazer Homes USA, Inc.</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="84%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>State of Incorporation<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>/Formation</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    TN
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer/Squires Realty, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NC
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Sales, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    GA
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Holdings Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Texas Holdings, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Texas, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    CO
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer SPE, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    GA
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Investments, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    NJ
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Clarksburg, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    MD
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Homebuilders Title&#160;Services of Virginia, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    VA
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Homebuilders Title&#160;Services, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Texas Lone Star Title, L.P.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    TX
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Allied Companies Holdings, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Indiana LLP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    IN
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Services, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Paragon Title, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    IN
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Trinity Homes, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    IN
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Commercial Holdings, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer General Services, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Indiana Holdings Corp.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Los Angeles, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Realty Sacramento, Inc.&#160;
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BH Building Products, LP
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    BH Procurement Services, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Arden Park Ventures, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    FL
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Mortgage Corporation
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Beazer Homes Michigan, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Dove Barrington Development LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    DE
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Elysian Heights Potomia, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    VA
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Clarksburg Arora LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    MD
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Clarksburg Skylark, LLC
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    MD
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>14
<FILENAME>g21823exv23w1.htm
<DESCRIPTION>EX-23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv23w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: Helvetica,Arial,sans-serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT
23.1</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: 18pt">We
consent to the incorporation by reference in this Registration
Statement on Form&nbsp;S-4 of our reports dated November&nbsp;10,
2009, relating to the consolidated financial statements of Beazer
Homes USA, Inc. (which report expresses an unqualified opinion and
includes an explanatory paragraph relating to the adoption of new
accounting guidance on the accounting for uncertainty in income taxes
on October&nbsp;1, 2007), and the effectiveness of Beazer Homes USA,
Inc.&#146;s internal control over financial reporting, appearing in
the Annual Report on Form&nbsp;10-K of
Beazer Homes USA, Inc. for the year ended September&nbsp;30, 2009,
and to the reference to us under the heading &#147;Experts&#148; in
the Prospectus, which is part of this Registration Statement.</DIV>


<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B><IMG src="g21823g2182307.gif" alt="(DELOITTE TOUCHE SIGNATURE)"></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Atlanta,
Georgia<BR>January&nbsp;21, 2010</DIV>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>15
<FILENAME>g21823exv25w1.htm
<DESCRIPTION>EX-25.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv25w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit
    25.1</FONT></B>
</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">SECURITIES AND EXCHANGE
    COMMISSION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">Washington,&#160;D.C.
    20549</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 18pt">FORM T-1</FONT></B>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">STATEMENT OF ELIGIBILITY
    UNDER</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE TRUST INDENTURE ACT OF 1939
    OF A</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">CORPORATION DESIGNATED TO ACT
    AS TRUSTEE</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 12pt">Check if an Application to
    Determine Eligibility of
    </FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 12pt">a Trustee Pursuant to Section
    305(b)(2)
    </FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">U.S. BANK NATIONAL
    ASSOCIATION</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">(Exact name of Trustee as specified
    in its charter)
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>31-0841368</B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">I.R.S. Employer Identification No.
    </FONT>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
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<TR valign="bottom">
<TD align="center" valign="top">
    800 Nicollet Mall
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top">
    Minneapolis, Minnesota
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    55402
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">(Address of principal executive
    offices)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">(Zip Code)
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Jack Ellerin
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S. Bank National Association
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1349&#160;W.&#160;Peachtree Street, Suite&#160;1050
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Atlanta, GA 30309
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(404)&#160;898-8830</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 8pt">(Name, address and telephone number
    of agent for service)
    </FONT>
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 12pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Beazer
    Homes USA, Inc.<BR>
    </FONT></B><FONT style="font-size: 8pt"><FONT style="font-family: 'Times New Roman', Times">(Issuer
    with respect to the Securities)</FONT>
    </FONT>
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
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<TR valign="bottom">
<TD nowrap align="center" valign="top">
    DELAWARE
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    58-2086934
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">(State or other jurisdiction of
    incorporation or organization)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">(I.R.S. Employer Identification
    No.)
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="48%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD align="center" valign="top">
    1000 Abernathy Road, Suite&#160;1200 Atlanta GA
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
    30328
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">(Address of Principal Executive
    Offices)
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="font-size: 8pt">(Zip Code)
    </FONT>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 21pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 14pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">12%&#160;Senior
    Secured Notes</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 2pt solid #000000"></CENTER>
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</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">FORM&#160;T-1</FONT></FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

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

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;1.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">GENERAL
    INFORMATION.</FONT></I></B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;Furnish
    the following information as to the Trustee.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    a)&#160;<I>Name and address of each examining or supervising
    authority to which it is subject.</I>
</DIV>



<DIV align="left" style="margin-left: 11%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Comptroller of the Currency<BR>
    Washington,&#160;D.C.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 7%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    b)&#160;<I>Whether it is authorized to exercise corporate trust
    powers.</I>
</DIV>



<DIV align="left" style="margin-left: 11%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Yes
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;2.<I>&#160;&#160;AFFILIATIONS
    WITH
    OBLIGOR.</I></FONT></B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;If
    the obligor is an affiliate of the Trustee, describe each such
    affiliation.
    </FONT>
</DIV>



<DIV align="left" style="margin-left: 11%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Items&#160;3-15&#160;&#160;</FONT></FONT></B>
</TD>
    <TD>
    <I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Items&#160;3-15</FONT>
    are not applicable because to the best of the Trustee&#146;s
    knowledge, the obligor is not in default under any Indenture for
    which the Trustee acts as Trustee.</FONT></I>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>
    <B><FONT style="font-family: 'Times New Roman', Times">Item&#160;16.<I>&#160;&#160;</I></FONT></B>
</TD>
    <TD>
    <B><I><FONT style="font-family: 'Times New Roman', Times">LIST
    OF
    EXHIBITS:</FONT></I></B><FONT style="font-family: 'Times New Roman', Times">&#160;&#160;List
    below all exhibits filed as a part of this statement of
    eligibility and qualification.
    </FONT>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    1.&#160;
</TD>
    <TD align="left">
    A copy of the Articles of Association of the Trustee.*
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    2.&#160;
</TD>
    <TD align="left">
    A copy of the certificate of authority of the Trustee to
    commence business.*
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    3.&#160;
</TD>
    <TD align="left">
    A copy of the certificate of authority of the Trustee to
    exercise corporate trust powers.*
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    4.&#160;
</TD>
    <TD align="left">
    A copy of the existing bylaws of the Trustee.**
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    5.&#160;
</TD>
    <TD align="left">
    A copy of each Indenture referred to in Item&#160;4. Not
    applicable.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    6.&#160;
</TD>
    <TD align="left">
    The consent of the Trustee required by Section&#160;321(b) of
    the Trust&#160;Indenture Act of 1939, attached as Exhibit&#160;6.
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    7.&#160;
</TD>
    <TD align="left">
    Report of Condition of the Trustee as of September&#160;30, 2009
    published pursuant to law or the requirements of its supervising
    or examining authority, attached as Exhibit&#160;7.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to Exhibit&#160;25.1 to Amendment
    No.&#160;2 to registration statement on
    <FONT style="white-space: nowrap">S-4,</FONT>
    Registration Number
    <FONT style="white-space: nowrap">333-128217</FONT>
    filed on November&#160;15, 2005.</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>

<TR>
    <TD align="right" valign="top">
    ** </TD>
    <TD></TD>
    <TD valign="bottom">
    Incorporated by reference to Exhibit&#160;25.1 to registration
    statement on
    <FONT style="white-space: nowrap">S-4,</FONT>
    Registration Number
    <FONT style="white-space: nowrap">333-159463</FONT>
    filed on August&#160;24, 2009.</TD>
</TR>

</TABLE>
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    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">SIGNATURE</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the requirements of the Trust&#160;Indenture Act of
    1939, as amended, the Trustee, U.S.&#160;BANK NATIONAL
    ASSOCIATION, a national banking association organized and
    existing under the laws of the United States of America, has
    duly caused this statement of eligibility and qualification to
    be signed on its behalf by the undersigned, thereunto duly
    authorized, all in the City of Atlanta, State of Georgia on the
    21 of January, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="45%"></TD>
    <TD width="4%"></TD>
    <TD width="51%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;&#160;
</TD>
    <TD align="left">
     /s/ Jack Ellerin
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 49%; width: 26%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Jack Ellerin<BR>
    Vice President
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    By:&#160;&#160;</TD>
    <TD align="left">
    /s/ Felicia H. Powell
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 4%; width: 26%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Felicia H. Powell
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assistant Vice President
</DIV>
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    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><U><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;6</FONT></U></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONSENT</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In accordance with Section&#160;321(b) of the
    Trust&#160;Indenture Act of 1939, the undersigned,
    U.S.&#160;BANK NATIONAL ASSOCIATION hereby consents that reports
    of examination of the undersigned by Federal, State, Territorial
    or District authorities may be furnished by such authorities to
    the Securities and Exchange Commission upon its request therefor.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated: January&#160;21, 2010
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="45%"></TD>
    <TD width="4%"></TD>
    <TD width="51%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    By:&#160;&#160;
</TD>
    <TD align="left">
     /s/ Jack Ellerin
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 49%; width: 26%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 49%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Jack Ellerin<BR>
    Vice President
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    By:&#160;&#160;</TD>
    <TD align="left">
    /s/ Felicia H. Powell
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 4%; width: 26%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Felicia H. Powell
</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Assistant Vice President
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;7<BR>
    U.S. Bank National Association<BR>
    Statement of Financial Condition<BR>
    As of
    <FONT style="white-space: nowrap">9/30/2009</FONT></FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">($000&#146;s)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="87%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>9/30/2009</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Cash and Balances Due From Depository Institutions
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    5,280,939
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Securities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40,563,378
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Federal Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,740,525
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Loans&#160;&#038; Lease Financing Receivables
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    179,125,128
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Fixed Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,619,442
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Intangible Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,762,329
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other Assets
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,851,241
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Total Assets</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>259,942,982</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Deposits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    180,624,239
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Fed Funds
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,951,345
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Treasury Demand Notes
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Trading Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    469,006
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other Borrowed Money
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28,305,774
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Acceptances
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Subordinated Notes and Debentures
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7,779,967
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Other Liabilities
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,311,437
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Total Liabilities</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>234,441,768</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Equity</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Minority Interest in Subsidiaries
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,640,987
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Common and Preferred Stock
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Surplus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12,642,020
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Undivided Profits
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11,200,007
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 30pt">
    <B>Total Equity Capital</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>25,501,214</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Total Liabilities and Equity Capital</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    <B>$</B>
</TD>
<TD nowrap align="right" valign="bottom">
    <B>259,942,982</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To the best of the undersigned&#146;s determination, as of the
    date hereof, the above financial information is true and correct.
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>U.S. Bank National Association</B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    By:&#160;&#160;</TD>
    <TD align="left">
     /s/ Jack Ellerin
</TD>
</TR>

