<PAGE>   1
                                                                     EXHIBIT 4.2

                                                                  EXECUTION COPY



--------------------------------------------------------------------------------


                          REGISTRATION RIGHTS AGREEMENT

                             Dated as of May 3, 2000

                                      Among



                               LENNAR CORPORATION

                         AND THE GUARANTORS NAMED HEREIN

                                   as Issuers,

                                       and

                         DEUTSCHE BANK SECURITIES INC.,

                         BANC ONE CAPITAL MARKETS, INC.,

                         BANC OF AMERICA SECURITIES LLC,

                       CREDIT LYONNAIS SECURITIES USA INC.

                                       and

                            WACHOVIA SECURITIES, INC.

                              as Initial Purchasers

                           9.95% Senior Notes due 2010

--------------------------------------------------------------------------------
<PAGE>   2









                          REGISTRATION RIGHTS AGREEMENT

                This Registration Rights Agreement (this "Agreement") is made
and entered into as of May 3, 2000, among LENNAR CORPORATION, a Delaware
corporation ("Lennar"), and the other entities that are listed on the signature
pages hereof (collectively with any entity that in the future executes a
supplemental indenture pursuant to which such entity agrees to guarantee the
Notes (as hereinafter defined), the "Guarantors" and, together with Lennar, the
"Issuers") and DEUTSCHE BANK SECURITIES INC., BANC ONE CAPITAL MARKETS, INC.,
BANC OF AMERICA SECURITIES LLC, CREDIT LYONNAIS SECURITIES USA INC., and
WACHOVIA SECURITIES, INC. (each, an "Initial Purchaser" and, collectively, the
"Initial Purchasers").

                This Agreement is entered into in connection with the Purchase
Agreement, dated April 28, 2000, among Lennar and the Initial Purchasers (the
"Purchase Agreement"), which provides for the sale by Lennar to the Initial
Purchasers of $325,000,000 aggregate principal amount of Lennar's 9.95% Senior
Notes due 2010 (the "Notes"), guaranteed by the Guarantors (the "Guarantees").
The Notes and the Guarantees are collectively referenced to herein as the
"Securities". In order to induce the Initial Purchasers to enter into the
Purchase Agreement, the Issuers have agreed to provide the registration rights
set forth in this Agreement for the benefit of the Initial Purchasers and any
subsequent holder or holders of the Securities. The execution and delivery of
this Agreement is a condition to the Initial Purchasers' obligation to purchase
the Securities under the Purchase Agreement.

                The parties hereby agree as follows:

        1.      Definitions

                As used in this Agreement, the following terms shall have the
following meanings:

                Additional Interest: See Section 4 hereof.

                Advice: See the last paragraph of Section 5 hereof.

                Agreement: See the introductory paragraphs hereto.

                Applicable Period: See Section 2 hereof.

                Effectiveness Date: The 135th day following the Issue Date;
provided, however, that with respect to any Shelf Registration, the
Effectiveness Date shall be the 75th day following the Filing Date with respect
thereto.

                Effectiveness Period: See Section 3(a) hereof.


<PAGE>   3

                Event Date: See Section 4(b) hereof.

                Exchange Act: The Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder.

                Exchange Notes: See Section 2 hereof.

                Exchange Offer: See Section 2 hereof

                Exchange Offer Registration Statement: See Section 2 hereof

                Filing Date: (A) If no Exchange Offer Registration Statement has
been filed by the Issuers pursuant to this Agreement, the 75th day after the
Issue Date; and (B) in each other case (which may be applicable notwithstanding
the consummation of the Exchange Offer), the 30th day after the delivery of a
Shelf Notice.

                Guarantees: See the introductory paragraphs hereto.

                Guarantors: See the introductory paragraphs hereto.

                Holder: Any holder of a Registrable Note or Registrable Notes.

                Indemnified Person: See Section 7(c) hereof.

                Indemnifying Person: See Section 7(c) hereof.

                Indenture: The Indenture, dated as of May 3, 2000, by and among
the Issuers and Bank One Trust Company, N.A., as trustee, pursuant to which the
Notes are being issued, as the same may be amended or supplemented from time to
time in accordance with the terms thereof.

                Initial Purchasers: See the introductory paragraphs hereto.

                Initial Shelf Registration Statement: See Section 3(a) hereof.

                Inspectors: See Section 5(n) hereof.

                Issue Date: May 3, 2000, the date of original issuance of the
Notes.

                Lennar: See the introductory paragraphs hereto.

                NASD: See Section 5(r) hereof.



                                     - 2 -
<PAGE>   4

                Offering Memorandum: The final offering memorandum of Lennar
dated April 28, 2000, in respect of the offering of the Notes.

                Participant: See Section 7(a) hereof.

                Participating Broker-Dealer: See Section 2(b) hereof.

                Person: An individual, trustee, corporation, limited liability
company, partnership, joint stock company, trust, unincorporated association,
union, business association, firm or other legal entity.

                Private Exchange: See Section 2(b) hereof.

                Private Exchange Notes: See Section 2(b) hereof.

                Prospectus: The prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a
prospectus filed as part of an effective registration statement in reliance upon
Rule 430A promulgated under the Securities Act and any term sheet filed pursuant
to Rule 434 under the Securities Act), as amended or supplemented by any
prospectus supplement, and all other amendments and supplements to the
Prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such Prospectus.

                Purchase Agreement: See the introductory paragraphs hereof.

                Records: See Section 5(m) hereof.

                Registrable Notes: Each Note upon its original issuance and at
all times subsequent thereto, each Exchange Note (and the related Guarantees) as
to which Section 2(c)(iv) hereof is applicable upon original issuance and at all
times subsequent thereto and each Private Exchange Note (and the related
Guarantees) upon original issuance thereof and at all times subsequent thereto,
until the earliest to occur of (i) a Registration Statement (other than, with
respect to any Exchange Note as to which Section 2(c)(iv) hereof is applicable,
the Exchange Offer Registration Statement) covering such Note, Exchange Note or
Private Exchange Note has been declared effective by the SEC and such Note,
Exchange Note or such Private Exchange Note (and the related Guarantees), as the
case may be, has been disposed of in accordance with such effective Registration
Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for
an Exchange Note or Exchange Notes (and the related Guarantees) that may be
resold (or, but for the status of such Holder as an affiliate of the Issuers
under Rule 405, could be resold) without restriction under state and federal
securities laws, (iii) such Note, Exchange Note or



                                     - 3 -
<PAGE>   5

Private Exchange Note (and the related Guarantees), as the case may be, ceases
to be outstanding for purposes of the Indenture or (iv) such Note, Exchange Note
or Private Exchange Note (and the related Guarantees), as the case may be, may
be resold without restriction pursuant to Rule 144(k) (as amended or replaced)
under the Securities Act.

                Registration Statement: Any registration statement of the
Issuers that covers any of the Notes, the Exchange Notes (and the related
Guarantees) or the Private Exchange Notes filed with the SEC under the
Securities Act, including the Prospectus, amendments and supplements to such
registration statement, including post-effective amendments, all exhibits, and
all material incorporated by reference or deemed to be incorporated by reference
in such registration statement.

                Rule 144: Rule 144 promulgated under the Securities Act, as such
Rule may be amended from time to time, or any similar rule (other than Rule
144A) or regulation hereafter adopted by the SEC providing for offers and sales
of securities made in compliance therewith resulting in offers and sales by
subsequent holders that are not affiliates of the issuer of such securities
being free of the registration and prospectus delivery requirements of the
Securities Act.

                Rule 144A: Rule 144A promulgated under the Securities Act, as
such Rule may be amended from time to time, or any similar rule (other than Rule
144) or regulation hereafter adopted by the SEC.

                Rule 405: Rule 405 under the Securities Act.

                Rule 415: Rule 415 promulgated under the Securities Act, as such
Rule may be amended from time to time, or any similar rule or regulation
hereafter adopted by the SEC.

                SEC: The Securities and Exchange Commission.

                Securities Act: The Securities Act of 1933, as amended, and the
rules and regulations of the SEC promulgated thereunder.

                Shelf Notice: See Section 2(c) hereof.

                Shelf Registration Statement: See Section 3(b) hereof.

                Subsequent Shelf Registration Statement: See Section 3(b)
hereof.

                TIA: The Trust Indenture Act of 1939, as amended.

                Trustee: The trustee under the Indenture and the trustee (if
any) under any indenture governing the Exchange Notes and Private Exchange Notes
(and the related Guarantees).



                                     - 4 -
<PAGE>   6

                Underwritten registration or underwritten offering: A
registration in which securities of one or more of the Issuers are sold to an
underwriter for reoffering to the public.

