<SEC-DOCUMENT>0001193125-13-363431.txt : 20130911
<SEC-HEADER>0001193125-13-363431.hdr.sgml : 20130911
<ACCEPTANCE-DATETIME>20130911074028
ACCESSION NUMBER:		0001193125-13-363431
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20130911
DATE AS OF CHANGE:		20130911

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Fresno, LLC
		CENTRAL INDEX KEY:			0001583604
		IRS NUMBER:				264718801
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-320
		FILM NUMBER:		131089574

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Forest Meadows, LLC
		CENTRAL INDEX KEY:			0001583397
		IRS NUMBER:				161639755
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-325
		FILM NUMBER:		131089579

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Minnesota, Inc.
		CENTRAL INDEX KEY:			0001583654
		IRS NUMBER:				201073868
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-41
		FILM NUMBER:		131089586

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Paddocks, L.L.C.
		CENTRAL INDEX KEY:			0001583419
		IRS NUMBER:				200027663
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-52
		FILM NUMBER:		131089597

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Midwest Building Products & Contractor Services of Pennsylvania, L.L.C.
		CENTRAL INDEX KEY:			0001583440
		IRS NUMBER:				205071295
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-57
		FILM NUMBER:		131089602

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			M&M at Chesterfield, L.L.C.
		CENTRAL INDEX KEY:			0001583497
		IRS NUMBER:				562290506
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-64
		FILM NUMBER:		131089609

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN'S FOUR SEASONS AT RENAISSANCE, L.L.C.
		CENTRAL INDEX KEY:			0001583314
		IRS NUMBER:				208190357
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-72
		FILM NUMBER:		131089617

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian White Road, LLC
		CENTRAL INDEX KEY:			0001583633
		IRS NUMBER:				461281424
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-85
		FILM NUMBER:		131089630

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Summit Homes, L.L.C.
		CENTRAL INDEX KEY:			0001583617
		IRS NUMBER:				320069379
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-91
		FILM NUMBER:		131089636

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian South Jersey Acquisitions, L.L.C.
		CENTRAL INDEX KEY:			0001583580
		IRS NUMBER:				223556341
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-98
		FILM NUMBER:		131089643

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian PA Real Estate, Inc.
		CENTRAL INDEX KEY:			0001583504
		IRS NUMBER:				223188608
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-107
		FILM NUMBER:		131089651

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Northeast Services, L.L.C.
		CENTRAL INDEX KEY:			0001583524
		IRS NUMBER:				161639452
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-111
		FILM NUMBER:		131089655

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of West Virginia, LLC
		CENTRAL INDEX KEY:			0001583281
		IRS NUMBER:				202828654
		STATE OF INCORPORATION:			WV
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-08
		FILM NUMBER:		131089663

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at The Paddocks, LLC
		CENTRAL INDEX KEY:			0001583344
		IRS NUMBER:				462410053
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-21
		FILM NUMBER:		131089676

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Reedy Creek, LLC
		CENTRAL INDEX KEY:			0001583469
		IRS NUMBER:				461854836
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-26
		FILM NUMBER:		131089681

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Greenway Farm, LLC
		CENTRAL INDEX KEY:			0001583448
		IRS NUMBER:				203921143
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-29
		FILM NUMBER:		131089684

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes - DFW, L.L.C.
		CENTRAL INDEX KEY:			0001583446
		IRS NUMBER:				205856823
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-36
		FILM NUMBER:		131089691

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Grand Cypress, LLC
		CENTRAL INDEX KEY:			0001583630
		IRS NUMBER:				462410094
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-122
		FILM NUMBER:		131089697

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of South Carolina, Inc.
		CENTRAL INDEX KEY:			0001583636
		IRS NUMBER:				582659968
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-183
		FILM NUMBER:		131089710

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Ohio, Inc.
		CENTRAL INDEX KEY:			0001583642
		IRS NUMBER:				320069375
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-185
		FILM NUMBER:		131089712

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Construction II, Inc
		CENTRAL INDEX KEY:			0001583336
		IRS NUMBER:				222246316
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-200
		FILM NUMBER:		131089727

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Companies of Maryland, Inc.
		CENTRAL INDEX KEY:			0001583362
		IRS NUMBER:				223331050
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-205
		FILM NUMBER:		131089732

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT WINCHESTER, LLC
		CENTRAL INDEX KEY:			0001583304
		IRS NUMBER:				522147836
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-213
		FILM NUMBER:		131089740

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Wildwood Bayside, L.L.C.
		CENTRAL INDEX KEY:			0001583373
		IRS NUMBER:				204385082
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-215
		FILM NUMBER:		131089742

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT VINELAND, L.L.C.
		CENTRAL INDEX KEY:			0001583298
		IRS NUMBER:				341997435
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-149
		FILM NUMBER:		131089754

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Upper Uwchlan II, L.L.C.
		CENTRAL INDEX KEY:			0001583476
		IRS NUMBER:				311820731
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-225
		FILM NUMBER:		131089760

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at The Preserve, LLC
		CENTRAL INDEX KEY:			0001583322
		IRS NUMBER:				201337079
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-233
		FILM NUMBER:		131089768

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at South Brunswick, L.L.C.
		CENTRAL INDEX KEY:			0001583600
		IRS NUMBER:				010618098
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-138
		FILM NUMBER:		131089777

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Smithville, Inc.
		CENTRAL INDEX KEY:			0001583510
		IRS NUMBER:				221732674
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-140
		FILM NUMBER:		131089779

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Roderuck, L.L.C.
		CENTRAL INDEX KEY:			0001583247
		IRS NUMBER:				223756336
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-244
		FILM NUMBER:		131089791

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL V, L.L.C
		CENTRAL INDEX KEY:			0001583231
		IRS NUMBER:				202293478
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-05
		FILM NUMBER:		131089803

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Pavillion Park, LLC
		CENTRAL INDEX KEY:			0001583599
		IRS NUMBER:				462517676
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-257
		FILM NUMBER:		131089808

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Oceanport, L.L.C.
		CENTRAL INDEX KEY:			0001583592
		IRS NUMBER:				205811042
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-264
		FILM NUMBER:		131089815

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Northampton, L.L.C.
		CENTRAL INDEX KEY:			0001583685
		IRS NUMBER:				223785527
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-269
		FILM NUMBER:		131089820

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Mosaic, LLC
		CENTRAL INDEX KEY:			0001583543
		IRS NUMBER:				550820915
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-279
		FILM NUMBER:		131089830

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Middletown II, L.L.C.
		CENTRAL INDEX KEY:			0001583503
		IRS NUMBER:				043695371
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-164
		FILM NUMBER:		131089841

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Mendham Township, L.L.C.
		CENTRAL INDEX KEY:			0001583499
		IRS NUMBER:				202033800
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-169
		FILM NUMBER:		131089846

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Maple Avenue, L.L.C.
		CENTRAL INDEX KEY:			0001583327
		IRS NUMBER:				204863855
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-176
		FILM NUMBER:		131089853

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Long Hill, L.L.C.
		CENTRAL INDEX KEY:			0001583402
		IRS NUMBER:				452873001
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-287
		FILM NUMBER:		131089866

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lenah Woods, LLC
		CENTRAL INDEX KEY:			0001583408
		IRS NUMBER:				462102910
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-290
		FILM NUMBER:		131089869

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at La Costa Greens, L.L.C.
		CENTRAL INDEX KEY:			0001583358
		IRS NUMBER:				203920917
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-300
		FILM NUMBER:		131089879

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Jackson, L.L.C.
		CENTRAL INDEX KEY:			0001583472
		IRS NUMBER:				223630450
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-305
		FILM NUMBER:		131089884

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Hawthorne, LLC
		CENTRAL INDEX KEY:			0001583556
		IRS NUMBER:				200946954
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-312
		FILM NUMBER:		131089891

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Hackettstown II, LLC
		CENTRAL INDEX KEY:			0001583531
		IRS NUMBER:				200412492
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-314
		FILM NUMBER:		131089893

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Duval Pointe, LLC
		CENTRAL INDEX KEY:			0001583367
		IRS NUMBER:				462426216
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-340
		FILM NUMBER:		131089906

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			F&W Mechanical Services, L.L.C.
		CENTRAL INDEX KEY:			0001583249
		IRS NUMBER:				204186885
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-387
		FILM NUMBER:		131089917

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Deptford Township, LLC
		CENTRAL INDEX KEY:			0001583372
		IRS NUMBER:				201254802
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-342
		FILM NUMBER:		131089921

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Chester I, LLC
		CENTRAL INDEX KEY:			0001583452
		IRS NUMBER:				223618347
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-350
		FILM NUMBER:		131089929

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Chadds Ford, LLC
		CENTRAL INDEX KEY:			0001583465
		IRS NUMBER:				462425857
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-352
		FILM NUMBER:		131089931

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Barnegat II, L.L.C.
		CENTRAL INDEX KEY:			0001583295
		IRS NUMBER:				203030275
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-364
		FILM NUMBER:		131089943

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Andalusia, LLC
		CENTRAL INDEX KEY:			0001583284
		IRS NUMBER:				273958234
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-369
		FILM NUMBER:		131089948

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Aliso, LLC
		CENTRAL INDEX KEY:			0001583278
		IRS NUMBER:				201218567
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-371
		FILM NUMBER:		131089950

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Acqua Vista, LLC
		CENTRAL INDEX KEY:			0001583277
		IRS NUMBER:				200464160
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-372
		FILM NUMBER:		131089951

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K.HOV IP, INC.
		CENTRAL INDEX KEY:			0001583235
		IRS NUMBER:				954892009
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-376
		FILM NUMBER:		131089955

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Arbor Trails, LLC
		CENTRAL INDEX KEY:			0001583269
		IRS NUMBER:				364741664
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-394
		FILM NUMBER:		131089960

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000833199
		STANDARD INDUSTRIAL CLASSIFICATION:	GEN BUILDING CONTRACTORS - RESIDENTIAL BUILDINGS [1520]
		IRS NUMBER:				222423583
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-01
		FILM NUMBER:		131089961

	BUSINESS ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		STREET 2:		P O BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Gaslamp Square, L.L.C.
		CENTRAL INDEX KEY:			0001583244
		IRS NUMBER:				201454058
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-319
		FILM NUMBER:		131089573

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Freehold Township, LLC
		CENTRAL INDEX KEY:			0001583586
		IRS NUMBER:				311819075
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-321
		FILM NUMBER:		131089575

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WASHINGTON HOMES INC
		CENTRAL INDEX KEY:			0000104834
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				520818872
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0731

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-39
		FILM NUMBER:		131089584

	BUSINESS ADDRESS:	
		STREET 1:		1802 BRIGHTSEAT RD
		STREET 2:		6TH FLOOR
		CITY:			LANDOVER
		STATE:			MD
		ZIP:			20785
		BUSINESS PHONE:		3017728900

	MAIL ADDRESS:	
		STREET 1:		1802 BRIGHTSEAT RD
		STREET 2:		6TH FLOOR
		CITY:			LANDOVER
		STATE:			MD
		ZIP:			20785

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Woodland Lake Condominiums at Bowie New Town, L.L.C.
		CENTRAL INDEX KEY:			0001583411
		IRS NUMBER:				061643401
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-44
		FILM NUMBER:		131089589

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Terrapin Realty, L.L.C.
		CENTRAL INDEX KEY:			0001583354
		IRS NUMBER:				204415708
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-47
		FILM NUMBER:		131089592

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			New Land Title Agency, L.L.C.
		CENTRAL INDEX KEY:			0001583423
		IRS NUMBER:				260598590
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-53
		FILM NUMBER:		131089598

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MCNJ, Inc.
		CENTRAL INDEX KEY:			0001583493
		IRS NUMBER:				222722906
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-58
		FILM NUMBER:		131089603

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Matzel & Mumford at South Bound Brook Urban Renewal, L.L.C.
		CENTRAL INDEX KEY:			0001583443
		IRS NUMBER:				200489677
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-59
		FILM NUMBER:		131089604

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			M&M at Crescent Court, L.L.C.
		CENTRAL INDEX KEY:			0001583498
		IRS NUMBER:				205085522
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-63
		FILM NUMBER:		131089608

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at St. Margarets
		CENTRAL INDEX KEY:			0001583519
		IRS NUMBER:				223688864
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-68
		FILM NUMBER:		131089613

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Palm Springs, LLC
		CENTRAL INDEX KEY:			0001583533
		IRS NUMBER:				571145579
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-73
		FILM NUMBER:		131089618

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Hemet, LLC
		CENTRAL INDEX KEY:			0001583561
		IRS NUMBER:				470884181
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-79
		FILM NUMBER:		131089624

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN WINDWARD HOMES, LLC
		CENTRAL INDEX KEY:			0001583529
		IRS NUMBER:				200301995
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-84
		FILM NUMBER:		131089629

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Waterbury, LLC
		CENTRAL INDEX KEY:			0001583632
		IRS NUMBER:				300753316
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-86
		FILM NUMBER:		131089631

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian T&C Homes at Florida, L.L.C.
		CENTRAL INDEX KEY:			0001583625
		IRS NUMBER:				202387167
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-90
		FILM NUMBER:		131089635

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Summit Homes of Kentucky, L.L.C.
		CENTRAL INDEX KEY:			0001583605
		IRS NUMBER:				205166566
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-94
		FILM NUMBER:		131089639

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian South Fork, LLC
		CENTRAL INDEX KEY:			0001583578
		IRS NUMBER:				462673370
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-100
		FILM NUMBER:		131089644

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Pennsylvania Acquisitions, L.L.C.
		CENTRAL INDEX KEY:			0001583512
		IRS NUMBER:				542064618
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-106
		FILM NUMBER:		131089650

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian of Houston II, L.L.C.
		CENTRAL INDEX KEY:			0001583526
		IRS NUMBER:				205856770
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-110
		FILM NUMBER:		131089654

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Manalapan Acquisition, LLC
		CENTRAL INDEX KEY:			0001583427
		IRS NUMBER:				455320692
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-115
		FILM NUMBER:		131089659

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian LaDue Reserve, LLC
		CENTRAL INDEX KEY:			0001583418
		IRS NUMBER:				300753230
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-06
		FILM NUMBER:		131089661

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN HOMES OF NORTH CAROLINA, INC.
		CENTRAL INDEX KEY:			0001583305
		IRS NUMBER:				561458833
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-12
		FILM NUMBER:		131089667

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of D.C., LLC
		CENTRAL INDEX KEY:			0001583350
		IRS NUMBER:				202377153
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-19
		FILM NUMBER:		131089674

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Russett, LLC
		CENTRAL INDEX KEY:			0001583634
		IRS NUMBER:				201526150
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-24
		FILM NUMBER:		131089679

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Renaissance Plaza, LLC
		CENTRAL INDEX KEY:			0001583474
		IRS NUMBER:				200364144
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-25
		FILM NUMBER:		131089680

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Greenway Farm Park Towns, LLC
		CENTRAL INDEX KEY:			0001583424
		IRS NUMBER:				203921234
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-30
		FILM NUMBER:		131089685

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Holdings NJ, L.L.C.
		CENTRAL INDEX KEY:			0001583449
		IRS NUMBER:				020651173
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-118
		FILM NUMBER:		131089692

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Florida Realty, L.L.C.
		CENTRAL INDEX KEY:			0001583462
		IRS NUMBER:				260509482
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-125
		FILM NUMBER:		131089700

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Edgebrook, LLC
		CENTRAL INDEX KEY:			0001583467
		IRS NUMBER:				462723774
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-128
		FILM NUMBER:		131089703

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Virginia, Inc.
		CENTRAL INDEX KEY:			0001583475
		IRS NUMBER:				223188615
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-133
		FILM NUMBER:		131089708

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Pennsylvania, Inc.
		CENTRAL INDEX KEY:			0001583638
		IRS NUMBER:				221097670
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-184
		FILM NUMBER:		131089711

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Kentucky, Inc.
		CENTRAL INDEX KEY:			0001583657
		IRS NUMBER:				205156963
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-190
		FILM NUMBER:		131089717

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of D.C., Inc.
		CENTRAL INDEX KEY:			0001583359
		IRS NUMBER:				202377106
		STATE OF INCORPORATION:			DC
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-194
		FILM NUMBER:		131089721

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Construction III, Inc
		CENTRAL INDEX KEY:			0001583335
		IRS NUMBER:				221945444
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-199
		FILM NUMBER:		131089726

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Companies, LLC
		CENTRAL INDEX KEY:			0001583340
		IRS NUMBER:				593762298
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-201
		FILM NUMBER:		131089728

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Companies of California, Inc.
		CENTRAL INDEX KEY:			0001583351
		IRS NUMBER:				223301757
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-206
		FILM NUMBER:		131089733

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Woolwich I, L.L.C.
		CENTRAL INDEX KEY:			0001583365
		IRS NUMBER:				223828777
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-211
		FILM NUMBER:		131089738

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Willow Brook L.L.C.
		CENTRAL INDEX KEY:			0001583371
		IRS NUMBER:				223709105
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-214
		FILM NUMBER:		131089741

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at West Windsor, L.L.C.
		CENTRAL INDEX KEY:			0001583420
		IRS NUMBER:				223618242
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-218
		FILM NUMBER:		131089745

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Warren Township, L.L.C.
		CENTRAL INDEX KEY:			0001583445
		IRS NUMBER:				202594932
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-224
		FILM NUMBER:		131089751

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT VERONA URBAN RENEWAL, L.L.C.
		CENTRAL INDEX KEY:			0001583296
		IRS NUMBER:				204359783
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-151
		FILM NUMBER:		131089756

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Valle Del Sol, LLC
		CENTRAL INDEX KEY:			0001583468
		IRS NUMBER:				264720751
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-153
		FILM NUMBER:		131089758

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Upper Freehold Township II, L.L.C.
		CENTRAL INDEX KEY:			0001583652
		IRS NUMBER:				223655975
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-229
		FILM NUMBER:		131089764

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Sunridge Park, LLC
		CENTRAL INDEX KEY:			0001583355
		IRS NUMBER:				272647986
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-238
		FILM NUMBER:		131089773

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Somers Point, L.L.C.
		CENTRAL INDEX KEY:			0001583522
		IRS NUMBER:				161639761
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-139
		FILM NUMBER:		131089778

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Silver Spring, L.L.C.
		CENTRAL INDEX KEY:			0001583211
		IRS NUMBER:				203230502
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-142
		FILM NUMBER:		131089781

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Sayreville, L.L.C.
		CENTRAL INDEX KEY:			0001583226
		IRS NUMBER:				223815459
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-239
		FILM NUMBER:		131089786

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Santa Nella, LLC
		CENTRAL INDEX KEY:			0001583245
		IRS NUMBER:				264720339
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-241
		FILM NUMBER:		131089788

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Ridgemont, L.L.C.
		CENTRAL INDEX KEY:			0001583260
		IRS NUMBER:				203375106
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-246
		FILM NUMBER:		131089793

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Rancho Santa Margarita, LLC
		CENTRAL INDEX KEY:			0001583267
		IRS NUMBER:				330890773
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-250
		FILM NUMBER:		131089797

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VIII, L.L.C.
		CENTRAL INDEX KEY:			0001583286
		IRS NUMBER:				202909227
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-02
		FILM NUMBER:		131089800

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Pittsgrove, L.L.C.
		CENTRAL INDEX KEY:			0001583256
		IRS NUMBER:				201562254
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-254
		FILM NUMBER:		131089805

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Parsippany, L.L.C.
		CENTRAL INDEX KEY:			0001583597
		IRS NUMBER:				272496088
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-259
		FILM NUMBER:		131089810

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Old Bridge, L.L.C.
		CENTRAL INDEX KEY:			0001583593
		IRS NUMBER:				550787042
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-263
		FILM NUMBER:		131089814

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Northern Westchester, INC.
		CENTRAL INDEX KEY:			0001583237
		IRS NUMBER:				222814372
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-268
		FILM NUMBER:		131089819

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at North Caldwell III, L.L.C.
		CENTRAL INDEX KEY:			0001583581
		IRS NUMBER:				204863775
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-273
		FILM NUMBER:		131089824

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at North Bergen, L.L.C.
		CENTRAL INDEX KEY:			0001583570
		IRS NUMBER:				311818663
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-276
		FILM NUMBER:		131089827

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Montvale II, LLC
		CENTRAL INDEX KEY:			0001583538
		IRS NUMBER:				272610827
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-155
		FILM NUMBER:		131089832

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Monroe NJ, L.L.C.
		CENTRAL INDEX KEY:			0001583523
		IRS NUMBER:				203512199
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-158
		FILM NUMBER:		131089835

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Middletown III, LLC
		CENTRAL INDEX KEY:			0001583505
		IRS NUMBER:				462284483
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-163
		FILM NUMBER:		131089840

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Melanie Meadows, LLC
		CENTRAL INDEX KEY:			0001583639
		IRS NUMBER:				264719216
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-170
		FILM NUMBER:		131089847

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Marlboro Township VIII, L.L.C.
		CENTRAL INDEX KEY:			0001583655
		IRS NUMBER:				223802584
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-173
		FILM NUMBER:		131089850

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Mansfield III, L.L.C.
		CENTRAL INDEX KEY:			0001583490
		IRS NUMBER:				223683839
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-178
		FILM NUMBER:		131089855

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lower Makefield Township I, L.L.C.
		CENTRAL INDEX KEY:			0001583395
		IRS NUMBER:				223887471
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-284
		FILM NUMBER:		131089863

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lower Macungie Township I, L.L.C.
		CENTRAL INDEX KEY:			0001583400
		IRS NUMBER:				510427582
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-286
		FILM NUMBER:		131089865

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lake Terrapin, L.L.C.
		CENTRAL INDEX KEY:			0001583392
		IRS NUMBER:				223647920
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-293
		FILM NUMBER:		131089872

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lake Burden, LLC
		CENTRAL INDEX KEY:			0001583310
		IRS NUMBER:				202751668
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-296
		FILM NUMBER:		131089875

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Keyport, L.L.C.
		CENTRAL INDEX KEY:			0001583425
		IRS NUMBER:				204918777
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-301
		FILM NUMBER:		131089880

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Jersey City V Urban Renewal Company, L.L.C.
		CENTRAL INDEX KEY:			0001583431
		IRS NUMBER:				311818646
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-302
		FILM NUMBER:		131089881

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Hershey's Mill, Inc.
		CENTRAL INDEX KEY:			0001583558
		IRS NUMBER:				223445102
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-311
		FILM NUMBER:		131089890

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Fifth Avenue, LLC
		CENTRAL INDEX KEY:			0001583403
		IRS NUMBER:				204594377
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-328
		FILM NUMBER:		131089894

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at El Dorado Ranch II, LLC
		CENTRAL INDEX KEY:			0001583391
		IRS NUMBER:				264273232
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-333
		FILM NUMBER:		131089899

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Edgewater, LLC
		CENTRAL INDEX KEY:			0001583330
		IRS NUMBER:				311825623
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-336
		FILM NUMBER:		131089902

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K.HOV IP, II, INC.
		CENTRAL INDEX KEY:			0001583236
		IRS NUMBER:				571135061
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-377
		FILM NUMBER:		131089907

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hovnanian Land Investment Group of Florida, L.L.C.
		CENTRAL INDEX KEY:			0001583215
		IRS NUMBER:				201379037
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-380
		FILM NUMBER:		131089910

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Founders Title Agency. Inc.
		CENTRAL INDEX KEY:			0001583224
		IRS NUMBER:				223293533
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-385
		FILM NUMBER:		131089915

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Cranbury, LLC
		CENTRAL INDEX KEY:			0001583416
		IRS NUMBER:				223814347
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-344
		FILM NUMBER:		131089923

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Chesterfield, L.L.C.
		CENTRAL INDEX KEY:			0001583447
		IRS NUMBER:				200916310
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-349
		FILM NUMBER:		131089928

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Charter Way, LLC
		CENTRAL INDEX KEY:			0001583457
		IRS NUMBER:				264718725
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-351
		FILM NUMBER:		131089930

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Bridgewater I, L.L.C.
		CENTRAL INDEX KEY:			0001583656
		IRS NUMBER:				311820703
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-358
		FILM NUMBER:		131089937

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Branchburg, L.L.C.
		CENTRAL INDEX KEY:			0001583664
		IRS NUMBER:				272495924
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-360
		FILM NUMBER:		131089939

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Barnegat I, L.L.C.
		CENTRAL INDEX KEY:			0001583293
		IRS NUMBER:				223804316
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-365
		FILM NUMBER:		131089944

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Bakersfield 463, L.L.C.
		CENTRAL INDEX KEY:			0001583289
		IRS NUMBER:				264230522
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-366
		FILM NUMBER:		131089945

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Arbor Heights, LLC
		CENTRAL INDEX KEY:			0001583287
		IRS NUMBER:				330890775
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-368
		FILM NUMBER:		131089947

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Franklin III, LLC
		CENTRAL INDEX KEY:			0001583483
		IRS NUMBER:				453933939
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-322
		FILM NUMBER:		131089576

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LANDARAMA INC
		CENTRAL INDEX KEY:			0001176860
		IRS NUMBER:				221978612
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-43
		FILM NUMBER:		131089588

	BUSINESS ADDRESS:	
		STREET 1:		C/O K HOVNANIAN ENTERPRISES INC
		STREET 2:		10 HWY 35 PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MMIP, L.L.C.
		CENTRAL INDEX KEY:			0001583491
		IRS NUMBER:				020651174
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-54
		FILM NUMBER:		131089599

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			M&M at West Orange, L.L.C.
		CENTRAL INDEX KEY:			0001583496
		IRS NUMBER:				550820919
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-62
		FILM NUMBER:		131089607

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Moreno Valley, LLC
		CENTRAL INDEX KEY:			0001583680
		IRS NUMBER:				264273623
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-75
		FILM NUMBER:		131089620

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Timbres at Elm Creek, LLC
		CENTRAL INDEX KEY:			0001583627
		IRS NUMBER:				271226085
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-88
		FILM NUMBER:		131089633

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Sterling Ranch, LLC
		CENTRAL INDEX KEY:			0001583585
		IRS NUMBER:				461854715
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-96
		FILM NUMBER:		131089641

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Ohio Realty, L.L.C.
		CENTRAL INDEX KEY:			0001583527
		IRS NUMBER:				320069376
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-109
		FILM NUMBER:		131089653

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Monarch Grove, LLC
		CENTRAL INDEX KEY:			0001583430
		IRS NUMBER:				461269346
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-114
		FILM NUMBER:		131089658

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN HOMES OF DELAWARE, L.L.C.
		CENTRAL INDEX KEY:			0001583301
		IRS NUMBER:				201528482
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-18
		FILM NUMBER:		131089673

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Forest Run, L.L.C.
		CENTRAL INDEX KEY:			0001583417
		IRS NUMBER:				200812109
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-31
		FILM NUMBER:		131089686

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Hamptons at Oak Creek II, L.L.C.
		CENTRAL INDEX KEY:			0001583454
		IRS NUMBER:				271370832
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-119
		FILM NUMBER:		131089694

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of West Virginia, Inc.
		CENTRAL INDEX KEY:			0001583473
		IRS NUMBER:				311826831
		STATE OF INCORPORATION:			WV
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-132
		FILM NUMBER:		131089707

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of California, Inc.
		CENTRAL INDEX KEY:			0001583615
		IRS NUMBER:				223303806
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-195
		FILM NUMBER:		131089722

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Cambridge Homes, L.L.C.
		CENTRAL INDEX KEY:			0001583317
		IRS NUMBER:				202387077
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-210
		FILM NUMBER:		131089737

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Westshore, LLC
		CENTRAL INDEX KEY:			0001583414
		IRS NUMBER:				264721970
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-217
		FILM NUMBER:		131089744

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Verona Estates, LLC
		CENTRAL INDEX KEY:			0001583463
		IRS NUMBER:				900948264
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-152
		FILM NUMBER:		131089757

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at The Gables
		CENTRAL INDEX KEY:			0001583338
		IRS NUMBER:				330890769
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-235
		FILM NUMBER:		131089770

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Stanton, LLC
		CENTRAL INDEX KEY:			0001583233
		IRS NUMBER:				263367457
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-136
		FILM NUMBER:		131089775

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Sawmill, Inc.
		CENTRAL INDEX KEY:			0001583227
		IRS NUMBER:				223602924
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-240
		FILM NUMBER:		131089787

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Prado, L.L.C.
		CENTRAL INDEX KEY:			0001583273
		IRS NUMBER:				203158762
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-251
		FILM NUMBER:		131089798

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Piazza Serena, L.L.C.
		CENTRAL INDEX KEY:			0001583243
		IRS NUMBER:				264230582
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-255
		FILM NUMBER:		131089806

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Northfield, L.L.C.
		CENTRAL INDEX KEY:			0001583684
		IRS NUMBER:				223665826
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-267
		FILM NUMBER:		131089818

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at North Caldwell II, L.L.C.
		CENTRAL INDEX KEY:			0001583574
		IRS NUMBER:				201185057
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-274
		FILM NUMBER:		131089825

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Monroe IV, L.L.C.
		CENTRAL INDEX KEY:			0001583520
		IRS NUMBER:				202364423
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-159
		FILM NUMBER:		131089836

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Middle Township II, L.L.C.
		CENTRAL INDEX KEY:			0001583501
		IRS NUMBER:				203832384
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-166
		FILM NUMBER:		131089843

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Mansfield II, L.L.C.
		CENTRAL INDEX KEY:			0001583489
		IRS NUMBER:				223556346
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-179
		FILM NUMBER:		131089856

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lower Macungie Township II, L.L.C.
		CENTRAL INDEX KEY:			0001583398
		IRS NUMBER:				651161803
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-285
		FILM NUMBER:		131089864

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at La Laguna, L.L.C.
		CENTRAL INDEX KEY:			0001583312
		IRS NUMBER:				264230543
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-297
		FILM NUMBER:		131089876

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Jersey City IV, L.L.C.
		CENTRAL INDEX KEY:			0001583460
		IRS NUMBER:				223655974
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-303
		FILM NUMBER:		131089882

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Evergreen, LLC
		CENTRAL INDEX KEY:			0001583407
		IRS NUMBER:				201618392
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-330
		FILM NUMBER:		131089896

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Egg Harbor Township II, LLC
		CENTRAL INDEX KEY:			0001583319
		IRS NUMBER:				203158355
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-335
		FILM NUMBER:		131089901

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eastern National Title Agency, LLC
		CENTRAL INDEX KEY:			0001583251
		IRS NUMBER:				272610679
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-389
		FILM NUMBER:		131089919

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Eastern Natinonal Title Agency, LLC
		DATE OF NAME CHANGE:	20130802

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Clifton, LLC
		CENTRAL INDEX KEY:			0001583434
		IRS NUMBER:				223655976
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-347
		FILM NUMBER:		131089926

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Avenue One, L.L.C.
		CENTRAL INDEX KEY:			0001583238
		IRS NUMBER:				651161801
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-367
		FILM NUMBER:		131089946

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at 4S, LLC
		CENTRAL INDEX KEY:			0001583266
		IRS NUMBER:				731638455
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-373
		FILM NUMBER:		131089952

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Aberdeen, LLC
		CENTRAL INDEX KEY:			0001583272
		IRS NUMBER:				461265993
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-375
		FILM NUMBER:		131089954

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Auddie Enterprises, L.L.C.
		CENTRAL INDEX KEY:			0001583263
		IRS NUMBER:				261956909
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-393
		FILM NUMBER:		131089959

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802
		FILM NUMBER:		131089568

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET PO BOX 500
		STREET 2:		110 WEST FRONT STREET  PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Franklin II, LLC
		CENTRAL INDEX KEY:			0001583396
		IRS NUMBER:				274526823
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-323
		FILM NUMBER:		131089577

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			STONEBROOK HOMES INC
		CENTRAL INDEX KEY:			0001176876
		IRS NUMBER:				330553884
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-40
		FILM NUMBER:		131089585

	BUSINESS ADDRESS:	
		STREET 1:		C/O K HOVNANIAN ENTERPRISES INC
		STREET 2:		10 HWY 35 PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Midwest Building Products & Contractor Services of West Virginia, L.L.C.
		CENTRAL INDEX KEY:			0001583426
		IRS NUMBER:				205065126
		STATE OF INCORPORATION:			WV
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-56
		FILM NUMBER:		131089601

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			M&M at Wheatena Urban Renewal, L.L.C.
		CENTRAL INDEX KEY:			0001583495
		IRS NUMBER:				201516521
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-61
		FILM NUMBER:		131089606

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Rush Creek II, LLC
		CENTRAL INDEX KEY:			0001583534
		IRS NUMBER:				271228535
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-71
		FILM NUMBER:		131089616

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Los Banos, LLC
		CENTRAL INDEX KEY:			0001583590
		IRS NUMBER:				264722883
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-76
		FILM NUMBER:		131089621

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN'S FOUR SEASONS AT BAKERSFIELD, L.L.C.
		CENTRAL INDEX KEY:			0001583555
		IRS NUMBER:				201454116
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-82
		FILM NUMBER:		131089627

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Venture I, L.L.C.
		CENTRAL INDEX KEY:			0001583631
		IRS NUMBER:				020572173
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-87
		FILM NUMBER:		131089632

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Summit Holdings, L.L.C.
		CENTRAL INDEX KEY:			0001583587
		IRS NUMBER:				311818027
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-95
		FILM NUMBER:		131089640

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Rivendale, LLC
		CENTRAL INDEX KEY:			0001583571
		IRS NUMBER:				461826219
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-103
		FILM NUMBER:		131089647

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian North Central Acquisitions, LLC
		CENTRAL INDEX KEY:			0001583432
		IRS NUMBER:				223554986
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-113
		FILM NUMBER:		131089657

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Indian Trails, LLC
		CENTRAL INDEX KEY:			0001583415
		IRS NUMBER:				461528712
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-07
		FILM NUMBER:		131089662

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of Longacre Village, LLC
		CENTRAL INDEX KEY:			0001583318
		IRS NUMBER:				800829816
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-15
		FILM NUMBER:		131089670

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at the Highlands, LLC
		CENTRAL INDEX KEY:			0001583348
		IRS NUMBER:				272938723
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-22
		FILM NUMBER:		131089677

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Maxwell Place, LLC
		CENTRAL INDEX KEY:			0001583458
		IRS NUMBER:				371493190
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-27
		FILM NUMBER:		131089682

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Fairwood, L.L.C.
		CENTRAL INDEX KEY:			0001583435
		IRS NUMBER:				470880125
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-32
		FILM NUMBER:		131089687

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN GREAT WESTERN HOMES, LLC
		CENTRAL INDEX KEY:			0001583292
		IRS NUMBER:				311825441
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-120
		FILM NUMBER:		131089695

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN GREAT WESTERN BUILDING COMPANY, LLC
		CENTRAL INDEX KEY:			0001583285
		IRS NUMBER:				311825443
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-121
		FILM NUMBER:		131089696

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian DFW Belmont, LLC
		CENTRAL INDEX KEY:			0001583323
		IRS NUMBER:				462212145
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-131
		FILM NUMBER:		131089706

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN DEVELOPMENTS OF NEW YORK, INC.
		CENTRAL INDEX KEY:			0001583276
		IRS NUMBER:				222626492
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-187
		FILM NUMBER:		131089714

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian CraftBuilt Homes of South Carolina, L.L.C.
		CENTRAL INDEX KEY:			0001583325
		IRS NUMBER:				204467887
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-197
		FILM NUMBER:		131089724

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Companies of Southern California, Inc.
		CENTRAL INDEX KEY:			0001583346
		IRS NUMBER:				223493449
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-202
		FILM NUMBER:		131089729

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Communities, Inc.
		CENTRAL INDEX KEY:			0001583353
		IRS NUMBER:				954892007
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-207
		FILM NUMBER:		131089734

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Wheeler Ranch, LLC
		CENTRAL INDEX KEY:			0001583374
		IRS NUMBER:				264722075
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-216
		FILM NUMBER:		131089743

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Washington, L.L.C.
		CENTRAL INDEX KEY:			0001583378
		IRS NUMBER:				223743403
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-223
		FILM NUMBER:		131089750

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Upper Makefield I, Inc.
		CENTRAL INDEX KEY:			0001583640
		IRS NUMBER:				223302321
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-227
		FILM NUMBER:		131089762

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at The Crosby, LLC
		CENTRAL INDEX KEY:			0001583342
		IRS NUMBER:				200936364
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-236
		FILM NUMBER:		131089771

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at South Brunswick II, LLC
		CENTRAL INDEX KEY:			0001583601
		IRS NUMBER:				272496138
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-137
		FILM NUMBER:		131089776

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Scotch Plains, L.L.C.
		CENTRAL INDEX KEY:			0001583216
		IRS NUMBER:				201149329
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-146
		FILM NUMBER:		131089785

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT ROSEMARY LANTANA, L.L.C.
		CENTRAL INDEX KEY:			0001583294
		IRS NUMBER:				201786974
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-243
		FILM NUMBER:		131089790

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Positano, LLC
		CENTRAL INDEX KEY:			0001583275
		IRS NUMBER:				272509445
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-252
		FILM NUMBER:		131089799

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VI, L.L.C.
		CENTRAL INDEX KEY:			0001583230
		IRS NUMBER:				202909190
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-04
		FILM NUMBER:		131089802

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Park Lane, LLC
		CENTRAL INDEX KEY:			0001583595
		IRS NUMBER:				330896285
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-261
		FILM NUMBER:		131089812

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Ocean Township, Inc.
		CENTRAL INDEX KEY:			0001583591
		IRS NUMBER:				223094742
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-266
		FILM NUMBER:		131089817

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT NORTH BRUNSWICK VI, L.L.C.
		CENTRAL INDEX KEY:			0001583239
		IRS NUMBER:				223627814
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-275
		FILM NUMBER:		131089826

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Monroe NJ II, LLC
		CENTRAL INDEX KEY:			0001583521
		IRS NUMBER:				462037616
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-157
		FILM NUMBER:		131089834

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Middletown, LLC
		CENTRAL INDEX KEY:			0001583507
		IRS NUMBER:				900910186
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-167
		FILM NUMBER:		131089844

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Manteca, LLC
		CENTRAL INDEX KEY:			0001583339
		IRS NUMBER:				272509555
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-177
		FILM NUMBER:		131089854

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Mansfield I, L.L.C.
		CENTRAL INDEX KEY:			0001583488
		IRS NUMBER:				223556345
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-180
		FILM NUMBER:		131089857

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Little Egg Harbor, L.L.C.
		CENTRAL INDEX KEY:			0001583404
		IRS NUMBER:				223795535
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-288
		FILM NUMBER:		131089867

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lee Square L.L.C.
		CENTRAL INDEX KEY:			0001583410
		IRS NUMBER:				271092841
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-291
		FILM NUMBER:		131089870

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at La Costa, LLC
		CENTRAL INDEX KEY:			0001583337
		IRS NUMBER:				311820094
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-299
		FILM NUMBER:		131089878

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Jaeger Ranch, LLC
		CENTRAL INDEX KEY:			0001583466
		IRS NUMBER:				264642631
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-304
		FILM NUMBER:		131089883

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Hamburg, LLC
		CENTRAL INDEX KEY:			0001583532
		IRS NUMBER:				223795544
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-313
		FILM NUMBER:		131089892

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Fiddyment Ranch, LLC
		CENTRAL INDEX KEY:			0001583405
		IRS NUMBER:				270614848
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-329
		FILM NUMBER:		131089895

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Eastlake, LLC
		CENTRAL INDEX KEY:			0001583360
		IRS NUMBER:				311820096
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-338
		FILM NUMBER:		131089904

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hovnanian Land Investment Group of Maryland, L.L.C.
		CENTRAL INDEX KEY:			0001583228
		IRS NUMBER:				201446859
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-379
		FILM NUMBER:		131089909

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Founders Title Agency of Maryland, L.L.C.
		CENTRAL INDEX KEY:			0001583220
		IRS NUMBER:				201480338
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-386
		FILM NUMBER:		131089916

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eastern Title Agency, Inc.
		CENTRAL INDEX KEY:			0001583253
		IRS NUMBER:				222822803
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-388
		FILM NUMBER:		131089918

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT Cielo, L.L.C.
		CENTRAL INDEX KEY:			0001583376
		IRS NUMBER:				203393453
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-348
		FILM NUMBER:		131089927

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Cedar Grove V, L.L.C.
		CENTRAL INDEX KEY:			0001583641
		IRS NUMBER:				272495977
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-353
		FILM NUMBER:		131089932

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Blue Heron Pines, L.L.C.
		CENTRAL INDEX KEY:			0001583303
		IRS NUMBER:				223630449
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-361
		FILM NUMBER:		131089940

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Illinois, Inc.
		CENTRAL INDEX KEY:			0001583659
		IRS NUMBER:				202421053
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-191
		FILM NUMBER:		131089718

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dulles Coppermine, L.L.C.
		CENTRAL INDEX KEY:			0001583254
		IRS NUMBER:				311820770
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-390
		FILM NUMBER:		131089956

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Franklin, LLC
		CENTRAL INDEX KEY:			0001583582
		IRS NUMBER:				201822595
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-324
		FILM NUMBER:		131089578

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at The Monarch, L.L.C.
		CENTRAL INDEX KEY:			0001583326
		IRS NUMBER:				203215837
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-234
		FILM NUMBER:		131089769

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Florence I, LLC
		CENTRAL INDEX KEY:			0001583401
		IRS NUMBER:				200982613
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-327
		FILM NUMBER:		131089581

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Waterstone, LLC
		CENTRAL INDEX KEY:			0001583438
		IRS NUMBER:				272103509
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-222
		FILM NUMBER:		131089749

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Cedar Grove III, L.L.C.
		CENTRAL INDEX KEY:			0001583646
		IRS NUMBER:				223818491
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-354
		FILM NUMBER:		131089933

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Middle Township, L.L.C.
		CENTRAL INDEX KEY:			0001583502
		IRS NUMBER:				030473330
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-165
		FILM NUMBER:		131089842

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Gilroy, LLC
		CENTRAL INDEX KEY:			0001583616
		IRS NUMBER:				273237914
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-318
		FILM NUMBER:		131089572

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pine Ayr, L.L.C.
		CENTRAL INDEX KEY:			0001583307
		IRS NUMBER:				202229495
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-50
		FILM NUMBER:		131089595

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Beaumont, LLC
		CENTRAL INDEX KEY:			0001583557
		IRS NUMBER:				311823029
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-81
		FILM NUMBER:		131089626

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of Minnesota, LLC
		CENTRAL INDEX KEY:			0001583306
		IRS NUMBER:				202383651
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-13
		FILM NUMBER:		131089668

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Estates at Regency, L.L.C.
		CENTRAL INDEX KEY:			0001583464
		IRS NUMBER:				452301528
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-127
		FILM NUMBER:		131089702

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Construction Management, Inc.
		CENTRAL INDEX KEY:			0001583328
		IRS NUMBER:				223406668
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-198
		FILM NUMBER:		131089725

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT WAYNE, VIII, L.L.C.
		CENTRAL INDEX KEY:			0001583302
		IRS NUMBER:				223618348
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-220
		FILM NUMBER:		131089747

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Trail Ridge, LLC
		CENTRAL INDEX KEY:			0001583658
		IRS NUMBER:				330990615
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-230
		FILM NUMBER:		131089765

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Seasons Landing, LLC
		CENTRAL INDEX KEY:			0001583214
		IRS NUMBER:				451586563
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-145
		FILM NUMBER:		131089784

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at North Caldwell IV, L.L.C.
		CENTRAL INDEX KEY:			0001583589
		IRS NUMBER:				272496043
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-272
		FILM NUMBER:		131089823

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Millville I, L.L.C.
		CENTRAL INDEX KEY:			0001583509
		IRS NUMBER:				201562308
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-161
		FILM NUMBER:		131089838

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Manalapan III, L.L.C.
		CENTRAL INDEX KEY:			0001583487
		IRS NUMBER:				311819073
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-181
		FILM NUMBER:		131089858

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lake Rancho Viejo, LLC
		CENTRAL INDEX KEY:			0001583308
		IRS NUMBER:				201337056
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-295
		FILM NUMBER:		131089874

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at El Dorado Ranch, LLC
		CENTRAL INDEX KEY:			0001583393
		IRS NUMBER:				264273163
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-332
		FILM NUMBER:		131089898

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Homebuyers Financial Services, L.L.C.
		CENTRAL INDEX KEY:			0001583205
		IRS NUMBER:				203529161
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-382
		FILM NUMBER:		131089912

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Acquisitions, Inc.
		CENTRAL INDEX KEY:			0001583270
		IRS NUMBER:				223406671
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-374
		FILM NUMBER:		131089953

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Great Notch, LLC
		CENTRAL INDEX KEY:			0001583619
		IRS NUMBER:				311819076
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-316
		FILM NUMBER:		131089570

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WH PROPERTIES INC
		CENTRAL INDEX KEY:			0001176908
		IRS NUMBER:				521955560
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-37
		FILM NUMBER:		131089582

	BUSINESS ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		STREET 2:		P O BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Park Title Company, L.L.C.
		CENTRAL INDEX KEY:			0001583413
		IRS NUMBER:				201293533
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-51
		FILM NUMBER:		131089596

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Midwest Building Products & Contractor Services, L.L.C.
		CENTRAL INDEX KEY:			0001583492
		IRS NUMBER:				202882866
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-55
		FILM NUMBER:		131089600

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN'S FOUR SEASONS AT CHARLOTTESVILLE, L.L.C.
		CENTRAL INDEX KEY:			0001583559
		IRS NUMBER:				203375037
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-80
		FILM NUMBER:		131089625

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Southern New Jersey, L.L.C.
		CENTRAL INDEX KEY:			0001583583
		IRS NUMBER:				010648280
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-97
		FILM NUMBER:		131089642

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Port Imperial Urban Renewal, Inc.
		CENTRAL INDEX KEY:			0001583517
		IRS NUMBER:				223027956
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-105
		FILM NUMBER:		131089649

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes Northern California, Inc.
		CENTRAL INDEX KEY:			0001583444
		IRS NUMBER:				204467858
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-20
		FILM NUMBER:		131089675

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Creekside, LLC
		CENTRAL INDEX KEY:			0001583437
		IRS NUMBER:				300753951
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-33
		FILM NUMBER:		131089688

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of North Carolina, Inc.
		CENTRAL INDEX KEY:			0001583644
		IRS NUMBER:				222765939
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-186
		FILM NUMBER:		131089713

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developnments of Arizona, Inc.
		CENTRAL INDEX KEY:			0001583345
		IRS NUMBER:				311825442
		STATE OF INCORPORATION:			AZ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-196
		FILM NUMBER:		131089723

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Central Acquisitions, L.L.C.
		CENTRAL INDEX KEY:			0001583363
		IRS NUMBER:				223556343
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-209
		FILM NUMBER:		131089736

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Upper Providence, LLC
		CENTRAL INDEX KEY:			0001583635
		IRS NUMBER:				450893872
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-226
		FILM NUMBER:		131089761

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Station Square, L.L.C.
		CENTRAL INDEX KEY:			0001583315
		IRS NUMBER:				208354517
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-135
		FILM NUMBER:		131089774

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Riverbend, LLC
		CENTRAL INDEX KEY:			0001583248
		IRS NUMBER:				330890777
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-245
		FILM NUMBER:		131089792

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Parsippany-Troy Hills, L.L.C.
		CENTRAL INDEX KEY:			0001583598
		IRS NUMBER:				462517676
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-258
		FILM NUMBER:		131089809

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at North Haledon, L.L.C.
		CENTRAL INDEX KEY:			0001583562
		IRS NUMBER:				223770598
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-271
		FILM NUMBER:		131089822

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Monroe II, Inc.
		CENTRAL INDEX KEY:			0001583687
		IRS NUMBER:				222718071
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-160
		FILM NUMBER:		131089837

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Menifee, LLC
		CENTRAL INDEX KEY:			0001583500
		IRS NUMBER:				522147832
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-168
		FILM NUMBER:		131089845

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Malan Park, L.L.C.
		CENTRAL INDEX KEY:			0001583486
		IRS NUMBER:				264230566
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-182
		FILM NUMBER:		131089859

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Little Egg Harbor Township II, L.L.C.
		CENTRAL INDEX KEY:			0001583406
		IRS NUMBER:				202689884
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-289
		FILM NUMBER:		131089868

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Encinitas Ranch, LLC
		CENTRAL INDEX KEY:			0001583409
		IRS NUMBER:				330890770
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-331
		FILM NUMBER:		131089897

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hovnanian Developments of Florida, INC.
		CENTRAL INDEX KEY:			0001583217
		IRS NUMBER:				222416624
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-381
		FILM NUMBER:		131089911

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Coastline, LLC
		CENTRAL INDEX KEY:			0001583429
		IRS NUMBER:				204751032
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-346
		FILM NUMBER:		131089925

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Bella Lago, LLC
		CENTRAL INDEX KEY:			0001583297
		IRS NUMBER:				201218576
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-363
		FILM NUMBER:		131089942

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovanian at Guttenberg, LLC
		CENTRAL INDEX KEY:			0001583629
		IRS NUMBER:				223653007
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-315
		FILM NUMBER:		131089569

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Matzel & Mumford at Egg Harbor, L.L.C.
		CENTRAL INDEX KEY:			0001583481
		IRS NUMBER:				201706817
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-60
		FILM NUMBER:		131089605

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of South Carolina, LLC
		CENTRAL INDEX KEY:			0001583291
		IRS NUMBER:				582660293
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-10
		FILM NUMBER:		131089665

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at St. James Place, LLC
		CENTRAL INDEX KEY:			0001583643
		IRS NUMBER:				461400973
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-23
		FILM NUMBER:		131089678

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Upper Freehold Township III, L.L.C.
		CENTRAL INDEX KEY:			0001583645
		IRS NUMBER:				223666680
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-228
		FILM NUMBER:		131089763

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Reserves at Wheatland, LLC
		CENTRAL INDEX KEY:			0001583264
		IRS NUMBER:				462661593
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-247
		FILM NUMBER:		131089794

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Parkside, LLC
		CENTRAL INDEX KEY:			0001583596
		IRS NUMBER:				300550698
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-260
		FILM NUMBER:		131089811

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lawrence V, L.L.C.
		CENTRAL INDEX KEY:			0001583394
		IRS NUMBER:				223638073
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-292
		FILM NUMBER:		131089871

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hovnanian Land Investment Group, L.L.C.
		CENTRAL INDEX KEY:			0001583229
		IRS NUMBER:				200581911
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-378
		FILM NUMBER:		131089908

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Builder Services PA, L.L.C.
		CENTRAL INDEX KEY:			0001583261
		IRS NUMBER:				205425686
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-391
		FILM NUMBER:		131089957

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Gilroy 60, LLC
		CENTRAL INDEX KEY:			0001583608
		IRS NUMBER:				352474544
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-317
		FILM NUMBER:		131089571

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ridgemore Utility, L.L.C.
		CENTRAL INDEX KEY:			0001583311
		IRS NUMBER:				311820672
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-49
		FILM NUMBER:		131089594

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Summit Homes of West Virginia, L.L.C.
		CENTRAL INDEX KEY:			0001583614
		IRS NUMBER:				311826832
		STATE OF INCORPORATION:			WV
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-92
		FILM NUMBER:		131089637

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN OSTER HOMES, L.L.C.
		CENTRAL INDEX KEY:			0001583528
		IRS NUMBER:				203198273
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-108
		FILM NUMBER:		131089652

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of Georgia, LLC
		CENTRAL INDEX KEY:			0001583352
		IRS NUMBER:				204467858
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-17
		FILM NUMBER:		131089672

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Cameron Station, LLC
		CENTRAL INDEX KEY:			0001583377
		IRS NUMBER:				201169628
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-35
		FILM NUMBER:		131089690

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Texas, Inc.
		CENTRAL INDEX KEY:			0001583477
		IRS NUMBER:				223685786
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-134
		FILM NUMBER:		131089709

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Delaware, Inc.
		CENTRAL INDEX KEY:			0001583333
		IRS NUMBER:				201528466
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-193
		FILM NUMBER:		131089720

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Thompson Ranch, LLC
		CENTRAL INDEX KEY:			0001583320
		IRS NUMBER:				201599518
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-232
		FILM NUMBER:		131089767

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT RAPHO, L.L.C.
		CENTRAL INDEX KEY:			0001583290
		IRS NUMBER:				202293515
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-248
		FILM NUMBER:		131089795

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Piazza D'Oro, L.L.C.
		CENTRAL INDEX KEY:			0001583241
		IRS NUMBER:				113760903
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-256
		FILM NUMBER:		131089807

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Muirfield, LLC
		CENTRAL INDEX KEY:			0001583547
		IRS NUMBER:				264719287
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-278
		FILM NUMBER:		131089829

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Marlboro VI, L.L.C.
		CENTRAL INDEX KEY:			0001583651
		IRS NUMBER:				223791976
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-172
		FILM NUMBER:		131089849

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lake Ridge Estates, LLC
		CENTRAL INDEX KEY:			0001583390
		IRS NUMBER:				462723965
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-294
		FILM NUMBER:		131089873

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Governor's Abstract Co., Inc.
		CENTRAL INDEX KEY:			0001583218
		IRS NUMBER:				223278556
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-383
		FILM NUMBER:		131089913

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Denville, LLC
		CENTRAL INDEX KEY:			0001583412
		IRS NUMBER:				030436512
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-343
		FILM NUMBER:		131089922

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Summit Homes of Pennsylvania, L.L.C.
		CENTRAL INDEX KEY:			0001583612
		IRS NUMBER:				200310776
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-93
		FILM NUMBER:		131089638

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Dominguez Hills, Inc.
		CENTRAL INDEX KEY:			0001583369
		IRS NUMBER:				223602177
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-341
		FILM NUMBER:		131089920

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Upper Uwchlan, L.L.C.
		CENTRAL INDEX KEY:			0001583471
		IRS NUMBER:				593763798
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-154
		FILM NUMBER:		131089759

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTMINSTER HOMES INC
		CENTRAL INDEX KEY:			0001176898
		IRS NUMBER:				521874680
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-38
		FILM NUMBER:		131089583

	BUSINESS ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		STREET 2:		P O BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		10 HIGHWAY 35
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Rush Creek, L.L.C.
		CENTRAL INDEX KEY:			0001583535
		IRS NUMBER:				203923972
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-70
		FILM NUMBER:		131089615

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Liberty on Bluff Creek, LLC
		CENTRAL INDEX KEY:			0001583421
		IRS NUMBER:				271226006
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-116
		FILM NUMBER:		131089660

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Camp Springs, L.L.C.
		CENTRAL INDEX KEY:			0001583439
		IRS NUMBER:				200812020
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-34
		FILM NUMBER:		131089689

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Classics, L.L.C.
		CENTRAL INDEX KEY:			0001583357
		IRS NUMBER:				203761401
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-208
		FILM NUMBER:		131089735

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Sycamore, Inc.
		CENTRAL INDEX KEY:			0001583349
		IRS NUMBER:				223493456
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-237
		FILM NUMBER:		131089772

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Olde Orchard, LLC
		CENTRAL INDEX KEY:			0001583594
		IRS NUMBER:				510453906
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-262
		FILM NUMBER:		131089813

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Marlboro Township V, L.L.C.
		CENTRAL INDEX KEY:			0001583663
		IRS NUMBER:				311819074
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-174
		FILM NUMBER:		131089851

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Huntfield, LLC
		CENTRAL INDEX KEY:			0001583688
		IRS NUMBER:				462724220
		STATE OF INCORPORATION:			WV
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-307
		FILM NUMBER:		131089886

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Cortez Hill, LLC
		CENTRAL INDEX KEY:			0001583422
		IRS NUMBER:				311822959
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-345
		FILM NUMBER:		131089924

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Builder Services NJ, L.L.C.
		CENTRAL INDEX KEY:			0001583262
		IRS NUMBER:				201131408
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-392
		FILM NUMBER:		131089958

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN DEVELOPMENTS OF MARYLAND, INC.
		CENTRAL INDEX KEY:			0001583790
		IRS NUMBER:				223331045
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-42
		FILM NUMBER:		131089587

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KHIP, L.L.C.
		CENTRAL INDEX KEY:			0001583515
		IRS NUMBER:				010752776
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-65
		FILM NUMBER:		131089610

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian T&C Homes at Illinois, L.L.C.
		CENTRAL INDEX KEY:			0001583626
		IRS NUMBER:				202421114
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-89
		FILM NUMBER:		131089634

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian North Jersey Acquisitions, L.L.C.
		CENTRAL INDEX KEY:			0001583506
		IRS NUMBER:				223556344
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-112
		FILM NUMBER:		131089656

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes at Jones Station 1, LLC
		CENTRAL INDEX KEY:			0001583453
		IRS NUMBER:				203882481
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-28
		FILM NUMBER:		131089683

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian DFW Ridgeview, LLC
		CENTRAL INDEX KEY:			0001583321
		IRS NUMBER:				453842806
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-130
		FILM NUMBER:		131089705

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN COMPANIES OF NEW YORK, INC.
		CENTRAL INDEX KEY:			0001583361
		IRS NUMBER:				222618171
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-204
		FILM NUMBER:		131089731

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Vista Del Sol, L.L.C.
		CENTRAL INDEX KEY:			0001583456
		IRS NUMBER:				264233963
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-148
		FILM NUMBER:		131089753

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Sheldon Grove, LLC
		CENTRAL INDEX KEY:			0001583213
		IRS NUMBER:				272103298
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-144
		FILM NUMBER:		131089783

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL IV, L.L.C
		CENTRAL INDEX KEY:			0001583232
		IRS NUMBER:				202293478
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-253
		FILM NUMBER:		131089804

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Montvale, L.L.C.
		CENTRAL INDEX KEY:			0001583540
		IRS NUMBER:				201584680
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-280
		FILM NUMBER:		131089831

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Marlboro Township IX, L.L.C.
		CENTRAL INDEX KEY:			0001583324
		IRS NUMBER:				201005879
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-175
		FILM NUMBER:		131089852

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at La Habra Knolls, LLC
		CENTRAL INDEX KEY:			0001583331
		IRS NUMBER:				311819908
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-298
		FILM NUMBER:		131089877

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at East Brandywine, LLC
		CENTRAL INDEX KEY:			0001583364
		IRS NUMBER:				208353499
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-339
		FILM NUMBER:		131089905

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Carlsbad, LLC
		CENTRAL INDEX KEY:			0001583653
		IRS NUMBER:				272135746
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-355
		FILM NUMBER:		131089934

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Seabrook Accumulation Corp
		CENTRAL INDEX KEY:			0001583332
		IRS NUMBER:				330989615
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-48
		FILM NUMBER:		131089593

