-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JEwaLvi4bAH5DS89ZCt/12o7bVztEmhAP4nX/dfFr8EJaB9igUA8n3z0swZ5nAhC
 XW8E5H2dfPL0cj1s3omGUQ==

<SEC-DOCUMENT>0000950123-10-010262.txt : 20100209
<SEC-HEADER>0000950123-10-010262.hdr.sgml : 20100209
<ACCEPTANCE-DATETIME>20100209114629
ACCESSION NUMBER:		0000950123-10-010262
CONFORMED SUBMISSION TYPE:	S-4/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20100209
DATE AS OF CHANGE:		20100209

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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-17
		FILM NUMBER:		10582977

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-16
		FILM NUMBER:		10582976

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-24
		FILM NUMBER:		10582954

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-07
		FILM NUMBER:		10582967

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-27
		FILM NUMBER:		10582956

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-23
		FILM NUMBER:		10582953

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-22
		FILM NUMBER:		10582952

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-21
		FILM NUMBER:		10582981

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-28
		FILM NUMBER:		10582957

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-33
		FILM NUMBER:		10582962

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-30
		FILM NUMBER:		10582959

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-20
		FILM NUMBER:		10582980

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-34
		FILM NUMBER:		10582963

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-29
		FILM NUMBER:		10582958

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459
		FILM NUMBER:		10582951

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-32
		FILM NUMBER:		10582961

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-31
		FILM NUMBER:		10582960

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-02
		FILM NUMBER:		10582948

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-18
		FILM NUMBER:		10582978

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-03
		FILM NUMBER:		10582949

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-25
		FILM NUMBER:		10582955

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-19
		FILM NUMBER:		10582979

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-14
		FILM NUMBER:		10582974

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-13
		FILM NUMBER:		10582973

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-12
		FILM NUMBER:		10582972

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-11
		FILM NUMBER:		10582971

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-09
		FILM NUMBER:		10582969

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-15
		FILM NUMBER:		10582975

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-10
		FILM NUMBER:		10582970

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-08
		FILM NUMBER:		10582968

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-26
		FILM NUMBER:		10582965

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-01
		FILM NUMBER:		10582947

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-06
		FILM NUMBER:		10582966

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-05
		FILM NUMBER:		10582964

	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/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-164459-04
		FILM NUMBER:		10582950

	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/A
<SEQUENCE>1
<FILENAME>g21823a1sv4za.htm
<DESCRIPTION>S-4/A
<TEXT>
<HTML>
<HEAD>
<TITLE>sv4za</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 align="left"><FONT size="1">

</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">
    <B> As filed with the Securities and Exchange Commission on
    February&#160;9, 2010</B>
</DIV>

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

</FONT></DIV>

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

</FONT></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;333-164459</FONT></B>
</DIV>

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

</FONT></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: 18%; border-bottom: 1pt solid #000000"></CENTER>

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

</FONT></DIV>

<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: 12pt">Pre-effective Amendment
    No.&#160;1</FONT></B>
</DIV>

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

</FONT></DIV>

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

</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">
    <B><FONT style="font-size: 12pt"> to</FONT></B>
</DIV>

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

</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">
    <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: 18%; 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: 9pt; 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: -9pt; margin-left: 9pt">
    <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: 18%; 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: 18%; 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: 18%; 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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="21%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="15%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="38%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="23%">&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: -9pt; margin-left: 9pt">
    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>
    <FONT style="font-size: 10pt">(Do&#160;not&#160;check&#160;if&#160;a&#160;smaller&#160;reporting&#160;company)
    </FONT>
</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: 9pt; font-size: 1pt">&nbsp;</DIV>

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

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

</FONT></DIV>

<DIV style="margin-top: 3pt; 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: 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 align="left"><FONT size="1">

</FONT></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: 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">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="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="4%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <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 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: 4%; 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: 13%;  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>
<!-- 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 -->

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

</FONT></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
    February&#160;9, 2010</FONT></B>
</DIV>

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

</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">
    <IMG src="g21823a1g2182300.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>

</TABLE>

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

</FONT></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">
    This exchange offer expires at 11:59&#160;p.m., New York City
    time, on March&#160;9, 2010, unless extended.
</TD>
</TR>

</TABLE>

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

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

</FONT></DIV>

<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>

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

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

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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">

