FIRST AMENDMENT TO INTERCREDITOR AGREEMENT

Exhibit 10.2

FIRST AMENDMENT
TO
INTERCREDITOR AGREEMENT

THIS FIRST AMENDMENT, dated as of October 20, 2009 (the “First Amendment”) to the Intercreditor Agreement (as defined below), is entered into by and among HOVNANIAN ENTERPRISES, INC. (“Hovnanian”), X. XXXXXXXXX ENTERPRISES, INC. (the “Company”), each of the entities listed on Schedule 1 hereto (each a “Guarantor”), Wilmington Trust Company, as successor trustee under the First Lien Indenture (as defined below) (in such capacity, together with its successors and assigns, the “First Lien Trustee”) and collateral agent under the security documents relating to the First Lien Indenture (in such collateral agent capacity, together with its successors and assigns, the “First Lien Collateral Agent”), Wilmington Trust Company, as collateral agent under the Senior Noteholder Collateral Documents (the “Senior Noteholder Collateral Agent”), Wilmington Trust Company, as the Senior Trustee, Wilmington Trust Company, as the Initial Junior Trustee, Wilmington Trust Company, as the collateral agent for the Mortgage Tax Collateral (the “Mortgage Tax Collateral Agent”), Wilmington Trust Company, as collateral agent with respect to the Initial Junior Notes under the Junior Noteholder Collateral Documents (the “Initial Junior Noteholder Collateral Agent”) and, solely for the purpose of Section 2(a), PNC Bank, National Association, as administrative agent and collateral agent under the Original Credit Agreement (as defined below) (in such capacities, the “Original First Lien Agent”).

WHEREAS, Hovnanian, the Company, each other Guarantor, the Original First Lien Agent, the Senior Noteholder Collateral Agent, the Senior Trustee, the Initial Junior Trustee, the Mortgage Tax Collateral Agent, the Initial Junior Noteholder Collateral Agent are parties to the Intercreditor Agreement dated as of December 3, 2008 (the “Intercreditor Agreement);

WHEREAS, the Company, in connection with a replacement and refinancing of the Seventh Amended and Restated Credit Agreement, dated as of March 7, 2008 (as subsequently amended, the “Original Credit Agreement”) has issued 10 5/8% Senior Secured Notes due 2016 under the Indenture dated as of October 20, 2009 (as amended, supplemented, amended and restated or otherwise modified from time to time, the “First Lien Indenture”);

WHEREAS, accordingly, the Original First Lien Agent, effective upon repayment of the obligations under the Original Credit Agreement, wishes to assign its rights and obligations as the “First-Lien Administrative Agent”, “Senior Credit Agent” and “an agent of the Senior Lenders” under the Intercreditor

Agreement to Wilmington Trust Company, as First Lien Trustee and First Lien Collateral Agent (in such capacity(ies), together with any successor or assigns, the “First-Lien Administrative Agent” or “Senior Credit Agent”) and Wilmington Trust Company in such capacities wishes to accept such assignment;

WHEREAS, the Company has obtained the required consent from the Holders of the Notes outstanding under the Indenture to effect the amendments set forth in this First Amendment;

WHEREAS, all other acts and proceedings required by law, by the Indenture and by the charter documents of the Company, Hovnanian and the other Guarantors to make this First Amendment a valid and binding agreement for the purposes expressed herein, in accordance with its terms, have been duly done and performed;

NOW, THEREFORE, in consideration of the premises and the covenants and agreements contained herein, and for other good and valuable consideration the receipt of which is hereby acknowledged, the Company, Hovnanian, the other Guarantors, the First Lien Trustee, the First Lien Collateral Agent, the Senior Noteholder Collateral Agent, the Mortgage Tax Collateral Agent, the Initial Junior Trustee, the Initial Junior Noteholder Collateral Agent, and the Original First Lien Agent hereby agree as follows:

Section 1. Definitions.

Any capitalized term used (including those in the recitals), but not otherwise defined, herein shall have the meaning ascribed to it in the Intercreditor Agreement;

Section 2. Assignment and Affirmation of Rights and Obligations.

(a) The Original First Lien Agent hereby assigns, without representation, warranty or recourse, to Wilmington Trust Company as trustee under the First Lien Indenture and collateral agent under the security documents relating to the First Lien Indenture, effective upon repayment of the obligations under the Original Credit Agreement (the “Effective Time”), its rights and obligations as the “First-Lien Administrative Agent”, “Senior Credit Agent” and “an agent of the Senior Lenders” under the Intercreditor Agreement and shall, from the Effective Time, have no further obligations or rights with respect to the Intercreditor Agreement;

(b) Wilmington Trust Company, in its capacities as First Lien Trustee and First Lien Collateral Agent, hereby agrees that effective as of the Effective Time it hereby is, and shall be deemed to be, together with its successors and assigns,

the “First-Lien Administrative Agent”, “Senior Credit Agent” and “an agent of the Senior Lenders” under the Intercreditor Agreement and it shall perform, comply with and be subject to and bound by each of the terms and provisions of this Intercreditor Agreement, as amended hereby.

(c) Each of Hovnanian, the Company, the Guarantors, the Senior Noteholder Collateral Agent, the Mortgage Tax Collateral Agent, the Initial Junior Trustee and the Initial Junior Noteholder Collateral Agent hereby reaffirms and agrees to each of the terms of, and its obligations under, the Intercreditor Agreement, as amended hereby.