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Schady Reserve, LLC
		CENTRAL INDEX KEY:			0001583572
		IRS NUMBER:				462732326
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-102
		FILM NUMBER:		131089646

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Four Seasons @ Historic Virginia, LLC
		CENTRAL INDEX KEY:			0001583459
		IRS NUMBER:				223647925
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-124
		FILM NUMBER:		131089699

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Shrewsbury, LLC
		CENTRAL INDEX KEY:			0001583212
		IRS NUMBER:				272103420
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-143
		FILM NUMBER:		131089782

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Montgomery, LLC
		CENTRAL INDEX KEY:			0001583525
		IRS NUMBER:				461265757
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-156
		FILM NUMBER:		131089833

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Howell, LLC
		CENTRAL INDEX KEY:			0001583560
		IRS NUMBER:				275489847
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-309
		FILM NUMBER:		131089888

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Allentown, L.L.C.
		CENTRAL INDEX KEY:			0001583280
		IRS NUMBER:				203215910
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-370
		FILM NUMBER:		131089949

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Florence II, LLC
		CENTRAL INDEX KEY:			0001583399
		IRS NUMBER:				200982631
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-326
		FILM NUMBER:		131089580

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Kent Island, L.L.C.
		CENTRAL INDEX KEY:			0001583602
		IRS NUMBER:				223668315
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-77
		FILM NUMBER:		131089622

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN HOMES OF PENNSYLVANIA, L.L.C.
		CENTRAL INDEX KEY:			0001583313
		IRS NUMBER:				202376938
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-11
		FILM NUMBER:		131089666

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN FIRST HOMES, L.L.C.
		CENTRAL INDEX KEY:			0001583279
		IRS NUMBER:				203198237
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-126
		FILM NUMBER:		131089701

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Woodcreek West, LLC
		CENTRAL INDEX KEY:			0001583368
		IRS NUMBER:				264722802
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-212
		FILM NUMBER:		131089739

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Skye Isle, LLC
		CENTRAL INDEX KEY:			0001583210
		IRS NUMBER:				311820095
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-141
		FILM NUMBER:		131089780

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at North Wildwood, L.L.C.
		CENTRAL INDEX KEY:			0001583686
		IRS NUMBER:				593769684
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-270
		FILM NUMBER:		131089821

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lower Moreland I, L.L.C.
		CENTRAL INDEX KEY:			0001583480
		IRS NUMBER:				223785544
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-283
		FILM NUMBER:		131089862

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Egg Harbor Township, LLC
		CENTRAL INDEX KEY:			0001583309
		IRS NUMBER:				311826606
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-334
		FILM NUMBER:		131089900

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Capistrano, L.L.C.
		CENTRAL INDEX KEY:			0001583242
		IRS NUMBER:				201618465
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-356
		FILM NUMBER:		131089935

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons, LLC
		CENTRAL INDEX KEY:			0001583508
		IRS NUMBER:				522147837
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-67
		FILM NUMBER:		131089612

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Properties of Red Bank, Inc.
		CENTRAL INDEX KEY:			0001583569
		IRS NUMBER:				223092532
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-104
		FILM NUMBER:		131089648

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Camp Hill, L.L.C.
		CENTRAL INDEX KEY:			0001583240
		IRS NUMBER:				204215810
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-357
		FILM NUMBER:		131089936

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at Silver Maple Farm, L.L.C.
		CENTRAL INDEX KEY:			0001583536
		IRS NUMBER:				452441632
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-69
		FILM NUMBER:		131089614

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Four Seasons at Gold Hill, LLC
		CENTRAL INDEX KEY:			0001583455
		IRS NUMBER:				311820161
		STATE OF INCORPORATION:			SC
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-123
		FILM NUMBER:		131089698

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Randolph I, L.L.C.
		CENTRAL INDEX KEY:			0001583271
		IRS NUMBER:				010712196
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-249
		FILM NUMBER:		131089796

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Jackson I, L.L.C.
		CENTRAL INDEX KEY:			0001583637
		IRS NUMBER:				562290802
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-306
		FILM NUMBER:		131089885

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Marlboro VII, L.L.C.
		CENTRAL INDEX KEY:			0001583647
		IRS NUMBER:				223791977
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-171
		FILM NUMBER:		131089848

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Parkside at Towngate, L.L.C.
		CENTRAL INDEX KEY:			0001583511
		IRS NUMBER:				203158839
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-66
		FILM NUMBER:		131089611

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at West View Estates, L.L.C.
		CENTRAL INDEX KEY:			0001583428
		IRS NUMBER:				264273312
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-219
		FILM NUMBER:		131089746

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Hudson Pointe, L.L.C.
		CENTRAL INDEX KEY:			0001583274
		IRS NUMBER:				202695809
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-308
		FILM NUMBER:		131089887

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Matzel & Mumford Organization, Inc.
		CENTRAL INDEX KEY:			0001583441
		IRS NUMBER:				223670677
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-46
		FILM NUMBER:		131089591

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanians Four Seasons at Kent Island Condominiums, L.L.C.
		CENTRAL INDEX KEY:			0001583603
		IRS NUMBER:				201727101
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-78
		FILM NUMBER:		131089623

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of Houston, LLC
		CENTRAL INDEX KEY:			0001583356
		IRS NUMBER:				205856877
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-16
		FILM NUMBER:		131089671

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Eastern Pennsylvania, L.L.C.
		CENTRAL INDEX KEY:			0001583470
		IRS NUMBER:				043630089
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-129
		FILM NUMBER:		131089704

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Waldwick, LLC
		CENTRAL INDEX KEY:			0001583451
		IRS NUMBER:				352467132
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-147
		FILM NUMBER:		131089752

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Sage, L.L.C.
		CENTRAL INDEX KEY:			0001583246
		IRS NUMBER:				203230547
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-242
		FILM NUMBER:		131089789

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at New Windsor, L.L.C.
		CENTRAL INDEX KEY:			0001583550
		IRS NUMBER:				203158568
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-277
		FILM NUMBER:		131089828

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Lower Moreland II, L.L.C.
		CENTRAL INDEX KEY:			0001583482
		IRS NUMBER:				223785539
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-282
		FILM NUMBER:		131089861

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Edgewater II, LLC
		CENTRAL INDEX KEY:			0001583343
		IRS NUMBER:				200374534
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-337
		FILM NUMBER:		131089903

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Berkley, L.L.C.
		CENTRAL INDEX KEY:			0001583300
		IRS NUMBER:				223644632
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-362
		FILM NUMBER:		131089941

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian's Four Seasons at New Kent Vineyards, LLC
		CENTRAL INDEX KEY:			0001583679
		IRS NUMBER:				203375087
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-74
		FILM NUMBER:		131089619

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of Maryland, LLC
		CENTRAL INDEX KEY:			0001583316
		IRS NUMBER:				010737098
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-14
		FILM NUMBER:		131089669

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Hidden Hollow, LLC
		CENTRAL INDEX KEY:			0001583450
		IRS NUMBER:				461819853
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-117
		FILM NUMBER:		131089693

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of New Jersey II, Inc.
		CENTRAL INDEX KEY:			0001583650
		IRS NUMBER:				593762294
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-189
		FILM NUMBER:		131089716

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Thornbury, Inc.
		CENTRAL INDEX KEY:			0001583662
		IRS NUMBER:				223462983
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-231
		FILM NUMBER:		131089766

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Ocean Walk, INC.
		CENTRAL INDEX KEY:			0001583234
		IRS NUMBER:				223565732
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-265
		FILM NUMBER:		131089816

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Mahwah VI, Inc.
		CENTRAL INDEX KEY:			0001583484
		IRS NUMBER:				223188612
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-281
		FILM NUMBER:		131089860

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Highland Shores, L.L.C.
		CENTRAL INDEX KEY:			0001583257
		IRS NUMBER:				202705991
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-310
		FILM NUMBER:		131089889

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Companies of Pennsylvania, Inc.
		CENTRAL INDEX KEY:			0001583347
		IRS NUMBER:				222390174
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-203
		FILM NUMBER:		131089730

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Glenrise Grove, L.L.C.
		CENTRAL INDEX KEY:			0001583219
		IRS NUMBER:				452299472
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-384
		FILM NUMBER:		131089914

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Washington Homes at Columbia Town Center, L.L.C.
		CENTRAL INDEX KEY:			0001583366
		IRS NUMBER:				223757772
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-45
		FILM NUMBER:		131089590

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Shore Acquisitions, L.L.C.
		CENTRAL INDEX KEY:			0001583576
		IRS NUMBER:				223556342
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-101
		FILM NUMBER:		131089645

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of Georgia, Inc.
		CENTRAL INDEX KEY:			0001583661
		IRS NUMBER:				203286085
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-192
		FILM NUMBER:		131089719

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Victorville, L.L.C.
		CENTRAL INDEX KEY:			0001583461
		IRS NUMBER:				264230607
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-150
		FILM NUMBER:		131089755

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Millville II, L.L.C.
		CENTRAL INDEX KEY:			0001583518
		IRS NUMBER:				202221380
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-162
		FILM NUMBER:		131089839

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; PO BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Homes of Virginia, Inc.
		CENTRAL INDEX KEY:			0001583288
		IRS NUMBER:				520898765
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-09
		FILM NUMBER:		131089664

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732) 747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Wayne IX, L.L.C.
		CENTRAL INDEX KEY:			0001583433
		IRS NUMBER:				223828775
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-221
		FILM NUMBER:		131089748

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Developments of New Jersey, Inc.
		CENTRAL INDEX KEY:			0001583649
		IRS NUMBER:				222664563
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-188
		FILM NUMBER:		131089715

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian at Bridgeport, Inc.
		CENTRAL INDEX KEY:			0001583660
		IRS NUMBER:				223547807
		STATE OF INCORPORATION:			CA
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-359
		FILM NUMBER:		131089938

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		(732)747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VII, L.L.C.
		CENTRAL INDEX KEY:			0001583283
		IRS NUMBER:				202909213
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-03
		FILM NUMBER:		131089801

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET; P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			K. Hovnanian Woodland Pointe, LLC
		CENTRAL INDEX KEY:			0001583530
		IRS NUMBER:				461876319
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1013

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-189802-83
		FILM NUMBER:		131089628

	BUSINESS ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
		BUSINESS PHONE:		732-747-7800

	MAIL ADDRESS:	
		STREET 1:		110 WEST FRONT STREET
		STREET 2:		P.O. BOX 500
		CITY:			RED BANK
		STATE:			NJ
		ZIP:			07701
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>d583093d424b5.htm
<DESCRIPTION>PRELIMINARY PROSPECTUS SUPPLEMENT
<TEXT>
<HTML><HEAD>
<TITLE>Preliminary Prospectus Supplement</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Filed pursuant to Rule 424(b)(5)<BR>Registration No. 333-189802 </B></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#a9303c">The information contained in this preliminary prospectus supplement is
not complete and may be changed. A registration statement relating to these securities has been declared effective by the Securities and Exchange Commission. This preliminary prospectus supplement and the accompanying prospectus are not an offer to
sell these securities and they are not soliciting an offer to buy these securities in any jurisdiction where the offer or sale of these securities is not permitted. </FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#a9303c">SUBJECT TO COMPLETION, DATED SEPTEMBER 11, 2013
</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2" COLOR="#a9303c">PRELIMINARY PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED AUGUST 23, 2013 </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="5">$41,581,000 </FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g583093g23d33.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>K. Hovnanian Enterprises, Inc. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="5">6.25% Senior Notes due 2016 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="5">guaranteed by </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Hovnanian Enterprises, Inc. </B></FONT></P> <P STYLE="font-size:18px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:0.3pt solid #000000;width:15%">&nbsp;</P></center> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The notes are being
issued as additional 6.25% Senior Notes due 2016 under the indenture dated as of August&nbsp;8, 2005. There are $130.5 million aggregate principal amount of 6.25% Senior Notes due 2016 already outstanding under the indenture. The additional notes
offered hereby will be treated as a single class with the outstanding 6.25% Senior Notes due 2016. The notes will bear interest at the rate of 6.25%&nbsp;per year. Interest on the notes is payable on January&nbsp;15 and July&nbsp;15 of each year,
beginning on January&nbsp;15, 2014. The notes will mature on January&nbsp;15, 2016. We may redeem some or all of the notes at any time at the redemption price equal to 100% of the principal amount of the notes plus accrued and unpaid interest to the
date of redemption, if any, plus a Make-Whole Amount. See &#147;Description of Debt Securities&#151;Description of 6.25% Senior Notes&#151;Redemption&#148; in the accompanying prospectus. There is no sinking fund for, or mandatory redemption of, the
notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The obligations under the notes will be fully and unconditionally guaranteed by our parent company, Hovnanian Enterprises, Inc.,
and substantially all of its restricted subsidiaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>Investing in the notes involves risks. See &#147;<A HREF="#supprom583093_2">Risk
 Factors</A>&#148; beginning on page S-7. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="47%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="16%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="14%"></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Price to<BR>Public(1)</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Underwriting<BR>Discounts and<BR>Commissions</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1px solid #000000"> <P STYLE="margin-top:0px;margin-bottom:1px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="1"><B>Proceeds to Us<BR>Before<BR>Expenses</B></FONT></P></TD></TR>


<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Per Note</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:ARIAL" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="font-size:4px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:ARIAL" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:ARIAL" SIZE="2">Plus accrued interest from July&nbsp;15, 2013. </FONT></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The
notes have not been and will not be listed on any exchange. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">The underwriter expects to deliver the notes to purchasers on or about
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:ARIAL" SIZE="2">Neither
the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the
contrary is a criminal offense. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="5"><B>Credit Suisse </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:ARIAL" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2013 </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We have not authorized anyone to provide you with any information other than that
contained in this prospectus supplement, the accompanying prospectus, any free writing prospectus prepared by or on behalf of us and the documents incorporated by reference herein. We take no responsibility for, and can provide no assurance as to
the reliability of, any other information that others may give you. This prospectus supplement and the accompanying prospectus may only be used where it is legal to sell these securities. The information in this prospectus supplement and the
accompanying prospectus may only be accurate on the date of this prospectus supplement or such incorporated document. </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:0.3pt solid #000000;width:15%">&nbsp;
</P></center> <P STYLE="margin-top:10px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus Supplement </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="87%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_1">S<SMALL>UMMARY</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_2">R<SMALL>ISK</SMALL> F<SMALL>ACTORS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_3">U<SMALL>SE</SMALL> <SMALL>OF</SMALL> P<SMALL>ROCEEDS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_4">C<SMALL>APITALIZATION</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-22</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_5">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> N<SMALL>OTES</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-23</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_6">C<SMALL>ERTAIN</SMALL> U<SMALL>NITED</SMALL> S<SMALL>TATES</SMALL> F<SMALL>EDERAL</SMALL> T<SMALL>AX</SMALL> C<SMALL>ONSEQUENCES
</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-24</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_7">C<SMALL>ERTAIN</SMALL> ERISA C<SMALL>ONSIDERATIONS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-29</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_8">U<SMALL>NDERWRITING</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-31</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_9">L<SMALL>EGAL</SMALL> M<SMALL>ATTERS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_10">E<SMALL>XPERTS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_11">A<SMALL>VAILABLE</SMALL> I<SMALL>NFORMATION</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#supprom583093_12">I<SMALL>NCORPORATION</SMALL> <SMALL>OF</SMALL> C<SMALL>ERTAIN</SMALL> D<SMALL>OCUMENTS</SMALL> <SMALL>BY
</SMALL> R<SMALL>EFERENCE</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-33</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Prospectus dated August 23, 2013 </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="91%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_11">A<SMALL>BOUT</SMALL> T<SMALL>HIS</SMALL> P<SMALL>ROSPECTUS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_12">F<SMALL>ORWARD</SMALL>-L<SMALL>OOKING</SMALL>
S<SMALL>TATEMENTS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_13">A<SMALL>VAILABLE</SMALL> I<SMALL>NFORMATION</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_14">I<SMALL>NCORPORATION</SMALL> <SMALL>OF</SMALL> C<SMALL>ERTAIN</SMALL> D<SMALL>OCUMENTS</SMALL> <SMALL>BY</SMALL> R<SMALL>EFERENCE
</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_15">T<SMALL>HE</SMALL> C<SMALL>OMPANY</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_16">R<SMALL>ISK</SMALL> F<SMALL>ACTORS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_17">R<SMALL>ATIOS</SMALL> <SMALL>OF</SMALL> E<SMALL>ARNINGS</SMALL> <SMALL>TO</SMALL> F<SMALL>IXED</SMALL> C<SMALL>HARGES
</SMALL> <SMALL>AND</SMALL> E<SMALL>ARNINGS</SMALL> <SMALL>TO</SMALL> C<SMALL>OMBINED</SMALL> F<SMALL>IXED</SMALL> C<SMALL>HARGES</SMALL> <SMALL>AND</SMALL> P<SMALL>REFERRED</SMALL> S<SMALL>TOCK</SMALL>
D<SMALL>IVIDENDS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_18">U<SMALL>SE</SMALL> <SMALL>OF</SMALL> P<SMALL>ROCEEDS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_19">S<SMALL>ELLING</SMALL> S<SMALL>HAREHOLDERS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_110">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> D<SMALL>EBT</SMALL>
S<SMALL>ECURITIES</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_111">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> C<SMALL>APITAL</SMALL>
S<SMALL>TOCK</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_112">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> D<SMALL>EPOSITARY</SMALL>
S<SMALL>HARES</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_113">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> S<SMALL>TOCK</SMALL> P<SMALL>URCHASE</SMALL> C<SMALL>ONTRACTS
</SMALL> <SMALL>AND</SMALL> S<SMALL>TOCK</SMALL> P<SMALL>URCHASE</SMALL> U<SMALL>NITS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_114">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> U<SMALL>NITS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_115">D<SMALL>ESCRIPTION</SMALL> <SMALL>OF</SMALL> W<SMALL>ARRANTS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_116">P<SMALL>LAN</SMALL> <SMALL>OF</SMALL> D<SMALL>ISTRIBUTION</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_117">L<SMALL>EGAL</SMALL> M<SMALL>ATTERS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_118">E<SMALL>XPERTS</SMALL></A><SMALL></SMALL></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-i
</FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>ABOUT THIS PROSPECTUS SUPPLEMENT </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus supplement is part of a registration statement that we have filed with the Securities and Exchange Commission
(&#147;SEC&#148;) utilizing a &#147;shelf&#148; registration process. Under this shelf process, we are offering to sell the securities described in this prospectus supplement, using this prospectus supplement and the accompanying prospectus. When we
refer to &#147;prospectus&#148; we are referring to both this prospectus supplement as well as the accompanying prospectus. This prospectus supplement describes the specific terms of this offering. The accompanying prospectus and the information
incorporated by reference therein describes our business and gives more general information, some of which may not apply to this offering. You should read this prospectus supplement together with the accompanying prospectus, including the documents
incorporated by reference therein and herein, before making an investment in the securities offered by this prospectus supplement. If the information in this prospectus supplement or the information incorporated by reference in this prospectus
supplement is inconsistent with the accompanying prospectus, the information in this prospectus supplement or the information incorporated by reference in this prospectus supplement will apply and will supersede that information in the accompanying
prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless the context otherwise requires, all references in this prospectus supplement to: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Issuer&#148; or &#147;K. Hovnanian&#148; are to K. Hovnanian Enterprises, Inc., a California corporation; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Hovnanian,&#148; &#147;us,&#148; &#147;we,&#148; &#147;our&#148; or &#147;Company&#148; are to Hovnanian Enterprises, Inc., a Delaware
corporation, together with its consolidated subsidiaries, including K. Hovnanian; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Guarantors&#148; are to Hovnanian and its restricted subsidiaries that will guarantee the notes offered hereby. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>INDUSTRY AND MARKET DATA </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We obtained the market and competitive position data used throughout this prospectus supplement, the accompanying prospectus and the documents incorporated by reference in this prospectus supplement and
the accompanying prospectus from our own research, surveys or studies conducted by third parties and industry or general publications. Industry publications and surveys generally state that they have obtained information from sources believed to be
reliable, but do not guarantee the accuracy and completeness of such information. While we believe that each of these studies and publications is reliable, neither we nor the underwriter has independently verified such data and neither we nor the
underwriter makes any representation as to the accuracy of such information. Similarly, we believe our internal research is reliable, but it has not been verified by any independent sources. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>FORWARD-LOOKING STATEMENTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This prospectus supplement, the accompanying prospectus and the documents incorporated by reference include &#147;forward-looking statements.&#148; Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. Such risks,
uncertainties and other factors include, but are not limited to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">changes in general and local economic, industry and business conditions and impacts of the sustained homebuilding downturn;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">adverse weather and other environmental conditions and natural disasters; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-ii
</FONT></P>


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<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">changes in market conditions and seasonality of the Company&#146;s business; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">changes in home prices and sales activity in the markets where the Company builds homes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and
the environment; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">fluctuations in interest rates and the availability of mortgage financing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">shortages in, and price fluctuations of, raw materials and labor; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the availability and cost of suitable land and improved lots; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">levels of competition; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">availability of financing to the Company; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">utility shortages and outages or rate fluctuations; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">levels of indebtedness and restrictions on the Company&#146;s operations and activities imposed by the agreements governing the Company&#146;s
outstanding indebtedness; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Company&#146;s sources of liquidity; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">changes in credit ratings; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">availability of net operating loss carryforwards; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">operations through joint ventures with third parties; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">product liability litigation, warranty claims and claims made by mortgage investors; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">successful identification and integration of acquisitions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">changes in tax laws affecting the after-tax costs of owning a home; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">significant influence of the Company&#146;s controlling stockholders; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">geopolitical risks, terrorist acts and other acts of war; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">other factors described in detail in our Annual Report on Form 10-K for the year ended October 31, 2012, our quarterly reports on Form 10-Q for the
quarters ended January 31, 2013, April 30, 2013 and July 31, 2013 and in this prospectus supplement. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All
forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements and risk factors contained throughout this prospectus. Except as otherwise required by applicable
securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-iii
</FONT></P>


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<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_1"></A>SUMMARY </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The following summary contains information about us and the offering of the notes. It does not contain all of the information that may
be important to you in making a decision to purchase the notes. For a more complete understanding of us and the offering of the notes, we urge you to read this entire prospectus supplement, the accompanying prospectus and the documents incorporated
by reference carefully, including the &#147;Risk Factors&#148; sections and our financial statements and the notes to those statements incorporated by reference herein. </I></FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The Company </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We design, construct, market, and sell single-family detached
homes, attached townhomes and condominiums,&nbsp;urban infill and active adult homes in planned residential developments and are one of the nation&#146;s largest builders of residential homes. Founded in 1959 by Kevork Hovnanian, the Company was
incorporated in New Jersey in 1967 and reincorporated in Delaware in 1983. Since the incorporation of our predecessor company and including unconsolidated joint ventures, we have delivered in excess of 300,000&nbsp;homes, including 5,356&nbsp;homes
in fiscal 2012. The Company consists of two distinct operations: homebuilding and financial services. Our homebuilding operations consist of six segments: Northeast, Mid-Atlantic, Midwest, Southeast, Southwest and West. Our financial services
operations provide mortgage loans and title services to the customers of our homebuilding operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are currently,
excluding unconsolidated joint ventures, offering homes for sale in 186 communities in 37 markets in&nbsp;16 states throughout the United States. We market and build homes for first-time buyers, first-time and second-time move-up buyers, luxury
buyers, active adult buyers, and empty nesters. We offer a variety of home styles at base prices ranging from $68,652&nbsp;(low income housing) to $1,067,000&nbsp;with an average sales price, including options, of $301,000&nbsp;nationwide in fiscal
2012. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian markets and builds homes that are constructed in 18 of the nation&#146;s top 50 housing markets. We segregate
our homebuilding operations geographically into the following six segments: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Northeast:</I> New Jersey and Pennsylvania
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Mid-Atlantic:</I> Delaware, Maryland, Virginia, West Virginia, and Washington, D.C. </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Midwest:</I> Illinois, Minnesota, and Ohio </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Southeast:</I> Florida, Georgia, North Carolina, and South Carolina </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Southwest:</I> Arizona and Texas </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>West:</I> California </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our corporate offices are located at 110 West Front
Street, P.O. Box 500, Red Bank, New Jersey 07701, our telephone number is 732-747-7800, and our Internet web site address is www.khov.com. Information on or accessible through our website is not a part of, or incorporated by reference in, this
prospectus. </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-1
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Related Transactions </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Redemption of the 2014 Notes </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We intend to use the net proceeds from this
offering to fund the redemption of all of K. Hovnanian&#146;s outstanding 6.5% Senior Notes due 2014 (the &#147;6.5% Senior Notes&#148;) and 6.375% Senior Notes due 2014 (the &#147;6.375% Senior Notes&#148; and, together with the 6.5% Senior Notes,
the &#147;2014 Notes&#148;). As of July 31, 2013, there were approximately $36.7 million aggregate principal amount of 6.5% Senior Notes outstanding and approximately $3.0 million aggregate principal amount of 6.375% Senior Notes outstanding. The
2014 Notes may be called for redemption at K. Hovnanian&#146;s option at a redemption price of 100% of the principal amount thereof plus accrued and unpaid interest thereon, if any, to the redemption date, plus a make-whole amount. We currently
expect to issue notices of redemption to holders of the 2014 Notes concurrently with the closing of this offering, specifying a redemption date for the 2014 Notes that is 30 days after the date of such notice. We also intend to exercise our covenant
defeasance option under the 2014 Notes and the related indentures by depositing with the trustee sufficient funds to pay principal of, and premium and interest on, the 2014 Notes to the redemption date. We refer to the anticipated redemption and
covenant defeasance of the 2014 Notes as the &#147;Redemptions.&#148; </FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-2
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>THE OFFERING </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Issuer </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">K. Hovnanian Enterprises, Inc. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notes&nbsp;Offered </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">We are offering $41.6 million aggregate principal amount of 6.25% Senior Notes due 2016 (the &#147;New Notes&#148;). The New Notes are being issued as additional 6.25% Senior Notes due 2016
under an indenture dated as of August 8, 2005. There are $130.5 million aggregate principal amount of 6.25% Senior Notes due 2016 already outstanding under that indenture (the &#147;Existing Notes&#148; and together with the New Notes, the
&#147;Notes&#148;). The New Notes we are offering hereby constitute &#147;Additional Notes&#148; under the indenture and will be treated with the Existing Notes as a single class. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Maturity Date </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">January 15, 2016. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest Payment Dates </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Each January 15 and July 15, beginning January 15, 2014. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Optional Redemption </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">We may redeem the Notes, in whole or in part, at any time, at a redemption price equal to 100% of the principal amount of the Notes plus accrued and unpaid interest to the date of redemption, if
any, plus a Make-Whole Amount. See &#147;Description of Debt Securities&#151;Description of 6.25% Senior Notes&#151;Redemption&#148; in the accompanying prospectus. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Change of Control </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon a Change of Control as described in the section &#147;Description of Debt Securities&#151;Description of 6.25% Senior Notes&#151;Certain covenants&#151;Repurchase of 6.25% Senior Notes upon
Change of Control&#148; in the accompanying prospectus, you will have the right to require us to purchase some or all of the Notes at 101% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. We can give no
assurance that, upon such an event, we will have sufficient funds to purchase any of the Notes. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Guarantees </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Guarantors are Hovnanian Enterprises, Inc., the parent corporation of the Issuer, and most of the parent&#146;s existing and future restricted subsidiaries. If the Issuer cannot make
payments on the Notes when they are due, the Guarantors must make the payments instead. As of the date of this prospectus supplement, our home mortgage subsidiaries, certain of our title insurance subsidiaries, joint ventures, subsidiaries holding
interests in our joint ventures and our foreign subsidiary are not Guarantors or restricted subsidiaries. In particular, the 2021 Notes Guarantors (as defined below) that have pledged their assets to secure the 2021 Notes (as defined below) will not
be guarantors of the Notes and will be unrestricted subsidiaries under the indenture governing the Notes. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ranking </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Notes and the guarantees thereof will be general unsecured senior obligations and will not be secured by any collateral. Your right to payment under the Notes and the guarantees thereof will
be: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">effectively junior to the rights of secured creditors, to the extent of their security in our assets; </FONT></P></TD></TR></TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-3
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">equal with the rights of creditors under other existing and future unsecured senior debt; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">senior to the rights of creditors under existing and future debt that is expressly subordinated to the Notes and the guarantees thereof; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">structurally subordinated to all of the existing and future liabilities, including trade payables, of our joint ventures and subsidiaries that do not
guarantee the Notes, including the guarantees (the &#147;2021 Notes Guarantees&#148;) by certain of our joint ventures and subsidiaries (the &#147;2021 Notes Guarantors&#148;) of K. Hovnanian&#146;s 2.0% Senior Secured Notes due 2021 and 5.0% Senior
Secured Notes due 2021 (collectively the &#147;2021 Notes&#148;), which 2021 Notes Guarantees are secured by a first-priority lien, subject to certain exceptions, on substantially all of the assets of such 2021 Notes Guarantors. The Guarantors of
the Notes also guarantee the 2021 Notes on a senior unsecured basis. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of July 31, 2013, after giving effect to the completion of this offering and the Redemptions, the Issuer and the Guarantors would have had: </FONT></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">approximately $992.0 million of secured indebtedness outstanding ($978.3 million, net of discount); </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">approximately $549.2 million of senior unsecured notes ($547.7 million, net of discount), which includes approximately $20.9 million of senior
amortizing notes and approximately $65.8 million of senior exchangeable notes, and which would include the Notes; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">approximately $3.2 million of senior subordinated amortizing notes. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, as of July 31, 2013, we had a total of $27.9 million of letters of credit outstanding issued under our letter of credit and other credit facilities and
agreements. We recently entered into a five-year $75 million unsecured revolving credit facility (our &#147;revolving credit facility&#148;). As of July 31, 2013, there were no borrowings and $22.8&nbsp;million of letters of credit outstanding under
such facility resulting in available borrowing capacity of $52.2 million. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the 2021 Note Guarantees, as of July 31, 2013, our non-guarantor subsidiaries had approximately $144.9 million of outstanding liabilities, including
trade payables. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">See the section &#147;Description of Debt Securities&#151;Description of 6.25% Senior Notes&#151;Ranking&#148; in the accompanying prospectus. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain Covenants </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">The Notes will be issued under an indenture, dated as of August 8, 2005, that contains covenants that, among other things, restrict the Issuer&#146;s ability and the ability of the Guarantors
to: </FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">borrow money; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">pay dividends and distributions on our common and preferred stock; </FONT></P></TD></TR></TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-4
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">repurchase our common and preferred stock; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">make investments in subsidiaries and joint ventures that are not restricted subsidiaries; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">sell certain assets; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">incur certain liens; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">merge with or into other companies; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">enter into certain transactions with our affiliates. </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">These covenants are subject to a number of important exceptions and qualifications. For more details, see the section &#147;Description of Debt
Securities&#151;Description of 6.25% Senior Notes&#151;Certain covenants&#148; in the accompanying prospectus. </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="38%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the Notes receive an investment grade rating by both Moody&#146;s and Standard &amp; Poor&#146;s, then our obligation to comply with certain of the covenants will
cease for so long as the Notes continue to be rated investment grade. See &#147;Description of Debt Securities&#151;Description of 6.25% Senior Notes&#151;Certain covenants&#151;Limitation of applicability of certain covenants if 6.25% Senior Notes
rated Investment Grade.&#148; </FONT></TD></TR></TABLE> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Use of Proceeds </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">We intend to use the net proceeds from this offering to fund the Redemptions and to pay related fees and expenses. </FONT></TD></TR></TABLE>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="38%"> <P STYLE="margin-bottom:1px; margin-left:2%; text-indent:-2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Risk Factors </FONT></P></TD>
<TD><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Risk Factors&#148; beginning on page S-7 of this prospectus supplement for a discussion of risks you should carefully consider before deciding to invest in the New Notes.
</FONT></TD></TR></TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-5
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<div style ="BORDER-BOTTOM:1pt solid #000000;BORDER-LEFT:1pt solid #000000;BORDER-RIGHT:1pt solid #000000;BORDER-TOP:1pt solid #000000;MARGIN-LEFT:0px;MARGIN-RIGHT:0px;WIDTH:100%"><div style="width:97%; margin-top:1.5%; margin-left:1.5%; margin-right:-1.25%">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Ratios of Earnings to Fixed Charges </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of computing the ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before income
taxes and income or loss from equity investees, plus fixed charges and distributed income of equity investees, less interest capitalized. Fixed charges consist of all interest incurred, plus that portion of operating lease rental expense
(33%)&nbsp;deemed to be representative of interest, plus the amortization of debt issuance costs and bond discounts. The following table sets forth the ratios of earnings to fixed charges for each of the periods indicated: </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Nine&nbsp;Months&nbsp;Ended</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Years&nbsp;Ended&nbsp;October&nbsp;31,</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>July 31,&nbsp;2013</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ratio of earnings to fixed charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.3pt solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR VALIGN="TOP">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD WIDTH="34%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Earnings for the nine months ended July 31, 2013 and the years ended October&nbsp;31, 2012, 2011, 2010, 2009 and 2008 were insufficient to cover fixed charges for such period by
$11.2 million, $99.4 million, $266.3&nbsp;million, $265.9 million, $616.1 million and $1,138.5 million, respectively. </FONT></TD>
<TD></TD></TR></TABLE>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P></div></div>

