Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 33

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 33
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 nor will we permit any Restricted Subsidiary to, enter into any Sale-Leaseback Transaction, except for any of the following “Permitted Sale-Leaseback Transactions”:

| • |     | a Sale-Leaseback Transaction involving the leasing by us or any Restricted Subsidiary of model homes in                                                                                                                                                
 our communities, homes held for sale, homes that are under construction or under contract for sale, land (improved or unimproved), project club houses, amenity centers and common areas, manufacturing plants, warehouses, distribution facilities or 
 office buildings;                                                                                                                                                                                                                                      |

| • |     | a Sale-Leaseback Transaction relating to a property which occurs within 180 days from the date of                                                                                    
 acquisition of such property by us or a Restricted Subsidiary or the date of the completion of construction or commencement of full operations on such property, whichever is later; |

| • |     | a Sale-Leaseback Transaction where we, within 365 days after such Sale-Leaseback Transaction, apply or                                                                                                                                            
 cause to be applied to (a) the retirement of our or any Restricted Subsidiary’s Funded Debt (other than our Funded Debt which by its terms or the terms of the instrument pursuant to which it was issued is subordinate in right of payment to   
 the Notes) or (b) the purchase by us or any Restricted Subsidiary of property substantially similar to the property sold or transferred, in each case, proceeds of the sale of such property, but only to the extent of the amount of proceeds so 
 applied;                                                                                                                                                                                                                                          |

| • |     | a Sale-Leaseback Transaction where we or our Restricted Subsidiaries would, on the effective date of the                                                                                                                                                 
 relevant sale or transfer, be entitled, pursuant to the Indenture, to issue, assume or guarantee Indebtedness secured by a Lien upon the relevant property at least equal in amount to the then present value (discounted at the actual rate of interest 
 of the Sale-Leaseback Transaction) of the obligation for the net rental payments in respect of such Sale-Leaseback Transaction without equally and ratably securing the Notes;                                                                           |

| • |     | a Sale-Leaseback Transaction (A) between us and a Restricted Subsidiary or (B) between 
 Restricted Subsidiaries, so long as the lessor is us or a Restricted Subsidiary; or    |

| • |     | a Sale-Leaseback Transaction