(d) Each of the parties hereto further agrees that the replacement and the refinancing of the Original Credit Agreement (and the release of the liens related thereto) shall not be deemed to be a Discharge of Senior Lender Claims for purposes of the Intercreditor Agreement, as amended, and that the First Lien Indenture is within the definition of “Credit Agreement” under the Intercreditor Agreement, as amended.

Section 3. Modifications to the Intercreditor Agreement.

(a) The definition of “Additional Mortgage Collateral” in Section 1(a) of the Intercreditor Agreement is hereby amended and restated in its entirety as follows:

“Additional Mortgaged Collateral” means any real property collateral, with respect to which a lien on and security interest in, was and is required to be granted to the Senior Noteholder Collateral Agent pursuant to Section 4.18(a) and Section 4.18(b) of the Senior Indenture (other than as set forth in Section 4.18(c) of the Senior Indenture);

(b) The definition of “Credit Agreement” in Section 1(a) of the Intercreditor Agreement is hereby amended and restated in its entirety as follows:

“Credit Agreement” means that Indenture, dated as of October 20, 2009, among the Company, Hovnanian, the other Grantors party thereto, and Wilmington Trust Company, as trustee, as it may be amended, restated, supplemented, renewed, modified, refunded, replaced, revised, restructured or refinanced in whole or in part from time to time, and if at any time a Discharge of Senior Lender Claims occurs with respect to the Credit Agreement, then the term “Credit Agreement” shall mean the Future First-Lien Indebtedness designated by the Company.

(c) The definition of “First-Lien Indebtedness” in Section 1(a) of the Intercreditor Agreement is hereby amended by replacing “$300,000,000” with “$800,000,000”;

(d) The definition of “Initial Mortgage Collateral” in Section 1(a) of the Intercreditor Agreement is hereby amended and restated in its entirety as follows:

“Initial Mortgaged Collateral” means any real property collateral, with respect to which a lien on and security interest in, was required to have been granted to the Senior Noteholder Collateral Agent pursuant to Section 4.18(c)(i) of the Senior Indenture by July 31, 2008, which date may have been extended for up to 60 days as described in such Section 4.18(c)(i);

(e) The upper-case “Collateral” as it appears in Section 5.7 before the words “shall also be subject to a Lien in favor of the Senior Lenders” shall be changed to lower-case “collateral”; and

(f) For each appearance in Section 5.8(c) of the capitalized term “Collateral” (other than as part of a multi-word defined term) or the capitalized term “Additional Collateral”, substitute “Common Collateral” for such term;

Section 4. Designations.

For all purposes of the Intercreditor Agreement (as amended hereby) and the Indenture, the Company hereby designates the Indebtedness incurred pursuant to the First Lien Indenture as First-Lien Indebtedness.

Section 5. First Lien Administrative Agent.

It is understood and agreed that Wilmington Trust Company is entering into this First Amendment in its capacity as First Lien Trustee under the First Lien Indenture and First Lien Collateral Agent under the security documents relating to the First Lien Indenture and the provisions of Article 7 of the First Lien Indenture applicable to the Trustee thereunder shall also apply to Wilmington Trust Company in its capacities as First-Lien Administrative Agent, Senior Credit Agent and “an agent of the Senior Lenders”.

Section 6. Effectiveness.

This First Amendment will become effective immediately upon its execution and delivery.

Section 7. Governing Law.

This First Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

Section 8. Binding on Successors and Assigns.

This First Amendment will bind the Company, Hovnanian, the Guarantors, the First-Lien Administrative Agent, the Senior Credit Agent, the Senior Lenders, the Second Lien Notes Collateral Agent, the Second Lien Notes Trustee, the Initial Junior Trustee, the Original First Lien Agent and the Mortgage Tax Collateral Agent, and their respective permitted successors and assigns.

Section 9. Section Titles.

The section titles contained in this First Amendment are and shall be without substantive meaning or content of any kind whatsoever and are not a part of this Agreement.

Section 10. Counterparts; Telecopy Signatures.

This First Amendment may be signed in any number of counterparts each of which shall be an original, but all of which together shall constitute one and the same instrument; and, delivery of executed signature pages hereof by telecopy transmission, or other electronic transmission in pdf or similar format, from one party to another shall constitute effective and binding execution and delivery of this First Amendment by such party.

Section 11. Authorization.

By its signature, each Person executing this First Amendment on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this First Amendment.

[REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

IN WITNESS WHEREOF, each of the undersigned has caused this First Amendment to be duly executed and delivered as of the date first above written.


X. XXXXXXXXX ENTERPRISES, INC.
By:	/s/ Xxxxx X. Xxxxxxxxxxx
	Name:	Xxxxx X. Xxxxxxxxxxx
	Title:	Vice President — Finance


HOVNANIAN ENTERPRISES, INC.
By:	/s/ Xxxxx X. Xxxxxxxxxxx
	Name:	Xxxxx X. Xxxxxxxxxxx
	Title:	Vice President — Finance


On behalf of each of the entities listed on Schedule 1 hereto
By:	/s/ Xxxxx X. Xxxxxxxxxxx
	Name:	Xxxxx X. Xxxxxxxxxxx
	Title:	Vice President — Finance


WILMINGTON TRUST COMPANY, as First Lien Trustee
By:	/s/ Xxxxxxx X. Xxxxx
	Name:	Xxxxxxx X. Xxxxx
	Title:	Vice President


WILMINGTON TRUST COMPANY, as First Lien Collateral Agent
By:	/s/ Xxxxxxx X. Xxxxx
	Name:	Xxxxxxx X. Xxxxx
	Title:	Vice President


