Mountain Falls, LLC Sample Contracts

OPERATING AGREEMENT FOR MOUNTAIN FALLS GOLF COURSE, LLC
Operating Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders • Nevada

THIS OPERATING AGREEMENT is entered into as of the 11th day of June, 2004, by and between The Ranch Golf Club Co., a California general partnership (“WLH”) and Pahrump 885, LLC, a Nevada limited liability company (“885”) (WLH and 885 are each referred to individually as a Member, and collectively as the Members).

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OPERATING AGREEMENT OF CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC Dated as of April 26, 2005
Operating Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders • Arizona

THIS OPERATING AGREEMENT (“Agreement”) is entered into as of the 26th day of April, 2005 by and between WILLIAM LYON HOMES, INC., a California corporation (“WLH”) and CIRCLE G ONE, L.L.C., an Arizona limited liability company (“Circle G”), as Members, and by WILLIAM LYON HOMES, INC., a California corporation (“Manager”), as Manager, of CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC, an Arizona limited liability company (the “Company”).

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AGREEMENT REGARDING AMENDMENT TO OPERATING AGREEMENTS
Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders • Nevada

REFERENCE IS MADE to that certain Operating Agreement for Mountain Falls, LLC, a Nevada limited liability company (“Mountain Falls”), dated June 11, 2004, by and between William Lyon Homes, Inc., a California corporation (“WLH”), and Pahrump 885, LLC, a Nevada limited liability company (“885”), which operating agreement is hereinafter referred to as the “Mountain Falls Operating Agreement;” and

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FIRST AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT OF LAGUNA BIG HORN, LLC
Limited Liability Company Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders

THIS FIRST AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT OF LAGUNA BIG HORN, LLC (this “Amendment”) is entered into as of November 2, 2005, by and between WILLIAM LYON HOMES, INC., a California corporation (“Developer”), and ORA RESIDENTIAL INVESTMENTS I, L.P., a California limited partnership (“Investor”).

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LIMITED LIABILITY COMPANY AGREEMENT OF LYON WATERFRONT LLC
Limited Liability Company Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders • Delaware

THIS LIMITED LIABILITY COMPANY AGREEMENT OF LYON WATERFRONT LLC (“Agreement”), is entered into effective as of , 2002, by William Lyon Homes, Inc., a California corporation (the “Member”).

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LIMITED LIABILITY COMPANY AGREEMENT LYON MAYFIELD, LLC
Limited Liability Company Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders • Delaware

This LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of LYON MAYFIELD, LLC, a Delaware limited liability company (the “Company”), having an address at 4490 Von Karman Avenue, Newport Beach, California 92660, is made by LYON MAYFIELD, INC., a Delaware corporation, as the sole equity member of the Company (including any successor equity member of the Company admitted pursuant to this Agreement, “LM” or the “Managing Member”), and Julia A. McCullough, who shall serve the Company as the initial Independent Manager under this Agreement. Capitalized terms used and not otherwise defined herein have the meanings set forth on Exhibit A hereto.

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RESMARK EQUITY PARTNERS LIMITED LIABILITY COMPANY AGREEMENT OF LAGUNA BIG HORN, LLC, a Delaware limited liability company BY AND AMONG ORA RESIDENTIAL INVESTMENTS I, L.P., a California limited partnership and WILLIAM LYON HOMES, INC., a California...
Limited Liability Company Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders

THIS LIMITED LIABILITY COMPANY AGREEMENT (“Agreement”) is made and entered into as of March 31, 2004, by and among WILLIAM LYON HOMES, INC., a California corporation (“Developer”), as the managing member, and ORA RESIDENTIAL INVESTMENTS I, L.P., a California limited partnership (“Investor”), as the sole non-managing member.

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OPERATING AGREEMENT FOR DUXFORD INSURANCE, LLC A CALIFORNIA LIMITED LIABILITY COMPANY
Operating Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders • California

THIS OPERATING AGREEMENT (“Agreement”) is made as of June 1, 2006, by DUXFORD FINANCIAL, INC., a California corporation (doing business as William Lyon Financial Services) (the “Initial Member”), as the sole member of Duxford Insurance, LLC, a California limited liability company (the “Company”), with reference to the following facts:

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LIMITED LIABILITY COMPANY AGREEMENT OF WHITNEY RANCH VILLAGE 5 LLC, a Delaware limited liability company
Limited Liability Company Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders • Delaware

THIS LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) of WHITNEY RANCH VILLAGE 5 LLC, a Delaware limited liability company (the “Company”), is made as of October 11, 2004, by and between WILLIAM LYON HOMES, INC., a California corporation (“Developer”), and IHP INVESTMENT FUND III, L.P., a California limited partnership (“IHP”).

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SECOND AMENDMENT TO THE OPERATING AGREEMENT OF CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC
The Operating Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders

THIS SECOND AMENDMENT TO THE OPERATING AGREEMENT OF CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC (the “Second Amendment”) is made and entered into effective as of the 21st day of August, 2007, by and between WILLIAM LYON HOMES, INC., a California corporation (“WLH”), and CIRCLE G ONE, L.L.C., an Arizona limited liability company (“Circle G”), as all of the Members of CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC, an Arizona limited liability company (the “Company”). Capitalized terms not defined herein shall have the meanings set forth in the Operating Agreement of Circle G at the Church Farm North Joint Venture, LLC dated as of April 26, 2005, as amended by the First Amendment to the Operating Agreement dated as of February 24, 2006 (as amended, the “Operating Agreement”).

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AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT
Limited Liability Company Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders

THIS AMENDMENT TO LIMITED LIABILITY COMPANY AGREEMENT OF WHITNEY RANCH VILLAGE 5 LLC is made as of the 4 day of May, 2006, by and among IHP INVESTMENT FUND III, L.P., a California limited partnership (“IHP”), WILLIAM LYON HOMES, INC., a California corporation (“Lyon”), and WHITNEY RANCH VILLAGE 5 LLC, a Delaware limited liability company (“Company”)

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FIRST AMENDMENT TO THE OPERATING AGREEMENT OF CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC
Operating Agreement • April 11th, 2013 • Mountain Falls, LLC • Operative builders

THIS FIRST AMENDMENT TO THE OPERATING AGREEMENT OF CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC (the “First Amendment”) is made and entered into effective as of the 24th day of February, 2006, by and between WILLIAM LYON HOMES, INC., a California corporation (“WLH”), and CIRCLE G ONE, L.L.C., an Arizona limited liability company (“Circle G”), as all of the Members of CIRCLE G AT THE CHURCH FARM NORTH JOINT VENTURE, LLC, an Arizona limited liability company (the “Company”). Capitalized terms not defined herein shall have the meanings set forth in the Operating Agreement of Circle G at the Church Farm North Joint Venture, LLC dated as of April 26, 2005 (the “Operating Agreement”).

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