##### 



Exhibit 10.31
 Execution Copy
 ASSET PURCHASE AGREEMENT
 Dated as of June 6, 2005
 among
 EH/TRANSEASTERN, LLC, a Delaware limited liability company
( Buyer )
 and
 TRANSEASTERN PROPERTIES, INC., a Florida corporation,
each of the Companies listed on the signature pages hereto
(collectively, the  Sellers )
 and
 each of Arthur J. Falcone and Edward W. Falcone
 and
 Falcone/Ritchie LLC, a Florida limited liability company




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##### 



TABLE OF CONTENTS
 PageArticle I DEFINITIONS AND INTERPRETATION
    
    
    21.1 Definitions
    
    
    21.2 Interpretation
    
    
    131.3 Certain Other Definitions
    
    
    14Article II PURCHASE AND SALE
    
    
    152.1 Purchased/Contributed Assets
    
    
    152.2 Excluded Assets
    
    
    152.3 Assumed Liabilities
    
    
    152.4 Excluded Liabilities
    
    
    16Article III PURCHASE PRICE
    
    
    183.1 Purchase Price
    
    
    183.2 Determination of Estimated Purchase Price
    
    
    183.3 Determination of Purchase Price
    
    
    183.4 Adjustment
    
    
    203.5 Allocation of Purchase Price
    
    
    203.6 Post-Closing Payments
    
    
    203.7 Proration of Taxes
    
    
    22Article IV CLOSING
    
    
    234.1 Closing Date
    
    
    234.2 Payment on the Closing Date
    
    
    234.3 Buyers Additional Deliveries
    
    
    234.4 Sellers Deliveries
    
    
    244.5 Governmental Permits
    
    
    264.6 Option Lots
    
    
    274.7 Falcone/Ritchie
    
    
    274.8 Assignment of Developer/Declarant Rights
    
    
    274.9 FIRPTA Certificate
    
    
    274.10 Other Deliverables
    
    
    27Article V REPRESENTATIONS AND WARRANTIES OF SELLERS
    
    
    285.1 Organization and Authority of Sellers; No Conflict
    
    
    285.2 Subsidiaries and Investments
    
    
    295.3 Assets Generally
    
    
    295.4 Financial Statements
    
    
    305.5 Operations Since Balance Sheet Date
    
    
    305.6 No Undisclosed Liabilities
    
    
    325.7 Taxes
    
    
    325.8 Availability of Assets
    
    
    335.9 Governmental Permits
    
    
    335.10 Real Property
    
    
    355.11 Personal Property
    
    
    395.12 Intellectual Property; Software
    
    
    395.13 Work in Progress
    
    
    415.14 Title to Property
    
    
    41




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##### 



5.15 Employees and Related Agreements; ERISA
    
    
    415.16 Employee Relations
    
    
    445.17 Contracts
    
    
    445.18 Status of Contracts
    
    
    465.19 No Violation or Litigation
    
    
    465.20 Environmental Matters
    
    
    475.21 Insurance
    
    
    495.22 Major Suppliers
    
    
    505.23 Projections
    
    
    505.24 Warranties; Construction Defects
    
    
    505.25 No Finder
    
    
    515.26 Reserved
    
    
    515.27 Bank Accounts; Power of Attorney; Minute Books
    
    
    515.28 Related Party and Other Transactions
    
    
    525.29 Patriot Act
    
    
    525.30 RESPA
    
    
    535.31 Interstate Land Sales Full Disclosure Act
    
    
    535.32 Coastal Construction Control Line
    
    
    545.33 Homeowners Associations; Condominium Associations
    
    
    545.34 Community Development Districts
    
    
    555.35 Florida Uniform Land Sales Practices Law
    
    
    555.36 No Restrictions
    
    
    555.37 Compliance With Requirements of Law
    
    
    555.38 Books and Records
    
    
