EXHIBIT 10(n)

                                 March 25, 1998

HSBC James Capel Canada Inc.
105 Adelaide Street West
Suite 1200
Toronto, Ontario  M5H 1P9

Dear Sirs:

         This is to set forth the agreement of HSBC James Capel Canada, Inc.
("HSBC") and Lennar Corporation ("Lennar") regarding purchases by HSBC from
Lennar of Lennar common stock ("Common Stock"). That agreement is as follows:

1.       HSBC will purchase from Lennar, at the times and for the prices
         described below, Common Stock with a total purchase price to HSBC of up
         to $120 million.

2.       Prior to the beginning of a calendar month, Lennar will either (a)
         inform HSBC that Lennar wants to sell Common Stock to HSBC with regard
         to the month and specify to HSBC a maximum amount, not exceeding $15
         million (or such higher amount as may be agreed to by HSBC), for which
         Lennar wants to sell Common Stock to HSBC during the month (the
         "Maximum Amount for the Month") and the minimum per share price for
         which it will sell Common Stock to HSBC during the month (the "Minimum
         Price for the Month") or (b) inform HSBC that it does not want to sell
         Common Stock to HSBC with regard to the month.

3.       On the third New York Stock Exchange Trading Day ("Trading Day") after
         the end of a month with regard to which Lennar informs HSBC that Lennar
         wants to sell Common Stock to HSBC, HSBC will purchase from Lennar a
         number of shares of Common Stock, for a total purchase price,
         calculated as follows:

         (a)      The Maximum Amount for the Month will be allocated equally
                  among the Trading Days in the month or among specified Trading
                  Days in the month agreed upon by Lennar and HSBC (the amount
                  allocated to a Trading Day being the "Daily Purchase Amount").

         (b)      Except as provided in subparagraph (c), with regard to each
                  Trading Day (or each of the specified Trading Days) during the
                  month, HSBC will purchase, for a per share price equal to 98%
                  of the average of the high and low sale prices of the Common
                  Stock reported on the New York Stock Exchange Composite Tape
                  with regard to that Trading Day, a number of shares of Common
                  Stock having a total sale price equal to the Daily Purchase
                  Amount.

         (c)      If the per share price with regard to a Trading Day calculated
                  as provided in subparagraph (b) is less than the Minimum Price
                  for the Month, no Common Stock will be purchased with regard
                  to that Trading Day.

         (d)      The total number of shares of Common Stock HSBC will purchase
                  with regard to a month will be the sum of the numbers of
                  shares HSBC will purchase with regard to each Trading Day (or
                  each of the specified Trading Days) during that month and the
                  total price for which HSBC will purchase those shares will be
                  the sum of the amounts 



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                  resulting from multiplying, with regard to each Trading Day
                  (or each of the specified Trading Days) during the month, (i)
                  the per share price calculated as described in subparagraph
                  (b), times (ii) the number of shares HSBC will purchase
                  calculated as described in subparagraphs (b) and (c).

4.       On a day when HSBC purchases Common Stock from Lennar (i.e., the third
         Trading Day after the end of a month with regard to which Lennar
         informs HSBC that Lennar wants to sell Common Stock to HSBC), Lennar
         will cause the shares of Common Stock HSBC is purchasing to be issued
         to HSBC (either by delivery of stock certificates or by credit to an
         account specified by HSBC with The Depositary Trust Company or another
         book-entry clearing facility) and HSBC will cause the purchase price of
         those shares, in immediately available U.S. dollars, to be wire
         transferred to an account specified by Lennar with a bank in the United
         States of America.

5.       The sales from Lennar to HSBC described above will be registered under
         the Securities Act of 1933, as amended. Lennar and HSBC will indemnify
         each other as provided on Exhibit A against liability with respect to
         the Registration Statement relating to the Common Stock which is sold
         to HSBC.

6.       This Agreement will be governed by the laws of the State of Florida in
         the United States of America.

         Please execute a copy of this document, which, when executed by HSBC,
will constitute a binding agreement between Lennar and HSBC.

                                          Very truly yours,

                                          LENNAR CORPORATION

                                          By: /s/ BRUCE GROSS 
                                              ---------------------------------
                                              Title: Vice President and
                                                     Chief Financial Officer

AGREED TO:
HSBC JAMES CAPEL CANADA, INC.

By: /s/ ISSER ELISHIS 
    -------------------------------------
        Title: Executive Vice President
               and Director

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                                    EXHIBIT A