 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-6
</FONT></P>


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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_2"></A>RISK FACTORS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>An investment in the New Notes involves a high degree of risk. Before making a decision to invest in the New Notes, you should
carefully consider the following: </I></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#149;</I></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>the risk factors described below and those contained in the documents incorporated by reference in this prospectus supplement; and
</I></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#149;</I></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>the other information included in this prospectus supplement, the accompanying prospectus and the documents incorporated by reference in this
prospectus supplement. </I></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risks Related to Our Business </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The homebuilding industry is significantly affected by changes in general and local economic conditions, real estate markets, and weather and other
environmental conditions, which could affect our ability to build homes at prices our customers are willing or able to pay, could reduce profits that may not be recaptured, could result in cancellation of sales contracts, and could affect our
liquidity. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The homebuilding industry is cyclical, has from time to time experienced significant difficulties, and is
significantly affected by changes in general and local economic conditions such as: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Employment levels and job growth; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Availability of financing for home buyers; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Interest rates; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Foreclosure rates; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Inflation; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adverse changes in tax laws; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Consumer confidence; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Housing demand; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Population growth; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Availability of water supply in locations in which we operate. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Turmoil in the financial markets could affect our liquidity. In addition, our cash balances are primarily invested in short-term
government-backed instruments.&nbsp;The remaining cash balances are held at numerous financial institutions and may, at times, exceed insurable amounts. We seek to mitigate this risk by depositing our cash in major financial institutions and
diversifying our investments. In addition, our homebuilding operations often require us to obtain letters of credit.&nbsp;We recently entered into a new $75 million unsecured revolving credit facility under which letters of credit may be
issued.&nbsp;We also have certain stand alone letter of credit facilities and agreements pursuant to which letters of credit are issued. However, we may need additional letters of credit above the amounts provided under these facilities and
agreements. If we are unable to obtain such additional letters of credit as needed to operate our business, we may be adversely affected. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Weather conditions and man-made or natural disasters such as hurricanes, tornadoes, earthquakes, floods, droughts, fires and other environmental conditions can harm the local homebuilding business. For
example, our business in Florida was adversely affected in late 2005 and into 2006 due to the effects of Hurricane Wilma on materials and labor availability and pricing. Conversely, Hurricane Ike, which hit Houston in September 2008, did not have an
effect on materials and labor availability or pricing, but did affect the volume of home sales in subsequent weeks.&nbsp;In August 2011 and October 2012, Hurricane Irene and Hurricane Sandy, respectively, caused
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-7
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
widespread flooding and disruptions on the Atlantic seaboard, which impacted our sales and construction activity in affected markets during that month. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The difficulties described above could cause us to take longer and incur more costs to build our homes. We may not be able to recapture
increased costs by raising prices in many cases because we fix our prices up to 12 months in advance of delivery by signing home sales contracts. In addition, some home buyers may cancel or not honor their home sales contracts altogether.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The homebuilding industry has experienced a significant and sustained downturn which has, and could continue to, materially and adversely
affect our business, liquidity, and results of operations. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The homebuilding industry experienced a significant and
sustained downturn over the past several years. An industry-wide softening of demand for new homes resulted from a lack of consumer confidence, decreased availability of mortgage financing, and large supplies of resale and new home inventories,
among other factors. In addition, an oversupply of alternatives to new homes, such as rental properties, resale homes, and foreclosures, depressed prices and reduced margins for the sale of new homes. Industry conditions had a material adverse
effect on our business and results of operations in fiscal years 2007 through 2011 and may continue to materially adversely affect our business and results of operations in future years.&nbsp;Further, we substantially increased our inventory through
fiscal 2006, which required significant cash outlays and which has increased our price and margin exposure as we work through this inventory. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">General economic conditions in the U.S. remain weak. Several challenges such as persistently high unemployment levels, national and global economic weakness and uncertainty, the restrictive mortgage
lending environment and the potential for more foreclosures continue to threaten a recovery in the housing market. In addition, both national new home sales and our home sales remain below historical levels. Until there is a more robust U.S.
economic recovery, we expect national demand for new homes to remain at historically low levels, with uneven improvement across our operating markets. Looking forward, although we have begun to see improvements, given instability in the housing
market, it may continue to be difficult to generate positive cash flow especially as we invest in land to fund future homebuilding. In addition, while sales have increased, we saw lower sales in July and August 2013 in part due to increasing
interest rates. Market volatility has been unprecedented and extraordinary in the last several years, and the resulting economic turmoil may continue to exacerbate industry conditions or have other unforeseen consequences, leading to uncertainty
about future conditions in the homebuilding industry. Continuation or worsening of the downturn or general economic conditions would continue to have a material adverse effect on our business, liquidity, and results of operations. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, an increase in the default rate on the mortgages we originate may adversely affect our ability to sell mortgages or the
pricing we receive upon the sale of mortgages. Although substantially all of the mortgage loans we originate are sold in the secondary mortgage market on a servicing released, non-recourse basis, we remain liable for certain limited representations,
such as fraud, and warranties related to loan sales. As default rates rise, this may increase our potential exposure regarding mortgage loan sales because investors may seek to have us buy back or make whole investors for mortgages we previously
sold. To date, we have not made significant payments related to our mortgage loans but because of the uncertainties inherent to these matters, actual future payments could differ significantly from our currently estimated amounts. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">During the industry downturn, the housing market&nbsp;benefited from a number of government programs, including: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Tax credits for home buyers provided by the federal government and certain state governments, including California; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Support of the mortgage market, including through purchases of mortgage-backed securities by The Federal Reserve Bank and the underwriting of a
substantial amount of new mortgages by the Federal Housing Administration (&#147;FHA&#148;) and other governmental agencies. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">These programs are expected to wind down over time; for example, the California tax credit ended in the fourth quarter of fiscal 2009 and the federal tax credit expired in April 2010. In addition, in
fiscal 2010, the U.S. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-8
</FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Department of Housing and Urban Development (&#147;HUD&#148;) tightened FHA underwriting standards.&nbsp;The maximum size of mortgage loans that are treated as conforming by Fannie Mae and
Freddie Mac was reduced on October&nbsp;1, 2011, which could further weaken home sales in general as mortgages may become more expensive and, if conforming loan limits are further reduced, it could have a material adverse effect on the Company.
Housing markets may further decline as these programs are modified or terminated. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our leverage places burdens on our ability to comply
with the terms of our indebtedness, may restrict our ability to operate, may prevent us from fulfilling our obligations, and may adversely affect our financial condition. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We have a significant amount of debt. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our debt (excluding nonrecourse secured debt and debt of our financial subsidiaries), as of July 31, 2013, including the debt of the subsidiaries that
guarantee our debt, was $1,542.5 million ($1,527.3 million net of discount); and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our debt service payments for the 12-month period ended July 31, 2013 were $119.5 million, substantially all of which represented interest incurred and
the remainder of which represented payments on the principal of our amortizing notes, and do not include principal and interest on nonrecourse secured debt, debt of our financial subsidiaries and fees under our letter of credit and other credit
facilities and agreements. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, as of July 31, 2013, we had $27.9 million in aggregate outstanding
face amount of letters of credit issued under various letter of credit and other credit facilities and agreements, certain of which were collateralized by $5.2 million of cash. Our fees for these letters of credit for the 12-month period ended July
31, 2013, which are based on both the used and unused portion of the facilities and agreements, were $0.3 million. We also had substantial contractual commitments and contingent obligations, including approximately $237.3&nbsp;million of performance
bonds as of July 31, 2013. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our significant amount of debt could have important consequences. For example, it could:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limit our ability to obtain future financing for working capital, capital expenditures, acquisitions, debt service requirements, or other requirements;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Require us to dedicate a substantial portion of our cash flow from operations to the payment of our debt and reduce our ability to use our cash flow
for other purposes; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Limit our flexibility in planning for, or reacting to, changes in our business; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Place us at a competitive disadvantage because we have more debt than some of our competitors; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Make us more vulnerable to downturns in our business and general economic conditions. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our ability to meet our debt service and other obligations will depend upon our future performance. We are engaged in businesses that are
substantially affected by changes in economic cycles. Our revenues and earnings vary with the level of general economic activity in the markets we serve. Our businesses are also affected by customer sentiment and financial, political, business, and
other factors, many of which are beyond our control. The factors that affect our ability to generate cash can also affect our ability to raise additional funds for these purposes through the sale of equity securities, the refinancing of debt, or the
sale of assets. Changes in prevailing interest rates may affect our ability to meet our debt service obligations to the extent we have any floating rate indebtedness. A higher interest rate on our debt service obligations could result in lower
earnings or increased losses. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our sources of liquidity are limited and may not be sufficient to meet our needs. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are largely dependent on our current cash balance and future cash flows from operations (which may not be positive) to enable us to
service our indebtedness, to cover our operating expenses, and/or to fund our other </FONT></P>
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liquidity needs. We used $67.0 million of cash in operating activities in the fiscal year ended October&nbsp;31, 2012 and $47.4 million of cash in operating activities in the nine months ended
July 31, 2013, and expect to continue to generate negative cash flow, after taking into account land purchases. If the homebuilding industry does not experience improved conditions over the next several years, our cash flows could be insufficient to
fund our obligations and support land purchases; if we cannot buy additional land we would ultimately be unable to generate future revenues from the sale of houses. In addition, we may need to further refinance all or a portion of our debt on or
before maturity, which we may not be able to do on favorable terms or at all. If our cash flows and capital resources are insufficient to fund our debt service obligations or we are unable to refinance our indebtedness, we may be forced to reduce or
delay investments and capital expenditures, sell assets, seek additional capital, or restructure our indebtedness. These alternative measures may not be successful or, if successful, made on desirable terms and may not permit us to meet our debt
service obligations. We have also entered into certain cash collateralized letter of credit agreements and facilities that require us to maintain specified amounts of cash in segregated accounts as collateral to support our letters of credit issued
thereunder, which will affect the amount of cash we have available for other uses. If our available cash and capital resources are insufficient to meet our debt service and other obligations, 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 or the proceeds from the dispositions may not be adequate to meet any debt service obligations
then due. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Restrictive covenants in our debt instruments may restrict our and certain of our subsidiaries&#146; ability to operate and if
our financial performance worsens, we may not be able to undertake transactions within the restrictions of our debt instruments. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The indentures governing our outstanding debt securities and our revolving credit facility impose certain restrictions on our and certain of our subsidiaries&#146; operations and activities. The most
significant restrictions relate to debt incurrence, creating liens, sales of assets, cash distributions, including paying dividends on common and preferred stock, capital stock and debt repurchases, and investments by us and certain of our
subsidiaries. Because of these restrictions, we are currently prohibited from paying dividends on our common and preferred stock and anticipate that we will remain prohibited for the foreseeable future. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The restrictions in our debt instruments could prohibit or restrict our and certain of our subsidiaries&#146; activities such as
undertaking capital raising or restructuring activities or entering into other transactions. In such a situation, we may be unable to amend the instrument or obtain a waiver. In addition, if we fail to make timely payments on this debt and other
material indebtedness, our debt under these debt instruments could become due and payable prior to maturity. In such a situation, there can be no assurance that we would be able to obtain alternative financing. Either situation could have a material
adverse effect on the solvency of the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The terms of our debt instruments allow us to incur additional indebtedness.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the terms of our indebtedness under our indentures, we have the ability, subject to our debt covenants, to incur
additional amounts of debt. The incurrence of additional indebtedness could magnify the risks described above. In addition, certain obligations such as standby letters of credit and performance bonds issued in the ordinary course of business,
including those issued under our stand-alone letter of credit agreements and facilities, are not considered indebtedness under our indentures (and may be secured), and therefore, are not subject to limits in our debt covenants. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We could be adversely affected by a negative change in our credit rating. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our ability to access capital on favorable terms is a key factor in our ability to service our indebtedness to cover our operating expenses, and to fund our other liquidity needs. For example, during
fiscal 2011 and thereafter, credit agencies took a series of negative actions, including downgrades, with respect to their credit ratings of us and our debt.&nbsp;Downgrades may make it more difficult and costly for us to access
capital.&nbsp;Therefore, </FONT></P>
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any further downgrade by any of the principal credit agencies may exacerbate these difficulties.&nbsp;Although certain of our credit ratings have recently been upgraded, there can be no
assurances that our credit ratings will not be further downgraded in the future, whether as a result of deteriorating general economic conditions, a more protracted downturn in the housing industry, failure to successfully implement our operating
strategy, the adverse impact on our results of operations or liquidity position of any of the above, or otherwise. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our business is
seasonal in nature and our quarterly operating results can fluctuate. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our quarterly operating results generally fluctuate
by season. The construction of a customer&#146;s home typically begins after signing the agreement of sale and can take 12 months or more to complete. Weather-related problems, typically in the fall, winter and early spring, can delay starts or
closings and increase costs and thus reduce profitability. In addition, delays in opening communities could have an adverse effect on our sales and revenues. Due to these factors, our quarterly operating results will likely continue to fluctuate.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our success depends on the availability of suitable undeveloped land and improved lots at acceptable prices and our having sufficient
liquidity to fund such investments. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our success in developing land and in building and selling homes depends in part upon
the continued availability of suitable undeveloped land and improved lots at acceptable prices. The availability of undeveloped land and improved lots for purchase at favorable prices depends on a number of factors outside of our control, including
the risk of competitive over-bidding on land and lots and restrictive governmental regulation. Should suitable land opportunities become less available, the number of homes we may be able to build and sell would be reduced, which would reduce
revenue and profits. In addition, our ability to make land purchases will depend upon us having sufficient liquidity to fund such purchases. We may be at a disadvantage in competing for land due to our significant debt obligations, which require
substantial cash resources. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Raw material and labor shortages and price fluctuations could delay or increase the cost of home construction
and adversely affect our operating results. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The homebuilding industry has from time to time experienced raw material and
labor shortages. In particular, shortages and fluctuations in the price of lumber or in other important raw materials could result in delays in the start or completion of, or increase the cost of, developing one or more of our residential
communities. For example, manufacturers have increased the price of drywall in 2012 by approximately 12% as compared to the prior year, and there is a potential for significant future price increases. In addition, we contract with subcontractors to
construct our homes. Therefore, the timing and quality of our construction depends on the availability, skill, and cost of our subcontractors. Delays or cost increases caused by shortages and price fluctuations could harm our operating results, the
impact of which may be further affected depending on our ability to raise sales prices to offset increased costs. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Changes in economic and
market conditions could result in the sale of homes at a loss or holding land in inventory longer than planned, the cost of which can be significant. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Land inventory risk can be substantial for homebuilders. We must continuously seek and make acquisitions of land for expansion into new markets and for replacement and expansion of land inventory within
our current markets. The market value of undeveloped land, buildable lots, and housing inventories can fluctuate significantly as a result of changing economic and market conditions. In the event of significant changes in economic or market
conditions, we may have to sell homes at a loss or hold land in inventory longer than planned. In the case of land options, we could choose not to exercise them, in which case we would write off the value of these options. Inventory carrying costs
can be significant and can result in losses in a poorly performing project or market. The assessment of communities for indication of impairment is performed quarterly. While we consider available information to determine what we believe to be our
best estimates as of the reporting period, these estimates are subject to change in future reporting periods as facts and circumstances change. See &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations&#151;Critical Accounting </FONT></P>
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Policies&#148; in our Annual Report on Form 10-K incorporated by reference herein. For example, during the nine months ended July 31, 2013 and during fiscal 2012, 2011 and 2010, we decided not to
exercise many option contracts and walked away from land option deposits and predevelopment costs, which resulted in land option write-offs of $1.9 million, $2.7 million, $24.3 million and $13.2 million, respectively. Also, in the nine months ended
July 31, 2013 and during fiscal 2012, 2011 and 2010, as a result of the difficult market conditions, we recorded inventory impairment losses on owned property of $1.6 million, $9.8 million, $77.5 million and $122.5 million, respectively. If market
conditions worsen, additional inventory impairment losses and land option write-offs will likely be necessary. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Home prices and sales
activities in the Arizona, California, New Jersey and Texas markets have a large impact on our results of operations because we conduct a significant portion of our business in these markets. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We presently conduct a significant portion of our business in the Arizona, California, New Jersey and Texas markets. Home prices and sales
activities in these markets and in most of the other markets in which we operate have declined from time to time, particularly as a result of slow economic growth. In particular, market conditions in California and New Jersey have declined
significantly since the end of 2006. Furthermore, precarious economic and budget situations at the state government level may adversely affect the market for our homes in those affected areas. If home prices and sales activity decline in one or more
of the markets in which we operate, our costs may not decline at all or at the same rate and may negatively impact our results of operations. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Because almost all of our customers require mortgage financing, increases in interest rates or the decreased availability of mortgage financing could
impair the affordability of our homes, lower demand for our products, limit our marketing effectiveness, and limit our ability to fully realize our backlog. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Virtually all of our customers finance their acquisitions through lenders providing mortgage financing. Increases in interest rates or decreases in availability of mortgage financing could lower demand
for new homes because of the increased monthly mortgage costs to potential home buyers. Even if potential customers do not need financing, changes in interest rates and mortgage availability could make it harder for them to sell their existing homes
to potential buyers who need financing. This could prevent or limit our ability to attract new customers as well as our ability to fully realize our backlog because our sales contracts generally include a financing contingency. Financing
contingencies permit the customer to cancel its obligation in the event mortgage financing at prevailing interest rates, including financing arranged or provided by us, is unobtainable within the period specified in the contract. This contingency
period is typically four to eight weeks following the date of execution of the sales contract. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Starting in 2007, many lenders
have been significantly tightening their underwriting standards, and subprime and other alternative mortgage products are no longer being made available in the marketplace. If these trends continue and mortgage loans continue to be difficult to
obtain, the ability and willingness of prospective buyers to finance home purchases or to sell their existing homes will be adversely affected, which will adversely affect our operating results.&nbsp;In addition, we believe that the availability of
mortgage financing, including Federal National Mortgage Association, Federal Home Loan Mortgage Corp, and FHA/Veterans Administration financing, is an important factor in marketing many of our homes. The maximum size of mortgage loans that are
treated as conforming by Fannie Mae and Freddie Mac was reduced on October&nbsp;1, 2011, which could further weaken home sales in general as mortgages may become more expensive and, if conforming loan limits are further reduced (as currently
expected to occur on October&nbsp;1, 2013), it could have a material adverse effect on the Company. In addition, HUD continues to tighten FHA underwriting standards. Any limitations or restrictions on the availability of those types of financing
could reduce our sales. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Increases in the after-tax costs of owning a home could prevent potential customers from buying our homes and
adversely affect our business or financial results. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Significant expenses of owning a home, including mortgage interest
expenses and real estate taxes, generally are deductible expenses for an individual&#146;s federal, and in some cases state, income taxes, subject to limitations under current tax law and policy. If the federal government or a state government were
to change its </FONT></P>
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income tax laws to eliminate or substantially limit these income tax deductions, as has been discussed from time to time, the after-tax cost of owning a new home would increase for many of our
potential customers. The loss or reduction of these homeowner tax deductions, if such tax law changes were enacted without any offsetting legislation, would adversely impact demand for and sales prices of new homes, including ours. In addition,
increases in property tax rates or fees on developers by local governmental authorities, as experienced in response to reduced federal and state funding or to fund local initiatives such as funding schools or road improvements, can adversely affect
the ability of potential customers to obtain financing or their desire to purchase new homes, and can have an adverse impact on our business and financial results. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>We conduct certain of our operations through unconsolidated joint ventures with independent third parties in which we do not have a controlling interest. These investments involve risks and are highly
illiquid. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We currently operate through a number of unconsolidated homebuilding and land development joint ventures with
independent third parties in which we do not have a controlling interest. At July&nbsp;31, 2013, we had invested an aggregate of $54.3 million in these joint ventures, including advances to these joint ventures of approximately $5.6 million. In
addition, as part of our strategy, we intend to continue to evaluate additional joint venture opportunities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">These
investments involve risks and are highly illiquid. There are a limited number of sources willing to provide acquisition, development, and construction financing to land development and homebuilding joint ventures, and as market conditions become
more challenging, it may be difficult or impossible to obtain financing for our joint ventures on commercially reasonable terms. Over the past few years, we have been unable to obtain financing for newly created joint ventures. In addition, we lack
a controlling interest in these joint ventures and, therefore, are usually unable to require that our joint ventures sell assets or return invested capital, make additional capital contributions, or take any other action without the vote of at least
one of our venture partners. Therefore, absent partner agreement, we will be unable to liquidate our joint venture investments to generate cash. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Homebuilders are subject to a number of federal, local, state, and foreign laws and regulations concerning the development of land, the homebuilding, sales, and customer financing processes and the
protection of the environment, which can cause us to incur delays and costs associated with compliance and which can prohibit or restrict our activity in some regions or areas. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are subject to extensive and complex laws and regulations that affect the development of land and home building, sales and customer
financing processes, including zoning, density, building standards and mortgage financing. These laws and regulations often provide broad discretion to the administering governmental authorities. This can delay or increase the cost of development or
homebuilding. In light of recent developments in the home building industry and the financial markets, federal, state, or local governments may seek to adopt regulations that limit or prohibit homebuilders from providing mortgage financing to their
customers. If adopted, any such regulations could adversely affect future revenues and earnings. In addition, some state and local governments in markets where we operate have approved, and others may approve, slow-growth or no-growth initiatives
that could negatively impact the availability of land and building opportunities within those areas. Approval of these initiatives could adversely affect our ability to build and sell homes in the affected markets and/or could require the
satisfaction of additional administrative and regulatory requirements, which could result in slowing the progress or increasing the costs of our homebuilding operations in these markets. Any such delays or costs could have a negative effect on our
future revenues and earnings. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We also are subject to a variety of local, state, federal and foreign laws and regulations
concerning protection of health and the environment. The particular environmental laws and regulations that apply to any given community vary greatly according to the community site, the site&#146;s environmental conditions and the present and
former uses of the site. These environmental laws and regulations may result in delays, may cause us to incur substantial compliance, remediation and/or other costs and can prohibit or severely restrict development and homebuilding activity.
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For example, we engaged in discussions with the U.S. Environmental Protection Agency
(&#147;EPA&#148;) and the U.S. Department of Justice (&#147;DOJ&#148;) regarding alleged violations of storm water discharge requirements. In resolution of this matter, in April 2010 we agreed to the terms of a consent decree with the EPA, DOJ and
the states of Virginia, Maryland, West Virginia and the District of Columbia (collectively, the &#147;States&#148;). The consent decree was approved by the federal district court in August 2010. Under the terms of the consent decree, we paid a fine
of $1.0 million collectively to the United States and the States named above and have agreed to perform under the terms of the consent decree for a minimum of three years, which includes implementing certain operational and training measures
nationwide to facilitate ongoing compliance with storm water regulations. We received in October 2012 a notice from Region III of the EPA concerning stipulated penalties, totaling approximately $120,000, based on the extent to which we reportedly
did not meet certain compliance performance specified in the previously discussed consent decree entered into in August 2010; we have since paid the stipulated penalties as assessed, and more recently have paid approximately $8,000 in response to an
EPA demand received in June 2013 for stipulated penalties based on information about our performance under the consent decree for 2012. Until terminated by court order, which can occur no sooner than three years from the date of its entry, the
consent decree remains in effect and could give rise to additional assessments of stipulated penalties. In October 2012, we also received notices from Region III of the EPA concerning alleged violations of stormwater discharge permits, issued in
2010 pursuant to the federal Clean Water Act, at two projects in Maryland. We negotiated with the EPA two orders, which the EPA issued in February 2013, to resolve the violations. One requires us to pay a penalty of $130,000, which we have done,
while the other obligates us to take certain measures to comply with those permits and detail the specific compliance measures we take, among other things. Our obligations under the orders will not materially affect us. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In March 2013, we received a letter from the EPA requesting information about our involvement in a housing redevelopment project in
Newark, New Jersey that a Company entity undertook during the 1990s. We understand that the development is in the vicinity of a former lead smelter and that recent tests on soil samples from properties within the development conducted by the EPA
show elevated levels of lead. We also understand that the smelter operated before the City of Newark acquired properties, demolished structures existing on them, and sold the properties to the Company entity in connection with the redevelopment
project. We responded to the EPA&#146;s request. In August 2013, we were notified that the EPA considers us a potentially responsible party (or &#147;PRP&#148;) with respect to the site, that the EPA believes the site requires cleanup, and that the
EPA is proposing that we address contamination at the site. We do not know the scope or extent of the Company&#146;s obligations, if any, that may arise from the site and therefore cannot provide any assurance that this matter will not have a
material impact on the Company. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We anticipate that increasingly stringent requirements will be imposed on developers and
homebuilders in the future. Although we cannot predict the effect of these requirements, they could result in time-consuming and expensive compliance programs and in substantial expenditures, which could cause delays and increase our cost of
operations. In addition, the continued effectiveness of permits already granted or approvals already obtained is dependent upon many factors, some of which are beyond our control, such as changes in policies, rules, and regulations and their
interpretations and application. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Several other homebuilders have received inquiries from regulatory agencies regarding the
potential for homebuilders using contractors to be deemed employers of the employees of their contractors under certain circumstances.&nbsp;Contractors are independent of the homebuilders that contract with them under normal management practices and
the terms of trade contracts and subcontracts within the industry; however, if regulatory agencies reclassify the employees of contractors as employees of homebuilders, homebuilders using contractors could be responsible for wage, hour and other
employment-related liabilities of their contractors. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Product liability litigation and warranty claims that arise in the ordinary course of
business may be costly. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As a homebuilder, we are subject to construction defect and home warranty claims arising in the
ordinary course of business. Such claims are common in the homebuilding industry and can be costly. For example, in the past we have received construction defect and home warranty claims associated with, and we were involved in a multidistrict
litigation concerning, allegedly defective drywall manufactured in China (&#147;Chinese Drywall&#148;) that </FONT></P>
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may have been responsible for noxious smells and accelerated corrosion of certain metals in certain homes we have constructed. We remediated certain homes in response to such claims and settled
the litigation. In addition, the amount and scope of coverage offered by insurance companies is currently limited, and this coverage may be further restricted and become more costly. If we are not able to obtain adequate insurance against such
claims, or if the costs associated with such claims significantly exceed the amount of our insurance coverage or if our insurers do not pay on claims under our policies (whether because of dispute, inability or otherwise), we may experience losses
that could hurt our financial results. Our financial results could also be adversely affected if we were to experience an unusually high number of claims or unusually severe claims. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Mortgage investors could seek to have us buy back loans or compensate them for losses incurred on mortgages we have sold based on claims that we breached our limited representations or warranties.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our financial services segment originates mortgages, primarily for our homebuilding customers. Substantially all of the
mortgage loans originated are sold within a short period of time in the secondary mortgage market on a servicing released, nonrecourse basis, although we remain liable for certain limited representations, such as fraud, and warranties related to
loan sales. Accordingly, mortgage investors have in the past and could in the future seek to have us buy back loans or compensate them for losses incurred on mortgages we have sold based on claims that we breached our limited representations or
warranties. We believe there continues to be an industry-wide issue with the number of purchaser claims in which purchasers purport to have found inaccuracies related to sellers&#146; representations and warranties in particular loan sale
agreements. We have established reserves for potential losses, however there can be no assurance that we will not have significant liabilities in respect of such claims in the future, which could exceed our reserves, or that the impact of such
claims on our results of operations will not be material. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We compete on several levels with homebuilders that may have greater sales and
financial resources, which could hurt future earnings. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We compete not only for home buyers but also for desirable
properties, financing, raw materials, and skilled labor often within larger subdivisions designed, planned, and developed by other homebuilders. Our competitors include other local, regional, and national homebuilders, some of which have greater
sales and financial resources. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The competitive conditions in the homebuilding industry together with current market
conditions have, and could continue to, result in: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">difficulty in acquiring suitable land at acceptable prices; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">increased selling incentives; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">lower sales; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">delays in construction. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Any of these problems could increase costs and/or lower profit margins. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>We may have
difficulty in obtaining the additional financing required to operate and develop our business. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our operations require
significant amounts of cash, and we may be required to seek additional capital, whether from sales of debt or equity securities or borrowing additional money, for the future growth and development of our business. The terms or availability of
additional capital is uncertain. Moreover, the indentures for our outstanding debt securities contain provisions that restrict the debt we may incur in the future and our ability to pay dividends on equity. If we are not successful in obtaining
sufficient capital, it could reduce our sales and may hinder our future growth and results of operations. In addition, pledging substantially all of our assets to support our senior secured notes may make it more difficult to raise additional
financing in the future. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our future growth may include additional acquisitions of companies that may not be successfully
integrated and may not achieve expected benefits. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Acquisitions of companies have contributed to our historical growth and
may again be a component of our growth strategy in the future. In the future, we may acquire businesses, some of which may be significant. As a result of acquisitions of companies, we may need to seek additional financing and integrate product
lines, dispersed operations, and distinct corporate cultures. These integration efforts may not succeed or may distract our management from operating our existing business. Additionally, we may not be able to enhance our earnings as a result of
acquisitions. Our failure to successfully identify and manage future acquisitions could harm our operating results. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our controlling
stockholders are able to exercise significant influence over us. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Members of the Hovnanian family, including Ara K.
Hovnanian, our chairman of the board, president and chief executive officer, have voting control, through personal holdings, the limited partnership established for members of Mr.&nbsp;Hovnanian&#146;s family, family trusts and shares held by the
estate of our former chairman, Kevork S. Hovnanian, of Class&nbsp;A and Class B common stock that enables them to cast approximately 55.4% of the votes that may be cast by the holders of our outstanding Class&nbsp;A and Class B common stock
combined. Their combined stock ownership enables them to exert significant control over us, including power to control the election of the board of directors and to approve matters presented to our stockholders. This concentration of ownership may
also make some transactions, including mergers or other changes in control, more difficult or impossible without their support. Also, because of their combined voting power, circumstances may occur in which their interests could be in conflict with
the interests of other stakeholders. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our net operating loss carryforwards could be substantially limited if we experience an ownership
change as defined in the Internal Revenue Code. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based on recent impairments and our current financial performance, we
generated a federal net operating loss carryforward of $1.5 billion through the fiscal year ended October&nbsp;31, 2012, and we may generate net operating loss carryforwards in future years. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;382 of the Internal Revenue Code (the &#147;Code&#148;) contains rules that limit the ability of a company that undergoes an
ownership change, which is generally any change in ownership of more than 50% of its stock over a three-year period, to utilize its net operating loss carryforwards and certain built-in losses recognized in years after the ownership change. These
rules generally operate by focusing on ownership shifts among stockholders owning directly or indirectly 5% or more of the stock of a company and any change in ownership arising from a new issuance of stock by the company. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If we undergo an ownership change for purposes of Section&nbsp;382 as a result of future transactions involving our stock, including
purchases or sales of stock between 5% shareholders, our ability to use our net operating loss carryforwards and to recognize certain built-in losses would be subject to the limitations of Section&nbsp;382. Depending on the resulting limitation, a
significant portion of our net operating loss carryforwards could expire before we would be able to use them. A limitation imposed under Section&nbsp;382 on our ability to utilize our net operating loss carryforwards could have a negative impact on
our financial position and results of operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In August 2008, we announced that the board of directors adopted a
shareholder rights plan (the &#147;Rights Plan&#148;) designed to preserve shareholder value and the value of certain tax assets primarily associated with net loss carryforwards and built-in losses under Section&nbsp;382 of the Code, and on
December&nbsp;5, 2008, our stockholders approved the board of director&#146;s decision to adopt the Rights Plan. The Rights Plan is intended to act as a deterrent to any person or group acquiring 4.9% or more of our outstanding Class&nbsp;A common
stock (any such person an &#147;Acquiring Person&#148;), without the approval of the Company&#146;s board of directors. Subject to the terms, provisions and conditions of the Rights Plan, if and when they become exercisable, each right would entitle
its holder to purchase from the Company one ten-thousandth of a share of the Company&#146;s Series B Junior Preferred </FONT></P>
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Stock for a purchase price of $35.00 per share (the &#147;Purchase Price&#148;). The rights will not be exercisable until the earlier of (i)&nbsp;10 business days after a public announcement by
us that a person or group has become an Acquiring Person and (ii)&nbsp;10 business days after the commencement of a tender or exchange offer by a person or group for 4.9% of the Class&nbsp;A common stock (the &#147;Distribution Date&#148;). If
issued, each fractional share of Series B Junior Preferred Stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of the Company&#146;s Class&nbsp;A common stock. However, prior to exercise,
a right does not give its holder any rights as a stockholder of the Company, including without limitation any dividend, voting or liquidation rights.&nbsp;See &#147;Description of Capital Stock&#151;Rights Plan&#148; in the accompanying prospectus
for more information. After the Distribution Date, each holder of a right, other than rights beneficially owned by the Acquiring Person (which will thereupon become void), will thereafter have the right to receive upon exercise of a right and
payment of the Purchase Price, that number of shares of Class&nbsp;A common stock or Class&nbsp;B common stock, as the case may be, having a market value of two times the Purchase Price. After the Distribution Date, our board of directors may
exchange the rights (other than rights owned by an Acquiring Person which will have become void), in whole or in part, at an exchange ratio of one share of common stock, or a fractional share of Series&nbsp;B Junior Preferred Stock (or of a share of
a similar class or series of Hovnanian&#146;s preferred stock having similar rights, preferences and privileges) of equivalent value, per right (subject to adjustment). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In addition, on December&nbsp;5, 2008, our stockholders approved an amendment to our Certificate of Incorporation to restrict certain transfers of our common stock in order to preserve the tax treatment
of our net operating loss carryforwards and built-in losses under Section&nbsp;382 of the Code. Subject to certain exceptions pertaining to pre-existing 5% stockholders and Class B stockholders, the transfer restrictions in the amended Certificate
of Incorporation generally restrict any direct or indirect transfer (such as transfers of the Company&#146;s stock that result from the transfer of interests in other entities that own the Company&#146;s stock) if the effect would be to:
(i)&nbsp;increase the direct or indirect ownership of the Company&#146;s stock by any person (or public group) from less than 5% to 5% or more of the Company&#146;s stock; (ii)&nbsp;increase the percentage of the Company&#146;s stock owned directly
or indirectly by a person (or public group) owning or deemed to own 5% or more of the Company&#146;s stock; or (iii)&nbsp;create a new &#147;public group&#148; (as defined in the applicable United States Treasury regulations). See &#147;Description
of Capital Stock&#151;Transfer Restrictions in the Certificate of Incorporation&#148; in the accompanying prospectus for more information. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Utility shortages and outages or rate fluctuations could have an adverse effect on our operations. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In prior years, the areas in which we operate in California have experienced power shortages, including periods without electrical power,
as well as significant fluctuations in utility costs. We may incur additional costs and may not be able to complete construction on a timely basis if such power shortages and outages and utility rate fluctuations continue. Furthermore, power
shortages and outages and rate fluctuations may adversely affect the regional economies in which we operate, which may reduce demand for our homes. Our operations may be adversely affected if further rate fluctuations and/or power shortages and
outages occur in California, the Northeast, or in our other markets. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Geopolitical risks and market disruption could adversely affect our
operating results and financial condition. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Geopolitical events, such as the aftermath of the war with Iraq and the
continuing involvement in Afghanistan, may have a substantial impact on the economy and the housing market. The terrorist attacks on the World Trade Center and the Pentagon on September&nbsp;11, 2001 had an impact on our business and the occurrence
of similar events in the future cannot be ruled out. The war and the continuing involvement in Afghanistan, terrorism, and related geopolitical risks have created many economic and political uncertainties, some of which may have additional material
adverse effects on the U.S. economy, our customers and, in turn, our results of operations and financial condition. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Risks Related to the Notes </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>We have a significant amount of indebtedness and we may incur additional indebtedness. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As of July 31, 2013, after giving effect to the completion of this offering and the anticipated Redemptions, the Issuer and the Guarantors would have had approximately $1,544.4 million ($1,529.2 million,
net of discount) of debt (including the Notes and excluding nonrecourse debt and debt of our financial subsidiaries) outstanding. We and our subsidiaries may incur additional indebtedness in the future. Subject to certain conditions, the terms of
the indenture under which the Notes will be issued and our other existing debt instruments do not prohibit us or our subsidiaries from incurring additional indebtedness. If indebtedness is added to our current debt levels, the risks related to the
Notes and our indebtedness generally that we and our subsidiaries now face could intensify. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The Notes are unsecured obligations.
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Notes will not be secured by any of our assets and will be subordinated to all of our existing and future secured
indebtedness. Accordingly, in the event of our bankruptcy, liquidation or any similar proceeding, holders of the Notes will be entitled to payment only after the holders of any of our secured indebtedness have been paid. As of July 31, 2013, we had
approximately $992.0&nbsp;million of secured indebtedness outstanding. Subject to certain limits in the indenture under which the Notes will be issued and our other existing debt instruments, we will be able to incur additional secured obligations.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Our non-guarantor subsidiaries and joint ventures are not subject to the restrictive covenants in the indenture under which the Notes will
be issued. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Certain of our subsidiaries and all of our joint venture operations are not subject to the restrictive
covenants in the indenture under which the Notes will be issued. This means that these entities will be able to engage in many of the activities that we and our restricted subsidiaries are prohibited or limited from doing under the terms of such
indenture, such as incurring additional debt, securing assets in priority to the claims of the holders of the Notes, paying dividends, making certain investments, selling assets and entering into mergers or other business combinations. If
non-guarantor subsidiaries and joint ventures engage in any of these activities, their actions could reduce the amount of cash the we will have available to us to fund payments of principal and interest on the Notes 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. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>The Notes and the guarantees thereof will be structurally subordinated to indebtedness of our non-guarantor subsidiaries and joint ventures. </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Notes and the guarantees thereof will be structurally subordinated to the indebtedness (including trade payables) of any non-guarantor
subsidiary and joint venture to the extent of the value of their assets, and holders of the Notes will not have any claim as a creditor against any non-guarantor subsidiary or joint venture. This indebtedness includes the 2021 Notes Guarantees by
certain of the guarantors of the 2021 Notes which were issued by K. Hovnanian, which 2021 Notes Guarantees are secured by a <FONT STYLE="white-space:nowrap">first-priority</FONT> lien, subject to certain exceptions, on substantially all of the
assets of such 2021 Notes Guarantors. As of July 31, 2013, our <FONT STYLE="white-space:nowrap">non-guarantor</FONT> subsidiaries and joint ventures had approximately $144.9 million and $77.8 million, respectively, of outstanding liabilities,
including trade payables. In addition, the indenture under which the Notes will be issued will permit, subject to certain limitations, non-guarantor subsidiaries and joint ventures to incur additional indebtedness and will not contain any limitation
on the amount of liabilities (such as trade payables) that may be incurred by them. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exercise of Change of Control Rights&#151;We may not
have the ability to raise funds necessary to finance any change of control offer required by the indenture. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If a change of
control occurs as described in the section &#147;Description of Debt Securities&#151;Description of 6.25% Senior Notes&#151;Certain covenants&#151;Repurchase of 6.25% Senior Notes upon Change of Control&#148; in the
</FONT></P>
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accompanying prospectus, we would be required to offer to purchase the Notes at 101% of their principal amount together with all accrued and unpaid interest, if any, to the date of purchase. If a
purchase offer obligation arises under the indenture governing the Notes, a change of control will have also occurred under other indentures governing our debt. Any of our future debt agreements may contain restrictions and provisions such as
providing that certain change of control events will constitute a default and could result in the acceleration of indebtedness. If a purchase offer were required under the indentures for our debt, we may not have sufficient funds to pay the purchase
price for all debt that we are required to repurchase or repay. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>If we default on our obligations to pay our other indebtedness, we may not
be able to make payments on the Notes. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any default under the agreements governing our other indebtedness and the remedies
sought by the holders of such indebtedness, could prevent us from paying principal, premium, if any, and interest on the Notes and 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, and interest on our other indebtedness, or if we otherwise fail to comply with the various covenants in our debt instruments, we could be in default
under the terms of the agreements governing our other indebtedness. In the event of such default: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the holders of such indebtedness may be able to cause all of our available cash flow to be used to pay such indebtedness and, in any event, could elect
to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest; and/or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">we could be forced into bankruptcy or liquidation. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If our operating performance declines, we may in the future need to amend or modify the agreements governing our other indebtedness or seek concessions from the holders of such indebtedness. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>An active trading market may not develop for the Notes. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There is no active public trading market for the Notes. The Issuer has not and does not intend to apply for listing of the Notes on a security exchange. We cannot assure you that an active trading market
will develop for the Notes. In addition, the liquidity of the trading market in the Notes and the market prices quoted for the Notes may be adversely affected by changes in the overall market for this type of security and by changes in our financial
performance or prospects or in the prospects for companies in our industry generally. As a consequence, an active trading market may not develop for your Notes, you may not be able to sell your Notes, or, even if you can sell your Notes, you may not
be able to sell them at an acceptable price. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Federal and state laws allow courts, under specific circumstances, to void guarantees and to
require you to return payments received from Guarantors. </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Although you will be direct creditors of the Guarantors by virtue
of the guarantees, existing or future creditors of any guarantor could avoid or subordinate that guarantor&#146;s guarantee under the fraudulent conveyance laws if they were successful in establishing that: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the guarantee was incurred with fraudulent intent; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the Guarantor did not receive fair consideration or reasonably equivalent value for issuing its guarantee and: </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">was insolvent at the time of the guarantee; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">was rendered insolvent by reason of the guarantee; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">was engaged in a business or transaction for which its assets constituted unreasonably small capital to carry on its business; or
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">intended to incur, or believed that it would incur, debt beyond its ability to pay such debt as it matured. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-19
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The measures of insolvency for purposes of determining whether a fraudulent conveyance
occurred vary depending upon the laws of the relevant jurisdiction and upon the valuation assumptions and methodology applied by the courts. Generally, however, a company would be considered insolvent for purposes of the foregoing if: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the sum of the company&#146;s debts, including contingent, unliquidated and unmatured liabilities, is greater than all of such company&#146;s property
at a fair valuation; or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">if the present fair saleable value of the company&#146;s assets is less than the amount that will be required to pay the probable liability on its
existing debts as they become absolute and matured. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We cannot assure you as to what standard a court would
apply in order to determine whether a guarantor was &#147;insolvent&#148; as of the date its guarantee was issued, and we cannot assure you that, regardless of the method of valuation, a court would not determine that any Guarantors were insolvent
on that date. The subsidiary guarantees could be subject to the claim that, since the guarantees were incurred for the benefit of Hovnanian and the Issuer, 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. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-20
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_3"></A>USE OF PROCEEDS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We expect to receive net proceeds from this offering of approximately $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; million, after
deducting underwriting discounts and estimated transaction expenses payable by us (but excluding any discount or premium on the New Notes). We intend to use the net proceeds from this offering to fund the Redemptions and to pay related fees and
expenses. The 6.5% Senior Notes bear interest at a rate of 6.5% per annum and mature on January 15, 2014 and the 6.375% Senior Notes bear interest at a rate of 6.375% per annum and mature on December 15, 2014. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-21
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_4"></A>CAPITALIZATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table sets forth our capitalization as of July 31, 2013 on an actual and an as adjusted basis to give effect to this
offering and the application of the estimated net proceeds from this offering to fund the Redemptions and pay related fees and expenses. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This information should be read in conjunction with &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; incorporated by reference herein and our
financial statements and related notes incorporated by reference herein. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="74%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>As of July 31, 2013</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As&nbsp;Adjusted&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(Unaudited)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>(In&nbsp;thousands,&nbsp;except&nbsp;share&nbsp;numbers)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Homebuilding Cash and Cash Equivalents:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Cash and Cash Equivalents, Excluding Restricted Cash</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">221,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> 221,500</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Restricted Cash and Cash Equivalents(1)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">11,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">11,085</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total Homebuilding Cash and Cash Equivalents(2)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">232,585</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> 232,585</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Debt(3):</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Nonrecourse Land Mortgages</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">55,286</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">55,286</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Nonrecourse Mortgages Secured by Operating Properties</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">18,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">18,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">7.25% Senior Secured First Lien Notes due 2020</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">577,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">577,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">9.125% Senior Secured Second Lien Notes due 2020</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">220,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">220,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">2.0% Senior Secured Notes due 2021 (net of discount)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">53,116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">53,116</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">5.0% Senior Secured Notes due 2021 (net of discount)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">128,179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">128,179</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.5% Senior Notes due 2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">36,649</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.375% Senior Notes due 2014</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,015</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.25% Senior Notes due 2015</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">21,438</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">21,438</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">11.875% Senior Notes due 2015 (net of discount)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">59,959</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">59,959</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">7.5% Senior Notes due 2016</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">86,532</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">86,532</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">6.25% Senior Notes due 2016 (net of discount)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Existing Notes</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">130,509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">130,509</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">New Notes offered hereby(4)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">41,581</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">8.625% Senior Notes due 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">121,043</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">121,043</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Senior Subordinated Amortizing Notes due 2014 (issued as part of our Tangible Equity Units)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,181</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,181</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Units:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Senior Amortizing Notes due 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">20,857</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">20,857</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exchangeable Notes due 2017</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">65,772</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">65,772</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total Debt(3)(5)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,600,536</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,602,453</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Equity:</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Preferred Stock, $.01 par value; 100,000 Shares authorized; 5,600 Shares of 7.625% Series A Preferred Stock issued at July 31,
2013 with a liquidation preference of $140,000</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">135,299</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">135,299</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Common Stock, Class&nbsp;A, $.01 par value; 400,000,000 Shares authorized; 136,305,223 Shares issued at July 31, 2013, actual
(including 11,760,763 shares held in treasury)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,363</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Common Stock, Class B, $.01 par value (Convertible to Class&nbsp;A at time of sale); 60,000,000 Shares authorized; 15,348,615
Shares issued at July 31, 2013 (including 691,748 Shares held in treasury)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">153</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">153</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Paid in Capital&#151;Common Stock</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">688,145</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">688,145</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Accumulated Deficit(6)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1,177,227</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1,178,011</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Treasury Stock&#151;at Cost</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(115,360</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(115,360</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total Hovnanian Enterprises, Inc. Stockholders&#146; Equity Deficit(5)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(467,627</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(468,411</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Noncontrolling Interest in Consolidated Joint Ventures</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">423</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">423</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total Equity Deficit(6)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(467,204</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1"> (467,988</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total Capitalization(6)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,133,332</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,134,465</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.3pt solid #000000;width:26%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">As of July 31, 2013, Restricted Cash and Cash Equivalents includes $5.2 million of cash collateralizing our letter of credit agreements and facilities, and homebuilding
customers&#146; deposits of $5.9 million, which are restricted from our use. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">As of July 31, 2013, substantially all of our cash collateralized our secured indebtedness. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">References to our consolidated debt in this prospectus supplement exclude debt of $57.5 million under our secured master repurchase agreements, which are short-term
borrowing facilities used by our mortgage banking subsidiary. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">Reflects aggregate principal amount of the New Notes and does not reflect any discount or premium on the New Notes or the underwriter&#146;s discount.
</FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">Total Debt does not reflect our revolving credit facility, which as of July 31, 2013, had no borrowings and $22.8 million of letters of credit outstanding, resulting in
available borrowing capacity of $52.2 million. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">As adjusted, reflects writeoff of deferred financing fees on the 2014 Notes. </FONT></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-22
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_5"></A>DESCRIPTION OF NOTES </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The New Notes being offered hereby will be issued as additional notes under the indenture dated as of August&nbsp;8, 2005, among K.
Hovnanian Enterprises, Inc., Hovnanian Enterprises, Inc., the other guarantors party thereto and Deutsche Bank National Trust Company, as successor trustee, relating to the Existing Notes, as amended or supplemented as of the date of issuance of the
New Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The New Notes will bear interest from July&nbsp;15, 2013 at the rate of 6.25%&nbsp;per annum and the initial
offering price of the New Notes will include accrued interest from July&nbsp;15, 2013 to the date of issuance of the New Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">See &#147;Description of Debt Securities&#151;Description of 6.25% Senior Notes&#148; in the accompanying prospectus for a description of
the terms of the New Notes offered hereby. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-23
</FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_6"></A>CERTAIN UNITED STATES FEDERAL TAX CONSEQUENCES
</B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is a summary of certain United States federal income and, in the case of non-U.S.&nbsp;holders (as defined
below), estate tax consequences of the purchase, ownership and disposition of the New Notes as of the date of this prospectus supplement. Unless otherwise stated, this summary deals only with New Notes held as capital assets (within the meaning of
Section&nbsp;1221 of the Code) by persons who purchase the New Notes for cash pursuant to this offering at their initial offering price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">As used herein, a &#147;U.S.&nbsp;holder&#148; means a beneficial owner of the New Notes that is for United States federal income tax purposes any of the following: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">an individual citizen or resident of the United States; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a corporation (or any other entity treated as a corporation for United States federal income tax purposes) created or organized in or under the laws of
the United States, any state thereof or the District of Columbia; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">an estate, the income of which is subject to United States federal income taxation regardless of its source;&nbsp;or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a trust if it (1)&nbsp;is subject to the primary supervision of a court within the United States and one or more United States persons have the
authority to control all substantial decisions of the trust or (2)&nbsp;has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as modified for estate tax purposes (as discussed below), the term &#147;non-U.S.&nbsp;holder&#148; means a beneficial owner of
the New Notes (other than a partnership or any other entity treated as a partnership for United States federal income tax purposes) that is not a U.S.&nbsp;holder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This summary does not represent a detailed description of the United States federal income tax consequences applicable to you if you are a person subject to special tax treatment under the United States
federal income tax laws, including, without limitation: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a dealer in securities or currencies; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a financial institution; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a regulated investment company; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a real estate investment trust; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a tax-exempt organization; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">an insurance company; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a person holding the New Notes as part of a hedging, integrated, conversion or constructive sale transaction or a straddle;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a trader in securities that has elected the mark-to-market method of tax accounting for your securities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a person liable for alternative minimum tax; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a partnership or other pass-through entity (or an investor in such an entity) for United States federal income tax purposes;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a U.S.&nbsp;holder whose &#147;functional currency&#148; is not the U.S.&nbsp;dollar; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a &#147;controlled foreign corporation&#148;; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a &#147;passive foreign investment company&#148;;&nbsp;or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a United States expatriate. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-24
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This summary is based on the Code, United States Treasury regulations, administrative
rulings and judicial decisions as of the date hereof. Those authorities may be changed, possibly on a retroactive basis, so as to result in United States federal income and estate tax consequences different from those summarized below. We have not
and will not seek any rulings from the Internal Revenue Service (the &#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 purchase, ownership
or disposition of the New Notes that are different from those discussed below. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If a partnership (including any entity
classified as a partnership for United States federal income tax purposes) holds New Notes, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partnership or a
partner in a partnership holding New Notes, you should consult your own tax advisors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This summary does not represent a
detailed description of the United States federal income and estate tax consequences to you in light of your particular circumstances and does not address the effects of any United States federal tax consequences other than income taxes, and in the
case of non-U.S. holders, estate taxes (such as gift taxes and the recently enacted Medicare tax on certain investment income) and does not address state, local or non-United States tax laws. It is not intended to be, and should not be construed to
be, legal or tax advice to any particular purchaser of New Notes. <B>If you are considering the purchase of New Notes, you should consult your own tax advisors concerning the particular United States federal income and estate tax consequences to you
of the purchase, ownership and disposition of the New Notes, as well as the consequences to you arising under the laws of any other taxing jurisdiction.</B> </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Pre-issuance Accrued Interest </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The initial offering price for the New Notes
will include amounts attributable to interest accrued from July&nbsp;15, 2013 which we call &#147;pre-issuance accrued interest.&#148; Pre-issuance accrued interest will be included in the accrued interest to be paid on the New Notes on the first
interest payment date after the issuance of the New Notes. In accordance with applicable United States Treasury regulations, for United States federal income tax purposes, we will treat the New Notes as having been purchased for a price that does
not include any pre-issuance accrued interest. Thus, the portion of the first stated interest payment equal to the pre-issuance accrued interest will be deemed to be a non-taxable return of pre-issuance accrued interest and, accordingly, will not be
taxable as interest on the New Notes. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Certain Tax Consequences to U.S. Holders </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is a summary of certain United States federal income tax consequences that will apply to U.S.&nbsp;holders of the New Notes.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Payments of Interest.</I>&nbsp;Stated interest on a New Note (other than any pre-issuance accrued interest excluded from
the purchase price of the New Notes, as discussed above under &#147;<I>&#151;Pre-issuance Accrued Interest</I>&#148;) generally will be taxable to you as ordinary income at the time it is received or accrued in accordance with your method of
accounting for United States federal income tax purposes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Amortizable Premium. </I>If your initial purchase price for a
New Note (excluding any pre-issuance accrued interest excluded from the purchase price of a New Note, as discussed above under &#147;&#151;<I>Pre-issuance Accrued Interest</I>&#148;) exceeds the stated principal amount of such New Note, you will be
considered to have amortizable bond premium equal to such excess. A U.S. holder generally may elect to amortize the premium over the remaining term of such New Note on a constant yield method as an offset to interest when includible in income under
the holder&#146;s regular method of tax accounting. However, because the New Notes may be redeemed by us prior to maturity at a premium, special rules apply that may reduce or eliminate the amount of premium that a U.S. holder may amortize with
respect to the New Notes. You should consult your tax advisors about these special rules. If you make this election to amortize premium with respect to a New Note, you will be required to </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-25
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reduce your adjusted tax basis in the New Note by the amount of the premium amortized. If you do not make this election, that premium will decrease the gain or increase the loss you would
otherwise recognize on disposition of the New Note. An election to amortize premium on a constant yield method will also apply to all other taxable debt instruments held or subsequently acquired by you on or after the first day of the first taxable
year for which the election is made. Such an election may not be revoked without the consent of the IRS. You should consult your own tax advisors about this election. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Sale, Exchange, Retirement, or Other Disposition of New Notes.</I>&nbsp;Upon the sale, exchange, retirement, or other taxable disposition of a New Note, you generally will recognize gain or loss equal
to the difference between the amount realized upon the sale, exchange, retirement, or other taxable disposition (less an amount attributable to any accrued and unpaid interest, which will be taxable as interest income to the extent not previously
included in income) and the adjusted tax basis of the New Note. Your adjusted tax basis in a New Note will, in general, be your cost for the New Note (less any amount attributable to pre-issuance accrued interest that is excluded from the purchase
price of the New Note, as discussed above under &#147;<I>&#151;Pre-issuance Accrued Interest</I>&#148;), reduced by any amortized premium. Any such gain or loss will be capital gain or loss. Capital gains of non-corporate U.S.&nbsp;holders derived
in respect of capital assets held for more than one year are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Certain Tax Consequences to Non-U.S. Holders </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is a summary of
certain United States federal income and estate tax consequences that will apply to non-U.S.&nbsp;holders of the New Notes. For purposes of the following discussion, interest does not include any pre-issuance accrued interest excluded from the
purchase price of the New Notes, as discussed above under &#147;<I>&#151;Pre-issuance Accrued Interest.</I>&#148; However, to the extent any interest is subject to United States federal withholding tax as described below, the applicable withholding
agent may withhold such tax on all payments of interest, including payment of pre-issuance accrued interest, if the withholding agent is unable to determine which portion of the payments is attributable to pre-issuance accrued interest. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>United States Federal Withholding Tax.</I>&nbsp;A 30% United States federal withholding tax will not apply to any payment to you of
interest on the New Notes under the &#147;portfolio interest rule,&#148; provided that: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">interest paid on the New Notes is not effectively connected with your conduct of a trade or business in the United States;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">you do not actually (or constructively) own 10% or more of the total combined voting power of all classes of our voting stock within the meaning of the
Code and applicable United States Treasury regulations; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">you are not a controlled foreign corporation that is related to us (actually or constructively) through stock ownership; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">you are not a bank whose receipt of interest on the New Notes is described in Section&nbsp;881(c)(3)(A) of the Code;&nbsp;and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">either (a)&nbsp;you provide your name and address on an IRS Form&nbsp;W-8BEN (or other applicable form), and certify, under penalties of perjury, that
you are not a United States person as defined under the Code or (b)&nbsp;you hold your New Notes through certain foreign intermediaries and satisfy the certification requirements of applicable United States Treasury regulations. Special
certification rules apply to non-U.S.&nbsp;holders that are pass-through entities rather than corporations or individuals. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If you cannot satisfy the requirements described above, payments of interest made to you will be subject to the 30% United States federal withholding tax, unless you provide the applicable withholding
agent with a properly executed: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">IRS Form&nbsp;W-8BEN (or other applicable form) certifying an exemption from or reduction in withholding under the benefit of an applicable income tax
treaty;&nbsp;or </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-26
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">IRS Form&nbsp;W-8ECI (or other applicable form) certifying interest paid on the New Notes is not subject to withholding tax because it is effectively
connected with your conduct of a trade or business in the United States (as discussed below under <I>&#147;&#151;United States Federal Income Tax&#148;</I>). </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 30% United States federal withholding tax will not apply to any payment of principal or gain that you realize on the sale, exchange, retirement or other disposition of a New Note. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>United States Federal Income Tax.</I>&nbsp;If you are engaged in a trade or business in the United States and interest on the New
Notes is effectively connected with the conduct of that trade or business (and, if required by an applicable income tax treaty, is attributable to a United States permanent establishment), then you will be subject to United States federal income tax
on that interest on a net income basis (although any effectively connected interest will be exempt from the 30% United States federal withholding tax, provided the certification requirements discussed above in &#147;&#151;<I>United States Federal
Withholding Tax</I>&#148; are satisfied) in generally the same manner as if you were a United States person as defined under the Code, subject to an applicable income tax treaty providing otherwise. In addition, if you are a foreign corporation, you
may be subject to a branch profits tax equal to 30% (or lower applicable income tax treaty rate) of your effectively connected earnings and profits attributable to such interest, subject to certain adjustments. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any gain realized on the disposition of a New Note generally will not be subject to United States federal income tax unless: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the gain is effectively connected with your conduct of a trade or business in the United States (and, if required by an applicable income tax treaty,
is attributable to a United States permanent establishment);&nbsp;or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">you are an individual who is present in the United States for 183&nbsp;days or more in the taxable year of that disposition, and certain other
conditions are met. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>United States Federal Estate Tax.</I>&nbsp;If you are a non-U.S. person (as
specifically defined for United States federal estate tax purposes), your estate will not be subject to United States federal estate tax on New Notes beneficially owned by you at the time of your death, provided that any payment to you on the New
Notes would be eligible for exemption from the 30% United States federal withholding tax under the &#147;portfolio interest rule&#148; described above under &#147;&#151;<I>United States Federal Withholding Tax</I>&#148; without regard to the
statement requirement described in the fifth bullet point of that section. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Information Reporting and Backup Withholding </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>U.S.&nbsp;Holders.</I>&nbsp;In general, information reporting requirements will apply to certain payments of principal and interest
paid on the New Notes and to the proceeds of the sale or other disposition (including a redemption) of a New Note paid to you (unless you are an exempt recipient). Backup withholding may apply to such payments if you fail to provide a correct
taxpayer identification number or a certification that you are not subject to backup withholding. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Backup withholding is not
an additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Non-U.S.&nbsp;Holders.</I>&nbsp;Generally, we must report to the IRS and to you the amount of interest paid to you and the
amount of tax, if any, withheld with respect to those payments. Copies of the information returns reporting such interest payments and any withholding may also be made available to the tax authorities in the country in which you reside under the
provisions of an applicable income tax treaty. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In general, you will not be subject to backup withholding with respect to
payments of interest on the New Notes that we make to you provided that the payor does not have actual knowledge or reason to know that you </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-27
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
are a United States person as defined under the Code, and the payor has received from you the required certification that you are a non-U.S.&nbsp;holder described above in the fifth bullet point
under &#147;&#151;<I>Certain Tax Consequences to Non-U.S.&nbsp;Holders</I>&#151;<I>United States Federal Withholding Tax</I>.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition (including a redemption) of New Notes within the United States or
conducted through certain United States-related financial intermediaries, unless you certify to the payor under penalties of perjury that you are a non-U.S.&nbsp;holder (and the payor does not have actual knowledge or reason to know that you are a
United States person as defined under the Code), or you otherwise establish an exemption. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Backup withholding is not an
additional tax and any amounts withheld under the backup withholding rules may be allowed as a refund or a credit against your United States federal income tax liability provided the required information is timely furnished to the IRS. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-28
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_7"></A>CERTAIN ERISA CONSIDERATIONS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following is a summary of certain considerations associated with the purchase of the Notes (including the New Notes) by employee
benefit plans that are subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended (&#147;ERISA&#148;), plans, individual retirement accounts and other arrangements that are subject to Section&nbsp;4975 of the Code or
provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, &#147;Similar Laws&#148;), and entities whose underlying assets are considered to include
&#147;plan assets&#148; of any such plan, account or arrangement (each, a &#147;Plan&#148;). </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General Fiduciary Matters </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">ERISA and the Code impose certain duties on persons who are fiduciaries of a Plan subject to Title I of ERISA or Section&nbsp;4975 of the
Code (an &#147;ERISA Plan&#148;) and prohibit certain transactions involving the assets of an ERISA Plan and its fiduciaries or other interested parties. Under ERISA and the Code, any person who exercises any discretionary authority or control over
the administration of such an ERISA Plan or the management or disposition of the assets of such an ERISA Plan, or who renders investment advice for a fee or other compensation to such an ERISA Plan, is generally considered to be a fiduciary of the
ERISA Plan. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In considering an investment in the Notes of a portion of the assets of any Plan, a fiduciary should determine
whether the investment is in accordance with the documents and instruments governing the Plan and the applicable provisions of ERISA, the Code or any Similar Law relating to a fiduciary&#146;s duties to the Plan including, without limitation, the
prudence, diversification, delegation of control and prohibited transaction provisions of ERISA, the Code and any other applicable Similar Laws. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Prohibited Transaction Issues </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Section&nbsp;406 of ERISA and
Section&nbsp;4975 of the Code prohibit ERISA Plans from engaging in specified transactions involving plan assets with persons or entities who are &#147;parties in interest,&#148; within the meaning of ERISA, or &#147;disqualified persons,&#148;
within the meaning of Section&nbsp;4975 of the Code, unless an exemption is available. A party in interest or disqualified person who engaged in a non-exempt prohibited transaction may be subject to excise taxes and other penalties and liabilities
under ERISA and the Code. In addition, the fiduciary of the ERISA Plan that engaged in such a non-exempt prohibited transaction may be subject to penalties and liabilities under ERISA and the Code. The acquisition and/or holding of the Notes by an
ERISA Plan with respect to which the Issuer, an underwriter, or a Guarantor, is considered a party in interest or a disqualified person may constitute or result in a direct or indirect prohibited transaction under Section&nbsp;406 of ERISA and/or
Section&nbsp;4975 of the Code, unless the investment is acquired and is held in accordance with an applicable statutory, class or individual prohibited transaction exemption. In this regard, the U.S. Department of Labor has issued prohibited
transaction class exemptions, or &#147;PTCEs,&#148; that may apply to the acquisition and holding of the Notes. These class exemptions include, without limitation, PTCE 84-14 respecting transactions determined by independent qualified professional
asset managers, PTCE 90-1 respecting insurance company pooled separate accounts, PTCE 91-38 respecting bank collective investment funds, PTCE 95-60 respecting life insurance company general accounts and PTCE 96-23 respecting transactions determined
by in-house asset managers. In addition, Section&nbsp;408(b)(17) of ERISA and Section&nbsp;4975(d)(20) of the Code provide relief from the prohibited transaction provisions of ERISA and Section&nbsp;4975 of the Code for certain transactions,
provided that neither the issuer of the securities nor any of its affiliates (directly or indirectly) have or exercise any discretionary authority or control or render any investment advice with respect to the assets of any ERISA Plan involved in
the transaction and provided further that the ERISA Plan pays no more than adequate consideration in connection with the transaction. There can be no assurance that all of the conditions of any such exemptions will be satisfied. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Because of the foregoing, the Notes should not be purchased or held by any person investing &#147;plan assets&#148; of any Plan, unless
such purchase and holding will not constitute a non-exempt prohibited transaction under ERISA and the Code or similar violation of any applicable Similar Laws. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-29
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Representation </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Accordingly, by acceptance of a Note (including a New Note), each purchaser and subsequent transferee of a Note will be deemed to have represented and warranted that either (i)&nbsp;no portion of the
assets used by such purchaser or transferee to acquire or hold the Notes or any interest therein constitutes assets of any Plan or (ii)&nbsp;the purchase and holding of the Notes by such purchaser or transferee will not constitute a non-exempt
prohibited transaction under Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code or similar violation under any applicable Similar Laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The foregoing discussion is general in nature and is not intended to be all inclusive. Due to the complexity of these rules and the penalties that may be imposed upon persons involved in non-exempt
prohibited transactions, it is particularly important that fiduciaries, or other persons considering purchasing the Notes on behalf of, or with the assets of, any Plan, consult with their counsel regarding the potential applicability of ERISA,
Section&nbsp;4975 of the Code and any Similar Laws to such investment and whether an exemption would be applicable to the purchase and holding of the Notes. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-30
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_8"></A>UNDERWRITING </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Under the terms and subject to the conditions contained in an underwriting agreement dated the date of this prospectus supplement, we
have agreed to sell to Credit Suisse Securities (USA) LLC (the &#147;underwriter&#148;) and the underwriter has agreed to purchase, the entire principal amount of the New Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The underwriting agreement provides that the underwriter is obligated to purchase all of the New Notes if any are purchased. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The underwriter proposes to offer the New Notes initially at the public offering price on the cover page of this prospectus supplement.
After the initial public offering, the underwriter may change the public offering price. The offering of the New Notes by the underwriter is subject to receipt and acceptance of the New Notes and subject to the underwriter&#146;s right to reject any
order in whole or in part. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We estimate that our out of pocket expenses for this offering will be approximately $0.4 million.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The underwriter intends to make a secondary market for the New Notes. However, it is not obligated to do so and may
discontinue making a secondary market for the New Notes at any time without notice. No assurance can be given as to how liquid the trading market for the New Notes will be. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We have agreed that, for a period beginning on the date of this prospectus and continuing to and including the date 10 days following the closing date, we will not, without the prior written consent of
Credit Suisse Securities (USA) LLC, offer, sell, contract to sell or otherwise transfer or dispose of any debt securities of the Issuer or any guarantor or any warrants, rights or options to purchase or otherwise acquire debt securities of the
Issuer or any guarantor that are substantially similar to the New Notes and the guarantees other than (1)&nbsp;the New Notes and the guarantees or (2)&nbsp;debt or letter of credit facilities, commercial paper issued in the ordinary course of
business or borrowing under any bank loan agreements. Credit Suisse Securities (USA) LLC in its sole discretion may release any of the securities subject to this lock-up agreement at any time without notice. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have agreed to indemnify the underwriter against certain liabilities, including certain liabilities under the Securities Act, or to
contribute to payments the underwriter may be required to make in respect of those liabilities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The underwriter and its
affiliates have performed investment banking, commercial banking and advisory services for us from time to time for which it has received customary fees and expenses. The underwriter may, from time to time, engage in transactions with and perform
services for us in the ordinary course of its business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In connection with the offering, the underwriter may engage in
stabilizing transactions, over-allotment transactions and syndicate covering transactions in accordance with Regulation M under the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;). </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed a specified maximum.
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Over-allotment involves sales by the underwriter of New Notes in excess of the principal amount of the New Notes the underwriter is obligated to
purchase, which creates a syndicate short position. </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Syndicate covering transactions involve purchases of the New Notes in the open market after the distribution has been completed in order to cover
syndicate short positions. A short position is more likely to be created if the underwriter is concerned that there may be downward pressure on the price of the New Notes in the open market after pricing that could adversely affect investors who
purchase in the offering. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">These stabilizing transactions, syndicate covering transactions and penalty bids
may have the effect of raising or maintaining the market price of the New Notes or preventing or retarding a decline in the market price </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-31
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
of the New Notes. As a result, the price of the New Notes may be higher than the price that might otherwise exist in the open market. These transactions, if commenced, may be discontinued at any
time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In relation to each Member State of the European Economic Area which has implemented the Prospectus Directive (each, a
&#147;Relevant Member State&#148;), each underwriter has represented and agreed that with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (the &#147;Relevant Implementation
Date&#148;) it has not made and will not make an offer of New Notes which are the subject of the offering contemplated by this prospectus supplement to the public in that Relevant Member State other than: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) to any legal entity which is a qualified investor as defined in the Prospectus Directive; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) to fewer than 100 or, if the Relevant Member State has implemented the relevant provision of the 2010 PD Amending Directive, 150,
natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus Directive, subject to obtaining the prior consent of the representatives for any such offer; or </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) in any other circumstances falling within Article 3(2) of the Prospectus Directive, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>provided</I> that no such offer of New Notes shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus
Directive. <I> </I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For the purposes of this provision, the expression an &#147;offer of notes to the public&#148; in relation
to any New Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the New Notes to be offered so as to enable an investor to decide to purchase or subscribe for
the notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State, the expression &#147;Prospectus Directive&#148; means Directive 2003/71/EC (and amendments thereto, including the
2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes any relevant implementing measure in the Relevant Member State and the expression &#147;2010 PD Amending Directive&#148; means Directive 2010/73/EU.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The underwriter has represented and agreed that: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of
Section&nbsp;21 of the Financial Services and Markets Act 2000 (the &#147;FSMA&#148;)) received by it in connection with the issue or sale of the New Notes in circumstances in which Section&nbsp;21(1) of the FSMA does not apply to us or the
Guarantors; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done
by it in relation to the New Notes in, from or otherwise involving the United Kingdom. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-32
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_9"></A>LEGAL MATTERS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The validity of the Notes being offered hereby is being passed upon for us by Simpson Thacher&nbsp;&amp; Bartlett LLP, New York, New York
and certain legal matters are being passed upon for us by Michael Discafani, Vice President and Corporate Counsel for the Company. Certain legal matters relating to the offering of the Notes will be passed upon for the underwriter by Davis
Polk&nbsp;&amp; Wardwell LLP, New York, New York. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_10"></A>EXPERTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The consolidated financial statements incorporated in this prospectus supplement by reference from the Company&#146;s Annual Report on
Form 10-K and the effectiveness of the Company&#146;s internal control over financial reporting have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting firm, as stated in their reports which are incorporated
herein by reference. Such consolidated financial statements have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_11"></A>AVAILABLE INFORMATION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We are subject to the informational requirements of the Exchange Act and file reports, proxy statements and other information with the SEC. You may read, free of charge, and copy, at the prescribed rates,
any reports, proxy statements and other information at the SEC&#146;s public reference room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the public reference room by calling the SEC at 1-800-SEC-0330.
Copies of such material also can be obtained by mail from the Public Reference Section of the SEC, at 100 F Street, N.E., Washington, D.C. 20549, at the prescribed rates. The SEC also maintains a website that contains reports, proxy and information
statements and other information. The website address is: http://www.sec.gov. Hovnanian&#146;s Class&nbsp;A common stock is listed on the New York Stock Exchange, and reports, proxy statements and other information also can be inspected at the
offices of the New York Stock Exchange, 20 Broad Street, New York, New York 10005. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="supprom583093_12"></A>INCORPORATION OF CERTAIN DOCUMENTS BY REFERENCE </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We incorporate by reference the documents listed below filed under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act.
Information furnished under Item&nbsp;2.02 or Item&nbsp;7.01 of our Current Reports on Form 8-K is not incorporated by reference in this prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Hovnanian has filed the following documents with the SEC and these documents are incorporated herein by reference: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Annual Report on Form 10-K for the fiscal year ended October&nbsp;31, 2012, Registration File No.&nbsp;1-8551; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The portions of Hovnanian&#146;s definitive proxy statement on Schedule 14A that were deemed &#147;filed&#148; with the Commission under the Exchange
Act on January&nbsp;28, 2013; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Quarterly Reports on Form 10-Q for the quarters ended January&nbsp;31, 2013, April&nbsp;30, 2013 and July 31, 2013, Registration File Nos. 1-8551; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="1%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Current Report on Form 8-K filed on March&nbsp;15, 2013, Registration File No.&nbsp;1-8551. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All documents filed by Hovnanian pursuant to Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this
prospectus supplement and prior to the termination of the offering made by this prospectus supplement are to be incorporated herein by reference. Any statement contained in a document </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-33
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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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian will provide without charge to each person, including any
beneficial owner, to whom a copy of this prospectus supplement 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 supplement, 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 Brad G. O&#146;Connor, Vice President, Chief Accounting Officer
and Corporate Controller, Hovnanian Enterprises, Inc., 110 West Front Street, P.O. Box 500, Red Bank, New Jersey 07701 (telephone: (732)&nbsp;747-7800). </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">S-34
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>PROSPECTUS </B></FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center">


<IMG SRC="g583093g23d33.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>$481,896,163 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="6"><B>Hovnanian Enterprises, Inc. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Preferred Stock </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Class&nbsp;A Common Stock </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="4"><B>Depositary Shares </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Debt Securities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Warrants to Purchase Preferred Stock </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="4"><B>Warrants to Purchase Class&nbsp;A Common Stock </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Warrants to Purchase
Depositary Shares </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Warrants to Purchase Debt Securities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Stock Purchase Contracts </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="4"><B>Stock Purchase Units </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Units </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Guarantees of Debt Securities </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="6"><B>K. Hovnanian Enterprises, Inc. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Debt Securities </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Units </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Guarantees of Debt Securities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="4"><B>Guarantees of Warrants to Purchase Class A Common Stock </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Subsidiary
Guarantors </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Guarantees of Debt Securities </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="4"><B>Guarantees of Warrants to Purchase Class A Common Stock </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="5"><B>Selling
Shareholders </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>8,726,003 Shares of </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT
STYLE="font-family:Times New Roman" SIZE="4"><B>Hovnanian Enterprises, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="4"><B>Class&nbsp;A Common Stock </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We, Hovnanian Enterprises, Inc., may offer and sell from time to time, in one or more
series: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Preferred Stock, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Class&nbsp;A Common Stock (along with Preferred Stock Purchase Rights), </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depositary Shares, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Debt securities, consisting of notes, debentures or other evidences of indebtedness, which may be senior debt securities, senior subordinated debt
securities or subordinated debt securities, and which may be convertible into, or exchangeable or exercisable for, any of the other securities referred to herein, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Warrants to purchase our Preferred Stock, our Class&nbsp;A Common Stock, our Depositary Shares or our debt securities, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock Purchase Contracts, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Stock Purchase Units, </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Units, comprised of the combination of securities that are separately issuable hereunder, and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Guarantees of debt securities (which debt securities may be convertible into, or exchangeable or exercisable for, Class A Common Stock issuable by
Hovnanian Enterprises, Inc.); </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">in amounts, at prices and on terms that will be determined at the time of the offering.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our 100% owned subsidiary, K. Hovnanian Enterprises, Inc., may offer and sell from time to time, in one or more series:
</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Debt securities, consisting of notes, debentures or other evidences of indebtedness, which may be senior debt securities, senior subordinated debt
securities or subordinated debt securities, which in each case will be fully and unconditionally guaranteed by Hovnanian Enterprises, Inc., and which may be convertible into, or exchangeable or exercisable for, Class A Common Stock issuable by
Hovnanian Enterprises, Inc., </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Units, comprised of the combination of securities that are separately issuable by K. Hovnanian Enterprises, Inc. hereunder,
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Guarantees of debt securities (which debt securities may be convertible into, or exchangeable or exercisable for, Class A Common Stock issuable by
Hovnanian Enterprises, Inc.), and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Guarantees of warrants to purchase Class A Common Stock issuable by Hovnanian Enterprises, Inc.; </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">in amounts, at prices and on terms that will be determined at the time of the offering. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian and K. Hovnanian may also co-issue units consisting of securities of both entities that are separately issuable by Hovnanian or
K. Hovnanian hereunder. If Hovnanian and K. Hovnanian co-issue such a unit, K. Hovnanian will only have obligations with respect to the constituent part(s) of such unit that it may issue hereunder. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The debt securities (which debt securities may be convertible into, or exchangeable or exercisable for, Class A Common Stock issuable by
Hovnanian Enterprises, Inc.) and/or warrants to purchase Class A Common Stock issuable by Hovnanian Enterprises, Inc. registered on this Form S-3 and issued by Hovnanian Enterprises, Inc. or K. Hovnanian Enterprises, Inc., as applicable, may be
guaranteed by the subsidiary guarantors. Any such guarantee will be full and unconditional and joint and several. K. Hovnanian Enterprises, Inc. and each of the subsidiary guarantors is directly or indirectly 100% owned by Hovnanian Enterprises,
Inc. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The shareholders named in this prospectus may offer and sell from time to time and aggregate of 8,726,003 shares of
Class A Common Stock. </FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We, K. Hovnanian Enterprises, Inc., the subsidiary guarantors or selling shareholders may
offer and sell the securities directly to you, through agents, underwriters or dealers. The prospectus supplement for each offering will describe in detail the plan of distribution for that offering and will set forth the names of any agents,
dealers or underwriters involved in the offering and any applicable fees, commissions or discount arrangements. The net proceeds we or K. Hovnanian Enterprises, Inc. expect to receive from sales will be set forth in the prospectus supplement.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus describes some of the general terms that may apply to these securities. The specific terms of the securities
to be offered, and any other information relating to a specific offering, will be set forth in a post-effective amendment to the registration statement of which this prospectus is a part or in a supplement to this prospectus. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="3"><B>Investing in our securities involves risks. See &#147;<A HREF="#rom583093_6">Risk Factors</A>&#148; beginning on page 4 of this
prospectus and in the documents that we incorporate by reference. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Our common stock is traded on the New York Stock
Exchange under the symbol &#147;HOV.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Neither the Securities and Exchange Commission nor any state securities commission
has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense. </FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center> <P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>The date of the prospectus is August 23, 2013. </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="toc"></A>TABLE OF CONTENTS </B></FONT></P>
<P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Page</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_1">About This Prospectus</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_2">Forward-Looking Statements</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_3">Available Information</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_4">Incorporation of Certain Documents By Reference</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_5">The Company</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_6">Risk Factors</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_7">Ratios of Earnings to Fixed Charges and Earnings to Combined Fixed Charges and Preferred Stock Dividends
</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_8">Use of Proceeds</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_9">Selling Shareholders</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_10">Description of Debt Securities</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">7</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_11">Description of Capital Stock</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">81</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_12">Description of Depositary Shares</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">85</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_13">Description of Stock Purchase Contracts and Stock Purchase Units</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_14">Description of Units</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">89</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_15">Description of Warrants</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_16">Plan of Distribution</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">91</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_17">Legal Matters</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2"><A HREF="#rom583093_18">Experts</A></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">92</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">i </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_1"></A>ABOUT THIS PROSPECTUS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus is part of a registration statement we filed with the Securities and Exchange Commission, or the &#147;Commission&#148;,
using the &#147;shelf&#148; registration process. Under the shelf registration process, using this prospectus, together with a prospectus supplement, we may sell from time to time any combination of the securities described in this prospectus in one
or more offerings. This prospectus provides you with a general description of the securities that may be offered. Each time we sell securities pursuant to this prospectus, we will provide a prospectus supplement that will contain specific
information about the terms of the securities being offered. A prospectus supplement may include a discussion of any risk factors or other special considerations applicable to those securities or to us. The prospectus supplement may also add to,
update or change information contained in this prospectus and, accordingly, to the extent inconsistent, the information in this prospectus will be superseded by the information in the prospectus supplement. You should read this prospectus, any
applicable prospectus supplement and the additional information incorporated by reference in this prospectus described below under &#147;Available Information&#148; and &#147;Incorporation of Certain Documents by Reference&#148; before making an
investment in our securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus contains summaries of certain provisions contained in some of the documents
described herein, but reference is made to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents. Copies of the documents referred to herein have been filed, or will be filed or
incorporated by reference as exhibits to the registration statement of which this prospectus is a part, and you may obtain copies of those documents as described below under &#147;Available Information.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Neither the delivery of this prospectus nor any sale made under it implies that there has been no change in our affairs or that the
information in this prospectus is correct as of any date after the date of this prospectus. You should not assume that the information in this prospectus, including any information incorporated in this prospectus by reference, the accompanying
prospectus supplement or any free writing prospectus prepared by us, is accurate as of any date other than the date on the front of those documents. Our business, financial condition, results of operations and prospects may have changed since that
date. </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We have not authorized anyone to provide any information other than that contained or incorporated by reference in
this prospectus, a prospectus supplement or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you. We are not making an offer to sell securities in any jurisdiction where the offer or sale of such securities is not permitted. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><center>
<P STYLE="line-height:6px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless
otherwise stated or context otherwise requires, all references in this prospectus to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;K. Hovnanian&#148; are to K. Hovnanian Enterprises, Inc., a California corporation; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Hovnanian,&#148; &#147;us,&#148; &#147;we,&#148; &#147;our&#148; or &#147;Company&#148; are to Hovnanian Enterprises, Inc., a Delaware
corporation, together with its consolidated subsidiaries, including K. Hovnanian. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_2"></A>FORWARD-LOOKING STATEMENTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">All statements in this prospectus and the documents incorporated by reference that are not historical facts should be considered as &#147;Forward Looking Statements&#148; within the meaning of the
&#147;Safe Harbor&#148; provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to
be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Although we believe that our plans, intentions and expectations reflected in, or suggested by,
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">1 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
such forward-looking statements are reasonable, we can give no assurance that such plans, intentions, or expectations will be achieved. Such risks, uncertainties and other factors include, but
are not limited to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Changes in general and local economic and industry and business conditions and impacts of the sustained homebuilding downturn;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Adverse weather and other environmental conditions and natural disasters; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Changes in market conditions and seasonality of the Company&#146;s business; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Changes in home prices and sales activity in the markets where the Company builds homes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and
the environment; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Fluctuations in interest rates and the availability of mortgage financing; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shortages in, and price fluctuations of, raw materials and labor; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The availability and cost of suitable land and improved lots; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Levels of competition; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Availability of financing to the Company; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Utility shortages and outages or rate fluctuations; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Levels of indebtedness and restrictions on the Company&#146;s operations and activities imposed by the agreements governing the Company&#146;s
outstanding indebtedness; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company&#146;s sources of liquidity; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Changes in credit ratings; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Availability of net operating loss carryforwards; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Operations through joint ventures with third parties; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Product liability litigation, warranty claims and claims made by mortgage investors; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Successful identification and integration of acquisitions; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Changes in tax laws affecting the after-tax costs of owning a home; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Significant influence of the Company&#146;s controlling stockholders; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Geopolitical risks, terrorist acts and other acts of war. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Certain risks, uncertainties, and other factors are incorporated herein by reference to our most recent Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> and our subsequent Quarterly
Reports on Form 10-Q, along with the other information contained in this prospectus, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;). Except as otherwise required by
applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances, or any other reason, after the date of this prospectus.
</FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_3"></A>AVAILABLE INFORMATION </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are subject to the informational requirements of the Exchange Act, and file reports, proxy statements and other information with the
Commission. We have also filed a registration statement on Form S-3 with the Commission. This prospectus, which forms part of the registration statement, does not have all of the information contained in the registration statement. You may read,
free of charge, and copy, at the prescribed rates, any </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">2 </FONT></P>