</TABLE>

<DIV style="font-size: 2pt; margin-left: 4%; width: 26%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Vice President
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Date: January&#160;21, 2010
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>16
<FILENAME>g21823exv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.1</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LETTER OF
    TRANSMITTAL</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">OFFER TO EXCHANGE</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">ANY AND ALL
    OUTSTANDING</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12% SENIOR SECURED
    NOTES&#160;DUE 2017,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">WHICH ARE NOT REGISTERED UNDER
    THE SECURITIES ACT OF 1933,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">FOR ANY AND ALL
    OUTSTANDING</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">12% SENIOR SECURED
    NOTES&#160;DUE 2017,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">WHICH HAVE BEEN REGISTERED
    UNDER THE SECURITIES ACT OF 1933,</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">OF</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 16pt">BEAZER HOMES USA,
    INC.</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">PURSUANT TO THE PROSPECTUS
    DATED&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010.</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 5:00&#160;P.M., NEW YORK CITY TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;).
    ORIGINAL NOTES&#160;TENDERED IN THE EXCHANGE OFFER MAY BE
    WITHDRAWN AT ANY TIME PRIOR TO 5:00&#160;P.M., NEW YORK CITY
    TIME, ON THE EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The Exchange Agent for the Exchange Offer is:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">U.S. Bank National
    Association</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>By Mail, Overnight Courier or Hand Delivery:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S. Bank National Association
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    60 Livingston Avenue
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    EP-MN-WS2N
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    St. Paul, MN 55107
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Specialized Finance Department
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference: Beazer Homes USA, Inc. Exchange
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="50%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="49%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <I>By Facsimile:</I>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <I>To confirm by telephone or for information:</I>
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="white-space: nowrap">(651)&#160;495-8158</FONT><BR>
    Attention: Specialized Finance Department<BR>
    Confirm by Telephone:<BR>
    <FONT style="white-space: nowrap">(800)&#160;934-6802Reference:</FONT>
    Beazer Homes USA, Inc. Exchange
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <FONT style="white-space: nowrap">(800)&#160;934-6802</FONT><BR>
    Reference: Beazer Homes USA, Inc. Exchange
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>DELIVERY OF THIS LETTER OF TRANSMITTAL TO AN ADDRESS OTHER
    THAN AS SET FORTH ABOVE OR TRANSMISSION OF THIS LETTER OF
    TRANSMITTAL VIA FACSIMILE TO A NUMBER OTHER THAN AS SET FORTH
    ABOVE OR OTHERWISE THAN AS PROVIDED ABOVE WILL NOT CONSTITUTE A
    VALID DELIVERY. THE INSTRUCTIONS&#160;CONTAINED HEREIN SHOULD BE
    READ CAREFULLY BEFORE THIS LETTER OF TRANSMITTAL IS
    COMPLETED.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Letter of Transmittal is to be completed by holders of
    Original Notes (as defined below) either if Original Notes are
    to be forwarded herewith or if tenders of Original Notes are to
    be made by book-entry transfer to an account maintained by U.S.
    Bank National Association (the &#147;Exchange Agent&#148;) at
    The Depository Trust&#160;Company (&#147;DTC&#148;) pursuant to
    the procedures set forth in <B><I>&#147;The Exchange
    Offer&#160;&#151; Exchange Offer Procedures&#148; </I></B>in the
    Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of Original Notes (i)&#160;whose certificates (the
    &#147;Certificates&#148;) for such Original Notes are not
    immediately available or (ii)&#160;who cannot deliver their
    Original Notes, the Letter of Transmittal or any other required
    documents to the Exchange Agent
</DIV>
<!-- XBRL Paragraph Pagebreak -->
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    prior to 5:00&#160;p.m., New York City time, on the Expiration
    Date or (iii)&#160;who cannot complete the procedures for
    delivery by book-entry transfer prior to 5:00&#160;p.m., New
    York City time, on the Expiration Date, must tender their
    Original Notes according to the guaranteed delivery procedures
    set forth in <B><I>&#147;The Exchange Offer&#160;&#151;
    Guaranteed Delivery Procedures&#148; </I></B>in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SEE INSTRUCTION&#160;1. DELIVERY OF DOCUMENTS TO DTC DOES NOT
    CONSTITUTE DELIVERY TO THE EXCHANGE AGENT.</B>
</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTE: SIGNATURES MUST BE PROVIDED BELOW<BR>
    PLEASE READ THE ACCOMPANYING INSTRUCTIONS&#160;CAREFULLY</B>
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ALL
    TENDERING HOLDERS COMPLETE THIS BOX:</FONT></B>
</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="13%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutterright -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD colspan="10" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B><FONT style="font-size: 10pt">DESCRIPTION OF ORIGINAL NOTES
    TENDERED</FONT></B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>If blank, please print Name and Address of<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Original Notes Tendered<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
    <B>Registered Holder</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(Attach Additional List of Notes)</B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
    <B>Principal Amount<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>of&#160;Original Notes<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Tendered<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Certificate<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Principal Amount<BR>
    </B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>(If Less<BR>
    </B>
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>Number(s)*</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <B>of&#160;Original Notes</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
    <B>Than All)**</B>
</TD>
</TR>
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Total Amount<BR>
    Tendered:
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD colspan="10" align="left" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="10" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    *&#160;Need not be completed by book-entry holders.
</DIV>
</TD>
</TR>
<TR valign="bottom">
<TD colspan="10" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -15pt; margin-left: 15pt">
    **&#160;Original Notes may be tendered in whole or in part in
    denominations of $1,000 and integral multiples thereof. Unless
    otherwise indicated in this column, a holder will be deemed to
    have tendered ALL of the Original Notes held by such holder
    indicated in the corresponding column to the left of this column.
</DIV>
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="2%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="97%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD colspan="3" align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>BOXES BELOW TO BE CHECKED BY ELIGIBLE INSTITUTIONS ONLY:</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>CHECK HERE IF TENDERED ORIGINAL NOTES ARE BEING DELIVERED BY
    BOOK-ENTRY TRANSFER MADE TO THE ACCOUNT MAINTAINED BY THE
    EXCHANGE AGENT WITH DTC AND COMPLETE THE FOLLOWING:</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -127pt; margin-left: 127pt">
    Name of Tendering
    Institution:<FONT style="word-spacing: 360pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -96pt; margin-left: 96pt">
    DTC Account
    Number:<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT> Transaction Code
    No.:<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>CHECK HERE AND ENCLOSE A PHOTOCOPY OF THE NOTICE OF
    GUARANTEED DELIVERY IF TENDERED ORIGINAL NOTES ARE BEING
    DELIVERED PURSUANT TO A NOTICE OF GUARANTEED DELIVERY PREVIOUSLY
    SENT TO THE EXCHANGE AGENT AND COMPLETE THE FOLLOWING:</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -127pt; margin-left: 127pt">
    <FONT style="white-space: nowrap">Name(s)&#160;of&#160;Registered&#160;Holder(s):</FONT><FONT style="word-spacing: 360pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -135pt; margin-left: 135pt">
    Window Ticket Number (if
    any):<FONT style="word-spacing: 352pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -218pt; margin-left: 218pt">
    Date of Execution of Notice of Guaranteed
    Delivery:<FONT style="word-spacing: 271pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -182pt; margin-left: 182pt">
    Name&#160;of&#160;Institution&#160;which&#160;Guaranteed&#160;Delivery:<FONT style="word-spacing: 299pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="3" align="left" valign="top">
    <DIV style="font-size: 6pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>IF GUARANTEED DELIVERY IS TO BE MADE BY BOOK-ENTRY
    TRANSFER:</B>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -127pt; margin-left: 127pt">
    Name of Tendering
    Institution:<FONT style="word-spacing: 352pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -96pt; margin-left: 96pt">
    DTC Account
    Number:<FONT style="word-spacing: 380pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
<DIV style="text-indent: -92pt; margin-left: 92pt">
    Transaction Code
    No.:<FONT style="word-spacing: 380pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>CHECK HERE IF TENDERED BY BOOK-ENTRY TRANSFER AND
    NON-EXCHANGED ORIGINAL NOTES ARE TO BE RETURNED BY CREDITING THE
    DTC ACCOUNT NUMBER SET FORTH ABOVE.</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD align="left" valign="bottom">
    <B>CHECK HERE IF YOU ARE A BROKER-DEALER WHO ACQUIRED THE
    ORIGINAL NOTES FOR ITS OWN ACCOUNT AS A RESULT OF MARKET MAKING
    OR OTHER TRADING ACTIVITIES (A &#147;PARTICIPATING
    BROKER-DEALER&#148;) AND WISH TO RECEIVE 10 ADDITIONAL COPIES OF
    THE PROSPECTUS AND 10 COPIES OF ANY AMENDMENTS OR SUPPLEMENTS
    THERETO.</B>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -27pt; margin-left: 27pt">
    Name:<FONT style="word-spacing: 390pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -36pt; margin-left: 36pt">
    Address:<FONT style="word-spacing: 390pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>
</TD>
</TR>
<TR valign="bottom" style="line-height: 12pt">
<TD colspan="3">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 2pt">
<TD colspan="3" align="left" valign="top">
    <DIV style="font-size: 6pt; margin-left: 0%; width: 100%; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Ladies
    and Gentlemen:</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby tenders to Beazer Homes USA, Inc., a
    Delaware corporation (the &#147;Issuer&#148;), the above
    described aggregate principal amount of the Issuer&#146;s 12%
    Senior Secured Notes due 2017, which are not registered under
    the Securities Act of 1933 (the &#147;Original Notes&#148;), in
    exchange for a like aggregate principal amount of the
    Issuer&#146;s 12% Senior Secured Notes due 2017, which have been
    registered under the Securities Act of 1933 (the &#147;New
    Notes&#148;), upon the terms and subject to the conditions set
    forth in the Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (as the same may be amended or supplemented from time to
    time, the &#147;Prospectus&#148;), receipt of which is hereby
    acknowledged, and in this Letter of Transmittal (which, together
    with the Prospectus, constitute the &#147;Exchange Offer&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to and effective upon the acceptance for exchange of all
    or any portion of the Original Notes tendered herewith in
    accordance with the terms and conditions of the Exchange Offer
    (including, if the Exchange Offer is extended or amended, the
    terms and conditions of any such extension or amendment), the
    undersigned hereby tenders, exchanges, sells, assigns and
    transfers to or upon the order of the Issuer all right, title
    and interest in and to such Original Notes as are being tendered
    herewith. The undersigned hereby irrevocably constitutes and
    appoints the Exchange Agent as its agent and attorney-in-fact
    (with full knowledge that the Exchange Agent is also acting as
    agent of the Issuer in connection with the Exchange Offer) with
    respect to the tendered Original Notes, with full power of
    substitution (such power of attorney being deemed to be an
    irrevocable power coupled with an interest), subject only to the
    right of withdrawal described in the Prospectus, to
    (i)&#160;deliver Certificates for Original Notes to the Issuer
    together with all accompanying evidences of transfer and
    authenticity to, or upon the order of, the Issuer, upon receipt
    by the Exchange Agent, as the undersigned&#146;s agent, of the
    New Notes to be issued in exchange for such Original Notes,
    (ii)&#160;present Certificates for such Original Notes for
    transfer, and to transfer the Original Notes on the books of the
    Issuer and (iii)&#160;receive for the account of the Issuer all
    benefits and otherwise exercise all rights of beneficial
    ownership of such Original Notes, all in accordance with the
    terms and conditions of the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE UNDERSIGNED HEREBY REPRESENTS AND WARRANTS THAT THE