        2.      Exchange Offer

                (a) The Issuers shall file with the SEC, no later than the
Filing Date, a Registration Statement (the "Exchange Offer Registration
Statement") on an appropriate registration form with respect to a registered
offer (the "Exchange Offer") to exchange any and all of the Registrable Notes
for a like aggregate principal amount of notes of Lennar, guaranteed by the
Guarantors, that are identical in all material respects to the Securities,
except that the Exchange Notes shall contain no restrictive legend thereon (the
"Exchange Notes"), and which are entitled to the benefits of the Indenture or a
trust indenture which is identical in all material respects to the Indenture
(other than such changes to the Indenture or any such identical trust indenture
as are necessary to comply with the TIA) and which, in either case, has been
qualified under the TIA. Interest on each Exchange Note will accrue (A) from the
later of (1) the last interest payment date on which interest was paid on the
Note surrendered, or (2) if the Note is surrendered for exchange on a date in a
period which includes the record date for an interest payment date to occur on
or after the date of the exchange and as to which interest will be paid, such
interest payment date or (B) if no interest has been paid on that Note, from the
Issue Date. The Exchange Offer shall comply with all applicable tender offer
rules and regulations under the Exchange Act and other applicable laws. The
Issuers shall use their reasonable best efforts to (x) cause the Exchange Offer
Registration Statement to be declared effective under the Securities Act on or
before the Effectiveness Date; (y) keep the Exchange Offer open for acceptance
for not less than 30 days (or longer if required by applicable law) after the
date that notice of the Exchange Offer is mailed to Holders; and (z) consummate
the Exchange Offer on or prior to the 165th day following the Issue Date. If,
after the Exchange Offer Registration Statement is initially declared effective
by the SEC, the Exchange Offer or the issuance of the Exchange Notes thereunder
is interfered with by any stop order, injunction or other order or requirement
of the SEC or any other governmental agency or court, the Exchange Offer
Registration Statement shall be deemed not to have become effective for purposes
of this Agreement.

                Each Holder that participates in the Exchange Offer will be
required, as a condition to its participation in the Exchange Offer, to
represent to Lennar in writing (which may be contained in the applicable letter
of transmittal) (1) that any Exchange Notes to be received by it will be
acquired in the ordinary course of its business, (2) that at the time of the
consummation of the Exchange Offer such Holder will have no arrangement or
understanding with any Person to participate in the distribution of the Exchange
Notes in violation of the



                                     - 5 -
<PAGE>   7

provisions of the Securities Act, (3) that such Holder is not an "affiliate" (as
defined in Rule 405 promulgated under the Securities Act) of Lennar (4) if the
holder is not a broker-dealer, that it is not engaged in, and does not intend to
engage in, the distribution of Exchange Notes and (5) if the holder is a
broker-dealer (a "participating broker-dealer") that it will receive Exchange
Notes for its own account in exchange for Notes that were acquired as a result
of market-making or other trading activities, that it will deliver a prospectus
in connection with any resale of the Exchange Notes.

                Upon consummation of the Exchange Offer in accordance with this
Section 2, the provisions of this Agreement shall continue to apply, mutatis
mutandis, solely with respect to Registrable Notes that are Private Exchange
Notes, Exchange Notes as to which Section 2(c)(iv) is applicable and Exchange
Notes held by Participating Broker-Dealers (as defined), and the Issuers shall
have no further obligation to register Registrable Notes (other than Private
Exchange Notes and other than in respect of any Exchange Notes as to which
clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof.

                No securities other than the Exchange Notes shall be included in
the Exchange Offer Registration Statement.

                (b) The Issuers shall include within the Prospectus contained in
the Exchange Offer Registration Statement a section entitled "Plan of
Distribution," reasonably acceptable to the Initial Purchasers, which shall
contain a summary statement of the positions taken or policies made by the staff
of the SEC with respect to the potential "underwriter" status of any
broker-dealer that is the beneficial owner (as defined in Rule 13d-3 under the
Exchange Act) of Exchange Notes received by such broker-dealer in the Exchange
Offer (a "Participating Broker-Dealer"), whether such positions or policies have
been publicly disseminated by the staff of the SEC or such positions or policies
represent the prevailing views of the staff of the SEC. Such "Plan of
Distribution" section shall also expressly permit, to the extent permitted by
applicable policies and regulations of the SEC, the use of the Prospectus by all
Persons subject to the prospectus delivery requirements of the Securities Act,
including, to the extent permitted by applicable policies and regulations of the
SEC, all Participating Broker-Dealers, and include a statement describing the
means by which Participating Broker-Dealers may resell the Exchange Notes in
compliance with the Securities Act.

                The Issuers shall use their best efforts to keep the Exchange
Offer Registration Statement effective and to amend and supplement the
Prospectus contained therein in order to permit such Prospectus to be lawfully
delivered by all Persons subject to the prospectus delivery requirements of the
Securities Act for such period of time as is necessary to comply with applicable
law in connection with any resale of the Exchange Notes covered



                                     - 6 -
<PAGE>   8

thereby; provided, however, that such period shall not exceed 180 days after
such Exchange Offer Registration Statement is declared effective (or such longer
period if extended pursuant to the last paragraph of Section 5 hereof) (the
"Applicable Period").

                If, prior to consummation of the Exchange Offer, any Holder
holds any Notes acquired by it that have, or that are reasonably likely to be
determined to have, the status of an unsold allotment in an initial
distribution, or any Holder is not entitled to participate in the Exchange
Offer, the Issuers upon the request of any such Holder shall simultaneously with
the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to
any such Holder, in exchange (the "Private Exchange") for such Notes held by any
such Holder, a like principal amount of notes (the "Private Exchange Notes") of
the Issuers, guaranteed by the Guarantors, that are identical in all material
respects to the Exchange Notes except for the placement of a restrictive legend
on such Private Exchange Notes. The Private Exchange Notes shall be issued
pursuant to the same indenture as the Exchange Notes and bear the same CUSIP
number as the Exchange Notes.

                In connection with the Exchange Offer, the Issuers shall:

                        (i)     mail, or cause to be mailed, to each Holder of
                record entitled to participate in the Exchange Offer a copy of
                the Prospectus forming part of the Exchange Offer Registration
                Statement, together with an appropriate letter of transmittal
                and related documents;

                        (ii)    use their best efforts to keep the Exchange
                Offer open for acceptance for not less than 30 days after the
                date that notice of the Exchange Offer is mailed to Holders (or
                longer if required by applicable law);

                        (iii)   utilize the services of a depositary for the
                Exchange Offer with an address in the Borough of Manhattan, The
                City of New York;

                        (iv)    permit Holders to withdraw tendered Securities
                at any time prior to the close of business, New York time, on
                the last business day on which the Exchange Offer shall remain
                open; and

                        (v)     otherwise comply in all material respects with
                all applicable laws, rules and regulations.

                As soon as practicable after the close of the Exchange Offer and
the Private Exchange, if any, the Issuers shall:



                                     - 7 -
<PAGE>   9

                        (i)     accept for exchange all Registrable Notes
                validly tendered and not validly withdrawn pursuant to the
                Exchange Offer and the Private Exchange, if any;

                        (ii)    deliver to the Trustee for cancellation all
                Registrable Notes so accepted for exchange; and

                        (iii)   cause the Trustee to authenticate and deliver
                promptly to each Holder of Securities, Exchange Notes or Private
                Exchange Notes, as the case may be, equal in principal amount to
                the Securities of such Holder so accepted for exchange.

                The Exchange Notes and the Private Exchange Notes shall be
issued under (i) the Indenture or (ii) an indenture identical in all material
respects to the Indenture and which, in either case, has been qualified under
the TIA or is exempt from such qualification and shall provide that the Exchange
Notes shall not be subject to the transfer restrictions set forth in the
Indenture. The Indenture or such indenture shall provide that the Exchange
Notes, the Private Exchange Notes and the Securities shall vote and consent
together on all matters as one class and that none of the Exchange Notes, the
Private Exchange Notes or the Securities will have the right to vote or consent
as a separate class on any matter.

                (c) If, (i) because of any change in law or in currently
prevailing interpretations of the staff of the SEC, the Issuers are not
permitted to effect the Exchange Offer, (ii) the Exchange Offer is not
consummated within 165 days following the Issue Date, (iii) any holder of
Private Exchange Notes so requests in writing to Lennar, or (iv) in the case of
any Holder that tenders Notes in response to the Exchange Offer, such Holder
does not receive Exchange Notes on the date of the exchange that may be sold
without restriction under state and federal securities laws (other than due
solely to the status of such Holder as an affiliate of the Issuers within the
meaning of the Securities Act), then in the case of each of clauses (i) to and
including (iv) of this sentence, the Issuers shall promptly deliver to the
Holders and the Trustee written notice thereof (the "Shelf Notice") and at its
sole expense and as promptly as practicable shall file a Shelf Registration
Statement pursuant to Section 3 hereof.

        3.      Shelf Registration

                If at any time a Shelf Notice is delivered as contemplated by
Section 2(c) hereof, then:

                (a) Shelf Registration. The Issuers shall file with the SEC a
Registration Statement for an offering to be made on a continuous basis pursuant
to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange
Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iv) is



                                     - 8 -
<PAGE>   10

applicable (the "Initial Shelf Registration Statement"). Lennar shall use its
best efforts to file with the SEC the Initial Shelf Registration Statement on or
before the applicable Filing Date. The Initial Shelf Registration Statement
shall be on Form S-1 or another appropriate form permitting registration of such
Registrable Notes for resale by Holders in the manner or manners designated by
them (including, without limitation, one or more underwritten offerings). The
Issuers shall not permit any securities other than the Registrable Notes and the
Guarantees to be included in the Initial Shelf Registration Statement or any
Subsequent Shelf Registration Statement (as defined below).

