Common use of Ownership of Land Clause in Contracts

Ownership of Land. On the last day of each Fiscal Quarter that ends on or after June 30, 2007, (i) the aggregate book value of all Approved Land and Raw Land owned by Borrowers, Guarantor or any subsidiary of a Borrower or Guarantor shall not exceed twenty five percent (25%) of Guarantor’s Consolidated Adjusted Tangible Net Worth and (ii) the ratio of (a) the book value of all Land owned by Borrowers, Guarantor or any subsidiary of a Borrower or Guarantor which is not subject to a Qualifying Agreement of Sale and on which no Unit has been constructed or is being constructed to (b) Guarantor’s Consolidated Adjusted Tangible Net Worth shall not exceed the following applicable ratio: Fiscal Quarter Ending Applicable Ratio June 30, 2007 2.10:1 September 30, 2007 2.00:1 December 31, 2007 2.00:1 March 31, 2008 2.00:1 June 30, 2008 1.85:1 September 30, 2008 1.85:1 December 31, 2008 1.85:1 March 31, 2009 and thereafter 1.75:1

Ownership of Land. 8.5.1 On the last day of each Fiscal Quarter that ends on or after June September 30, 20072006, (i) the aggregate book value of all Approved Land and Raw Land owned by Borrowers, Guarantor or any subsidiary of a Borrower or Guarantor shall not exceed twenty five thirty percent (2530%) of Guarantor’s Consolidated Adjusted Tangible Net Worth and (ii) the ratio of (a) the book value of all Land owned by Borrowers, Guarantor or any subsidiary of a Borrower or Guarantor which is not subject to a Qualifying Agreement of Sale and on which no Unit has been constructed or is being constructed to (b) Guarantor’s Consolidated Adjusted Tangible Net Worth shall not exceed the following applicable ratioratio determined as follows: Fiscal Quarter Ending Applicable Ratio September 30, 2006 1.85:1 December 31, 2006 1.85:1 Fiscal Quarter Ending Applicable Ratio March 31, 2007 1.75:1 June 30, 2007 2.10:1 1.75:1 September 30, 2007 2.00:1 1.65:1 December 31, 2007 2.00:1 1.65:1 March 31, 2008 2.00:1 June 30, 2008 1.85:1 September 30, 2008 1.85:1 December 31, 2008 1.85:1 March 31, 2009 and thereafter 1.75:11.50:1

Ownership of Land. 8.5.1 On the last day of each Fiscal Quarter that ends on or after June 30December 31, 20072006, (i) the aggregate book value of all Approved Land and Raw Land owned by Borrowers, Guarantor or any subsidiary of a Borrower or Guarantor shall not exceed twenty five thirty percent (2530%) of Guarantor’s Consolidated Adjusted Tangible Net Worth and (ii) the ratio of (a) the book value of all Land owned by Borrowers, Guarantor or any subsidiary of a Borrower or Guarantor which is not subject to a Qualifying Agreement of Sale and on which no Unit has been constructed or is being constructed to (b) Guarantor’s Consolidated Adjusted Tangible Net Worth shall not exceed the following applicable ratioratio determined as follows: Fiscal Quarter Ending Applicable Ratio December 31, 2006 1.90:1 March 31, 2007 1.90:1 June 30, 2007 2.10:1 1.75:1 September 30, 2007 2.00:1 1.65:1 December 31, 2007 2.00:1 1.65:1 March 31, 2008 2.00:1 June 30, 2008 1.85:1 September 30, 2008 1.85:1 December 31, 2008 1.85:1 March 31, 2009 and thereafter 1.75:11.50:1