    UNDERSIGNED HAS FULL POWER AND AUTHORITY TO TENDER, EXCHANGE,
    SELL, ASSIGN AND TRANSFER THE ORIGINAL NOTES&#160;TENDERED
    HEREBY AND THAT, WHEN THE SAME ARE ACCEPTED FOR EXCHANGE, THE
    ISSUER WILL ACQUIRE GOOD, MARKETABLE AND UNENCUMBERED
    TITLE&#160;THERETO, FREE AND CLEAR OF ALL LIENS, RESTRICTIONS,
    CHARGES AND ENCUMBRANCES, AND THAT THE ORIGINAL
    NOTES&#160;TENDERED HEREBY ARE NOT SUBJECT TO ANY ADVERSE CLAIMS
    OR PROXIES. THE UNDERSIGNED WILL, UPON REQUEST, EXECUTE AND
    DELIVER ANY ADDITIONAL DOCUMENTS DEEMED BY THE ISSUER OR THE
    EXCHANGE AGENT TO BE NECESSARY OR DESIRABLE TO COMPLETE THE
    EXCHANGE, ASSIGNMENT AND TRANSFER OF THE ORIGINAL
    NOTES&#160;TENDERED HEREBY, AND THE UNDERSIGNED WILL COMPLY WITH
    ITS OBLIGATIONS UNDER THE REGISTRATION RIGHTS AGREEMENT, DATED
    AS OF SEPTEMBER 11, 2009 (THE &#147;REGISTRATION RIGHTS
    AGREEMENT&#148;), AMONG THE ISSUER, THE GUARANTORS NAMED THEREIN
    AND THE INITIAL PURCHASERS NAMED THEREIN, FOR THE BENEFIT OF THE
    INITIAL PURCHASERS AND THE HOLDERS OF THE ORIGINAL NOTES. THE
    UNDERSIGNED HAS READ AND AGREES TO ALL OF THE TERMS OF THE
    EXCHANGE OFFER.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The name(s) and address(es) of the registered holder(s) of the
    Original Notes tendered hereby should be printed above, if they
    are not already set forth above, as they appear on the
    Certificates representing such Original Notes or, in the case of
    book-entry securities, on the relevant securities position
    listing. The Certificate number(s) and the Original Notes that
    the undersigned wishes to tender should be indicated in the
    appropriate boxes above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendered Original Notes are not exchanged pursuant to the
    Exchange Offer for any reason, or if Certificates are submitted
    for more Original Notes than are tendered or accepted for
    exchange, Certificates for such nonexchanged or nontendered
    Original Notes will be returned (or, in the case of Original
    Notes tendered by book-entry transfer, such Original Notes will
    be credited to an account maintained at DTC), without expense to
    the tendering holder, promptly following the expiration or
    termination of the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned understands that tenders of Original Notes
    pursuant to any one of the procedures described in
    <B><I>&#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures&#148; </I></B>in the Prospectus and in the
    instructions hereto will, upon the Issuer&#146;s acceptance for
    exchange of such tendered Original Notes, constitute a binding
    agreement between the undersigned and the Issuer upon the terms
    and subject to the conditions of the Exchange Offer. The
    undersigned recognizes that, under certain circumstances set
    forth in the Prospectus, the Issuer may not be required to
    accept for exchange any of the Original Notes tendered hereby.
</DIV>
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    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Unless otherwise indicated herein in the box entitled
    &#147;Special Issuance Instructions&#148; below, the undersigned
    hereby directs that the New Notes be issued in the name(s) of
    the undersigned or, in the case of a book-entry transfer of
    Original Notes, that such New Notes be credited to the account
    indicated above maintained at DTC. If applicable, substitute
    Certificates representing Original Notes not exchanged or not
    accepted for exchange will be issued to the undersigned or, in
    the case of a book-entry transfer of Original Notes, will be
    credited to the account indicated above maintained at DTC.
    Similarly, unless otherwise indicated under &#147;Special
    Delivery Instructions,&#148; please deliver New Notes to the
    undersigned at the address shown below the undersigned&#146;s
    signature.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    By tendering Original Notes and executing this Letter of
    Transmittal, the undersigned hereby represents and agrees that
    (i)&#160;any New Notes acquired pursuant to the Exchange Offer
    are being obtained in the ordinary course of its business,
    (ii)&#160;the undersigned has no arrangement or understanding
    with any person to participate in a distribution (within the
    meaning of the Securities Act of 1933)&#160;of New Notes to be
    received in the Exchange Offer in violation of the provisions of
    the Securities Act of 1933, (iii)&#160;the undersigned is not an
    &#147;affiliate&#148; (as defined in Rule&#160;405 under the
    Securities Act of 1933)&#160;of the Issuer or any of its
    subsidiaries, or, if the undersigned is an affiliate, the
    undersigned will comply with the registration and prospectus
    delivery requirements of the Securities Act of 1933 to the
    extent applicable, (iv)&#160;if the undersigned is not a
    broker-dealer, the undersigned is not engaged in, and does not
    intend to engage in, a distribution (within the meaning of the
    Securities Act of 1933)&#160;of such New Notes and (v)&#160;if
    the undersigned is a broker-dealer that received New Notes for
    its own account in the Exchange Offer, where such Original Notes
    were acquired by such broker-dealer as a result of market-making
    activities or other trading activities, such broker-dealer will
    deliver a Prospectus in connection with any resale of such New
    Notes (provided that, by so acknowledging and by delivering a
    prospectus, such broker-dealer will not be deemed to admit that
    it is an &#147;underwriter&#148; within the meaning of the
    Securities Act of 1933). See <B><I>&#147;The Exchange
    Offer&#160;&#151; Terms of the Exchange Offer&#160;&#151;
    Purpose of the Exchange Offer,&#148; &#147;The Exchange
    Offer&#160;&#151; Exchange Offer Procedures&#148; </I></B>and
    <B><I>&#147;Plan of Distribution&#148; </I></B>in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Issuer has agreed that, subject to the provisions of the
    Registration Rights Agreement, the Prospectus, as it may be
    amended or supplemented from time to time, may be used by a
    Participating Broker-Dealer in connection with resales of New
    Notes received in exchange for Original Notes, where such
    Original Notes were acquired by such Participating Broker-Dealer
    for its own account as a result of market-making activities or
    other trading activities, for a period ending 180&#160;days of
    the Prospectus (subject to extension under certain limited
    circumstances described in the Prospectus) or, if earlier, when
    all such New Notes have been disposed of by such Participating
    Broker-Dealer. However, a Participating Broker-Dealer who
    intends to use the Prospectus in connection with the resale of
    New Notes received in exchange for Original Notes pursuant to
    the Exchange Offer must notify the Issuer, or cause the Issuer
    to be notified, on or prior to the Expiration Date, that it is a
    Participating Broker-Dealer. Such notice may be given in the
    space provided herein for that purpose or may be delivered to
    the Exchange Agent at one of the addresses set forth in the
    Prospectus under <B><I>&#147;The Exchange Offer&#160;&#151;
    Exchange Agent.&#148; </I></B>In that regard, each Participating
    Broker-Dealer, by tendering such Original Notes and executing
    this Letter of Transmittal, agrees that, upon receipt of notice
    from the Issuer of the occurrence of (i)&#160;the request of the
    Securities and Exchange Commission for amendments or supplements
    to the Registration Statement or the Prospectus included
    therein, (ii)&#160;the issuance by the Securities and Exchange
    Commission of any stop order suspending the effectiveness of the
    Registration Statement or the initiation of any proceedings for
    that purpose, (iii)&#160;the receipt by the Issuer or its legal
    counsel of any notification with respect to the suspension of
    the qualification of the New Notes for sale in any jurisdiction
    or the initiation or threatening of any proceeding for such
    purpose or (iv)&#160;the happening of any event that requires
    the Issuer to make changes in the Registration Statement or the
    Prospectus in order that the Registration Statement or the
    Prospectus does not contain an untrue statement of a material
    fact or omit to state a material fact required to be stated
    therein or necessary to make the statements therein (in the case
    of the Prospectus, in light of the circumstances under which
    they were made), not misleading, such Participating
    Broker-Dealer shall suspend the use of such Prospectus, until
    the Issuer has promptly prepared and filed a post-effective
    amendment to the Registration Statement or a supplement to the
    related Prospectus and any other document required so that, the
    Prospectus will not contain an untrue statement of a material
    fact or omit to state any material fact required to be stated
    therein or necessary to make the statements therein, in light of
    the circumstances under which they were made, not misleading and
    has furnished an amended or supplemented Prospectus to the
    Participating Broker-Dealer or the Issuer has given notice that
    the sale of the New Notes may be resumed, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the Issuer gives such notice to suspend the sale of the New
    Notes, it shall extend the
    <FONT style="white-space: nowrap">180-day</FONT>
    period referred to above during which Participating
    Broker-Dealers are entitled to use the Prospectus in connection
    with the resale of New Notes by the number of days in the period
    from and including the date of the giving of such notice to and
    including the date when the Issuer shall have made available to
    Participating Broker-Dealers copies of the supplemented or
    amended Prospectus necessary to
</DIV>
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    <BR>
    6
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    resume resales of the New Notes or to and including the date on
    which the Issuer has given notice that the use of the applicable
    Prospectus may be resumed, as the case may be.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders of New Notes on the relevant record date for the first
    interest payment date following the consummation of the exchange
    offer will receive interest accruing from October&#160;15, 2009.
    Such interest will be paid with the first interest payment on
    the New Notes on April&#160;15, 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All authority herein conferred or agreed to be conferred in this
    Letter of Transmittal shall survive the death or incapacity of
    the undersigned and any obligation of the undersigned hereunder
    shall be binding upon the heirs, executors, administrators,
    personal representatives, trustees in bankruptcy, legal
    representatives, successors and assigns of the undersigned.
    Except as stated in the Prospectus, this tender is irrevocable.
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">HOLDER(S)
    SIGN HERE<BR>
    (SEE INSTRUCTIONS&#160;1, 2, 5 AND 6)<BR>
    (PLEASE COMPLETE SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9</FONT>
    BELOW)<BR>
    (NOTE: SIGNATURE(S) MUST BE GUARANTEED IF REQUIRED BY
    INSTRUCTION&#160;2)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Must be signed by registered holder(s) exactly as name(s)
    appear(s) on Certificate(s) for the Original Notes hereby
    tendered or on a security position listing, or by any person(s)
    authorized to become the registered holder(s) by endorsements
    and documents transmitted herewith (including such opinions of
    counsel, certifications and other information as may be required
    by the Issuer or the Trustee for the Original Notes to comply
    with the restrictions on transfer applicable to the Original
    Notes). If the signature is by an attorney-in-fact, executor,
    administrator, trustee, guardian, officer of a corporation or
    another acting in a fiduciary capacity or representative
    capacity, please set forth the signer&#146;s full title. See
    Instruction&#160;5.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">(SIGNATURE(S)
    OF HOLDER(S))</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Signature(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dated:&#160;<FONT style="word-spacing: 120pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>, 2010
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Name(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="27%"></TD>
    <TD width="73%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Taxpayer Identification or
    Social Security No.)</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GUARANTEE
    OF SIGNATURE(S)<BR>
    (SEE INSTRUCTIONS&#160;2 AND 5)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="17%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Authorized&#160;Signature:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Date:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="13%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Capacity&#160;or&#160;Title:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="11%"></TD>
    <TD width="89%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name&#160;of&#160;Firm:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="27%"></TD>
    <TD width="73%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    8
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SPECIAL ISSUANCE INSTRUCTIONS<BR>
    (See Instructions&#160;1, 5 AND 6)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be completed ONLY if the New Notes are to be issued in the
    name of someone other than the registered holder of the Original
    Notes whose name(s) appear(s) above:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Issue New Notes to:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Taxpayer Identification or
    Social Security No.)</FONT></B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">