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reports, proxy statements and other information, including the registration statement, at the Commission&#146;s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. The public may
obtain information concerning the operation of the Public Reference Room by calling the Commission at 1-800-SEC-0330. The Commission also maintains a website that contains reports, proxy statements and other information, including the registration
statement. The website address is: http://www.sec.gov. Hovnanian&#146;s Class&nbsp;A Common Stock is listed on the New York Stock Exchange, and reports, proxy statements and other information also can be inspected at the offices of the New York
Stock Exchange, 20 Broad Street, New York, New York 10005. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_4"></A>INCORPORATION OF CERTAIN DOCUMENTS BY
REFERENCE </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This prospectus is part of a registration statement filed with the Commission. The Commission 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 Commission will automatically update and supersede this information. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">We incorporate by reference the documents listed below filed under Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act. Information furnished under Item&nbsp;2.02 or Item&nbsp;7.01 of our Current
Reports on Form 8-K is not incorporated by reference in this prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian has filed the following documents with the
Commission and these documents are incorporated herein by reference: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><I>Annual Report on Form 10-K for the fiscal year ended October&nbsp;31, 2012, Registration File No.&nbsp;1-8551;
</I></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
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<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#149;</I></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><I>The portions of Hovnanian&#146;s definitive proxy statement on Schedule 14A that were deemed &#147;filed&#148; with the Commission under the
Exchange Act on January&nbsp;28, 2013; </I></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#149;</I></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><I>Quarterly Reports on Form 10-Q for the quarters ended January&nbsp;31, 2013 and April&nbsp;30, 2013, Registration File Nos. <FONT
STYLE="white-space:nowrap">1-8551;</FONT> </I></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#149;</I></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><I>Current Report on Form 8-K filed on March&nbsp;15, 2013, Registration File No.&nbsp;1-8551; </I></FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#149;</I></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><I>The description of the Company&#146;s Class&nbsp;A Common Stock contained in the Registration Statement on Form 8-A filed on March&nbsp;13,
2001, including any amendment or reports filed for the purpose of updating such description, Registration File No.&nbsp;1-8551; and </I></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#149;</I></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I></I><I>The description of the Company&#146;s Preferred Stock Purchase Rights contained in the Registration Statement on Form 8-A filed on
August&nbsp;14, 2008, Registration File No.&nbsp;1-8551. </I></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All documents filed by Hovnanian pursuant to
Section&nbsp;13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the date of this registration statement and prior to the effectiveness of this registration statement, and all such documents filed by Hovnanian subsequent to the date of this
prospectus and prior to the termination of the offerings 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 registration statement and 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. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian makes available through its website its annual report on Form 10-K, quarterly reports on Form&nbsp;10-Q, current reports on
Form 8-K, and amendments to these reports filed or furnished pursuant to Section&nbsp;13(d) or 15(d) of the Exchange Act as soon as reasonably practicable after they are filed with, or furnished to, the Commission. In addition, Hovnanian will
provide without charge to each person, including any </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">3 </FONT></P>


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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 Brad G. O&#146;Connor, Vice
President, Chief Accounting Officer and Corporate Controller, Hovnanian Enterprises, Inc., 110 West Front Street, P.O.&nbsp;Box 500, Red Bank, New Jersey 07701 (telephone: (732)&nbsp;747-7800). </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_5"></A>THE COMPANY </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Overview </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We design, construct, market, and sell single-family detached
homes, attached townhomes and condominiums,&nbsp;urban infill and active adult homes in planned residential developments and are one of the nation&#146;s largest builders of residential homes. Founded in 1959 by Kevork Hovnanian, the Company was
incorporated in New Jersey in 1967 and reincorporated in Delaware in 1983. Since the incorporation of our predecessor company and including unconsolidated joint ventures, we have delivered in excess of 300,000&nbsp;homes, including 5,356&nbsp;homes
in fiscal 2012. The Company consists of two distinct operations: homebuilding and financial services. Our homebuilding operations consist of six segments: Northeast, Mid-Atlantic, Midwest, Southeast, Southwest and West. Our financial services
operations provide mortgage loans and title services to the customers of our homebuilding operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We are currently,
excluding unconsolidated joint ventures, offering homes for sale in 177 communities in 37&nbsp;markets in&nbsp;16 states throughout the United States. We market and build homes for first-time buyers, first-time and second-time move-up buyers, luxury
buyers, active adult buyers, and empty nesters. We offer a variety of home styles at base prices ranging from $68,652&nbsp;(low income housing) to $1,067,000&nbsp;with an average sales price, including options, of $301,000&nbsp;nationwide in fiscal
2012. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Corporate Information </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Our principal executive offices are located at 110 West Front Street, P.O. Box 500, Red Bank, New&nbsp;Jersey&nbsp;07701, our telephone number is (732)747-7800, and our Internet website address is
www.khov.com. Information on or accessible through our website is not a part of this prospectus. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_6"></A>RISK FACTORS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">An investment in our securities involves a high degree of risk. Certain risks relating to us and our business are described under the headings &#147;Business&#148; and &#147;Risk Factors&#148; in our
Annual Report on Form 10-K for the year ended October&nbsp;31, 2012, filed with the Commission on December&nbsp;20, 2012, which is incorporated by reference into this prospectus and which you should carefully review and consider, along with the
other information contained in this prospectus or incorporated by reference herein, as updated by our subsequent filings under the Exchange Act, before making an investment in any of our securities. Additional risks, as well as updates or changes to
the risks described in the documents incorporated by reference herein, may be included in any applicable prospectus supplement. Our business, financial condition or results of operations could be materially adversely affected by any of these risks.
The market or trading price of our securities could decline due to any of these risks, and you may lose all or part of your investment. In addition, please read the section of this prospectus captioned &#147;Forward-Looking Statements&#148;, in
which we describe additional uncertainties associated with our business and the forward-looking statements included or incorporated by reference in this prospectus. Please note that additional risks not presently known to us or that we currently
deem immaterial may also impair our business and operations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Investment in any securities offered pursuant to this prospectus
involves risks and uncertainties. If one or more of the events discussed in the risk factors were to occur, our business, financial condition, results of operations or liquidity, as well as the value of an investment in our securities, could be
materially adversely affected. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">4 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_7"></A>RATIOS OF EARNINGS TO FIXED CHARGES AND </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>EARNINGS TO COMBINED FIXED CHARGES AND PREFERRED STOCK DIVIDENDS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of computing the ratio of earnings to fixed charges and the ratio of earnings to combined fixed charges and preferred stock
dividends, earnings consist of earnings from continuing operations before income taxes and income or loss from equity investees, plus fixed charges and distributed income of equity investees, less interest capitalized. Fixed charges consist of all
interest incurred, plus that portion of operating lease rental expense (33%)&nbsp;deemed to be representative of interest, plus the amortization of debt issuance costs and bond discounts. Combined fixed charges and preferred stock dividends consist
of fixed charges and preferred stock dividends declared. Due to covenant restrictions, we have been prohibited from paying preferred stock dividends beginning with the first quarter of fiscal year 2008.&nbsp;The following table sets forth the ratios
of earnings to fixed charges and the ratios of earnings to combined fixed charges and preferred stock dividends for each of the periods indicated: </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Six&nbsp;Months&nbsp;Ended</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Year&nbsp;Ended&nbsp;October&nbsp;31,</B></FONT></TD>
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<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>April&nbsp;30,&nbsp;2013</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2012</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2011</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2010</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2009</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>2008</B></FONT></TD>
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<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ratio of earnings to fixed charges</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
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<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(a)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ratio of earnings to combined fixed charges and preferred stock dividends</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;(b)</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Earnings for the six months ended April&nbsp;30, 2013 and the years ended October&nbsp;31, 2012, 2011, 2010, 2009 and 2008 were insufficient to cover fixed charges for
such period by $23.7 million, $105.1 million, $272.9&nbsp;million, $273.8 million, $628.3 million and $1,153.5 million, respectively. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Earnings for the six months ended April&nbsp;30, 2013 and the years ended October&nbsp;31, 2012, 2011, 2010, 2009 and 2008 were insufficient to cover fixed charges and
preferred stock dividends for such period by $23.7&nbsp;million, $105.1 million, $272.9 million, $273.8 million, $628.3 million and 1,153.5&nbsp;million, respectively. Due to restrictions in our indentures governing our senior secured and senior
notes, we are currently prohibited from paying dividends on our preferred stock and did not make any dividend payments in the first half of fiscal 2013 or in fiscal 2012, 2011, 2010, 2009 and 2008. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_8"></A>USE OF PROCEEDS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise provided in the applicable prospectus supplement, the net proceeds from the sale of the securities offered by this prospectus and each prospectus supplement, the &#147;offered
securities&#148;, will be used for general corporate purposes, which may include working capital needs, the refinancing or repayment of existing indebtedness, capital expenditures, expansion of the business and acquisitions. If any of the net
proceeds from the offered securities will be used for acquisitions, we will identify the acquisition in the applicable prospectus supplement. The net proceeds may be invested temporarily in short-term securities or to repay short-term debt until
they are used for their stated purpose. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian will not receive any proceeds from the sale of any shares of Class&nbsp;A
Common Stock offered by the selling shareholders. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_9"></A>SELLING SHAREHOLDERS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,726,003 shares of Class&nbsp;A Common Stock of Hovnanian being offered pursuant to this prospectus may be offered by selling
shareholders. Identification of any selling shareholders and the amount of shares to be sold for </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">5 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
any particular transaction will be made in the applicable prospectus supplement. The potential selling shareholders include those listed in the table below. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following table sets forth (1)&nbsp;as of June&nbsp;27, 2013, the Class&nbsp;A Common Stock and Class&nbsp;B Common Stock of
Hovnanian beneficially owned by each potential selling shareholder and (2)&nbsp;the number of shares of Class&nbsp;A Common Stock that may be offered by each potential selling shareholder and the amount and percentage of Class&nbsp;A Common Stock to
be owned after completion of the offering by such potential selling shareholder. The amount and percentage of Class B Common Stock to be owned by each selling shareholder after completion of the offering is the same as the amount and percentage
prior to the offering. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE" ALIGN="center">


<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1px solid #000000;width:85pt"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Name of Selling Shareholder</B></FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class A Common Stock</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class B Common Stock</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Class A Common Stock</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount&nbsp;and&nbsp;Nature<BR>of&nbsp;Beneficial<BR>Ownership(1)(2)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent&nbsp;of<BR>Class(3)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Amount&nbsp;and&nbsp;Nature&nbsp;of<BR>Beneficial<BR>Ownership(1)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent&nbsp;of<BR>Class(3)</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number&nbsp;of<BR>Shares&nbsp;that&nbsp;may&nbsp;be<BR>Offered</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Number<BR>of Shares<BR>Owned<BR>After<BR>Offering</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Percent&nbsp;of<BR>Class<BR>After<BR>Offering</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD></TR>


<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Ara K. Hovnanian&nbsp;(4)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,786,237</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3.04</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,231,314</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">14.14</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,533,788</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,252,449</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1.01</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Sirwart&nbsp;Hovnanian&nbsp;(5)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">440,000</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.35</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#151;&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">185,269</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">254,731</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.20</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Estate of Kevork S.&nbsp;Hovnanian&nbsp;(6)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">6,156,543</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">4.94</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,255,251</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">22.21</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">5,036,097</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">1,120,446</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.90</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian Family 2012 L.L.C.(7)</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">970,849</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.78</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">3,883,395</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">26.50</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">970,849</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">0.00</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">%&nbsp;</FONT></TD></TR>
<TR STYLE="font-size:1px">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="2">Total</FONT></P></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">11,353,629</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">9,369,960</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">8,726,003</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="2">2,627,626</FONT></TD>
<TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="2">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:8px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Beneficial ownership is determined in accordance with the rules of the Commission and generally attributes ownership to persons who have or share voting or investment
power with respect to the relevant securities. Shares of Common Stock subject to options either currently exercisable or exercisable within 60 days are considered beneficially owned and are deemed outstanding for computing the percentage of the
person holding such options but are not deemed outstanding for computing the percentage of any other person. Except as indicated by these footnotes, and subject to community property laws where applicable, the selling shareholders named in the table
have sole voting and investment power with respect to all Common Stock shown as beneficially owned by them. </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On
July&nbsp;29, 2008, the Company&#146;s Board of Directors declared a dividend of one Preferred Stock Purchase Right for each outstanding share of Class&nbsp;A Common Stock and Class B Common Stock. The dividend was paid to stockholders of record on
August&nbsp;15, 2008. Subject to the terms, provisions and conditions of the Rights Plan, if the Preferred Stock Purchase Rights become exercisable, each Preferred Stock Purchase Right would initially represent the right to purchase from the Company
one ten-thousandth of a share of Series B Junior Preferred Stock for a purchase price of $35.00 per share. However, prior to exercise, a Preferred Stock Purchase Right does not give its holder any rights as a stockholder, including without
limitation, any dividend, voting or liquidation rights. </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">The figures in the table in respect of Class&nbsp;A Common Stock do not include the shares of Class B Common Stock beneficially owned by the specified selling
shareholder, which shares of Class B Common Stock are convertible at any time on a share for a share basis to Class&nbsp;A Common Stock. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Based upon the number of shares outstanding plus, in the case of Class B Common Stock, options currently exercisable or exercisable within 60 days of June&nbsp;27, 2013
for such selling shareholder. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mr.&nbsp;A. Hovnanian is the President (appointed in 1988), Chief Executive Officer (since July 1997) and Chairman of the Board of Directors (since
November 2009) of the Company. Includes 1,125,000 shares of Class B Common Stock subject to options currently exercisable or exercisable within 60 days of June&nbsp;27, 2013, whether or not in-the-money. Also includes 372,116 shares of Class&nbsp;A
Common Stock and 431,394 shares of Class B Common Stock held in family-related trusts as to which Mr.&nbsp;A. Hovnanian has shared voting power and shared investment power and 37,374 shares of Class&nbsp;A Common Stock and 195,274 shares of Class B
Common Stock held by Mr.&nbsp;A. Hovnanian&#146;s wife and children. Mr.&nbsp;A. Hovnanian disclaims beneficial ownership of such shares, except to the extent of his potential pecuniary interest in such
</FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">6 </FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">
other accounts and trusts. Of the shares of Class&nbsp;A Common Stock beneficially held by Mr.&nbsp;A. Hovnanian, 1,995,397 shares have been pledged as collateral for a loan with Deutsche Bank,
and 1,337,505 shares have been pledged as collateral for a loan with Morgan Stanley, both of which loans remain outstanding. The designated address of Mr.&nbsp;A. Hovnanian is c/o Hovnanian Enterprises, Inc., 110 West Front Street,
P.O.&nbsp;Box&nbsp;500, Red Bank, New Jersey 07701. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Mrs.&nbsp;Hovnanian is the mother of Mr.&nbsp;A. Hovnanian and the wife of the Company&#146;s deceased Chairman, Kevork S. Hovnanian. The designated address of
Mrs.&nbsp;Hovnanian is c/o Hovnanian Enterprises, Inc., 110&nbsp;West Front Street, P.O. Box 500, Red Bank, New Jersey 07701. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Represents 6,156,543 shares of Class&nbsp;A Common Stock and 3,255,251 shares of Class B Common Stock held by the Executors of the Estate of Kevork S. Hovnanian,
deceased (the &#147;Estate of Kevork S. Hovnanian&#148;). Ara K. Hovnanian is special purpose Executor with respect to investments in the Company, but the shares held by the Estate of Kevork S. Hovnanian are not included in Mr.&nbsp;A.
Hovnanian&#146;s separate figures of beneficial ownership. The business address of each of the Executors is 110 West Front Street, P.O. Box 500, Red Bank, New Jersey 07701. </FONT></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="2">Represents 970,849 shares of Class&nbsp;A Common Stock and 3,883,395 shares of Class B Common Stock held by the Hovnanian Family 2012 L.L.C. (the &#147;2012 LLC&#148;).
Ara K. Hovnanian is the special purpose manager with respect to investments in the Company, but the shares held by the 2012 LLC are not included in Mr.&nbsp;A.&nbsp;Hovnanian&#146;s separate figures of beneficial ownership. The business address of
the 2012 LLC is 110&nbsp;West Front Street, P.O. Box 500, Red Bank, New Jersey 07701. </FONT></TD></TR></TABLE>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_10"></A>DESCRIPTION OF DEBT SECURITIES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following description of the terms of the debt securities sets forth certain general terms that may apply to the debt securities that may be offered from time to time pursuant to this prospectus. The
particular terms of any debt securities will be described in the prospectus supplement relating to those debt securities, except for the terms of K. Hovnanian&#146;s 6.25% Senior Notes due 2016, which are described under &#147;&#151; Description of
6.25% Senior Notes&#148; and K. Hovnanian&#146;s 8.625% Senior Notes due 2017, which are described under &#147;&#151; Description of 8.625% Senior Notes.&#148; Accordingly, for a description of the terms of a particular issue of debt securities
(other than those specified above), reference must be made to both the prospectus supplement relating thereto and the following description. The specific terms of debt securities as described in the applicable prospectus supplement will supplement
and, if applicable, may modify or replace the general terms described in this prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this section, references to
&#147;Hovnanian&#148; mean Hovnanian Enterprises, Inc. and do not include K.&nbsp;Hovnanian or any of its subsidiaries and references to &#147;K. Hovnanian&#148; mean K. Hovnanian Enterprises, Inc. and do not include any of its subsidiaries.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The debt securities issued by K. Hovnanian, which we refer to as the &#147;K. Hovnanian Debt Securities,&#148; may be
convertible into, or exchangeable or exercisable for, Class A Common Stock issuable by Hovnanian referred to herein. The K. Hovnanian Debt Securities will be unsecured senior obligations, which we refer to as the &#147;K&nbsp;Hovnanian Senior Debt
Securities&#148;, unsecured senior subordinated obligations, which we refer to as the &#147;K.&nbsp;Hovnanian Senior Subordinated Debt Securities&#148; or unsecured subordinated obligations, which we refer to as the &#147;K. Hovnanian Subordinated
Debt Securities&#148;, of K. Hovnanian. The K. Hovnanian Debt Securities will be guaranteed by Hovnanian, may be guaranteed by other subsidiaries of Hovnanian and will be issued: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">in the case of K. Hovnanian Senior Debt Securities, under the Indenture, the &#147;K. Hovnanian Senior Debt Indenture&#148;, dated as of February 14,
2011, as supplemented by one or more supplemental indentures, among K. Hovnanian, Hovnanian and any subsidiaries of Hovnanian, as guarantors, and the trustee specified in the applicable prospectus supplement; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">in the case of K. Hovnanian Senior Subordinated Debt Securities, under the Indenture, the &#147;K.&nbsp;Hovnanian Senior Subordinated Debt
Indenture&#148;, dated as of February 9, 2011, as supplemented by </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">7 </FONT></P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
one or more supplemental indentures, among K. Hovnanian, Hovnanian and any subsidiaries of Hovnanian, as guarantors, and the trustee specified in the applicable prospectus supplement; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">in the case of K. Hovnanian Subordinated Debt Securities, under a Subordinated Indenture, the &#147;K.&nbsp;Hovnanian Subordinated Debt
Indenture&#148;, among K. Hovnanian, Hovnanian and any subsidiaries of Hovnanian, as guarantors, and the trustee specified in the applicable prospectus supplement. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The K. Hovnanian Senior Debt Indenture, the K. Hovnanian Senior Subordinated Debt Indenture and the K.&nbsp;Hovnanian Subordinated Debt
Indenture are sometimes referred to in this description individually as a &#147;K.&nbsp;Hovnanian Indenture&#148; and collectively as the &#147;K. Hovnanian Indentures&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The debt securities issued by Hovnanian, which we refer to as the &#147;Hovnanian Debt Securities&#148; may be convertible into, or exchangeable or exercisable for, any of the other securities referred to
herein. The Hovnanian Debt Securities will either be unsecured senior obligations, which we refer to as the &#147;Hovnanian Senior Debt Securities&#148; and together with the &#147;K. Hovnanian Senior Debt Securities, the &#147;Senior Debt
Securities&#148;, unsecured senior subordinated obligations, which we refer to as the &#147;Hovnanian Senior Subordinated Debt Securities&#148; and together with the &#147;K. Hovnanian Senior Subordinated Debt Securities&#148;, the &#147;Senior
Subordinated Debt Securities&#148;, or unsecured subordinated obligations, which we refer to as the &#147;Hovnanian Subordinated Debt Securities&#148; and together with the &#147;K. Hovnanian Subordinated Debt Securities&#148;, the
&#147;Subordinated Debt Securities&#148;, of Hovnanian. The Hovnanian Debt Securities may be guaranteed by subsidiaries of Hovnanian and will be issued: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">in the case of Hovnanian Senior Debt Securities, under a Senior Indenture, the &#147;Hovnanian Senior Debt Indenture&#148;, among Hovnanian, any
subsidiaries of Hovnanian, as guarantors, and the trustee specified in the applicable prospectus supplement; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">in the case of Hovnanian Senior Subordinated Debt Securities, under a Senior Subordinated Indenture, the &#147;Hovnanian Senior Subordinated Debt
Indenture&#148;, among Hovnanian, any subsidiaries of Hovnanian, as guarantors, and the trustee specified in the applicable prospectus supplement; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">in the case of Hovnanian Subordinated Debt Securities, under a Subordinated Indenture, the &#147;Hovnanian Subordinated Debt Indenture&#148;, among
Hovnanian, any subsidiaries of Hovnanian, as guarantors, and the trustee specified in the applicable prospectus supplement. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Hovnanian Senior Debt Indenture, the Hovnanian Senior Subordinated Debt Indenture and the Hovnanian Subordinated Debt Indenture are sometimes referred to in this description individually as a
&#147;Hovnanian Indenture&#148; and collectively as the &#147;Hovnanian Indentures&#148;. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The K.&nbsp;Hovnanian Senior
Indenture and the Hovnanian Senior Indenture are sometimes referred to in this description individually as a &#147;Senior Debt Indenture&#148; and collectively as the &#147;Senior Debt Indentures&#148;. The K.&nbsp;Hovnanian Senior Subordinated Debt
Indenture and the Hovnanian Senior Subordinated Debt Indenture are sometimes referred to in this description individually as a &#147;Senior Subordinated Debt Indenture&#148; and collectively as the &#147;Senior Subordinated Debt Indentures&#148;.
The K. Hovnanian Subordinated Debt Indenture and the Hovnanian Subordinated Debt Indenture are sometimes referred to individually as a &#147;Subordinated Debt Indenture&#148; and collectively as the &#147;Subordinated Debt Indentures&#148;. The K.
Hovnanian Indentures and the Hovnanian Indentures are sometimes referred to in this description individually as an &#147;Indenture&#148; and collectively as the &#147;Indentures&#148;. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This summary of the terms and provisions of the debt securities and the Indentures is not complete, and we refer you to the copies of the
Indentures, which are filed as exhibits to the registration statement of which this prospectus forms a part. Whenever we refer to particular defined terms of the Indentures in this section or in a prospectus supplement, we are incorporating these
definitions into this prospectus or the prospectus supplement. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">8 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">None of the Indentures limits the amount of debt securities that may be issued thereunder,
and certain of the Indentures provide that the debt securities may be issued from time to time in one or more series, in which case the Indentures permit the appointment of a different trustee for each series of debt securities. Wherever particular
sections or defined terms of the applicable Indenture are referred to, those sections or defined terms are incorporated herein by reference as part of the statement made, and the statement is qualified in its entirety by the reference. For purposes
of the summaries set forth below, &#147;issuer&#148; shall refer to K. Hovnanian in the case of the K. Hovnanian Debt Securities and the K. Hovnanian Indentures and to Hovnanian in the case of the Hovnanian Debt Securities and the Hovnanian
Indentures. &#147;Obligors&#148; refers to Hovnanian and any subsidiaries of Hovnanian, as guarantors, the &#147;guarantors&#148;, in the case of the Hovnanian Debt Securities and the Hovnanian Indentures, and to K. Hovnanian and Hovnanian and any
subsidiaries of Hovnanian, as guarantors, the &#147;guarantors&#148;, in the case of the K. Hovnanian Debt Securities and the K. Hovnanian Indentures. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Provisions Applicable to Senior, Senior Subordinated and Subordinated Debt Securities </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>General</I>. The Hovnanian Debt Securities will be unsecured senior, senior subordinated or subordinated obligations of Hovnanian and the K. Hovnanian Debt Securities will be unsecured senior, senior
subordinated or subordinated obligations of K. Hovnanian, except that, under specified circumstances, K. Hovnanian may be released from these obligations. See &#147;&#151; Conditions for Release of K. Hovnanian&#148;. Unless otherwise specified in
any prospectus supplement, the Senior Debt Securities will rank equally in right of payment with all of the other senior obligations of Hovnanian or K. Hovnanian, as applicable, and the Senior Subordinated Debt Securities and the Subordinated Debt
Securities will have such terms with respect to rank and priority as described under &#147;Provisions Applicable Solely to Senior Subordinated Debt Securities and Subordinated Debt Securities &#151; Subordination&#148;. Except to the extent
described in any prospectus supplement, the Indentures do not, and the debt securities will not, contain any covenants or other provisions that are intended to afford holders of the debt securities special protection in the event of either a change
of control of Hovnanian or a highly leveraged transaction by Hovnanian. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">We refer you to the applicable prospectus supplement
for the following terms of, and information relating to, the debt securities being offered, the &#147;Offered Debt Securities&#148;, to the extent these terms are applicable to Offered Debt Securities: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the title of the Offered Debt Securities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">classification as K. Hovnanian Senior Debt Securities, K. Hovnanian Senior Subordinated Debt Securities, K. Hovnanian Subordinated Debt Securities,
Hovnanian Senior Debt Securities, Hovnanian Senior Subordinated Debt Securities or Hovnanian Subordinated Debt Securities, aggregate principal amount, purchase price and denomination, and whether the Offered Debt Securities will be guaranteed by
Hovnanian and/or by the subsidiary guarantors of Hovnanian as described under &#147;&#151; Description of Guarantees&#148; below; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the date or dates on which the principal of the Offered Debt Securities is payable; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the method by which amounts payable in respect of principal, premium, if any, or interest, if any, on or upon the redemption of the Offered Debt
Securities may be calculated; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the interest rate or rates, or the method by which it will be determined, and the date or dates from which the interest, if any, will accrue;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the date or dates on which the interest, if any, will be payable; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the place or places where and the manner in which the principal of, premium, if any, and interest, if any, on the Offered Debt Securities will be
payable and the place or places where the Offered Debt Securities may be presented for transfer; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the right, if any, or obligation, if any, of Hovnanian or K. Hovnanian to redeem, repay or purchase the Offered Debt Securities pursuant to any sinking
fund, amortization payments or analogous provisions, </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">9 </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
at the option of Hovnanian or K. Hovnanian or at the option of a holder thereof, and the period or periods within which, the price or prices or the method by which such price or prices will be
determined, or both at which, the form or method of payment therefor if other than in cash and the terms and conditions upon which the Offered Debt Securities will be redeemed, repaid or purchased pursuant to the obligation;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the terms for conversion or exchange, if any, of the Offered Debt Securities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any provision relating to the issuance of the Offered Debt Securities at an original issue discount; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">if the amounts of payments of principal of, premium, if any, and interest, if any, on the Offered Debt Securities are to be determined with reference
to an index, the manner in which those amounts will be determined; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any applicable United States federal income tax consequences; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the currency or currencies for which the Offered Debt Securities may be purchased and the currency or currencies in which principal, premium, if any,
and interest, if any, may be payable; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">whether the Offered Debt Securities will be issued as additional notes of any outstanding debt securities of K. Hovnanian or Hovnanian;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the trustee with respect to the series of Offered Debt Securities; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any other specific terms of the Offered Debt Securities, including any deleted, modified or additional Events of Default or remedies or additional
covenants provided with respect to the Offered Debt Securities, and any terms that may be required by or advisable under applicable laws or regulations. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise specified in any prospectus supplement, the debt securities will be issuable in registered form and in denominations of $2,000 and integral multiples of $1,000 in excess thereof. No
service charge will be made for any transfer or exchange of any debt securities but the issuer or trustee may require payment of a sum sufficient to cover any tax or other governmental charge, payable in connection therewith. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Debt securities may bear interest at a fixed rate or a floating rate. Debt securities bearing no interest or interest at a rate that at
the time of issuance is below the prevailing market rate may be issued at an initial offering price below their stated principal amount. Special United States federal income tax considerations applicable to discounted debt securities or to other
debt securities that are treated as having been issued at a discount for United States federal income tax purposes will be described in the applicable prospectus supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise specified in any prospectus supplement, in determining whether the holders of the requisite aggregate principal amount of outstanding debt securities of any series have given any request,
demand, authorization, direction, notice, consent or waiver under the Indentures, the principal amount of any series of debt securities originally issued at a discount from their stated principal amount that will be deemed to be outstanding for such
purposes will be the amount of the principal thereof that would be due and payable as of the date of the determination upon a declaration of acceleration of the maturity thereof. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Description of Guarantees</I>. Hovnanian will fully and unconditionally guarantee, pursuant to the K.&nbsp;Hovnanian Indentures, the
due and prompt payment of the principal of and premium, if any, and interest on the K. Hovnanian Debt Securities and all other obligations of K. Hovnanian to the holders of the K. Hovnanian Debt Securities and the trustee under the K. Hovnanian
Indentures when and as the same shall become due and payable, whether at the stated maturity, by declaration of acceleration, call for redemption or otherwise. The release of Hovnanian from its guarantee will not be permitted by the terms of the K.
Hovnanian Indentures. Any series of debt securities of Hovnanian may be guaranteed by, and any series of debt securities of K. Hovnanian may be further guaranteed by, certain subsidiaries of Hovnanian, the &#147;subsidiary guarantees&#148;, as
provided in the applicable prospectus supplement relating to such series. If debt securities are guaranteed by subsidiary guarantors, that subsidiary guarantee will be set forth in the applicable indenture or in a supplemental indenture.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">10 </FONT></P>



<p Style='page-break-before:always'>
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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Any such guarantee will be full and unconditional and joint and several. K. Hovnanian Enterprises, Inc. and each of the subsidiary guarantors is directly or indirectly 100% owned by Hovnanian
Enterprises, Inc. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payments with respect to the guarantee by Hovnanian of the K. Hovnanian Senior Subordinated Debt Securities
and K. Hovnanian Subordinated Debt Securities will be subordinated in right of payment to the prior payment in full of all Senior Indebtedness of Hovnanian to the same extent and manner that payments with respect to the K. Hovnanian Senior
Subordinated Debt Securities and K. Hovnanian Subordinated Debt Securities are subordinated in right of payment to the prior payment in full of all Senior Indebtedness of K. Hovnanian as described under &#147;Provisions Applicable Solely to Senior
Subordinated Debt Securities and Subordinated Debt Securities&#148; below. Likewise, payments with respect to subsidiary guarantees of Senior Subordinated Debt Securities and Subordinated Debt Securities will be subordinated in right of payment to
the prior payment in full of all Senior Indebtedness of each such subsidiary guarantor to the same extent and manner that payments with respect to the Senior Subordinated Debt Securities and Subordinated Debt Securities are subordinated in right of
payment to the prior payment in full of all Senior Indebtedness of the issuer of such debt securities as described under &#147;Provisions Applicable Solely to Senior Subordinated Debt Securities and Subordinated Debt Securities&#148; below.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Global Securities</I>. The Offered Debt Securities may be issued in whole or in part in the form of one or more global
securities, the &#147;global securities&#148;, that will be deposited with or on behalf of a depositary, &#147;the depositary&#148;, identified in the prospectus supplement relating to such series. Global securities may be issued only in fully
registered form and in either temporary or permanent form. Unless and until it is exchanged in whole or in part for the individual debt securities represented thereby, a global security: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">may not be transferred except as a whole; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">may only be transferred: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">by the depositary for the global security to its nominee, </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">by a nominee of the depositary to the depositary or another nominee of the depositary, or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="9%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">by the depositary or any nominee to a successor depositary or nominee of the successor depositary. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The specific terms of the depositary arrangement with respect to Offered Debt Securities will be described in the prospectus supplement
relating to such series. Hovnanian and K. Hovnanian anticipate that the following provisions generally will apply to all depositary arrangements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Upon the issuance of a global security, the depositary for that global security or its nominee will credit, on its book-entry registration and transfer system, the respective principal amounts of the
individual debt securities represented by that global security to the accounts of persons that have accounts with such depositary. Those accounts will be designated by the dealers, underwriters or agents with respect to those debt securities or by
the issuer if the debt securities are offered and sold directly by the issuer. Ownership of beneficial interests in a global security will be limited to persons that have accounts with the applicable depositary, participants, or persons that may
hold interests through participants. Ownership of beneficial interests in a global security will be shown on, and the transfer of that ownership will be effected only through, records maintained by the applicable depositary or its nominee, with
respect to interests of participants, and the records of participants, with respect to interests of persons other than participants. The laws of some states require that certain purchasers of securities take physical delivery of these securities in
definitive form. These limits and laws may impair the ability to transfer beneficial interests in a global security. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As long
as the depositary for a global security or its nominee is the registered owner of the global security, the depositary or its nominee, as the case may be, will be considered the sole owner or holder of the debt securities of the series represented by
that global security for all purposes under the Indenture governing those </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">11 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
debt securities. Except as provided below, owners of beneficial interests in a global security will not be entitled to have any of the individual debt securities of the series represented by the
global security registered in their names, will not receive or be entitled to receive physical delivery of any of those debt securities in definitive form and will not be considered the owners or holders thereof under the Indenture governing those
debt securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Payment of principal of, premium, if any, and interest, if any, on individual debt securities represented by
a global security registered in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner of the global security representing the debt securities. Hovnanian and K. Hovnanian
expect that the depositary for a series of debt securities or its nominee, upon receipt of any payment of principal, premium, if any, and interest, if any, in respect of a global security representing any of those debt securities, will immediately
credit participants&#146; accounts with payments in amounts proportionate to their respective beneficial interests in the principal amount of the global security for those securities as shown on the records of such depositary or its nominee.
Hovnanian and K. Hovnanian also expect that payments by participants to owners of beneficial interests in the global security held through the participants will be governed by standing instructions and customary practices, as is now the case with
securities held for the accounts of customers in bearer form or registered in &#147;street name.&#148; These payments will be the responsibility of the participants. Neither Hovnanian, K. Hovnanian, the trustee for such debt securities, any paying
agent nor the registrar for the debt securities will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of the global security for the debt securities or for
maintaining, supervising or reviewing any records relating to beneficial ownership interests. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If the depositary for a series
of debt securities is at any time unwilling, unable or ineligible to continue as depositary and a successor depositary is not appointed by the issuer within 90 days, the issuer will issue individual debt securities of the applicable series in
exchange for the global security representing the applicable series of debt securities. In addition, an issuer may at any time and in its sole discretion, subject to any limitations described in the prospectus supplement relating to such debt
securities, determine not to have any debt securities of a series represented by a global security and, in such event, will issue individual debt securities of the applicable series in exchange for the global security representing the applicable
series of debt securities. Further, if an issuer so specifies with respect to the debt securities of a series, an owner of a beneficial interest in a global security representing debt securities of that series may, on terms acceptable to the issuer,
the trustee and the depositary for the global security, receive individual debt securities of the applicable series in exchange for beneficial interests, subject to any limitations described in the prospectus supplement relating to the debt
securities. In this instance, an owner of a beneficial interest in a global security will be entitled to physical delivery of individual debt securities of the series represented by the applicable global security equal in principal amount to the
beneficial interest and to have the debt securities registered in its name. Individual debt securities of the series so issued will be issued in registered form and in denominations, unless otherwise specified in the applicable prospectus supplement
relating to that series of debt securities, of $2,000 and integral multiples of $1,000 in excess thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Events of
Default</I>. Unless otherwise specified in the applicable prospectus supplement, an Event of Default is defined under each Indenture with respect to the debt securities of any series issued under the applicable Indenture as being: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">default in the payment of principal of or premium, if any, with respect to debt securities of the applicable series when due;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">default in the payment of any installment of interest on any of the debt securities of that series when due, continued for 30 days;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">default in the payment or satisfaction of any sinking fund or other purchase obligation with respect to debt securities of that series when due;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">default in the performance of any other covenant of any of the obligors applicable to debt securities of that series after written notice to the
obligors by the trustee or to the obligors and the trustee, by the </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">12 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
holders of at least 25% in aggregate principal amount of the debt securities of that series then outstanding requiring the same to be remedied and after giving effect to any applicable grace
period; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">specified events of bankruptcy, insolvency or reorganization of the issuer. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any Event of Default shall occur and be continuing, the trustee or the holders of not less than 25% in aggregate principal amount of
the debt securities of that series then outstanding, by notice in writing to Hovnanian or K. Hovnanian, as applicable, and to the trustee, if given by the holders, may declare the principal, or, in the case of any series of debt securities
originally issued at a discount from their stated principal amount, the portion of the principal amount as may be specified in the terms of that series, of all of the debt securities of that series and the interest, if any, accrued thereon to be due
and payable immediately. Subject to the conditions set forth in each Indenture, the declaration described in the preceding sentence may be rescinded by notice in writing to Hovnanian or K. Hovnanian, as applicable, and the trustee by holders of a
majority in aggregate principal amount of the debt securities of the series then outstanding. This rescission will rescind and annul any declaration made pursuant to the first sentence of this paragraph and its consequences if all defaults under
such Indenture are cured or waived. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each Indenture provides that no holder of any series of debt securities then outstanding
may institute any suit, action or proceeding with respect to, or otherwise attempt to enforce, that Indenture, unless: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the holder previously gave the trustee written notice of default and of the continuance thereof; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the holders of not less than 25% in aggregate principal amount of the applicable series of debt securities then outstanding made written request to the
trustee to institute the suit, action or proceeding and offered to the trustee reasonable indemnity as it may require with respect thereto; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the trustee, for 60 days after its receipt of the notice, request and offer of indemnity, neglected or refused to institute any action, suit or
proceeding. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the subordination provisions applicable to the Senior Subordinated Debt Securities and the
Subordinated Debt Securities, the right, described in the above bullet points, of any holder of any debt security to receive payment of the principal of, premium, if any, or interest, if any, on that debt security, on or after the respective due
dates, or to institute suit for the enforcement of any payment shall not be impaired or affected without the consent of the holder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The holders of a majority in aggregate principal amount of the debt securities of the series then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to
the trustee or exercising any trust or power conferred on the trustee with respect to the debt securities of that series, provided that the trustee may decline to follow that direction if the trustee determines that the action or proceeding is
unlawful or would involve the trustee in personal liability. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian and/or K. Hovnanian, as applicable, are required to
furnish annually to the trustee a certificate as to compliance by Hovnanian and/or K. Hovnanian, as applicable, with all conditions and covenants under each Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Covenants</I>. The covenants, if any, that will apply to the particular Offered Debt Securities will be as described in the applicable prospectus supplement relating to such Offered Debt Securities.
Except as described herein and as otherwise specified in the applicable prospectus supplement with respect to any Offered Debt Securities, Hovnanian and/or K. Hovnanian as applicable may remove or add covenants without the consent of holders of the
debt securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Discharge and Defeasance</I>. Unless otherwise specified in the applicable prospectus supplement,
Hovnanian and/or K. Hovnanian, as applicable, can discharge or defease their respective obligations with respect to any series of debt securities as described below. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">13 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise specified in any prospectus supplement, Hovnanian or K. Hovnanian, as
applicable, may discharge all of its obligations, except those described below, to holders of any series of debt securities issued under any Indenture that have not already been delivered to the trustee for cancellation and that have either become
due and payable, or are by their terms due and payable within one year or are to be called for redemption within one year, by irrevocably depositing with the trustee cash or U.S. Government Obligations, as defined in the Indenture, or a combination
thereof, as trust funds in an amount to be sufficient to pay when due the principal of, premium, if any, and interest, if any, on all outstanding debt securities of that series and to make any mandatory sinking fund payments, if any, thereon when
due. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Unless otherwise provided in the applicable prospectus supplement, Hovnanian or K. Hovnanian, as applicable, may also
elect at any time to defease and be discharged from all of its obligations, except those described below, to holders of any series of debt securities issued under each Indenture, &#147;defeasance&#148;, or be released from all of their obligations
with respect to specified covenants and certain Events of Default applicable to any series of debt securities issued under each Indenture, &#147;covenant defeasance&#148;, if, among other things: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian or K. Hovnanian, as applicable, irrevocably deposit with the trustee cash or U.S. Government Obligations, or a combination thereof, as trust
funds in an amount to be sufficient to pay when due the principal of, premium, if any, and interest, if any, on all outstanding debt securities of the applicable series and to make any mandatory sinking fund payments, if any, thereon when due;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the deposit will not result in a breach or violation of, or cause a default under, any material agreement or instrument (other than the Indenture) to
which either Hovnanian or K. Hovnanian, as applicable, is a party or by which it is bound; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian or K. Hovnanian, as applicable, deliver to the trustee an opinion of counsel to the effect that the holders of the applicable series of debt
securities will not recognize income, gain or loss for United States federal income tax purposes as a result of the defeasance or covenant defeasance and that defeasance will not otherwise alter the United States federal income tax treatment of the
holders&#146; principal of and interest payments, if any, on that series of debt securities. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the case of
defeasance, the opinion must be based on a ruling of the Internal Revenue Service or a change in United States federal income tax law occurring after the date of the Indenture relating to the debt securities of such series, because this result would
not occur under current tax law. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, no discharge, defeasance or covenant defeasance described
above will affect the following obligations to, or rights of, the holders of any series of debt securities: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of registration of transfer and exchange of debt securities of the applicable series; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of substitution of mutilated, defaced, destroyed, lost or stolen debt securities of the applicable series; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of holders of debt securities of the applicable series to receive payments of principal thereof, premium, if any, and interest, if any, thereon,
upon the original due dates therefore, but not upon acceleration, and to receive mandatory sinking fund payments thereon when due, if any; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights, obligations, duties and immunities of the trustee; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of holders of debt securities of a series as beneficiaries with respect to property so deposited with the trustee payable to all or any of them;
and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">obligations of Hovnanian or K. Hovnanian, as applicable, to maintain an office or agency in respect of debt securities of the series.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian or K. Hovnanian, as applicable, may exercise the defeasance option with respect to any series of
debt securities notwithstanding the prior exercise of the covenant defeasance option with respect to any series of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">14 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>

 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
debt securities. If Hovnanian or K. Hovnanian, as applicable, exercises the defeasance option with respect to any series of debt securities, payment of that series of debt securities may not be
accelerated because of an Event of Default with respect to that series of debt securities. If Hovnanian or K. Hovnanian, as applicable, exercises the covenant defeasance option with respect to any series of debt securities, payment of that series of
debt securities may not be accelerated by reason of an Event of Default with respect to the covenants to which such covenant defeasance is applicable and certain other Events of Default. 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. Government Obligations in the defeasance trust could be less than the principal of, premium, if any, and interest, if any, and any mandatory sinking fund payments,
if any, then due on the series of debt securities, 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. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Modification of the Indenture</I>. Except as otherwise provided in the applicable prospectus supplement, each Indenture provides that
the obligors and the trustee may enter into supplemental indentures without the consent of the holders of the debt securities to: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">evidence the assumption by a successor entity of the obligations of any of the obligors under that Indenture, including in connection with a
transaction described under &#147;&#151; Consolidation, Merger, Sale or Conveyance&#148;; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">add covenants or new Events of Default for the protection of the holders of the debt securities; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">cure any ambiguity or defect or correct any inconsistency; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">establish the form and terms of debt securities of any series, as applicable; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">evidence the acceptance of appointment by a successor trustee; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">secure, or add security for, the debt securities of the applicable series or provide for, or add, guarantees of the debt securities of any series and
evidence the termination or discharge of any guarantee of or lien securing the debt securities of such series when permitted under the applicable Indenture; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">designate a bank or trust company other than the trustee specified in the applicable prospectus supplement to act as trustee for a series of debt
securities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">subject to the following paragraph, modify the existing covenants and Events of Default solely in respect of, or add new covenants and Events of
Default that apply solely to, debt securities not yet issued and outstanding on the date of the supplemental indenture, if applicable; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">provide for the issuance of debt securities of any series in uncertificated form in addition to or in place of certificated debt securities of any
series and exchangeability of those debt securities for fully registered debt securities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">modify, eliminate or add to the provisions of the Indenture as necessary to effect the qualification of the Indenture under the Trust Indenture Act of
1939 and to add provisions expressly permitted by that Act; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">modify the provisions to provide for the denomination of debt securities in foreign currencies that will not adversely affect the interests of the
holders of the debt securities in any material respect; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to conform the text of the applicable Indenture, Offered Debt Securities or guarantees to this &#147;Description of Debt Securities&#148; or the
comparable provisions in the applicable prospectus supplement to the extent this &#147;Description of Debt Securities&#148; or such comparable provision in a prospectus supplement was intended to be a verbatim recitation of a provision of such
Indenture, Offered Debt Securities or guarantees; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">to provide for or confirm the issuance of any additional notes, as applicable; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">make any other change with respect to the debt securities of any series that does not adversely affect the legal rights of holders of the debt
securities of such series. </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">15 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Each Indenture also contains provisions permitting the obligors and the trustee, with the
consent of the holders of not less than a majority in aggregate principal amount of debt securities of each series then outstanding and affected, to add any provisions to, or change in any manner or eliminate any of the provisions of, the applicable
Indenture or any supplemental indenture or modify in any manner the rights of the holders of the debt securities of that series; provided that the obligors and the trustee may not, without the consent of the holder of each outstanding debt security
affected thereby: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">change the stated final maturity of any debt security, reduce the principal amount thereof, reduce the rate or extend the time of payment of interest
(including default interest), if any, thereon, reduce or alter the method of computation of any amount payable on redemption, repayment or purchase by the issuer, change the coin or currency in which principal, premium, if any, and interest, if any,
are payable, reduce the amount of the principal of any original issue discount security payable upon acceleration or provable in bankruptcy, waive certain defaults or Events of Default, impair or affect the right to institute suit for the
enforcement of any payment or repayment thereof or, if applicable, adversely affect any right of prepayment at the option of the holder or make any change adverse to the interests of the holders in the terms and conditions of the guarantee by
Hovnanian or by the subsidiary guarantors, release any guarantee otherwise than in accordance with the indenture or modify the ranking or priority of the debt securities of any series or any guarantees of the debt securities of such series; or
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">reduce the stated percentage in aggregate principal amount of debt securities of any series issued under the Indenture, the consent of which is
required for any such amendment or waiver. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Consolidation, Merger, Sale or Conveyance</I>. Except as
otherwise provided in the applicable prospectus supplement, the K. Hovnanian Indentures provide that K. Hovnanian or Hovnanian may, and the Hovnanian Indentures provide that Hovnanian may, without the consent of the holders of debt securities,
consolidate with, merge into or transfer, exchange or dispose of all of its properties to, any other corporation or partnership organized under the laws of the United States, any state thereof or the District of Columbia, provided that: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the successor corporation or partnership assumes all obligations of K. Hovnanian or Hovnanian, as the case may be, by supplemental indenture
satisfactory in form to the applicable trustee executed and delivered to that trustee, under the applicable Indenture and debt securities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">immediately after giving effect to the consolidation, merger, exchange or other disposition, no Event of Default, and no event which, after notice or
lapse of time or both, would become an Event of Default, will have occurred and be continuing; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">certain other conditions are met. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Conditions for Release of K. Hovnanian</I>. Except as otherwise provided in a prospectus supplement, each K.&nbsp;Hovnanian Indenture provides that K. Hovnanian may be released from its obligations
under the K.&nbsp;Hovnanian Indenture and the K. Hovnanian Debt Securities, without the consent of the holders of the K.&nbsp;Hovnanian Debt Securities of any series, provided that: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian or any successor to Hovnanian has assumed the obligations of K. Hovnanian under the K.&nbsp;Hovnanian Indenture and the K. Hovnanian Debt
Securities by supplemental indenture satisfactory in form to the applicable trustee executed and delivered to that trustee; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian delivers to the trustee an opinion of counsel to the effect that the holders of K. Hovnanian Debt Securities will not recognize income, gain
or loss for United States federal income tax purposes as a result of the release of K. Hovnanian from its obligations under the K. Hovnanian Indenture and the K. Hovnanian Debt Securities and that such release will not otherwise alter the United
States federal income tax treatment of the holders of the K. Hovnanian Debt Securities; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">K. Hovnanian shall (w)&nbsp;become a guarantor subject to the provisions related to guarantees under the applicable K.&nbsp;Hovnanian Indenture,
(y)&nbsp;execute a guarantee notation, (y)&nbsp;execute a supplemental indenture evidencing its guarantee and (z)&nbsp;deliver an opinion of counsel to the trustee to the effect that the supplemental indenture has been duly authorized, executed and
delivered by K. Hovnanian and </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">16 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P><FONT STYLE="font-family:Times New Roman" SIZE="2">
constitutes a valid and legally binding obligation of K. Hovnanian, enforceable against K. Hovnanian in accordance with its terms (subject to customary exceptions). </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Provisions Applicable Solely to Senior Subordinated Debt Securities and Subordinated Debt Securities </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I><U>Subordination</U></I>. The Subordinated Debt Securities will be subordinate and junior in right of payment, to the extent described
in the Subordinated Debt Indentures, to all Senior Indebtedness of the obligors. The Senior Subordinated Debt Securities will be subordinate and junior in right of payment, to the extent described in the Senior Subordinated Debt Indentures, to all
Senior Indebtedness of the obligors. The Senior Subordinated Debt Securities will rank senior to all existing and future Indebtedness of the obligors that is neither Senior Indebtedness of the obligors nor Senior Subordinated Indebtedness and only
Indebtedness of the obligors that is Senior Indebtedness of the obligors will rank senior to the Senior Subordinated Debt Securities in accordance with the subordination provisions of the Senior Subordinated Debt Indentures. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise provided in the applicable prospectus supplement: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Senior Indebtedness&#148; of the obligors is defined in the Subordinated Debt Indentures and the Senior Subordinated Debt
Indentures as Indebtedness of the obligors outstanding at any time, other than the Indebtedness evidenced by such debt securities, except: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any Indebtedness as to which, by the terms of the instrument creating or evidencing the same, it is provided that the Indebtedness is not senior or
prior in right of payment to such debt securities or is <I>pari passu</I> or subordinate by its terms in right of payment to such debt securities; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">renewals, extensions and modifications of any such Indebtedness; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any Indebtedness of the obligors to a wholly-owned Subsidiary of the obligors; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any liability for federal, state or local taxes; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">interest accruing after the filing of a petition initiating certain events of bankruptcy or insolvency unless that interest is an allowed claim
enforceable against the obligor in a proceeding under federal or state bankruptcy laws; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">trade payables. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">&#147;Senior Subordinated Indebtedness&#148; of Hovnanian or K. Hovnanian, as applicable, is defined in the Senior Subordinated Debt Indentures as the applicable Senior Subordinated Debt Securities and
any other Indebtedness of Hovnanian or K. Hovnanian, as applicable, that ranks <I>pari passu</I> with such Senior Subordinated Debt Securities. Any Indebtedness of Hovnanian or K. Hovnanian, as applicable, that is subordinate or junior by its terms
in right of payment to any other Indebtedness of Hovnanian or K. Hovnanian, as applicable, will be subordinate to Senior Subordinated Indebtedness of Hovnanian or K. Hovnanian, as applicable, unless the instrument creating or evidencing the same or
pursuant to which the same is outstanding specifically provides that this Indebtedness is to rank <I>pari passu</I> with other Senior Subordinated Indebtedness of Hovnanian or K.&nbsp;Hovnanian, as applicable, and is not subordinated by its terms to
any Indebtedness of Hovnanian that is not Senior Indebtedness of Hovnanian or K. Hovnanian, as applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Senior
Subordinated Indebtedness of Hovnanian as a guarantor of K. Hovnanian Senior Subordinated Debt Securities or of a subsidiary guarantor will have a similar meaning. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Except as otherwise provided in the applicable prospectus supplement, the following subordination provisions will apply to the Senior Subordinated Debt Securities and the Subordinated Debt Securities:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian or K. Hovnanian, as applicable, should default in the payment of any principal of, premium, if any, or interest, if any, on any Senior
Indebtedness of Hovnanian or K. Hovnanian, as applicable, when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration of acceleration or otherwise, or </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">17 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any other default with respect to Senior Indebtedness of Hovnanian or K. Hovnanian, as applicable, occurs and the maturity of the Senior Indebtedness
has been accelerated in accordance with its terms, then, upon written notice of the default to Hovnanian or K. Hovnanian, as applicable, by the holders of the Senior Indebtedness or any trustee therefor, unless and until the default is cured or
waived or has ceased to exist or the acceleration has been rescinded, no direct or indirect payment, in cash, property or securities, by set-off or otherwise, will be made or agreed to be made for principal of, premium, if any, or interest, if any,
on any of the Senior Subordinated Debt Securities or the Subordinated Debt Securities, or in respect of any redemption, retirement, purchase or other acquisition of the Senior Subordinated Debt Securities or the Subordinated Debt Securities other
than those made in capital stock of Hovnanian, or cash in lieu of fractional shares thereof. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any
default, other than a default described in the bullet points directly above, occurs under the Senior Indebtedness of Hovnanian or K. Hovnanian, as applicable, pursuant to which the maturity thereof may be accelerated immediately or the expiration of
any applicable grace periods occurs, a &#147;Senior Nonmonetary Default&#148;, then, upon the receipt by Hovnanian or K. Hovnanian, as applicable, and the trustee of written notice thereof, a &#147;payment notice&#148;, from or on behalf of holders
of 25% or more of the aggregate principal amount of Senior Indebtedness specifying an election to prohibit the payment and other action by Hovnanian or K.&nbsp;Hovnanian, as applicable, in accordance with the following provisions of this paragraph
Hovnanian or K.&nbsp;Hovnanian, as applicable, may not make any payment or take any other action that would be prohibited by the bullet points directly above during the period, the &#147;payment blockage period&#148; commencing on the date of
receipt of the payment notice and ending on the earlier of: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the date, if any, on which the holders of such Senior Indebtedness or their representative notify the trustee that the Senior Nonmonetary Default is
cured, waived or ceases to exist or the Senior Indebtedness to which the Senior Nonmonetary Default relates is discharged, or </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the 120th day after the date of receipt of the payment notice. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the provisions described in the immediately preceding bullet points, Hovnanian or K.&nbsp;Hovnanian, as applicable, may
resume payments on the Senior Subordinated Debt Securities and the Subordinated Debt Securities after the payment blockage period. After the expiration of the initial payment blockage period, no subsequent payment blockage period may be commenced on
the basis of a Senior Nonmonetary Default which existed or was continuing on the date of the commencement of the initial payment blockage period until at least 270 consecutive days have elapsed from the last day of the initial payment blockage
period. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">without the consent of Hovnanian or K. Hovnanian, as applicable, a receiver, conservator, liquidator or trustee of Hovnanian or K. Hovnanian, as
applicable, or of any of its property is appointed by the order or decree of any court or agency or supervisory authority having jurisdiction, and the decree or order remains in effect for more than 60 days, Hovnanian or K. Hovnanian, as applicable,
is adjudicated bankrupt or insolvent, any of its property is sequestered by court order and that order remains in effect for more than 60 days, or a petition is filed against Hovnanian or K. Hovnanian, as applicable, under any state or federal
bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution, liquidation or receivership law of any jurisdiction whether now or hereafter in effect, and is not dismissed within 60 days after such filing;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian or K. Hovnanian, as applicable: </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">commences a voluntary case or other proceeding seeking liquidation, reorganization, arrangement, insolvency, readjustment of debt, dissolution,
liquidation or other relief with respect to itself or its debt or other liabilities under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other
similar official of it or any substantial part of its property; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">18 </FONT></P>