                The Issuers shall use their best efforts to cause the Initial
Shelf Registration Statement to be declared effective under the Securities Act
on or prior to the Effectiveness Date and to keep the Initial Shelf Registration
Statement continuously effective under the Securities Act until the date which
is two years from the Issue Date (the "Effectiveness Period"), or such shorter
period ending when (i) all Registrable Notes covered by the Initial Shelf
Registration Statement have been sold in the manner set forth and as
contemplated in the Initial Shelf Registration Statement or (ii) a Subsequent
Shelf Registration Statement covering all of the Registrable Notes covered by
and not sold under the Initial Shelf Registration Statement or an earlier
Subsequent Shelf Registration Statement has been declared effective under the
Securities Act; provided, however, that the Effectiveness Period in respect of
the Initial Shelf Registration Statement shall be extended to the extent
required to permit dealers to comply with the applicable prospectus delivery
requirements of Rule 174 under the Securities Act and as otherwise provided
herein.

                (b) Subsequent Shelf Registrations. If the Initial Shelf
Registration Statement or any Subsequent Shelf Registration Statement ceases to
be effective for any reason at any time during the Effectiveness Period (other
than because of the sale of all of the securities registered thereunder), Lennar
shall use its best efforts to obtain the prompt withdrawal of any order
suspending the effectiveness thereof, and in any event shall within 30 days of
such cessation of effectiveness amend the Initial Shelf Registration Statement
in a manner to obtain the withdrawal of the order suspending the effectiveness
thereof, or file an additional "shelf" Registration Statement pursuant to Rule
415 covering all of the Registrable Notes covered by and not sold under the
Initial Shelf Registration Statement or an earlier Subsequent Shelf Registration
Statement (each, a "Subsequent Shelf Registration Statement"). If a Subsequent
Shelf Registration Statement is filed, Lennar shall use its best efforts to
cause the Subsequent Shelf Registration Statement to be declared effective under
the Securities Act as soon as practicable after such filing and to keep such
subsequent Shelf Registration Statement continuously effective for a period
equal to the number of days in the Effectiveness Period less the aggregate
number of days during which the Initial Shelf



                                     - 9 -
<PAGE>   11

Registration Statement or any Subsequent Shelf Registration Statement was
previously continuously effective. As used herein the term "Shelf Registration
Statement" means the Initial Shelf Registration Statement and any Subsequent
Shelf Registration Statement.

                (c) Supplements and Amendments. The Issuers shall promptly
supplement and amend any Shelf Registration Statement if required by the rules,
regulations or instructions applicable to the registration form used for such
Shelf Registration Statement, if required by the Securities Act, or if
reasonably requested by the Holders of a majority in aggregate principal amount
of the Registrable Notes (or their counsel) covered by such Registration
Statement or by any underwriter of such Registrable Notes.

        4.      Additional Interest

                (a) The Issuers and the Initial Purchasers agree that the
Holders will suffer damages if the Issuers fail to fulfill their obligations
under Section 2 or Section 3 hereof and that it would not be feasible to
ascertain the extent of such damages with precision. Accordingly, the Issuers
agree to pay, as liquidated damages, additional interest on the Notes
("Additional Interest") under the circumstances and to the extent set forth
below (each of which shall be given independent effect):

                        (i)     if (A) neither the Exchange Offer Registration
                Statement nor the Initial Shelf Registration Statement has been
                filed with the SEC on or prior to the applicable Filing Date or
                (B) notwithstanding that the Issuers have consummated or will
                consummate the Exchange Offer, the Issuers are required to file
                a Shelf Registration Statement and such Shelf Registration
                Statement has not been filed with the SEC on or prior to the
                Filing Date applicable thereto, then, commencing on the day
                after any such Filing Date, Additional Interest shall accrue on
                the principal amount of the Securities at a rate of 0.25% per
                annum for the first 90 days immediately following each such
                Filing Date, and such Additional Interest rate shall increase by
                an additional 0.25% per annum at the beginning of each
                subsequent 90-day period; or

                        (ii)    if (A) neither the Exchange Offer Registration
                Statement nor the Initial Shelf Registration Statement has been
                declared effective by the SEC on or prior to the applicable
                Effectiveness Date or (B) notwithstanding that the Issuers have
                consummated or will consummate the Exchange Offer, the Issuers
                are required to file a Shelf Registration Statement and such
                Shelf Registration Statement has not been declared effective by
                the SEC on or prior to the applicable Effectiveness Date with
                respect to such Shelf Registration Statement, then, commencing
                on the



                                     - 10 -
<PAGE>   12

                day after such Effectiveness Date, Additional Interest shall
                accrue on the principal amount of the Securities at a rate of
                0.25% per annum for the first 90 days immediately following the
                day after such Effectiveness Date, and such Additional Interest
                rate shall increase by an additional 0.25% per annum at the
                beginning of each subsequent 90-day period; or

                        (iii)   if (A) the Issuers have not exchanged Exchange
                Notes for all Securities validly tendered in accordance with the
                terms of the Exchange Offer on or prior to the 165th day
                following the Issue Date or (B) if applicable, a Shelf
                Registration Statement has been declared effective and such
                Shelf Registration Statement ceases to be effective at any time
                during the Effectiveness Period, then, Additional Interest shall
                accrue on the principal amount of the Securities at a rate of
                0.25% per annum for the first 90 days commencing on the (x)
                165th day following the Issue Date, in the case of (A) above, or
                (y) the day such Shelf Registration Statement ceases to be
                effective in the case of (B) above, and such Additional Interest
                rate shall increase by an additional 0.25% per annum at the
                beginning of each such subsequent 90-day period;

provided, however, that the Additional Interest rate on the Notes as a result of
the provisions of clauses (i), (ii) and (iii) of this Section 4 may not exceed
in the aggregate 1.0% per annum; provided further, that (1) upon the filing of
the applicable Exchange Offer Registration Statement or the applicable Shelf
Registration Statement as required hereunder (in the case of clause (i) of this
Section 4), (2) upon the effectiveness of the Exchange Offer Registration
Statement or the applicable Shelf Registration Statement as required hereunder
(in the case of clause (ii) of this Section 4), or (3) upon the exchange of the
Exchange Notes for all Securities tendered (in the case of clause (iii)(A) of
this Section 4), or upon the effectiveness of a Subsequent Shelf Registration
Statement in the case of Shelf Registration Statement which had ceased to remain
effective (in the case of clause (iii)(B) of this Section 4), Additional
Interest on the Notes as a result of such clause (or the relevant subclause
thereof), as the case may be, shall cease to accrue.

                (b) The Issuers shall notify the Trustee within three business
days after each and every date on which an event occurs in respect of which
Additional Interest is required to be paid (an "Event Date"), which notice shall
also be at least three business days prior to the date of any payment to be made
in accordance with the following sentence. Any amounts of Additional Interest
due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in
cash simultaneously with, and to the same persons entitled to receive, stated
interest on the Notes, commencing with the first such payment of interest
occurring after any such Additional Interest commences to accrue.



                                     - 11 -
<PAGE>   13

The amount of Additional Interest payable with respect to Registrable Notes will
be determined by multiplying the applicable Additional Interest rate by the
principal amount of the Registrable Notes, multiplied by a fraction, the
numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360-day year
comprised of twelve 30-day months and, in the case of a partial month, the
actual number of days elapsed), and the denominator of which is 360.

        5.      Registration Procedures

                In connection with the filing of any Registration Statement
pursuant to Sections 2 or 3 hereof, the Issuers shall effect such registrations
to permit the sale of the securities covered thereby in accordance with the
intended method or methods of disposition thereof, and pursuant thereto and in
connection with any Registration Statement filed by the Issuers hereunder each
of the Issuers shall:

                (a) Prepare and file with the SEC prior to the applicable Filing
Date, a Registration Statement or Registration Statements as prescribed by
Sections 2 or 3 hereof, and use its best efforts to cause each such Registration
Statement to become effective and remain effective as provided herein; provided,
however, that, if (1) such filing is pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant
to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period relating thereto, before filing any Registration Statement or
Prospectus or any amendments or supplements thereto, the Issuers shall furnish
to and afford the Holders of the Registrable Notes included in such Registration
Statement or each such Participating Broker-Dealer, as the case may be, their
counsel and the managing underwriters, if any, a reasonable opportunity to
review copies of all such documents (including copies of any documents to be
incorporated by reference therein and all exhibits thereto) proposed to be filed
(in each case at least five days prior to such filing, or such later date as is
reasonable under the circumstances). The Issuers shall not file any Registration
Statement or Prospectus or any amendments or supplements thereto if the Holders
of a majority in aggregate principal amount of the Registrable Notes included in
such Registration Statement, or any such Participating Broker-Dealer, as the
case may be, their counsel, or the managing underwriters, if any, shall
reasonably object.