</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>SPECIAL DELIVERY INSTRUCTIONS<BR>
    (See Instructions&#160;1, 5 AND 6)</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To be completed ONLY if the New Notes are to be delivered to
    someone other than the registered holder of the Original Notes
    whose name(s) appear(s) above, or to such registered holder(s)
    at an address other than that shown above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Mail New Notes to:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please Print)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Include Zip Code)</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Taxpayer Identification or
    Social Security No.)</FONT></B>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">FORMING
    PART&#160;OF THE TERMS AND CONDITIONS OF THE EXCHANGE
    OFFER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>1.&#160;<I>Delivery of Letter of Transmittal and
    Certificates; Guaranteed Delivery
    Procedures.</I></B>&#160;&#160;This Letter of Transmittal is to
    be completed either if (a)&#160;Certificates are to be forwarded
    herewith or (b)&#160;tenders are to be made pursuant to the
    procedures for tender by book-entry transfer set forth in
    <B><I>&#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures&#148; </I></B>in the Prospectus. Certificates, or
    timely confirmation of a book-entry transfer of such Original
    Notes into the Exchange Agent&#146;s account at DTC, as well as
    a Letter of Transmittal (or manually signed facsimile thereof),
    properly completed and duly executed, with any required
    signature guarantees, or an Agent&#146;s Message in the case of
    a book-entry delivery, and any other documents required by this
    Letter of Transmittal, must be received by the Exchange Agent at
    one of its addresses set forth herein prior to 5:00&#160;p.m.,
    New York City time, on the Expiration Date. Original Notes may
    be tendered in whole or in part in the principal amount of
    $1,000 and integral multiples thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Holders who wish to tender their Original Notes and
    (i)&#160;whose Certificate of such Original Notes are not
    immediately available or (ii)&#160;who cannot deliver their
    Original Notes, the Letter of Transmittal or any other required
    documents to the Exchange Agent prior to 5:00&#160;p.m., New
    York City time, on the Expiration Date or (iii)&#160;who cannot
    complete the procedures for delivery by book-entry transfer
    prior to 5:00&#160;p.m., New York City time, on the Expiration
    Date, must tender their Original Notes by properly completing
    and duly executing a Notice of Guaranteed Delivery pursuant to
    the guaranteed delivery procedures set forth in <B><I>&#147;The
    Exchange Offer&#160;&#151; Guaranteed Delivery Procedures&#148;
    </I></B>in the Prospectus. Pursuant to such procedures:
    (i)&#160;such tender must be made by or through an Eligible
    Guarantor Institution (as defined below); (ii)&#160;a properly
    completed and duly executed Notice of Guaranteed Delivery,
    substantially in the form made available by the Issuer, must be
    received by the Exchange Agent prior to 5:00&#160;p.m., New York
    City time, on the Expiration Date; and (iii)&#160;the
    Certificates (or a book-entry confirmation (as defined in the
    Prospectus)) representing all tendered Original Notes, in proper
    form for transfer, together with a Letter of Transmittal (or
    manually signed facsimile thereof), properly completed and duly
    executed, with any required signature guarantees, or an
    Agent&#146;s Message in the case of a book-entry delivery, and
    any other documents required by this Letter of Transmittal, must
    be received by the Exchange Agent within three business days
    after the Expiration Date, all as provided in <B><I>&#147;The
    Exchange Offer&#160;&#151; Guaranteed Delivery Procedures&#148;
    </I></B>in the Prospectus.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Notice of Guaranteed Delivery may be delivered by hand,
    overnight courier or mail or transmitted by facsimile to the
    Exchange Agent, and must include a guarantee by an Eligible
    Guarantor Institution in the form set forth in such Notice. For
    Original Notes to be properly tendered pursuant to the
    guaranteed delivery procedure, the Exchange Agent must receive a
    Notice of Guaranteed Delivery prior to 5:00&#160;p.m., New York
    City time, on the Expiration Date. As used herein and in the
    Prospectus, &#147;Eligible Guarantor Institution&#148; means a
    firm or other entity identified in
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Exchange Act as &#147;an eligible guarantor
    institution,&#148; including (as such terms are defined therein)
    (i)&#160;a bank; (ii)&#160;a broker, dealer, municipal
    securities broker or dealer or government securities broker or
    dealer; (iii)&#160;a credit union; (iv)&#160;a national
    securities exchange, registered securities association or
    clearing agency; or (v)&#160;a savings association.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE METHOD OF DELIVERY OF CERTIFICATES, THIS LETTER OF
    TRANSMITTAL AND ALL OTHER REQUIRED DOCUMENTS IS AT THE OPTION
    AND SOLE RISK OF THE TENDERING HOLDER AND THE DELIVERY WILL BE
    DEEMED MADE ONLY WHEN ACTUALLY RECEIVED BY THE EXCHANGE AGENT.
    IF DELIVERY IS BY MAIL, REGISTERED MAIL WITH RETURN RECEIPT
    REQUESTED, PROPERLY INSURED, OR OVERNIGHT OR HAND DELIVERY
    SERVICE IS RECOMMENDED. IN ALL CASES, SUFFICIENT TIME SHOULD BE
    ALLOWED TO ENSURE TIMELY DELIVERY.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Issuer will not accept any alternative, conditional or
    contingent tenders. Each tendering holder, by executing a Letter
    of Transmittal (or manually signed facsimile thereof), waives
    any right to receive any notice of the acceptance of such tender.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>2.&#160;<I>Guarantee of Signatures.</I></B>&#160;&#160;No
    signature guarantee on this Letter of Transmittal is required if:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (i)&#160;this Letter of Transmittal is signed by the registered
    holder (which term, for purposes of this document, shall include
    any participant in DTC whose name appears on the relevant
    security position listing as the owner of the Original Notes) of
    Original Notes tendered herewith, unless such holder(s) has
    completed either the box entitled &#147;Special Issuance
    Instructions&#148; or the box entitled &#147;Special Delivery
    Instructions&#148; above, or
</DIV>
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    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 4%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    (ii)&#160;such Original Notes are tendered for the account of a
    firm that is an Eligible Guarantor Institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In all other cases, an Eligible Guarantor Institution must
    guarantee the signature(s) on this Letter of Transmittal. See
    Instruction&#160;5.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>3.&#160;<I>Inadequate Space.</I></B>&#160;&#160;If the space
    provided in the box captioned &#147;Description of Original
    Notes&#148; is inadequate, the Certificate number(s)
    <FONT style="white-space: nowrap">and/or</FONT> the
    aggregate principal amount of Original Notes and any other
    required information should be listed on a separate signed
    schedule which is attached to this Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>4.&#160;<I>Partial Tenders and Withdrawal
    Rights.</I></B>&#160;&#160;Tenders of Original Notes will be
    accepted only in the principal amount of $1,000 and integral
    multiples thereof. If less than all the Original Notes evidenced
    by any Certificate submitted are to be tendered, fill in the
    principal amount of Original Notes which are to be tendered in
    the box entitled &#147;Principal Amount of Original
    Notes&#160;Tendered (if less than all).&#148; In such case, new
    Certificate(s) for the remainder of the Original Notes that were
    evidenced by your old Certificate(s) will only be sent to the
    holder of the Original Notes, or such other party as you
    identify in the box captioned &#147;Special Delivery
    Instructions&#148; promptly after the Expiration Date. All
    Original Notes represented by Certificates delivered to the
    Exchange Agent will be deemed to have been tendered unless
    otherwise indicated.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Except as otherwise provided herein, tenders of Original Notes
    may be withdrawn at any time prior to 5:00&#160;p.m., New York
    City time, on the Expiration Date. In order for a withdrawal to
    be effective on or prior to that time, a written, telegraphic,
    telex or facsimile transmission of such notice of withdrawal
    must be timely received by the Exchange Agent at one of its
    addresses set forth above or in the Prospectus prior to
    5:00&#160;p.m., New York City time, on the Expiration Date. Any
    such notice of withdrawal must specify the name of the person
    who tendered the Original Notes to be withdrawn, the aggregate
    principal amount of Original Notes to be withdrawn, and (if
    Certificates for Original Notes have been tendered) the name of
    the registered holder of the Original Notes as set forth on the
    Certificate for the Original Notes, if different from that of
    the person who tendered such Original Notes. If Certificates for
    the Original Notes have been delivered or otherwise identified
    to the Exchange Agent, then prior to the physical release of
    such Certificates for the Original Notes, the tendering holder
    must submit the serial numbers shown on the particular
    Certificates for the Original Notes to be withdrawn and the
    signature on the notice of withdrawal must be guaranteed by an
    Eligible Guarantor Institution, except in the case of Original
    Notes tendered for the account of an Eligible Guarantor
    Institution. If Original Notes have been tendered pursuant to
    the procedures for delivery by book-entry transfer set forth in
    <B><I>&#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures,&#148; </I></B>in the Prospectus, the notice of
    withdrawal must specify the name and number of the account at
    DTC to be credited with the withdrawal of Original Notes, in
    which case a notice of withdrawal will be effective if delivered
    to the Exchange Agent by written, telegraphic, telex or
    facsimile transmission. Withdrawals of tenders of Original Notes
    may not be rescinded. Original Notes properly withdrawn will not
    be deemed validly tendered for purposes of the Exchange Offer,
    but may be retendered at any subsequent time prior to
    5:00&#160;p.m., New York City time, on the Expiration Date by
    following any of the procedures described in the Prospectus
    under <B><I>&#147;The Exchange Offer&#160;&#151; Exchange Offer
    Procedures.&#148;</I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All questions as to the validity, form and eligibility
    (including time of receipt) of such withdrawal notices will be
    determined by the Issuer, in its sole discretion, whose
    determination shall be final and binding on all parties. Neither
    the Issuer, any affiliates or assigns of the Issuer, the
    Exchange Agent nor any other person shall be under any duty to
    give any notification of any irregularities in any notice of
    withdrawal or incur any liability for failure to give any such
    notification. Any Original Notes which have been tendered but
    which are withdrawn will be returned to the holder thereof
    without cost to such holder promptly after withdrawal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>5.&#160;<I>Signatures on Letter of Transmittal, Assignments
    and Endorsements.</I></B>&#160;&#160;If this Letter of
    Transmittal is signed by the registered holder(s) of the
    Original Notes tendered hereby, the signature(s) must correspond
    exactly with the name(s) as written on the face of the
    Certificate(s) or, in the case of book-entry securities, on the
    relevant security position listing, without alteration,
    enlargement or any change whatsoever.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any of the Original Notes tendered hereby are owned of record
    by two or more joint owners, all such owners must sign this
    Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If any tendered Original Notes are registered in different
    name(s) on several Certificates, it will be necessary to
    complete, sign and submit as many separate Letters of
    Transmittal (or manually signed facsimiles thereof) as there are
    different registrations of Certificates.
</DIV>
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    <BR>
    11
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Letter of Transmittal or any Certificates 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, such persons should so
    indicate when signing and must submit proper evidence
    satisfactory to the Issuer, in its sole discretion, of such
    persons&#146; authority to so act.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    When this Letter of Transmittal is signed by the registered
    owner(s) of the Original Notes listed and transmitted hereby, no
    endorsement(s) of Certificate(s) or separate bond power(s) are
    required unless New Notes are to be issued in the name of a
    person other than the registered holder(s). Signature(s) on such
    Certificate(s) or bond power(s) must be guaranteed by an
    Eligible Guarantor Institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Letter of Transmittal is signed by a person other than
    the registered owner(s) of the Original Notes listed, the
    Certificates must be endorsed or accompanied by appropriate bond
    powers, signed exactly as the name or names of the registered
    owner(s) appear(s) on the Certificates, and also must be
    accompanied by such opinions of counsel, certifications and
    other information as the Issuer or the Trustee for the Original
    Notes may require in accordance with the restrictions on
    transfer applicable to the Original Notes. Signatures on such
    Certificates or bond powers must be guaranteed by an Eligible
    Guarantor Institution.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>6.&#160;<I>Special Issuance and Delivery
    Instructions.</I></B>&#160;&#160;If New Notes are to be issued
    in the name of a person other than the signer of this Letter of
    Transmittal, or if New Notes are to be sent to someone other
    than the signer of this Letter of Transmittal or to an address
    other than that shown above, the appropriate boxes on this
    Letter of Transmittal should be completed. Certificates for
    Original Notes not exchanged will be returned by mail or, if
    tendered by book-entry transfer, by crediting the account
    indicated above maintained at DTC. See Instruction&#160;4.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>7.&#160;<I>Irregularities.</I></B>&#160;&#160;The Issuer
    determines, in its sole discretion, all questions as to the form
    of documents, validity, eligibility (including time of receipt)
    and acceptance for exchange of any tender of Original Notes,
    which determination shall be final and binding on all parties.
    The Issuer reserves the absolute right to reject any and all
    tenders determined by it not to be in proper form or the
    acceptance of which, or exchange for, may, in the view of
    counsel to the Issuer, be unlawful. The Issuer also reserves the
    absolute right, subject to applicable law, to waive any of the
    conditions of the Exchange Offer set forth in the Prospectus
    under <B><I>&#147;The Exchange Offer&#160;&#151;
    Conditions&#148; </I></B>or any conditions or irregularity in
    any tender of Original Notes of any particular holder, and if
    the Issuer waives any conditions or irregularities with respect
    to a particular holder, the Issuer will waive such condition