WILMINGTON TRUST COMPANY, as Senior Noteholder Collateral Agent
By:	/s/ Xxxxxxx X. Xxxxx
	Name:	Xxxxxxx X. Xxxxx
	Title:	Vice President


WILMINGTON TRUST COMPANY, as Senior Trustee
By:	/s/ Xxxxxxx X. Xxxxx
	Name:	Xxxxxxx X. Xxxxx
	Title:	Vice President


WILMINGTON TRUST COMPANY, as Initial Junior Trustee
By:	/s/ Xxxxxxx X. Xxxxx
	Name:	Xxxxxxx X. Xxxxx
	Title:	Vice President


WILMINGTON TRUST COMPANY, as Mortgage Tax Collateral Agent
By:	/s/ Xxxxx X. Xxxxxx
	Name:	Xxxxx X. Xxxxxx
	Title:	Vice President


WILMINGTON TRUST COMPANY, as Initial Junior Noteholder Collateral Agent
By:	/s/ Xxxxxxx X. Xxxxx
	Name:	Xxxxxxx X. Xxxxx
	Title:	Vice President


PNC BANK, NATIONAL ASSOCIATION, as Original First Lien Agent under Original Credit Agreement
By:	/s/ Xxxxx X. Xxxxxx
	Name:	Xxxxx X. Xxxxxx
	Title:	Vice President


PNC BANK, NATIONAL ASSOCIATION, as Collateral Agent under Original Credit Agreement
By:	/s/ Xxxxx X. Xxxxxx
	Name:	Xxxxx X. Xxxxxx
	Title:	Vice President

SCHEDULE 1

Auddie Enterprises, L.L.C.
Builder Services NJ, L.L.C.
Builder Services NY, L.L.C.
Builder Services PA, L.L.C.
Dulles Coppermine, L.L.C.
EASTERN TITLE AGENCY, INC.
F&W MECHANICAL SERVICES, L.L.C.
Founders Title Agency of Maryland, L.L.C.
FOUNDERS TITLE AGENCY, INC.
Governor’s Abstract Co., Inc.
Homebuyers Financial Services, L.L.C.
HOVNANIAN DEVELOPMENTS OF FLORIDA, INC.
Hovnanian Land Investment Group of California, L.L.C.
HOVNANIAN LAND INVESTMENT GROUP OF FLORIDA, L.L.C.
Hovnanian Land Investment Group of Georgia, L.L.C.
Hovnanian Land Investment Group of Maryland, L.L.C.
Hovnanian Land Investment Group of New Jersey, L.L.C.
Hovnanian Land Investment Group of North Carolina, L.L.C.
Hovnanian Land Investment Group of Pennsylvania, L.L.C.
Hovnanian Land Investment Group of Texas LLC
Hovnanian Land Investment Group of Virginia, L.L.C.
Hovnanian Land Investment Group, L.L.C.
K. H. San Marcos Conservancy Holdings, L.L.C.
K. HOV INTERNATIONAL, INC.
K. HOV IP, II, Inc.
K. HOV IP, INC.

X. Xxxxxxxxx Acquisitions, Inc.
X. Xxxxxxxxx at 4S, LLC
X. Xxxxxxxxx at Acqua Vista, LLC
X. Xxxxxxxxx at Aliso, LLC
X. Xxxxxxxxx at Allenberry, L.L.C.
K. Hovnanian at Allentown, L.L.C.
K. Hovnanian at Almond Estates, LLC
X. Xxxxxxxxx at Arbor Heights, LLC
X. XXXXXXXXX AT AVENUE ONE, L.L.C.
K. Hovnanian at Bakersfield 463, L.L.C.
K. Hovnanian at Barnegat I, L.L.C.
K. Hovnanian at Barnegat II, L.L.C.
K. Hovnanian at Bella Lago, LLC
X. Xxxxxxxxx at Berkeley, L.L.C.
K. Hovnanian at Bernards IV, Inc.
X. Xxxxxxxxx at Xxxxxxxx V, L.L.C.
K. Hovnanian at Blue Heron Pines, L.L.C.
K. HOVNANIAN AT BRANCHBURG III, INC.
X. Xxxxxxxxx at Bridgeport, Inc.
X. Xxxxxxxxx at Bridgewater I, L.L.C.
K. Hovnanian at Bridgewater VI, Inc.
X. Xxxxxxxxx at Broad and Walnut, L.L.C.
K. Hovnanian at Burlington III, Inc.
X. XXXXXXXXX AT BURLINGTON, INC.
X. Xxxxxxxxx at Calabria, Inc.
X. Xxxxxxxxx at Camden I, L.L.C.
K. Hovnanian at Xxxxxxx Xxxxx, Inc.
X. XXXXXXXXX AT CAMP HILL, L.L.C.