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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">consents to any such relief or to the appointment of or taking possession by any of the above officials in an involuntary case or other proceeding
commenced against it; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">fails generally to, or cannot, pay its debts generally as they become due; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">takes any corporate action to authorize or effect any of the foregoing; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any Subsidiary of the obligor takes, suffers or permits to exist any of the events or conditions referred to in any of the above bullet points,
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">then all Senior Indebtedness of Hovnanian or K. Hovnanian, as applicable, including any interest thereon accruing after the
commencement of any proceedings, will first be paid in full before any payment or distribution, whether in cash, securities or other property, is made by the obligor to any holder of Senior Subordinated Debt Securities or Subordinated Debt
Securities on account of the principal of, premium, if any, or interest, if any, on the Senior Subordinated Debt Securities or Subordinated Debt Securities, as the case may be. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Any payment or distribution, whether in cash, securities or other property, other than securities of Hovnanian or K. Hovnanian, as
applicable, or any other corporation provided for by a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in the subordination provisions with respect to the indebtedness evidenced by the
Senior Subordinated Debt Securities or the Subordinated Debt Securities, to the payment of all Senior Indebtedness of the obligor then outstanding and to any securities issued in respect thereof under a plan of reorganization or readjustment, that
would otherwise, but for the subordination provisions, be payable or deliverable in respect of the Senior Subordinated Debt Securities or the Subordinated Debt Securities of any series will be paid or delivered directly to the holders of Senior
Indebtedness of the obligor in accordance with the priorities then existing among such holders until all Senior Indebtedness of Hovnanian or K. Hovnanian, as applicable, including any interest thereon accruing after the commencement of proceedings,
has been paid in full. In the event of any proceeding, after payment in full of all sums owing with respect to Senior Indebtedness of the obligor, the holders of Senior Subordinated Debt Securities, together with the holders of any obligations of
the obligor ranking on a parity with the Senior Subordinated Debt Securities, will be entitled to be repaid from the remaining assets of Hovnanian or K. Hovnanian, as applicable, the amounts at that time due and owing on account of unpaid principal
of, premium, if any, or interest, if any, on the Senior Subordinated Debt Securities and such other obligations before any payment or other distribution, whether in cash, property or otherwise, shall be made on account of any capital stock or
obligations of the obligor ranking junior to the Senior Subordinated Debt Securities, including the Subordinated Debt Securities, and such other obligations. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If any payment or distribution of any character, whether in cash, securities or other property, other than securities of Hovnanian or K. Hovnanian, as applicable, or any other corporation provided for by
a plan of reorganization or readjustment the payment of which is subordinate, at least to the extent provided in the subordination provisions with respect to the Senior Subordinated Debt Securities or the Subordinated Debt Securities, to the payment
of all Senior Indebtedness of Hovnanian or K. Hovnanian, as applicable, then outstanding and to any securities issued in respect thereof under the plan of reorganization or readjustment, will be received by the trustee, or any holder of any Senior
Subordinated Debt Securities or Subordinated Debt Securities in contravention of any of the terms of the Senior Subordinated Debt Indenture or the Subordinated Debt Indenture, as the case may be, such payment or distribution of securities will be
received in trust for the benefit of, and will be paid over or delivered and transferred to, the holders of the Senior Indebtedness of Hovnanian or K. Hovnanian, as applicable, then outstanding in accordance with the priorities then existing among
the holders for application to the payment of all Senior Indebtedness of Hovnanian or K. Hovnanian, as applicable, remaining unpaid to the extent necessary to pay all the Senior Indebtedness of Hovnanian or K.&nbsp;Hovnanian, as applicable, in full.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">By reason of the subordination, in the event of the insolvency of Hovnanian or K. Hovnanian, as applicable, holders of Senior
Indebtedness of Hovnanian or K. Hovnanian, as applicable, may receive more, ratably, than </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">19 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
holders of the Senior Subordinated Debt Securities or Subordinated Debt Securities of Hovnanian or K.&nbsp;Hovnanian, as applicable. Subordination will not prevent the occurrence of any Event of
Default, as defined in the Indentures, or limit the right of acceleration in respect of the Senior Subordinated Debt Securities or Subordinated Debt Securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Concerning the Trustee </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Information concerning the trustee for the Offered
Debt Securities will be set forth in the prospectus supplement relating to that series of debt securities. Hovnanian, K. Hovnanian and certain of Hovnanian&#146;s other subsidiaries may maintain bank accounts, borrow money and have other commercial
banking, investment banking and other business relationships with the trustee under an Indenture and its affiliates in the ordinary course of business. The trustee under an Indenture or its affiliates may participate as underwriters, agents or
dealers in any offering of K. Hovnanian debt securities and/or Hovnanian debt securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DESCRIPTION OF 6.25% SENIOR NOTES
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this section, references to the &#147;Company&#148; mean Hovnanian Enterprises, Inc. and do not include
K.&nbsp;Hovnanian Enterprises, Inc. or any of its subsidiaries and references to the &#147;Issuer&#148; mean K. Hovnanian Enterprises, Inc. and do not include any of its subsidiaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The debt securities offered from time to time pursuant to this prospectus may be issued as additional notes (the &#147;6.25% Senior
Notes&#148;) under the Indenture dated as of August&nbsp;8, 2005, among the Issuer, the Company, the other guarantors party thereto and Deutsche Bank National Trust Company, as successor trustee (the &#147;6.25% Senior Notes Trustee), relating to
the Issuer&#146;s 6.25% Senior Notes due 2016 (as amended or supplemented as of the date hereof, the &#147;6.25% Senior Notes Indenture&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">All such additional 6.25% Senior Notes will vote together, including, without limitation, with respect to waivers, amendments, redemption and offers to purchase and will be treated as a single class for
all purposes of the 6.25% Senior Notes Indenture. Any offering of additional notes under the 6.25% Senior Notes Indenture is subject to the covenant described below under the caption &#147;Certain covenants&#151;Limitations on indebtedness&#148;.
The following is a summary of the material terms and provisions of the 6.25% Senior Notes. The terms of the 6.25% Senior Notes include those stated in the 6.25% Senior Notes Indenture and those made part of the 6.25% Senior Notes Indenture by
reference to the Trust&nbsp;Indenture Act of 1939, as amended (the &#147;Trust&nbsp;Indenture Act&#148;), as in effect on the date of the 6.25% Senior Notes Indenture. The 6.25% Senior Notes are subject to all such terms, and prospective purchasers
of the 6.25% Senior Notes are referred to the 6.25% Senior Notes Indenture and the Trust&nbsp;Indenture Act for a statement of such terms. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">This description of the 6.25% Senior Notes contains definitions of terms, including those defined under the caption &#147;&#151;Definitions of certain terms used in the 6.25% Senior Notes Indenture.&#148;
Capitalized terms that are used but not otherwise defined herein have the meanings assigned to them in the 6.25% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>General</I>. Interest will be payable semi-annually on January&nbsp;15 and July&nbsp;15 of each year to Holders of record at the close of business on January&nbsp;1 or July&nbsp;1, as the case may be,
immediately preceding each such interest payment date. The 6.25% Senior Notes will mature on January&nbsp;15, 2016, and will be issued in denominations of $1,000 and integral multiples thereof. Interest will be computed on the basis of a 360-day
year consisting of twelve 30-day months. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes will be guaranteed by the Company and each of the 6.25%
Senior Notes Guarantors (together, the &#147;6.25% Senior Notes Guarantors&#148;) pursuant to the 6.25% Senior Notes Guarantees (the &#147;6.25% Senior Notes Guarantees&#148;) described below. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Ranking</I>. The 6.25% Senior Notes will be general unsecured obligations of the Issuer and rank senior in right of payment to all
future Indebtedness of the Issuer that is, by its terms, expressly subordinated in right of </FONT></P>
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payment to the 6.25% Senior Notes and <I>pari passu</I> in right of payment with all existing and future unsecured Indebtedness of the Issuer that is not so subordinated. Under specified
circumstances, the Issuer may be released from its obligations under the 6.25% Senior Notes and the 6.25% Senior Notes Indenture. See &#147;&#151;Condition for release of K. Hovnanian.&#148; The 6.25% Senior Notes Guarantees of the 6.25% Senior
Notes will be general unsecured obligations of the 6.25% Senior Notes Guarantors and will rank senior in right of payment to all existing and future Indebtedness of the 6.25% Senior Notes Guarantors that is, by its terms, expressly subordinated in
right of payment to the 6.25% Senior Notes Guarantees and will rank <I>pari passu</I> in right of payment with all existing and future unsecured Indebtedness of the Company and the 6.25% Senior Notes Guarantors that is not so subordinated.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secured creditors of the Company, the Issuer and the other 6.25% Senior Notes Guarantors have a claim on the assets which
secure the obligations of the Company and the 6.25% Senior Notes Guarantors to such creditors prior to claims of Holders of the 6.25% Senior Notes against those assets. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>The 6.25% Senior Notes Guarantees</I>. The Company and each of the 6.25% Senior Notes Guarantors will (so long, in the case of a Restricted Subsidiary, as it remains a Restricted Subsidiary) fully and
unconditionally guarantee on a joint and several basis all of the obligations of the Issuer under the 6.25% Senior Notes, including the Issuer&#146;s obligations to pay principal, premium, if any, and interest with respect to the 6.25% Senior Notes.
The Issuer and each of the 6.25% Senior Notes Guarantors is 100% owned by the Company. The 6.25% Senior Notes Guarantees will be general unsecured obligations of the Company and the 6.25% Senior Notes Guarantors and will rank <I>pari passu</I> with
all existing and future unsecured Indebtedness of the 6.25% Senior Notes Guarantors that is not, by its terms, expressly subordinated in right of payment to the 6.25% Senior Notes Guarantees. The obligations of each 6.25% Senior Notes Guarantor
other than the Company are limited to the maximum amount which, after giving effect to all other contingent and fixed liabilities of such 6.25% Senior Notes Guarantor and after giving effect to any collections from or payments made by or on behalf
of any other 6.25% Senior Notes Guarantor in respect of the obligations of such other 6.25% Senior Notes Guarantor under its 6.25% Senior Notes Guarantee or pursuant to its contribution obligations under the 6.25% Senior Notes Indenture, will result
in the obligations of such 6.25% Senior Notes Guarantor under its 6.25% Senior Notes Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. Each 6.25% Senior Notes Guarantor other than the Company that
makes a payment or distribution under a 6.25% Senior Notes Guarantee shall be entitled to a contribution from each other 6.25% Senior Notes Guarantor in an amount <I>pro rata</I>, based on the net assets of each 6.25% Senior Notes Guarantor,
determined in accordance with GAAP. Except as provided in &#147;&#151;Certain covenants&#148; below, the Company is not restricted from selling or otherwise disposing of any of the 6.25% Senior Notes Guarantors. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture requires that each existing and future Restricted Subsidiary of the Company other than the Issuer (for
so long as it remains the Issuer) be a 6.25% Senior Notes Guarantor. The Company is permitted to cause any Unrestricted Subsidiary to be a 6.25% Senior Notes Guarantor. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture provides that if all or substantially all of the assets of any 6.25% Senior Notes Guarantor other than the Company or all of the Capital Stock of any 6.25% Senior Notes
Guarantor other than the Company 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 6.25% Senior Notes Guarantor other than the Company is designated an Unrestricted Subsidiary in accordance with the terms of the 6.25% Senior Notes Indenture, then such 6.25% Senior Notes Guarantor (in the event of a sale or other
disposition of all of the Capital Stock of such 6.25% Senior Notes 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 6.25% Senior Notes Guarantor) shall be deemed automatically and unconditionally released and discharged from any of its obligations under the 6.25% Senior Notes Indenture without any further action on the part of the 6.25% Senior Notes
Trustee or any Holder of the 6.25% Senior Notes. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the release of a guarantee by a 6.25% Senior Notes Guarantor other than the Company
under all then outstanding Applicable Debt, at any time after the suspension of certain covenants as provided below under the caption &#147;&#151;Limitation of applicability of certain covenants if 6.25% Senior Notes rated Investment Grade,&#148;
the 6.25% Senior Notes Guarantee of such 6.25% Senior Notes Guarantor under the 6.25% Senior Notes Indenture will be released and discharged at such time and no Restricted Subsidiary thereafter acquired or created will be required to be a 6.25%
Senior Notes Guarantor; <I>provided</I> that the foregoing shall not apply to any release of any 6.25% Senior Notes Guarantor done in contemplation of, or in connection with, any cessation of the 6.25% Senior Notes being rated Investment Grade. In
the event that (1)&nbsp;any such released 6.25% Senior Notes Guarantor thereafter guarantees any Applicable Debt (or if any released guarantee under any Applicable Debt is reinstated or renewed) or (2)&nbsp;the Extinguished Covenants cease to be
suspended as described under &#147;&#151;Limitation of applicability of certain covenants if 6.25% Senior Notes rated Investment Grade&#148; then any such released 6.25% Senior Notes Guarantor and any other Restricted Subsidiary of the Company then
existing (other than the Restricted Subsidiaries named in the second preceding paragraph) will guarantee the 6.25% Senior Notes on the terms and conditions set forth in the 6.25% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Applicable Debt&#148; means all Indebtedness of the Company or any of its Restricted Subsidiaries (i)&nbsp;under Credit Facilities
or (ii)&nbsp;that is publicly traded (including in the Rule&nbsp;144A market). For purposes of the above provision, Applicable Debt secured by a Lien on such Restricted Subsidiary&#146;s Property or issued by such Restricted Subsidiary shall be
deemed guaranteed by such Restricted Subsidiary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An Unrestricted Subsidiary that is a 6.25% Senior Notes Guarantor shall be
deemed automatically and unconditionally released and discharged from all obligations under its 6.25% Senior Notes Guarantee upon notice from the Company to the 6.25% Senior Notes Trustee to such effect, without any further action required on the
part of the 6.25% Senior Notes Trustee or any Holder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A sale of assets or Capital Stock of a 6.25% Senior Notes Guarantor may
constitute an Asset Disposition subject to the &#147;Limitations on dispositions of assets&#148; covenant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Redemption</I>.
The 6.25% Senior Notes will be redeemable, in whole, at any time, or in part, from time to time, at the option of the Issuer upon not less than 30 nor more than 60&nbsp;days&#146; notice at a redemption price equal to the sum of: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date, if any; <I>plus</I>
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) the Make-Whole Amount. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The term &#147;Make-Whole Amount&#148; shall mean, in connection with any optional redemption of any 6.25% Senior Note, the excess, if any, of: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) the aggregate present value as of the date of such redemption of each dollar of principal being redeemed and the amount of interest
(exclusive of interest accrued to the redemption date) that would have been payable in respect of such dollar if such prepayment had not been made, determined by discounting, on a semiannual basis, such principal and interest at the Treasury Rate
(determined on the business day preceding the date of such redemption) plus 0.50%, from the respective dates on which such principal and interest would have been payable if such payment had not been made; over (2) the principal amount of the 6.25%
Senior Note being redeemed. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Treasury Rate&#148; means, in connection with the calculation of any Make-Whole Amount with
respect to any 6.25% Senior Note, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity, as compiled by and published in the most recent Federal Reserve Statistical Release
H.15&nbsp;(519)&nbsp;that has become publicly available at least two business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source or similar market data), equal to the then
</FONT></P>
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remaining maturity of the 6.25% Senior Note being prepaid. If no maturity exactly corresponds to such maturity, yields for the published maturities occurring prior to and after such maturity most
closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant
periods to the nearest month. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">There is no sinking fund for, or mandatory redemption of, the 6.25% Senior Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Selection and Notice</I>. If less than all of the 6.25% Senior Notes are to be redeemed at any time, the 6.25% Senior Notes Trustee
will select 6.25% Senior Notes for redemption on a <I>pro rata</I> basis, by lot or by such other method as the 6.25% Senior Notes Trustee in its sole discretion shall deem appropriate and fair. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">No 6.25% Senior Notes of $1,000 in original principal amount or less shall be redeemed in part. Notices of redemption may not be
conditional. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any 6.25% Senior Note is to be redeemed in part only, the notice of redemption that relates to that 6.25%
Senior Note shall state the portion of the principal amount thereof to be redeemed. A new 6.25% Senior Note in principal amount equal to the unredeemed portion of the original 6.25% Senior Note will be issued in the name of the Holder thereof upon
cancellation of the original 6.25% Senior Note. 6.25% Senior Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on 6.25% Senior Notes or portions of them called for
redemption. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Certain covenants</I>. The following is a summary of certain covenants that are contained in the 6.25% Senior
Notes Indenture. Such covenants are applicable (unless waived or amended as permitted by the 6.25% Senior Notes Indenture or their application is suspended as set forth under the caption &#147;&#151;Limitation of applicability of certain covenants
if 6.25% Senior Notes rated Investment Grade&#148;) so long as any of the 6.25% Senior Notes are outstanding or until the 6.25% Senior Notes are defeased pursuant to provisions described under &#147;Discharge and defeasance of 6.25% Senior Notes
Indenture.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Repurchase of 6.25% Senior Notes upon Change of Control. </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In the event that there shall occur a Change of Control, each Holder of 6.25% Senior Notes shall have the right, at such Holder&#146;s
option, to require the Issuer to purchase all or any part of such Holder&#146;s 6.25% Senior Notes on a date (the &#147;Repurchase Date&#148;) that is no later than 90&nbsp;days after notice of the Change of Control, at 101% of the principal amount
thereof plus accrued and unpaid interest, if any, to the Repurchase Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On or before the thirtieth day after any Change of
Control, the Issuer is obligated to mail or cause to be mailed, to all Holders of record of 6.25% Senior Notes, a notice regarding the Change of Control and the repurchase right. The notice shall state the Repurchase Date, the date by which the
repurchase right must be exercised, the price for the 6.25% Senior Notes and the procedure which the Holder must follow to exercise such right. Substantially simultaneously with mailing of the notice, the Issuer shall cause a copy of such notice to
be published in a newspaper of general circulation in the Borough of Manhattan, The City of New York. To exercise such right, the Holder of such 6.25% Senior Note must deliver, at least ten days prior to the Repurchase Date, written notice to the
Issuer (or an agent designated by the Issuer for such purpose) of the Holder&#146;s exercise of such right, together with the 6.25% Senior Note with respect to which the right is being exercised, duly endorsed for transfer; <I>provided, however</I>,
that if mandated by applicable law, a Holder may be permitted to deliver such written notice nearer to the Repurchase Date than may be specified by the Issuer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Issuer will comply with applicable law, including Section&nbsp;14(e) of the Exchange Act and Rule&nbsp;14e-1 thereunder, if applicable, if the Issuer is required to give a notice of a right of
repurchase as a result of a Change of Control. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to any disposition of assets, the phrase &#147;all or
substantially all&#148; as used in the 6.25% Senior Notes Indenture (including as set forth under &#147;&#151;Certain covenants&#151;Limitations on mergers, consolidations and </FONT></P>
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sales of assets&#148; below) varies according to the facts and circumstances of the subject transaction, has no clearly established meaning under New York law (which governs the 6.25% Senior
Notes Indenture) and is subject to judicial interpretation. Accordingly, in certain circumstances there may be a degree of uncertainty in ascertaining whether a particular transaction would involve a disposition of &#147;all or substantially
all&#148; of the assets of the Company, and therefore it may be unclear as to whether a Change of Control has occurred and whether the Holders have the right to require the Issuer to repurchase 6.25% Senior Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">None of the provisions relating to a repurchase upon a Change of Control is waivable by the Board of Directors of the Issuer or the
Company. The Company could, in the future, enter into certain transactions, including certain recapitalizations of the Company, that would not result in a Change of Control, but would increase the amount of Indebtedness outstanding at such time.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture requires the payment of money for 6.25% Senior Notes or portions thereof validly tendered
to, and accepted for payment by, the Issuer pursuant to a Change of Control offer. In the event that a Change of Control has occurred under the 6.25% Senior Notes Indenture, a change of control will also have occurred under the indentures governing
the Issuer&#146;s other outstanding notes. If a Change of Control were to occur, there can be no assurance that the Issuer would have sufficient funds to pay the purchase price for all the 6.25% Senior Notes and amounts due under other Indebtedness
that the Company may be required to repurchase or repay or that the Company or the other 6.25% Senior Notes Guarantors would be able to make such payments. In the event that the Issuer were required to purchase outstanding 6.25% Senior Notes
pursuant to a Change of Control offer, the Company expects that it would need to seek third-party financing to the extent it does not have available funds to enable the Issuer to meet its purchase obligations. However, there can be no assurance that
the Company would be able to obtain such financing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Failure by the Issuer to purchase the 6.25% Senior Notes when required
upon a Change of Control will result in an Event of Default with respect to the 6.25% Senior Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">These provisions could
have the effect of deterring hostile or friendly acquisitions of the Company where the Person attempting the acquisition views itself as unable to finance the purchase of the principal amount of 6.25% Senior Notes which may be tendered to the Issuer
upon the occurrence of a Change of Control. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on indebtedness. </I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted
Subsidiary, directly or indirectly, to create, incur, assume, become liable for or guarantee the payment of (collectively, an &#147;incurrence&#148;) any Indebtedness (including Acquired Indebtedness) unless, after giving effect thereto and the
application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio on the date thereof would be at least 2.0 to 1.0. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, the provisions of the 6.25% Senior Notes Indenture will not prevent the incurrence of: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;Permitted Indebtedness, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;Refinancing Indebtedness, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;Non-Recourse Indebtedness, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;any 6.25% Senior Notes Guarantee of Indebtedness represented by the 6.25% Senior Notes, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;any guarantee of Indebtedness incurred under Credit Facilities in compliance with the 6.25% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">For purposes of determining compliance with this covenant, in the event that an item of Indebtedness may be incurred through the first paragraph of this covenant or by meeting the criteria of one or more
of the types of </FONT></P>
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Indebtedness described in the second paragraph of this covenant (or the definitions of the terms used therein), the Company, in its sole discretion, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;may classify such item of Indebtedness under and comply with either of such paragraphs (or any of such definitions), as
applicable, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;may classify and divide such item of Indebtedness into more than one of such paragraphs (or
definitions), as applicable,&nbsp;and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;may elect to comply with such paragraphs (or definitions), as applicable, in
any order. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company and the Issuer will not, and will not cause or permit any 6.25% Senior Notes Guarantor 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 6.25% Senior Notes 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 6.25% Senior Notes or the 6.25% Senior Notes Guarantee of such 6.25% Senior Notes 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 6.25% Senior Notes Guarantor, as the case may be. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on restricted payments. </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, directly or indirectly, make any Restricted Payment unless:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;no Default or Event of Default shall have occurred and be continuing at the time of or immediately after giving
effect to such Restricted Payment; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;immediately after giving effect to such Restricted Payment, the Company could
incur at least $1.00 of Indebtedness pursuant to the first paragraph of the &#147;Limitations on indebtedness&#148; covenant;&nbsp;and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;immediately after giving effect to such Restricted Payment, the aggregate amount of all Restricted Payments (including the Fair Market Value of any non-cash Restricted Payment) declared or made
after May&nbsp;4, 1999 does not exceed the sum of: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;50% of the Consolidated Net Income of the Company
on a cumulative basis during the period (taken as one accounting period) from and including February&nbsp;1, 1999 and ending on the last day of the Company&#146;s fiscal quarter immediately preceding the date of such Restricted Payment (or in the
event such Consolidated Net Income shall be a deficit, <I>minus </I>100% of such deficit), <I>plus</I> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)&nbsp;100% of the aggregate net cash proceeds of and the Fair Market Value of Property received by the Company from
(1)&nbsp;any capital contribution to the Company after February&nbsp;1, 1999 or any issue or sale after February&nbsp;1, 1999 of Qualified Stock (other than to any Subsidiary of the Company) and (2)&nbsp;the issue or sale after February&nbsp;1, 1999
of any Indebtedness or other securities of the Company convertible into or exercisable for Qualified Stock of the Company that have been so converted or exercised, as the case may be, <I>plus</I> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)&nbsp;in the case of the disposition or repayment of any Investment constituting a Restricted Payment made after
May&nbsp;4, 1999, an amount (to the extent not included in the calculation of Consolidated Net Income referred to in (a)) equal to the lesser of (x)&nbsp;the return of capital with respect to such Investment (including by dividend, distribution or
sale of Capital Stock) and (y)&nbsp;the amount of such Investment that was treated as a Restricted Payment, in either case, less the cost of the disposition or repayment of such Investment (to the extent not included in the calculation of
Consolidated Net Income referred to in (a)), <I>plus</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)&nbsp;with respect to any Unrestricted Subsidiary
that is redesignated as a Restricted Subsidiary after May&nbsp;4, 1999, in accordance with the definition of Unrestricted Subsidiary (so long as the designation of such Subsidiary as an Unrestricted Subsidiary was treated as a Restricted Payment
made after the Issue </FONT></P>
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Date, and only to the extent not included in the calculation of Consolidated Net Income referred to in (a)), an amount equal to the lesser of (x)&nbsp;the proportionate interest of the Company or
a Restricted Subsidiary in an amount equal to the excess of (I)&nbsp;the total assets of such Subsidiary, valued on an aggregate basis at the lesser of book value and Fair Market Value thereof, over (II)&nbsp;the total liabilities of such
Subsidiary, determined in accordance with GAAP, and (y)&nbsp;the Designation Amount at the time of such Subsidiary&#146;s designation as an Unrestricted Subsidiary, <I>plus</I> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) $17 million, <I>minus</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(f) the aggregate amount of all Restricted Payments (other than Restricted Payments referred to in clause (C)&nbsp;of the immediately succeeding paragraph) made after February&nbsp;1, 1999 through
May&nbsp;4, 1999. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing clauses&nbsp;(2) and (3)&nbsp;will not prohibit: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A)&nbsp;the payment of any dividend within 60&nbsp;days of its declaration if such dividend could have been made on the date of its
declaration without violation of the provisions of the 6.25% Senior Notes Indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(B)&nbsp;the repurchase, redemption or
retirement of any shares of Capital Stock of the Company in exchange for, or out of the net proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, other shares of Qualified Stock; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(C)&nbsp;the purchase, redemption or other acquisition, cancellation or retirement for value of Capital Stock, or options, warrants,
equity appreciation rights or other rights to purchase or acquire 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 $10 million in the aggregate since May&nbsp;4, 1999; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>provided, however</I>, that each Restricted Payment
described in clauses&nbsp;(A) and (B)&nbsp;of this sentence shall be taken into account for purposes of computing the aggregate amount of all Restricted Payments pursuant to clause&nbsp;(3) of the immediately preceding paragraph. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of determining the aggregate and permitted amounts of Restricted Payments made, the amount of any guarantee of any
Investment in any Person that was initially treated as a Restricted Payment and which was subsequently terminated or expired, net of any amounts paid by the Company or any Restricted Subsidiary in respect of such guarantee, shall be deducted.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In determining the &#147;Fair Market Value of Property&#148; for purposes of clause&nbsp;(3) of the first paragraph of this
covenant, Property other than cash, Cash Equivalents and Marketable Securities shall be deemed to be equal in value to the &#147;equity value&#148; of the Capital Stock or other securities issued in exchange therefor. The equity value of such
Capital Stock or other securities shall be equal to (i)&nbsp;the number of shares of Common Equity issued in the transaction (or issuable upon conversion or exercise of the Capital Stock or other securities issued in the transaction) multiplied by
the closing sale price of the Common Equity on its principal market on the date of the transaction (less, in the case of Capital Stock or other securities which require the payment of consideration at the time of conversion or exercise, the
aggregate consideration payable thereupon) or (ii)&nbsp;if the Common Equity is not then traded on the New York Stock Exchange, American Stock Exchange or Nasdaq National Market, or if the Capital Stock or other securities issued in the transaction
do not consist of Common Equity (or Capital Stock or other securities convertible into or exercisable for Common Equity), the value (if more than $10&nbsp;million) of such Capital Stock or other securities as determined by a nationally recognized
investment banking firm retained by the Board of Directors of the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on transactions with affiliates.
</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any
Restricted Subsidiary to, make any loan, advance, guarantee or capital contribution to, or for the benefit of, or sell, lease, transfer or otherwise dispose of any property or assets to or for the benefit of, or
</FONT></P>
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purchase or lease any property or assets from, or enter into or amend any contract, agreement or understanding with, or for the benefit of, any Affiliate of the Company or any Affiliate of any of
the Company&#146;s Subsidiaries or any holder of 10% or more of the Common Equity of the Company (including any Affiliates of such holders), in a single transaction or series of related transactions (each, an &#147;Affiliate Transaction&#148;),
except for any Affiliate Transaction the terms of which are at least as favorable as the terms which could be obtained by the Company, the Issuer or such Restricted Subsidiary, as the case may be, in a comparable transaction made on an arm&#146;s
length basis with Persons who are not such a holder, an Affiliate of such a holder or an Affiliate of the Company or any of the Company&#146;s Subsidiaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In addition, the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, enter into an Affiliate Transaction unless: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;with respect to any such Affiliate Transaction involving or having a value of more than $1&nbsp;million, the Company shall have
(x)&nbsp;obtained the approval of a majority of the Board of Directors of the Company and (y)&nbsp;either obtained the approval of a majority of the Company&#146;s disinterested directors or obtained an opinion of a qualified independent financial
advisor to the effect that such Affiliate Transaction is fair to the Company, the Issuer or such Restricted Subsidiary, as the case may be, from a financial point of view,&nbsp;and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;with respect to any such Affiliate Transaction involving or having a value of more than $10&nbsp;million, the Company shall have
(x)&nbsp;obtained the approval of a majority of the Board of Directors of the Company and (y)&nbsp;delivered to the 6.25% Senior Notes Trustee an opinion of a qualified independent financial advisor to the effect that such Affiliate Transaction is
fair to the Company, the Issuer or such Restricted Subsidiary, as the case may be, from a financial point of view. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 6.25%
Senior Notes Indenture also provides that notwithstanding the foregoing, an Affiliate Transaction will not include: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;any contract, agreement or understanding with, or for the benefit of, or plan for the benefit of, employees of the Company or
its Subsidiaries generally (in their capacities as such) that has been approved by the Board of Directors of the Company, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;Capital Stock issuances to directors, officers and employees of the Company or its Subsidiaries pursuant to plans approved by
the stockholders of the Company, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;any Restricted Payment otherwise permitted under the &#147;Limitations on
restricted payments&#148; covenant, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;any transaction between or among the Company and one or more Restricted
Subsidiaries or between or among Restricted Subsidiaries (<I>provided, however</I>, no such transaction shall involve any other Affiliate of the Company (other than an Unrestricted Subsidiary to the extent the applicable amount constitutes a
Restricted Payment permitted by the 6.25% Senior Notes Indenture)), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;any transaction between one or more Restricted
Subsidiaries and one or more Unrestricted Subsidiaries where all of the payments to, or other benefits conferred upon, such Unrestricted Subsidiaries are substantially contemporaneously dividended, or otherwise distributed or transferred without
charge, to the Company or a Restricted Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;issuances, sales or other transfers or dispositions of mortgages
and collateralized mortgage obligations in the ordinary course of business between Restricted Subsidiaries and Unrestricted Subsidiaries of the Company,&nbsp;and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(7)&nbsp;the payment of reasonable and customary fees to, and indemnity provided on behalf of, officers, directors, employees or consultants of the Company, the Issuer or any Restricted Subsidiary.
</FONT></P>
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<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary
to, make any Asset Disposition unless: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;the Company (or such Restricted Subsidiary, as the case may
be) receives consideration at the time of such Asset Disposition at least equal to the Fair Market Value thereof,&nbsp;and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b)&nbsp;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. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amount of (i)&nbsp;any Indebtedness (other than any Indebtedness subordinated to the 6.25% Senior Notes) of the Company or any
Restricted Subsidiary that is actually assumed by the transferee in such Asset Disposition and (ii)&nbsp;the fair market value (as determined in good faith by the Board of Directors of the Company) of any property or assets received that are used or
useful in a Real Estate Business, shall be deemed to be consideration required by clause&nbsp;(b) above for purposes of determining the percentage of such consideration received by the Company or the Restricted Subsidiaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Net Cash Proceeds of an Asset Disposition shall, within one year, at the Company&#146;s election, (a)&nbsp;be used by the Company or
a Restricted Subsidiary in the business of the construction and sale of homes conducted by the Company and the Restricted Subsidiaries or any other business of the Company or a Restricted Subsidiary existing at the time of such Asset Disposition or
(b)&nbsp;to the extent not so used, be applied to make an Offer to Purchase 6.25% Senior Notes and, if the Company or a Restricted Subsidiary elects or is required to do so repay, purchase or redeem any other unsubordinated Indebtedness (on a <I>pro
rata</I> basis if the amount available for such repayment, purchase or redemption is less than the aggregate amount of (i)&nbsp;the principal amount of the 6.25% Senior Notes tendered in such Offer to Purchase and (ii)&nbsp;the lesser of the
principal amount, or accreted value, of such other unsubordinated Indebtedness, 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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, (A)&nbsp;the
Company will not be required to apply such Net Cash Proceeds to the repurchase of 6.25% Senior Notes in accordance with clause&nbsp;(b) of the preceding sentence except to the extent that such Net Cash Proceeds, together with the aggregate Net Cash
Proceeds of prior Asset Dispositions (other than those so used) which have not been applied in accordance with this provision and as to which no prior Offer to Purchase shall have been made, exceed 5% of Consolidated Tangible Assets and (B)&nbsp;in
connection with an Asset Disposition, the Company and the Restricted Subsidiaries will not be required to comply with the requirements of clause&nbsp;(b) of the first sentence of the first paragraph of this covenant to the extent that the non-cash
consideration received in connection with such Asset Disposition, together with the sum of all non-cash consideration received in connection with all prior Asset Dispositions that has not yet been converted into cash, does not exceed 5% of
Consolidated Tangible Assets; <I>provided</I>,<I> however</I>, that when any non-cash consideration is converted into cash, such cash shall constitute Net Cash Proceeds and be subject to the preceding sentence. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on liens. </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Liens, other
than Permitted Liens, on any of its Property, or on any shares of Capital Stock or Indebtedness of any Restricted Subsidiary, unless contemporaneously therewith or prior thereto all payments due under the 6.25% Senior Notes Indenture and the 6.25%
Senior Notes are secured on an equal and ratable basis with the obligation or liability so secured until such time as such indebtedness is no longer secured by a Lien. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on restrictions affecting restricted subsidiaries</I><B><I>.</I></B><I> </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, create, assume or otherwise cause or suffer to exist or
become effective any </FONT></P>
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consensual encumbrance or restriction (other than encumbrances or restrictions imposed by law or by judicial or regulatory action or by provisions of agreements that restrict the assignability
thereof) on the ability of any Restricted Subsidiary to: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;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 other Restricted Subsidiary, or pay interest on or principal of any Indebtedness owed to the Company or any other Restricted
Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;make loans or advances to the Company or any other Restricted Subsidiary,&nbsp;or </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;transfer any of its property or assets to the Company or any other Restricted Subsidiary, except for: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;encumbrances or restrictions existing under or by reason of applicable law, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)&nbsp;contractual encumbrances or restrictions in effect on the Issue Date and any amendments, modifications,
restatements, renewals, supplements, refundings, replacements or refinancings thereof, <I>provided </I>that such amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings are no more restrictive, taken
as a whole, with respect to such dividend and other payment restrictions than those contained in such contractual encumbrances or restrictions, as in effect on the Issue Date, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)&nbsp;any restrictions or encumbrances arising under Acquired Indebtedness; <I>provided</I>, that such encumbrance or
restriction applies only to either the assets that were subject to the restriction or encumbrance at the time of the acquisition or the obligor on such Indebtedness and its Subsidiaries prior to such acquisition, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d)&nbsp;any restrictions or encumbrances arising in connection with Refinancing Indebtedness; <I>provided, however</I>,
that any restrictions and encumbrances of the type described in this clause&nbsp;(d) that arise under such Refinancing Indebtedness shall not be materially more restrictive or apply to additional assets than those under the agreement creating or
evidencing the Indebtedness being refunded, refinanced, replaced or extended, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e)&nbsp;any Permitted Lien, or
any other agreement restricting the sale or other disposition of property, securing Indebtedness permitted by the 6.25% Senior Notes Indenture if such Permitted Lien or agreement does not expressly restrict the ability of a Subsidiary of the Company
to pay dividends or make or repay loans or advances prior to default thereunder, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f)&nbsp;reasonable and
customary borrowing base covenants set forth in agreements evidencing Indebtedness otherwise permitted by the 6.25% Senior Notes Indenture, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(g)&nbsp;customary non-assignment provisions in leases, licenses, encumbrances, contracts or similar assets entered into or acquired in the ordinary course of business, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h)&nbsp;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, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i)&nbsp;encumbrances or restrictions existing under or by reason of the 6.25% Senior Notes Indenture, the 6.25% Senior Notes or the 6.25% Senior Notes Guarantees, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j)&nbsp;purchase money obligations that impose restrictions on the property so acquired of the nature described in
clause&nbsp;(3) of the preceding paragraph, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k)&nbsp;Liens permitted under the 6.25% Senior Notes Indenture
securing Indebtedness that limit the right of the debtor to dispose of the assets subject to such Lien, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l)&nbsp;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, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(m)&nbsp;customary provisions of
any franchise, distribution or similar agreements, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">29 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(n)&nbsp;restrictions on cash or other deposits or net worth imposed by
contracts entered into in the ordinary course of business,&nbsp;and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o)&nbsp;any encumbrance or restrictions
of the type referred to in clauses (1), (2)&nbsp;or (3)&nbsp;the first paragraph of this section imposed by any amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings of the contracts, instruments or
obligations referred to in clauses&nbsp;(a) through (n)&nbsp;of this covenant, <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. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on mergers, consolidations and sales of assets.
</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture provides that neither the Issuer nor any 6.25% Senior Notes 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 6.25% Senior Notes, the 6.25%
Senior Notes Guarantees or the 6.25% Senior Notes Indenture (as an entirety or substantially as an entirety in one transaction or in a series of related transactions), to any Person (in each case other than in a transaction in which the Company, the
Issuer or a Restricted Subsidiary is the survivor of a consolidation or merger, or the transferee in a sale, lease, conveyance or other disposition) unless: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;the Person formed by or surviving such consolidation or merger (if other than the Company, the Issuer or the 6.25% Senior Notes 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 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 6.25% Senior Notes Trustee all of the obligations of the Company, the Issuer or the 6.25% Senior Notes Guarantor, as the case may be, under the 6.25% Senior
Notes or a 6.25% Senior Notes Guarantee, as the case may be, and the 6.25% Senior Notes Indenture, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;immediately after
giving effect to such transaction, no Default or Event of Default has occurred and is continuing,&nbsp;and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;immediately after giving effect to such transaction, the Company (or its Successor) could incur at least $1.00 of Indebtedness
pursuant to the first paragraph of the &#147;Limitations on indebtedness&#148; covenant. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing provisions shall not
apply to: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;a transaction involving the sale or disposition of Capital Stock of a 6.25% Senior Notes
Guarantor, or the consolidation or merger of a 6.25% Senior Notes Guarantor, or the sale, lease, conveyance or other disposition of all or substantially all of the assets of a 6.25% Senior Notes Guarantor, that in any such case results in such 6.25%
Senior Notes Guarantor being released from its 6.25% Senior Notes Guarantee as provided under &#147;The 6.25% Senior Notes Guarantees&#148; above,&nbsp;or </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(b)&nbsp;a transaction the purpose of which is to change the state of incorporation of the Company, the Issuer or any 6.25% Senior Notes Guarantor. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Reports to holders of 6.25% Senior Notes. </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Company shall file with the Commission the annual reports and the information, documents and other reports required to be filed pursuant to Section&nbsp;13 or 15(d) of the Exchange Act. The Company
shall file with the 6.25% Senior Notes Trustee and mail to each Holder of record of 6.25% Senior Notes such reports, information and documents within 15&nbsp;days after it files them with the Commission. In the event that the Company is no longer
subject to these periodic requirements of the Exchange Act, it will nonetheless continue to file reports </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">30 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
with the Commission and the 6.25% Senior Notes Trustee and mail such reports to each Holder of 6.25% Senior Notes as if it were subject to such reporting requirements. Regardless of whether the
Company is required to furnish such reports to its stockholders pursuant to the Exchange Act, the Company will cause its consolidated financial statements and a &#147;Management&#146;s Discussion and Analysis of Results of Operations and Financial
Condition&#148; written report, similar to those that would have been required to appear in annual or quarterly reports, to be delivered to Holders of 6.25% Senior Notes. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Limitation of applicability of certain covenants if 6.25% Senior Notes rated Investment Grade </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, the Issuer&#146;s, the Company&#146;s and its Restricted Subsidiaries&#146; obligations to comply with the provisions of the 6.25% Senior Notes Indenture described above
under the caption &#147;Certain covenants&#148; (except for the covenants described under &#147;&#151;Repurchase of 6.25% Senior Notes upon Change of Control,&#148; &#147;&#151;Limitations on liens,&#148; &#147;&#151;Limitations on mergers,
consolidations and sales of assets&#148; (other than clause&nbsp;(3) of the first paragraph thereof) and &#147;Reports to holders of 6.25% Senior Notes&#148;) will terminate (such terminated covenants, the &#147;Extinguished Covenants&#148;) and
cease to have any further effect from and after the first date when the 6.25% Senior Notes issued under the 6.25% Senior Notes Indenture are rated Investment Grade; <I>provided</I>, that if the 6.25% Senior Notes subsequently cease to be rated
Investment Grade, then, from and after the time the 6.25% Senior Notes cease to be rated Investment Grade, the Issuer&#146;s, the Company&#146;s and its Restricted Subsidiaries&#146; obligation to comply with the Extinguished Covenants shall be
reinstated. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, following the achievement of such Investment Grade ratings, (1)&nbsp;the 6.25% Senior Notes
Guarantees of the 6.25% Senior Notes Guarantors will be released at the time of the release of the guarantees under all outstanding Applicable Debt subject to the reinstatement of 6.25% Senior Notes Guarantees if released 6.25% Senior Notes
Guarantors thereafter guarantee any Applicable Debt or the 6.25% Senior Notes cease to be rated Investment Grade and (2)&nbsp;no Restricted Subsidiary thereafter acquired or created will be required to be a 6.25% Senior Notes Guarantor unless
released 6.25% Senior Notes Guarantors thereafter guarantee any Applicable Debt or the 6.25% Senior Notes cease to be rated Investment Grade, in each case as more fully described under the caption &#147;&#151;The 6.25% Senior Notes Guarantees.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, in the event of any such reinstatement, no action taken or omitted to be taken by the Company
or any of its Subsidiaries prior to such reinstatement shall give rise to a Default or Event of Default under the 6.25% Senior Notes Indenture upon reinstatement; <I>provided</I> that with respect to Restricted Payments made after any such
reinstatement, the amount of Restricted Payments made after May&nbsp;4, 1999 will be calculated as though the &#147;Limitations on restricted payments&#148; covenant had been in effect during the entire period after such date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Condition for Release of K. Hovnanian</I>. The 6.25% Senior Notes Indenture provides that the Issuer may be released from its
obligations under the 6.25% Senior Notes Indenture and the 6.25% Senior Notes, without the consent of the holders of the 6.25% Senior Notes, if (1)&nbsp;the Company or any successor to the Company has assumed the obligations of the Issuer under the
6.25% Senior Notes Indenture and the 6.25% Senior Notes, (2)&nbsp;the Company delivers an opinion of counsel to the 6.25% Senior Notes Trustee to the effect that Holders will not recognize income, gain or loss for federal income tax purposes as a
result of the release 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 and (3)&nbsp;the Issuer becomes a 6.25% Senior Notes Guarantor of the 6.25% Senior
Notes at such time, until such time, if any, as such 6.25% Senior Notes Guarantee may be released as described above under the captions &#147;&#151;Limitation of applicability of certain covenants if 6.25% Senior Notes rated Investment Grade&#148;
and &#147;&#151;The 6.25% Senior Notes Guarantees.&#148; </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Events of default.</I> The following are Events of Default under
the 6.25% Senior Notes Indenture: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;the failure by the Company, the Issuer and the 6.25% Senior Notes Guarantors to
pay interest on any 6.25% Senior Note when the same becomes due and payable and the continuance of any such failure for a period of 30&nbsp;days; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">31 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;the failure by the Company, the Issuer and the 6.25% Senior Notes Guarantors to pay
the principal or premium of any 6.25% Senior Note when the same becomes due and payable at maturity, upon acceleration or otherwise; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;the failure by the Company, the Issuer or any Restricted Subsidiary to comply with any of its agreements or covenants in, or provisions of, the 6.25% Senior Notes, the 6.25% Senior Notes
Guarantees or the 6.25% Senior Notes Indenture and such failure continues for the period and after the notice specified below (except in the case of a default under covenants described under &#147;Certain covenants&#151;Repurchase of 6.25% Senior
Notes upon Change of Control&#148; and &#147;Certain covenants&#151;Limitations on mergers, consolidations and sales of assets,&#148; which will constitute Events of Default with notice but without passage of time); </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;the acceleration of any Indebtedness (other than Non-Recourse Indebtedness) of the Company, the Issuer or any Restricted
Subsidiary that has an outstanding principal amount of $10&nbsp;million or more, individually or in the aggregate, and such acceleration does not cease to exist, or such Indebtedness is not satisfied, in either case within 30&nbsp;days after such
acceleration; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;the failure by the Company, the Issuer or any Restricted Subsidiary to make any principal or interest
payment in an amount of $10&nbsp;million or more, individually or in the aggregate, in respect of Indebtedness (other than Non-Recourse Indebtedness) of the Company or any Restricted Subsidiary within 30&nbsp;days of such principal or interest
becoming due and payable (after giving effect to any applicable grace period set forth in the documents governing such Indebtedness); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;a final judgment or judgments that exceed $10&nbsp;million or more, individually or in the aggregate, for the payment of money having been entered by a court or courts of competent jurisdiction
against the Company, the Issuer or any of its Restricted Subsidiaries and such judgment or judgments is not satisfied, stayed, annulled or rescinded within 60&nbsp;days of being entered; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)&nbsp;the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) commences a voluntary case, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) consents to the entry of an order for relief against it in an involuntary case, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) consents to the appointment of a Custodian of it or for all or substantially all of its property,&nbsp;or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) makes a general assignment for the benefit of creditors; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;is for relief against the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary as
debtor in an involuntary case, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)&nbsp;appoints a Custodian of the Company, the Issuer or any Restricted
Subsidiary that is a Significant Subsidiary or a Custodian for all or substantially all of the property of the Company or any Restricted Subsidiary that is a Significant Subsidiary,&nbsp;or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c)&nbsp;orders the liquidation of the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary,
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">and the order or decree remains unstayed and in effect for 60&nbsp;days; or </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9)&nbsp;any 6.25% Senior Notes Guarantee of a 6.25% Senior Notes Guarantor which is a Significant Subsidiary ceases to be in full force
and effect (other than in accordance with the terms of such 6.25% Senior Notes Guarantee and the 6.25% Senior Notes Indenture) or is declared null and void and unenforceable or found to be invalid or any 6.25% Senior Notes Guarantor denies its
liability under its 6.25% Senior Notes Guarantee (other than by reason of release of a 6.25% Senior Notes Guarantor from its Guarantee in accordance with the terms of the 6.25% Senior Notes Indenture and the 6.25% Senior Notes Guarantee).
</FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A Default as described in subclause&nbsp;(3) above will not be deemed an Event of Default
until the 6.25% Senior Notes Trustee notifies the Company, or the Holders of at least 25&nbsp;percent in principal amount of the then outstanding 6.25% Senior Notes notify the Company and the 6.25% Senior Notes Trustee, of the Default and (except in
the case of a default with respect to covenants described under &#147;Certain covenants&#151;Repurchase of 6.25% Senior Notes upon Change of Control&#148; and &#147;Certain covenants&#151;Limitations on mergers, consolidations and sales of
assets&#148;) the Company does not cure the Default within 60&nbsp;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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If an Event of Default (other than an Event of Default with respect to the Company
or the Issuer resulting from subclauses&nbsp;(7) or (8)&nbsp;above), shall have occurred and be continuing under the 6.25% Senior Notes Indenture, the 6.25% Senior Notes Trustee by notice to the Company, or the Holders of at least 25&nbsp;percent in
principal amount of the 6.25% Senior Notes then outstanding by notice to the Company and the 6.25% Senior Notes Trustee, may declare all 6.25% Senior Notes to be due and payable immediately. Upon such declaration of acceleration, the amounts due and
payable on the 6.25% Senior Notes will be due and payable immediately. If an Event of Default with respect to the Company or the Issuer specified in subclauses&nbsp;(7) or (8)&nbsp;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 6.25% Senior Notes Trustee and the Company or any Holder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Holders of a majority in principal amount of the 6.25% Senior Notes then outstanding by written notice to the 6.25% Senior Notes Trustee and the Company may waive any Default or Event of Default
(other than any Default or Event of Default in payment of principal or interest) on the 6.25% Senior Notes under the 6.25% Senior Notes Indenture. Holders of a majority in principal amount of the then outstanding 6.25% Senior Notes may rescind an
acceleration and its consequence (except an acceleration due to nonpayment of principal or interest on the 6.25% Senior Notes) if the rescission would not conflict with any judgment or decree and if all existing Events of Default (other than the
non-payment of accelerated principal) have been cured or waived. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Holders may not enforce the provisions of the 6.25%
Senior Notes Indenture, the 6.25% Senior Notes or the 6.25% Senior Notes Guarantees except as provided in the 6.25% Senior Notes Indenture. Subject to certain limitations, Holders of a majority in principal amount of the 6.25% Senior Notes then
outstanding may direct the 6.25% Senior Notes Trustee in its exercise of any trust or power, <I>provided, however</I>, that such direction does not conflict with the terms of the 6.25% Senior Notes Indenture. The 6.25% Senior Notes 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 6.25% Senior Notes or that resulted from the failure to comply with the covenant
entitled &#147;Repurchase of 6.25% Senior Notes upon Change of Control&#148;) if the 6.25% Senior Notes Trustee determines that withholding such notice is in the Holders&#146; interest. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is required to deliver to the 6.25% Senior Notes Trustee an annual statement regarding compliance with the 6.25% Senior Notes
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 6.25% Senior Notes Trustee prompt written notice of the occurrence of any Default or Event of Default. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Discharge and defeasance of 6.25% Senior Notes Indenture.</I> The Company, the Issuer and the 6.25% Senior Notes Guarantors may discharge their obligations under the 6.25% Senior Notes, the 6.25%
Senior Notes Guarantees and the 6.25% Senior Notes Indenture by irrevocably depositing in trust with the 6.25% Senior Notes Trustee money or U.S.&nbsp;Government Obligations sufficient to pay principal of, premium and interest, if any, on the 6.25%
Senior Notes to maturity or redemption and the 6.25% Senior Notes mature or are to be called for redemption within one year, subject to meeting certain other conditions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 6.25% Senior Notes Indenture permits the Company, the Issuer and the 6.25% Senior Notes Guarantors to terminate all of their respective obligations under the 6.25% Senior Notes Indenture with respect
to the 6.25% </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">33 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Senior Notes and the 6.25% Senior Notes Guarantees, other than the obligation to pay interest on and the principal of the 6.25% Senior Notes and certain other obligations (&#147;legal
defeasance&#148;), at any time by: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;depositing in trust with the 6.25% Senior Notes Trustee, under an irrevocable
trust agreement, money or U.S.&nbsp;government obligations in an amount sufficient to pay principal of and premium and interest, if any, on the 6.25% Senior Notes to their maturity or redemption, as the case may be,&nbsp;and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;complying with certain other conditions, including delivery to the 6.25% Senior Notes 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 date of the 6.25% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the 6.25% Senior Notes Indenture permits the Company, the Issuer and the 6.25% Senior Notes Guarantors to terminate all of
their obligations under the 6.25% Senior Notes Indenture with respect to certain covenants and Events of Default specified in the 6.25% Senior Notes Indenture, and the 6.25% Senior Notes Guarantors will be released (&#147;covenant defeasance&#148;),
at any time by: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;depositing in trust with the 6.25% Senior Notes Trustee, under an irrevocable trust agreement, money
or U.S.&nbsp;government obligations in an amount sufficient to pay principal of, premium and interest, if any, on the 6.25% Senior Notes to their maturity or redemption, as the case may be,&nbsp;and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;complying with certain other conditions, including delivery to the 6.25% Senior Notes 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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">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 6.25% Senior Notes: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of registration of transfer and exchange of 6.25% Senior Notes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of substitution of mutilated, defaced, destroyed, lost or stolen 6.25% Senior Notes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of Holders of the 6.25% Senior Notes to receive payments of principal thereof, premium, if any, and interest, if any, thereon, upon the original
due dates therefor, but not upon acceleration; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights, obligations, duties and immunities of the 6.25% Senior Notes Trustee; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of Holders of 6.25% Senior Notes beneficiaries with respect to property so deposited with the 6.25% Senior Notes Trustee payable to all or any
of them;&nbsp;and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">obligations of the Company, the Issuer or the 6.25% Senior Notes Guarantors to maintain an office or agency in respect of the 6.25% Senior Notes.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company, the Issuer or the 6.25% Senior Notes Guarantors may exercise the legal defeasance option with
respect to the 6.25% Senior Notes notwithstanding the prior exercise of the covenant defeasance option with respect to the 6.25% Senior Notes. If the Company, the Issuer or the 6.25% Senior Notes Guarantors exercise the legal defeasance option with
respect to the 6.25% Senior Notes, payment of the 6.25% Senior Notes may not be accelerated due to an Event of Default with respect to the 6.25% Senior Notes. If the Company, the Issuer or the 6.25% Senior Notes Guarantors exercise the covenant
defeasance option with respect to the 6.25% Senior Notes, payment of the 6.25% Senior 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.&nbsp;Government Obligations in the defeasance trust could be less than the principal of, premium, if any, and interest, if any,
then </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">34 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
due on the 6.25% Senior 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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Transfer and exchange</I>. A Holder may transfer or exchange 6.25% Senior Notes only in accordance with the
provisions of the 6.25% Senior Notes Indenture. The 6.25% Senior Notes Trustee 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
6.25% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Amendment, supplement and waiver</I>. Subject to certain exceptions, the 6.25% Senior Notes
Indenture or the 6.25% Senior Notes may be amended or supplemented with the consent (which may include written consents obtained in connection with a tender offer or exchange offer for 6.25% Senior Notes) of the Holders of at least a majority in
principal amount of the 6.25% Senior Notes then outstanding, and future compliance with any provision of the 6.25% Senior Notes Indenture or the 6.25% Senior Notes may be waived (other than any continuing Default or Event of Default in the payment
of interest on or the principal of the 6.25% Senior Notes) with the consent (which may include waivers obtained in connection with a tender offer or exchange offer for 6.25% Senior Notes) of the Holders of a majority in principal amount of the 6.25%
Senior Notes then outstanding. Without the consent of any Holder, the Company, the Issuer, the 6.25% Senior Notes Guarantors and the 6.25% Senior Notes Trustee may amend or supplement the 6.25% Senior Notes Indenture or the 6.25% Senior Notes to
cure any ambiguity, defect or inconsistency; to comply with the &#147;Limitations on mergers, consolidations and sales of assets&#148; covenant set forth in the 6.25% Senior Notes Indenture; to comply with any requirements of the Commission in
connection with the qualification of the 6.25% Senior Notes Indenture under the Trust Indenture Act; to evidence and provide for the acceptance of appointment under the 6.25% Senior Notes Indenture by a successor 6.25% Senior Notes Trustee; to
provide for uncertificated 6.25% Senior Notes in addition to or in place of certificated 6.25% Senior Notes; to provide for any 6.25% Senior Notes Guarantee of the 6.25% Senior Notes; to secure the 6.25% Senior Notes or to confirm and evidence the
release, termination or discharge of any 6.25% Senior Notes Guarantee of or Lien securing the 6.25% Senior Notes when such release, termination or discharge is permitted by the 6.25% Senior Notes Indenture; to make any change that does not adversely
affect the legal rights of any Holder; to evidence the assumption by the Company (or its successor entity) or a successor entity of the Issuer of the obligations of the Issuer under the 6.25% Senior Notes Indenture and the 6.25% Senior Notes; to add
covenants or new events of default for the protection of the Holders of the 6.25% Senior Notes; or to designate a bank or trust company other than the 6.25% Senior Notes Trustee to act as trustee. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Without the consent of each Holder affected, the Company, the Issuer, the 6.25% Senior Notes Guarantors and the 6.25% Senior Notes
Trustee may not: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;reduce the amount of 6.25% Senior Notes whose Holders must consent to an amendment, supplement or
waiver, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;reduce the rate of or extend the time for payment of interest, including default interest, on any 6.25%
Senior Note, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;reduce the principal of or change the fixed maturity of any 6.25% Senior Note or alter the provisions
(including related definitions) with respect to redemptions described under &#147;&#151;Redemption&#148; or with respect to mandatory offers to repurchase 6.25% Senior Notes described under &#147;&#151;Certain covenants&#151;Limitations on
dispositions of assets&#148; or &#147;&#151;Certain covenants&#151;Repurchase of 6.25% Senior Notes upon Change of Control,&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;make any 6.25% Senior Note payable in money other than that stated in the 6.25% Senior Note, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;make any change in the &#147;Waivers of Defaults by Majority of Holders&#148; or the &#147;Proceedings by Holders&#148; sections set forth in the 6.25% Senior Notes Indenture, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;modify the ranking or priority of the 6.25% Senior Notes or any 6.25% Senior Notes Guarantee, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)&nbsp;release any 6.25% Senior Notes Guarantor from any of its obligations under its 6.25% Senior Notes Guarantee or the 6.25% Senior
Notes Indenture otherwise than in accordance with the 6.25% Senior Notes Indenture, or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">35 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8)&nbsp;waive a continuing Default or Event of Default in the payment of principal of or
interest on the 6.25% Senior Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The right of any Holder to participate in any consent required or sought pursuant to any
provision of the 6.25% Senior Notes Indenture (and the Issuer&#146;s obligation 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 6.25%
Senior Notes with respect to which such consent is required or sought as of a date identified by the 6.25% Senior Notes Trustee in a notice furnished to Holders in accordance with the terms of the 6.25% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Governing law</I>. The 6.25% Senior Notes Indenture, the 6.25% Senior Notes and the 6.25% Senior Notes Guarantees are governed by the
laws of the State of New York. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Definitions of certain terms used in the 6.25% Senior Notes Indenture</I>. Set forth below
is a summary of certain of the defined terms used in the 6.25% Senior Notes Indenture. Reference is made to the 6.25% Senior Notes Indenture for the full definition of all terms used in the 6.25% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;6.25% Senior Notes Guarantee&#148; </I>means the guarantee of the 6.25% Senior Notes by the Company and each other 6.25% Senior
Notes Guarantor under the 6.25% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;6.25% Senior Notes Guarantors&#148; </I>means (i)&nbsp;the
Company and each of the Company&#146;s Restricted Subsidiaries that was in existence on the Issue Date, other than the Issuer, and (ii)&nbsp;each of the Company&#146;s Subsidiaries which becomes a 6.25% Senior Notes Guarantor subsequent to the Issue
Date pursuant to the provisions of the 6.25% Senior Notes Indenture, and their successors, in each case until released from its respective 6.25% Senior Notes Guarantee pursuant to the 6.25% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;6.25% Senior Notes Trustee&#148; </I>means the party named as such above until a successor replaces such party in accordance
with the applicable provisions of the 6.25% Senior Notes Indenture and thereafter means the successor serving as trustee under the 6.25% Senior Notes Indenture in respect of the 6.25% Senior Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Acquired Indebtedness&#148; </I>means (1)&nbsp;with respect to any Person that becomes a Restricted Subsidiary (or is merged
into the Company, the Issuer or any Restricted Subsidiary) after the Issue Date, Indebtedness of such Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary (or is merged into the Company, the Issuer or
any Restricted Subsidiary) that was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary (or being merged into the Company, the Issuer or any Restricted Subsidiary) and (2)&nbsp;with respect to the
Company, the Issuer or any Restricted Subsidiary, any Indebtedness expressly assumed by the Company, the Issuer or any Restricted Subsidiary in connection with the acquisition of any assets from another Person (other than the Company, the Issuer or
any Restricted Subsidiary), which Indebtedness was not incurred by such other Person in connection with or in contemplation of such acquisition. Indebtedness incurred in connection with or in contemplation of any transaction described in
clause&nbsp;(1) or (2)&nbsp;of the preceding sentence shall be deemed to have been incurred by the Company or a Restricted Subsidiary, as the case may be, at the time such Person becomes a Restricted Subsidiary (or is merged into the Company, the
Issuer or any Restricted Subsidiary) in the case of clause&nbsp;(1) or at the time of the acquisition of such assets in the case of clause (2), but shall not be deemed Acquired Indebtedness. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Affiliate&#148; </I>means, when used with reference to a specified Person, any Person directly or indirectly controlling, or
controlled by or under direct or indirect common control with the Person specified. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Asset Acquisition&#148;
</I>means (1)&nbsp;an Investment by the Company, the Issuer or any Restricted Subsidiary in any other Person if, as a result of such Investment, such Person shall become a Restricted Subsidiary or shall be consolidated or merged with or into the
Company, the Issuer or any Restricted Subsidiary or (2)&nbsp;the acquisition by the Company, the Issuer or any Restricted Subsidiary of the assets of any Person, which constitute all or substantially all of the assets or of an operating unit or line
of business of such Person or which is otherwise outside the ordinary course of business. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">36 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Asset Disposition&#148; </I>means any sale, transfer, conveyance, lease or other
disposition (including, without limitation, by way of merger, consolidation or sale and leaseback or sale of shares of Capital Stock in any Subsidiary) (each, a &#147;transaction&#148;) by the Company, the Issuer or any Restricted Subsidiary to any
Person of any Property having a Fair Market Value in any transaction or series of related transactions of at least $5&nbsp;million. The term &#147;Asset Disposition&#148; shall not include: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;a transaction between the Company, the Issuer and any Restricted Subsidiary or a transaction between Restricted Subsidiaries,
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;a transaction in the ordinary course of business, including, without limitation, sales (directly or indirectly),
dedications and other donations to governmental authorities, leases and sales and leasebacks of (A)&nbsp;homes, improved land and unimproved land and (B)&nbsp;real estate (including related amenities and improvements), </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;a transaction involving the sale of Capital Stock of, or the disposition of assets in, an Unrestricted Subsidiary, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;any exchange or swap of assets of the Company, the Issuer or any Restricted Subsidiary for assets that (x)&nbsp;are to be used
by the Company, the Issuer or any Restricted Subsidiary in the ordinary course of its Real Estate Business and (y)&nbsp;have a Fair Market Value not less than the Fair Market Value of the assets exchanged or swapped, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;any sale, transfer, conveyance, lease or other disposition of assets and properties that is governed by the provisions relating
to &#147;Limitations on mergers, consolidation and sales of assets,&#148; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;dispositions of mortgage loans and
related assets and mortgage-backed securities in the ordinary course of a mortgage lending business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Attributable
Debt&#148; </I>means, with respect to any Capitalized Lease Obligations, the capitalized amount thereof determined in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Bankruptcy Law&#148; </I>means title&nbsp;11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Capital Stock&#148; </I>means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated) of or in such Person&#146;s capital stock or other equity interests, and options, rights or warrants to purchase such capital stock or other equity interests, whether now outstanding or issued after the Issue Date, including,
without limitation, all Disqualified Stock and Preferred Stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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 obligations will be the capitalized amount
thereof determined in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Cash Equivalents&#148; </I>means </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;U.S.&nbsp;dollars; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;securities issued or directly and fully guaranteed or insured by the U.S.&nbsp;government or any agency or instrumentality thereof having maturities of one year or less from the date of
acquisition; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;certificates of deposit and eurodollar time deposits with maturities of one year or less from the date
of acquisition, bankers&#146; acceptances with maturities not exceeding six months and overnight bank deposits, in each case with any domestic commercial bank having capital and surplus in excess of $500&nbsp;million; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;repurchase obligations with a term of not more than seven days for underlying securities of the types described in
clauses&nbsp;(2) and (3)&nbsp;entered into with any financial institution meeting the qualifications specified in clause&nbsp;(3) above; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">37 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;commercial paper rated P-1, A-1 or the equivalent thereof by Moody&#146;s or
S&amp;P, respectively, and in each case maturing within six months after the date of acquisition;&nbsp;and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;investments in money market funds substantially all of the assets of which consist of securities described in the foregoing
clauses&nbsp;(1) through (5). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Change of Control&#148; </I>means </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;any sale, lease or other transfer (in one transaction or a series of transactions) of all or substantially all of the
consolidated assets of the Company and its Restricted Subsidiaries to any Person (other than a Restricted Subsidiary); <I>provided, however</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, more than 50% of all classes of Common Equity of such Person immediately after such transaction shall not be a Change of Control; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;a &#147;person&#148; or &#147;group&#148; (within the meaning of Section&nbsp;13(d) of the Exchange Act (other than (x)&nbsp;the Company or (y)&nbsp;the Permitted Hovnanian Holders)) becomes the
&#147;beneficial owner&#148; (as defined in Rule&nbsp;13d-3 under the Exchange Act) of Common Equity of the Company representing more than 50% of the voting power of the Common Equity of the Company; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;Continuing Directors cease to constitute at least a majority of the Board of Directors of the Company; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company; <I>provided,
however</I>, that a liquidation or dissolution of the Company which is part of a transaction that does not constitute a Change of Control under the proviso contained in clause&nbsp;(1) above shall not constitute a Change of Control;&nbsp;or
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;a change of control shall occur as defined in the instrument governing any publicly traded debt securities of the
Company or the Issuer which requires the Company or the Issuer to repay or repurchase such debt securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Common
Equity&#148; </I>of any Person means Capital Stock of such Person that is generally entitled to (1)&nbsp;vote in the election of directors of such Person or (2)&nbsp;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 or policies of such Person. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Consolidated Adjusted Tangible Assets</I>&#148; of the Company as of any date means the Consolidated Tangible Assets of the
Company, the Issuer and the Restricted Subsidiaries at the end of the fiscal quarter immediately preceding the date less any assets securing any Non-Recourse Indebtedness, as determined in accordance with GAAP. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Cash Flow Available for Fixed Charges&#148; </I>means, for any period, Consolidated Net Income for such period plus
(each to the extent deducted in calculating such Consolidated Net Income and determined in accordance with GAAP) the sum for such period, without duplication, of: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;income taxes, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;Consolidated Interest Expense, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;depreciation and amortization expenses and other non-cash charges to earnings,&nbsp;and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;interest and financing fees and expenses which were previously capitalized and which are amortized to cost of sales,
<I>minus</I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">all other non-cash items (other than the receipt of notes receivable) increasing such Consolidated Net Income. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Fixed Charge Coverage Ratio&#148; </I>means, with respect to any determination date, the ratio of
(x)&nbsp;Consolidated Cash Flow Available for Fixed Charges for the prior four full fiscal quarters (the &#147;Four Quarter </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Period&#148;) for which financial results have been reported immediately preceding the determination date (the &#147;Transaction Date&#148;), to (y)&nbsp;the aggregate Consolidated Interest
Incurred for the Four Quarter Period. For purposes of this definition, &#147;Consolidated Cash Flow Available for Fixed Charges&#148; and &#147;Consolidated Interest Incurred&#148; shall be calculated after giving effect on a <I>pro forma </I>basis
for the period of such calculation to: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;the incurrence or the repayment, repurchase, defeasance or other discharge or
the assumption by another Person that is not an Affiliate (collectively, &#147;repayment&#148;) of any Indebtedness of the Company, the Issuer or any Restricted Subsidiary (and the application of the proceeds thereof) giving rise to the need to make
such calculation, and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), at any time on or after the first day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or
repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period, except that Indebtedness under revolving credit facilities shall be deemed to be the average daily balance of such
Indebtedness during the Four Quarter Period (as reduced on such <I>pro forma </I>basis by the application of any proceeds of the incurrence of Indebtedness giving rise to the need to make such calculation); </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;any Asset Disposition or Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make
such calculation as a result of the Company, the Issuer or any Restricted Subsidiary (including any Person that becomes a Restricted Subsidiary as a result of any such Asset Acquisition) incurring Acquired Indebtedness at any time on or after the
first day of the Four Quarter Period and on or prior to the Transaction Date), as if such Asset Disposition or Asset Acquisition (including the incurrence or repayment of any such Indebtedness) and the inclusion, notwithstanding clause&nbsp;(2) of
the definition of &#147;Consolidated Net Income,&#148; of any Consolidated Cash Flow Available for Fixed Charges associated with such Asset Acquisition as if it occurred on the first day of the Four Quarter Period; <I>provided, however</I>, that the
Consolidated Cash Flow Available for Fixed Charges associated with any Asset Acquisition shall not be included to the extent the net income so associated would be excluded pursuant to the definition of &#147;Consolidated Net Income,&#148; other than
clause&nbsp;(2) thereof, as if it applied to the Person or assets involved before they were acquired;&nbsp;and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:2%; text-indent:2%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;the Consolidated Cash Flow Available for Fixed Charges and the Consolidated Interest Incurred attributable to
discontinued operations, as determined in accordance with GAAP, shall be excluded. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Furthermore, in calculating &#147;Consolidated Cash Flow
Available for Fixed Charges&#148; for purposes of determining the denominator (but not the numerator) of this &#147;Consolidated Fixed Charge Coverage Ratio,&#148; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a)&nbsp;interest on Indebtedness in respect of which a <I>pro forma </I>calculation is required that is determined on a
fluctuating basis as of the Transaction Date (including Indebtedness actually incurred on the Transaction Date) and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate <I>per annum </I>equal to the rate
of interest on such Indebtedness in effect on the Transaction Date,&nbsp;and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b)&nbsp;notwithstanding
clause&nbsp;(a) above, interest on such Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Interest Protection Agreements, shall be deemed to accrue at the rate <I>per annum </I>resulting
after giving effect to the operation of such agreements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Interest Expense&#148; </I>of the Company for
any period means the Interest Expense of the Company, the Issuer and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Interest Incurred&#148; </I>for any period means the Interest Incurred of the Company, the Issuer and the Restricted Subsidiaries for such period, determined on a consolidated basis
in accordance with GAAP. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Net Income&#148; </I>for any period means the aggregate net income (or
loss) of the Company and its 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 (loss) (to the extent otherwise included therein), without
duplication: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;the net income (or loss) of (x)&nbsp;any Unrestricted Subsidiary (other than a Mortgage Subsidiary) or
(y)&nbsp;any Person (other than a Restricted Subsidiary or a Mortgage Subsidiary) in which any Person other than the Company, the Issuer or any Restricted Subsidiary has an ownership interest, except, in each case, to the extent that any such income
has actually been received by the Company, the Issuer or any Restricted Subsidiary in the form of cash dividends or similar cash distributions during such period, which dividends or distributions are not in excess of the Company&#146;s, the
Issuer&#146;s or such Restricted Subsidiary&#146;s (as applicable) <I>pro rata </I>share of such Unrestricted Subsidiary&#146;s or such other Person&#146;s net income earned during such period, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;except to the extent includable in Consolidated Net Income pursuant to the foregoing clause (1), the net income (or loss) of any
Person that accrued prior to the date that (a)&nbsp;such Person becomes a Restricted Subsidiary or is merged with or into or consolidated with the Company, the Issuer or any of its Restricted Subsidiaries (except, in the case of an Unrestricted
Subsidiary that is redesignated a Restricted Subsidiary during such period, to the extent of its retained earnings from the beginning of such period to the date of such redesignation) or (b)&nbsp;the assets of such Person are acquired by the Company
or any Restricted Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;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, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;the gains or losses, together
with any related provision for taxes, realized during such period by the Company, the Issuer or any Restricted Subsidiary resulting from (a)&nbsp;the acquisition of securities, or extinguishment of Indebtedness, of the Company or any Restricted
Subsidiary or (b)&nbsp;any Asset Disposition by the Company or any Restricted Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;any extraordinary gain or
loss together with any related provision for taxes, realized by the Company, the Issuer or any Restricted Subsidiary, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)
any non-recurring expense recorded by the Company, the Issuer or any Restricted Subsidiary in connection with a merger accounted for as a &#147;pooling-of-interests&#148; transaction; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>provided, further</I>, that for purposes of calculating Consolidated Net Income solely as it relates to clause&nbsp;(3) of the first paragraph of the &#147;Limitations on restricted payments&#148;
covenant, clause (4)(b)&nbsp;above shall not be applicable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Consolidated Tangible Assets</I>&#148; of the Company as
of any date means the total amount of assets of the Company, the Issuer and the 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 (1)&nbsp;Intangible Assets and (2)&nbsp;appropriate adjustments on account of minority interests of other Persons holding equity investments in Restricted Subsidiaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Continuing Director&#148; </I>means a director who either was a member of the Board of Directors of the Company on the date of
the 6.25% Senior Notes Indenture or who became a director of the Company subsequent to such date and whose election or nomination for election by the Company&#146;s stockholders, was duly approved by a majority of the Continuing Directors on the
Board of Directors of the Company at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the Company on behalf of the entire Board of Directors of the Company in which such individual is named as
nominee for director. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;control&#148; </I>when used with respect to any 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; and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the
foregoing. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Credit Facilities&#148; </I>means, collectively, each of the credit facilities and
lines of credit of the Company or one or more Restricted Subsidiaries in existence on the Issue Date and one or more other facilities and lines of credit among or between the Company or one or more Restricted Subsidiaries and one or more lenders
pursuant to which the Company or one or more Restricted Subsidiaries may incur indebtedness for working capital and general corporate purposes (including acquisitions), as any such facility or line of credit may be amended, restated, supplemented or
otherwise modified from time to time, and includes any agreement extending the maturity of, increasing the amount of, or restructuring, all or any portion of the Indebtedness under such facility or line of credit or any successor facilities or lines
of credit and includes any facility or line of credit with one or more lenders refinancing or replacing all or any portion of the Indebtedness under such facility or line of credit or any successor facility or line of credit. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Currency Agreement&#148; </I>of any Person means any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in currency values. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Custodian&#148; </I>means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Designation Amount&#148; </I>has the meaning provided in the definition of Unrestricted Subsidiary.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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, (1)&nbsp;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 6.25% Senior Notes or (2)&nbsp;is convertible into or exchangeable or exercisable for (whether at the option of the issuer or the holder thereof) (a)&nbsp;debt securities or (b)&nbsp;any
Capital Stock referred to in (1)&nbsp;above, in each case, at any time prior to the final maturity date of the 6.25% Senior Notes; <I>provided, however</I>, that any Capital Stock that would not constitute Disqualified Stock but for provisions
thereof giving holders thereof (or the holders of any security into or for which such Capital Stock is convertible, exchangeable or exercisable) the right to require the Company to repurchase or redeem such Capital Stock upon the occurrence of a
change in control occurring prior to the final maturity date of the 6.25% Senior Notes shall not constitute Disqualified Stock if the change in control provision applicable to such Capital Stock are no more favorable to such holders than the
provisions described under the caption &#147;Certain covenants&#151;Repurchase of 6.25% Senior Notes upon Change of Control&#148; and such Capital Stock specifically provides that the Company will not repurchase or redeem any such Capital Stock
pursuant to such provisions prior to the Company&#146;s repurchase of the 6.25% Senior Notes as are required pursuant to the provisions described under the caption &#147;&#151;Certain covenants&#151;Repurchase of 6.25% Senior Notes upon Change of
Control.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Event of Default&#148; </I>has the meaning set forth in &#147;Events of Default.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Fair Market Value&#148; </I>means, with respect to any asset, the price (after taking into account any liabilities relating to
such assets) that would be negotiated in an arm&#146;s-length transaction for cash between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction, as such price is determined in good faith
by the Board of Directors of the Company or a duly authorized committee thereof, as evidenced by a resolution of such Board or committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;GAAP&#148; </I>means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements 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 on
May 4, 1999. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;guarantee&#148; </I>means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person: (i)&nbsp;to purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to
maintain financial statement conditions or otherwise) or (ii)&nbsp;entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof, in whole
or in part; <I>provided</I> that the term &#147;guarantee&#148; does not include endorsements for collection or deposit in the ordinary course of business. The term &#147;guarantee&#148; used as a verb has a corresponding meaning. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Holder&#148; or &#147;Holder of 6.25% Senior Notes&#148; </I>means the Person in whose name a 6.25% Senior Note is registered in
the books of the Registrar for the 6.25% Senior Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Indebtedness&#148; </I>of any Person means, without
duplication, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;any liability of such Person (a)&nbsp;for borrowed money or under any reimbursement obligation relating
to a letter of credit or other similar instruments (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), (b)&nbsp;evidenced by a bond, note, debenture or similar instrument (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), or (c)&nbsp;in respect of Capitalized Lease Obligations (to the extent of the Attributable Debt in respect thereof), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;any Indebtedness of others that such Person has guaranteed to the extent of the guarantee; <I>provided, however</I>, that Indebtedness of the Company and its Restricted Subsidiaries will not
include the obligations of the Company or a Restricted Subsidiary under warehouse lines of credit of Mortgage Subsidiaries to repurchase mortgages at prices no greater than 98% of the principal amount thereof, and upon any such purchase the excess,
if any, of the purchase price thereof over the Fair Market Value of the mortgages acquired, will constitute Restricted Payments subject to the &#147;Limitations on restricted payments&#148; covenant, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;to the extent not otherwise included, the obligations of such Person under Currency Agreements or Interest Protection Agreements
to the extent recorded as liabilities not constituting Interest Incurred, net of amounts recorded as assets in respect of such agreements, in accordance with GAAP,&nbsp;and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>provided</I>, that Indebtedness shall not include accounts payable, liabilities to trade creditors of such Person or other accrued expenses arising in the ordinary course of business. The amount of
Indebtedness of any Person at any date shall be (a)&nbsp;the outstanding balance at such date of all unconditional obligations as described above, net of any unamortized discount to be accounted for as Interest Expense, in accordance with GAAP,
(b)&nbsp;the maximum liability of such Person for any contingent obligations under clause&nbsp;(1) above at such date, net of an unamortized discount to be accounted for as Interest Expense in accordance with GAAP, and (c)&nbsp;in the case of
clause&nbsp;(4) above, the lesser of (x)&nbsp;the fair market value of any asset subject to a Lien securing the Indebtedness of others on the date that the Lien attaches and (y)&nbsp;the amount of the Indebtedness secured. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Intangible Assets</I>&#148; of the Company means all unamortized debt discount and expense, unamortized deferred charges,
goodwill, patents, trademarks, service marks, trade names, copyrights, write-ups of assets over their prior carrying value (other than write-ups which occurred prior to the Issue Date and other than, in connection with the acquisition of an asset,
the write-up of the value of such asset (within one year of its acquisition) to its fair market value in accordance with GAAP) and all other items which would be treated as </FONT></P>
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intangible on the consolidated balance sheet of the Company, the Issuer and the Restricted Subsidiaries prepared in accordance with GAAP. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Interest Expense&#148; </I>of any Person for any period means, without duplication, the aggregate amount of (i)&nbsp;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 in Capitalized Lease Obligations, all
commissions, discounts and other fees and charges owed with respect to letters of credit and bankers&#146; acceptance financing, the net costs (but reduced by net gains) associated with Currency Agreements and Interest Protection Agreements,
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 (ii)&nbsp;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 Person other
than the Company, the Issuer or any Restricted Subsidiary during such period; <I>provided</I>, that Interest Expense shall exclude any expense associated with the complete write-off of financing fees and expenses in connection with the repayment of
any Indebtedness. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Interest Incurred&#148; </I>of any Person for any period means, without duplication, the aggregate
amount of (1)&nbsp;Interest Expense and (2)&nbsp;all capitalized interest and amortized debt issuance costs. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Interest Protection Agreement&#148; </I>of any Person means any interest rate swap agreement, interest rate collar agreement,
option or futures contract or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in interest rates with respect to Debt permitted to be incurred under the 6.25% Senior Notes
Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Investment Grade</I>&#148; means, with respect to a debt rating of the 6.25% Senior Notes, a rating of
Baa3 or higher by Moody&#146;s together with a rating of BBB- or higher by S&amp;P or, in the event S&amp;P or Moody&#146;s or both shall cease rating the 6.25% Senior Notes (for reasons outside the control of the Company or the Issuer) and the
Company shall select any other Rating Agency, the equivalent of such ratings by such other Rating Agency. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Investments&#148; </I>of any Person means (i)&nbsp;all investments by such Person in any other Person in the form of loans,
advances or capital contributions, (ii)&nbsp;all guarantees of Indebtedness or other obligations of any other Person by such Person, (iii)&nbsp;all purchases (or other acquisitions for consideration) by such Person of Indebtedness, Capital Stock or
other securities of any other Person and (iv)&nbsp;all other items that would be classified as investments in any other Person (including, without limitation, purchases of assets outside the ordinary course of business) on a balance sheet of such
Person prepared in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Issue Date</I>&#148; means, solely for purposes of this &#147;Description
of 6.25% Senior Notes,&#148; August&nbsp;8, 2005. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Lien&#148; </I>means, with respect to any Property, any mortgage,
lien, pledge, charge, security interest or encumbrance of any kind in respect of such Property. For purposes of this definition, a Person shall be deemed to own, subject to a Lien, any Property which it has acquired or holds subject to the interest
of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such Property. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Marketable Securities&#148; </I>means (a)&nbsp;equity securities that are listed on the New York Stock Exchange, the American Stock Exchange or The Nasdaq National Market and (b)&nbsp;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. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Moody&#146;s&#148; </I>means Moody&#146;s Investors Service, Inc. or any successor to its debt rating business. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Mortgage Subsidiary&#148; </I>means any Subsidiary of the Company substantially all of whose operations consist of the mortgage
lending business. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Net Cash Proceeds&#148; </I>means with respect to an Asset Disposition, cash
payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise (including any cash received upon sale or disposition of such note or receivable), but only as
and when received), excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the Property disposed of in such Asset Disposition or received in any other non-cash
form unless and until such non-cash consideration is converted into cash therefrom, in each case, net of all legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all federal, state and local taxes required
to be accrued as a liability under GAAP as a consequence of such Asset Disposition, and in each case net of a reasonable reserve for the after-tax cost of any indemnification or other payments (fixed and contingent) attributable to the seller&#146;s
indemnities or other obligations to the purchaser undertaken by the Company, the Issuer or any of its Restricted Subsidiaries in connection with such Asset Disposition, and net of all payments made on any Indebtedness which is secured by or relates
to such Property, in accordance with the terms of any Lien or agreement upon or with respect to such Property or which must by its terms or by applicable law be repaid out of the proceeds from such Asset Disposition, and net of all contractually
required distributions and payments made to minority interest holders in Restricted Subsidiaries or joint ventures as a result of such Asset Disposition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Non-Recourse Indebtedness&#148; </I>with respect to any Person means Indebtedness of such Person for which (1)&nbsp;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 with the proceeds of such Indebtedness or such Indebtedness was incurred within 90&nbsp;days after
the acquisition of such property and (2)&nbsp;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)&nbsp;environmental warranties and indemnities, or (b)&nbsp;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. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Permitted Hovnanian Holders&#148; </I>means, collectively, Kevork S. Hovnanian, Ara K. Hovnanian, the members of their immediate
families, the respective estates, spouses, heirs, ancestors, lineal descendants, legatees and legal representatives of any of the foregoing and the trustee of any <I>bona fide</I> trust of which one or more of the foregoing are the sole
beneficiaries or the grantors thereof, or any entity of which any of the foregoing, individually or collectively, beneficially own more than 50% of the Common Equity. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Permitted Indebtedness&#148; </I>means </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;Indebtedness under
Credit Facilities which does not exceed $1.0 billion principal amount outstanding at any one time; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;Indebtedness in
respect of obligations of the Company and its Subsidiaries to the trustees under indentures for debt securities; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;intercompany debt obligations of (i)&nbsp;the Company to the Issuer, (ii)&nbsp;the Issuer to the Company, (iii)&nbsp;the Company
or the Issuer to any Restricted Subsidiary and (iv)&nbsp;any Restricted Subsidiary to the Company or the Issuer or any other Restricted Subsidiary; <I>provided, however</I>, that any Indebtedness of any Restricted Subsidiary or the Issuer or the
Company owed to any Restricted Subsidiary or the Issuer that ceases to be a Restricted Subsidiary shall be deemed to be incurred and shall be treated as an incurrence for purposes of the first paragraph of the covenant described under
&#147;Limitations on indebtedness&#148; at the time the Restricted Subsidiary in question ceases to be a Restricted Subsidiary; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;Indebtedness of the Company or the Issuer or any Restricted Subsidiary under any Currency Agreements or Interest Protection
Agreements in a notional amount no greater than the payments due (at the time the related </FONT></P>
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Currency Agreement or Interest Protection Agreement is entered into) with respect to the Indebtedness or currency being hedged; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;Purchase Money Indebtedness; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(6) Capitalized Lease Obligations; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)&nbsp;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; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(8)&nbsp;Indebtedness secured only by office buildings owned or occupied by the Company or any Restricted Subsidiary, which Indebtedness does not exceed $10&nbsp;million aggregate principal amount
outstanding at any one time; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9)&nbsp;Indebtedness under warehouse lines of credit, repurchase agreements and Indebtedness
secured by mortgage loans and related assets of mortgage lending Subsidiaries in the ordinary course of a mortgage lending business;&nbsp;and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(10)&nbsp;Indebtedness of the Company or any Restricted Subsidiary which, together with all other Indebtedness under this clause (10), does not exceed $50&nbsp;million aggregate principal amount
outstanding at any one time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Permitted Investment&#148; </I>means </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;Cash Equivalents; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;any Investment in the Company, the Issuer or any Restricted Subsidiary or any Person that becomes a Restricted Subsidiary as a result of such Investment or that is consolidated or merged with or
into, or transfers all or substantially all of the assets of it or an operating unit or line of business to, the Company or a Restricted Subsidiary; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;any receivables, loans or other consideration taken by the Company, the Issuer or any Restricted Subsidiary in connection with any asset sale otherwise permitted by the 6.25% Senior Notes
Indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;Investments received in connection with any bankruptcy or reorganization proceeding, or as a result of
foreclosure, perfection or enforcement of any Lien or any judgment or settlement of any Person in exchange for or satisfaction of Indebtedness or other obligations or other property received from such Person, or for other liabilities or obligations
of such Person created, in accordance with the terms of the 6.25% Senior Notes Indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;Investments in Currency
Agreements or Interest Protection Agreements described in the definition of &#147;Permitted Indebtedness;&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;any
loan or advance to an executive officer, director or employee of the Company or any Restricted Subsidiary made in the ordinary course of business or in accordance with past practice; <I>provided, however</I>, that any such loan or advance exceeding
$1&nbsp;million shall have been approved by the Board of Directors of the Company or a committee thereof consisting of disinterested members; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(7) Investments in joint ventures in a Real Estate Business with unaffiliated third parties in an aggregate amount at any time outstanding not to exceed 10% of Consolidated Tangible Assets at such time;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8)&nbsp;Investments in interests in issuances of collateralized mortgage obligations, mortgages, mortgage loan servicing, or
other mortgage related assets; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9)&nbsp;obligations of the Company or a Restricted Subsidiary under warehouse lines of credit
of Mortgage Subsidiaries to repurchase mortgages;&nbsp;and </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10)&nbsp;Investments in an aggregate amount outstanding not to exceed $10&nbsp;million.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Permitted Liens&#148; </I>means </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;Liens for taxes, assessments or governmental or quasi-government charges or claims that (a)&nbsp;are not yet delinquent, (b)&nbsp;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, if required, or (c)&nbsp;encumber solely property abandoned or in the process of being abandoned, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;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)&nbsp;are not yet delinquent or (b)&nbsp;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, if required, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;Liens (other than any Lien imposed by the Employer 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, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;Liens incurred or deposits
made to secure the performance of tenders, bids, leases, statutory obligations, surety and appeal bonds, development obligations, progress payments, government contacts, utility services, developer&#146;s or other obligations to make on-site 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 (1)(a)&nbsp;of the definition of &#147;Indebtedness&#148;), in
each case incurred in the ordinary course of business of the Company, the Issuer and the Restricted Subsidiaries, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5)&nbsp;attachment or judgment Liens not giving rise to a Default or an Event of Default, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)&nbsp;easements, dedications, assessment district or similar Liens in connection with municipal or special district financing,
rights-of-way, restrictions, reservations and other similar charges, burdens, and other similar charges or encumbrances not materially interfering with the ordinary course of business of the Company, the Issuer and the Restricted Subsidiaries,
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7)&nbsp;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, the Issuer and the Restricted Subsidiaries, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(8)&nbsp;Liens securing Indebtedness incurred pursuant to clause&nbsp;(8) or (9)&nbsp;of the definition of Permitted Indebtedness, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(9)&nbsp;Liens securing Indebtedness of the Company, the Issuer or any Restricted Subsidiary permitted to be incurred under the 6.25% Senior Notes Indenture; provided, that the aggregate amount of all
consolidated Indebtedness of the Company, the Issuer and the Restricted Subsidiaries (including, with respect to Capitalized Lease Obligations, the Attributable Debt in respect thereof) secured by Liens (other than Non-Recourse Indebtedness and
Indebtedness incurred pursuant to clause (9)&nbsp;of the definition of Permitted Indebtedness) shall not exceed 40% of Consolidated Adjusted Tangible Assets at any one time outstanding (after giving effect to the incurrence of such Indebtedness and
the use of the proceeds thereof), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10)&nbsp;Liens securing Non-Recourse Indebtedness of the Company, the Issuer or any
Restricted Subsidiary; provided, that such Liens apply only to the property financed out of the net proceeds of such Non-Recourse Indebtedness within 90&nbsp;days after the incurrence of such Non-Recourse Indebtedness, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(11)&nbsp;Liens securing Purchase Money Indebtedness; <I>provided</I>, that such Liens apply only to the property acquired, constructed
or improved with the proceeds of such Purchase Money Indebtedness within 90&nbsp;days after the incurrence of such Purchase Money Indebtedness, </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(12)&nbsp;Liens on property or assets of the Company, the Issuer or any Restricted
Subsidiary securing Indebtedness of the Company, the Issuer or any Restricted Subsidiary owing to the Company, the Issuer or one or more Restricted Subsidiaries, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(13)&nbsp;leases or subleases granted to others not materially interfering with the ordinary course of business of the Company and the Restricted Subsidiaries, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14)&nbsp;purchase money security interests (including, without limitation, Capitalized Lease Obligations); <I>provided</I>, that such
Liens apply only to the Property acquired and the related Indebtedness is incurred within 90&nbsp;days after the acquisition of such Property, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(15)&nbsp;any right of first refusal, right of first offer, option, contract or other agreement to sell an asset; <I>provided </I>that such sale is not otherwise prohibited under the 6.25% Senior Notes
Indenture, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16)&nbsp;any right of a lender or lenders to which the Company, the Issuer 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, deposits, accounts or money of the Company, the Issuer or a Restricted Subsidiary with or held by such lender or lenders or its
Affiliates, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17)&nbsp;any pledge or deposit of cash or property in conjunction with obtaining surety, performance, completion
or payment bonds and letters of credit or other similar instruments or providing earnest money obligations, escrows or similar purpose undertakings or indemnifications in the ordinary course of business of the Company, the Issuer and the Restricted
Subsidiaries, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(18)&nbsp;Liens for homeowner and property owner association developments and assessments, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(19)&nbsp;Liens securing Refinancing Indebtedness; <I>provided</I>, that such Liens extend only to the assets securing the Indebtedness
being refinanced, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(20)&nbsp;Liens incurred in the ordinary course of business as security for the obligations of the Company,
the Issuer and the Restricted Subsidiaries with respect to indemnification in respect of title insurance providers, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(21)&nbsp;Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any
Subsidiary of the Company or becomes a Subsidiary of the Company; <I>provided</I>, that such Liens were in existence prior to the contemplation of such merger or consolidation or acquisition and do not extend to any assets other than those of the
Person merged into or consolidated with the Company or the Subsidiary or acquired by the Company or its Subsidiaries, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22)&nbsp;Liens on property existing at the time of acquisition thereof by the Company or any Subsidiary of the Company, <I>provided</I>,
that such Liens were in existence prior to the contemplation of such acquisition, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(23)&nbsp;Liens existing on the Issue Date
and any extensions, renewals or replacements thereof,&nbsp;and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24)&nbsp;Liens on specific items of inventory or other goods
and proceeds of any Person securing such Person&#146;s obligations in respect of bankers&#146; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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 any agency or political subdivision thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><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. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Property&#148; </I>of any Person means all types of real, personal, tangible,
intangible or mixed property owned by such Person, whether or not included in the most recent consolidated balance sheet of such Person and its Subsidiaries under GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Purchase Money Indebtedness&#148; </I>means Indebtedness of the Company, the Issuer or any Restricted Subsidiary incurred for the purpose of financing all or any part of the purchase price, or
the cost of construction or improvement, of any property to be used in the ordinary course of business by the Company, the Issuer and the Restricted Subsidiaries; <I>provided, however</I>, that (1)&nbsp;the aggregate principal amount of such
Indebtedness shall not exceed such purchase price or cost and (2)&nbsp;such Indebtedness shall be incurred no later than 90&nbsp;days after the acquisition of such property or completion of such construction or improvement. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Qualified Stock&#148; </I>means Capital Stock of the Company other than Disqualified Stock. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Rating Agency</I>&#148; means a statistical rating agency or agencies, as the case may be, nationally recognized in the United
States and selected by the Company (as certified by a resolution of the Board of Directors of the Company) which shall be substituted for S&amp;P or Moody&#146;s, or both, as the case may be. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Real Estate Business&#148; </I>means homebuilding, housing construction, real estate development or construction and related
real estate activities, including the provision of mortgage financing or title insurance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Refinancing
Indebtedness&#148; </I>means Indebtedness (to the extent not Permitted Indebtedness) that refunds, refinances or extends any Indebtedness of the Company, the Issuer or any Restricted Subsidiary (to the extent not Permitted Indebtedness) outstanding
on the Issue Date or other Indebtedness (to the extent not Permitted Indebtedness) permitted to be incurred by the Company, the Issuer or any Restricted Subsidiary pursuant to the terms of the 6.25% Senior Notes Indenture, but only to the extent
that: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;the Refinancing Indebtedness is subordinated, if at all, to the 6.25% Senior Notes or the 6.25% Senior Notes
Guarantees, as the case may be, to the same extent as the Indebtedness being refunded, refinanced or extended, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;the
Refinancing Indebtedness is scheduled to mature either (a)&nbsp;no earlier than the Indebtedness being refunded, refinanced or extended or (b)&nbsp;after the maturity date of the 6.25% Senior Notes, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;the portion, if any, of the Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date of the 6.25%
Senior 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 6.25% Senior Notes,&nbsp;and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)&nbsp;such
Refinancing Indebtedness is in an aggregate principal amount that is equal to or less than the aggregate principal amount then outstanding under the Indebtedness being refunded, refinanced or extended. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Restricted Payment&#148; </I>means any of the following: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1)&nbsp;the declaration or payment of any dividend or any other distribution on Capital Stock of the Company, the Issuer or any
Restricted Subsidiary or any payment made to the direct or indirect holders (in their capacities as such) of Capital Stock of the Company, the Issuer or any Restricted Subsidiary (other than (a)&nbsp;dividends or distributions payable solely in
Qualified Stock and (b)&nbsp;in the case of the Issuer or Restricted Subsidiaries, dividends or distributions payable to the Company, the Issuer or a Restricted Subsidiary); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2)&nbsp;the purchase, redemption or other acquisition or retirement for value of any Capital Stock of the Company, the Issuer or any Restricted Subsidiary (other than a payment made to the Company, the
Issuer or any Restricted Subsidiary); and </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)&nbsp;any Investment (other than any Permitted Investment), including any Investment in
an Unrestricted Subsidiary (including by the designation of a Subsidiary of the Company as an Unrestricted Subsidiary) and any amounts paid in accordance with clause&nbsp;(2) of the definition of Indebtedness. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Restricted Subsidiary&#148; </I>means any Subsidiary of the Company which is not an Unrestricted Subsidiary. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;S&amp;P&#148; </I>means Standard&nbsp;&amp; Poor&#146;s Ratings Services, a division of The McGraw Hill Companies, Inc., a New
York corporation, or any successor to its debt rating business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Significant Subsidiary&#148; </I>means any
Subsidiary of the Company which would constitute a &#147;significant subsidiary&#148; as defined in Rule&nbsp;1-02(w)(1) or (2)&nbsp;of Regulation&nbsp;S-X under the Securities Act and the Exchange Act as in effect on the Issue Date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Subsidiary&#148; </I>of any Person means any corporation or other entity of which a majority of the Capital Stock having
ordinary voting power to elect a majority of the Board of Directors or other persons performing similar functions is at the time directly or indirectly owned or controlled by such Person. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Unrestricted Subsidiary&#148; </I>means any Subsidiary of the Company so designated by a resolution adopted by the Board of
Directors of the Company or a duly authorized committee thereof as provided below; <I>provided </I>that (a)&nbsp;the holders of Indebtedness thereof do not have direct or indirect recourse against the Company, the Issuer or any Restricted
Subsidiary, and neither the Company, the Issuer nor any Restricted Subsidiary otherwise has liability for, any payment obligations in respect of such Indebtedness (including any undertaking, agreement or instrument evidencing such Indebtedness),
except, in each case, to the extent that the amount thereof constitutes a Restricted Payment permitted by the 6.25% Senior Notes Indenture, in the case of Non-Recourse Indebtedness, to the extent such recourse or liability is for the matters
discussed in the last sentence of the definition of &#147;Non-Recourse Indebtedness,&#148; or to the extent such Indebtedness is a guarantee by such Subsidiary of Indebtedness of the Company, the Issuer or a Restricted Subsidiary and (b)&nbsp;no
holder of any Indebtedness of such Subsidiary shall have a right to declare a default on such Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated maturity as a result of a default on any Indebtedness of the
Company, the Issuer or any Restricted Subsidiary. As of the date of this prospectus, the Issuer&#146;s home mortgage subsidiaries, certain title insurance subsidiaries, joint ventures, subsidiaries holding interests in joint ventures and the foreign
subsidiary are designated as Unrestricted Subsidiaries under the 6.25% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the foregoing, the
Board of Directors of the Company or a duly authorized committee thereof may designate any Subsidiary in addition to those named above to be an Unrestricted Subsidiary; <I>provided, however</I>, that (1)&nbsp;the net amount (the &#147;Designation
Amount&#148;) then outstanding of all previous Investments by the Company and the Restricted Subsidiaries in such Subsidiary will be deemed to be a Restricted Payment 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 6.25% Senior Notes Indenture, to the extent provided therein, (2)&nbsp;the Company must be permitted under the &#147;Limitations on restricted
payments&#148; covenant set forth in the 6.25% Senior Notes Indenture to make the Restricted Payment deemed to have been made pursuant to clause (1), and (3)&nbsp;after giving effect to such designation, no Default or Event of Default shall have
occurred or be continuing. In accordance with the foregoing, and not in limitation thereof, Investments made by any Person in any Subsidiary of such Person prior to such Person&#146;s merger with the Company or any Restricted Subsidiary (but not in
contemplation or anticipation of such merger) shall not be counted as an Investment by the Company or such Restricted Subsidiary if such Subsidiary of such Person is designated as an Unrestricted Subsidiary. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board of Directors of the Company or a duly authorized committee thereof may also redesignate an Unrestricted Subsidiary to be a
Restricted Subsidiary; <I>provided, however</I>, that (1)&nbsp;the Indebtedness of such Unrestricted Subsidiary as of the date of such redesignation could then be incurred under the &#147;Limitations on indebtedness&#148; covenant and
(2)&nbsp;immediately after giving effect to such redesignation and the incurrence of any such additional Indebtedness, the Company and the Restricted Subsidiaries could incur $1.00 of additional Indebtedness under the first paragraph of the
&#147;Limitations on indebtedness&#148; covenant. Any such designation or redesignation by the Board of Directors of the Company or a committee thereof will be evidenced to the 6.25% </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Senior Notes Trustee by the filing with the 6.25% Senior Notes Trustee of a certified copy of the resolution of the Board of Directors of the Company or a committee thereof 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 of such Officers&#146; Certificate. The designation
of any Person as an Unrestricted Subsidiary shall be deemed to include a designation of all Subsidiaries of such Person as Unrestricted Subsidiaries; <I>provided, however</I>, that the ownership of the general partnership interest (or a similar
member&#146;s interest in a limited liability company) by an Unrestricted Subsidiary shall not cause a Subsidiary of the Company of which more than 95% of the equity interest is held by the Company or one or more Restricted Subsidiaries to be deemed
an Unrestricted Subsidiary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;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)&nbsp;the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (ii)&nbsp;the sum
of all such payments described in clause (i)(a) above. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>DESCRIPTION OF 8.625% SENIOR NOTES </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In this section, references to the &#147;Company&#148; mean Hovnanian Enterprises, Inc. and do not include K. Hovnanian Enterprises, Inc.
or any of its subsidiaries and references to the &#147;Issuer&#148; mean K. Hovnanian Enterprises, Inc. and do not include any of its subsidiaries </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The debt securities offered from time to time pursuant to this prospectus may be issued as additional notes (the &#147;8.625% Senior Notes&#148;) under the Indenture dated as of November&nbsp;3, 2003 (the
&#147;8.625% Senior Notes Base Indenture&#148;), among the Issuer, the Company, the other guarantors party thereto and Deutsche Bank National Trust Company, as successor trustee (the &#147;8.625% Senior Notes Trustee), as supplemented by the Seventh
Supplemental Indenture relating to the Issuer&#146;s 8.625% Senior Notes due 2017, dated as of June&nbsp;12, 2006 (the &#147;Seventh Supplemental Indenture&#148; and, together with the 8.625% Senior Notes Base Indenture, as further amended or
supplemented as of the date hereof, the &#147;8.625% Senior Notes Indenture&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">All such additional 8.625% Senior Notes
will vote together, including, without limitation, with respect to waivers, amendments, redemption and offers to purchase and will be treated as a single class for all purposes of the 8.625% Senior Notes Indenture. The following is a summary of the
material terms and provisions of the 8.625% Senior Notes. Any offering of Additional Notes under the 8.625% Senior Notes Indenture is subject to the covenant described below under the caption &#147;Certain covenants&#151;Limitations on
indebtedness.&#148; The terms of the 8.625% Senior Notes include those stated in the 8.625% Senior Notes Indenture and those made part of the 8.625% Senior Notes Indenture by reference to the Trust Indenture Act as in effect on the date of the
8.625% Senior Notes Indenture. The 8.625% Senior Notes are subject to all such terms, and prospective purchasers of the 8.625% Senior Notes are referred to the 8.625% Senior Notes Indenture and the Trust Indenture Act for a statement of such terms.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">This description of the 8.625% Senior Notes contains definitions of terms, including those defined under the caption
&#147;&#151;Definitions of certain terms used in the 8.625% Senior Notes Indenture.&#148; Capitalized terms that are used but not otherwise defined herein have the meanings assigned to them in the 8.625% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>General</I>. The 8.625% Senior Notes will bear interest at the rate per annum of 8.625%, payable semi-annually on January&nbsp;15 and
July&nbsp;15 of each year, to Holders of record at the close of business on January&nbsp;1 or July&nbsp;1, as the case may be, immediately preceding each such interest payment date. The 8.625% Senior Notes will mature on January&nbsp;15, 2017, and
will be issued in denominations of $1,000 and integral multiples thereof. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes will be guaranteed by the Company and each of the 8.625% Senior Notes Guarantors (together, the &#147;8.625% Senior Notes Guarantors&#148;) pursuant to the 8.625% Senior Notes
Guarantees (the &#147;8.625% Senior Notes Guarantees&#148;) described below. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Ranking</I>. The 8.625% Senior Notes will be general unsecured obligations of the Issuer
and rank senior in right of payment to all future Indebtedness of the Issuer that is, by its terms, expressly subordinated in right of payment to the 8.625% Senior Notes and <I>pari passu</I> in right of payment with all existing and future
unsecured Indebtedness of the Issuer that is not so subordinated. Under specified circumstances, the Issuer may be released from its obligations under the 8.625% Senior Notes and the 8.625% Senior Notes Indenture. See &#147;&#151;Condition for
release of K. Hovnanian.&#148; The 8.625% Senior Notes Guarantees will be general unsecured obligations of the 8.625% Senior Notes Guarantors and will rank senior in right of payment to all future Indebtedness of the 8.625% Senior Notes Guarantors
that is, by its terms, expressly subordinated in right of payment to the 8.625% Senior Notes Guarantees and will rank <I>pari passu</I> in right of payment with all existing and future unsecured Indebtedness of the Company and the 8.625% Senior
Notes Guarantors that is not so subordinated. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Secured creditors of the Company, the Issuer and the other 8.625% Senior Notes
Guarantors have a claim on the assets which secure the obligations of the Company and the 8.625% Senior Notes Guarantors to such creditors prior to claims of Holders of the 8.625% Senior Notes against those assets. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>The 8.625% Senior Notes Guarantees</I>. The Company and each of the 8.625% Senior Notes Guarantors will (so long, in the case of a
Restricted Subsidiary, as it remains a Restricted Subsidiary) fully and unconditionally guarantee on a joint and several basis all of the obligations of the Issuer under the 8.625% Senior Notes, including the Issuer&#146;s obligations to pay
principal, premium, if any, and interest with respect to the 8.625% Senior Notes. The Issuer and each of the 8.625% Senior Notes Guarantors is 100% owned by the Company. The 8.625% Senior Notes Guarantees will be general unsecured obligations of the
Company and the 8.625% Senior Notes Guarantors and will rank <I>pari passu</I> with all existing and future unsecured Indebtedness of the 8.625% Senior Notes Guarantors that is not, by its terms, expressly subordinated in right of payment to the
8.625% Senior Notes Guarantees. The obligations of each 8.625% Senior Notes Guarantor other than the Company are limited to the maximum amount which, after giving effect to all other contingent and fixed liabilities of such 8.625% Senior Notes
Guarantor and after giving effect to any collections from or payments made by or on behalf of any other 8.625% Senior Notes Guarantor in respect of the obligations of such other 8.625% Senior Notes Guarantor under its 8.625% Senior Notes Guarantee
or pursuant to its contribution obligations under the 8.625% Senior Notes Indenture, will result in the obligations of such 8.625% Senior Notes Guarantor under its 8.625% Senior Notes Guarantee not constituting a fraudulent conveyance or fraudulent
transfer under federal or state law. Each 8.625% Senior Notes Guarantor other than the Company that makes a payment or distribution under a 8.625% Senior Notes Guarantee shall be entitled to a contribution from each other 8.625% Senior Notes
Guarantor in an amount pro rata , based on the net assets of each 8.625% Senior Notes Guarantor, determined in accordance with GAAP. Except as provided in &#147;&#151;Certain covenants&#148; below, the Company is not restricted from selling or
otherwise disposing of any of the 8.625% Senior Notes Guarantors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture requires that each
existing and future Restricted Subsidiary of the Company other than, the Issuer (for so long as it remains the Issuer) be a 8.625% Senior Notes Guarantor. The Company is permitted to cause any Unrestricted Subsidiary to be a 8.625% Senior Notes
Guarantor. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture provides that if all or substantially all of the assets of any 8.625% Senior
Notes Guarantor other than the Company or all of the Capital Stock of any 8.625% Senior Notes Guarantor other than the Company 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 8.625% Senior Notes Guarantor other than the Company is designated an Unrestricted Subsidiary in accordance with the terms of the 8.625% Senior
Notes Indenture, then such 8.625% Senior Notes Guarantor (in the event of a sale or other disposition of all of the Capital Stock of such 8.625% Senior Notes 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 8.625% Senior Notes Guarantor) shall be deemed automatically and unconditionally released and discharged from any of its obligations under the
8.625% Senior Notes Indenture without any further action on the part of the 8.625% Senior Notes Trustee or any Holder of the 8.625% Senior Notes. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon the release of a guarantee by a 8.625% Senior Notes Guarantor other than the Company
under all then outstanding Applicable Debt, at any time after the suspension of certain covenants as provided below under the caption &#147;&#151;Limitation of applicability of certain covenants if 8.625% Senior Notes rated Investment Grade,&#148;
the 8.625% Senior Notes Guarantee of such 8.625% Senior Notes Guarantor under the 8.625% Senior Notes Indenture will be released and discharged at such time and no Restricted Subsidiary thereafter acquired or created will be required to be a 8.625%
Senior Notes Guarantor; <I>provided</I> that the foregoing shall not apply to any release of any 8.625% Senior Notes Guarantor done in contemplation of, or in connection with, any cessation of the 8.625% Senior Notes being rated Investment Grade. In
the event that (1)&nbsp;any such released 8.625% Senior Notes Guarantor thereafter guarantees any Applicable Debt (or if any released guarantee under any Applicable Debt is reinstated or renewed) or (2)&nbsp;the Extinguished Covenants cease to be
suspended as described under &#147;&#151;Limitation of applicability of certain covenants if 8.625% Senior Notes rated Investment Grade&#148; then any such released 8.625% Senior Notes Guarantor and any other Restricted Subsidiary of the Company
then existing (other than the Restricted Subsidiaries named in the second preceding paragraph) will guarantee the 8.625% Senior Notes on the terms and conditions set forth in the 8.625% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Applicable Debt&#148; means all Indebtedness of the Company or any of its Restricted Subsidiaries (i)&nbsp;under Credit Facilities
or (ii)&nbsp;that is publicly traded (including in the Rule&nbsp;144A market). For purposes of the above provision, Applicable Debt secured by a Lien on such Restricted Subsidiary&#146;s Property or issued by such Restricted Subsidiary shall be
deemed guaranteed by such Restricted Subsidiary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">An Unrestricted Subsidiary that is a 8.625% Senior Notes Guarantor shall be
deemed automatically and unconditionally released and discharged from all obligations under its 8.625% Senior Notes Guarantee upon notice from the Company to the 8.625% Senior Notes Trustee to such effect, without any further action required on the
part of the 8.625% Senior Notes Trustee or any Holder. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A sale of assets or Capital Stock of a 8.625% Senior Notes Guarantor
may constitute an Asset Disposition subject to the &#147;Limitations on dispositions of assets&#148; covenant. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Redemption</I>. The 8.625% Senior Notes will be redeemable, in whole, at any time, or in part, from time to time, at the option of the
Issuer upon not less than 30 nor more than 60&nbsp;days&#146; notice at a redemption price equal to the sum of: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) 100% of
the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date, if any; <I>plus</I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) the
Make-Whole Amount. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The term &#147;Make-Whole Amount&#148; shall mean, in connection with any optional redemption of any
8.625% Senior Note, the excess, if any, of: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) the aggregate present value as of the date of such redemption of each dollar
of principal being redeemed and the amount of interest (exclusive of interest accrued to the redemption date) that would have been payable in respect of such dollar if such prepayment had not been made, determined by discounting, on a semiannual
basis, such principal and interest at the Treasury Rate (determined on the business day preceding the date of such redemption) plus 0.50%, from the respective dates on which such principal and interest would have been payable if such payment had not
been made; over </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) the principal amount of the 8.625% Senior Note being redeemed. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;Treasury Rate&#148; means, in connection with the calculation of any Make-Whole Amount with respect to any 8.625% Senior Note, the
yield to maturity at the time of computation of United States Treasury securities with a constant maturity, as compiled by and published in the most recent Federal Reserve Statistical Release H.15&nbsp;(519)&nbsp;that has become publicly available
at least two business days prior to the redemption date (or, if such </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
Statistical Release is no longer published, any publicly available source or similar market data), equal to the then remaining maturity of the 8.625% Senior Note being prepaid. If no maturity
exactly corresponds to such maturity, yields for the published maturities occurring prior to and after such maturity most closely corresponding to such maturity shall be calculated pursuant to the immediately preceding sentence and the Treasury Rate
shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">There is no sinking fund for, or mandatory redemption of, the 8.625% Senior Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Selection and notice</I><B>.</B> If less than all of the 8.625% Senior Notes are to be redeemed at any time, the 8.625% Senior Notes
Trustee will select 8.625% Senior Notes for redemption on a pro rata basis, by lot or by such other method as the 8.625% Senior Notes Trustee in its sole discretion shall deem appropriate and fair. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">No 8.625% Senior Notes of $1,000 in original principal amount or less shall be redeemed in part. Notices of redemption may not be
conditional. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If any 8.625% Senior Note is to be redeemed in part only, the notice of redemption that relates to that 8.625%
Senior Note shall state the portion of the principal amount thereof to be redeemed. A new 8.625% Senior Note in principal amount equal to the unredeemed portion of the original 8.625% Senior Note will be issued in the name of the Holder thereof upon
cancellation of the original 8.625% Senior Note. 8.625% Senior Notes called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue on 8.625% Senior Notes or portions of them called for
redemption. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Certain covenants.</I> The following is a summary of certain covenants that are contained in the 8.625% Senior
Notes Indenture. Such covenants are applicable (unless waived or amended as permitted by the 8.625% Senior Notes Indenture or their application is suspended as set forth under the caption &#147;&#151;Limitation of applicability of certain covenants
if 8.625% Senior Notes rated Investment Grade&#148;) so long as any of the 8.625% Senior Notes are outstanding or until the 8.625% Senior Notes are defeased pursuant to provisions described under &#147;Defeasance of Indenture.&#148; </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Repurchase of 8.625% Senior Notes upon Change of Control.</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">In the event that there shall occur a Change of Control, each Holder of 8.625% Senior Notes shall have the right, at such Holder&#146;s option, to require the Issuer to purchase all or any part of such
Holder&#146;s 8.625% Senior Notes on a date (the &#147;Repurchase Date&#148; ) that is no later than 90&nbsp;days after notice of the Change of Control, at 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the
Repurchase Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">On or before the thirtieth day after any Change of Control, the Issuer is obligated to mail or cause to be
mailed, to all Holders of record of 8.625% Senior Notes, a notice regarding the Change of Control and the repurchase right. The notice shall state the Repurchase Date, the date by which the repurchase right must be exercised, the price for the
8.625% Senior Notes and the procedure which the Holder must follow to exercise such right. Substantially simultaneously with mailing of the notice, the Issuer shall cause a copy of such notice to be published in a newspaper of general circulation in
the Borough of Manhattan, The City of New York. To exercise such right, the Holder of such 8.625% Senior Note must deliver, at least ten days prior to the Repurchase Date, written notice to the Issuer (or an agent designated by the Issuer for such
purpose) of the Holder&#146;s exercise of such right, together with the 8.625% Senior Note with respect to which the right is being exercised, duly endorsed for transfer;<I> provided, however,</I> that if mandated by applicable law, a Holder may be
permitted to deliver such written notice nearer to the Repurchase Date than may be specified by the Issuer. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Issuer will
comply with applicable law, including Section&nbsp;14(e) of the Exchange Act and Rule&nbsp;14e-1 thereunder, if applicable, if the Issuer is required to give a notice of a right of repurchase as a result of a Change of Control. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">53 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">With respect to any disposition of assets, the phrase &#147;all or substantially all&#148;
as used in the 8.625% Senior Notes Indenture (including as set forth under &#147;&#151;Certain covenants&#151;Limitations on mergers, consolidations and sales of assets&#148; below) varies according to the facts and circumstances of the subject
transaction, has no clearly established meaning under New York law (which governs the 8.625% Senior Notes Indenture) and is subject to judicial interpretation. Accordingly, in certain circumstances there may be a degree of uncertainty in
ascertaining whether a particular transaction would involve a disposition of &#147;all or substantially all&#148; of the assets of the Company, and therefore it may be unclear as to whether a Change of Control has occurred and whether the Holders
have the right to require the Issuer to repurchase 8.625% Senior Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">None of the provisions relating to a repurchase upon
a Change of Control is waivable by the Board of Directors of the Issuer or the Company. The Company could, in the future, enter into certain transactions, including certain recapitalizations of the Company, that would not result in a Change of
Control, but would increase the amount of Indebtedness outstanding at such time. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture requires
the payment of money for 8.625% Senior Notes or portions thereof validly tendered to, and accepted for payment by, the Issuer pursuant to a Change of Control offer. In the event that a Change of Control has occurred under the 8.625% Senior Notes
Indenture, a change of control will also have occurred under the indentures governing the Issuer&#146;s other outstanding notes. If a Change of Control were to occur, there can be no assurance that the Issuer would have sufficient funds to pay the
purchase price for all 8.625% Senior Notes and amounts due under other Indebtedness that the Company may be required to repurchase or repay or that the Company or the other 8.625% Senior Notes Guarantors would be able to make such payments. In the
event that the Issuer were required to purchase outstanding 8.625% Senior Notes pursuant to a Change of Control offer, the Company expects that it would need to seek third-party financing to the extent it does not have available funds to enable the
Issuer to meet its purchase obligations. However, there can be no assurance that the Company would be able to obtain such financing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Failure by the Issuer to purchase the 8.625% Senior Notes when required upon a Change of Control will result in an Event of Default with respect to the 8.625% Senior Notes. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">These provisions could have the effect of deterring hostile or friendly acquisitions of the Company where the Person attempting the
acquisition views itself as unable to finance the purchase of the principal amount of 8.625% Senior Notes which may be tendered to the Issuer upon the occurrence of a Change of Control. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on indebtedness.</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary, directly or indirectly, to create, incur, assume, become liable
for or guarantee the payment of (collectively, an &#147;incurrence&#148;) any Indebtedness (including Acquired Indebtedness) unless, after giving effect thereto and the application of the proceeds therefrom, the Consolidated Fixed Charge Coverage
Ratio on the date thereof would be at least 2.0 to 1.0. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, the provisions of the 8.625% Senior
Notes Indenture will not prevent the incurrence of: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) Permitted Indebtedness, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) Refinancing Indebtedness, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3) Non-Recourse Indebtedness, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) any 8.625% Senior Notes Guarantee of
Indebtedness represented by the 8.625% Senior Notes, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) any guarantee of Indebtedness incurred under Credit Facilities
in compliance with the 8.625% Senior Notes Indenture. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of determining compliance with this covenant, in the event that an item of
Indebtedness may be incurred through the first paragraph of this covenant or by meeting the criteria of one or more of the types of Indebtedness described in the second paragraph of this covenant (or the definitions of the terms used therein), the
Company, in its sole discretion, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) may classify such item of Indebtedness under and comply with either of such paragraphs
(or any of such definitions), as applicable, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) may classify and divide such item of Indebtedness into more than one of such
paragraphs (or definitions), as applicable, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) may elect to comply with such paragraphs (or definitions), as applicable,
in any order. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company and the Issuer will not, and will not cause or permit any 8.625% Senior Notes Guarantor 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 8.625% Senior Notes
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 8.625% Senior Notes or the 8.625% Senior Notes Guarantee of such 8.625%
Senior Notes 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 8.625% Senior Notes Guarantor, as the case may be. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on restricted payments.</I></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, directly or indirectly, make any Restricted Payment unless:
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) no Default or Event of Default shall have occurred and be continuing at the time of or immediately after giving effect to
such Restricted Payment; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) immediately after giving effect to such Restricted Payment, the Company could incur at least
$1.00 of Indebtedness pursuant to the first paragraph of the &#147;Limitations on indebtedness&#148; covenant; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3)
immediately after giving effect to such Restricted Payment, the aggregate amount of all Restricted Payments (including the Fair Market Value of any non-cash Restricted Payment) declared or made after May&nbsp;4, 1999 does not exceed the sum of:
</FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) 50% of the Consolidated Net Income of the Company on a cumulative basis during the period (taken as one
accounting period) from and including February&nbsp;1, 1999 and ending on the last day of the Company&#146;s fiscal quarter immediately preceding the date of such Restricted Payment (or in the event such Consolidated Net Income shall be a deficit,
<I>minus</I> 100% of such deficit), <I>plus</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) 100% of the aggregate net cash proceeds of and the Fair
Market Value of Property received by the Company from (1)&nbsp;any capital contribution to the Company after February&nbsp;1, 1999 or any issue or sale after February&nbsp;1, 1999 of Qualified Stock (other than to any Subsidiary of the Company) and
(2)&nbsp;the issue or sale after February&nbsp;1, 1999 of any Indebtedness or other securities of the Company convertible into or exercisable for Qualified Stock of the Company that have been so converted or exercised, as the case may be,
<I>plus</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) in the case of the disposition or repayment of any Investment constituting a Restricted
Payment made after May&nbsp;4, 1999, an amount (to the extent not included in the calculation of Consolidated Net Income referred to in (a)) equal to the lesser of (x)&nbsp;the return of capital with respect to such Investment (including by
dividend, distribution or sale of Capital Stock) and (y)&nbsp;the amount of such Investment that was treated as a Restricted Payment, in either case, less the cost of the disposition or repayment of such Investment (to the extent not included in the
calculation of Consolidated Net Income referred to in (a)),<I> plus</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) with respect to any Unrestricted
Subsidiary that is redesignated as a Restricted Subsidiary after May&nbsp;4, 1999, in accordance with the definition of Unrestricted Subsidiary (so long as the designation of </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">55 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">
such Subsidiary as an Unrestricted Subsidiary was treated as a Restricted Payment made after the Issue Date, and only to the extent not included in the calculation of Consolidated Net Income
referred to in (a)), an amount equal to the lesser of (x)&nbsp;the proportionate interest of the Company or a Restricted Subsidiary in an amount equal to the excess of (I)&nbsp;the total assets of such Subsidiary, valued on an aggregate basis at the
lesser of book value and Fair Market Value thereof, over (II)&nbsp;the total liabilities of such Subsidiary, determined in accordance with GAAP, and (y)&nbsp;the Designation Amount at the time of such Subsidiary&#146;s designation as an Unrestricted
Subsidiary, <I>plus</I> </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) $17&nbsp;million, <I>minus</I> </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) the aggregate amount of all Restricted Payments (other than Restricted Payments referred to in clause&nbsp;(C) of the
immediately succeeding paragraph) made after February&nbsp;1, 1999 through May&nbsp;4, 1999. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing clauses
(2)&nbsp;and (3)&nbsp;will not prohibit: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(A) the payment of any dividend within 60&nbsp;days of its declaration if such
dividend could have been made on the date of its declaration without violation of the provisions of the 8.625% Senior Notes Indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(B) the repurchase, redemption or retirement of any shares of Capital Stock of the Company in exchange for, or out of the net proceeds of the substantially concurrent sale (other than to a Subsidiary of
the Company) of, other shares of Qualified Stock; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(C) the purchase, redemption or other acquisition, cancellation or
retirement for value of Capital Stock, or options, warrants, equity appreciation rights or other rights to purchase or acquire 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 $10&nbsp;million in the aggregate since May&nbsp;4, 1999; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>provided, however,</I> that each Restricted Payment described in clauses (A)&nbsp;and (B)&nbsp;of this sentence shall be taken into account for purposes of computing the aggregate amount of all
Restricted Payments pursuant to clause&nbsp;(3) of the immediately preceding paragraph. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">For purposes of determining the
aggregate and permitted amounts of Restricted Payments made, the amount of any guarantee of any Investment in any Person that was initially treated as a Restricted Payment and which was subsequently terminated or expired, net of any amounts paid by
the Company or any Restricted Subsidiary in respect of such guarantee, shall be deducted. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In determining the &#147;Fair
Market Value of Property&#148; for purposes of clause&nbsp;(3) of the first paragraph of this covenant, Property other than cash, Cash Equivalents and Marketable Securities shall be deemed to be equal in value to the &#147;equity value&#148; of the
Capital Stock or other securities issued in exchange therefor. The equity value of such Capital Stock or other securities shall be equal to (i)&nbsp;the number of shares of Common Equity issued in the transaction (or issuable upon conversion or
exercise of the Capital Stock or other securities issued in the transaction) multiplied by the closing sale price of the Common Equity on its principal market on the date of the transaction (less, in the case of Capital Stock or other securities
which require the payment of consideration at the time of conversion or exercise, the aggregate consideration payable thereupon) or (ii)&nbsp;if the Common Equity is not then traded on the New York Stock Exchange, American Stock Exchange or Nasdaq
National Market, or if the Capital Stock or other securities issued in the transaction do not consist of Common Equity (or Capital Stock or other securities convertible into or exercisable for Common Equity), the value (if more than
$10&nbsp;million) of such Capital Stock or other securities as determined by a nationally recognized investment banking firm retained by the Board of Directors of the Company. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on transactions with affiliates.</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes
Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, make any loan, advance, guarantee or capital contribution to, or for the
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">56 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
benefit of, or sell, lease, transfer or otherwise dispose of any property 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, any Affiliate of the Company or any Affiliate of any of the Company&#146;s Subsidiaries or any holder of 10% or more of the Common Equity of the Company (including any Affiliates of
such holders), in a single transaction or series of related transactions (each, an &#147;Affiliate Transaction&#148;), except for any Affiliate Transaction the terms of which are at least as favorable as the terms which could be obtained by the
Company, the Issuer or such Restricted Subsidiary, as the case may be, in a comparable transaction made on an arm&#146;s length basis with Persons who are not such a holder, an Affiliate of such a holder or an Affiliate of the Company or any of the
Company&#146;s Subsidiaries. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the Company and the Issuer will not, and will not cause or permit any Restricted
Subsidiary to, enter into an Affiliate Transaction unless: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) with respect to any such Affiliate Transaction involving or
having a value of more than $1&nbsp;million, the Company shall have (x)&nbsp;obtained the approval of a majority of the Board of Directors of the Company and (y)&nbsp;either obtained the approval of a majority of the Company&#146;s disinterested
directors or obtained an opinion of a qualified independent financial advisor to the effect that such Affiliate Transaction is fair to the Company, the Issuer or such Restricted Subsidiary, as the case may be, from a financial point of view, and
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) with respect to any such Affiliate Transaction involving or having a value of more than $10&nbsp;million, the Company
shall have (x)&nbsp;obtained the approval of a majority of the Board of Directors of the Company and (y)&nbsp;delivered to the 8.625% Senior Notes Trustee an opinion of a qualified independent financial advisor to the effect that such Affiliate
Transaction is fair to the Company, the Issuer or such Restricted Subsidiary, as the case may be, from a financial point of view. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture also provides that notwithstanding the foregoing, an Affiliate Transaction will not include: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) any contract, agreement or understanding with, or for the benefit of, or plan for the benefit of, employees of the Company or its Subsidiaries generally (in their capacities as such) that has been
approved by the Board of Directors of the Company, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) Capital Stock issuances to directors, officers and employees of the
Company or its Subsidiaries pursuant to plans approved by the stockholders of the Company, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) any Restricted Payment
otherwise permitted under the &#147;Limitations on restricted payments&#148; covenant, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) any transaction between or among
the Company and one or more Restricted Subsidiaries or between or among Restricted Subsidiaries (<I>provided</I>, <I>however</I>, no such transaction shall involve any other Affiliate of the Company (other than an Unrestricted Subsidiary to the
extent the applicable amount constitutes a Restricted Payment permitted by the 8.625% Senior Notes Indenture)), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) any
transaction between one or more Restricted Subsidiaries and one or more Unrestricted Subsidiaries where all of the payments to, or other benefits conferred upon, such Unrestricted Subsidiaries are substantially contemporaneously dividended, or
otherwise distributed or transferred without charge, to the Company or a Restricted Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) issuances, sales or other
transfers or dispositions of mortgages and collateralized mortgage obligations in the ordinary course of business between Restricted Subsidiaries and Unrestricted Subsidiaries of the Company, and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) the payment of reasonable and customary fees to, and indemnity provided on behalf of, officers, directors, employees or consultants
of the Company, the Issuer or any Restricted Subsidiary. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">57 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on dispositions of assets.</I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted
Subsidiary to, make any Asset Disposition unless: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) the Company (or such Restricted Subsidiary, as the case may be)
receives consideration at the time of such Asset Disposition at least equal to the Fair Market Value thereof, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) 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. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The amount of (i)&nbsp;any Indebtedness (other than any Indebtedness subordinated to the 8.625% Senior Notes) of the Company or any
Restricted Subsidiary that is actually assumed by the transferee in such Asset Disposition and (ii)&nbsp;the fair market value (as determined in good faith by the Board of Directors of the Company) of any property or assets received that are used or
useful in a Real Estate Business, shall be deemed to be consideration required by clause&nbsp;(b) above for purposes of determining the percentage of such consideration received by the Company or the Restricted Subsidiaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Net Cash Proceeds of an Asset Disposition shall, within one year, at the Company&#146;s election, (a)&nbsp;be used by the Company or
a Restricted Subsidiary in the business of the construction and sale of homes conducted by the Company and the Restricted Subsidiaries or any other business of the Company or a Restricted Subsidiary existing at the time of such Asset Disposition or
(b)&nbsp;to the extent not so used, be applied to make an Offer to Purchase 8.625% Senior Notes and, if the Company or a Restricted Subsidiary elects or is required to do so repay, purchase or redeem any other unsubordinated Indebtedness (on a<I>
pro rata</I> basis if the amount available for such repayment, purchase or redemption is less than the aggregate amount of (i)&nbsp;the principal amount of the 8.625% Senior Notes tendered in such Offer to Purchase and (ii)&nbsp;the lesser of the
principal amount, or accreted value, of such other unsubordinated Indebtedness, 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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, (A)&nbsp;the
Company will not be required to apply such Net Cash Proceeds to the repurchase of 8.625% Senior Notes in accordance with clause&nbsp;(b) of the preceding sentence except to the extent that such Net Cash Proceeds, together with the aggregate Net Cash
Proceeds of prior Asset Dispositions (other than those so used) which have not been applied in accordance with this provision and as to which no prior Offer to Purchase shall have been made, exceed 5% of Consolidated Tangible Assets and (B)&nbsp;in
connection with an Asset Disposition, the Company and the Restricted Subsidiaries will not be required to comply with the requirements of clause&nbsp;(b) of the first sentence of the first paragraph of this covenant to the extent that the non-cash
consideration received in connection with such Asset Disposition, together with the sum of all non-cash consideration received in connection with all prior Asset Dispositions that has not yet been converted into cash, does not exceed 5% of
Consolidated Tangible Assets;<I> provided, however,</I> that when any non-cash consideration is converted into cash, such cash shall constitute Net Cash Proceeds and be subject to the preceding sentence. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on liens.</I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Liens, other
than Permitted Liens, on any of its Property, or on any shares of Capital Stock or Indebtedness of any Restricted Subsidiary, unless contemporaneously therewith or prior thereto all payments due under the 8.625% Senior Notes Indenture and the 8.625%
Senior Notes are secured on an equal and ratable basis with the obligation or liability so secured until such time as such indebtedness is no longer secured by a Lien. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">58 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on restrictions affecting restricted subsidiaries.</I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture provides that the Company and the Issuer will not, and will not cause or permit any Restricted
Subsidiary to, create, assume or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction (other than encumbrances or restrictions imposed by law or by judicial or regulatory action or by provisions of
agreements that restrict the assignability thereof) on the ability of any Restricted Subsidiary to: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) 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 other Restricted Subsidiary, or pay interest on or principal of any Indebtedness owed to the Company or
any other Restricted Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) make loans or advances to the Company or any other Restricted Subsidiary, or </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) transfer any of its property or assets to the Company or any other Restricted Subsidiary, except for: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) encumbrances or restrictions existing under or by reason of applicable law, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) contractual encumbrances or restrictions in effect on the Issue Date and any amendments, modifications, restatements,
renewals, supplements, refundings, replacements or refinancings thereof, <I>provided</I> that such amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings are no more restrictive, taken as a whole,
with respect to such dividend and other payment restrictions than those contained in such contractual encumbrances or restrictions, as in effect on the Issue Date, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) any restrictions or encumbrances arising under Acquired Indebtedness; <I>provided</I>, that such encumbrance or
restriction applies only to either the assets that were subject to the restriction or encumbrance at the time of the acquisition or the obligor on such Indebtedness and its Subsidiaries prior to such acquisition, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) any restrictions or encumbrances arising in connection with Refinancing Indebtedness; <I>provided</I>, <I>however</I>,
that any restrictions and encumbrances of the type described in this clause&nbsp;(d) that arise under such Refinancing Indebtedness shall not be materially more restrictive or apply to additional assets than those under the agreement creating or
evidencing the Indebtedness being refunded, refinanced, replaced or extended, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(e) any Permitted Lien, or any
other agreement restricting the sale or other disposition of property, securing Indebtedness permitted by the 8.625% Senior Notes Indenture if such Permitted Lien or agreement does not expressly restrict the ability of a Subsidiary of the Company to
pay dividends or make or repay loans or advances prior to default thereunder, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(f) reasonable and customary
borrowing base covenants set forth in agreements evidencing Indebtedness otherwise permitted by the 8.625% Senior Notes Indenture, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(g) customary non-assignment provisions in leases, licenses, encumbrances, contracts or similar assets entered into or acquired in the ordinary course of business, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(h) 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, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(i) encumbrances or restrictions existing under or by reason of the 8.625% Senior Notes Indenture or the 8.625% Senior Notes, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(j) purchase money obligations that impose restrictions on the property so acquired of the nature described in
clause&nbsp;(3) of the preceding paragraph, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(k) Liens permitted under the 8.625% Senior Notes Indenture
securing Indebtedness that limit the right of the debtor to dispose of the assets subject to such Lien, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">59 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(l) 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, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(m) customary provisions of any franchise, distribution or similar agreements, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(n) restrictions on cash or other deposits or net worth imposed by contracts entered into in the ordinary course of business, and </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(o) any encumbrance or restrictions of the type referred to in clauses (1), (2)&nbsp;or (3)&nbsp;of the first paragraph of
this section imposed by any amendments, modifications, restatements, renewals, supplements, refinancings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (a)&nbsp;through (n)&nbsp;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. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitations on mergers, consolidations and sales of assets.</I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture provides that neither the Issuer nor any 8.625% Senior Notes 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 8.625% Senior Notes, the 8.625% Senior
Notes Guarantees or the 8.625% Senior Notes Indenture (as an entirety or substantially as an entirety in one transaction or in a series of related transactions), to any Person (in each case other than in a transaction in which the Company, the
Issuer or a Restricted Subsidiary is the survivor of a consolidation or merger, or the transferee in a sale, lease, conveyance or other disposition) unless: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) the Person formed by or surviving such consolidation or merger (if other than the Company, the Issuer or the 8.625% Senior Notes 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 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 8.625% Senior Notes Trustee all of the obligations of the Company, the Issuer or the 8.625% Senior Notes Guarantor, as the case may be, under the 8.625%
Senior Notes or a 8.625% Senior Notes Guarantee, as the case may be, and the 8.625% Senior Notes Indenture, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) immediately
after giving effect to such transaction, no Default or Event of Default has occurred and is continuing, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) immediately
after giving effect to such transaction, the Company (or its Successor) could incur at least $1.00 of Indebtedness pursuant to the first paragraph of the &#147;Limitation on indebtedness&#148; covenant. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The foregoing provisions shall not apply to: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(a) a transaction involving the sale or disposition of Capital Stock of a 8.625% Senior Notes Guarantor, or the consolidation or merger of a 8.625% Senior Notes Guarantor, or the sale, lease, conveyance
or other disposition of all or substantially all of the assets of a 8.625% Senior Notes Guarantor, that in any such case results in such 8.625% Senior Notes Guarantor being released from its 8.625% Senior Notes Guarantee as provided under &#147;The
8.625% Senior Notes Guarantees&#148; above, or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) a transaction the purpose of which is to change the state of incorporation
of the Company, the Issuer or any 8.625% Senior Notes Guarantor. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">60 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Reports to holders of 8.625% Senior Notes.</I></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company shall file with the Commission the annual reports and the information, documents and other reports required to be filed
pursuant to Section&nbsp;13 or 15(d) of the Exchange Act. The Company shall file with the 8.625% Senior Notes Trustee and mail to each Holder of record of 8.625% Senior Notes such reports, information and documents within 15&nbsp;days after it files
them with the Commission. In the event that the Company is no longer subject to these periodic requirements of the Exchange Act, it will nonetheless continue to file reports with the Commission and the 8.625% Senior Notes Trustee and mail such
reports to each Holder of 8.625% Senior Notes as if it were subject to such reporting requirements. Regardless of whether the Company is required to furnish such reports to its stockholders pursuant to the Exchange Act, the Company will cause its
consolidated financial statements and a &#147;Management&#146;s Discussion and Analysis of Results of Operations and Financial Condition&#148; written report, similar to those that would have been required to appear in annual or quarterly reports,
to be delivered to Holders of 8.625% Senior Notes. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px; margin-left:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Limitation of applicability of certain covenants if 8.625% Senior Notes
rated Investment Grade </I></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, the Issuer&#146;s, the Company&#146;s and its Restricted
Subsidiaries&#146; obligations to comply with the provisions of the 8.625% Senior Notes Indenture described above under the caption &#147;Certain covenants&#148; (except for the covenants described under &#147;&#151;Repurchase of 8.625% Senior Notes
upon Change of Control,&#148; &#147;&#151;Limitations on liens,&#148; &#147;&#151;Limitations on mergers, consolidations and sales of assets&#148; (other than clause&nbsp;(3) of the first paragraph thereof) and &#147;Reports to Holders of 8.625%
Senior Notes&#148;) will terminate (such terminated covenants, the &#147;Extinguished Covenants&#148;) and cease to have any further effect from and after the first date when the 8.625% Senior Notes issued under the 8.625% Senior Notes Indenture are
rated Investment Grade;<I> provided</I> , that if the 8.625% Senior Notes subsequently cease to be rated Investment Grade, then, from and after the time the 8.625% Senior Notes cease to be rated Investment Grade, the Issuer&#146;s, the
Company&#146;s and its Restricted Subsidiaries&#146; obligation to comply with the Extinguished Covenants shall be reinstated. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, following the achievement of such Investment Grade ratings, (1)&nbsp;the 8.625% Senior Notes Guarantees of the 8.625% Senior
Notes Guarantors will be released at the time of the release of the guarantees under all outstanding Applicable Debt subject to the reinstatement of 8.625% Senior Notes Guarantees if released 8.625% Senior Notes Guarantors thereafter guarantee any
Applicable Debt or the 8.625% Senior Notes cease to be rated Investment Grade and (2)&nbsp;no Restricted Subsidiary thereafter acquired or created will be required to be a 8.625% Senior Notes Guarantor unless released 8.625% Senior Notes Guarantors
thereafter guarantee any Applicable Debt or the 8.625% Senior Notes cease to be rated Investment Grade, in each case as more fully described under the caption &#147;&#151;The 8.625% Senior Notes Guarantees.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Notwithstanding the foregoing, in the event of any such reinstatement, no action taken or omitted to be taken by the Company or any of
its Subsidiaries prior to such reinstatement shall give rise to a Default or Event of Default under the 8.625% Senior Notes Indenture upon reinstatement;<I> provided</I> that with respect to Restricted Payments made after any such reinstatement, the
amount of Restricted Payments made after May&nbsp;4, 1999 will be calculated as though the &#147;Limitations on restricted payments&#148; covenant had been in effect during the entire period after such date. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Condition for Release of K. Hovnanian</I>. The 8.625% Senior Notes Indenture provides that the Issuer may be released from its
obligations under the 8.625% Senior Notes Indenture and the 8.625% Senior Notes, without the consent of the holders of the 8.625% Senior Notes, if (1)&nbsp;the Company or any successor to the Company has assumed the obligations of the Issuer under
the 8.625% Senior Notes Indenture and the 8.625% Senior Notes, (2)&nbsp;the Company delivers an opinion of counsel to the 8.625% Senior Notes Trustee to the effect that Holders will not recognize income, gain or loss for federal income tax purposes
as a result of the release 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 and (3)&nbsp;the Issuer becomes a 8.625% Senior Notes Guarantor of the 8.625%
Senior Notes at such time, until such time, if any, as such 8.625% Senior Notes Guarantee may be released as described above under the captions &#147;&#151;Limitation of applicability of certain covenants if 8.625% Senior Notes rated Investment
Grade&#148; and &#147;&#151;The 8.625% Senior Notes Guarantees.&#148; </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">61 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Events of default</I>. The following are Events of Default under the 8.625% Senior Notes
Indenture: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) the failure by the Company, the Issuer and the 8.625% Senior Notes Guarantors to pay interest on any 8.625%
Senior Note when the same becomes due and payable and the continuance of any such failure for a period of 30&nbsp;days; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2)
the failure by the Company, the Issuer and the 8.625% Senior Notes Guarantors to pay the principal or premium of any 8.625% Senior Note when the same becomes due and payable at maturity, upon acceleration or otherwise; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) the failure by the Company, the Issuer or any Restricted Subsidiary to comply with any of its agreements or covenants in, or
provisions of, the 8.625% Senior Notes, the 8.625% Senior Notes Guarantees or the 8.625% Senior Notes Indenture and such failure continues for the period and after the notice specified below (except in the case of a default under covenants described
under &#147;Certain covenants&#151;Repurchase of 8.625% Senior Notes upon Change of Control&#148; and &#147;Certain covenants&#151;Limitations on mergers, consolidations and sales of assets,&#148; which will constitute Events of Default with notice
but without passage of time); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) the acceleration of any Indebtedness (other than Non-Recourse Indebtedness) of the Company,
the Issuer or any Restricted Subsidiary that has an outstanding principal amount of $10&nbsp;million or more, individually or in the aggregate, and such acceleration does not cease to exist, or such Indebtedness is not satisfied, in either case
within 30&nbsp;days after such acceleration; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) the failure by the Company, the Issuer or any Restricted Subsidiary to make
any principal or interest payment in an amount of $10&nbsp;million or more, individually or in the aggregate, in respect of Indebtedness (other than Non-Recourse Indebtedness) of the Company or any Restricted Subsidiary within 30&nbsp;days of such
principal or interest becoming due and payable (after giving effect to any applicable grace period set forth in the documents governing such Indebtedness); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(6) a final judgment or judgments that exceed $10&nbsp;million or more, individually or in the aggregate, for the payment of money having been entered by a court or courts of competent jurisdiction
against the Company, the Issuer or any of its Restricted Subsidiaries and such judgment or judgments is not satisfied, stayed, annulled or rescinded within 60&nbsp;days of being entered; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) commences a voluntary case, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) consents to the entry of an order for relief against it in an involuntary case, </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) consents to the appointment of a Custodian of it or for all or substantially all of its property, or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(d) makes a general assignment for the benefit of creditors; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) is for relief against the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary as debtor
in an involuntary case, </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) appoints a Custodian of the Company, the Issuer or any Restricted Subsidiary that
is a Significant Subsidiary or a Custodian for all or substantially all of the property of the Company or any Restricted Subsidiary that is a Significant Subsidiary, or </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(c) orders the liquidation of the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary,
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">and the order or decree remains unstayed and in effect for 60&nbsp;days, or </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">62 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9) any 8.625% Senior Notes Guarantee of a 8.625% Senior Notes Guarantor which is a
Significant Subsidiary ceases to be in full force and effect (other than in accordance with the terms of such 8.625% Senior Notes Guarantee and the 8.625% Senior Notes Indenture) or is declared null and void and unenforceable or found to be invalid
or any 8.625% Senior Notes Guarantor denies its liability under its 8.625% Senior Notes Guarantee (other than by reason of release of a 8.625% Senior Notes Guarantor from its 8.625% Senior Notes Guarantee in accordance with the terms of the 8.625%
Senior Notes Indenture and the 8.625% Senior Notes Guarantee). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">A Default as described in subclause (3)&nbsp;above will not be
deemed an Event of Default until the 8.625% Senior Notes Trustee notifies the Company, or the Holders of at least 25&nbsp;percent in principal amount of the then outstanding 8.625% Senior Notes notify the Company and the 8.625% Senior Notes Trustee,
of the Default and (except in the case of a default with respect to covenants described under &#147;Certain covenants&#151;Repurchase of 8.625% Senior Notes upon Change of Control&#148; and &#147;Certain covenants&#151;Limitations on mergers,
consolidations and sales of assets&#148;) the Company does not cure the Default within 60&nbsp;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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If an Event of Default (other than an Event of
Default with respect to the Company or the Issuer resulting from subclauses (7)&nbsp;or (8)&nbsp;above), shall have occurred and be continuing under the 8.625% Senior Notes Indenture, the 8.625% Senior Notes Trustee by notice to the Company, or the
Holders of at least 25&nbsp;percent in principal amount of the 8.625% Senior Notes then outstanding by notice to the Company and the 8.625% Senior Notes Trustee, may declare all Notes to be due and payable immediately. Upon such declaration of
acceleration, the amounts due and payable on the 8.625% Senior Notes will be due and payable immediately. If an Event of Default with respect to the Company or the Issuer specified in subclauses (7)&nbsp;or (8)&nbsp;above occurs, such an amount
will<I> ipso facto</I> become and be immediately due and payable without any declaration, notice or other act on the part of the 8.625% Senior Notes Trustee and the Company or any Holder. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Holders of a majority in principal amount of the 8.625% Senior Notes then outstanding by written notice to the 8.625% Senior Notes
Trustee and the Company may waive any Default or Event of Default (other than any Default or Event of Default in payment of principal or interest) on the 8.625% Senior Notes under the 8.625% Senior Notes Indenture. Holders of a majority in principal
amount of the then outstanding 8.625% Senior Notes may rescind an acceleration and its consequence (except an acceleration due to nonpayment of principal or interest on the 8.625% Senior Notes) if the rescission would not conflict with any judgment
or decree and if all existing Events of Default (other than the non-payment of accelerated principal) have been cured or waived. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Holders may not enforce the provisions of the 8.625% Senior Notes Indenture, the 8.625% Senior Notes or the 8.625% Senior Notes Guarantees except as provided in the 8.625% Senior Notes Indenture.
Subject to certain limitations, Holders of a majority in principal amount of the 8.625% Senior Notes then outstanding may direct the 8.625% Senior Notes Trustee in its exercise of any trust or power,<I> provided, however,</I> that such direction
does not conflict with the terms of the 8.625% Senior Notes Indenture. The 8.625% Senior Notes 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 8.625% Senior Notes or that resulted from the failure to comply with the covenant entitled &#147;Repurchase of 8.625% Senior Notes upon Change of Control&#148;) if the 8.625% Senior Notes Trustee determines that withholding such
notice is in the Holders&#146; interest. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company is required to deliver to the 8.625% Senior Notes Trustee an annual
statement regarding compliance with the 8.625% Senior Notes 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 8.625% Senior Notes Trustee prompt written notice of the occurrence of any Default or Event of Default. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Discharge and defeasance of senior indenture.</I> The Company, the Issuer and the 8.625% Senior Notes Guarantors may discharge their
obligations under the 8.625% Senior Notes, the 8.625% Senior Notes Guarantees </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">63 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
and the 8.625% Senior Notes Indenture by irrevocably depositing in trust with the 8.625% Senior Notes Trustee money or U.S. Government Obligations sufficient to pay principal of, premium and
interest on the 8.625% Senior Notes to maturity or redemption and the 8.625% Senior Notes mature or are to be called for redemption within one year, subject to meeting certain other conditions. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The 8.625% Senior Notes Indenture will permit the Company, the Issuer and the 8.625% Senior Notes Guarantors to terminate all of their
respective obligations under the 8.625% Senior Notes Indenture with respect to the 8.625% Senior Notes and the 8.625% Senior Notes Guarantees, other than the obligation to pay interest on and the principal of the 8.625% Senior Notes and certain
other obligations (&#147;legal defeasance&#148;), at any time by </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) depositing in trust with the 8.625% Senior Notes
Trustee, under an irrevocable trust agreement, money or U.S. government obligations in an amount sufficient to pay principal of and premium and interest on the 8.625% Senior Notes to their maturity or redemption, as the case may be, and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) complying with certain other conditions, including delivery to the 8.625% Senior Notes 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. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition, the 8.625% Senior Notes Indenture will permit the Company, the Issuer and the 8.625% Senior Notes Guarantors to terminate
all of their obligations under the 8.625% Senior Notes Indenture with respect to certain covenants and events of default specified in the 8.625% Senior Notes Indenture, and the 8.625% Senior Notes Guarantors will be released (&#147;covenant
defeasance&#148;), at any time by </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) depositing in trust with the 8.625% Senior Notes Trustee, under an irrevocable trust
agreement, money or U.S. government obligations in an amount sufficient to pay principal of, premium and interest on the 8.625% Senior Notes to their maturity or redemption, as the case may be, and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) complying with certain other conditions, including delivery to the 8.625% Senior Notes 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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">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 8.625% Senior Notes: </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of registration of transfer and exchange of 8.625% Senior Notes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of substitution of mutilated, defaced, destroyed, lost or stolen 8.625% Senior Notes; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of Holders of the 8.625% Senior Notes to receive payments of principal thereof, premium, if any, and interest thereon, upon the original due
dates therefor, but not upon acceleration; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights, obligations, duties and immunities of the 8.625% Senior Notes Trustee; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">rights of Holders of 8.625% Senior Notes that are beneficiaries with respect to property so deposited with the 8.625% Senior Notes Trustee payable to
all or any of them; and </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="1%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">obligations of the Company, the Issuer or the 8.625% Senior Notes Guarantors to maintain an office or agency in respect of the 8.625% Senior Notes.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Company, the Issuer or the 8.625% Senior Notes Guarantors may exercise the legal defeasance option with
respect to the 8.625% Senior Notes notwithstanding the prior exercise of the covenant defeasance option </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">64 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
with respect to the 8.625% Senior Notes. If the Company, the Issuer or the 8.625% Senior Notes Guarantors exercise the legal defeasance option with respect to the 8.625% Senior Notes, payment of
the 8.625% Senior Notes may not be accelerated due to an Event of Default with respect to the 8.625% Senior Notes. If the Company, the Issuer or the 8.625% Senior Notes Guarantors exercise the covenant defeasance option with respect to the 8.625%
Senior Notes, payment of the 8.625% Senior 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. Government Obligations in the defeasance trust could be less than the principal of, premium, if any, and interest then due on the 8.625% Senior 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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Transfer and exchange.</I> A Holder may transfer or exchange 8.625% Senior Notes only in accordance with the provisions of the 8.625% Senior Notes Indenture. The 8.625% Senior Notes Trustee 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 8.625% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Amendment, supplement and waiver</I>. Subject to certain exceptions, the 8.625% Senior Notes Indenture or the 8.625% Senior Notes may
be amended or supplemented with the consent (which may include written consents obtained in connection with a tender offer or exchange offer for 8.625% Senior Notes) of the Holders of at least a majority in principal amount of the 8.625% Senior
Notes then outstanding, and future compliance with any provision of the 8.625% Senior Notes Indenture or the 8.625% Senior Notes may be waived (other than any continuing Default or Event of Default in the payment of interest on or the principal of
the 8.625% Senior Notes) with the consent (which may include waivers obtained in connection with a tender offer or exchange offer for 8.625% Senior Notes) of the Holders of a majority in principal amount of the 8.625% Senior Notes then outstanding.
Without the consent of any Holder, the Company, the Issuer, the 8.625% Senior Notes Guarantors and the 8.625% Senior Notes Trustee may amend or supplement the 8.625% Senior Notes Indenture or the 8.625% Senior Notes to cure any ambiguity, defect or
inconsistency; to comply with the &#147;Limitations on mergers, consolidations and sales of assets&#148; covenant set forth in the 8.625% Senior Notes Indenture; to comply with any requirements of the Commission in connection with the qualification
of the 8.625% Senior Notes Indenture under the Trust Indenture Act; to evidence and provide for the acceptance of appointment under the 8.625% Senior Notes Indenture by a successor 8.625% Senior Notes Trustee; to provide for uncertificated 8.625%
Senior Notes in addition to or in place of certificated 8.625% Senior Notes; to provide for any 8.625% Senior Notes Guarantee of the 8.625% Senior Notes; to secure the 8.625% Senior Notes or to confirm and evidence the release, termination or
discharge of any 8.625% Senior Notes Guarantee of or Lien securing the 8.625% Senior Notes when such release, termination or discharge is permitted by the 8.625% Senior Notes Indenture; to make any change that does not adversely affect the legal
rights of any Holder; to evidence the assumption by the Company (or its successor entity) or a successor entity of the Issuer of the obligations of the Issuer under the 8.625% Senior Notes Indenture and the 8.625% Senior Notes; to add covenants or
new events of default for the protection of the Holders of the 8.625% Senior Notes; to designate a bank or trust company other than the 8.625% Senior Notes Trustee to act as trustee; or to modify the existing covenants and events of default solely
in respect of, or add new covenants and events of default that apply solely to, debt securities not yet issued and outstanding as of the Issue Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Without the consent of each Holder affected, the Company, the Issuer, the 8.625% Senior Notes Guarantors and the 8.625% Senior Notes Trustee may not: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) reduce the amount of 8.625% Senior Notes whose Holders must consent to an amendment, supplement or waiver, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) reduce the rate of or extend the time for payment of interest, including default interest, on any 8.625% Senior Note, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">65 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) reduce the principal of or change the fixed maturity of any 8.625% Senior Note or alter
the provisions (including related definitions) with respect to redemptions described under &#147;&#151;Redemption&#148; or with respect to mandatory offers to repurchase Notes described under &#147;&#151;Certain covenants&#151;Limitations on
dispositions of assets&#148; or &#147;&#151;Certain covenants&#151;Repurchase of 8.625% Senior Notes upon Change of Control,&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4) make any 8.625% Senior Note payable in money other than that stated in the 8.625% Senior Note, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(5) make any change in the &#147;Waivers of Defaults by Majority of Holders&#148; or the &#147;Proceedings by Holders&#148; sections set forth in the 8.625% Senior Notes Indenture, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) modify the ranking or priority of the 8.625% Senior Notes or any 8.625% Senior Notes Guarantee, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) release any 8.625% Senior Notes Guarantor from any of its obligations under its 8.625% Senior Notes Guarantee or the 8.625% Senior
Notes Indenture otherwise than in accordance with the 8.625% Senior Notes Indenture, or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8) waive a continuing Default or
Event of Default in the payment of principal of or interest on the 8.625% Senior Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The right of any Holder to
participate in any consent required or sought pursuant to any provision of the 8.625% Senior Notes Indenture (and the Issuer&#146;s obligation 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 8.625% Senior Notes with respect to which such consent is required or sought as of a date identified by the 8.625% Senior Notes Trustee in a notice furnished to Holders in accordance with the
terms of the 8.625% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Governing law.</I> The 8.625% Senior Notes Indenture, the 8.625% Senior Notes
and the 8.625% Senior Notes Guarantees will be governed by the laws of the State of New York. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Definitions of certain terms
used in the 8.625% Senior Notes Indenture.</I> Set forth below is a summary of certain of the defined terms used in the 8.625% Senior Notes Indenture. Reference is made to the 8.625% Senior Notes Indenture for the full definition of all terms used
in the 8.625% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;8.625% Senior Notes Guarantees&#148;</I> means the senior guarantee of the
8.625% Senior Notes by the Company and each other 8.625% Senior Notes Guarantor under the 8.625% Senior Notes Indenture. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;8.625% Senior Notes Guarantors&#148;</I> means (i)&nbsp;initially, the Company and each of the Company&#146;s Restricted
Subsidiaries in existence on the Issue Date, other than the Issuer, and (ii)&nbsp;each of the Company&#146;s Subsidiaries which becomes a 8.625% Senior Notes Guarantor subsequent to the Issue Date pursuant to the provisions of the 8.625% Senior
Notes Indenture, and their successors, in each case until released from its respective 8.625% Senior Notes Guarantee pursuant to the 8.625% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;8.625% Senior Notes&#148;</I>or<I> &#147;Notes&#148;</I>means the 8.625% Senior Notes due 2017. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;8.625% Senior Notes Trustee&#148;</I> means the party named as such above until a successor replaces such party in accordance with the applicable provisions of the 8.625% Senior Notes Indenture
and thereafter means the successor serving as trustee under the 8.625% Senior Notes Indenture in respect of the 8.625% Senior Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Acquired Indebtedness&#148;</I> means (1)&nbsp;with respect to any Person that becomes a Restricted Subsidiary (or is merged into the Company, the Issuer or any Restricted Subsidiary) after the
Issue Date, Indebtedness of such Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary (or is merged into the Company, the Issuer or any Restricted Subsidiary) that was not incurred in connection with, or
in contemplation of, such Person becoming a Restricted Subsidiary (or being merged into the Company, the Issuer </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">66 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
or any Restricted Subsidiary) and (2)&nbsp;with respect to the Company, the Issuer or any Restricted Subsidiary, any Indebtedness expressly assumed by the Company, the Issuer or any Restricted
Subsidiary in connection with the acquisition of any assets from another Person (other than the Company, the Issuer or any Restricted Subsidiary), which Indebtedness was not incurred by such other Person in connection with or in contemplation of
such acquisition. Indebtedness incurred in connection with or in contemplation of any transaction described in clause&nbsp;(1) or (2)&nbsp;of the preceding sentence shall be deemed to have been incurred by the Company or a Restricted Subsidiary, as
the case may be, at the time such Person becomes a Restricted Subsidiary (or is merged into the Company, the Issuer or any Restricted Subsidiary) in the case of clause&nbsp;(1) or at the time of the acquisition of such assets in the case of
clause&nbsp;(2), but shall not be deemed Acquired Indebtedness. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Affiliate&#148;</I> means, when used with reference
to a specified Person, any Person directly or indirectly controlling, or controlled by or under direct or indirect common control with the Person specified. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Asset Acquisition&#148;</I> means (1)&nbsp;an Investment by the Company, the Issuer or any Restricted Subsidiary in any other Person if, as a result of such Investment, such Person shall become a
Restricted Subsidiary or shall be consolidated or merged with or into the Company, the Issuer or any Restricted Subsidiary or (2)&nbsp;the acquisition by the Company, the Issuer or any Restricted Subsidiary of the assets of any Person, which
constitute all or substantially all of the assets or of an operating unit or line of business of such Person or which is otherwise outside the ordinary course of business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Asset Disposition&#148;</I> means any sale, transfer, conveyance, lease or other disposition (including, without limitation, by way of merger, consolidation or sale and leaseback or sale of
shares of Capital Stock in any Subsidiary) (each, a &#147;transaction&#148; ) by the Company, the Issuer or any Restricted Subsidiary to any Person of any Property having a Fair Market Value in any transaction or series of related transactions of at
least $5&nbsp;million. The term &#147;Asset Disposition&#148; shall not include: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) a transaction between the Company, the
Issuer and any Restricted Subsidiary or a transaction between Restricted Subsidiaries, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) a transaction in the ordinary
course of business, including, without limitation, sales (directly or indirectly), dedications and other donations to governmental authorities, leases and sales and leasebacks of (A)&nbsp;homes, improved land and unimproved land and (B)&nbsp;real
estate (including related amenities and improvements), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) a transaction involving the sale of Capital Stock of, or the
disposition of assets in, an Unrestricted Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) any exchange or swap of assets of the Company, the Issuer or any
Restricted Subsidiary for assets that (x)&nbsp;are to be used by the Company, the Issuer or any Restricted Subsidiary in the ordinary course of its Real Estate Business and (y)&nbsp;have a Fair Market Value not less than the Fair Market Value of the
assets exchanged or swapped, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) any sale, transfer, conveyance, lease or other disposition of assets and properties that is
governed by the provisions relating to &#147;Limitations on mergers, consolidation and sales of assets,&#148; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6)
dispositions of mortgage loans and related assets and mortgage-backed securities in the ordinary course of a mortgage lending business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Attributable Debt&#148;</I> means, with respect to any Capitalized Lease Obligations, the capitalized amount thereof determined in accordance with GAAP. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Bankruptcy Law&#148;</I> means title 11 of the United States Code, as amended, or any similar federal or state law for the
relief of debtors. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">67 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Capital Stock&#148;</I> means, with respect to any Person, any and all shares,
interests, participations or other equivalents (however designated) of or in such Person&#146;s capital stock or other equity interests, and options, rights or warrants to purchase such capital stock or other equity interests, whether now
outstanding or issued after the Issue Date, including, without limitation, all Disqualified Stock and Preferred Stock. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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 obligations will be the capitalized amount thereof determined in accordance with GAAP. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Cash Equivalents&#148;</I> means </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) U.S. dollars; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) securities issued or directly and fully guaranteed or
insured by the U.S. government or any agency or instrumentality thereof having maturities of one year or less from the date of acquisition; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3) certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers&#146; acceptances with maturities not exceeding six months and overnight
bank deposits, in each case with any domestic commercial bank having capital and surplus in excess of $500&nbsp;million; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4)
repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2)&nbsp;and (3)&nbsp;entered into with any financial institution meeting the qualifications specified in clause&nbsp;(3)
above; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) commercial paper rated P-1, A-1 or the equivalent thereof by Moody&#146;s or S&amp;P, respectively, and in each
case maturing within six months after the date of acquisition; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) investments in money market funds substantially all of
the assets of which consist of securities described in the foregoing clauses (1)&nbsp;through (5). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Change of
Control&#148;</I> means </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) any sale, lease or other transfer (in one transaction or a series of transactions) of all or
substantially all of the consolidated assets of the Company and its Restricted Subsidiaries to any Person (other than a Restricted Subsidiary);<I> provided</I>, <I>however</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, more than 50% of all classes of Common Equity of such Person immediately after such transaction shall not be a Change of Control; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) a &#147;person&#148; or &#147;group&#148; (within the meaning of Section&nbsp;13(d) of the Exchange Act (other than (x)&nbsp;the
Company or (y)&nbsp;the Permitted Hovnanian Holders)) becomes the &#147;beneficial owner&#148; (as defined in Rule&nbsp;13d-3 under the Exchange Act) of Common Equity of the Company representing more than 50% of the voting power of the Common Equity
of the Company; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) Continuing Directors cease to constitute at least a majority of the Board of Directors of the Company;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) the stockholders of the Company approve any plan or proposal for the liquidation or dissolution of the Company;
<I>provided</I>, <I>however</I>, that a liquidation or dissolution of the Company which is part of a transaction that does not constitute a Change of Control under the proviso contained in clause&nbsp;(1) above shall not constitute a Change of
Control; or </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) a change of control shall occur as defined in the instrument governing any publicly traded debt securities of
the Company or the Issuer which requires the Company or the Issuer to repay or repurchase such debt securities. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">68 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Common Equity&#148;</I> of any Person means Capital Stock of such Person that is
generally entitled to (1)&nbsp;vote in the election of directors of such Person or (2)&nbsp;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 or policies of such Person. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Adjusted Tangible Assets&#148;</I> of the Company as of any date
means the Consolidated Tangible Assets of the Company, the Issuer and the Restricted Subsidiaries at the end of the fiscal quarter immediately preceding the date less any assets securing any Non-Recourse Indebtedness, as determined in accordance
with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Cash Flow Available for Fixed Charges&#148;</I> means, for any period, Consolidated Net
Income for such period plus (each to the extent deducted in calculating such Consolidated Net Income and determined in accordance with GAAP) the sum for such period, without duplication, of: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) income taxes, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2) Consolidated Interest Expense, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) depreciation and amortization expenses
and other non-cash charges to earnings, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) interest and financing fees and expenses which were previously capitalized
and which are amortized to cost of sales, <I>minus</I> </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">all other non-cash items (other than the receipt of notes receivable) increasing such
Consolidated Net Income. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Fixed Charge Coverage Ratio&#148;</I> means, with respect to any determination
date, the ratio of (x)&nbsp;Consolidated Cash Flow Available for Fixed Charges for the prior four full fiscal quarters (the<B> &#147;</B>Four Quarter Period&#148; ) for which financial results have been reported immediately preceding the
determination date (the &#147;Transaction Date&#148; ), to (y)&nbsp;the aggregate Consolidated Interest Incurred for the Four Quarter Period. For purposes of this definition, &#147;Consolidated Cash Flow Available for Fixed Charges&#148; and
&#147;Consolidated Interest Incurred&#148; shall be calculated after giving effect on a<I> pro forma</I> basis for the period of such calculation to: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) the incurrence or the repayment, repurchase, defeasance or other discharge or the assumption by another Person that is not an Affiliate (collectively, &#147;repayment&#148; ) of any Indebtedness of
the Company, the Issuer or any Restricted Subsidiary (and the application of the proceeds thereof) giving rise to the need to make such calculation, and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof),
at any time on or after the first day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four
Quarter Period, except that Indebtedness under revolving credit facilities shall be deemed to be the average daily balance of such Indebtedness during the Four Quarter Period (as reduced on such<I> pro forma</I> basis by the application of any
proceeds of the incurrence of Indebtedness giving rise to the need to make such calculation); </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) any Asset Disposition or
Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Company, the Issuer or any Restricted Subsidiary (including any Person that becomes a Restricted Subsidiary
as a result of any such Asset Acquisition) incurring Acquired Indebtedness at any time on or after the first day of the Four Quarter Period and on or prior to the Transaction Date), as if such Asset Disposition or Asset Acquisition (including the
incurrence or repayment of any such Indebtedness) and the inclusion, notwithstanding clause&nbsp;(2) of the definition of &#147;Consolidated Net Income,&#148; of any Consolidated Cash Flow Available for Fixed Charges associated with such Asset
Acquisition as if it occurred on the first day of the Four Quarter Period<I>; provided, however</I>, that the Consolidated Cash Flow Available for Fixed Charges associated with any Asset Acquisition shall not be included to the extent the net income
so associated would be excluded pursuant to the definition of &#147;Consolidated Net Income,&#148; other than clause&nbsp;(2) thereof, as if it applied to the Person or assets involved before they were acquired; and </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">69 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) the Consolidated Cash Flow Available for Fixed Charges and the Consolidated Interest
Incurred attributable to discontinued operations, as determined in accordance with GAAP, shall be excluded. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">Furthermore, in calculating
&#147;Consolidated Cash Flow Available for Fixed Charges&#148; for purposes of determining the denominator (but not the numerator) of this &#147;Consolidated Fixed Charge Coverage Ratio,&#148; </FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(a) interest on Indebtedness in respect of which a <I>pro forma</I> calculation is required that is determined on a
fluctuating basis as of the Transaction Date (including Indebtedness actually incurred on the Transaction Date) and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of
interest on such Indebtedness in effect on the Transaction Date, and </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(b) notwithstanding clause&nbsp;(a)
above, interest on such Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Interest Protection Agreements, shall be deemed to accrue at the rate<I> per annum</I> resulting after giving
effect to the operation of such agreements. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Interest Expense&#148;</I> of the Company for any period
means the Interest Expense of the Company, the Issuer and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Interest Incurred&#148;</I> for any period means the Interest Incurred of the Company, the Issuer and the Restricted Subsidiaries for such period, determined on a consolidated basis
in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Net Income&#148;</I> for any period means the aggregate net income (or loss)
of the Company and its 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 (loss) (to the extent otherwise included therein), without
duplication: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) the net income (or loss) of (x)&nbsp;any Unrestricted Subsidiary (other than a Mortgage Subsidiary) or
(y)&nbsp;any Person (other than a Restricted Subsidiary or a Mortgage Subsidiary) in which any Person other than the Company, the Issuer or any Restricted Subsidiary has an ownership interest, except, in each case, to the extent that any such income
has actually been received by the Company, the Issuer or any Restricted Subsidiary in the form of cash dividends or similar cash distributions during such period, which dividends or distributions are not in excess of the Company&#146;s, the
Issuer&#146;s or such Restricted Subsidiary&#146;s (as applicable)<I> pro rata</I> share of such Unrestricted Subsidiary&#146;s or such other Person&#146;s net income earned during such period, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) except to the extent includable in Consolidated Net Income pursuant to the foregoing clause&nbsp;(1), the net income (or loss) of any
Person that accrued prior to the date that (a)&nbsp;such Person becomes a Restricted Subsidiary or is merged with or into or consolidated with the Company, the Issuer or any of its Restricted Subsidiaries (except, in the case of an Unrestricted
Subsidiary that is redesignated a Restricted Subsidiary during such period, to the extent of its retained earnings from the beginning of such period to the date of such redesignation) or (b)&nbsp;the assets of such Person are acquired by the Company
or any Restricted Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) 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, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) the gains or losses, together with any related
provision for taxes, realized during such period by the Company, the Issuer or any Restricted Subsidiary resulting from (a)&nbsp;the acquisition of securities, or extinguishment of Indebtedness, of the Company or any Restricted Subsidiary or
(b)&nbsp;any Asset Disposition by the Company or any Restricted Subsidiary, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) any extraordinary gain or loss together with
any related provision for taxes, realized by the Company, the Issuer or any Restricted Subsidiary, and </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) any non-recurring expense recorded by the Company, the Issuer or any Restricted
Subsidiary in connection with a merger accounted for as a &#147;pooling-of-interests&#148; transaction; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>provided, further,</I> that for
purposes of calculating Consolidated Net Income solely as it relates to clause&nbsp;(3) of the first paragraph of the &#147;Limitations on restricted payments&#148; covenant, clause&nbsp;(4)(b) above shall not be applicable. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Consolidated Tangible Assets&#148;</I> of the Company as of any date means the total amount of assets of the Company, the Issuer
and the 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 (1)&nbsp;Intangible Assets and (2)&nbsp;appropriate
adjustments on account of minority interests of other Persons holding equity investments in Restricted Subsidiaries. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Continuing Director&#148;</I> means a director who either was a member of the Board of Directors of the Company on the Issue
Date or who became a director of the Company subsequent to such date and whose election or nomination for election by the Company&#146;s stockholders, was duly approved by a majority of the Continuing Directors on the Board of Directors of the
Company at the time of such approval, either by a specific vote or by approval of the proxy statement issued by the Company on behalf of the entire Board of Directors of the Company in which such individual is named as nominee for director.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;control&#148;</I> when used with respect to any 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; and the terms &#147;controlling&#148; and &#147;controlled&#148; have meanings correlative to the foregoing. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Credit Facilities&#148; </I>means, collectively, each of the credit facilities and lines of credit of the Company or one or more
Restricted Subsidiaries in existence on the Issue Date and one or more other facilities and lines of credit among or between the Company or one or more Restricted Subsidiaries and one or more lenders pursuant to which the Company or one or more
Restricted Subsidiaries may incur indebtedness for working capital and general corporate purposes (including acquisitions), as any such facility or line of credit may be amended, restated, supplemented or otherwise modified from time to time, and
includes any agreement extending the maturity of, increasing the amount of, or restructuring, all or any portion of the Indebtedness under such facility or line of credit or any successor facilities or lines of credit and includes any facility or
line of credit with one or more lenders refinancing or replacing all or any portion of the Indebtedness under such facility or line of credit or any successor facility or line of credit. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Currency Agreement&#148;</I> of any Person means any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in currency values. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Custodian&#148;</I> means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Designation Amount&#148;</I> has the meaning provided in the definition of Unrestricted Subsidiary.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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, (1)&nbsp;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 8.625% Senior Notes or (2)&nbsp;is convertible into or exchangeable or exercisable for (whether at the option of the issuer or the holder thereof) (a)&nbsp;debt securities or (b)&nbsp;any
Capital Stock referred to in (1)&nbsp;above, in each case, at any time prior to the final maturity date of the 8.625% Senior Notes;<I> provided, however,</I> that any Capital Stock that would not constitute Disqualified Stock but for provisions
thereof giving holders thereof (or the holders of any security into or for </FONT></P>
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which such Capital Stock is convertible, exchangeable or exercisable) the right to require the Company to repurchase or redeem such Capital Stock upon the occurrence of a change in control
occurring prior to the final maturity date of the 8.625% Senior Notes shall not constitute Disqualified Stock if the change in control provision applicable to such Capital Stock are no more favorable to such holders than the provisions described
under the caption &#147;Certain covenants&#151;Repurchase of 8.625% Senior Notes upon Change of Control&#148; and such Capital Stock specifically provides that the Company will not repurchase or redeem any such Capital Stock pursuant to such
provisions prior to the Company&#146;s repurchase of the 8.625% Senior Notes as are required pursuant to the provisions described under the caption &#147;&#151;Certain covenants&#151;Repurchase of 8.625% Senior Notes upon Change of Control.&#148;
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Event of Default&#148;</I> has the meaning set forth in &#147;Events of Default.&#148; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Fair Market Value&#148;</I> means, with respect to any asset, the price (after taking into account any liabilities relating to
such assets) that would be negotiated in an arm&#146;s-length transaction for cash between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction, as such price is determined in good faith
by the Board of Directors of the Company or a duly authorized committee thereof, as evidenced by a resolution of such Board or committee. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;GAAP&#148;</I> means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements 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 on
May&nbsp;4, 1999. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;guarantee&#148;</I> means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person: (i)&nbsp;to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise) or (ii)&nbsp;entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part;<I>
provided</I> that the term &#147;guarantee&#148; does not include endorsements for collection or deposit in the ordinary course of business. The term &#147;guarantee&#148; used as a verb has a corresponding meaning. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Holder&#148;</I>or<I> &#147;Holder of 8.625% Senior Notes&#148; </I>means the Person in whose name a 8.625% Senior Note is
registered in the books of the Registrar for the 8.625% Senior Notes. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Indebtedness&#148;</I> of any Person means,
without duplication, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) any liability of such Person (a)&nbsp;for borrowed money or under any reimbursement obligation
relating to a letter of credit or other similar instruments (other than standby letters of credit or similar instrument 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), (b)&nbsp;evidenced by a bond, note, debenture or similar instrument (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), or (c)&nbsp;in respect of Capitalized Lease Obligations (to the extent of the Attributable Debt in respect thereof), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2) any Indebtedness of others that such Person has guaranteed to the extent of the guarantee; <I>provided</I>, <I>however</I>, that Indebtedness of the Company and its Restricted Subsidiaries will not
include the obligations of the </FONT></P>
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Company or a Restricted Subsidiary under warehouse lines of credit of Mortgage Subsidiaries to repurchase mortgages at prices no greater than 98% of the principal amount thereof, and upon any
such purchase the excess, if any, of the purchase price thereof over the Fair Market Value of the mortgages acquired, will constitute Restricted Payments subject to the &#147;Limitations on restricted payments&#148; covenant, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) to the extent not otherwise included, the obligations of such Person under Currency Agreements or Interest Protection Agreements to
the extent recorded as liabilities not constituting Interest Incurred, net of amounts recorded as assets in respect of such agreements, in accordance with GAAP, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(4) all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person;<I> provided</I>, that Indebtedness shall not include accounts
payable, liabilities to trade creditors of such Person or other accrued expenses arising in the ordinary course of business. The amount of Indebtedness of any Person at any date shall be (a)&nbsp;the outstanding balance at such date of all
unconditional obligations as described above, net of any unamortized discount to be accounted for as Interest Expense, in accordance with GAAP, (b)&nbsp;the maximum liability of such Person for any contingent obligations under clause&nbsp;(1) above
at such date, net of an unamortized discount to be accounted for as Interest Expense in accordance with GAAP, and (c)&nbsp;in the case of clause&nbsp;(4) above, the lesser of (x)&nbsp;the fair market value of any asset subject to a Lien securing the
Indebtedness of others on the date that the Lien attaches and (y)&nbsp;the amount of the Indebtedness secured. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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, write-ups of assets over their prior carrying value (other than write-ups which occurred prior to the Issue Date and other than, in connection with the acquisition of an asset,
the write-up of the value of such asset (within one year of its acquisition) to its fair market value in accordance with GAAP) and all other items which would be treated as intangible on the consolidated balance sheet of the Company, the Issuer and
the Restricted Subsidiaries prepared in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Interest Expense&#148;</I> of any Person for any
period means, without duplication, the aggregate amount of (i)&nbsp;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 in Capitalized Lease Obligations, all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers&#146; acceptance financing, the net costs (but reduced by net
gains) associated with Currency Agreements and Interest Protection Agreements, 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 (ii)&nbsp;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 Person other than the Company, the Issuer or any Restricted Subsidiary during such period;<I> provided</I>, that Interest Expense shall exclude any expense associated with the
complete write-off of financing fees and expenses in connection with the repayment of any Indebtedness. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Interest
Incurred&#148;</I> of any Person for any period means, without duplication, the aggregate amount of (1)&nbsp;Interest Expense and (2)&nbsp;all capitalized interest and amortized debt issuance costs. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Interest Protection Agreement&#148;</I> of any Person means any interest rate swap agreement, interest rate collar agreement,
option or futures contract or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in interest rates with respect to Debt permitted to be incurred under the 8.625% Senior Notes
Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Investment Grade&#148;</I> means, with respect to a debt rating of the 8.625% Senior Notes, a rating of
Baa3 or higher by Moody&#146;s together with a rating of BBB- or higher by S&amp;P or, in the event S&amp;P or Moody&#146;s or both </FONT></P>
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shall cease rating the 8.625% Senior Notes (for reasons outside the control of the Company or the Issuer) and the Company shall select any other Rating Agency, the equivalent of such ratings by
such other Rating Agency. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Investments&#148;</I> of any Person means (i)&nbsp;all investments by such Person in any
other Person in the form of loans, advances or capital contributions, (ii)&nbsp;all guarantees of Indebtedness or other obligations of any other Person by such Person, (iii)&nbsp;all purchases (or other acquisitions for consideration) by such Person
of Indebtedness, Capital Stock or other securities of any other Person and (iv)&nbsp;all other items that would be classified as investments in any other Person (including, without limitation, purchases of assets outside the ordinary course of
business) on a balance sheet of such Person prepared in accordance with GAAP. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#147;<I>Issue Date</I>&#148; means solely for
purposes of this &#147;Description of 8.625% Senior Notes,&#148; June&nbsp;12, 2006. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Lien&#148;</I> means, with
respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such Property. For purposes of this definition, a Person shall be deemed to own, subject to a Lien, any Property which it has
acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such Property. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Marketable Securities&#148;</I> means (a)&nbsp;equity securities that are listed on the New York Stock Exchange, the American
Stock Exchange or The Nasdaq National Market and (b)&nbsp;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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Moody&#146;s&#148;</I> means Moody&#146;s Investors Service,&nbsp;Inc. or any successor to its debt rating
business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Mortgage Subsidiary&#148;</I> means any Subsidiary of the Company substantially all of whose operations
consist of the mortgage lending business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Net Cash Proceeds&#148;</I> means with respect to an Asset Disposition,
cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise (including any cash received upon sale or disposition of such note or receivable), but
only as and when received), excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the Property disposed of in such Asset Disposition or received in any other
non-cash form unless and until such non-cash consideration is converted into cash therefrom, in each case, net of all legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all federal, state and local taxes
required to be accrued as a liability under GAAP as a consequence of such Asset Disposition, and in each case net of a reasonable reserve for the after-tax cost of any indemnification or other payments (fixed and contingent) attributable to the
seller&#146;s indemnities or other obligations to the purchaser undertaken by the Company, the Issuer or any of its Restricted Subsidiaries in connection with such Asset Disposition, and net of all payments made on any Indebtedness which is secured
by or relates to such Property, in accordance with the terms of any Lien or agreement upon or with respect to such Property or which must by its terms or by applicable law be repaid out of the proceeds from such Asset Disposition, and net of all
contractually required distributions and payments made to minority interest holders in Restricted Subsidiaries or joint ventures as a result of such Asset Disposition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Non-Recourse Indebtedness&#148;</I> with respect to any Person means Indebtedness of such Person for which (1)&nbsp;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 with the proceeds of such Indebtedness or such Indebtedness was incurred within 90&nbsp;days after
the acquisition of such property and (2)&nbsp;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)&nbsp;environmental warranties and indemnities, or (b)&nbsp;indemnities for and liabilities arising from fraud,
</FONT></P>
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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. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Permitted Hovnanian Holders&#148;</I> means, collectively, Kevork S.
Hovnanian, Ara K. Hovnanian, the members of their immediate families, the respective estates, spouses, heirs, ancestors, lineal descendants, legatees and legal representatives of any of the foregoing and the trustee of any<I> bona fide</I> trust of
which one or more of the foregoing are the sole beneficiaries or the grantors thereof, or any entity of which any of the foregoing, individually or collectively, beneficially own more than 50% of the Common Equity. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Permitted Indebtedness&#148;</I> means </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) Indebtedness under Credit Facilities which does not exceed $1.5&nbsp;billion principal amount outstanding at any one time; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(2) Indebtedness in respect of obligations of the Company and its Subsidiaries to the trustees under indentures for debt securities; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) intercompany debt obligations of (i)&nbsp;the Company to the Issuer, (ii)&nbsp;the Issuer to the Company, (iii)&nbsp;the Company or
the Issuer to any Restricted Subsidiary and (iv)&nbsp;any Restricted Subsidiary to the Company or the Issuer or any other Restricted Subsidiary; <I>provided</I>, <I>however</I>, that any Indebtedness of any Restricted Subsidiary or the Issuer or the
Company owed to any Restricted Subsidiary or the Issuer that ceases to be a Restricted Subsidiary shall be deemed to be incurred and shall be treated as an incurrence for purposes of the first paragraph of the covenant described under
&#147;Limitations on indebtedness&#148; at the time the Restricted Subsidiary in question ceases to be a Restricted Subsidiary; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) Indebtedness of the Company or the Issuer or any Restricted Subsidiary under any Currency Agreements or Interest Protection
Agreements in a notional amount no greater than the payments due (at the time the related Currency Agreement or Interest Protection Agreement is entered into) with respect to the Indebtedness or currency being hedged; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) Purchase Money Indebtedness; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(6) Capitalized Lease Obligations; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) 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; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(8) Indebtedness secured only by office buildings owned or occupied by the Company or any Restricted Subsidiary, which Indebtedness does not exceed $10&nbsp;million aggregate principal amount outstanding
at any one time; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9) Indebtedness under warehouse lines of credit, repurchase agreements and Indebtedness secured by mortgage
loans and related assets of mortgage lending Subsidiaries in the ordinary course of a mortgage lending business; and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10)
Indebtedness of the Company or any Restricted Subsidiary which, together with all other Indebtedness under this clause&nbsp;(10), does not exceed $50&nbsp;million aggregate principal amount outstanding at any one time. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Permitted Investment&#148;</I> means </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) Cash Equivalents; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) any Investment in the Company, the Issuer or any
Restricted Subsidiary or any Person that becomes a Restricted Subsidiary as a result of such Investment or that is consolidated or merged with or into, or transfers all </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">75 </FONT></P>