    with respect to all holders. The Issuer&#146;s interpretation of
    the terms and conditions of the Exchange Offer (including this
    Letter of Transmittal and the instructions hereto) will be final
    and binding. No tender of Original Notes will be deemed to have
    been validly made until all irregularities with respect to such
    tender have been cured or waived. Neither the Issuer, any
    affiliates or assigns of the Issuer, the Exchange Agent, nor any
    other person shall be under any duty to give notification of any
    irregularities in tenders or incur any liability for failure to
    give such notification.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>8.&#160;<I>Questions, Requests for Assistance and Additional
    Copies.</I></B>&#160;&#160;Questions and requests for assistance
    may be directed to the Exchange Agent at one of its addresses
    and telephone number set forth on the front of this Letter of
    Transmittal. Additional copies of the Prospectus, the Notice of
    Guaranteed Delivery and the Letter of Transmittal may be
    obtained from the Exchange Agent or from your broker, dealer,
    commercial bank, trust company or other nominee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>9.&#160;<I>28% Backup Withholding; Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9.</FONT></I></B>&#160;&#160;Under
    U.S. Federal income tax law, a U.S. holder whose tendered
    Original Notes are accepted for exchange is required to provide
    the Exchange Agent with such U.S. holder&#146;s correct taxpayer
    identification number (&#147;TIN&#148;) on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    below. If the Exchange Agent is not provided with the correct
    TIN, the Internal Revenue Service (the &#147;IRS&#148;) may
    subject the U.S. holder or other payee to a $50 penalty. In
    addition, payments to such U.S. holders or other payees with
    respect to Original Notes exchanged pursuant to the Exchange
    Offer may be subject to a 28% (in 2010)&#160;backup withholding.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The box in Part&#160;2 of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    may be checked if the tendering U.S. holder has not been issued
    a TIN and has applied for a TIN or intends to apply for a TIN in
    the near future. If the box in Part&#160;2 is checked, the U.S.
    holder or other payee must also complete the Certificate of
    Awaiting Taxpayer Identification Number below in order to avoid
    backup withholding. Notwithstanding that the box in Part&#160;2
    is checked and the Certificate of Awaiting Taxpayer
    Identification Number is completed, the Exchange Agent will
    withhold 28% of all payments made prior to the time a properly
    certified TIN is provided to the Exchange Agent. The Exchange
    Agent will retain such amounts withheld during the 60&#160;day
    period following the date of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9.</FONT>
    If the U.S. holder furnishes the Exchange Agent with its
</DIV>
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    <BR>
    12
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    TIN within 60&#160;days after the date of the Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    the amounts retained during the 60&#160;day period will be
    remitted to the U.S. holder and no further amounts shall be
    retained or withheld from payments made to the U.S. holder
    thereafter. If, however, the U.S. holder has not provided the
    Exchange Agent with its TIN within such 60&#160;day period,
    amounts withheld will be remitted to the IRS as backup
    withholding. In addition, 28% of all payments made thereafter
    will be withheld and remitted to the IRS until a correct TIN is
    provided.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The U.S. holder is required to give the Exchange Agent the TIN
    (e.g., social security number or employer identification number)
    of the registered owner of the Original Notes or of the last
    transferee appearing on the transfers attached to, or endorsed
    on, the Original Notes. If the Original Notes are registered in
    more than one name or are not in the name of the actual owner,
    consult the enclosed &#147;Guidelines for Certification of
    Taxpayer Identification Number on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9&#148;</FONT>
    for additional guidance on which number to report.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain U.S. holders (including, (1)&#160;an organization exempt
    from tax under Section&#160;501(a), any IRA, or a custodial
    account under Section&#160;403(b)(7) if the account satisfies
    the requirements of Section&#160;401(f)(2); (2)&#160;the United
    States or any of its agencies or instrumentalities; (3)&#160;a
    state, the District of Columbia, a possession of the United
    States, or any of their political subdivisions or
    instrumentalities; (4)&#160;a foreign government or any of its
    political subdivisions, agencies or instrumentalities;
    (5)&#160;an international organization or any of its agencies or
    instrumentalities; (6)&#160;a corporation; (7)&#160;a foreign
    central bank of issue; (8)&#160;a dealer in securities or
    commodities required to register in the U.S., the District of
    Columbia or a possession of the U.S.; (9)&#160;a futures
    commission merchant registered with the Commodity Futures
    Trading Commission; (10)&#160;a REIT; (11)&#160;an entity
    registered at all times during the tax year under the Investment
    Company Act of 1940; (12)&#160;a common trust fund operated by a
    bank under Section&#160;584(a); (13)&#160;a financial
    institution; (14)&#160;a middleman known in the investment
    community as a nominee or custodian; or (15)&#160;a trust exempt
    from tax under Section&#160;664 or described in
    Section&#160;4947)&#160;may not be subject to these backup
    withholding and reporting requirements. Such U.S. holders should
    nevertheless complete the attached Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9</FONT>
    below, and check the box &#147;Exempt from backup
    withholding&#148; provided on Substitute
    <FONT style="white-space: nowrap">Form&#160;W-9,</FONT>
    to avoid possible erroneous backup withholding. A foreign person
    may qualify as an exempt recipient by submitting a properly
    completed IRS
    <FONT style="white-space: nowrap">Form&#160;W-8</FONT>
    BEN, signed under penalties of perjury, attesting to that U.S.
    holder&#146;s exempt status.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Backup withholding is not an additional U.S. Federal income tax.
    Rather, the U.S. Federal income tax liability of a person
    subject to backup withholding will be reduced by the amount of
    tax withheld. If withholding results in an overpayment of taxes,
    a refund may be obtained.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>10.&#160;<I>Lost, Destroyed or Stolen
    Certificates.</I></B>&#160;&#160;If any Certificate(s)
    representing Original Notes has been lost, destroyed or stolen,
    the holder should promptly notify the Exchange Agent. The holder
    will then be instructed as to the steps that must be taken in
    order to replace the Certificate(s). This Letter of Transmittal
    and related documents cannot be processed until the procedures
    for replacing lost, destroyed or stolen Certificate(s) have been
    followed.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>11.&#160;<I>Security Transfer
    Taxes.</I></B>&#160;&#160;Holders who tender their Original
    Notes for exchange will not be obligated to pay any transfer
    taxes in connection therewith. If, however, New Notes are to be
    delivered to, or are to be issued in the name of, any person
    other than the registered holder of the Original Notes tendered,
    or if a transfer tax is imposed for any reason other than the
    exchange of Original Notes in connection with the Exchange
    Offer, then the amount of any such transfer tax (whether imposed
    on the registered holder or any other persons) will be payable
    by the tendering holder. If satisfactory evidence of payment of
    such taxes or exemption therefrom is not submitted with the
    Letter of Transmittal, the amount of such transfer taxes will be
    billed directly to such tendering holder.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>IMPORTANT: THIS LETTER OF TRANSMITTAL (OR MANUALLY SIGNED
    FACSIMILE THEREOF) AND ALL OTHER REQUIRED DOCUMENTS MUST BE
    RECEIVED BY THE EXCHANGE AGENT PRIOR TO 5:00&#160;P.M., NEW YORK
    CITY TIME, ON THE EXPIRATION DATE.</B>
</DIV>
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    <BR>
    13
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
<DIV style="width: 100%; height: 9in; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TO BE
    COMPLETED BY ALL TENDERING NOTEHOLDERS<BR>
    (SEE INSTRUCTION&#160;9)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">PAYER&#146;S
    NAME:&#160;&#160;U.S. Bank National Association</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>Name:</B></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="35%"></TD>
    <TD width="65%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>Business name, if different from above:</B></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Check appropriate
    box:&#160;&#160;&#160;&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Individual/sole
    proprietor&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Corporation&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Partnership&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Other</B>
</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;Exempt
    from backup withholding</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">Address (number, street and apt.
    or suite no.):</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">City, state and ZIP
    code:</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="35%"></TD>
    <TD width="65%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>List account number(s) here (optional):</B></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    14
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="28%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutterright -->
    <TD width="35%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterleft -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutterright -->
    <TD width="30%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=maindata -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
    <B>SUBSTITUTE<BR>
    FORM
    <FONT style="font-size: 16pt"><FONT style="white-space: nowrap">W-9</FONT></FONT></B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="left" valign="top" style="border-top: 1px solid #000000">
    <B>Part 1&#160;&#151; </B>PLEASE PROVIDE YOUR TIN IN THE BOX AT
    RIGHT AND CERTIFY BY SIGNING AND DATING BELOW
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD align="center" valign="top" style="border-top: 1px solid #000000">
    Social Security Number<BR>
    OR<BR>
    Employer Identification Number<BR>
    <CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
    <B>Department of the Treasury,<BR>
    Internal Revenue Service<BR>
    <BR>
    Payer&#146;s Request for Taxpayer<BR>
    Identification Number (&#147;TIN&#148;) and Certification</B>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top">
    <B>Certificate&#160;&#151; </B>under the penalties of perjury, I
    certify that:<BR>
    (1)&#160;the number on this form is my correct Taxpayer
    Identification Number (or that I am waiting for a number to be
    issued to me).<BR>
    (2)&#160;I am not subject to backup withholding because: (a) I
    am exempt from backup withholding, (b) I have not been notified
    by the Internal Revenue Service (the &#147;IRS&#148;) that I am
    subject to backup withholding as a result of a failure to report
    all interest or dividends, or (c) the IRS has notified me that I
    am no longer subject to withholding.<BR>
    (3)&#160;I am a U.S. person (including a U.S. resident alien).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="4" valign="top">
    <B>Certification instructions&#160;&#151; </B>You must cross out
    item (2) above if you have been notified by the IRS that you are
    currently subject to backup withholding because of
    under-reporting interest or dividends on your tax return.
    However, if after being notified by the IRS that you were
    subject to backup withholding, you received another notification
    from the IRS that you are no longer subject to backup
    withholding, do not cross out item (2).
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="center" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt; border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top" style="font-size: 8pt; border-left: 1px solid #000000; padding-left: 2pt">
<DIV style="text-indent: -10pt; margin-left: 15pt">
    <FONT style="font-size: 10pt">Signature
    </FONT>
</DIV>
</TD>
<TD style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="top">
    Date&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD align="center" valign="top">
    <B>Part 2&#160;&#151; </B>Awaiting
    TIN&#160;&#160;<FONT style="font-family: Wingdings; font-variant: normal">&#111;
    </FONT>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top" style="border-right: 1px solid #000000; padding-right: 2pt">
&nbsp;
</TD>
</TR>
<TR style="font-size: 1pt">
<TD nowrap align="left" valign="bottom" style="font-size: 8pt; border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom" style="border-top: 1px solid #000000">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>NOTE:</B>&#160;&#160;</TD>
    <TD align="left">
    FAILURE TO COMPLETE AND RETURN THIS FORM&#160;MAY IN CERTAIN
    CIRCUMSTANCES RESULT IN BACKUP WITHHOLDING OF 28% (in
    2010)&#160;OF ANY AMOUNTS PAID TO YOU PURSUANT TO THE EXCHANGE
    OFFER. PLEASE REVIEW THE ENCLOSED GUIDELINES FOR CERTIFICATION
    OF TAXPAYER IDENTIFICATION NUMBER ON SUBSTITUTE FORM
    <FONT style="white-space: nowrap">W-9</FONT> FOR
    ADDITIONAL DETAILS.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <B>NOTE:</B>&#160;&#160;</TD>
    <TD align="left">
    YOU MUST COMPLETE THE FOLLOWING CERTIFICATE IF YOU CHECKED THE
    BOX IN PART&#160;2 OF SUBSTITUTE
    <FONT style="white-space: nowrap">FORM&#160;W-9.</FONT>
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 8%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 6pt; border-right: 1px solid #000000; padding-right: 6pt; border-bottom: 1px solid #000000; padding-bottom: 6pt; border-left: 1px solid #000000; padding-left: 6pt"><!-- Begin box 1 -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTIFICATION
    OF AWAITING TAXPAYER IDENTIFICATION NUMBER</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    I certify under penalties of perjury that a Taxpayer
    Identification Number has not been issued to me, and either
    (1)&#160;I have mailed or delivered an application to receive a
    Taxpayer Identification Number to the appropriate Internal
    Revenue Service Center or Social Security Administrative Office
    or (2)&#160;I intend to mail or deliver an application in the
    near future. I understand that if I do not provide a Taxpayer
    Identification Number by the time of payment, 28% of all
    payments made to me on account of the New Notes shall be
    retained until I provide a Taxpayer Identification Number to the
    Exchange Agent and that, if I do not provide my Taxpayer
    Identification Number within 60&#160;days, such retained amounts
    shall be remitted to the Internal Revenue Service as backup
    withholding and 28% of all reportable payments made to me
    thereafter will be withheld and remitted to the Internal Revenue
    Service until I provide a Taxpayer Identification Number:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="8%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Signature:</TD>
    <TD align="left">
    <FONT style="word-spacing: 280pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>&#160;&#160;Date:<FONT style="word-spacing: 100pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>, 2010
</TD>
</TR>