                (b) Prepare and file with the SEC such amendments and
post-effective amendments to each Shelf Registration Statement or Exchange Offer
Registration Statement, as the case may be, as may be necessary to keep such
Registration Statement continuously effective for the Effectiveness Period or
the Applicable Period, as the case may be; cause the related Prospectus to be



                                     - 12 -
<PAGE>   14

supplemented by any Prospectus supplement required by applicable law, and as so
supplemented to be filed pursuant to Rule 424 (or any similar provisions then in
force) promulgated under the Securities Act; and comply with the provisions of
the Securities Act and the Exchange Act applicable to each of them with respect
to the disposition of all securities covered by such Registration Statement as
so amended or in such Prospectus as so supplemented and with respect to the
subsequent resale of any securities being sold by a Participating Broker-Dealer
covered by any such Prospectus. The Issuers shall be deemed not to have used its
best efforts to keep a Registration Statement effective during the Effectiveness
Period or the Applicable Period, as the case may be, relating thereto, if any
Issuer voluntarily takes any action that would result in selling Holders of the
Registrable Notes covered thereby or Participating Broker-Dealers seeking to
sell Exchange Notes not being able to sell such Registrable Notes or such
Exchange Notes during that period unless such action is required by applicable
law or permitted by this Agreement.

                (c) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period relating thereto from whom
any Issuer has received written notice that it will be a Participating
Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable
Notes, or each such Participating Broker-Dealer, as the case may be, their
counsel and the managing underwriters, if any, promptly (but in any event within
one day), and confirm such notice in writing, (i) when a Prospectus or any
Prospectus supplement or post-effective amendment has been filed, and, with
respect to a Registration Statement or any post-effective amendment, when the
same has become effective under the Securities Act (including in such notice a
written statement that any Holder may, upon request, obtain, at the sole expense
of the Issuers, one conformed copy of such Registration Statement or
post-effective amendment including financial statements and schedules, documents
incorporated or deemed to be incorporated by reference and exhibits), (ii) of
the issuance by the SEC of any stop order suspending the effectiveness of a
Registration Statement or of any order preventing or suspending the use of any
preliminary prospectus or the initiation of any proceedings for that purpose,
(iii) if at any time when a prospectus is required by the Securities Act to be
delivered in connection with sales of the Registrable Notes or resales of
Exchange Notes by Participating Broker-Dealers, the representations and
warranties of the Issuers contained in any agreement (including any underwriting
agreement) contemplated by Section 5(l) hereof cease to be true and correct in
all material respects, (iv) of the receipt by any Issuer of any notification
with respect to the suspension of the qualification or exemption from
qualification of a Registration Statement or any of the Registrable Notes or the
Exchange Notes to be sold by any Participating Broker-Dealer



                                     - 13 -
<PAGE>   15

for offer or sale in any jurisdiction, or the initiation or threatening of any
proceeding for such purpose, (v) of the happening of any event, the existence of
any condition or any information becoming known that makes any statement made in
such Registration Statement or related Prospectus or any document incorporated
or deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in or amendments or supplements to
such Registration Statement, Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any untrue statement of a material
fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case of
the Prospectus, it will not contain any untrue statement of a material fact or
omit to state any material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they were
made, not misleading, and (vi) of the Issuers' determination that a
post-effective amendment to a Registration Statement would be appropriate.

                (d) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period, use its best efforts to
prevent the issuance of any order suspending the effectiveness of the
Registration Statement or of any order preventing or suspending the use of the
Prospectus or suspending the qualification (or exemption from qualification) of
any of the Registrable Notes or the Exchange Notes to be sold by any
Participating Broker-Dealer, for sale in any jurisdiction, and, if any such
order is issued, to use its best efforts to obtain the withdrawal of any such
order at the earliest possible moment.

                (e) If a Shelf Registration Statement is filed pursuant to
Section 3 and if requested by the managing underwriter or underwriters (if any),
the Holders of a majority in aggregate principal amount of the Registrable Notes
being sold in connection with an underwritten offering or any Participating
Broker-Dealer, (i) as promptly as practicable incorporate in a prospectus
supplement or post-effective amendment such information as the managing
underwriter or underwriters (if any), such Holders, any Participating
Broker-Dealer or counsel for any of them reasonably request to be included
therein, (ii) make all required filings of such prospectus supplement or such
post-effective amendment as soon as practicable after Lennar has received
notification of the matters to be incorporated in such prospectus supplement or
post-effective amendment, and (iii) supplement or make amendments to such
Registration Statement.

                (f) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to



                                     - 14 -
<PAGE>   16

Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, furnish to each selling Holder of Registrable Notes and to
each such Participating Broker-Dealer who so requests and to their respective
counsel and each managing underwriter, if any, at the sole expense of the
Issuers, one conformed copy of the Registration Statement or Registration
Statements and each post-effective amendment thereto, including financial
statements and schedules, and, if requested, all documents incorporated or
deemed to be incorporated therein by reference and all exhibits.

                (g) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period, deliver to each selling
Holder of Registrable Notes, or each such Participating Broker-Dealer, as the
case may be, their respective counsel, and the underwriters, if any, at the sole
expense of the Issuers, as many copies of the Prospectus or Prospectuses
(including each form of preliminary prospectus) and each amendment or supplement
thereto and any documents incorporated by reference therein as such Persons may
reasonably request; and, subject to the last paragraph of this Section 5, the
Issuers hereby consent to the use of such Prospectus and each amendment or
supplement thereto by each of the selling Holders of Registrable Notes or each
such Participating Broker-Dealer, as the case may be, and the underwriters or
agents, if any, and dealers (if any), in connection with the offering and sale
of the Registrable Notes covered by, or the sale by Participating Broker-Dealers
of the Exchange Notes pursuant to, such Prospectus and any amendment or
supplement thereto.

                (h) Prior to any public offering of Registrable Notes or
Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer
Registration Statement by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period, use its best efforts to register or
qualify, and to cooperate with the selling Holders of Registrable Notes or each
such Participating Broker-Dealer, as the case may be, the managing underwriter
or underwriters, if any, and their respective counsel in connection with the
registration or qualification (or exemption from such registration or
qualification) of such Registrable Notes for offer and sale under the securities
or Blue Sky laws of such jurisdictions within the United States as any selling
Holder, Participating Broker-Dealer, or the managing underwriter or underwriters
reasonably request in writing; provided, however, that where Exchange Notes held
by Participating Broker-Dealers or Registrable Notes are offered other than
through an underwritten offering, the Issuers agree to cause their counsel to
perform Blue Sky investigations and file registrations and qualifications
required to be filed pursuant to



                                     - 15 -
<PAGE>   17

this Section 5(h), keep each such registration or qualification (or exemption
therefrom) effective during the period such Registration Statement is required
to be kept effective and do any and all other acts or things reasonably
necessary or advisable to enable the disposition in such jurisdictions of the
Exchange Notes held by Participating Broker-Dealers or the Registrable Notes
covered by the applicable Registration Statement; provided, however, that no
Issuer shall be required to (A) qualify generally to do business in any
jurisdiction where it is not then so qualified, (B) take any action that would
subject it to general service of process in any such jurisdiction where it is
not then so subject or (C) subject itself to taxation in excess of a nominal
dollar amount in any such jurisdiction where it is not then so subject.

                (i) If a Shelf Registration Statement is filed pursuant to
Section 3 hereof, cooperate with the selling Holders of Registrable Notes and
the managing underwriter or underwriters, if any, to facilitate the timely
preparation and delivery of certificates representing Registrable Notes to be
sold, which certificates shall not bear any restrictive legends and shall be in
a form eligible for deposit with The Depository Trust Company; and enable such
Registrable Notes to be in such denominations permitted by the Indenture and
registered in such names as the managing underwriter or underwriters, if any, or
Holders may request.

                (j) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks
to sell Exchange Notes during the Applicable Period, upon the occurrence of any
event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as
practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at
the sole expense of the Issuers, a supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any document
incorporated or deemed to be incorporated therein by reference, or file any
other required document so that, as thereafter delivered to the purchasers of
the Registrable Notes being sold thereunder or to the purchasers of the Exchange
Notes to whom such Prospectus will be delivered by a Participating
Broker-Dealer, any such Prospectus will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading.

                (k) Prior to the effective date of the first Registration
Statement relating to the Registrable Notes, (i) provide the Trustee with
certificates for the Registrable Notes in a form eligible for deposit with The
Depository Trust Company and (ii) provide a CUSIP number for the Registrable
Notes.