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or substantially all of the assets of it or an operating unit or line of business to, the Company or a Restricted Subsidiary; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) any receivables, loans or other consideration taken by the Company, the Issuer or any Restricted Subsidiary in connection with any
asset sale otherwise permitted by the 8.625% Senior Notes Indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) Investments received in connection with any
bankruptcy or reorganization proceeding, or as a result of foreclosure, perfection or enforcement of any Lien or any judgment or settlement of any Person in exchange for or satisfaction of Indebtedness or other obligations or other property received
from such Person, or for other liabilities or obligations of such Person created, in accordance with the terms of the 8.625% Senior Notes Indenture; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(5) Investments in Currency Agreements or Interest Protection Agreements described in the definition of Permitted Indebtedness; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(6) any loan or advance to an executive officer, director or employee of the Company or any Restricted Subsidiary made in the ordinary course of business or in accordance with past practice;
<I>provided</I>, <I>however</I>, that any such loan or advance exceeding $1&nbsp;million shall have been approved by the Board of Directors of the Company or a committee thereof consisting of disinterested members; </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) Investments in joint ventures in a Real Estate Business with unaffiliated third parties in an aggregate amount at any time
outstanding not to exceed 10% of Consolidated Tangible Assets at such time; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(8) Investments in interests in issuances of
collateralized mortgage obligations, mortgages, mortgage loan servicing, or other mortgage related assets; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(9) obligations of
the Company or a Restricted Subsidiary under warehouse lines of credit of Mortgage Subsidiaries to repurchase mortgages; and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10) Investments in an aggregate amount outstanding not to exceed $10&nbsp;million. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Permitted Liens&#148;</I> means </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(1) Liens for taxes, assessments or governmental or quasi-government charges or claims that (a)&nbsp;are not yet delinquent, (b)&nbsp;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, if required, or (c)&nbsp;encumber solely property abandoned or in the process of being abandoned, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) 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)&nbsp;are not yet delinquent or (b)&nbsp;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, if required, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3) Liens (other than any Lien imposed by the Employer 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, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) Liens incurred or deposits made to secure the
performance of tenders, bids, leases, statutory obligations, surety and appeal bonds, development obligations, progress payments, government contacts, utility services, developer&#146;s or other obligations to make on-site 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&nbsp;(1)(a) of the definition of &#147;Indebtedness&#148;), in each case incurred in
the ordinary course of business of the Company, the Issuer and the Restricted Subsidiaries, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">76 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(5) attachment or judgment Liens not giving rise to a Default or an Event of Default,
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(6) easements, dedications, assessment district or similar Liens in connection with municipal or special district financing,
rights-of-way, restrictions, reservations and other similar charges, burdens, and other similar charges or encumbrances not materially interfering with the ordinary course of business of the Company, the Issuer and the Restricted Subsidiaries,
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(7) 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, the Issuer and the Restricted Subsidiaries, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(8) Liens securing Indebtedness incurred pursuant to clause&nbsp;(8) or (9)&nbsp;of the definition of Permitted Indebtedness, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(9) Liens securing Indebtedness of the Company, the Issuer or any Restricted Subsidiary permitted to be incurred under the 8.625% Senior Notes Indenture; <I>provided</I>, that the aggregate amount of all
consolidated Indebtedness of the Company, the Issuer and the Restricted Subsidiaries (including, with respect to Capitalized Lease Obligations, the Attributable Debt in respect thereof) secured by Liens (other than Non-Recourse Indebtedness and
Indebtedness incurred pursuant to clause&nbsp;(9) of the definition of Permitted Indebtedness) shall not exceed 40% of Consolidated Adjusted Tangible Assets at any one time outstanding (after giving effect to the incurrence of such Indebtedness and
the use of the proceeds thereof), </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(10) Liens securing Non-Recourse Indebtedness of the Company, the Issuer or any Restricted
Subsidiary; <I>provided</I>, that such Liens apply only to the property financed out of the net proceeds of such Non-Recourse Indebtedness within 90&nbsp;days after the incurrence of such Non-Recourse Indebtedness, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(11) Liens securing Purchase Money Indebtedness; <I>provided</I>, that such Liens apply only to the property acquired, constructed or
improved with the proceeds of such Purchase Money Indebtedness within 90&nbsp;days after the incurrence of such Purchase Money Indebtedness, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(12) Liens on property or assets of the Company, the Issuer or any Restricted Subsidiary securing Indebtedness of the Company, the Issuer or any Restricted Subsidiary owing to the Company, the Issuer or
one or more Restricted Subsidiaries, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(13) leases or subleases granted to others not materially interfering with the ordinary
course of business of the Company and the Restricted Subsidiaries, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(14) purchase money security interests (including, without
limitation, Capitalized Lease Obligations); <I>provided</I>, that such Liens apply only to the Property acquired and the related Indebtedness is incurred within 90&nbsp;days after the acquisition of such Property, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(15) any right of first refusal, right of first offer, option, contract or other agreement to sell an asset; <I>provided</I> that such
sale is not otherwise prohibited under the 8.625% Senior Notes Indenture, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(16) any right of a lender or lenders to which the
Company, the Issuer 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, deposits, accounts or money of the Company, the Issuer or a Restricted
Subsidiary with or held by such lender or lenders or its Affiliates, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(17) any pledge or deposit of cash or property in
conjunction with obtaining surety, performance, completion or payment bonds and letters of credit or other similar instruments or providing earnest money obligations, escrows or similar purpose undertakings or indemnifications in the ordinary course
of business of the Company, the Issuer and the Restricted Subsidiaries, </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">77 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(18) Liens for homeowner and property owner association developments and assessments,
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(19) Liens securing Refinancing Indebtedness; <I>provided</I>, that such Liens extend only to the assets securing the
Indebtedness being refinanced, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(20) Liens incurred in the ordinary course of business as security for the obligations of the
Company, the Issuer and the Restricted Subsidiaries with respect to indemnification in respect of title insurance providers, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(21) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any
Subsidiary of the Company or becomes a Subsidiary of the Company; <I>provided</I>, that such Liens were in existence prior to the contemplation of such merger or consolidation or acquisition and do not extend to any assets other than those of the
Person merged into or consolidated with the Company or the Subsidiary or acquired by the Company or its Subsidiaries, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(22)
Liens on property existing at the time of acquisition thereof by the Company or any Subsidiary of the Company, <I>provided</I>, that such Liens were in existence prior to the contemplation of such acquisition, </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(23) Liens existing on the Issue Date and any extensions, renewals or replacements thereof, and </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(24) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person&#146;s obligations in respect of
bankers&#146; acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><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 any agency or political subdivision thereof. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Property&#148;</I> of any Person means all types of real, personal, tangible, intangible or mixed property owned by such Person,
whether or not included in the most recent consolidated balance sheet of such Person and its Subsidiaries under GAAP. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Purchase Money Indebtedness&#148;</I> means Indebtedness of the Company, the Issuer or any Restricted Subsidiary incurred for
the purpose of financing all or any part of the purchase price, or the cost of construction or improvement, of any property to be used in the ordinary course of business by the Company, the Issuer and the Restricted Subsidiaries;<I> provided,
however,</I> that (1)&nbsp;the aggregate principal amount of such Indebtedness shall not exceed such purchase price or cost and (2)&nbsp;such Indebtedness shall be incurred no later than 90&nbsp;days after the acquisition of such property or
completion of such construction or improvement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Qualified Stock&#148;</I> means Capital Stock of the Company other
than Disqualified Stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Rating Agency&#148;</I> means a statistical rating agency or agencies, as the case may be,
nationally recognized in the United States and selected by the Company (as certified by a resolution of the Board of Directors of the Company) which shall be substituted for S&amp;P or Moody&#146;s, or both, as the case may be. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Real Estate Business&#148;</I> means homebuilding, housing construction, real estate development or construction and related
real estate activities, including the provision of mortgage financing or title insurance. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Refinancing
Indebtedness&#148;</I> means Indebtedness (to the extent not Permitted Indebtedness) that refunds, refinances or extends any Indebtedness of the Company, the Issuer or any Restricted Subsidiary (to the extent not Permitted Indebtedness) outstanding
on the Issue Date or other Indebtedness (to the extent not Permitted </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">78 </FONT></P>



