EX-4.17



 Exhibit 4.17 

Guarantee 
 FOR VALUE
RECEIVED, each of the undersigned hereby unconditionally guarantees to the Holders of the Company’s 10.750% Senior Notes due 2016 in the aggregate amount of $280,000,00 (the “Notes”) that (i) the principal of and
interest on each series of the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at Maturity, by acceleration or otherwise and interest on the overdue principal, if any, and interest on any interest of the
Notes and all other obligations of the Company to the Holders or the Trustee thereunder, will be promptly paid in full or performed, all in accordance with the terms thereof; and (ii) in case of any extension of time of payment or renewal of
any series of the Notes or of any such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated Maturity, by
acceleration or otherwise; all in accordance with and subject to the terms and limitations of the Notes, Article Eleven of that certain Indenture among the Company, the guarantors party thereto, and the Trustee (as amended the
“Indenture”) and this Guarantee. This Guarantee will become effective on the date hereof. The validity and enforceability of this Guarantee shall not be affected by the fact that it is not affixed to any particular Note. 

The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly
set forth in Article Eleven of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee and all of the other provisions of the Indenture to which this Guarantee relates. 

A director, officer, employee or stockholder, as such, of a Guarantor shall not have any liability for any obligations of such Guarantor under
the Guarantee or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration
for the issue of the Notes. 
 Any capitalized term used in this Guarantee and not defined herein shall have the meaning specified in the
Indenture, unless the context shall otherwise require. 
 This Guarantee as to any series or all of the Notes is subject to release and
termination upon the terms set forth in the Indenture. 
 This Guarantee may be executed in one or more counterparts, each of which will be
deemed to be an original, and all of which, when taken together, will be deemed to constitute one and the same instrument. 







 IN WITNESS WHEREOF, the parties hereto have caused this Guarantee to be duly executed as of this
1st day of October, 2015. 
  

			
	RYLAND ORGANIZATION COMPANY
	THE RYLAND CORPORATION
		
	By:	 	 /s/ Timothy J. Geckle

	Name:	 	Timothy J. Geckle
	Title:	 	Senior Vice President & Secretary
	
	RH BUILDERS OF INDIANA, INC.
	RH INVESTMENT OF INDIANA, INC.
	RYLAND COMMUNITIES, INC.
	RYLAND HOMES INVESTMENT-TEXAS, INC.
	RYLAND HOMES OF TEXAS, INC.
	 RYLAND HOMES OF ARIZONA, INC.

RYLAND HOMES OF CALIFORNIA, INC.


	THE REGENCY ORGANIZATION, INC.
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	President
	
	RH OF INDIANA, L.P.
		
	By:	 	RH Builders of Indiana, Inc., its General Partner
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	President



  
 [Signature page –
Guarantee of 10.75% Senior Notes due 2016] 








 
			
	RH OF TEXAS LIMITED PARTNERSHIP
		
	By:	 	Ryland Homes of Texas, Inc., its General Partner
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	President



  
 [Signature page –
Guarantee of 10.75% Senior Notes due 2016] 








 
			
	RYLAND HOMES OF NEVADA, LLC
		
	By:	 	The Ryland Group, Inc., its Sole Member
		
	By:	 	 /s/ Larry T. Nicholson

	Name:	 	Larry T. Nicholson
	Title:	 	President and Chief Executive Officer



  
 [Signature page –
Guarantee of 10.75% Senior Notes due 2016]