    565.39 Accounts Receivable
    
    
    565.40 Sellers Names
    
    
    565.41 Disclosure
    
    
    56Article VI REPRESENTATIONS AND WARRANTIES OF BUYER
    
    
    566.1 Organization of Buyer
    
    
    566.2 Authority of Buyer; No Conflict
    
    
    576.3 No Finder
    
    
    576.4 Financing
    
    
    576.5 Ownership
    
    
    57Article VII ACTIONS PRIOR TO THE CLOSING DATE
    
    
    587.1 Investigation by Buyer
    
    
    587.2 Preserve Accuracy of Representations and Warranties; Notification of Certain Matters
    
    
    587.3 Consents of Third Parties
    
    
    587.4 Operations Prior to the Closing Date
    
    
    597.5 Licenses
    
    
    617.6 Minimum Lot Transfer
    
    
    617.7 Title Insurance
    
    
    617.8 Warranty Administration
    
    
    627.9 Acquisition Proposals
    
    
    627.10 Legal Descriptions
    
    
    63Article VIII ADDITIONAL AGREEMENTS
    
    
    638.1 Covenant Not to Compete or Solicit Business
    
    
    638.2 Release of Bonds
    
    
    658.3 Taxes
    
    
    65




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##### 



8.4 Employees
    
    
    678.5 Employee Benefit Plans
    
    
    688.6 Use of Name
    
    
    698.7 Filings with Governmental Bodies
    
    
    698.8 First Florida Title Company
    
    
    698.9 Cooperation on Bronson, Cummer, Heller and Independence Projects
    
    
    698.10 Coral Lakes Construction
    
    
    708.11 Life Insurance
    
    
    708.12 Maintenance of Net Worth
    
    
    708.13 Cummer
    
    
    708.14 Cummer 1044
    
    
    708.15 Kendall Commons (Vizcaya)
    
    
    70Article IX CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER
    
    
    719.1 No Misrepresentation or Breach of Covenants and Warranties
    
    
    719.2 No Changes or Destruction of Property
    
    
    719.3 No Restraint or Litigation
    
    
    719.4 Necessary Governmental Approvals
    
    
    719.5 Necessary Consents
    
    
    719.6 Minimum Net Worth
    
    
    719.7 Closing Deliveries
    
    
    729.8 Approval by Shareholders or Members of Sellers
    
    
    729.9 Releases
    
    
    729.10 Environmental Report
    
    
    729.11 Cummer West Property
    
    
    729.12 Coral Lakes
    
    
    729.13 Payments of Accounts Receivable
    
    
    729.14 CMI Marketing
    
    
    739.15 Employment Matters
    
    
    739.16 Cummer 1400 Property
    
    
    739.17 Live Oak
    
    
    739.18 Construction on Lots
    
    
    739.19 Cooperation Agreements
    
    
    73Article X CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLERS
    
    
    7310.1 No Misrepresentation or Breach of Covenants and Warranties
    
    
    7310.2 No Restraint or Litigation
    
    
    7410.3 Closing Deliveries
    
    
    7410.4 Minimum Net Worth
    
    
    7410.5 Financing
    
    
    7410.6 Cooperation Agreements
    
    
    74Article XI INDEMNIFICATION AND POST-CLOSING REMEDIES
    
    
    7411.1 Indemnification by Sellers
    
    
    7411.2 Indemnification by Buyer
    
    
    7711.3 Notice of Claims
    
    
    7811.4 Loss Calculation
    
    
    7911.5 Third Person Claims
    
    
    7911.6 Adjustment to Purchase Price
    
    
    8011.7 Failure to Make Certain Payments
    
    
    8011.8 Exclusive Remedies
    
    
    80




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Article XII TERMINATION AND PRE-CLOSING REMEDIES
    