X. XXXXXXXXX AT CAPISTRANO, L.L.C.
K. Hovnanian at Carmel Del Mar, Inc.
X. Xxxxxxxxx at Carmel Village, LLC
X. Xxxxxxxxx at Castile, Inc.
X. Xxxxxxxxx at Cedar Grove III, L.L.C.
K. Hovnanian at Cedar Grove IV, L.L.C.
K. Hovnanian at Chaparral, Inc.
X. Xxxxxxxxx at Charter Way, LLC
X. Xxxxxxxxx at Xxxxxxx I, L.L.C.
K. Hovnanian at Chesterfield, L.L.C.
K. Hovnanian at Cielo, L.L.C.
K. HOVNANIAN AT CLARKSTOWN, INC.
X. Xxxxxxxxx at Xxxxxxx XX, L.L.C.
K. Hovnanian at Xxxxxxx, L.L.C.
K. Hovnanian at Coastline, L.L.C.
K. Hovnanian at Xxxxxx Xxxx, LLC
X. Xxxxxxxxx at Cranbury, L.L.C.
K. Hovnanian at Crestline, Inc.
X. Xxxxxxxxx at Curries Xxxxx, L.L.C.
K. Hovnanian at Denville, L.L.C.
K. Hovnanian at Deptford Township, L.L.C.
K. Hovnanian at Xxxxxxxxx Hills, Inc.
X. Xxxxxxxxx at Dover, L.L.C.
K. Hovnanian at East Brandywine, L.L.C.
K. Hovnanian At East Whiteland I, Inc.
X. Xxxxxxxxx at Eastlake, LLC
X. Xxxxxxxxx at Edgewater II, L.L.C.
K. Hovnanian at Edgewater, L.L.C.

X. Xxxxxxxxx at Egg Harbor Township II, L.L.C.
K. Hovnanian at Egg Harbor Township, L.L.C.
K. Hovnanian at El Dorado Ranch II, L.L.C.
K. Hovnanian at El Dorado Ranch, L.L.C.
K. Hovnanian at Elk Township, L.L.C.
K. Hovnanian at Encinitas Ranch, LLC
X. Xxxxxxxxx at Evergreen, L.L.C.
K. Hovnanian at Xxxxx, L.L.C.
K. Hovnanian at Xxxxxxxxx Ranch, LLC
X. Xxxxxxxxx at Fifth Avenue, L.L.C.
K. Hovnanian at Xxxxxxxx I, L.L.C.
K. Hovnanian at Xxxxxxxx XX, L.L.C.
K. Hovnanian at Forest Xxxxxxx, L.L.C.
K. HOVNANIAN AT FORKS TWP. I, L.L.C.
K. Hovnanian at Franklin, L.L.C.
K. Hovnanian at Freehold Township I, Inc.
X. Xxxxxxxxx at Freehold Township, L.L.C.
K. Hovnanian at Fresno, LLC
X. Xxxxxxxxx at Xxxxxxxx, L.L.C.
K. HOVNANIAN AT GASLAMP SQUARE, L.L.C.
K. Hovnanian at Great Notch, L.L.C.
K. Hovnanian at Xxxxxxx, LLC
X. Xxxxxxxxx at Xxxxxxxxxx, L.L.C.
K. Hovnanian at Hackettstown II, L.L.C.
K. Hovnanian at Hackettstown, Inc.
X. Xxxxxxxxx at Hamburg Contractors, L.L.C.
K. Hovnanian at Hamburg, L.L.C.
K. Hovnanian at Hawthorne, L.L.C.

X. Xxxxxxxxx at Hazlet, L.L.C.
K. Hovnanian at Hershey’s Mill, Inc.
X. XXXXXXXXX AT HIGHLAND SHORES, L.L.C.
K. Hovnanian at Highland Vineyards, Inc.
X. Xxxxxxxxx at Hilltop, L.L.C.
K. Hovnanian at Hopewell IV, Inc.
X. Xxxxxxxxx at Hopewell VI, Inc.
X. Xxxxxxxxx at Xxxxxx Township, Inc.
X. XXXXXXXXX AT XXXXXX POINTE, L.L.C.
K. Hovnanian at Xxxxxxx I, L.L.C.
K. Hovnanian at Xxxxxxx, L.L.C.
K. Hovnanian at Xxxxxx Ranch, LLC
X. Xxxxxxxxx at Jersey City IV, L.L.C.
K. Hovnanian at Jersey City V Urban Renewal Company, L.L.C.
K. Hovnanian at Keyport, L.L.C.
K. Hovnanian at King Farm, L.L.C.
K. Hovnanian at Kings Grant I, Inc.
X. Xxxxxxxxx at Xx Xxxxx Greens, L.L.C.
K. Hovnanian at La Costa, LLC
X. Xxxxxxxxx at La Habra Knolls, LLC
X. Xxxxxxxxx at La Laguna, L.L.C.
K. Hovnanian at La Terraza, Inc.
X. Xxxxxxxxx At Lafayette Estates, L.L.C.
K. Hovnanian at Lake Rancho Viejo, LLC
X. Xxxxxxxxx at Lake Ridge Crossing, L.L.C.
K. Hovnanian at Lake Terrapin, L.L.C.
K. Hovnanian at Lakewood, Inc.
X. Xxxxxxxxx at Landmark, LLC