    <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>

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

</FONT></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">
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<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">
    10
</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">
    29
</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">
    30
</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">
    38
</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">
    40
</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">
    41
</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">
    41
</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">
    43
</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">
    89
</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">
    94
</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">
    95
</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">
    95
</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">
    95
</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">
    95
</TD>
<TD>&nbsp;
</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a1exv12w1.htm">EX-12.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="g21823a1exv23w1.htm">EX-23.1</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"><FONT size="1">

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

</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
    March&#160;9, 2010, the expiration date of the exchange
    offer.</B>
</DIV>

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

</FONT></DIV>
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    <BR>
    i
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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 -->
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<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 align="left"><FONT size="1">

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></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">

<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 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>

</TABLE>
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    <BR>
    1
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<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 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="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></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>

</TABLE>

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

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

<TR>
    <TD valign="top">
    Expiration Date </TD>
    <TD></TD>
    <TD valign="bottom">
    11:59&#160;p.m., New York City time, on March&#160;9, 2010,
    unless we extend the exchange offer.</TD>
</TR>

</TABLE>

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

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

</TABLE>
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    <BR>
    2
</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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<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="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></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>

</TABLE>

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

</FONT></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="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></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 11:59&#160;p.m., New York City
    time, on the expiration date of the exchange offer; or</DIV>
</TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

</FONT></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="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></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 11:59&#160;p.m., New York City
    time, on the expiration date of the exchange offer.</DIV>
</TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

</FONT></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="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></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 11:59&#160;p.m., New York City time, on the date the exchange
    offer expires.</TD>
</TR>

</TABLE>

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

</FONT></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="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></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
    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
</DIV>
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    <BR>
    3
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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 -->
<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="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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">

<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">

<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>


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

</TABLE>
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    <BR>
    4
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<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 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="36%"></TD>
    <TD width="1%"></TD>
    <TD width="63%"></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 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>

</TABLE>
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    <BR>
    5
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<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">

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

</TABLE>

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    As of December&#160;31, 2009, we and the guarantors had
    approximately $12.0&#160;million of indebtedness outstanding
    secured by assets that are not part of the collateral.</TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

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

<TR>
    <TD valign="top">
</TD>
    <TD></TD>
    <TD valign="bottom">
    In addition, as of December&#160;31, 2009, our non-guarantor
    subsidiaries had outstanding indebtedness and other liabilities
    (excluding intercompany obligations) of $5.3&#160;million.</TD>
</TR>

</TABLE>

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

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


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

<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 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>
<!-- 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>
    7
</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 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 align="left"><FONT size="1">

</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">
    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, and the quarters ended
    December&#160;31, 2008 and 2009 are derived from our audited
    consolidated financial statements and our unaudited condensed
    consolidated financial statements, respectively. 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 align="left"><FONT size="1">

</FONT></DIV>

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

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

</FONT></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="55%">&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 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="4%" 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="4%" 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="10" nowrap align="center" valign="bottom">
    <B>Fiscal Year Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Fiscal Quarter 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>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</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>
<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="18" 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>
<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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    218
</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">
    219
</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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12
</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">
    19
</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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (61
</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">
    (30
</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) income 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>
<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">
    )
</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>
</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>
<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>
<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">
    728
</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>
<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">
    960
</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>
<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">
    961
</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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    244.0
</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">
    222.6
</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>
<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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    456
</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">
    480
</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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,587
</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">
    1,291
</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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2,408
</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">
    2,024
</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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,736
</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">
    1,501
</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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    298
</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">
    247
</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>
<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>
<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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (112
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    (59
</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: 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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (22
</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">
    (4
</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>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (13
</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">
    (11
</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 align="left"><FONT size="1">

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

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    <BR>
    8
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<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="left"><FONT size="1">

</FONT></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">
    Gross (loss) profit 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, and $12.4&#160;million
    and $8.8&#160;million for the fiscal quarters ended
    December&#160;31, 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, and $16.1&#160;million
    for the fiscal quarter ended December&#160;31, 2008. 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>

</TABLE>

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

</FONT></DIV>

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

</FONT></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">
    (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>

</TABLE>

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

</FONT></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">
    (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>

</TABLE>

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

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    <BR>
    9
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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 align="left"><FONT size="1">

</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">
    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 year ended September&#160;30,
    2009 and the fiscal quarter ended December&#160;31, 2009 were
    31.4% and 26.9%, 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 align="left"><FONT size="1">