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Indebtedness) permitted to be incurred by the Company, the Issuer or any Restricted Subsidiary pursuant to the terms of the 8.625% Senior Notes Indenture, but only to the extent that: </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) the Refinancing Indebtedness is subordinated, if at all, to the 8.625% Senior Notes or the 8.625% Senior Notes Guarantees, as the
case may be, to the same extent as the Indebtedness being refunded, refinanced or extended, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) the Refinancing Indebtedness
is scheduled to mature either (a)&nbsp;no earlier than the Indebtedness being refunded, refinanced or extended or (b)&nbsp;after the maturity date of the 8.625% Senior Notes, </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">(3) the portion, if any, of the Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date of the 8.625% Senior 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, and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(4) such Refinancing Indebtedness is in an aggregate principal amount that is equal to or less than the aggregate
principal amount then outstanding under the Indebtedness being refunded, refinanced or extended. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Restricted
Payment&#148;</I> means any of the following: </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(1) the declaration or payment of any dividend or any other distribution on
Capital Stock of the Company, the Issuer or any Restricted Subsidiary or any payment made to the direct or indirect holders (in their capacities as such) of Capital Stock of the Company, the Issuer or any Restricted Subsidiary (other than
(a)&nbsp;dividends or distributions payable solely in Qualified Stock and (b)&nbsp;in the case of the Issuer or Restricted Subsidiaries, dividends or distributions payable to the Company, the Issuer or a Restricted Subsidiary); </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(2) the purchase, redemption or other acquisition or retirement for value of any Capital Stock of the Company, the Issuer or any
Restricted Subsidiary (other than a payment made to the Company, the Issuer or any Restricted Subsidiary); and </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">(3) any
Investment (other than any Permitted Investment), including any Investment in an Unrestricted Subsidiary (including by the designation of a Subsidiary of the Company as an Unrestricted Subsidiary) and any amounts paid in accordance with
clause&nbsp;(2) of the definition of Indebtedness. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Restricted Subsidiary&#148;</I> means any Subsidiary of the
Company which is not an Unrestricted Subsidiary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;S&amp;P&#148;</I> means Standard&nbsp;&amp; Poor&#146;s Ratings
Services, a division of The McGraw Hill Companies, Inc., a New York corporation, or any successor to its debt rating business. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Significant Subsidiary&#148;</I> means any Subsidiary of the Company which would constitute a &#147;significant subsidiary&#148;
as defined in Rule&nbsp;1-02(w)(1) or (2)&nbsp;of Regulation&nbsp;S-X under the Securities Act and the Exchange Act as in effect on the Issue Date. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Subsidiary&#148;</I> of any Person means any corporation or other entity of which a majority of the Capital Stock having ordinary voting power to elect a majority of the Board of Directors or
other persons performing similar functions is at the time directly or indirectly owned or controlled by such Person. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>&#147;Unrestricted Subsidiary&#148;</I> means any Subsidiary of the Company so designated by a resolution adopted by the Board of
Directors of the Company or a duly authorized committee thereof as provided below;<I> provided</I> that (a)&nbsp;the holders of Indebtedness thereof do not have direct or indirect recourse against the Company, the Issuer or any Restricted
Subsidiary, and neither the Company, the Issuer nor any Restricted Subsidiary otherwise has </FONT></P>
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liability for, any payment obligations in respect of such Indebtedness (including any undertaking, agreement or instrument evidencing such Indebtedness), except, in each case, to the extent that
the amount thereof constitutes a Restricted Payment permitted by the 8.625% Senior Notes Indenture, in the case of Non-Recourse Indebtedness, to the extent such recourse or liability is for the matters discussed in the last sentence of the
definition of &#147;Non-Recourse Indebtedness,&#148; or to the extent such Indebtedness is a guarantee by such Subsidiary of Indebtedness of the Company, the Issuer or a Restricted Subsidiary and (b)&nbsp;no holder of any Indebtedness of such
Subsidiary shall have a right to declare a default on such Indebtedness or cause the payment thereof to be accelerated or payable prior to its stated maturity as a result of a default on any Indebtedness of the Company, the Issuer or any Restricted
Subsidiary. As of the date of this prospectus, the Issuer&#146;s home mortgage subsidiaries, certain title insurance subsidiaries, joint ventures, subsidiaries holding interests in joint ventures and foreign subsidiary are designated as Unrestricted
Subsidiaries under the 8.625% Senior Notes Indenture. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Subject to the foregoing, the Board of Directors of the Company or a
duly authorized committee thereof may designate any Subsidiary in addition to those named above to be an Unrestricted Subsidiary;<I> provided, however,</I> that (1)&nbsp;the net amount (the &#147;Designation Amount&#148;) then outstanding of all
previous Investments by the Company and the Restricted Subsidiaries in such Subsidiary will be deemed to be a Restricted Payment 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, to the extent provided therein, (2)&nbsp;the Company must be permitted under the &#147;Limitations on Restricted Payments&#148; covenant set forth in the Indenture to make the
Restricted Payment deemed to have been made pursuant to clause&nbsp;(1), and (3)&nbsp;after giving effect to such designation, no Default or Event of Default shall have occurred or be continuing. In accordance with the foregoing, and not in
limitation thereof, Investments made by any Person in any Subsidiary of such Person prior to such Person&#146;s merger with the Company or any Restricted Subsidiary (but not in contemplation or anticipation of such merger) shall not be counted as an
Investment by the Company or such Restricted Subsidiary if such Subsidiary of such Person is designated as an Unrestricted Subsidiary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Board of Directors of the Company or a duly authorized committee thereof may also redesignate an Unrestricted Subsidiary to be a Restricted Subsidiary;<I> provided, however,</I> that (1)&nbsp;the
Indebtedness of such Unrestricted Subsidiary as of the date of such redesignation could then be incurred under the &#147;Limitations on Indebtedness&#148; covenant and (2)&nbsp;immediately after giving effect to such redesignation and the incurrence
of any such additional Indebtedness, the Company and the Restricted Subsidiaries could incur $1.00 of additional Indebtedness under the first paragraph of the &#147;Limitations on Indebtedness&#148; covenant. Any such designation or redesignation by
the Board of Directors of the Company or a committee thereof will be evidenced to the 8.625% Senior Notes Trustee by the filing with the 8.625% Senior Notes Trustee of a certified copy of the resolution of the Board of Directors of the Company or a
committee thereof 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 of such
Officers&#146; Certificate. The designation of any Person as an Unrestricted Subsidiary shall be deemed to include a designation of all Subsidiaries of such Person as Unrestricted Subsidiaries;<I> provided, however,</I> that the ownership of the
general partnership interest (or a similar member&#146;s interest in a limited liability company) by an Unrestricted Subsidiary shall not cause a Subsidiary of the Company of which more than 95% of the equity interest is held by the Company or one
or more Restricted Subsidiaries to be deemed an Unrestricted Subsidiary. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><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)&nbsp;the sum of the products obtained by multiplying (a)&nbsp;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)&nbsp;the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making
of such payment by (ii)&nbsp;the sum of all such payments described in clause&nbsp;(i)(a) above. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_11"></A>DESCRIPTION OF CAPITAL STOCK </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following description of our common stock and preferred stock, together with the additional information we include in any applicable
prospectus supplement, summarizes the material terms and provisions of the common stock and the preferred stock that may be offered from time to time pursuant to this prospectus. While the terms we have summarized below will apply generally to any
future common stock or preferred stock that we may offer, we will describe the particular terms of any class or series of these securities in more detail in the applicable prospectus supplement. For the complete terms of our common stock and
preferred stock, please refer to Hovnanian&#146;s restated certificate of incorporation, the &#147;Certificate of Incorporation&#148; and restated bylaws, the &#147;Restated By-Laws&#148; that are incorporated by reference as exhibits to the
registration statement of which this prospectus is a part. The terms of these securities may also be affected by the General Corporation Law of the State of Delaware. The summary below and that contained in any prospectus supplement is qualified in
its entirety by reference to the Certificate of Incorporation and Restated By-laws. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The authorized capital stock of Hovnanian
is 460,100,000 shares consisting of 400,000,000 shares of Class&nbsp;A Common Stock, par value $.01 per share, the &#147;Class A Common Stock&#148;, 60,000,000 shares of Class B Common Stock, par value $.01 per share, the &#147;Class B Common
Stock&#148;, and 100,000 shares of preferred stock, par value $.01 per share, in the series and with the voting powers, designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or
restrictions thereof, as may be fixed from time to time by the Board of Directors of Hovnanian for each series. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Common Stock
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As of June&nbsp;27, 2013, 124,544,460 shares of Class&nbsp;A Common Stock and 14,656,867 shares of Class B Common Stock
were issued and outstanding. The Class&nbsp;A Common Stock is traded on the New York Stock Exchange under the symbol &#147;HOV&#148;. There is no established public trading market for the Class B Common Stock. In order to trade Class B Common Stock,
the shares must be converted into Class&nbsp;A Common Stock on a one-for-one basis. Any offering of common stock made hereby will consist only of Class&nbsp;A Common Stock. The outstanding Class&nbsp;A Common Stock is, and any Class&nbsp;A Common
Stock offered pursuant to this prospectus and any prospectus supplement when issued and paid for will be, fully paid and non-assessable. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Dividends</I>. Dividends on the Class&nbsp;A Common Stock will be paid if, when and as determined by the Board of Directors of Hovnanian out of funds legally available for this purpose. Certain debt
instruments to which Hovnanian is a party contain restrictions on the payment of cash dividends. As a result of the most restrictive of these provisions, Hovnanian is not currently able to pay any cash dividends and anticipates that it will be
prohibited from doing so for the foreseeable future. Hovnanian has never paid cash dividends on its Class&nbsp;A Common Stock nor does it currently intend to pay cash dividends on its Class&nbsp;A Common Stock. If and when declared, the amount of
any regular cash dividend payable on a share of Class&nbsp;A Common Stock will be an amount equal to 110% of the corresponding regular cash dividend payable on a share of Class B Common Stock. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Voting Rights</I>. Holders of Class&nbsp;A Common Stock are entitled to one vote for each share held by them on all matters presented
to shareholders. Holders of Class B Common Stock are generally entitled to ten votes per share. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Liquidation Rights</I>.
After satisfaction of the preferential liquidation rights of any preferred stock, the holders of the Class&nbsp;A Common Stock and Class B Common Stock are entitled to share ratably as a single class in the distribution of all remaining net assets.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Preemptive and Other Rights</I>. The holders of Class&nbsp;A Common Stock do not have preemptive rights as to additional
issues of common stock or conversion rights. The shares of Class&nbsp;A Common Stock are not subject to redemption or to any further calls or assessments and are not entitled to the benefit of any sinking fund provisions. The rights, preferences and
privileges of holders of Class&nbsp;A Common Stock are subject to, and may be adversely affected by, the rights of the holder of shares of any series of preferred stock that Hovnanian may designate and issue in the future. </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Preferred Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The Certificate of Incorporation authorizes the Board of Directors of Hovnanian to issue from time to time up to 100,000 shares of preferred stock, in one or more series, and with the voting powers,
designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof, as may be fixed from time to time by the Board of Directors of Hovnanian for each series. The preferred
stock may be used by the Board of Directors of Hovnanian without further action by Hovnanian&#146;s stockholders as an anti-takeover device. As of June&nbsp;27, 2013, 5,600 shares of Hovnanian&#146;s preferred stock were issued and outstanding,
consisting of entirely of Hovnanian&#146;s 7.625% Series A Preferred Stock (liquidation preference $25,000.00 per share) par value $.01 per share, the &#147;Series A Preferred Stock&#148;. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The applicable prospectus supplement will describe the terms of any preferred stock that may be offered, including the number of shares,
dividend rate and dividend period, liquidation value, voting rights, conversion rights (if any), dividend and liquidation preferences, redemption terms, whether depositary shares representing fractional interests will be offered, and any other
rights, privileges and limitations thereof. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>7.625% Series A Preferred Stock </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Dividends on the Series A Preferred Stock are not cumulative. The Series A Preferred Stock ranks senior to Hovnanian&#146;s common stock
with respect to the payment of dividends to the extent provided in the Certificate of Designations, Powers, Preferences and Rights of the 7.625% Series A Preferred Stock (the &#147;Certificate&#148;). The Certificate provides that unless dividends
have been declared and paid or set apart for payment on the Series A Preferred Stock for the then-currently quarterly dividend period, no dividend may be declared or paid or set apart for payment on Hovnanian&#146;s common stock for that period,
other than dividends or distributions paid in shares of, or options, warrants or rights to subscribe for or purchase shares of, the common stock of Hovnanian or any other stock of Hovnanian ranking, as to the payment of dividends and the
distribution of assets upon dissolution, liquidation or winding up of Hovnanian, junior to the Series A Preferred Stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Series A Preferred Stock is traded as depositary shares, with each depositary share representing 1/1000th of a share of Series A Preferred Stock, and is listed on the NASDAQ Global Market under the symbol &#147;HOVNP&#148;. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Series A Preferred Stock has no voting rights except as provided for in the Certificate or as otherwise required by law. However, so
long as any shares of Series A Preferred Stock are outstanding, Hovnanian will not, without the vote of the holders of at least a majority of the shares of the Series A Preferred Stock, (1)&nbsp;authorize, create or issue any capital stock of
Hovnanian ranking, as to dividends or upon liquidation, dissolution or winding up, senior to the Series A Preferred Stock, or reclassify any authorized capital stock of Hovnanian into any such shares of such capital stock, or issue any obligation or
security convertible into or evidencing the right to purchase any such shares, or (2)&nbsp;amend, alter or repeal the Certificate, or the certificate of incorporation of Hovnanian, whether by merger, consolidation or otherwise, in a way that
adversely affects the powers, preferences or special rights of the Series A Preferred Stock. Any increase in the amount of authorized common stock or preferred stock or any increase or decrease in the number of shares of any series of preferred
stock or the authorization, creation and issuance of other classes or series of stock, in each case ranking equally with or junior to the Series A Preferred Stock will not be deemed to adversely affect such powers, preferences or special rights.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Series A Preferred Stock has liquidation preferences over Hovnanian&#146;s common stock. Upon any liquidation,
dissolution or winding up of Hovnanian, the holders of the Series A Preferred Stock will be entitled to receive out of the assets of Hovnanian available for distribution to its stockholders, an amount equal to the liquidation preference of
$25,000.00 per share plus all accrued and unpaid dividends before any payment or distribution out of Hovnanian&#146;s assets may be made to or set apart for the holders of Hovnanian&#146;s common stock or other junior equity. If, upon any
liquidation, dissolution or winding up of Hovnanian, the assets of Hovnanian, or proceeds thereof, distributable among the holders of shares Series A Preferred Stock and any stock ranking equally with the Series A Preferred Stock shall be
insufficient to pay in full the preferential amounts to which </FONT></P>
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such stock would be entitled, then such assets, or the proceeds thereof, shall be distributable among such holders ratably in accordance with the respective amounts which would be payable on such
shares if all amounts payable thereon were paid in full. Neither a consolidation nor merger of Hovnanian, nor a sale, lease, exchange or transfer of all or substantially all of Hovnanian&#146;s assets will be deemed to be a liquidation, dissolution
or winding up of Hovnanian. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Rights Plan </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">On July&nbsp;29, 2008, the Board of Directors of Hovnanian adopted a shareholder rights plan, the &#147;Rights Plan,&#148; and declared a dividend of one preferred share purchase right for each
outstanding share of Class&nbsp;A Common Stock and Class B Common Stock, which was subsequently paid to stockholders of record as of August&nbsp;15, 2008. Subject to the terms, provisions and conditions of the rights plan, if and when they become
exercisable, each right would entitle its holder to purchase from Hovnanian one ten-thousandth of a share of Hovnanian&#146;s Series B Junior Preferred Stock for a purchase price of $35.00 per share, the &#147;Purchase Price.&#148; If issued, each
fractional share of Preferred Stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of Hovnanian&#146;s Class&nbsp;A Common Stock. However, prior to exercise, a right does not give its
holder any rights as a stockholder of Hovnanian, including without limitation any dividend, voting or liquidation rights. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The
Board of Directors of Hovnanian adopted the Rights Plan in an effort to protect stockholder value by attempting to protect against a possible limitation on Hovnanian&#146;s ability to use its net operating loss carryforwards, &#147;NOLs,&#148; to
reduce potential future federal income tax obligations. Hovnanian has experienced and continues to experience substantial operating losses, and under the Internal Revenue Code and rules promulgated by the Internal Revenue Service, Hovnanian may
&#147;carry forward&#148; these losses in certain circumstances to offset any current and future earnings and thus reduce its federal income tax liability, subject to certain requirements and restrictions. To the extent that the NOLs do not
otherwise become limited, Hovnanian believes that it will be able to carry forward a significant amount of NOLs, and therefore these NOLs could be a substantial asset to Hovnanian. However, if Hovnanian experiences an &#147;Ownership Change,&#148;
as defined in Section&nbsp;382 of the Internal Revenue Code, Hovnanian&#146;s ability to use the NOLs will be substantially limited, and the timing of the usage of the NOLs could be substantially delayed, which could therefore significantly impair
the value of that asset. The Rights Plan is intended to act as a deterrent to any person or group acquiring 4.9% or more of our outstanding Class&nbsp;A Common Stock, an &#147;Acquiring Person,&#148; without the approval of Hovnanian&#146;s Board.
</FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Exercisability</I>. The rights will not be exercisable until the earlier of (i)&nbsp;10 business days after a public
announcement by us that a person or group has become an Acquiring Person and (ii)&nbsp;10 business days after the commencement of a tender or exchange offer by a person or group for 4.9% of the Class&nbsp;A Common Stock. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Until the date that the rights become exercisable, the &#147;Distribution Date,&#148; the rights are evidenced by Hovnanian&#146;s
Class&nbsp;A Common Stock and Class B Common Stock certificates which contain a notation to that effect. Any transfer of shares of Class&nbsp;A Common Stock and/or Class B Common Stock prior to the Distribution Date constitutes a transfer of the
associated rights. After the Distribution Date, the rights may be transferred separately from the transfer of the underlying shares of Class&nbsp;A Common Stock or Class B Common Stock. After the Distribution Date, each holder of a right, other than
rights beneficially owned by the Acquiring Person (which will thereupon become void), will thereafter have the right to receive upon exercise of a right and payment of the Purchase Price, that number of shares of Class&nbsp;A Common Stock or Class B
Common Stock, as the case may be, having a market value of two times the Purchase Price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Exchange</I>. After the
Distribution Date, the Board of Directors may exchange the rights (other than rights owned by an Acquiring Person which will have become void), in whole or in part, at an exchange ratio of one share of Common Stock, or a fractional share of Series B
Preferred Stock (or of a share of a similar class or series of Hovnanian&#146;s preferred stock having similar rights, preferences and privileges) of equivalent value, per right (subject to adjustment). </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Expiration</I>. The rights and the Rights Plan will expire on the earliest of
(i)&nbsp;August&nbsp;14, 2018, (ii)&nbsp;the time at which the rights are redeemed pursuant to the Rights Agreement, (iii)&nbsp;the time at which the rights are exchanged pursuant to the Rights Agreement, (iv)&nbsp;the repeal of Section&nbsp;382 of
the Internal Revenue Code or any successor statute if the Board of Directors determines that the Rights Agreement is no longer necessary for the preservation of tax benefits, and (v)&nbsp;the beginning of a taxable year of Hovnanian to which the
Board of Directors determines that no tax benefits may be carried forward. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Redemption</I>. At any time prior to the time
an Acquiring Person becomes such, the Board of Directors may redeem the rights in whole, but not in part, at a price of $0.01 per right, the &#147;Redemption Price.&#148; The redemption of the rights may be made effective at such time, on such basis
and with such conditions as the Board of Directors in its sole discretion may establish. Immediately upon any redemption of the rights, the right to exercise the rights will terminate and the only right of the holders of rights will be to receive
the Redemption Price. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Anti-Dilution Provisions</I>. The Board of Directors may adjust the purchase price of the preferred
shares, the number of preferred shares issuable and the number of outstanding rights to prevent dilution that may occur as a result of certain events, including among others, a stock dividend, a stock split or a reclassification of the preferred
shares or Hovnanian&#146;s Class&nbsp;A Common Stock or Class B Common Stock. No adjustments to the purchase price of less than 1% will be made. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><I>Amendments</I>. Before the Distribution Date, the Board of Directors may amend or supplement the Rights Plan without the consent of the holders of the rights. After the Distribution Date, the Board of
Directors may amend or supplement the rights Plan only to cure an ambiguity, to alter time period provisions, to correct inconsistent provisions, or to make any additional changes to the Rights Plan, but only to the extent that those changes do not
impair or adversely affect any rights holder. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Transfer Restrictions in the Certificate of Incorporation </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">At a special meeting of stockholders held on December&nbsp;5, 2008, Hovnanian&#146;s stockholders approved an amendment to its Certificate
of Incorporation to restrict certain transfers of Class&nbsp;A Common Stock in order to preserve the tax treatment of Hovnanian&#146;s NOLs under Section&nbsp;382 of the Internal Revenue Code. Subject to certain exceptions pertaining to pre-existing
5% stockholders and Class B stockholders, the transfer restrictions in the amended Certificate of Incorporation generally restrict any direct or indirect transfer (such as transfers of Hovnanian&#146;s stock that result from the transfer of
interests in other entities that own Hovnanian&#146;s stock) if the effect would be to: (i)&nbsp;increase the direct or indirect ownership of Hovnanian&#146;s stock by any person (or public group) from less than 5% to 5% or more of Hovnanian&#146;s
common stock; (ii)&nbsp;increase the percentage of Hovnanian&#146;s common stock owned directly or indirectly by a person (or public group) owning or deemed to own 5% or more of Hovnanian&#146;s common stock; or (iii)&nbsp;create a new &#147;public
group&#148; (as defined in the applicable Treasury regulations). Transfers included under the transfer restrictions include sales to persons (or public groups) whose resulting percentage ownership (direct or indirect) of common stock would exceed
the 5% thresholds discussed above, or to persons whose direct or indirect ownership of common stock would by attribution cause another person (or public group) to exceed such threshold. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>Consequences of Prohibited Transfers</I>. In accordance with Hovnanian&#146;s amended Certificate of Incorporation, any direct or
indirect transfer attempted in violation of the restrictions would be void as of the date of the purported transfer as to the purported transferee (or, in the case of an indirect transfer, the ownership of the direct owner of Class&nbsp;A Common
Stock would terminate simultaneously with the transfer), and the purported transferee (or in the case of any indirect transfer, the direct owner) would not be recognized as the owner of the shares owned in violation of the restrictions for any
purpose, including for purposes of voting and receiving dividends or other distributions in respect of such Class&nbsp;A Common Stock, or in the case of options, receiving Class&nbsp;A Common Stock in respect of their exercise. In this prospectus,
Class&nbsp;A Common Stock purportedly acquired in violation of the transfer restrictions is referred to as &#147;excess stock.&#148; </FONT></P>
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 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">In addition to the purported transfer being void as of the date of the purported transfer,
upon demand, the purported transferee must transfer the excess stock to Hovnanian&#146;s agent along with any dividends or other distributions paid with respect to such excess stock. Hovnanian&#146;s agent is required to sell such excess stock in an
arms&#146; length transaction (or series of transactions) that would not constitute a violation under the transfer restrictions. The net proceeds of the sale, together with any other distributions with respect to such excess stock received by
Hovnanian&#146;s agent, after deduction of all costs incurred by the agent, will be distributed first to the purported transferee in an amount, if any, up to the cost (or in the case of gift, inheritance or similar transfer, the fair market value of
the excess stock on the date of the violative transfer) incurred by the purported transferee to acquire such excess stock, and the balance of the proceeds, if any, will be distributed to a charitable beneficiary. If the excess stock is sold by the
purported transferee, such person will be treated as having sold the excess stock on behalf of the agent, and will be required to remit all proceeds to Hovnanian&#146;s agent (except to the extent Hovnanian grants written permission to the purported
transferee to retain an amount not to exceed the amount such person otherwise would have been entitled to retain had Hovnanian&#146;s agent sold such shares). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">To the extent permitted by law, any stockholder who knowingly violates the transfer restrictions will be liable for any and all damages suffered by Hovnanian as a result of such violation, including
damages resulting from a reduction in or elimination of the ability to utilize the NOLs and any professional fees incurred in connection with addressing such violation. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">With respect to any transfer of Class&nbsp;A Common Stock which does not involve a transfer of &#147;securities&#148; of Hovnanian within the meaning of the General Corporation Law of the State of
Delaware but which would cause any 5% stockholder to violate the transfer restrictions, the following procedure will apply in lieu of those described above. In such case, no such 5% stockholder shall be required to dispose of any interest that is
not a security of Hovnanian, but such 5% stockholder and/or any person whose ownership of securities of Hovnanian is attributed to such 5% stockholder will be deemed to have disposed of (and will be required to dispose of) sufficient securities,
simultaneously with the transfer, to cause such 5% stockholder not to be in violation of the transfer restrictions, and such securities will be treated as excess stock to be disposed of through the agent under the provisions summarized above, with
the maximum amount payable to such 5% stockholder or such other person that was the direct holder of such excess stock from the proceeds of sale by the agent being the fair market value of such excess stock at the time of the prohibited transfer.
</FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Exceptions </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The Board of Directors will have the discretion to approve transfers that would otherwise be restricted by the amended Certificate of
Incorporation and may exempt any person or group from triggering the dilutive effect of the Rights Plan. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_12">
</A>DESCRIPTION OF DEPOSITARY SHARES </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following description of depositary shares representing shares of our preferred
stock sets forth certain general terms and provisions of depositary agreements, depositary shares and depositary receipts. The particular terms of the depositary shares and related agreements and receipts will be described in the prospectus
supplement relating to those depositary shares. The description set forth below and in any prospectus supplement is not complete, and is subject to, and qualified in its entirety by reference to, the applicable depositary agreement, a form of which
has been incorporated by reference as an exhibit to the Registration Statement of which this prospectus forms a part, and the depositary receipts, which will be filed as exhibits to the Registration Statement or filed as exhibits to one or more
current reports on Form 8-K and incorporated by reference herein. The specific terms of the depositary shares as described in the applicable prospectus supplement will supplement and, if applicable, may modify or replace the general terms described
in this prospectus. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">85 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>General </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Hovnanian may, at its option, elect to offer fractional shares of preferred stock, rather than full shares of preferred stock. In such event, Hovnanian will issue receipts for depositary shares, each of
which will represent a fraction of a share of a particular series of preferred stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The shares of any series of preferred
stock represented by depositary shares will be deposited under a deposit agreement between Hovnanian and a bank or trust company selected by Hovnanian having its principal office in the United States and having a combined capital and surplus of at
least $50,000,000, as preferred stock depositary. Each owner of a depositary share will be entitled to all the rights and preferences of the underlying preferred stock, including dividend, voting, redemption, conversion and liquidation rights, in
proportion to the applicable fraction of a share of preferred stock represented by such depositary share. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The depositary
shares will be evidenced by depositary receipts issued pursuant to the deposit agreement. Depositary receipts will be distributed to the registered holder purchasing the fractional shares of preferred stock in accordance with the terms of the
applicable prospectus supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Shares of preferred stock represented by depositary shares may be withdrawn from the
depositary arrangement upon surrender of depositary receipts at the principal office of the preferred stock depositary and upon payment of the taxes, charges and fees provided for in the deposit agreement. Subject to the terms of the deposit
agreement, the holder of depositary receipts will receive the appropriate number of shares of preferred stock and any money or property represented by such depositary shares. Only whole shares of preferred stock may be withdrawn; if a holder holds
an amount of depositary shares in excess of whole shares of preferred stock, the preferred stock depositary will deliver along with the withdrawn shares of preferred stock a new depositary receipt evidencing the excess number of depositary shares.
Except as described in the deposit agreement, holders of withdrawn shares of preferred stock will not be entitled to redeposit such shares or to receive depositary shares. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Dividends and Other Distributions </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The preferred stock depositary will
distribute all cash dividends or other cash distributions received in respect of the deposited preferred stock to the record holders of depositary shares relating to such preferred stock in proportion to the number of such depositary shares owned by
such holders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The preferred stock depositary will distribute any property received by it other than cash to the record
holders of depositary shares entitled thereto. If the preferred stock depositary determines that it is not feasible to make such distribution, it may, with Hovnanian&#146;s approval, sell such property and distribute the net proceeds from such sale
to such holders. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If Hovnanian offers to the holders of a series of preferred stock represented by the depositary shares any
rights, preferences or privileges to subscribe for or to purchase any securities or of any other nature, the preferred stock depositary will make such rights, preferences or privileges available to the record holders of depositary shares either by
the issue of warrants representing such rights, preferences or privileges or by such other method as approved by the preferred stock depositary and Hovnanian. If the preferred stock depositary determines that this is not lawful or feasible or if it
is instructed by a holder that such holder does not want to exercise such rights, preferences or privileges, it may, with Hovnanian&#146;s approval, sell such rights, preferences or privileges and distribute the net proceeds from such sale to the
holders of depositary shares entitled thereto. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Redemption of Preferred Stock </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If a series of preferred stock represented by depositary shares is to be redeemed, the depositary shares will be redeemed from the
proceeds received by the preferred stock depositary resulting from the redemption, in whole or in part, of such series of preferred stock. The depositary shares will be redeemed by the preferred stock
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">86 </FONT></P>