X. Xxxxxxxxx at LaPaz, LLC
X. Xxxxxxxxx at Larkspur, LLC
X. Xxxxxxxxx at Xxxxxxxx V, L.L.C.
K. Hovnanian at Xxx Square, L.L.C.
K. Hovnanian at Xxxxxxx, L.L.C.
K. Hovnanian at Little Egg Harbor Contractors, L.L.C.
K. Hovnanian at Little Egg Harbor III, L.L.C.
K. Hovnanian at Little Egg Harbor Township II, L.L.C.
K. Hovnanian at Little Egg Harbor, L.L.C
X. Xxxxxxxxx at Live Oak II, LLC
X. Xxxxxxxxx at Long Branch I, L.L.C.
K. Hovnanian at Lower Macungie Township I, L.L.C.
K. Hovnanian at Lower Macungie Township II, L.L.C.
K. Hovnanian at Lower Makefield Township I, L.L.C.
K. Hovnanian at Lower Xxxxxxxx I, L.L.C.
K. Hovnanian at Lower Moreland II, L.L.C.
K. Hovnanian at Lower Xxxxxxxx III, L.L.C.
K. Hovnanian at Lower Saucon, Inc.
X. Xxxxxxxxx at Macungie, L.L.C.
K. HOVNANIAN AT MAHWAH II, INC.
X. Xxxxxxxxx at Mahwah VI, Inc.
X. Xxxxxxxxx at Mahwah VII, Inc.
X. Xxxxxxxxx at Xxxxx Park, L.L.C.
K. Hovnanian at Manalapan III, L.L.C.
K. Hovnanian at Manalapan, Inc.
X. Xxxxxxxxx at Mansfield I, L.L.C.
K. Hovnanian at Mansfield II, L.L.C.
K. Hovnanian at Mansfield III, L.L.C.

X. Xxxxxxxxx at Maple Avenue, L.L.C.
K. Hovnanian at Marlboro II, Inc.
X. Xxxxxxxxx at Marlboro Township III, Inc.
X. Xxxxxxxxx at Marlboro Township IV, Inc.
X. Xxxxxxxxx at Marlboro Township IX, L.L.C.
K. Hovnanian at Marlboro Township V, L.L.C.
K. Hovnanian at Marlboro Township VIII, L.L.C.
K. Hovnanian at Marlboro VI, L.L.C.
K. Hovnanian at Marlboro VII, L.L.C.
K. Hovnanian at Matsu, L.L.C.
K. Hovnanian at Xxxxxxx Xxxxxxx, LLC
X. Xxxxxxxxx at Mendham Township, L.L.C.
K. Hovnanian at Menifee, LLC
X. Xxxxxxxxx at Middle Township II, L.L.C.
K. Hovnanian at Middle Township, L.L.C.
K. Hovnanian at Middletown II, L.L.C.
K. Hovnanian at Middletown, L.L.C.
K. Hovnanian at Millville I, L.L.C.
K. Hovnanian at Millville II, L.L.C.
K. HOVNANIAN AT XXXXXX XX, INC.
X. Xxxxxxxxx at Xxxxxx III, L.L.C.
K. Hovnanian at Xxxxxx XX, L.L.C.
K. Hovnanian at Monroe NJ, L.L.C.
K. Hovnanian at Xxxxxxxxxx I, Inc.
X. Xxxxxxxxx at Montvale, L.L.C.
K. Hovnanian at Mosaic, LLC
X. Xxxxxxxxx at Mt. Olive Township, L.L.C.
K. Hovnanian at Muirfield, LLC

X. XXXXXXXXX AT NEW BRUNSWICK URBAN RENEWAL, L.L.C.
K. Hovnanian at New Windsor, L.L.C.
K. Hovnanian at North Bergen. L.L.C.
K. HOVNANIAN AT NORTH BRUNSWICK VI, L.L.C.
K. Hovnanian at North Xxxxxxxx II, L.L.C.
K. Hovnanian at North Xxxxxxxx III, L.L.C.
K. Hovnanian at North Xxxxxxxx, L.L.C.
K. Hovnanian at North Haledon, L.L.C.
K. Hovnanian at North Wildwood, L.L.C.
K. Hovnanian at Northampton. L.L.C.
K. HOVNANIAN AT NORTHERN WESTCHESTER, INC.
X. Xxxxxxxxx at Northfield, L.L.C.
K. Hovnanian at Northlake, Inc.
X. Xxxxxxxxx at Ocean Township, Inc
X. XXXXXXXXX AT OCEAN WALK, INC.
X. Xxxxxxxxx at Oceanport, L.L.C.
K. Hovnanian at Old Bridge, L.L.C.
K. Hovnanian at Olde Orchard, LLC
X. Xxxxxxxxx at Pacific Bluffs, LLC
X. Xxxxxxxxx at Paramus, L.L.C.
K. Hovnanian at Park Lane, LLC
X. Xxxxxxxxx at Parkside, LLC
X. Xxxxxxxxx at Parsippany-Xxxx Hills, L.L.C.
K. Hovnanian at Perkiomen I, Inc.
X. Xxxxxxxxx at Perkiomen II, Inc.
X. Xxxxxxxxx at Philadelphia II, L.L.C.
K. Hovnanian at Philadelphia III, L.L.C.
K. Hovnanian at Philadelphia IV, L.L.C.

X. Xxxxxxxxx at Piazza D’Oro, L.L.C.
K. Hovnanian at Xxxxxx Xxxxxx, L.L.C
X. Xxxxxxxxx at Pittsgrove, L.L.C.
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL IV, L.L.C.
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL V, L.L.C.
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VI, L.L.C.
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VII, L.L.C.
K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VIII, L.L.C.
K. Hovnanian at Xxxxx, L.L.C.
K. Hovnanian at Rancho Cristianitos, Inc.
X. Xxxxxxxxx at Rancho Santa Xxxxxxxxx, LLC
X. Xxxxxxxxx at Xxxxxxxx I, L.L.C.
K. HOVNANIAN AT RAPHO, L.L.C
X. Xxxxxxxxx at Readington II, L.L.C.
K. Hovnanian at Red Bank, L.L.C.
K. Hovnanian at Reservoir Ridge, Inc.
X. Xxxxxxxxx at Ridgemont, L.L.C.
K. Hovnanian at Ridgestone, L.L.C.
K. Hovnanian at Riverbend, LLC
X. Xxxxxxxxx at Rivercrest, LLC
X. Xxxxxxxxx at Roderuck, L.L.C.
K. HOVNANIAN AT XXXXXXXX LANTANA, L.L.C.
K. Hovnanian at Xxxxxxx Heights, LLC
X. Xxxxxxxxx at Sage, L.L.C.
K. Hovnanian at San Sevaine, Inc.
X. Xxxxxxxxx at Santa Nella, LLC
X. Xxxxxxxxx at Saratoga, Inc.
X. Xxxxxxxxx at Sawmill, Inc.