</FONT></DIV>

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

</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">
    Based on our impairment tests and consideration of the current
    and expected future market conditions, we recorded inventory
    impairment charges of $8.9&#160;million for the quarter ended
    December&#160;31, 2009. During the quarter ended
    December&#160;31, 2009, we also wrote down our investment in
    certain of our joint ventures reflecting $2.7&#160;million of
    impairments of inventory held within a certain venture. While we
    believe that no additional joint venture investment or inventory
    impairments existed as of December&#160;31, 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 align="left"><FONT size="1">

</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">

    <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>
    10
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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 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 align="left"><FONT size="1">

</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">
    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 December&#160;31, 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 align="left"><FONT size="1">

</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">
    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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    <BR>
    11
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    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 align="left"><FONT size="1">

</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">
    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. On January&#160;8, 2010, S&#038;P
    affirmed its CCC corporate credit rating on the Company and
    revised its outlook to positive from negative. S&#038;P also
    raised its ratings on the Company&#146;s senior unsecured notes
    from D to CC.
</DIV>

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

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

</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">

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

</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">
    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. During the
    quarter ended December&#160;31, 2009, as a result of the further
    deterioration of certain of our housing markets, we determined
    that the carrying amount of certain of our inventory assets
    exceeded their estimated fair value. As a result of our
    analysis, during the quarter ended December&#160;31, 2009, we
    incurred $8.9&#160;million of non-cash
</DIV>
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    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 align="left"><FONT size="1">

</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">
    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. During the
    quarter ended December&#160;31, 2009 we wrote down our
    investment in certain of our JVs reflecting $2.7&#160;million of
    impairments of inventory held within those JVs. If these adverse
    market conditions continue or worsen, we may have to take
    further write downs of our investments in our JVs.
</DIV>

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

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

</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">
    Our JVs typically obtain secured acquisition, development and
    construction financing. At December&#160;31, 2009, our
    unconsolidated JVs had borrowings totaling $415.7&#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
    December&#160;31, 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 December&#160;31, 2009, we had repayment
    guarantees of $15.8&#160;million. As of December&#160;31, 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 align="left"><FONT size="1">

</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">

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

</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">
    As of December&#160;31, 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>

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

</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">

    <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
</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">
    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>

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

</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">
    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 December&#160;31, 2009, we had accrued
    $2.4&#160;million in our warranty reserves for the repair of
    approximately 40 homes in southwest Florida where certain of our
    subcontractors installed defective Chinese drywall in homes that
    were delivered during our 2006 and 2007
</DIV>
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    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>

<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 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>
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    <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>

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

</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">
    We are a highly leveraged company. As of December&#160;31, 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 align="left"><FONT size="1">

</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">
    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>

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

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    <TD>&nbsp;</TD>
    <TD>
</TD>
    <TD align="left">
    borrowing conditions, could result in an event of default under
    the agreements governing our indebtedness;
</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="4%"></TD>
    <TD width="2%"></TD>
    <TD width="94%"></TD>
</TR>

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    <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>


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    <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>


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    <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>

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

</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">
    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 December&#160;31, 2009, $858.4&#160;million of our existing
    senior notes (excluding our
    8<FONT style="vertical-align: text-top; font-size: 70%;">5</FONT>/<FONT style="font-size: 70%;">8</FONT>%
    Senior Notes due 2011 which were redeemed in full in January
    2010) 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 align="left"><FONT size="1">

</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">
    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
</DIV>
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    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>

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

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

</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">
    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
    December&#160;31, 2009, our non-guarantor subsidiaries had
    liabilities (excluding intercompany liabilities) of
    $5.3&#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;12 to the unaudited condensed
    consolidated financial statements for the quarter ended
    December&#160;31, 2009 incorporated by reference in this
    prospectus for financial information regarding our non-guarantor
    subsidiaries.
</DIV>

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

</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">

    <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>

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

</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">
    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 June&#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>

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

</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">
    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>

</TABLE>
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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">
    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 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
</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">
    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>

<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
    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>

</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">
    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>

<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 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>
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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
    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>

<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 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>
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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 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 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>

</TABLE>
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    <BR>
    26
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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 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">
    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>

<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 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
</DIV>
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    <BR>
    27
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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">
    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>

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

<DIV align="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
</DIV>
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    <BR>
    28
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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">
    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 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>

</TABLE>
<!-- XBRL Pagebreak Begin -->

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

<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>
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    <BR>
    30
</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>