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depositary at a price per depositary share equal to the applicable fraction of the redemption price per share payable in respect of the shares of preferred stock so redeemed. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Whenever Hovnanian redeems shares of preferred stock held by the preferred stock depositary, the preferred stock depositary will redeem
as of the same date the number of depositary shares representing shares of preferred stock so redeemed. If fewer than all the depositary shares are to be redeemed, the depositary shares to be redeemed will be selected by the preferred stock
depositary by lot or ratably or by such other equitable method as the preferred stock depositary may decide. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Voting Deposited Preferred
Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon receipt of notice of any meeting at which the holders of any series of deposited preferred stock are entitled
to vote, the preferred stock depositary will mail the information contained in such notice of meeting to the record holders of the depositary shares relating to such series of preferred stock. Each record holder of such depositary shares on the
record date will be entitled to instruct the preferred stock depositary to vote the amount of the preferred stock represented by such holder&#146;s depositary shares. The preferred stock depositary will endeavor, as practicable, to vote the amount
of such series of preferred stock represented by such depositary shares in accordance with such instructions. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian will
agree to take all actions that the preferred stock depositary may deem necessary to enable the preferred stock depositary to vote as instructed. The preferred stock depositary will abstain from voting shares of any series of preferred stock held by
it for which it does not receive specific instructions from the holders of depositary shares representing such shares. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Changes Affecting
Preferred Stock </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Upon any change in par or stated value, split-up, combination or any other reclassification of the series
of preferred stock represented by the depositary shares, or upon any recapitalization, reorganization, merger, amalgamation or consolidation affecting Hovnanian or to which it is a party, the preferred stock depositary may in its discretion, with
the approval and instructions of Hovnanian, and in such manner as the preferred stock depositary may deem equitable, treat any securities which shall be received by the preferred stock depositary in exchange for or upon conversion of or in respect
of such preferred stock as new deposited securities received in exchange for or upon conversion or in respect of such preferred stock and make such adjustments in: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the fraction of an interest represented by one depositary share in one share of such preferred stock; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the ratio of the redemption price per depositary share to the redemption price of a share of such preferred stock, </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:12px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">in each case as may be necessary to fully reflect the effects of such change. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">With the approval of Hovnanian, the preferred stock depositary may execute and deliver additional depositary receipts, or may call for the surrender of all outstanding depositary receipts to be exchanged
for new depositary receipts specifically describing such new deposited securities. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Amendment and Termination of the Deposit Agreement
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The form of depositary receipt evidencing the depositary shares and any provision of the deposit agreement may at any time
be amended by agreement between Hovnanian and the preferred stock depositary. However, any amendment that materially and adversely alters any existing right of the holders of depositary shares will not be effective unless such amendment has been
approved by the holders of at least a majority of the depositary shares then outstanding. Every holder of an outstanding depositary receipt at the time any such amendment becomes effective shall be deemed, by continuing to hold such depositary
receipt, to consent and agree to such amendment </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">87 </FONT></P>



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and to be bound by the deposit agreement, which has been amended thereby. The deposit agreement may be terminated only if </FONT></P>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">all outstanding depositary shares have been redeemed; or </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a final distribution in respect of the preferred stock has been made to the holders of depositary shares in connection with any liquidation,
dissolution or winding up of Hovnanian. </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Charges of Preferred Stock Depositary; Taxes and Other Governmental Charges
</B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian will pay all transfer and other taxes and governmental charges arising solely from the existence of the
depositary arrangements. Hovnanian also will pay charges of the depositary in connection with the deposit of preferred stock and any redemption of preferred stock. The amount paid as dividends or otherwise distributable by the preferred stock
depositary with respect to the depositary shares or the underlying preferred stock will be reduced by any amounts required to be withheld by Hovnanian or the preferred stock depositary on account of taxes or other governmental charges. Holders of
depositary receipts will pay other transfer and other taxes and governmental charges and such other charges, including a fee for the withdrawal of shares of preferred stock upon surrender of depositary receipts, as are expressly provided in the
deposit agreement to be for their accounts. The preferred stock depositary may refuse to make any payment or distribution, or any transfer, exchange or withdrawal of any depositary shares or shares of preferred stock, until such taxes or other
governmental charges are paid. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Transfer, Surrender and Exchange </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Depositary receipts may be transferred, surrendered or exchanged in accordance with the deposit agreement. The preferred stock depositary,
its agents or Hovnanian may require a holder, among other things, to furnish appropriate endorsements and transfer documents. The preferred stock depositary is not required to accept deposits of preferred stock or to register transfers, surrenders
or exchanges of depositary shares during any period when the register of stockholders of Hovnanian is closed or in order to comply with any requirement of law, government or governmental body, commission or the deposit agreement. </FONT></P>
<P STYLE="margin-top:18px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Resignation and Removal of Depositary </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The preferred stock depositary may resign at any time by delivering to Hovnanian notice of its intent to do so, and Hovnanian may at any time remove the preferred stock depositary, any such resignation or
removal to take effect upon the appointment of a successor preferred stock depositary and its acceptance of such appointment. Such successor preferred stock depositary must be appointed within 60 days after delivery of the notice of resignation or
removal and must be a bank or trust company having its principal office in the United States and having a combined capital and surplus of at least $50,000,000. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2"><B>Miscellaneous </B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The preferred stock depositary will forward all reports and
communications from Hovnanian which are delivered to the preferred stock depositary and which Hovnanian is required to furnish to the holders of the deposited preferred stock. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Neither the preferred stock depositary nor Hovnanian will be liable if it or Hovnanian are prevented or delayed by law or any circumstances beyond its or Hovnanian&#146;s control in performing its or
Hovnanian&#146;s obligations under the deposit agreement. Hovnanian&#146;s obligations and the obligations of the preferred stock depositary under the deposit agreement will be limited to performance in good faith of Hovnanian&#146;s and their
duties thereunder, and neither Hovnanian nor they will be obligated to prosecute or defend any legal proceeding in respect of any depositary shares, depositary receipts or shares of preferred stock unless satisfactory indemnity is furnished.
Hovnanian and the preferred stock depositary may rely upon written advice of counsel or accountants, or upon information provided by holders of depositary receipts or other persons believed to be competent and on documents believed to be genuine.
</FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">88 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B>Concerning the Preferred Stock Depositary </B></FONT></P>
<P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Information concerning the preferred stock depositary for a series of preferred stock represented by depositary shares will be set forth
in the prospectus supplement relating to that series of preferred stock. Hovnanian and certain of its subsidiaries may maintain bank accounts, borrow money and have other commercial banking, investment banking and other business relationships with
the preferred stock depositary and its affiliates in the ordinary course of business. The preferred stock depositary or its affiliates may participate as underwriters, agents or dealers in any offering of depositary shares. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_13"></A>DESCRIPTION OF STOCK PURCHASE CONTRACTS AND STOCK PURCHASE UNITS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The following description of stock purchase contracts and stock purchase units sets forth certain general terms of the stock purchase
contracts and/or stock purchase units that Hovnanian may issue. The particular terms of any stock purchase contracts or stock purchase units will be described in the prospectus supplement relating to the stock purchase contracts or stock purchase
units. The description set forth below and in any prospectus supplement is not complete, and is subject to, and qualified in its entirety by reference to, the stock purchase contracts, any collateral arrangements and any depositary arrangements
relating to such stock purchase contracts or stock purchase units and, if applicable, the prepaid securities and the document pursuant to which the prepaid securities will be issued which will be filed with the Commission promptly after the offering
of such stock purchase contracts or stock purchase units and, if applicable, prepaid securities. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian may issue stock
purchase contracts representing contracts obligating holders to purchase from Hovnanian and Hovnanian to sell to the holders shares of Class&nbsp;A Common Stock, shares of preferred stock or depositary shares at a future date or dates. The price per
share of Class&nbsp;A Common Stock, preferred stock or depositary shares may be fixed at the time the stock purchase contracts are issued or may be determined by reference to a specific formula set forth in the stock purchase contracts. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The stock purchase contracts may be issued separately or as a part of units, often known as stock purchase units, consisting of two
separate securities, the first a stock purchase contract and the second either: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">debt securities issued by either Hovnanian or K. Hovnanian (which will be fully and unconditionally guaranteed by Hovnanian), or
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">debt obligations of third parties, including U.S. Treasury securities, </FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
STYLE="font-family:Times New Roman" SIZE="2">which may or may not secure the holder&#146;s obligations to purchase the Class&nbsp;A Common Stock, preferred stock or depositary shares under the stock purchase contracts. If the stock purchase unit
consists of a stock purchase contract and debt securities issued by K. Hovnanian, K. Hovnanian will only have obligations with respect to such debt securities and not with respect to the stock purchase contract issued by Hovnanian. The stock
purchase contracts may require us to make periodic payments to the holders of the stock purchase units or vice versa, and such payments may be unsecured or prefunded on some basis. The stock purchase contracts may require holders to secure their
obligations in a specified manner and in certain circumstances we may deliver newly issued prepaid stock purchase contracts, often known as prepaid securities, upon release to a holder of any collateral securing each holder&#146;s obligations under
the original stock purchase contract. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_14"></A>DESCRIPTION OF UNITS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">As specified in the applicable prospectus supplement, Hovnanian may issue units consisting of the combination of securities that are
separately issuable hereunder and K. Hovnanian may issue units consisting of the combination of securities that are separately issuable by it hereunder. Hovnanian and K. Hovnanian may also co-issue units consisting of securities of both entities
that are separately issuable by Hovnanian or K. Hovnanian </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">89 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
hereunder. If Hovnanian and K. Hovnanian co-issue such a unit, K. Hovnanian will only have obligations with respect to the constituent part(s) of such unit that it may issue hereunder. The
applicable prospectus supplement will describe: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the terms of the units and of the securities comprising the units, including whether and under what circumstances such securities may be traded
separately; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the terms of any unit agreement governing the units; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the provisions for the payment, settlement, transfer or exchange of the units or the securities comprising the units. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_15"></A>DESCRIPTION OF WARRANTS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The following description of the terms of the warrants sets forth certain general terms that may apply to the warrants that Hovnanian may offer. The particular terms of any warrants will be described in
the applicable prospectus supplement accompanying this prospectus. The description set forth below and in any prospectus supplement is not complete, and is subject to, and qualified in its entirety by reference to, the applicable warrant agreement,
a form of which has been incorporated by reference as an exhibit to the Registration Statement of which this prospectus forms a part. The specific terms of warrants as described in the applicable prospectus supplement will supplement and, if
applicable, may modify or replace the general terms described in this prospectus. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian may issue warrants, including
warrants to purchase Class&nbsp;A Common Stock, preferred stock or Depositary Shares and warrants to purchase Hovnanian Debt Securities. Warrants may be issued independently of or together with any other securities and may be attached to or separate
from such securities. Obligations of Hovnanian under the warrants to purchase Class A Common Stock may be guaranteed by the subsidiary guarantors. Each series of warrants will be issued under a separate warrant agreement, each a &#147;warrant
agreement&#148; to be entered into among Hovnanian and any subsidiary guarantors and a warrant agent, the &#147;warrant agent&#148;. The warrant agent will act solely as an agent of Hovnanian in connection with the warrants of that series and will
not assume any obligation or relationship of agency or trust for or with holders or beneficial owners of warrants. The following describes some general terms and provisions of the warrants offered hereby. Further terms of the warrants and the
applicable warrant agreement will be described in the applicable prospectus supplement. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The applicable prospectus supplement
will describe the following terms, where applicable, of the warrants in respect of which this prospectus is being delivered: </FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the title of the warrants; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the aggregate number of the warrants; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the price or prices at which the warrants will be issued; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the designation, aggregate principal amount and terms of the securities purchasable upon exercise of the warrants; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the designation and terms of the securities with which the warrants are issued and the number of the warrants issued with each such security;
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">if applicable, the date on and after which the warrants and the related securities will be separately transferable; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the price at which the securities purchasable upon exercise of the warrants may be purchased, and any provisions for changes to or adjustments in such
exercise price; </FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the date on which the right to exercise the warrants will commence and the date on which the right will expire; </FONT></P></TD></TR></TABLE>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">90 </FONT></P>



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<h5 align="left"><a href="#toc">Table of Contents</a></h5>


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">the minimum or maximum amount of the warrants that may be exercised at any one time; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">information with respect to book-entry procedures, if any; </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">a discussion of certain United States Federal income tax considerations; and </FONT></P></TD></TR></TABLE>
<P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="2">any other terms of the warrants, including terms, procedures and limitations relating to the exercise of the warrants. </FONT></P></TD></TR></TABLE>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_16"></A>PLAN OF DISTRIBUTION </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Hovnanian, K. Hovnanian and the selling shareholders may sell the securities to or through underwriters or dealers, and also may sell the offered securities directly to one or more other purchasers or
through agents. The applicable prospectus supplement will list the names of any underwriters or agents involved in the sale of the offered securities and any applicable commissions or discounts, and will also describe the method of distribution of
the securities offered thereby, the purchase price and the proceeds to be received from the sale, and any securities exchanges on which the securities of such series may be listed. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Hovnanian, K. Hovnanian, the selling shareholders or any of their agents may directly solicit offers to purchase these securities. The
applicable prospectus supplement will name any agent, who may be deemed to be an underwriter as that term is defined in the Securities Act, involved in the offer or sale of the securities in respect of which this prospectus is delivered, and will
set forth any commissions payable to that agent by Hovnanian, K. Hovnanian, or the selling shareholders, as the case may be. Unless otherwise indicated in the prospectus supplement, any such agent will be acting in a best efforts basis for the
period of its appointment (ordinarily five business days or less). Agents, dealers and underwriters may be customers of, engage in transactions with, or perform services for Hovnanian, or K. Hovnanian or the selling shareholders in the ordinary
course of business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If Hovnanian, K. Hovnanian or the selling shareholders utilize an underwriter or underwriters in the
sale, they will execute an underwriting agreement with such underwriters at the time of sale to them and will set forth in the applicable prospectus supplement the names of the underwriters and the terms of the transaction. The underwriters will use
the prospectus supplement to make releases of the securities in respect of which this prospectus is delivered to the public. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">If Hovnanian, K. Hovnanian or the selling shareholders utilize a dealer in the sale of the securities in respect of which this prospectus
is delivered, Hovnanian, K. Hovnanian or the selling shareholders, as the case may be, will sell the securities to the dealer, as principal. The dealer may then resell the securities to the public at varying prices to be determined by the dealer at
the time of resale. The prospectus supplement will set forth the name of the dealer and the terms of the transaction. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">Underwriters, dealers or agents may offer and sell the offered securities at a fixed price or prices, which may be changed, or from time
to time at market prices prevailing at the time of sale, at prices related to the prevailing market prices or at negotiated prices. In connection with the sale of the securities, underwriters or agents may be deemed to have received compensation
from Hovnanian, K. Hovnanian or the selling shareholders in the form of underwriting discounts or commissions and may also receive commissions from purchasers of the securities for whom they may act as agent. Underwriters or agents may sell the
securities to or through dealers, and such dealers may receive compensation in the form of discounts, concessions or commissions from the underwriters or commissions from the purchasers for whom they may act as agent. </FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The preferred stock, depositary shares, debt securities, stock purchase contracts, stock purchase units, units and warrants, when first
issued or sold, will have no established trading market. Any underwriters or agents to or through whom offered securities are sold by Hovnanian, K. Hovnanian or the selling shareholders for public offering and sale may make a market in such offered
securities, but the underwriters or agents will not be </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">91 </FONT></P>



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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="2">
obligated to do so and may discontinue any market making at any time without notice. No assurance can be given as to the liquidity of the trading market for any offered securities. The applicable
prospectus supplement will set forth whether or not underwriters or agents may over-allot or effect transactions that stabilize, maintain or otherwise affect the market price of debt securities offered thereby at levels above those that might
otherwise prevail in the open market, including, for example, by entering stabilizing bids, effecting syndicate covering transactions or imposing penalty bids. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Any underwriters, dealers or agents participating in the distribution of the offered securities may be deemed to be underwriters, and any discounts and commissions received by them and any profit realized
by them on resale of the offered securities may be deemed to be underwriting discounts and commissions under the Securities Act. Underwriters, dealers or agents may be entitled, under agreements entered into with Hovnanian, K. Hovnanian or the
selling shareholders, to indemnification against or contribution toward certain civil liabilities, including liabilities under the Securities Act. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">If so indicated in the prospectus supplement, Hovnanian, K. Hovnanian or the selling shareholders will authorize underwriters or other persons acting as its or their agents to solicit offers by certain
institutions to purchase securities from it or them pursuant to contracts providing for payment and delivery on a future date. Institutions with which contracts may be made include commercial and savings banks, insurance companies, pension funds,
investment companies, educational and charitable institutions and others, but in all cases will be subject to the condition that the purchase of the securities will not at the time of delivery be prohibited under the laws of the jurisdiction to
which such purchaser is subject. The underwriters and agents will not have any responsibility in respect of the validity or performance of such contracts. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">The applicable prospectus supplement will set forth the place and time of delivery for the securities in respect of which this prospectus is delivered. </FONT></P>
<P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_17"></A>LEGAL MATTERS </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
STYLE="font-family:Times New Roman" SIZE="2">Certain legal matters with respect to the validity of the offered securities will be passed upon for Hovnanian, K. Hovnanian and the subsidiary guarantors by Simpson Thacher&nbsp;&amp; Bartlett LLP, New
York, New York, and will also be passed upon for Hovnanian, K.&nbsp;Hovnanian and the subsidiary guarantors by Michael Discafani, Esq., Vice President and Corporate Counsel for Hovnanian and K.&nbsp;Hovnanian. Michael Discafani, Esq., beneficially
owns, directly and indirectly, less than 1% of the common stock of Hovnanian. Certain legal matters in connection with the offered securities may also be passed upon for any agents or underwriters by counsel specified in the applicable prospectus
supplement. </FONT></P> <P STYLE="margin-top:24px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><B><A NAME="rom583093_18"></A>EXPERTS </B></FONT></P>
<P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT STYLE="font-family:Times New Roman" SIZE="2">The consolidated financial statements incorporated in this Prospectus by reference from the Company&#146;s Annual Report on Form 10-K and
the effectiveness of the Company&#146;s internal control over financial reporting have been audited by Deloitte&nbsp;&amp; Touche LLP, an independent registered public accounting firm, as stated in their reports which are incorporated herein by
reference. Such consolidated financial statements have been so incorporated in reliance upon the reports of such firm given upon their authority as experts in accounting and auditing. </FONT></P>
 <p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2">92 </FONT></P>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