X. Xxxxxxxxx at Sayreville, L.L.C.
K. HOVNANIAN AT SCOTCH PLAINS II, INC.
X. Xxxxxxxxx at Scotch Plains, L.L.C.
K. Hovnanian at Sierra Estates, LLC
X. Xxxxxxxxx at Silver Spring, L.L.C.
K. Hovnanian at Skye Isle, LLC
X. Xxxxxxxxx at Smithville III, L.L.C.
K. Hovnanian at Smithville, Inc.
X. Xxxxxxxxx at Xxxxxx Point, L.L.C.
K. Hovnanian at South Brunswick V, Inc.
X. Xxxxxxxxx at South Brunswick, L.L.C.
K. Hovnanian at Sparta, L.L.C.
K. HOVNANIAN AT SPRINGCO, L.L.C.
K. Hovnanian at Stone Canyon, Inc.
X. XXXXXXXXX AT STONY POINT, INC.
X. Xxxxxxxxx at Sunsets, LLC
X. Xxxxxxxxx at Sycamore, Inc.
X. Xxxxxxxxx at Tannery Hill, Inc.
X. Xxxxxxxxx at Teaneck, L.L.C.
K. Hovnanian at The Bluff, Inc.
X. Xxxxxxxxx at The Xxxxxx, LLC
X. Xxxxxxxxx at The Gables, LLC
X. Xxxxxxxxx at The Monarch, L.L.C.
K. Hovnanian at The Preserve, LLC
X. Xxxxxxxxx at Xxxxxxxx Ranch, LLC
X. Xxxxxxxxx at Thornbury, Inc.
X. Xxxxxxxxx at Tierrasanta, Inc.
X. Xxxxxxxxx at Trail Ridge, LLC

X. Xxxxxxxxx at Trenton, L.L.C.
K. Hovnanian at Trovata, Inc.
X. Xxxxxxxxx at Union Township I, Inc.
X. Xxxxxxxxx at Union Township II, L.L.C.
K. Hovnanian at Upper Freehold Township I, Inc.
X. Xxxxxxxxx at Upper Freehold Township II, L.L.C.
K. Hovnanian at Upper Freehold Township III, L.L.C.
K. Hovnanian at Upper Makefield I, Inc.
X. Xxxxxxxxx at Upper Uwchlan II, L.L.C.
K. Hovnanian at Upper Uwchlan, L.L.C.
K. Hovnanian at Vail Ranch, Inc.
X. Xxxxxxxxx at Xxxxx Del Sol, LLC
X. XXXXXXXXX AT VERONA URBAN RENEWAL, L.L.C.
K. Hovnanian at Victorville, L.L.C.
K. HOVNANIAN AT VINELAND, L.L.C.
K. Hovnanian at Vista Del Sol, L.L.C.
K. Hovnanian at Wall Township VI, Inc.
X. Xxxxxxxxx at Wall Township VIII, Inc.
X. Xxxxxxxxx at Wanaque, L.L.C.
K. Hovnanian at Xxxxxx Township, L.L.C.
K. Hovnanian at Washington, L.L.C.
K. HOVNANIAN AT WASHINGTONVILLE, INC.
X. Xxxxxxxxx at Xxxxx III, Inc.
X. Xxxxxxxxx at Xxxxx IX, L.L.C.
K. Hovnanian at Xxxxx V, Inc.
X. XXXXXXXXX AT XXXXX, VIII, L.L.C.
K. Hovnanian at West Bradford, L.L.C.
K. Hovnanian at West Milford, L.L.C.

X. Xxxxxxxxx at West View Estates, L.L.C.
K. Hovnanian at West Windsor, L.L.C.
K. Hovnanian at Westshore, LLC
X. Xxxxxxxxx at Xxxxxxx Ranch, LLC
X. Xxxxxxxxx at Wildrose, Inc.
X. Xxxxxxxxx at Wildwood Bayside, L.L.C.
K. Hovnanian at Willow Brook, L.L.C.
K. HOVNANIAN AT WINCHESTER, LLC
X. Xxxxxxxxx at Woodcreek West, LLC
X. Xxxxxxxxx at Woodhill Estates, L.L.C.
K. Hovnanian at Woolwich I, L.L.C.
K. Hovnanian Cambridge Homes, L.L.C.
K. HOVNANIAN CENTRAL ACQUISITIONS, L.L.C.
K. Hovnanian Classics CIP, L.L.C.
K. Hovnanian Classics, L.L.C.
K. Hovnanian Communities, Inc.
X. Xxxxxxxxx Companies Metro D.C. North, L.L.C.
K. Hovnanian Companies Northeast, Inc.
X. Xxxxxxxxx Companies of California, Inc.
X. XXXXXXXXX COMPANIES OF MARYLAND, INC.
X. XXXXXXXXX COMPANIES OF NEW YORK, INC.
X. Xxxxxxxxx Companies of Pennsylvania, Inc.
X. Xxxxxxxxx Companies of Southern California, Inc.
X. Xxxxxxxxx Companies of Virginia, Inc.
X. Xxxxxxxxx Companies, LLC
X. Xxxxxxxxx Connecticut Acquisitions, L.L.C.
K. Hovnanian Construction II, Inc.
X. Xxxxxxxxx Construction III, Inc.