    
    8012.1 Termination
    
    
    8012.2 Notice of Termination
    
    
    8112.3 Effect of Termination; Remedies; Treatment of the Deposit
    
    
    8112.4 Special Termination
    
    
    82Article XIII GENERAL PROVISIONS
    
    
    8313.1 Survival of Obligations
    
    
    8313.2 Confidential Nature of Information
    
    
    8313.3 No Public Announcement
    
    
    8313.4 Notices
    
    
    8413.5 Successors and Assigns; No Third Party Beneficiaries
    
    
    8413.6 Access to Records after Closing
    
    
    8513.7 Entire Agreement; Amendments
    
    
    8513.8 Partial Invalidity
    
    
    8613.9 Waivers
    
    
    8613.10 Expenses
    
    
    8613.11 Execution in Counterparts
    
    
    8613.12 Enforcement of Agreement
    
    
    8613.13 Further Assurances; Power of Attorney
    
    
    8613.14 Sellers Representative
    
    
    8713.15 Governing Law; Jurisdiction
    
    
    8713.16 Time is of the Essence
    
    
    8713.17 Radon Gas
    
    
    8813.18 Titles and Subtitles
    
    
    8813.19 Legal Representation of the Parties
    
    
    8813.20 Disclosure
    
    
    8813.21 Laguna Lakes
    
    
    88
  Exhibit A
    
    -
    
    Form of Opinion of Counsel to BuyerExhibit B
    
    -
    
    Form of Opinion of Counsel to SellersExhibit C
    
    -
    
    Form of Pay-Off LetterExhibit D
    
    -
    
    Form of Indemnity Letter of CreditExhibit E
    
    -
    
    Form of Assignment and Assumption AgreementExhibit E-1
    
    -
    
    Form of Assignment and Assumption of ContractsExhibit E-2
    
    -
    
    Form of Assignment and Assumption of LeasesExhibit F
    
    -
    
    Form of Bill of SaleExhibit G
    
    -
    
    Form of Assignment of Option DocumentsExhibit H
    
    -
    
    Form of Assignment of Developer/Declarant RightsExhibit I
    
    -
    
    Form of Employment Agreement (Division President)Exhibit I-1
    
    -
    
    Form of Employment Letter (Division Manager)Exhibit J
    
    -
    
    Form of Right of First Offer AgreementExhibit K
    
    -
    
    Form of Warranty Administration AgreementExhibit L
    
    -
    
    Cummer 1400 PropertyExhibit M
    
    -
    
    Cummer West PropertyExhibit N
    
    -
    
    Form of Copyright AssignmentExhibit O
    
    -
    
    Form of Trademark and Domain Name AssignmentExhibit P
    
    -
    
    Definition of Fully Entitled




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Exhibit Q
    
    -
    
    Form of Promissory Note




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##### 



SCHEDULES :
 Schedule
    
    NameSchedule 2.1
    
    Contributed AssetsSchedule 2.2
    
    Excluded AssetsSchedule 2.3(A)
    
    Assumed Liabilities: Customer Deposits and Accounts PayableSchedule 2.3(C)
    
    Assumed Liabilities: Obligations Under Roadway ImprovementAgreements, Utility Agreements, etc.Schedule 2.3(E)
    
    Assumed Liabilities: Obligations for Payment of Sales CommissionsSchedule 2.3(F)
    
    Assumed Liabilities: Obligations Under Seller Agreements Post-ClosingSchedule 2.3(G)
    
    Purchase OrdersSchedule 2.3(H)
    
    Cable CommunitiesSchedule 2.4
    
    Excluded LiabilitiesSchedule 3.1(B)
    
    List of IndebtednessSchedule 3.5
    
    Allocation ScheduleSchedule 3.6(A)
    
    Earn-Out PaymentsSchedule 3.6(B)
    
    Entitlement PaymentsSchedule 4.2
    
    Wire InstructionsSchedule 5.1(A)
    
    CompaniesSchedule 5.1(C)
    
    Required ConsentsSchedule 5.2
    
    Subsidiaries and InvestmentsSchedule 5.4
    
    Financial StatementsSchedule 5.5(A)
    
    Operations since Balance Sheet Date (No Material Adverse Change)Schedule 5.5(B)
    
    Operations since Balance Sheet Date (Ordinary Course Transactions)Schedule 5.6
    
    No Undisclosed LiabilitiesSchedule 5.7(B)
    
    Tax Returns FiledSchedule 5.7(C)
    
    Tax AuditsSchedule 5.7(D)
    
    Other TaxesSchedule 5.9(A)
    
    Owned Property Governmental PermitsSchedule 5.9(B)
    
    Obligations Re: Owned Governmental PermitsSchedule 5.9(D)
    
    Option Governmental PermitsSchedule 5.9(E)
    
    Obligations Re: Option Property Governmental PermitsSchedule 5.10(A)
    
    Owned Real PropertySchedule 5.10(B)
    
    Optioned Real PropertySchedule 5.10(C)
    
    Obligations re: Owned Real PropertySchedule 5.10(D)
    
    Leased Real PropertySchedule 5.10(E)
    
    Real Property Pending SuitsSchedule 5.10(H)
    
    ImprovementsSchedule 5.10(I)
    
    Concurrency RequirementsSchedule 5.10(K)
    
    Lessees or Tenants at SufferanceSchedule 5.10(M)
    
    Developer-Related Fees and Impact FeesSchedule 5.10(P)
    
    Environmental Protection Agency MattersSchedule 5.10(R)
    
    Zoning ProceedingsSchedule 5.10(W)
    
    Historical or Archeological MaterialsSchedule 5.10(X)
    
    Critical Habitat (Endangered Species Act)Schedule 5.11(A)
    
    Personal Property  Machinery or EquipmentSchedule 5.11(B)
    
    Personal Property  LeasesSchedule 5.12(A)
    
    Intellectual PropertySchedule 5.12(B)
    
    Software




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Schedule
    
    NameSchedule 5.12(C)
    
    Contracts, Licenses, Sublicenses, AssignmentsSchedule 5.12(D)
    
    Intellectual Property EncumbrancesSchedule 5.12(E)
    
    Registrations for Copyrights, Patent Rights and TrademarksSchedule 5.12(F)
    
    Infringements, Misappropriations, ViolationsSchedule 5.12(G)
    
    Limitations on Transfer and AssignmentSchedule 5.12(H)
    