<DIV align="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>

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

<DIV align="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,
</DIV>
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    <BR>
    31
</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">
    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>

<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>
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    <BR>
    32
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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: 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>

<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
    Offer Procedures</FONT></B>
</DIV>

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

</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">
    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 11:59&#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 align="left"><FONT size="1">

</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">
    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
</DIV>
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    <BR>
    33
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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">
    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 align="left"><FONT size="1">

</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>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 11:59&#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 align="left"><FONT size="1">

</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">
    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>

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

<DIV align="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>
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    <BR>
    34
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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: 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 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>

</TABLE>

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

</FONT></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">
    who cannot deliver their original notes, the letter of
    transmittal or any other required documents to the exchange
    agent prior to 11:59&#160;p.m., New York City time, on the
    expiration date of the exchange offer;&#160;or
</TD>
</TR>

</TABLE>

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

</FONT></DIV>

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

</FONT></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">
    who cannot complete the procedures for delivery by book-entry
    transfer prior to 11:59&#160;p.m., New York City time, on the
    expiration date of the exchange offer,
</TD>
</TR>

</TABLE>

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

</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">
    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>

</TABLE>

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

</FONT></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">
    prior to 11:59&#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
</TD>
</TR>

</TABLE>
<!-- XBRL Paragraph Pagebreak -->
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<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    35
</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 -->

<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>
</TD>
    <TD align="left">
    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>

</TABLE>

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

</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">
    Except as otherwise provided in this prospectus, tenders of
    original notes may be withdrawn at any time prior to
    11:59&#160;p.m., New York City time, on the expiration date.
</DIV>

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

</FONT></DIV>

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

</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">
    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 11:59&#160;p.m., New York City time, on the
    expiration date. Any such notice of withdrawal must:
</DIV>

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

</FONT></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>


<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">
    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>

</TABLE>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    36
</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: 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">
    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 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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    37
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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">
    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 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>
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    <BR>
    38
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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 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>
    39
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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<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>

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

</FONT></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 December&#160;31, 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-Q</FONT>
    for the quarter ended December&#160;31, 2009, incorporated
    herein by reference. This table does not reflect the following
    changes in our capital structure that occurred after
    December&#160;31, 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.
</DIV>

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

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

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

</FONT></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>December&#160;31,<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">
    480,461
</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 align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Senior notes (net of discount of $26,362)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,363,797
</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">
    11,998
</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">
    22,077
</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: 20pt">
    Total debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,500,965
</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: 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">
<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; 43,206,610&#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" style="background: #CCEEFF">
<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">
    570,928
</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">
    Accumulated deficit
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (139,539
</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: 10pt">
    Treasury stock, at cost (3,387,337&#160;shares)
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (184,103
</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">
<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">
    247,329
</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: 10pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1,748,294
</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>

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

</FONT></DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    40
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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 -->

<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>

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

</FONT></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="56%">&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 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=07 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=07 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=07 type=hang1 -->
    <TD width="6%">&nbsp;</TD>	<!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=08 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="3" 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">
&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">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom">
    <B>Fiscal Quarter Ended<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="19" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Fiscal Year Ended September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="7" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</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>
<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>
<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">
    2.29
</TD>
<TD nowrap align="left" valign="bottom">
    x
</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"><FONT size="1">

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

</FONT></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">
    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 and for the quarter ended December&#160;31,
    2008 were insufficient to cover fixed charges by
    $428&#160;million, $542&#160;million, $41&#160;million and
    $44&#160;million, respectively.</TD>
</TR>

</TABLE>

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

</FONT></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">
    (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>

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

</FONT></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 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, based on certain
    conditions and covenant compliance. As of December&#160;31,
    2009, we have elected to cash collateralize all letters of
    credit; however we have pledged approximately $1.0&#160;billion
    of inventory assets to our revolving credit facility to
    collateralize potential future borrowings or letters of credit.
    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. There were no outstanding
    borrowings under the revolving credit facility as of
    December&#160;31, 2009.
</DIV>

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

</FONT></DIV>

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

</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">
    We entered into three stand-alone, cash-secured letter of credit
    agreements with banks to maintain our pre-existing letters of
    credit that had been under our prior revolving credit facility
    of which one agreement provides for the issuance of new letters
    of credit. In November 2009 we closed an additional stand-alone,
    cash-secured letter of credit facility with a major bank to add
    additional letter of credit capacity. The letter of credit
    arrangements combined with our revolving credit facility provide
    a total letter of credit capacity of $106&#160;million. As of
    December&#160;31, 2009, we have secured letters of credit using
    cash collateral in restricted accounts totaling
    $47.2&#160;million. We may enter into additional arrangements to
    provide additional letter of credit capacity.
</DIV>