                                     - 16 -
<PAGE>   18

                (l) In connection with any underwritten offering of Registrable
Notes pursuant to a Shelf Registration Statement, enter into an underwriting
agreement which is customary in underwritten offerings of debt securities
similar to the Securities in form and substance reasonably satisfactory to the
Issuers and take all such other actions as are reasonably requested by the
managing underwriter or underwriters in order to expedite or facilitate the
registration or the disposition of such Registrable Notes and, in such
connection, (i) make such representations and warranties to, and covenants with,
the underwriters with respect to the business of the Issuers (including any
acquired business, properties or entity, if applicable) and the Registration
Statement, Prospectus and documents, if any, incorporated or deemed to be
incorporated by reference therein, in each case, as are customarily made by
issuers to underwriters in underwritten offerings of debt securities similar to
the Securities, and confirm the same in writing if and when requested in form
and substance reasonably satisfactory to the Issuers; (ii) obtain the written
opinions of counsel to the Issuers and written updates thereof in form, scope
and substance reasonably satisfactory to the managing underwriter or
underwriters, addressed to the underwriters covering the matters customarily
covered in opinions reasonably requested in underwritten offerings and such
other matters as may be reasonably requested by the managing underwriter or
underwriters; (iii) obtain "cold comfort" letters and updates thereof in form,
scope and substance reasonably satisfactory to the managing underwriter or
underwriters from the independent certified public accountants of the Issuers
(and, if necessary, any other independent certified public accountants of the
Issuers, or of any business acquired by the Issuers for which financial
statements and financial data are, or are required to be, included or
incorporated by reference in the Registration Statement), addressed to each of
the underwriters, such letters to be in customary form and covering matters of
the type customarily covered in "cold comfort" letters in connection with
underwritten offerings of debt securities similar to the Securities and such
other matters as are reasonably requested by the managing underwriter or
underwriters as permitted by the Statement on Auditing Standards No. 72, as
amended by the Statement on Auditing Standards No. 76; and (iv) if an
underwriting agreement is entered into, the same shall contain indemnification
provisions and procedures no less favorable to the sellers and underwriters, if
any, than those set forth in Section 7 hereof (or such other provisions and
procedures acceptable to Holders of a majority in aggregate principal amount of
Registrable Notes covered by such Registration Statement and the managing
underwriter or underwriters or agents, if any). The above shall be done at each
closing under such underwriting agreement, or as and to the extent required
thereunder.

                (m) If (1) a Shelf Registration Statement is filed pursuant to
Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to



                                     - 17 -
<PAGE>   19

Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, make available for inspection by any selling Holder of such
Registrable Notes being sold, or each such Participating Broker-Dealer, as the
case may be, any underwriter participating in any such disposition of
Registrable Notes, if any, and any attorney, accountant or other agent retained
by any such selling Holder or each such Participating Broker-Dealer, as the case
may be, or underwriter (collectively, the "Inspectors"), at the offices where
normally kept, during reasonable business hours, all financial and other
records, pertinent corporate documents and instruments of the Issuers and
subsidiaries of the Issuers (collectively, the "Records") as shall be reasonably
necessary to enable them to exercise any applicable due diligence
responsibilities, and cause the officers, directors and employees of the Issuers
and any of their respective subsidiaries to supply all information reasonably
requested by any such Inspector in connection with such Registration Statement
and Prospectus. Each Inspector shall agree in writing that it will keep the
Records confidential and that it will not disclose any of the Records that any
Issuer determines, in good faith, to be confidential and notifies the Inspectors
in writing are confidential unless (i) the disclosure of such Records is
necessary to avoid or correct a material misstatement or material omission in
such Registration Statement or Prospectus, (ii) the release of such Records is
ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, or (iii) the information in such Records has been made generally
available to the public; provided, however, that prior notice shall be provided
as soon as practicable to any Issuer of the potential disclosure of any
information by such Inspector pursuant to clauses (i) or (ii) of this sentence
to permit the Issuers to obtain a protective order (or waive the provisions of
this paragraph (m)) and that such Inspector shall take such actions as are
reasonably necessary to protect the confidentiality of such information (if
practicable) to the extent such action is otherwise not inconsistent with, an
impairment of or in derogation of the rights and interests of the Holder or any
Inspector. If, in the course of performing due diligence, any Inspector becomes
aware of material non public information about Lennar and its subsidiaries, the
Inspector will not, and will take all steps reasonably necessary to ensure that
anyone to whom the Inspector discloses the material non public information will
not trade in any securities of Lennar until the information becomes public
(whether through inclusion in the Shelf Registration Statement or Exchange Offer
Registration Statement or otherwise) or the information ceases to be material.

                (n) Provide an indenture trustee for the Registrable Notes or
the Exchange Notes, as the case may be, and cause the Indenture or the trust
indenture provided for in Section 2(a) hereof, as the case may be, to be
qualified under the TIA not later than the effective date of the first
Registration Statement relating to the Registrable Notes; and in connection
therewith,



                                     - 18 -
<PAGE>   20

cooperate with the trustee under any such indenture and the Holders of the
Registrable Notes, to effect such changes to such indenture as may be required
for such indenture to be so qualified in accordance with the terms of the TIA;
and execute, and use their best efforts to cause such trustee to execute, all
documents as may be required to effect such changes, and all other forms and
documents required to be filed with the SEC to enable such indenture to be so
qualified in a timely manner.

                (o) Comply with all applicable rules and regulations of the SEC
and make generally available to its securityholders with regard to any
applicable Registration Statement, a consolidated earnings statement satisfying
the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder
(or any similar rule promulgated under the Securities Act) no later than 45 days
after the end of any fiscal quarter (or 90 days after the end of any 12-month
period if such period is a fiscal year) (i) commencing at the end of any fiscal
quarter in which Registrable Notes are sold to underwriters in a firm commitment
or best efforts underwritten offering and (ii) if not sold to underwriters in
such an offering, commencing on the first day of the first fiscal quarter of
Lennar after the effective date of a Registration Statement, which statements
shall cover said 12-month periods.

                (p) Upon consummation of the Exchange Offer or a Private
Exchange, obtain an opinion of counsel to Lennar, in a form customary for
underwritten transactions, addressed to the Trustee for the benefit of all
Holders of Registrable Notes participating in the Exchange Offer or the Private
Exchange, as the case may be, that the Exchange Notes or Private Exchange Notes,
as the case may be, and the related indenture constitute legal, valid and
binding obligations of Lennar, enforceable against them in accordance with their
respective terms, subject to customary exceptions and qualifications.

                (q) If the Exchange Offer or a Private Exchange is to be
consummated, upon delivery of the Registrable Notes by Holders to Lennar (or to
such other Person as directed by the Issuers) to be exchanged for Exchange Notes
or Private Exchange Notes, as the case may be, the Issuers shall mark, or cause
to be marked, on such Registrable Notes that such Registrable Notes are being
canceled in exchange for Exchange Notes or Private Exchange Notes, as the case
may be; in no event shall such Registrable Notes be marked as paid or otherwise
satisfied.

                (r) Cooperate with each seller of Registrable Notes covered by
any Registration Statement and each underwriter, if any, participating in the
disposition of such Registrable Notes and their respective counsel in connection
with any filings required to be made with the National Association of Securities
Dealers, Inc. (the "NASD").



                                     - 19 -
<PAGE>   21

                (s) Use its best efforts to take all other steps reasonably
necessary to effect the registration of the Exchange Notes and/or Registrable
Notes covered by a Registration Statement contemplated hereby.

                The Issuers may require each seller of Registrable Notes as to
which any registration is being effected to furnish to the Issuers such
information regarding such seller and the distribution of such Registrable Notes
as the Issuers may, from time to time, reasonably request. The Issuers may
exclude from such registration the Registrable Notes of any seller so long as
such seller fails to furnish such information within a reasonable time after
receiving such request. Each seller as to which any Shelf Registration is being
effected agrees to furnish promptly to the Issuers all information required to
be disclosed in order to make the information previously furnished to the
Issuers by such seller not materially misleading.

                If any Registration Statement refers to any Holder by name or
otherwise as the holder of any securities of Lennar, then such Holder shall have
the right to require (i) the insertion therein of language, in form and
substance reasonably satisfactory to such Holder, to the effect that the holding
by such Holder of such securities is not to be construed as a recommendation by
such Holder of the investment quality of the securities covered thereby and that
such holding does not imply that such Holder will assist in meeting any future
financial requirements of Lennar, or (ii) in the event that such reference to
such Holder by name or otherwise is not required by the Securities Act or any
similar federal statute then in force, the deletion of the reference to such
Holder in any amendment or supplement to the Registration Statement filed or
prepared subsequent to the time that such reference ceases to be required.

                Each Holder of Registrable Notes and each Participating
Broker-Dealer agrees by its acquisition of such Registrable Notes or of Exchange
Notes to be sold by such Participating Broker-Dealer, as the case may be, that,
upon actual receipt of any notice from Lennar of the happening of any event of
the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof,
such Holder will forthwith discontinue disposition of such Registrable Notes
covered by such Registration Statement or Prospectus or Exchange Notes to be
sold by such Holder or Participating Broker-Dealer, as the case may be, until
such Holder's or Participating Broker-Dealer's receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 5(j) hereof, or until
it is advised in writing (an "Advice") by the Issuers that the use of the
applicable Prospectus may be resumed, and has received copies of any amendments
or supplements thereto. In the event that the Issuers shall give any such
notice, the Applicable Period shall be extended by the number of days from and
including the date of the giving of each such notice to and including the date
when each seller of Registrable Notes covered by such Registration



                                     - 20 -
<PAGE>   22

Statement or Exchange Notes to be sold by such Participating Broker-Dealer, as
the case may be, shall have received (x) the copies of the supplemented or
amended Prospectus contemplated by Section 5(j) hereof or (y) an Advice with
respect to said notice.