    Work for HireSchedule 5.13
    
    Stop Work OrdersSchedule 5.14
    
    Permitted EncumbrancesSchedule 5.15(A)
    
    Seller Non-ERISA PlansSchedule 5.15(B)
    
    Seller Compensation CommitmentsSchedule 5.15(D)
    
    Seller PlansSchedule 5.15(K)
    
    Sellers EmployeesSchedule 5.15(L)
    
    Conflict of Interest TransactionsSchedule 5.15(M)
    
    Severance and Other Termination MattersSchedule 5.16
    
    Employee RelationsSchedule 5.17
    
    ContractsSchedule 5.18
    
    Status of ContractsSchedule 5.19
    
    No Violation or LitigationSchedule 5.20
    
    Environmental MattersSchedule 5.21
    
    InsuranceSchedule 5.23
    
    ProjectionsSchedule 5.24(A)
    
    Warranty MattersSchedule 5.24(B)
    
    Home RepurchasesSchedule 5.27
    
    Bank Accounts; Power of AttorneySchedule 5.28(A)
    
    Related Party and Other TransactionsSchedule 5.30(B)
    
    RESPASchedule 5.30(E)
    
    Specimen Copies of Purchase and Sale AgreementsSchedule 5.31
    
    Interstate Land Sales Full Disclosure ActSchedule 5.33
    
    Homeowners AssociationsSchedule 5.35
    
    Florida Uniform Land Sales Practices LawSchedule 5.36
    
    No RestrictionsSchedule 5.37
    
    Notices from Governmental BodiesSchedule 5.39
    
    Accounts ReceivableSchedule 7.4(b)(xii)
    
    Cash Payments or Distributions of Assets to SellersSchedule 7.6
    
    Lot CountSchedule 8.1(A)
    
    List of Counties where TEP OperatesSchedule 8.1(B)
    
    List of Counties Subject to Non-CompeteSchedule 8.1(C)
    
    List of Projects Excluded from Non-CompeteSchedule 8.2
    
    Release of BondsSchedule 10.5
    
    Financing Term SheetSchedule 12.4
    
    Terms of TEPs Investment




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THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF BUYERS INTENTION TO CANCEL
WITHIN 15 DAYS AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY BUYER, AND RECEIPT BY BUYER OF ALL
OF THE ITEMS REQUIRED TO BE DELIVERED TO BUYER BY THE DEVELOPER UNDER SECTION 718.503, FLORIDA
STATUTES. THIS AGREEMENT IS ALSO VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF BUYERS
INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF RECEIPT FROM THE DEVELOPER OF ANY AMENDMENT
WHICH MATERIALLY ALTERS OR MODIFIES THE OFFERING IN A MANNER THAT IS ADVERSE TO BUYER. ANY
PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE TIME FOR
CLOSING FOR A PERIOD OF NOT MORE THAN 15 DAYS AFTER BUYER HAS RECEIVED ALL OF THE ITEMS REQUIRED.
BUYERS RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT CLOSING.
 ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE
DEVELOPER. FOR CORRECT REPRESENTATIONS, REFERENCE SHOULD BE MADE TO THIS AGREEMENT AND THE
DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER
OR LESSEE.
 ASSET PURCHASE AGREEMENT
 ASSET PURCHASE AGREEMENT Agreement Buyer TEP Companies Sellers Falcone Sections 5.10(dd) 8.1 8.11 2.1 12.4 Falcone/Ritchie LLC
 RECITALS:
 WHEREAS Schedule 8.1(A) Business
 WHEREAS
 NOW, THEREFORE




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ARTICLE I
 DEFINITIONS AND INTERPRETATION
 Definitions Section 1.1
  Accounts Receivable  provided however
 Accounting Firm Section 3.3(d)
 Affiliate
 Agreed Accounting Principles provided
 Agreed Adjustments Section 3.3(c)
 Allocation Schedule Section 3.5
 Ancillary Agreements
 Antitrust Division
 Assigned Permits Section 4.5
 Assignment and Assumption Agreement Section
4.4(p)
 Assignment and Assumption of Contracts Section
4.4(q)
 Assignment and Assumption of Leases Section
4.4(r)
 Assignment of Developer/Declarant Rights Section
4.8
 Assumed Liabilities Section 2.3




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ASTM Guidelines
 Balance Sheet
 Balance Sheet Date
  Bill of Sale  Exhibit F Section 2.2
 Business
 Business Day
 Buyer
 Buyer Ancillary Agreements
  Buyer Group Member
 CERCLA et seq
 Charter Document
 Claim Notice Section 11.3
 Clean Air Act et seq
 Clean Water Act et seq
 Closing
 Closing Agent
 Closing Date Section 4.1
 Closing Date Balance Sheet Section 3.3(b)
 3