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

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

</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">
    The indentures under which the senior notes were issued contain
    certain restrictive covenants, including limitations on payment
    of dividends. At December&#160;31, 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
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    41
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</FONT></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">
     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 of notes, based on the original
    amounts of the applicable notes; however, this amount may be
    reduced by certain senior note repurchases (potentially at less
    than par) made after the triggering date.
</DIV>

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

</FONT></DIV>

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

</FONT></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. The conversion rate for the convertible senior notes
    is currently 20.1441&#160;shares of common stock per $1,000
    principal amount converted, representing a current conversion
    price of $49.64. 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 align="left"><FONT size="1">

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></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, we completed an exchange of
    $75&#160;million of our trust preferred securities issued by
    Beazer Capital Trust I for a new issue of $75&#160;million of
    junior subordinated notes due July&#160;30, 2036 issued by the
    Company (the &#147;new junior notes&#148;). The exchanged trust
    preferred securities and the related junior subordinated notes
    issued in 2006 have been cancelled effective January 15, 2010.
    The material terms of the new junior notes will be identical to
    the terms of the original trust securities except that when the
    new junior
</DIV>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    42
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
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</FONT></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">
     notes change from a fixed rate to a variable rate in
    August&#160;2016, the variable rate will be subject to a floor
    of 4.25&#160;% and a cap of 9.25&#160;%. In addition, we will
    now have the option to redeem the new junior notes beginning on
    June&#160;1, 2012 at 75% of par value and beginning on
    June&#160;1, 2022, the redemption price of 75&#160;% of par
    value will increase by 1.785&#160;% per year.
</DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></DIV>

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

</FONT></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 aforementioned exchange will be accounted for as an
    extinguishment of debt and, as such, the new junior notes will
    be recorded at their estimated fair value.  Over the remaining
    life of the new junior notes, we will increase their carrying
    value until this carrying value equals the face value of the
    notes.  Preliminary estimates indicate that this transaction
    will result in a gain on extinguishment within the range of $54
    million to $61 million.
</DIV>

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

</FONT></DIV>

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

</FONT></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
    December&#160;31, 2009 and September&#160;30, 2009, we had
    outstanding notes payable of $12.0&#160;million and
    $12.5&#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 8.0%
    to 9.0% at December&#160;31, 2009. These notes are secured by
    the real estate to which they relate.
</DIV>

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

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

</FONT></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 $22.1&#160;million and
    $30.4&#160;million of debt as of December&#160;31, 2009 and
    September&#160;30, 2009, 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, 4.7% as of
    December&#160;31, 2009, and expire at various times through 2015.
</DIV>

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

</FONT></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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    <BR>
    43
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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 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 align="left"><FONT size="1">

</FONT></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 December&#160;31, 2009, the Company and the Subsidiary
    Guarantors had approximately $12.0&#160;million of Indebtedness
    outstanding secured by assets that are not part of the
    Collateral.
</DIV>

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

</FONT></DIV>

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

</FONT></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
    December&#160;31, 2009, our non-guarantor Subsidiaries had
    approximately $5.3&#160;million of liabilities (excluding
    intercompany obligations) in the aggregate.
</DIV>

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

</FONT></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>
    44
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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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    45
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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 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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<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: 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">
    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: 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">
    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: 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">

    <I><FONT style="font-family: 'Times New Roman', Times">Control
    Over Collateral and Enforcement of Liens</FONT></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">
    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: 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">
    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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    <BR>
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<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">
    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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<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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<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>
<!-- XBRL Paragraph Pagebreak -->
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    54
</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">
    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>
<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    55
</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: 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 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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<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">
    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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<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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    <BR>
    59
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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">
    (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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    <BR>
    60
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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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<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>
    62
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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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    <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;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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    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: 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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    <BR>
    65
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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;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 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: 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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    <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: 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 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">
    <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 undertaking, agreement or instrument
    evidencing such Indebtedness) or (2)&#160;is directly or
    indirectly liable for any Indebtedness of such Subsidiary;
</DIV>
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    <BR>
    73
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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 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 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
</DIV>
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    <BR>
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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">
    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 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
</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">
    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 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>
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    76
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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 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 IssueDate,
    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
</DIV>
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    77
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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">
    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>