</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
</DIV><!-- End box 1 -->
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<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>17
<FILENAME>g21823exv99w2.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 90%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.2</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Offer to
    Exchange<BR>
    <FONT style="font-size: 14pt">12%&#160;Senior Secured Notes due
    2017,<BR>
    which are not registered under the Securities Act of 1933,<BR>
    for any and all outstanding<BR>
    12%&#160;Senior Secured Notes due 2017,<BR>
    which have been registered under the Securities Act of 1933,<BR>
    of<BR>
    </FONT></FONT><FONT style="font-family: 'Times New Roman', Times">BEAZER
    HOMES USA, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 5:00&#160;P.M., NEW YORK CITY TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;).
    ORIGINAL NOTES TENDERED IN THE EXCHANGE OFFER MAY BE WITHDRAWN
    AT ANY TIME PRIOR TO 5:00&#160;P.M., NEW YORK CITY TIME, ON THE
    EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>To Our Clients:</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are enclosing herewith a Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (the &#147;Prospectus&#148;), of Beazer Homes USA, Inc., a
    Delaware corporation (the &#147;Issuer&#148;), and the related
    Letter of Transmittal (which, together with the Prospectus,
    constitute the &#147;Exchange Offer&#148;) relating to the offer
    by the Issuer to exchange its 12%&#160;Senior Secured Notes due
    2017, which have been registered under the Securities Act of
    1933 (the &#147;New Notes&#148;), for a like principal amount of
    its issued and outstanding 12%&#160;Senior Secured Notes due
    2017, which are not registered under the Securities Act of 1933
    (the &#147;Original Notes&#148;), upon the terms and subject to
    the conditions set forth in the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Exchange Offer is not conditioned upon any minimum number of
    Original Notes being tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are the holder of record of Original Notes held by us for
    your own account. A tender of such Original Notes can be made
    only by us as the record holder and pursuant to your
    instructions. The Letter of Transmittal is furnished to you for
    your information only and cannot be used by you to tender
    Original Notes held by us for your account.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We request instructions as to whether you wish to tender any or
    all of the Original Notes held by us for your account pursuant
    to the terms and conditions of the Exchange Offer. We also
    request that you confirm that we may on your behalf make the
    representations contained in the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to the Letter of Transmittal, each holder of Original
    Notes will represent to the Issuer that (i)&#160;any New Notes
    acquired pursuant to the Exchange Offer are being obtained in
    the ordinary course of its business, (ii)&#160;the holder has no
    arrangement or understanding with any person to participate in a
    distribution (within the meaning of the Securities Act of
    1933)&#160;of New Notes to be received in the Exchange Offer in
    violation of the provisions of the Securities Act of 1933,
    (iii)&#160;the holder is not an &#147;affiliate&#148; (as
    defined in Rule&#160;405 under the Securities Act of
    1933)&#160;of the Issuer or any of its subsidiaries, or, if the
    holder is an affiliate, the holder will comply with the
    registration and prospectus delivery requirements of the
    Securities Act of 1933 to the extent applicable, (iv)&#160;if
    the holder is not a Broker-Dealer, the holder is not engaged in,
    and does not intend to engage in, a distribution (within the
    meaning of the Securities Act of 1933)&#160;of such New Notes
    and (v)&#160;if the holder is a Broker-Dealer that received New
    Notes for its own account in the Exchange Offer, where such
    Original Notes were acquired by such Broker-Dealer as a result
    of market-making activities or other trading activities, such
    Broker-Dealer will deliver a Prospectus in connection with any
    resale of such New Notes (by so acknowledging and delivering a
    prospectus meeting the requirements of the Securities Act of
    1933 in connection with any resale of such New Notes, the holder
    is not deemed to admit that it is an &#147;underwriter&#148;
    within the meaning of the Securities Act of 1933).
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Instructions
    with Respect to the Exchange Offer</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby acknowledges receipt of the Prospectus
    and the accompanying Letter of Transmittal relating to the
    exchange of the Issuer&#146;s 12%&#160;Senior Secured Notes due
    2017, which have been registered under the Securities Act of
    1933 (the &#147;New Notes&#148;), for a like principal amount of
    issued and outstanding 12%&#160;Senior Secured Notes due 2017
    (the &#147;Original Notes&#148;), upon the terms and subject to
    the conditions set forth in the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This will instruct you, the registered holder
    <FONT style="white-space: nowrap">and/or</FONT>
    book-entry transfer facility participant, as to the action to be
    taken by you relating to the Exchange Offer with respect to the
    Original Notes held by you for the account of the undersigned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The aggregate face amount of the Original Notes held by you for
    the account of the undersigned is <B>(fill in an amount)</B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#160;&#160;
</TD>
    <TD align="left">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of the 12%&#160;Senior Secured Notes due 2017
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the Exchange Offer, the undersigned hereby
    instructs you <B>(check appropriate box)</B>:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;
</TD>
    <TD align="left">
    To tender the following Original Notes held by you for the
    account of the undersigned <B>(insert amount of Original Notes
    to be tendered (if any)</B>):
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#160;&#160;
</TD>
    <TD align="left">
    $&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
    of the 12%&#160;Senior Secured Notes due 2017
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    <FONT style="font-family: Wingdings; font-variant: normal">&#111;</FONT>&#160;
</TD>
    <TD align="left">
    Not to tender any Original Notes held by you for the account of
    the undersigned.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If the undersigned instructs you to tender the Original Notes
    held by you for the account of the undersigned, it is understood
    that you are authorized to make, on behalf of the undersigned
    (and the undersigned, by its signature below, hereby makes to
    you), the representations and warranties contained in the Letter
    of Transmittal that are to be made with respect to the
    undersigned as a beneficial owner, including but not limited to
    the representations, that (i)&#160;any New Notes acquired
    pursuant to the Exchange Offer are being obtained in the
    ordinary course of its business, (ii)&#160;the undersigned has
    no arrangement or understanding with any person to participate
    in a distribution (within the meaning of the Securities Act of
    1933)&#160;of New Notes to be received in the Exchange Offer in
    violation of the provisions of the Security Act of 1933,
    (iii)&#160;the undersigned is not an &#147;affiliate&#148; (as
    defined in Rule&#160;405 under the Securities Act of
    1933)&#160;of the Issuer or any of its subsidiaries, or, if the
    undersigned is an affiliate, the undersigned will comply with
    the registration and prospectus delivery requirements of the
    Securities Act of 1933 to the extent applicable, (iv)&#160;if
    the undersigned is not a Broker-Dealer, the undersigned is not
    engaged in, and does not intend to engage in, a distribution
    (within the meaning of the Securities Act of 1933)&#160;of such
    New Notes and (v)&#160;if the undersigned is a Broker-Dealer
    that received New Notes for its own account in the Exchange
    Offer, where such Original Notes were acquired by such
    Broker-Dealer as a result of market-making activities or other
    trading activities, such Broker-Dealer will deliver a Prospectus
    in connection with any resale of such New Notes (by so
    acknowledging and delivering a prospectus meeting the
    requirements of the Securities Act of 1933 in connection with
    any resale of such New Notes, the undersigned is not deemed to
    admit that it is an &#147;underwriter&#148; within the meaning
    of the Securities Act of 1933).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="21%"></TD>
    <TD width="79%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Name&#160;of&#160;beneficial&#160;owner(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Signature(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="17%"></TD>
    <TD width="83%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Name(s)&#160;(please&#160;print):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="16%"></TD>
    <TD width="84%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Telephone Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="41%"></TD>
    <TD width="59%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Taxpayer Identification or Social Security Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Date:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>
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    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>18
<FILENAME>g21823exv99w3.htm
<DESCRIPTION>EX-99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.3</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Offer to
    Exchange<BR>
    <FONT style="font-size: 14pt">12%&#160;Senior Secured Notes due
    2017,<BR>
    which are not registered under the Securities Act of 1933,<BR>
    for any and all outstanding<BR>
    12%&#160;Senior Secured Notes due 2017,<BR>
    which have been registered under the Securities Act of 1933,<BR>
    of<BR>
    </FONT></FONT><FONT style="font-family: 'Times New Roman', Times">BEAZER
    HOMES USA, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 5:00&#160;P.M., NEW YORK CITY TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010, UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;).
    ORIGINAL NOTES&#160;TENDERED IN THE EXCHANGE OFFER MAY BE
    WITHDRAWN AT ANY TIME PRIOR TO 5:00&#160;P.M., NEW YORK CITY
    TIME, ON THE EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    To Registered Holders and The Depository Trust&#160;Company
    Participants:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are enclosing herewith the materials listed below relating to
    the offer by Beazer Homes USA, Inc., a Delaware corporation (the
    &#147;Issuer&#148;), to exchange its 12%&#160;Senior Secured
    Notes due 2017, which have been registered under the Securities
    Act of 1933 (the &#147;New Notes&#148;), for a like principal
    amount of its issued and outstanding 12%&#160;Senior Secured
    Notes due 2017, which are not registered under the Securities
    Act of 1933 (the &#147;Original Notes&#148;), upon the terms and
    subject to the conditions set forth in the Issuer&#146;s
    Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (the &#147;Prospectus&#148;) and the related Letter of
    Transmittal (which, together with the Prospectus constitute the
    &#147;Exchange Offer&#148;).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Enclosed herewith are copies of the following documents:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;Prospectus;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;Letter of Transmittal;
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;Notice of Guaranteed Delivery;&#160;and
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    4.&#160;Letter which may be sent to your clients for whose
    account you hold Original Notes in your name or in the name of
    your nominee, with space provided for obtaining such
    client&#146;s instruction with regard to the Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We urge you to contact your clients promptly. Please note that
    the Exchange Offer will expire on 5:00&#160;p.m., New York City
    time, on the Expiration Date unless extended.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Exchange Offer is not conditioned upon any minimum number of
    Original Notes being tendered.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Issuer will not pay any fee or commissions to any broker or
    dealer or to any other persons (other than the Exchange Agent)
    in connection with the solicitation of tenders of Original Notes
    pursuant to the Exchange Offer. The Company will pay or cause to
    be paid any transfer taxes payable on the transfer of Original
    Notes to it, except as otherwise provided in Instruction&#160;11
    of the enclosed Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Additional copies of the enclosed material may be obtained from
    the Exchange Agent.
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>19
<FILENAME>g21823exv99w4.htm
<DESCRIPTION>EX-99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="right" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Exhibit&#160;99.4</FONT></B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 16pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTICE OF
    GUARANTEED DELIVERY<BR>
    <FONT style="font-size: 14pt">Offer to Exchange<BR>
    12%&#160;Senior Secured Notes due 2017,<BR>
    which are not registered under the Securities Act of 1933,<BR>
    for any and all outstanding<BR>
    12%&#160;Senior Secured Notes due 2017,<BR>
    which have been registered under the Securities Act of 1933,<BR>
    of<BR>
    </FONT></FONT><FONT style="font-family: 'Times New Roman', Times">BEAZER
    HOMES USA, INC.</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Notice of Guaranteed Delivery, or one substantially
    equivalent to this form, must be used to accept the Exchange
    Offer (as defined below) if (i)&#160;certificates for the
    Issuer&#146;s (as defined below) 12%&#160;Senior Secured Notes
    due 2017 (the &#147;Original Notes&#148;) are not immediately
    available, (ii)&#160;Original Notes, the Letter of Transmittal
    or any other required documents cannot be delivered to
    U.S.&#160;Bank National Association (the &#147;Exchange
    Agent&#148;) prior to 5:00&#160;p.m., New York City time, on the
    Expiration Date (as defined below) or (iii)&#160;the procedures
    for delivery by book-entry transfer cannot be completed prior to
    5:00&#160;p.m., New York City time, on the Expiration Date (as
    defined below). This Notice of Guaranteed Delivery may be
    delivered by hand, overnight courier or mail, or transmitted by
    facsimile transmission, to the Exchange Agent. See &#147;The
    Exchange Offer&#160;&#151; Guaranteed Delivery Procedures&#148;
    in the Prospectus (as defined below).
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>