X. Xxxxxxxxx Construction Management, Inc.
X. Xxxxxxxxx CraftBuilt Homes of South Carolina, L.L.C.
K. Hovnanian Delaware Acquisitions, L.L.C.
K. HOVNANIAN DEVELOPMENTS OF ARIZONA, INC.
X. Xxxxxxxxx Developments of California, Inc.
X. Xxxxxxxxx Developments of Connecticut, Inc.
X. XXXXXXXXX DEVELOPMENTS OF D.C., INC.
X. XXXXXXXXX DEVELOPMENTS OF DELAWARE, INC.
X. Xxxxxxxxx Developments of Georgia, Inc.
X. Xxxxxxxxx Developments of Illinois, Inc.
X. Xxxxxxxxx Developments of Indiana, Inc.
X. Xxxxxxxxx Developments of Kentucky, Inc.
X. XXXXXXXXX DEVELOPMENTS OF MARYLAND, INC.
X. Xxxxxxxxx Developments of Michigan, Inc.
X. Xxxxxxxxx Developments of Minnesota, Inc.
X. Xxxxxxxxx Developments of New Jersey II, Inc.
X. Xxxxxxxxx Developments of New Jersey, Inc.
X. XXXXXXXXX DEVELOPMENTS OF NEW YORK, INC.
X. Xxxxxxxxx Developments of North Carolina, Inc.
X. Xxxxxxxxx Developments of Ohio, Inc.
X. Xxxxxxxxx Developments of Pennsylvania, Inc.
X. Xxxxxxxxx Developments of South Carolina, Inc.
X. Xxxxxxxxx Developments of Texas, Inc.
X. Xxxxxxxxx Developments of Virginia, Inc.
X. Xxxxxxxxx Developments of West Virginia, Inc.
X. Xxxxxxxxx Eastern Pennsylvania, L.L.C.
K. HOVNANIAN FIRST HOMES, L.L.C.
K. Hovnanian Florida Realty, L.L.C.

X. Xxxxxxxxx Forecast Homes Northern, Inc.
X. Xxxxxxxxx Four Seasons @ Historic Virginia, LLC
X. Xxxxxxxxx Four Seasons at Gold Hill, LLC
X. XXXXXXXXX GREAT WESTERN BUILDING COMPANY, LLC
X. XXXXXXXXX GREAT WESTERN HOMES, LLC
X. Xxxxxxxxx Holdings NJ, L.L.C.
K. Hovnanian Homes — DFW, L.L.C.
K. Hovnanian Homes at Cameron Station, LLC
X. Xxxxxxxxx Homes at Camp Springs, L.L.C.
K. Hovnanian Homes at Fairwood, L.L.C.
K. Hovnanian Homes at Forest Run, L.L.C.
K. Hovnanian Homes at Greenway Farm Park Towns, L.L.C.
K. Hovnanian Homes at Greenway Farm, L.L.C.
K. Hovnanian Homes at Xxxxx Station 1, L.L.C.
K. Hovnanian Homes at Xxxxx Station 2, L.L.C.
K. Hovnanian Homes at Xxxxxxx Place, L.L.C.
K. HOVNANIAN HOMES AT XXXXX STREET, L.L.C.
K. Hovnanian Homes at Primera, L.L.C.
K. Hovnanian Homes at Renaissance Plaza, L.L.C.
K. Hovnanian Homes at Xxxxxxx, L.L.C.
K. Hovnanian Homes of D.C., L.L.C.
K. HOVNANIAN HOMES OF DELAWARE, L.L.C.
K. Hovnanian Homes of Georgia, L.L.C.
K. Hovnanian Homes of Houston, L.L.C.
K. Hovnanian Homes of Indiana, L.L.C.
K. Hovnanian Homes of Maryland, L.L.C.
K. Hovnanian Homes of Minnesota, L.L.C.
K. HOVNANIAN HOMES OF NORTH CAROLINA, INC.

X. XXXXXXXXX HOMES OF PENNSYLVANIA, L.L.C.
K. Hovnanian Homes of South Carolina, LLC
X. Xxxxxxxxx Homes of Virginia, Inc.
X. Xxxxxxxxx Homes of West Virginia, L.L.C.
K. Hovnanian North Central Acquisitions, L.L.C.
K. Hovnanian North Jersey Acquisitions, L.L.C.
K. Hovnanian Northeast Services, L.L.C.
K. Hovnanian of Houston II, L.L.C.
K. Hovnanian Ohio Realty, L.L.C.
K. HOVNANIAN OSTER HOMES, L.L.C.
K. Hovnanian PA Real Estate, Inc.
X. Xxxxxxxxx Pennsylvania Acquisitions, L.L.C.
K. Hovnanian Port Imperial Urban Renewal, Inc.
X. Xxxxxxxxx Properties of Red Bank, Inc.
X. Xxxxxxxxx Shore Acquisitions, L.L.C.
K. Hovnanian South Jersey Acquisitions, L.L.C.
K. Hovnanian Southern New Jersey, L.L.C.
K. HOVNANIAN STANDING ENTITY, L.L.C.
K. Hovnanian Summit Holdings, L.L.C.
K. Hovnanian Summit Homes of Kentucky, L.L.C.
K. Hovnanian Summit Homes of Michigan, L.L.C.
K. Hovnanian Summit Homes of Pennsylvania, L.L.C.
K. Hovnanian Summit Homes of West Virginia, L.L.C.
K. Hovnanian Summit Homes, L.L.C.
K. Hovnanian T&C Homes at Florida, L.L.C.
K. Hovnanian T&C Homes at Illinois, L.L.C.
K. Hovnanian T&C Homes at Minnesota, L.L.C.
K. HOVNANIAN T&C INVESTMENT, L.L.C.