<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;other Restricted Payments made after the Issue Date in
    an amount not to exceed $20.0&#160;million in the aggregate.
</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: 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>

<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;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>
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    <BR>
    79
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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;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>

<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 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
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

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

<DIV align="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>
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    <BR>
    81
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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;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>

<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;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>
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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">
    (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>

<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 transaction,
    no Default or Event of Default has occurred and is
    continuing;&#160;and
</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;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>

<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 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>
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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">
    (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 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>
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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 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 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>
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    <BR>
    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">
    (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>

<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">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>
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    <BR>
    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%; 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>

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

<DIV align="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>
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    <BR>
    88
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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">
    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>

<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
</DIV>
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    <BR>
    89
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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: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<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
    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
</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: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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>

<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 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>
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    <BR>
    91
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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">
    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>


<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, 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;
</TD>
</TR>
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</TABLE>
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    <BR>
    92
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<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>
</TD>
    <TD align="left">
    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>

<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">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
</DIV>
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    <BR>
    93
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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 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 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>
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    <BR>
    94
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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">
    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>

<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>
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    <BR>
    95
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

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

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

</TABLE>

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

</FONT></DIV>

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

</FONT></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 Quarterly Report on Form
    <FONT style="white-space: nowrap">10-Q</FONT> for the
    fiscal quarter ended December&#160;31, 2009, Registration File
    No.&#160;001-12822, filed on February&#160;5, 2010; and
</TD>
</TR>

</TABLE>

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

</FONT></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 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>
    96
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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 -->
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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="g21823a1g2182300.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 align="left"><FONT size="1">

</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">
    Until&#160;&#160;&#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 align="left"><FONT size="1">

</FONT></DIV>

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

</FONT></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;, 2010
</DIV>

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

</FONT></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>
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
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<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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    <BR>
    II-2
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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
</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">
    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
</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">
    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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-5
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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">
    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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    <BR>
    II-8
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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">
    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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    <BR>
    II-9
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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">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="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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 -->

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

</FONT></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="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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 -->

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

</FONT></DIV>

<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 -->
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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 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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>
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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    II-13
</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 -->
<!-- XBRL Table Pagebreak -->

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

</FONT></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="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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.
</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 align="left"><FONT size="1">

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

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

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

<TR>
    <TD align="right" valign="top">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed.</TD>
</TR>

</TABLE>

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

</FONT></DIV>
<!-- 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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<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-15
</DIV><!-- END PAGE WIDTH -->
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<P><HR noshade><P>
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<DIV style="width: 87%; margin-left: 6%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->

<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
</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">
    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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    <BR>
    II-17
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<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 align="left"><FONT size="1">

</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">
    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
    February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&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="34%">&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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom">
<TD colspan="3" align="center" valign="top">
    <DIV style="display:inline; text-align:center; width:90%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-18
</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 align="left"><FONT size="1">

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&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="34%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 9pt">
<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="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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

</FONT></DIV>
  <!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    II-19
</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 align="left"><FONT size="1">

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

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

</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">
    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 February&#160;9, 2010.
</DIV>

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

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

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

</FONT></DIV>

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

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

</FONT></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="6%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="36%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="36%">&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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 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%">*</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 nowrap align="center" valign="top">
    February&#160;9, 2010
</TD>
</TR>
<TR valign="bottom" style="line-height: 25pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="top">
    *&#160;By:
</TD>
<TD>
&nbsp;
</TD>
<TD 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><I>Attorney-in-Fact</I>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="top">
&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 align="left"><FONT size="1">

</FONT></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">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 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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 -->

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

</FONT></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="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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 -->

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

</FONT></DIV>

<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 01 -->
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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>
<!-- 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 -->

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

</FONT></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="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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.
</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 -->

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

</FONT></DIV>

<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="5%" align="right">&nbsp;</TD>	<!-- colindex=01 type=lead -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=01 type=body -->
    <TD width="5%" align="left">&nbsp;</TD>	<!-- colindex=01 type=align1 -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="87%">&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="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></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">
    *** </TD>
    <TD></TD>
    <TD valign="bottom">
    Previously filed.</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>

</TABLE>

<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">
    (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>
<!-- 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-12.1
<SEQUENCE>2
<FILENAME>g21823a1exv12w1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv12w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
<!-- XBRL Pagebreak End -->