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Closing Date Net Worth Schedule 3.1(B)
 Code
 Companies
 Contaminant
 Contributed Assets Schedule 2.1 ,
 Control
 Copyrights
 Court Order
 Cummer 1400 Property Exhibit L
 Cummer West Property Exhibit M
 Deposit Section 3.1
 Division
 Employment Agreement Exhibit I Exhibit I-1
 Encumbrance
 Endangered Species Act et seq
 4




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Entitlement Payment Section 3.6(b)
 Environmental Encumbrance
 Environmental Law
 Environmental Stage I Work Section 5.20(p)
 Environmental Stage II Work Section 5.20(p)
 Environmental Stage III Work Section 5.20(p)
 ERISA
 Escrow Agent
 Estimated Purchase Price Section 3.2
 Executive Order Section 5.29(a)
 Excluded Assets Section 2.2
 Excluded Liabilities Section 2.4
 Expenses
 Financial Statements Section 5.4
 Force Majeure Event
 5




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Florida Uniform Land Sales Practices Law
 FTC
 Fully Entitled Exhibit P
 GAAP
 Governing Body
 Governmental Body
  Governmental Permits 
  Holdback Amount  Section 4.2
  Holdback Funds  Section 4.2
  Income Taxes  Section 8.3(f)
  Indemnified Party  Section 11.3
  Indemnitor  Section 11.3
  Indemnity Letter of Credit  Section 4.4(l)
  Intellectual Property 
  Interstate Land Sales Full Disclosure Act  et seq
  IRS 
  Knowledge 
  Leased Real Property  Section 5.10(d)
 6




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 Losses 
  Lot 
  Material Adverse Effect   Material Adverse Change 
  Mold 
  Optioned Real Property  Section 5.10(b)
  OSHA  et seq
  Other Taxes  Section 8.3(f)
  Owned Real Property  Section 5.10(a)
  Owned Software  Section 5.12(g)
  Patent Rights 
  Patriot Act  Section 5.29(a)
  Permitted Encumbrances  Schedule 5.14 Schedule 8.2
  Person 
  Pre-Closing Warranty Claims  Section 7.8
 7




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 Preliminary Accounting Report  Section 3.3(a)
 Preliminary Closing Date Balance Sheet Section
3.3(a)
  Preliminary Purchase Price  Section 3.3(a)
  Proceeding 
  Prohibited Person  Section 5.29(a)
  Project 
  Purchase Price  Section 3.1
  Purchased Assets 
 Section 5.4(iii)
         8




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 RCRA  et seq
  Real Property 
  Related Owners  Section 8.9
  Release 
  Remedial Action 
  Requirements of Laws 
 9




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 RESPA  et seq
  Right of First Offer Agreement  Exhibit J
  Sellers 
  Seller Ancillary Agreements 
 Seller Agreements
 Seller Compensation Commitments Section
5.15(b)
 Seller ERISA Plans Section 5.15(d)
 Seller Group
  Seller Group Member 
 Seller Non-ERISA Plans Section 5.15(a)
 Seller Plans Section 5.15(d)
 Seller Property
  Software 
  Substitute Lot 
  Substitute Project  Schedule 7.6 Section 3.6(b) Additional
Project
 10




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Section 4.4(q) Section 4.6(b Replaced Project Section 7.7(c)
 Request Notice
 Proposed Substitute Project Notice
 Schedule 3.6(B) Schedule 3.6(B)
  Value
Disparity Value Disparity Notice
 11




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##### 



Project
 Schedule 7.6
 Schedule
3.6(b) Schedule 3.6(b)
  Tax  Taxes
  Tax Return 
  Tax Sharing Arrangement 
  TEP 
 12




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 Third Person Claim  Section 11.3
  Title Company  Section 7.7(a)
  Trademarks 
  Trade Secrets 
  Unentitled Lot 
  WARN  Section 5.16
  Warranty Administration Agreement  Exhibit K
 Interpretation provided however Schedules 2.1 2.3(A) , 2.3(C) , 2.3(E) , 2.3(F) , 2.3(G) , 3.1(B), 5.9(A) , 5.9(D) , 5.17(I)(A) 5.27 5.39 Section 7.4
 13




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Certain Other Definitions
 Term
    