<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 12pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<DIV style="width: 100%; border-top: 1px solid #000000; padding-top: 12pt; border-right: 1px solid #000000; padding-right: 12pt; border-bottom: 1px solid #000000; padding-bottom: 12pt; border-left: 1px solid #000000; padding-left: 12pt"><!-- Begin box 1 -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">THE EXCHANGE OFFER WILL EXPIRE
    AT 5:00&#160;P.M., NEW YORK CITY TIME,
    ON&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 UNLESS EXTENDED (THE &#147;EXPIRATION DATE&#148;). ORIGINAL
    NOTES TENDERED IN THE EXCHANGE OFFER MAY BE WITHDRAWN AT ANY
    TIME PRIOR TO 5:00&#160;P.M., NEW YORK CITY TIME, ON THE
    EXPIRATION DATE.</FONT></B>
</DIV>
</DIV><!-- End box 1 -->

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The Exchange Agent for the Exchange Offer is</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 12pt">U.S. Bank National
    Association</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>By Mail, Overnight Courier or Hand Delivery:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S. Bank National Association
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    60 Livingston Avenue
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    EP-MN-WS2N
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    St. Paul, MN 55107
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Specialized Finance Department
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference: Beazer Homes USA, Inc. Exchange
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>By Facsimile:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(651)&#160;495-8158</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Attention: Specialized Finance Department
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Confirm by Telephone:
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(800)&#160;934-6802</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference: Beazer Homes USA, Inc. Exchange
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>To confirm by telephone or for information:</I>
</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="white-space: nowrap">(800)&#160;934-6802</FONT>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Reference: Beazer Homes USA, Inc. Exchange
</DIV>
<!-- XBRL Pagebreak Begin -->