        6.      Registration Expenses

                All fees and expenses incident to the performance of or
compliance with this Agreement by the Issuers (other than any underwriting
discounts or commissions) shall be borne by Lennar whether or not the Exchange
Offer Registration Statement or any Shelf Registration Statement is filed or
becomes effective or the Exchange Offer is consummated, including, without
limitation, (i) all registration and filing fees (including, without limitation,
(A) fees with respect to filings required to be made with the NASD in connection
with an underwritten offering and (B) reasonable fees and expenses of compliance
with state securities or Blue Sky laws (including, without limitation, fees and
disbursements of counsel in connection with Blue Sky qualifications of the
Registrable Notes or Exchange Notes and determination of the eligibility of the
Registrable Notes or Exchange Notes for investment under the laws of the
jurisdictions (x) where the holders of Registrable Notes are located, in the
case of the Exchange Notes, or (y) as provided in Section 5(h) hereof, in the
case of Registrable Notes or Exchange Notes to be sold by a Participating
Broker-Dealer during the Applicable Period)), (ii) printing expenses, including,
without limitation, expenses of printing certificates for Registrable Notes or
Exchange Notes in a form eligible for deposit with The Depository Trust Company
and of printing prospectuses if the printing of prospectuses is requested by the
managing underwriter or underwriters, if any, by the Holders of a majority in
aggregate principal amount of the Registrable Notes included in any Registration
Statement or in respect of Registrable Notes or Exchange Notes to be sold by any
Participating Broker-Dealer during the Applicable Period, as the case may be,
(iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of
counsel for the Issuers and reasonable fees and disbursements of one firm of
special counsel for the sellers of Registrable Notes, (v) fees and disbursements
of all independent certified public accountants referred to in Section 5(l)(iii)
hereof (including, without limitation, the expenses of any special audit and
"cold comfort" letters required by or incident to such performance), (vi)
Securities Act liability insurance, if the Issuers desire such insurance, (vii)
fees and expenses of all other Persons retained by the Issuers, (viii) internal
expenses of the Issuers (including, without limitation, all salaries and
expenses of officers and employees of the Issuers performing legal or accounting
duties), (ix) the expense of any annual audit, (x) any fees and expenses
incurred in connection with the listing of the securities to be registered on
any securities exchange, and the obtaining of a rating of the securities, in
each case, if applicable, and (xi) the expenses relating to printing, word
processing and distributing all Registration



                                     - 21 -
<PAGE>   23

Statements, underwriting agreements, indentures and any other documents
necessary in order to comply with this Agreement.

        7.      Indemnification

                (a) Each of the Issuers agree, jointly and severally, to
indemnify and hold harmless each Holder of Registrable Notes and each
Participating Broker-Dealer selling Exchange Notes during the Applicable Period,
the affiliates, officers, directors, representatives, employees and agents of
each such Person, and each Person, if any, who controls any such Person within
the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act (each, a "Participant"), from and against any and all losses,
claims, damages, judgments, liabilities and expenses (including, without
limitation, the reasonable legal fees and other expenses actually incurred in
connection with any suit, action or proceeding or any claim asserted) caused by,
arising out of or based upon any untrue statement or alleged untrue statement of
a material fact contained in any Registration Statement (or any amendment
thereto) or Prospectus (as amended or supplemented if any of the Issuers shall
have made any amendments or supplements thereto) or any preliminary prospectus,
or caused by, arising out of or based upon any omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make
the statements therein, in the case of the Prospectus in light of the
circumstances under which they were made, not misleading, except insofar as such
losses, claims, damages or liabilities are caused by any untrue statement or
omission or alleged untrue statement or omission made in reliance upon and in
conformity with information relating to any Participant, any underwriter, or the
manner in which securities are to be distributed, furnished to the Issuers in
writing by such Participant or an underwriter expressly for use therein.

                (b) Each Participant agrees, severally and not jointly, to
indemnify and hold harmless the Issuers, their respective affiliates, officers,
directors, representatives, employees and agents and each Person who controls
the Issuers within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act to the same extent (but on a several, and not joint, basis)
as the foregoing indemnity from Lennar to each Participant, but only with
reference to information relating to such Participant or the manner in which
securities are to be distributed by such Participant or someone acting on such
Participant's behalf, furnished to the Issuers in writing by such Participant
expressly for use in any Registration Statement or Prospectus, any amendment or
supplement thereto, or any preliminary prospectus. The liability of any
Participant under this paragraph shall in no event exceed the proceeds received
by such Participant from sales of Registrable Notes or Exchange Notes giving
rise to such obligations.



                                     - 22 -
<PAGE>   24

                (c) If any suit, action, proceeding (including any governmental
or regulatory investigation), claim or demand shall be brought or asserted
against any Person in respect of which indemnity may be sought pursuant to
either of the two preceding paragraphs, such Person (the "Indemnified Person")
shall promptly notify the Persons against whom such indemnity may be sought (the
"Indemnifying Persons") in writing, and the Indemnifying Persons, upon request
of the Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others the
Indemnifying Persons may reasonably designate (which may include the
Indemnifying Persons, unless representation of the Indemnifying Persons by the
same counsel would be inappropriate due to actual or potential differing
interests between them) in such proceeding and shall pay the fees and expenses
actually incurred by such counsel related to such proceeding; provided, however,
that the failure to so notify the Indemnifying Persons (i) will not relieve it
from any liability under paragraph (a) or (b) above unless and to the extent
such failure results in the forfeiture by the Indemnifying Person of substantial
rights and defenses and (ii) will not, in any event, relieve the Indemnifying
Person from any obligations to any Indemnified Person other than the
indemnification obligation provided in paragraphs (a) and (b) above. In any such
proceeding, any Indemnified Person shall have the right to retain its own
counsel, but the fees and expenses of such counsel shall be at the expense of
such Indemnified Person unless (i) the Indemnifying Persons and the Indemnified
Person shall have mutually agreed to the contrary, (ii) the Indemnifying Persons
shall have failed within a reasonable period of time to retain counsel
reasonably satisfactory to the Indemnified Person or (iii) the named parties in
any such proceeding (including any impleaded parties) include both any
Indemnifying Person and the Indemnified Person or any affiliate thereof and
representation of both parties by the same counsel would be inappropriate due to
actual or potential differing interests between them. It is understood that,
unless there exists a conflict among the Indemnified Persons, the Indemnifying
Persons shall not, in connection with such proceeding or separate but
substantially similar related proceeding in the same jurisdiction arising out of
the same general allegations, be liable for the fees and expenses of more than
one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed promptly as
they are incurred. Any such separate firm for the Participants against whom a
suit, action, proceeding, claim or demand is brought or asserted and control
Persons of such Participants shall be designated in writing by Participants who
sold a majority in interest of Registrable Notes and Exchange Notes sold by all
such Participants, and any such separate firm for the Issuers, their affiliates,
officers, directors, representatives, employees and agents and such control
Persons of the Issuers shall be designated in writing by the Issuers.



                                     - 23 -
<PAGE>   25

                The Indemnifying Persons shall not be liable for any settlement
of any proceeding effected without their prior written consent, but if settled
with such consent or if there be a final non-appealable judgment for the
plaintiff for which any Indemnified Persons are entitled to indemnification
pursuant to this Agreement, each of the Indemnifying Persons agrees to indemnify
and hold harmless each Indemnified Person from and against any loss or liability
by reason of such settlement or judgment. No Indemnifying Person shall, without
the prior written consent of the Indemnified Persons, effect any settlement or
compromise of any pending or threatened proceeding in respect of which any
Indemnified Person is or could have been a party, or indemnity could have been
sought hereunder by such Indemnified Person, unless such settlement (A) includes
an unconditional written release of such Indemnified Person, in form and
substance reasonably satisfactory to such Indemnified Person, from all liability
on claims that are the subject matter of such proceeding and (B) does not
include any statement as to an admission of fault, culpability or failure to act
by or on behalf of such Indemnified Person.

                (d) If the indemnification provided for in the first and second
paragraphs of this Section 7 is for any reason unavailable to, or insufficient
to hold harmless, an Indemnified Person in respect of any losses, claims,
damages or liabilities referred to therein, then each Indemnifying Person under
such paragraphs, in lieu of indemnifying such Indemnified Person thereunder and
in order to provide for just and equitable contribution, shall contribute to the
amount paid or payable by such Indemnified Person as a result of such losses,
claims, damages or liabilities in such proportion as is appropriate to reflect
(i) the relative benefits received by the Indemnifying Person or Persons on the
one hand and the Indemnified Person or Persons on the other from the applicable
offering of Registrable or Exchanged Notes or (ii) if the allocation provided by
the foregoing clause (i) is not permitted by applicable law, not only such
relative benefits but also the relative fault of the Indemnifying Person or
Persons on the one hand and the Indemnified Person or Persons on the other in
connection with the statements or omissions or alleged statements or omissions
that resulted in such losses, claims, damages or liabilities (or actions in
respect thereof) as well as any other relevant equitable considerations. The
relative fault of the parties shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information
supplied by Lennar on the one hand or such Participant or such other Indemnified
Person, as the case may be, on the other, the parties' relative intent,
knowledge, access to information and opportunity to correct or prevent such
statement or omission, and any other equitable considerations appropriate in the
circumstances.



