Company: LEN
Filing Date: 2025-05-13
Form Type: 424B5
Source: 0001193125-25-118869
Chunk: 32

Company: LENNAR CORP /NEW/
Filing Date: 2025-05-13
Form: 424B5
Chunk 32
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ens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, 
 rights of set off or similar rights and remedies;                                                   |

| • |     | Liens arising from the Uniform Commercial Code financing statements regarding leases; |

| • |     | Liens securing Indebtedness incurred to finance the acquisition, construction, improvement, development or                                                                               
 expansion of a property which are given within 180 days of the acquisition, construction, improvement, development or expansion of such property and which are limited to such property; |

| • |     | Liens incurred in connection with Non-Recourse Indebtedness; |

| • |     | Liens existing on the Issue Date; |

| • |     | Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are                                                                                                                                      
 being contested in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; |

| • |     | Liens securing refinancing Indebtedness; provided that any such Lien does not extend to or cover any            
 property or assets other than the property or assets securing Indebtedness so refunded, refinanced or extended; |

| • |     | easements, rights-of-way                                                                                                                                                        
 and other similar encumbrances incurred in the ordinary course of business and encumbrances consisting of zoning restrictions, licenses, restrictions on the use of property or |

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| minor imperfections in title thereto which, in the aggregate, are not material in amount, and which do not in any case materially detract from our properties that are subject thereto; and |

| • |     | any extensions, substitutions, modifications, replacements or renewals of the Permitted Liens described 
 above.                                                                                                  |

Notwithstanding the foregoing, we may, and any Restricted Subsidiary may, create, assume, incur or suffer to exist any Lien upon any of our properties or assets without equally and ratably securing the Notes if the aggregate amount of all Indebtedness then outstanding secured by such Lien and all other Liens which are not Permitted Liens, together with the aggregate net sales proceeds from all Sale-Leaseback Transactions which are not Permitted Sale Leaseback Transactions (as defined below), does not exceed 20% of Consolidated Net Tangible Assets. Sale and Leaseback Transactions.We will not,