<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> Exhibit&#160;12.1</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">BEAZER
    HOMES USA, INC.<BR>
    FIXED CHARGE COVERAGE RATIO CALCULATION</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: 9pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="38%">&nbsp;</TD>         <!-- colindex=01 type=maindata -->
    <TD width="1%">&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 -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>    <!-- colindex=03 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>    <!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>     <!-- colindex=03 type=hang1 -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>    <!-- colindex=04 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>    <!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>     <!-- colindex=04 type=hang1 -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>    <!-- colindex=05 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>    <!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>     <!-- colindex=05 type=hang1 -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=06 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>    <!-- colindex=06 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>    <!-- colindex=06 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>     <!-- colindex=06 type=hang1 -->
    <TD width="2%">&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 -->
    <TD width="2%">&nbsp;</TD>  <!-- colindex=08 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>    <!-- colindex=08 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>    <!-- colindex=08 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>     <!-- colindex=08 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom">
    <B>Quarter Ended<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="18" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year Ended September&#160;30,</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="6" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December&#160;31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" 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>
<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>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2005</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>2008</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="26" 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: -9pt; margin-left: 9pt">
    (LOSS) INCOME FROM CONTINUING<BR>
    OPERATIONS BEFORE INCOME TAXES
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    ($
</TD>
<TD nowrap align="right" valign="bottom">
    186,546
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    ($
</TD>
<TD nowrap align="right" valign="bottom">
    729,115
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    ($
</TD>
<TD nowrap align="right" valign="bottom">
    574,593
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    609,835
</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">
    572,340
</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">
    44,535
</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">
    79,159
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    FIXED CHARGES
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    137,631
</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">
    145,604
</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">
    154,743
</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">
    130,636
</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">
    95,242
</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">
    34,108
</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">
    34,994
</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: -9pt; margin-left: 18pt">
    LESS: INTEREST CAPITALIZED
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (50,451
</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">
    (84,474
</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">
    (148,444
</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">
    (124,162
</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">
    (89,696
</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">
    (12,648
</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">
    (12,648
</TD>
<TD nowrap align="left" valign="bottom">
    )
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 18pt">
    ADD: INTEREST AMORTIZED TO COS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    54,714
</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">
    112,262
</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">
    127,530
</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">
    95,974
</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">
    80,180
</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">
    11,384
</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">
    12,693
</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: -9pt; margin-left: 18pt">
    ADD: INTEREST IMPAIRED TO COS
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,376
</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">
    13,795
</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">
    12,350
</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">
    &#151;
</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">
    &#151;
</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">
    632
</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">
    537
</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>
<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>
<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 align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    EARNINGS AVAILABLE FOR FIXED CHARGES
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    (41,276
</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">
    (541,928
</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">
    (428,414
</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">
    712,283
</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">
    658,066
</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">
    78,011
</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">
    (43,619
</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: -9pt; margin-left: 9pt">
    FIXED CHARGES
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    137,631
</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">
    145,604
</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">
    154,743
</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">
    130,636
</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">
    95,242
</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">
    34,108
</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">
    34,994
</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>
<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>
<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 align="left" valign="bottom">
<DIV style="text-indent: -9pt; margin-left: 9pt">
    <B>RATIO OF EARNINGS TO FIXED CHARGES(a)</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(a</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(a</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>(a</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>5.45x</B>
</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">
    <B>6.91x</B>
</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">
    <B>2.29x</B>
</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">
    <B>(a</B>
</TD>
<TD nowrap align="left" valign="bottom">
    <B>) </B>
</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>
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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">

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

<TR>
    <TD align="right" valign="top">
    (a) </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,
    2009, 2008 and 2007 and the quarter ended December&#160;31, 2008
    were insufficient to cover fixed charges by $41&#160;million,
    $542&#160;million, $428&#160;million and $44&#160;million,
    respectively.</TD>
</TR>

</TABLE>

<!-- XBRL Pagebreak Begin -->

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
&nbsp;</DIV><!-- END PAGE WIDTH -->
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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>3
<FILENAME>g21823a1exv23w1.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 Pre-effective
Amendment No.&nbsp;1 to Registration Statement No.&nbsp;333-164459 of
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="g21823a1g2182307.gif" alt="(DELOITTE TOUCHE SIGNATURE)"></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Atlanta,
Georgia<BR>February&nbsp;9, 2010</DIV>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