    SectionAdditional Projects
    
    
    1.1ACOE
    
    
    9.17Affiliated Business Arrangement Disclosure Statement
    
    
    5.30
    (b)Agreement
    
    PreambleAssignment of Option Documents
    
    
    4.6
    (b)Associations
    
    
    5.33Audited Financial Statements
    
    
    5.4Change of Control
    
    
    3.6
    (a)Closing Date Certificate
    
    
    3.6
    (b)Competing Business
    
    
    5.28
    (a)Condominium Projects
    
    
    5.33Continued Welfare Plans
    
    
    8.5
    (b)Contract Real Property
    
    
    5.10
    (c)Controlled Business Arrangement Disclosure Statement
    
    
    5.30
    (b)Coral Lakes Lots
    
    
    8.10Cummer
    
    
    8.13Cummer 1044 Land Bank
    
    
    8.14Developer Agreements
    
    5.17(II)(c)DRI
    
    
    5.10Earn-Out Determination
    
    Schedule 3.6(A)Earn-Out Payments
    
    Schedule 3.6(A)Earn-Out Periods
    
    Schedule 3.6(A)EBITDA
    
    Schedule 3.6(A)Entitlement Certificate
    
    
    3.6
    (b)Falcone
    
    
    8.1
    (a)Falcone/Ritchie
    
    
    1.1Final Extension Period
    
    
    12.4First Extension Period
    
    
    12.4First Florida Title Company
    
    
    5.30Florida Condominium Act
    
    
    5.33Hired Employee
    
    
    8.4
    (a)HUD
    
    
    5.30
    (d)Master Cable Agreement
    
    
    2.3
    (h)Model Homes
    
    
    9.12Moratorium
    
    
    5.10
    (n)Multiemployer Plans
    
    
    5.15
    (d)Negotiation Period
    
    
    12.4Option Agreements
    
    
    5.10
    (b)Option Documents
    
    
    4.6
    (a)Option Governmental Permits
    
    
    5.9
    (d)Owned Property Governmental Permits
    
    
    5.9
    (a)Owner
    
    
    4.6
    (b)Policy
    
    
    7.7
    (d)Projections
    
    
    5.23Proposed Substitute Project Notice
    
    
    1.1Purchase Contracts
    
    
    5.10
    (c)
 14




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Term
    
    SectionRemaining Approvals
    
    
    3.6
    (d)Replaced Project
    
    
    1.1Request Notice
    
    
    1.1Required Consents
    
    
    5.1
    (c)Sellers Representative
    
    
    13.14Sellers Review Period
    
    
    3.3
    (b)SNDA
    
    
    4.6
    (b)Subcontractor Agreements
    
    5.17(II)(b)Supply Agreements
    
    5.17(II)(a)Surveys
    
    
    7.7
    (b)Title Commitments
    
    
    7.7
    (b)Unaudited Financial Statements
    
    
    5.4Unresolved Objections
    
    
    3.3
    (d)Value
    
    
    1.1Value Disparity
    
    
    1.1Value Disparity Notice
    
    
    1.1Vizcaya
    
    
    8.15WIP
    
    
    5.13
 ARTICLE II
 PURCHASE AND SALE
 Purchased/Contributed Assets Section 2.2
 Excluded Assets Section 2.1 Schedule 2.2 Excluded Assets
 Assumed Liabilities Section 2.3 Assumed Liabilities
 Schedule 2.3(A)
 Section 8.3(b)(ii) Section 3.1(b)
 15




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##### 



Schedule
2.3(C)
 Section 5.17(o)
 Schedule 2.3(E)
 Schedule 2.3(F)
 Schedule 2.3(G)
 Master Cable Agreement Schedule 2.3(H)
  Excluded Liabilities Excluded Liabilities Section 2.3
   Section
8.3
 16




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##### 



Schedule 5.19
  Section 8.4
  Section 2.3
        17




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##### 



Schedule 2.4
 ARTICLE III
 PURCHASE PRICE
 Purchase Price Deposit Purchase Price Section 3.3
 plus
 Schedule
3.1(B) Section 4.4(f) plus
 Section 3.2 plus
 Section 3.6(a) plus
 Section 3.6(b)
 Determination of Estimated Purchase Price
 Determination of Purchase Price .
  Preliminary Closing Date Balance Sheet
 18




---



##### 



Preliminary Purchase Price Section 3.1(a) Sections 3.1(d) (e)
 Preliminary Accounting Report
 Sellers Review
Period Closing
Date Balance Sheet Purchase Price
 Agreed Adjustments
 Unresolved Objections Accounting Firm
  19




---



##### 



Adjustment Section 3.3
    Allocation of Purchase Price Section 8.1 Allocation
Schedule Schedule 3.5 Section 3.5 Section
3.4
 Post-Closing Payments.
 Schedule 3.6(A) Schedule 3.6(A)
  20




---



##### 



Change of
Control
 Schedule 3.6(B) Entitlement Payment Closing Date Certificate Entitlement
Certificate
 Schedule 3.6(B
 Schedule 7.6
 21




---



##### 



Sections 3.2 3.3 3.4 Schedule 3.6(A)
 Section 3.6(b)
 Schedule 5.17(I)  Remaining Approvals 
 Proration of Taxes .
  22