                                     - 24 -
<PAGE>   26

                (e) The parties agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation
(even if the Participants were treated as one entity for such purpose) or by any
other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount
paid or payable by an Indemnified Person as a result of the losses, claims,
damages, judgments, liabilities and expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set
forth above, any reasonable legal or other expenses actually incurred by such
Indemnified Person in connection with investigating or defending any such action
or claim. Notwithstanding the provisions of this Section 7, in no event shall a
Participant be required to contribute any amount in excess of the amount by
which proceeds received by such Participant from sales of Registrable Notes or
Exchange Notes, as the case may be, exceeds the amount of any damages that such
Participant has otherwise been required to pay or has paid by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person
guilty of a fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.

                (f) Any losses, claims, damages, liabilities or expenses for
which an indemnified party is entitled to indemnification or contribution under
this Section 7 shall be paid by the Indemnifying Person to the Indemnified
Person as such losses, claims, damages, liabilities or expenses are incurred.
The indemnity and contribution agreements contained in this Section 7 and the
representations and warranties of Lennar set forth in this Agreement shall
remain operative and in full force and effect, regardless of (i) any
investigation made by or on behalf of any Holder or any person who controls a
Holder, or by Lennar, its directors, officers, employees or agents or any person
controlling any of the Issuers, and (ii) any termination of this Agreement.

                (g) The indemnity and contribution agreements contained in this
Section 7 will be in addition to any liability which the Indemnifying Persons
may otherwise have to the Indemnified Persons referred to above.

        8.      Rules 144 and 144A

                Each of the Issuers covenants and agrees that it will file the
reports required to be filed by it under the Securities Act and the Exchange Act
and the rules and regulations adopted by the SEC thereunder in a timely manner
in accordance with the requirements of the Securities Act and the Exchange Act
and, if at any time such Issuer is not required to file such reports, such
Issuer will, upon the request of any Holder or beneficial owner of Registrable
Notes, make available such information



                                     - 25 -
<PAGE>   27

necessary to permit sales pursuant to Rule 144A under the Securities Act. Lennar
further covenants and agrees, for so long as any Registrable Notes remain
outstanding that it will take such further action as any Holder of Registrable
Notes may reasonably request, all to the extent required from time to time to
enable such holder to sell Registrable Notes without registration under the
Securities Act within the limitations of the exemptions provided by (a) Rule
144(k) and Rule 144A under the Securities Act, as such Rules may be amended from
time to time, or (b) any similar rule or regulation hereafter adopted by the
SEC.

        9.      Underwritten Registrations

                If any of the Registrable Notes covered by any Shelf
Registration Statement are to be sold in an underwritten offering, the
investment banker or investment bankers and manager or managers that will manage
the offering will be selected by the Holders of a majority in aggregate
principal amount of such Registrable Notes included in such offering and shall
be reasonably acceptable to the Issuers.

                No Holder of Registrable Notes may participate in any
underwritten registration hereunder unless such Holder (a) agrees to sell such
Holder's Registrable Notes on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes in a timely manner all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other customary documents required by Lennar or the underwriter in connection
with such underwriting arrangements.

        10.     Miscellaneous

                (a) No Inconsistent Agreements. The Issuers have not, as of the
date hereof, and the Issuers shall not, after the date of this Agreement, enter
into any agreement with respect to any of its securities that is inconsistent
with the rights granted to the Holders of Registrable Notes in this Agreement or
otherwise conflicts with the provisions hereof. The rights granted to the
Holders hereunder do not in any way conflict with and are not inconsistent with
the rights granted to the holders of the Issuers' other issued and outstanding
securities under any such agreements. The Issuers will not enter into any
agreement with respect to any of its securities which will grant to any Person
piggyback registration rights with respect to any Registration Statement.

                (b) Adjustments Affecting Registrable Notes. The Issuers shall
not, directly or indirectly, take any action with respect to the Registrable
Notes as a class that would adversely affect the ability of the Holders of
Registrable Notes to include such Registrable Notes in a registration undertaken
pursuant to this Agreement.



                                     - 26 -
<PAGE>   28

                (c) Amendments and Waivers. The provisions of this Agreement may
not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, otherwise than with the prior
written consent of (I) Lennar and (II)(A) the Holders of not less than a
majority in aggregate principal amount of the then outstanding Registrable Notes
and (B) if the amendment, modification, supplement, waiver or consent would
adversely affect the Participating Broker-Dealers, the Participating
Broker-Dealers holding not less than a majority in aggregate principal amount of
the Exchange Notes held by all Participating Broker-Dealers; provided, however,
that Section 7 and this Section 10(c) may not be amended, modified or
supplemented without the prior written consent of each Holder and each
Participating Broker-Dealer (including any person who was a Holder or
Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case
may be, disposed of pursuant to any Registration Statement) affected by any such
amendment, modification or supplement. Notwithstanding the foregoing, a waiver
or consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders of Registrable Notes whose
securities are being sold pursuant to a Registration Statement and that does not
directly or indirectly affect, impair, limit or compromise the rights of other
Holders of Registrable Notes may be given by Holders of at least a majority in
aggregate principal amount of the Registrable Notes being sold pursuant to such
Registration Statement.

                (d) Notices. All notices and other communications (including,
without limitation, any notices or other communications to the Trustee) provided
for or permitted hereunder shall be made in writing by hand-delivery, registered
first-class mail, next-day air courier or facsimile:

                        (i)     if to a Holder of the Registrable Notes or any
                Participating Broker-Dealer, at the most current address of such
                Holder or Participating Broker-Dealer, as the case may be, set
                forth on the records of the registrar under the Indenture, with
                a copy in like manner to the Initial Purchasers as follows:

                                      Deutsche Bank Securities Inc.
                                      31 West 52nd Street
                                      New York, New York 10019
                                      Attention: High Yield Capital Markets

                                      with a copy to:
                                      Willkie Farr & Gallagher
                                      787 Seventh Avenue
                                      New York, New York, 10019
                                      Attention: John S. D'Alimonte, Esq

                        (ii)    if to Lennar, at the address as follows:



                                     - 27 -
<PAGE>   29

                                      700 N.W. 107th Avenue
                                      Miami, FL  33172
                                      Facsimile No.: (305)226-7691
                                      Attention: Bruce Gross, Chief Financial
                                                 Officer, and David B. McCain,
                                                 General Counsel

                                      with a copy to:

                                      Clifford Chance Rogers & Wells
                                      200 Park Avenue
                                      New York, New York 10166
                                      Attention: David W. Bernstein, Esq.


                        (iii)   if to the Initial Purchasers, at the address
                specified in Section 10(d)(i).

                All such notices and communications shall be deemed to have been
duly given: when delivered by hand, if personally delivered; five business days
after being deposited in the mail, postage prepaid, if mailed; one business day
after being timely delivered to a next-day air courier; and when receipt is
acknowledged by the addressee, if sent by facsimile.

                Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee
under an indenture at the address and in the manner specified in the indenture.

                (e) Successors and Assigns. This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the parties
hereto, the Holders and the Participating Broker-Dealers.

                (f) Counterparts. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement.

                (g) Headings. The headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meaning hereof.

                (h) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO
CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO
AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK
SITTING IN NEW YORK COUNTY OR OF THE UNITED STATES OF AMERICA FOR THE



                                     - 28 -
<PAGE>   30

SOUTHERN DISTRICT OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR
RELATING TO THIS AGREEMENT.

                (i) Severability. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein shall remain in full force and
effect and shall in no way be affected, impaired or invalidated, and the parties
hereto shall use their best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such
term, provision, covenant or restriction. It is hereby stipulated and declared
to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that
may be hereafter declared invalid, illegal, void or unenforceable.

                (j) Securities Held by the Issuers or their Affiliates. Whenever
the consent or approval of Holders of a specified percentage of Registrable
Notes is required hereunder, Registrable Notes held by the Issuers or their
respective affiliates (as such term is defined in Rule 405 under the Securities
Act) shall not be counted in determining whether such consent or approval was
given by the Holders of such required percentage.

                (k) Third-Party Beneficiaries. Holders of Registrable Notes and
Participating Broker-Dealers are intended third-party beneficiaries of this
Agreement, and this Agreement may be enforced by such Persons.

                (l) Entire Agreement. This Agreement, together with the Purchase
Agreement and the Indenture, is intended by the parties as a final and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein and therein and any and all prior oral or
written agreements, representations, or warranties, contracts, understandings,
correspondence, conversations and memoranda between the Holders on the one hand
and the Issuers on the other, or between or among any agents, representatives,
parents, subsidiaries, affiliates, predecessors in interest or successors in
interest with respect to the subject matter hereof and thereof are merged herein
and replaced hereby.



                                     - 29 -
<PAGE>   31



                IN WITNESS WHEREOF, the parties have executed this Agreement as
of the date first written above.

                                           LENNAR CORPORATION



                                           By: /s/ David B. McCain
                                              --------------------------------
                                                Name:  David B. McCain
                                                Title: Vice-President

The foregoing Agreement is hereby confirmed and accepted as of the date first
above written.