                            TERMS OF INDEMNIFICATION

(a)      Lennar will indemnify HSBC and each person, if any, who controls HSBC
         for the purposes of the Securities Act of 1933, as amended (the
         "Securities Act"), against, and hold each of them harmless from, any
         loss, liability or expenses which any of them may incur, under the
         Securities Act or otherwise, as a result of a claim or action arising
         out of, or based upon,(i) any untrue statement or alleged untrue
         statement of a material fact contained, or incorporated by reference,
         in the Registration Statement relating to Common Stock being sold to
         HSBC (including the Prospectus dated February 12, 1998 and the
         Prospectus Supplement dated March 25, 1998 (the "Prospectus
         Supplement") which are a part of it), or any amendment or supplement to
         it, or (ii) the omission or alleged omission to state in that
         Registration Statement or any document incorporated by reference into
         it, a material fact required to be stated therein or necessary to make
         the statements therein not misleading, and Lennar will reimburse HSBC
         and each such controlling person promptly upon demand for any legal or
         other expenses reasonably incurred by HSBC or the controlling person in
         investigating, defending against, or preparing to defend against any
         such claim or action, except that Lennar will not be liable to the
         extent a claim or action which results in a loss, liability or expenses
         arises out of, or is based upon, an untrue statement, alleged untrue
         statement, omission or alleged omission, included in the Prospectus
         Supplement or any amendment or supplement to it in reliance upon, and
         in conformity with, written information furnished by HSBC to Lennar for
         inclusion in the Prospectus Supplement.

(b)      HSBC will indemnify Lennar, each of its directors and officers, and
         each person, if any, who controls Lennar for the purposes of the
         Securities Act, against, and hold each of them harmless from, any loss,
         liability or expenses which any of them may incur, under the Securities
         Act or otherwise, as a result of a claim or action arising out of, or
         based upon, (i) any untrue statement or alleged untrue statement of a
         material fact contained in the Prospectus Supplement or any amendment
         or supplement to it or (ii) the omission or alleged omission to state
         in the Prospectus Supplement or any amendment or supplement to it a
         material fact required to be stated therein or necessary to make the
         statements therein not misleading, to the extent, but only to the
         extent, the untrue statement, alleged untrue statement, omission or
         alleged omission was made in reliance upon, and in conformity with,
         written information furnished by HSBC to Lennar for inclusion in the
         Prospectus Supplement or any amendment or supplement to it, and HSBC
         will reimburse Lennar and each such director, officer or controlling
         person promptly upon demand for any legal or any other expenses
         reasonably incurred by Lennar or the other person in investigating,
         defending against, or preparing to defend against any such claim or
         action.

(c)      Promptly after a person receives notice of a claim or the commencement
         of an action for which the person intends to seek indemnification under
         Paragraph (a) or (b), the person will notify the indemnifying party in
         writing of the claim or commencement of the action, but failure to
         notify the indemnifying party will not relieve the indemnifying party
         from liability under Paragraph (a) or (b), except to the extent it has
         been materially prejudiced by the failure to give notice. The
         indemnifying party will be entitled to participate in the defense of
         any claim or action as to which indemnification is being sought, and if
         the indemnifying party acknowledges in writing the obligation to
         indemnify the party against whom the claim or action is brought, the
         indemnifying party may (but will not be required to) assume the defense
         against the claim or action with counsel satisfactory to it. After an
         indemnifying party notifies 

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         an indemnified party that the indemnifying party wishes to assume the
         defense of a claim or action, the indemnifying party will not be liable
         for any legal or other expenses incurred by the indemnified party in
         connection with the defense against the claim or action, except that
         if, in the opinion of counsel to the indemnifying party, one or more of
         the indemnified parties should be separately represented in connection
         with a claim or action, the indemnifying party will pay the fees and
         expenses of one separate counsel for the indemnified parties. Each
         indemnified party, as a condition to receiving indemnification as
         provided in Paragraph (a) or (b), will cooperate in all reasonable
         respects with the indemnifying party in the defense of any action or
         claim as to which indemnification is sought. No indemnifying party will
         be liable for any settlement of any action effected without its prior
         written consent. No indemnifying party will, without the prior written
         consent of the indemnified party, effect any settlement of a pending or
         threatened action with respect which an indemnified party is, or is
         informed that it may be, made a party and for which it would be
         entitled to indemnification, unless the settlement includes an
         unconditional release of the indemnified party from all liability and
         claims which are the subject matter of the pending or threatened
         action.

(d)      If for any reason the indemnification provided for in this Agreement is
         not available to, or is not sufficient to hold harmless, an indemnified
         party in respect of any loss or liability referred to in Paragraph (a)
         or (b), each indemnifying party will, in lieu of indemnifying the
         indemnified party, contribute to the amount paid or payable by the
         indemnified party as a result of the loss or liability, (i) in the
         proportion which is appropriate to reflect the relative benefits
         received by the indemnifying party on the one hand and by the
         indemnified party on the other from the sale of stock which is the
         subject of the claim or action which resulted in the loss or liability
         or (ii) if that allocation is not permitted by applicable law, in such
         proportion as is appropriate to reflect not only the relative benefits
         of the sale of stock, but also the relative fault of the indemnifying
         party and the indemnified party with respect to the statements or
         omissions which are the subject of the claim or action that resulted in
         the loss or liability, as well as any other relevant equitable
         considerations.

(e)      HSBC confirms that the information with respect to the offering of
         Lennar stock set forth on the cover page of the Prospectus Supplement,
         and the information under the caption "Plan of Distribution" in the
         Prospectus Supplement, is correct and was furnished (and is the only
         information furnished) in writing to Lennar by HSBC for inclusion in
         the Prospectus Supplement.


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