---



##### 



Section 11.1(c)(iii)
 ARTICLE IV
 CLOSING
 Closing Date . Closing Date provided Schedule 3.1(B)
 Payment on the Closing Date Article 9 Schedule 4.2
 less
 less
 Holdback Amount Section 3.4
 Schedule 3.1(B)
 Buyers Additional Deliveries Article 9
    23




---



##### 



Section 10.1
 Exhibit A
    Exhibits N O
      Sellers Deliveries Article 10
    24




---



##### 



Exhibit B
  Exhibit
C Schedule 3.1(B) Section 3.1(b)
 Schedule
5.27 Schedule 5.27
 Section 4.9
    Indemnity Letter of Credit Exhibit D Section 11.1
 Sections 9.1 9.2
   Assignment and Assumption
Agreement Exhibit E Exhibits N O
 25




---



##### 



Assignment and Assumption of Contracts Exhibit E-1
 Assignment and Assumption of Leases Exhibit E-2
 Exhibit F
 Schedule 5.10(A)
   Exhibit Q
 Governmental Permits Schedule 5.9(A) Assigned Permits Schedule 5.9(A) Section 7.3
 26




---



##### 



Option Lots.
 Option Documents
 Exhibit G Assignment of Option Documents Owner SNDA
 Falcone/Ritchie
 Assignment of Developer/Declarant Rights Assignment of Developer/Declarant
Rights Exhibit H Schedule 5.33
 FIRPTA Certificate
 Other Deliverables
 27




---



##### 



ARTICLE V
 REPRESENTATIONS AND WARRANTIES OF SELLERS
 1
 Organization and Authority of Sellers; No Conflict.
 Schedule
5.1(A) Schedule 5.1(A) Schedule
5.1(A)
  Schedule 5.1(C) Required Consents
 
 1
    
    For purposes of this Article V, all
references to the Purchased Assets shall be deemed to include the
Contributed Assets. 28




---



##### 



Section 4.4
 Subsidiaries and Investments Schedule 5.2
 Assets Generally
  Section 3.1(b)
 29




---



##### 



Schedule 5.11(B)
   Financial Statements Schedule 5.4 Audited Financial Statements Unaudited Financial Statements Financial Statements Schedule 5.4
 Operations Since Balance Sheet Date.
 Schedule 5.5(A)
   Schedule 5.5(B)
 30




---



##### 



Schedule 5.15(K)
   31




---



##### 



No Undisclosed Liabilities Schedule 5.6
 Taxes .
 Provision for Taxes
 Tax Returns Filed Schedule 5.7(B) Schedule 5.7(B)
 32




---



##### 



Schedule 5.7(B)
 Tax Audits Schedule 5.7(C) Schedule 5.7(C)
 Other Schedule 5.7(D)
 Availability of Assets Schedule 5.9(A)
 Governmental Permits.
 Schedule 5.9(A) Schedule 5.9(A) Owned Property Governmental
Permits
 33




---



##### 



Schedule 5.9(A)
 Schedule 5.9(B )
 Schedule 5.9(A )
 Schedule 5.9(D ) Option
Governmental Permits Schedule 5.9(D )
 Schedule 5.9(E )
 34




---



##### 



Schedule 5.9(D )
 Real Property
 Schedule 5.10(A) Owned Real
Property
 Schedule 5.10(B) Optioned Real
Property Option Agreements Schedule 5.10(B) Schedule 5.10(B)
 Schedule 5.10(C)
 35




---



##### 



Schedule 5.17 Contract Real
Property Purchase Contracts Schedule 5.10(C)
 Schedule 5.10(D) Leased Real Property Schedule 5.10(D)
 Schedule 5.10(E)
   Schedule 5.10(H) Schedule 5.9(A) Schedules 5.10(H) 5.9(A)
 Schedule 5.10(I)
 36




---



##### 



Schedule 5.10(K)
  Schedule 5.10(M) Schedule 5.10(M)
 Moratorium
  Schedule 5.10(P)
  Schedule 5.10(R) Schedule 5.10(R)
 37




---



##### 



Schedule 5.14
    Schedule 5.10(W)
 Schedule 5.10(X)
   38




---



##### 



Schedule 2.3(C)
  DRI
 Schedule 7.6
 Personal Property.
 Schedule 5.11(A)
 Schedule 5.11(B)
 Intellectual Property; Software.
 Schedule 5.12(A) Schedule 5.12(A)
 Schedule 5.12(B)
 39