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

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

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>DELIVERY OF THIS NOTICE OF GUARANTEED DELIVERY TO AN ADDRESS
    OTHER THAN AS SET FORTH ABOVE OR TRANSMISSION OF THIS NOTICE OF
    GUARANTEED DELIVERY VIA FACSIMILE TO A NUMBER OTHER THAN AS SET
    FORTH ABOVE OR OTHERWISE THAN AS PROVIDED ABOVE WILL NOT
    CONSTITUTE A VALID DELIVERY.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THIS NOTICE OF GUARANTEED DELIVERY IS NOT TO BE USED TO
    GUARANTEE SIGNATURES. IF A SIGNATURE ON A LETTER OF TRANSMITTAL
    IS REQUIRED TO BE GUARANTEED BY AN &#147;ELIGIBLE GUARANTOR
    INSTITUTION&#148; UNDER THE INSTRUCTIONS&#160;THERETO, SUCH
    SIGNATURE GUARANTEE MUST APPEAR IN THE APPLICABLE SPACE PROVIDED
    IN THE SIGNATURE BOX ON THE LETTER OF TRANSMITTAL.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>THE GUARANTEE ON THE NEXT PAGE MUST BE COMPLETED.</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Ladies and Gentlemen:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned hereby tenders to Beazer Homes USA, Inc., a
    Delaware corporation (the &#147;Issuer&#148;), upon the terms
    and subject to the conditions set forth in the Prospectus,
    dated&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2010 (as the same may be amended or supplemented from time to
    time, the &#147;Prospectus&#148;), and the related Letter of
    Transmittal (which, together with the Prospectus, constitute the
    &#147;Exchange Offer&#148;), receipt of which is hereby
    acknowledged, the aggregate principal amount of Original Notes
    set forth below pursuant to the guaranteed delivery procedures
    set forth in the Prospectus under the caption <B><I>&#147;The
    Exchange Offer&#160;&#151; Guaranteed Delivery Procedures.&#148;
    </I></B>All authority herein conferred or agreed to be conferred
    by this Notice of Guaranteed Delivery shall survive the death or
    incapacity of the undersigned, and every obligation of the
    undersigned hereunder shall be binding upon the heirs, personal
    representatives, successors and assigns of the undersigned.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>12%&#160;Senior Secured Notes due 2017</B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 100%; border-bottom: 1pt solid #000000"></CENTER>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="30%"></TD>
    <TD width="70%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Aggregate&#160;Principal&#160;Amount&#160;Tendered:*</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="23%"></TD>
    <TD width="77%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Certificate&#160;No.(s)&#160;(if&#160;available):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="25%"></TD>
    <TD width="75%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Name(s)&#160;of&#160;Registered&#160;Holder(s):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    <FONT style="white-space: nowrap">Address(es):</FONT></TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="75%"></TD>
    <TD width="25%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    If Original Notes will be tendered by book-entry transfer,
    provide the following information:</TD>
    <TD align="left">

</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="19%"></TD>
    <TD width="81%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    DTC Account Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 19%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="26%"></TD>
    <TD width="74%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="45%"></TD>
    <TD width="8%"></TD>
    <TD width="47%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    Signatures:
</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 53%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;<FONT style="word-spacing: 230pt; white-space: nowrap; font-size: 1pt; color: #000000"><U>&#173;
    &#173;</U></FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 1pt; margin-left: 0%; width: 11%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

<TR>
    <TD width="2%"></TD>
    <TD width="1%"></TD>
    <TD width="97%"></TD>
</TR>

<TR>
    <TD align="right" valign="top">
    *&#160;</TD>
    <TD></TD>
    <TD valign="bottom">
    Original Notes may be tendered in whole or in part in
    denominations of $1,000 and integral multiples thereof. Unless
    otherwise indicated here, a holder will be deemed to have
    tendered ALL of the Original Notes held by such holder.</TD>
</TR>

</TABLE>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">GUARANTEE<BR>
    (NOT TO BE USED FOR SIGNATURE GUARANTEE)</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned, a firm or other entity identified in
    <FONT style="white-space: nowrap">Rule&#160;17Ad-15</FONT>
    under the Securities Exchange Act of 1934, as amended, as an
    &#147;eligible guarantor institution,&#148; including (as such
    terms are defined therein): (i)&#160;a bank; (ii)&#160;a broker,
    dealer, municipal securities broker, municipal securities
    dealer, government securities broker, government securities
    dealer; (iii)&#160;a credit union; (iv)&#160;a national
    securities exchange, registered securities association or
    clearing agency; or (v)&#160;a savings association (each, an
    &#147;Eligible Guarantor Institution&#148;), hereby guarantees
    to deliver to the Exchange Agent, at one of its addresses set
    forth above, either the Original Notes tendered hereby in proper
    form for transfer, or confirmation of the book-entry transfer of
    such Original Notes to the Exchange Agent&#146;s account at The
    Depository Trust&#160;Company (&#147;DTC&#148;), pursuant to the
    procedures for book-entry transfer set forth in the Prospectus,
    in either case together with one or more properly completed and
    duly executed Letter of Transmittal (or manually signed
    facsimile thereof), or an Agent&#146;s Message in the case of a
    book-entry delivery, and any other required documents within
    three New York Stock Exchange trading days after the date of
    execution of this Notice of Guaranteed Delivery.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The undersigned acknowledges that it must deliver the Letter of
    Transmittal and the Original Notes tendered hereby to the
    Exchange Agent within the time period set forth above, and that
    failure to do so could result in a financial loss to the
    undersigned.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="12%"></TD>
    <TD width="88%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name of Firm:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Address:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 7%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="26%"></TD>
    <TD width="74%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Area&#160;Code&#160;and&#160;Telephone&#160;Number:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 12pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Authorized Signature)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Title:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 4%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

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

<TR>
    <TD width="5%"></TD>
    <TD width="95%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Name:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 8pt">(Please type or print)</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

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

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

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    Date:</TD>
    <TD valign="bottom" align="left">
    <DIV style="font-size: 0pt; margin-left: 0%; width: 100%;  align: left; border-bottom: 1pt solid #000000"></DIV>
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTE:&#160;&#160;DO NOT SEND ORIGINAL NOTES&#160;WITH THIS
    NOTICE OF GUARANTEED DELIVERY. ACTUAL SURRENDER OF ORIGINAL
    NOTES&#160;MUST BE MADE PURSUANT TO, AND BE ACCOMPANIED BY, A
    PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL AND
    ANY OTHER REQUIRED DOCUMENTS.</B>
</DIV>
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    <BR>
    3
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INSTRUCTIONS&#160;FOR
    NOTICE OF GUARANTEED DELIVERY</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    1.&#160;<B><I>Delivery of this Notice of Guaranteed
    Delivery</I></B>.&#160;&#160;A properly completed and duly
    executed copy of this Notice of Guaranteed Delivery and any
    other documents required by this Notice of Guaranteed Delivery
    must be received by the Exchange Agent at its address set forth
    herein prior to 5:00&#160;p.m., New York City time, on the
    Expiration Date. The method of delivery of this Notice of
    Guaranteed Delivery and any other required documents to the
    Exchange Agent is at the election and sole risk of the holder,
    and the delivery will be deemed made only when actually received
    by the Exchange Agent. If delivery is by mail, registered mail
    with return receipt requested, properly insured, is recommended.
    As an alternative to delivery by mail, the holders may wish to
    consider using an overnight or hand delivery service. In all
    cases, sufficient time should be allowed to assure timely
    delivery. For a description of the guaranteed delivery
    procedures, see Instruction&#160;1 of the Letter of Transmittal.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    2.&#160;<B><I>Signatures on this Notice of Guaranteed
    Delivery</I></B>.&#160;&#160;If this Notice of Guaranteed
    Delivery is signed by the registered holder(s) of the Original
    Notes, the signature must correspond with the name(s) written on
    the face of the Original Notes without alteration, enlargement,
    or any change whatsoever. If this Notice of Guaranteed Delivery
    is signed by a participant of the Book-Entry Transfer Facility
    whose name appears on a security position listing as the owner
    of the Original Notes, the signature must correspond with the
    name shown on the security position listing as the owner of the
    Original Notes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If this Notice of Guaranteed Delivery is signed by a person
    other than the registered holder(s) of any Original Notes listed
    or a participant of the Book-Entry Transfer Facility, this
    Notice of Guaranteed Delivery must be accompanied by appropriate
    bond powers, signed as the name of the registered holder(s)
    appears on the Original Notes or signed as the name of the
    participant shown on the Book-Entry Transfer Facility&#146;s
    security position listing.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    3.&#160;<B><I>Requests for Assistance or Additional
    Copies</I></B>.&#160;&#160;Questions and requests for assistance
    for additional copies of the Prospectus may be directed to the
    Exchange Agent at the address specified in the Prospectus.
    Holders may also contact their broker, dealer, commercial bank,
    trust company or other nominee for assistance concerning the
    Exchange Offer.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>NOTE:&#160;&#160;DO NOT SEND ORIGINAL NOTES&#160;WITH THIS
    NOTICE OF GUARANTEED DELIVERY. ACTUAL SURRENDER OF ORIGINAL
    NOTES&#160;MUST BE MADE PURSUANT TO, AND BE ACCOMPANIED BY, A
    PROPERLY COMPLETED AND DULY EXECUTED LETTER OF TRANSMITTAL AND
    ANY OTHER REQUIRED DOCUMENTS.</B>
</DIV>
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