DEUTSCHE BANK SECURITIES INC.,
   as Initial Purchaser


By:  /s/ Richard W. Thaler
   -----------------------------------
     Name:  Richard W. Thaler
     Title: Managing Director

BANC ONE CAPITAL MARKETS, INC.,
   as Initial Purchaser


By:  /s/ Robert J. Rischon
   -----------------------------------
     Name:  Robert J. Rischon
     Title: Managing Director

BANC OF AMERICA SECURITIES LLC,
   as Initial Purchaser


By:  /s/ William A. Bowen
   -----------------------------------
     Name:  William A. Bowen
     Title: Managing Director

CREDIT LYONNAIS SECURITIES USA INC.,
   as Initial Purchaser


By: /s/ David C. Travis
   -----------------------------------
     Name:  David C. Travis
     Title: Managing Director

WACHOVIA SECURITIES, INC.,
   as Initial Purchaser


By: /s/ Marc A. Ratnowsky
   -----------------------------------
     Name:  Marc A. Ratnowsky
     Title: M.D.




                                     - 30 -
<PAGE>   32




                                    BCDC CORP.,
                                    BOCA GREENS, INC.,
                                    BOCA ISLES CLUB, INC.,
                                    BOCA ISLES SOUTH CLUB, INC.,
                                    BRAMALEA CALIFORNIA, INC.,
                                    BRAMALEA CALIFORNIA PROPERTIES, INC.,
                                    BRAMALEA CALIFORNIA REALTY, INC.,
                                    CLODINE-BELLAIRE LP, INC.,
                                    CLUB PEMBROKE ISLES, INC.,
                                    DCA AT BANYAN TREE, INC.,
                                    DCA AT NORTH LAUDERDALE, INC.,
                                    DCA AT PEMBROKE POINTE, INC.,
                                    DCA AT WIGGINS BAY, INC.,
                                    DCA GENERAL CONTRACTORS, INC.,
                                    DCA HOMES OF CENTRAL FLORIDA, INC.,
                                    DCA NJ REALTY, INC.,
                                    DCA OF BROWARD COUNTY, INC.,
                                    DCA OF HIALEAH, INC.,
                                    DCA OF LAKE WORTH, INC.,
                                    DCA OF NEW JERSEY, INC.,
                                    DEVCO LAND CORP.,
                                    DYEING & FINISHING, INC.,
                                    FIRST ATLANTIC BUILDING CORP.,
                                    GREYSTONE CONSTRUCTION, INC.,
                                    GREYSTONE HOMES, INC.,
                                    GREYSTONE HOMES OF NEVADA, INC.,
                                    GREYSTONE NEVADA, LLC,
                                    HARRIS COUNTY LP, INC.,
                                    HILLSIDE, INC.,
                                    INACTIVE CORPORATIONS, INC.,
                                    KINGS ISLE RECREATION CORP.,
                                    KINGS RIDGE GOLF CORPORATION,
                                    KINGS RIDGE RECREATION CORPORATION,
                                    KINGS WOOD DEVELOPMENT CORPORATION,
                                    LENNAR ACQUISITION CORP. II,
                                    LENNAR.COM, INC.,
                                    LENNAR COMMUNITIES, INC.,
                                    LENNAR COMMUNITIES DEVELOPMENT, INC.,
                                    LENNAR CONSTRUCTION, INC.,
                                    LENNAR FINANCIAL SERVICES, INC.,
                                    LENNAR HOMES, INC.,
                                    LENNAR HOMES OF ARIZONA, INC.,
                                    LENNAR HOMES OF CALIFORNIA, INC.,
                                    **LENNAR HOMES OF TEXAS LAND AND
                                             CONSTRUCTION, LTD.,
                                    **LENNAR HOMES OF TEXAS SALES
                                             AND MARKETING, LTD.,
                                    LENNAR LA PAZ LIMITED, INC.,
                                    LENNAR LA PAZ, INC.,
                                    LENNAR LAND PARTNERS SUB, INC.,
                                    LENNAR LAND PARTNERS SUB II, INC.,
                                    LENNAR MANAGEMENT, INC.,



                                     - 31 -
<PAGE>   33

                                    LENNAR NEVADA, INC.,
                                    LENNAR NORTHLAND I, INC.,
                                    LENNAR NORTHLAND II, INC.,
                                    LENNAR NORTHLAND III, INC.,
                                    LENNAR NORTHLAND IV, INC.,
                                    LENNAR NORTHLAND V, INC.,
                                    LENNAR NORTHLAND VI, INC.,
                                    LENNAR OCEANSIDE, LLC,
                                    *LENNAR PACIFIC, INC.,
                                    *LENNAR PACIFIC, L.P.,
                                    *LENNAR PACIFIC PROPERTIES, INC.,
                                    LENNAR REALTY, INC.,
                                    LENNAR RENAISSANCE, INC.,
                                    LENNAR SACRAMENTO, INC.,
                                    LENNAR SALES CORP.,
                                    LENNAR SAN JOSE HOLDINGS, INC.,
                                    LENNAR SOUTHLAND I, INC.,
                                    LENNAR SOUTHLAND II, INC.,
                                    LENNAR SOUTHLAND III, INC.,
                                    LENNAR SOUTHWEST HOLDING CORP.,
                                    LENNAR TEXAS HOLDING COMPANY,
                                    LENNAR TITLE SERVICES, INC.,
                                    LONG POINT DEVELOPMENT CORPORATION,
                                    LUCERNE GREENS, INC.,
                                    LUCERNE MERGED CONDOMINIUMS, INC.,
                                    M.A.P. BUILDERS, INC.,
                                    M.A.P. VINEYARDS OF PLANTATION, INC.,
                                    MARLBOROUGH DEVELOPMENT CORPORATION,
                                    MIDLAND HOUSING INDUSTRIES CORP.,
                                    MIDLAND INVESTMENT CORPORATION,
                                    MISSION VIEJO HOLDINGS, INC.,
                                    MISSION VIEJO 12S VENTURE, LP,
                                    MONTEREY VILLAGE DEVELOPMENT CORP.,
                                    QUALITY ROOF TRUSS COMPANY,
                                    RANCHO SUMMIT, LLC,
                                    REGENCY TITLE COMPANY,
                                    RIVIERA LAND CORP.,
                                    ROCKHURST-FONTAINE LIMITED PARTNERSHIP,
                                    SANTA FE LAKES, L.P.,
                                    SAVELL GULLEY DEVELOPMENT CORPORATION,
                                    SILVER LAKES-GATEWAY CLUBHOUSE, INC.,
                                    SLTC, INC.,
                                    STRATEGIC HOLDINGS, INC.,
                                    STRATEGIC TECHNOLOGIES, INC.,
                                    STRATEGIC TECHNOLOGIES COMMUNICATIONS
                                             OF CALIFORNIA, INC.,
                                    SUPERIOR REALTY & MARKETING, INC.,
                                    UNIVERSAL TITLE INSURORS, INC.,
                                    U.S. HOME CORPORATION (f/k/a LEN
                                             ACQUISITION CORPORATION),
                                    W. B. HOMES, INC.,
                                    WESTCHASE, INC.,
                                    BRUSHMASTERS, INC.,
                                    CANTERBURY CORPORATION,



                                     - 32 -
<PAGE>   34

                                    COUNTRYPLACE GOLF COURSE, INC.,
                                    E.M.J.V. CORP.,
                                    HOMECRAFT CORPORATION,
                                    IMPERIAL HOMES CORPORATION,
                                    LUNDGREN BROS. CONSTRUCTION, INC.,
                                    MID-COUNTY UTILITIES, INC.,
                                    OCEANPOINTE DEVELOPMENT CORPORATION,
                                    ORRIN THOMPSON CONSTRUCTION COMPANY,
                                    ORRIN THOMPSON HOMES CORP.,
                                    PAPARONE CONSTRUCTION CO.,
                                    PRARIE LAKE CORPORATION,
                                    RIVENHOME CORPORATION,
                                    RUTENBERG HOMES, INC. (FL),
                                    RUTENBERG HOMES, INC. (TX),
                                    STONEY CORPORATION,
                                    SUMMERWAY INVESTMENT CORP.,
                                    U.S. HOME & DEVELOPMENT CORPORATION,
                                    U.S. HOME OF ARIZONA CONSTRUCTION CO.,
                                    U.S. HOME OF COLORADO REAL ESTATE, INC.,
                                    U.S. HOME REALTY CORPORATION,
                                    U.S. HOME REALTY, INC. (MD),
                                    U.S. HOME REALTY, INC. (TX),
                                    U.S.H. CORPORATION OF NEW YORK,
                                    U.S. H. LOS PRADOS, INC.,
                                    USH ACQUISITION CORP.,
                                    USH EQUITY CORPORATION,
                                    USH HOLDING, INC.,
                                    USH MILLENNIUM VENTURES CORP.,
                                    USH/MJR, INC.,
                                    USH (WEST LAKE), INC.,
                                    USH WOODBRIDGE, INC. and
                                    WESTSTONE CORPORATION,
                                    as Guarantors



                                    By:/s/ David B. McCain
                                       ---------------------------------
                                       Name: David McCain
                                       Title: Vice President



---------------

*Executed by authorized agent.

**Executed by Lennar Texas Holding Company, as General Partner.


                                     - 33 -