X. Xxxxxxxxx T&C Management Co., L.L.C.
K. Hovnanian Venture I, L.L.C.
K. HOVNANIAN WINDWARD HOMES, LLC
X. Xxxxxxxxx’x Four Seasons at Ashburn Village, L.L.C.
K. Hovnanian’s Four Seasons at Xxxxxx’x Xxxxx, L.L.C.
K. HOVNANIAN’S FOUR SEASONS AT BAKERSFIELD, L.L.C.
K. Hovnanian’s Four Seasons at Beaumont, LLC
X. XXXXXXXXX’X FOUR SEASONS AT CHARLOTTESVILLE, L.L.C.
K. Hovnanian’s Four Seasons at Dulles Discovery Condominium, L.L.C.
K. Hovnanian’s Four Seasons at Dulles Discovery, L.L.C.
K. Hovnanian’s Four Seasons at Hamptonburgh, L.L.C.
K. Hovnanian’s Four Seasons at Hemet, LLC
X. Xxxxxxxxx’x Four Seasons at Huntfield, L.L.C.
K. Hovnanian’s Four Seasons at Kent Island Condominiums, L.L.C.
K. Hovnanian’s Four Seasons at Kent Island, L.L.C.
K. Hovnanian’s Four Seasons at Los Banos, LLC
X. Xxxxxxxxx’x Four Seasons at Xxxxxx Valley, L.L.C.
K. Hovnanian’s Four Seasons at New Kent Vineyards, L.L.C.
K. Hovnanian’s Four Seasons at Palm Springs, LLC
X. XXXXXXXXX’X FOUR SEASONS AT RENAISSANCE, L.L.C.
K. Hovnanian’s Four Seasons at Rush Creek, L.L.C.
K. Hovnanian’s Four Seasons at St. Margarets Landing, L.L.C.
K. Hovnanian’s Four Seasons at Vint Hill, L.L.C.
K. Hovnanian’s Four Seasons at Westshore, LLC
X. Xxxxxxxxx’x Four Seasons, LLC
X. Xxxxxxxxx’x Parkside at Towngate, L.L.C.
K. Hovnanian’s Private Home Portfolio, L.L.C.
KHIP, L.L.C.

LANDARAMA, INC.
M & M at Long Branch, Inc
M&M at Chesterfield, LLC
M&M AT Copper Beech, L.L.C.
M&M AT Crescent Court, L.L.C.
M&M at East Xxxxxxxxxx, L.L.C.
M&M AT MORRISTOWN, L.L.C.
M&M AT SPINNAKER POINTE, L.L.C.
M&M AT SPRUCE HOLLOW, L.L.C.
M&M AT SPRUCE RUN, L.L.C.
M&M at Station Square, L.L.C.
M&M at Tamarack Hollow, L.L.C.
M&M AT UNION, L.L.C.
M&M at West Orange, L.L.C.
M&M at Wheatena Urban Renewal, L.L.C.
M&M INVESTMENTS, X.X.
Xxxxxx & Mumford at Egg Harbor, L.L.C.
MATZEL & MUMFORD AT XXXXXXXXXX, L.L.C.
Matzel & Mumford at South Bound Brook Urban Renewal, L.L.C.
MCNJ, Inc.
Midwest Building Products & Contractor Services of Kentucky, L.L.C.
Midwest Building Products & Contractor Services of Michigan, L.L.C.
Midwest Building Products & Contractor Services of Pennsylvania, L.L.C.
Midwest Building Products & Contractor Services of West Virginia, L.L.C.
MIDWEST BUILDING PRODUCTS & CONTRACTOR SERVICES, L.L.C.
MMIP, L.L.C.
Natomas Central Neighborhood Housing, L.L.C.
New Land Title Agency, L.L.C.

PADDOCKS, L.L.C.
PARK TITLE COMPANY, LLC
Pine Ayr, LLC
RIDGEMORE UTILITY ASSOCIATES OF PENNSYLVANIA, L.L.C.
Ridgemore Utility, L.L.C.
SEABROOK ACCUMULATION CORPORATION
STONEBROOK HOMES, INC.
Terrapin Realty, L.L.C.
The Matzel & Mumford Organization, Inc
Washington Homes at Columbia Town Center, L.L.C.
Washington Homes, Inc.
Westminster Homes of Alabama, L.L.C.
Westminster Homes of Mississippi, LLC
Westminster Homes of Tennessee, Inc.
WESTMINSTER HOMES, INC.
WH LAND I, INC
WH PROPERTIES, INC.
WH/PR Land Company, L.L.C.
Woodland Lake Condominiums at Bowie New Town, L.L.C.

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Table of Contents

FIRST AMENDMENT TO INTERCREDITOR AGREEMENT

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