---



##### 



Schedule 5.12(C) Schedule 5.12(A) Schedule 5.12(B)
 Schedule 5.12(D) Schedule 5.12(D) Schedule 5.12(A) Schedule 5.12(D)
 Schedule 5.12(E) Schedule 5.12(A)
 Schedule 5.12(F)
 Schedule 5.12(G ) Schedule 5.12(B ) Schedule 5.12(B) Owned Software
 40




---



##### 



Schedule 5.12(H)
 Work in Progress WIP Schedule
5.13
 Title to Property Schedule 5.14 )
 Employees and Related Agreements; ERISA.
 Schedule 5.15(A)
 41




---



##### 



Section 5.15(d) Seller
Non-ERISA Plans
 Schedule 5.15(B) Section 5.15(d) Seller
Compensation Commitments
 Schedules 5.15(A) 5.15(B)
 Schedule 5.15(D) Seller ERISA Plans Seller Non-ERISA Plans Seller Compensation Commitments Seller
Plans Schedule 5.15(D) Multiemployer
Plans
   42




---



##### 



Schedule 5.15(K)
 Schedule 5.15(L)
 Schedule 5.15(M)
 43




---



##### 



Employee Relations Schedule 5.16 Section 8.4(a) WARN Schedule 5.16,
 Contracts
 Schedule 5.17(I)
 Schedule 5.10(B ) Schedule 5.10(C
 Schedule 5.17(II) Schedule
5.17(II)
   44




---



##### 



Schedule 3.1(B)
 Schedule 5.10(B)
 Schedule 5.17(I) (II)
 Schedule 5.17(I) (II) ,
  Schedule 5.17(II)
  45




---



##### 



Supply Agreements
 Subcontractor Agreements
 Developer Agreements
  Status of Contracts Schedule 5.18 Schedule 5.1(C)
 No Violation or Litigation Schedule 5.19
    46




---



##### 



Environmental Matters Schedule 5.20 Schedule 5.20
  Schedule 5.9(A) Schedule 5.9(D)
   47




---



##### 



48




---



##### 



Schedule 5.20
 Schedule 5.20
 Environmental Stage I
Work
 Environmental Stage II
Work
 Environmental Stage III Work
 Insurance Schedule 5.21
 49




---



##### 



Schedule 5.21
 Major Suppliers.
   Projections Projections Schedule 5.23 Schedule 2.3(H
 Warranties; Construction Defects.
 Schedule 5.24(A)
 50




---



##### 



Schedule 5.24(A)
 Schedule 5.24(B) Schedule 5.24(B)
 No Finder
 Reserved
 Bank Accounts; Power of Attorney; Minute Books.
 Schedule 5.27 Schedule 5.27
  51




---



##### 



Related Party and Other Transactions.
 Schedule 5.28(A) Schedule 5.28(A) Competing Business
  Schedule 5.28(A)
 Patriot Act.
 Patriot
Act Prohibited Person
 Executive Order
   52




---



##### 



http://www.treas.gov/ofac/tllsdn.pdf
   RESPA .
 First Florida Title Company
 Controlled
Business Arrangement Disclosure Statement Affiliated Business Arrangement
Disclosure Statement Schedule 5.30(B) Controlled Business Arrangement Disclosure Statements Affiliated
Business Arrangement Disclosure Statements
  HUD
 Schedule 5.30(E)
 Interstate Land Sales Full Disclosure Act Schedule 5.31
 53




---



##### 



Coastal Construction Control Line
 Homeowners Associations; Condominium Associations
 Schedule 5.33 Schedule 5.33 Associations
 Condominiums Condominium Projects
   54




---



##### 



Florida Condominium Act
 Community Development Districts
 Florida Uniform Land Sales Practices Law Schedule 5.35
 No Restrictions Schedule 5.36
 Compliance With Requirements of Law
   55




---



##### 



Schedule 5.37
 Books and Records
 Accounts Receivable Schedule 5.39, Schedule 5.39
 Sellers Names Schedule 5.1(A) Schedule 5.1(A)
 Disclosure
 ARTICLE VI
 REPRESENTATIONS AND WARRANTIES OF BUYER
  Organization of Buyer
 56




---



##### 



Authority of Buyer; No Conflict.
     No Finder
 Financing
 Ownership
 57




---



##### 



ARTICLE VII
 ACTIONS PRIOR TO THE CLOSING DATE
  Investigation by Buyer Article 9
 Preserve Accuracy of Representations and Warranties; Notification of Certain
Matters.
 Article 5 6
 Schedule
5.19
 Consents of Third Parties .
 Section 9.5 provided
 58




---



##### 



Section 7.3
 Operations Prior to the Closing Date.
  Section 7.4(a)
    Schedule 5.23 provided however Schedule 5.23
 Schedule 5.23 Schedule 5.17 Section 13.5
 Schedule 5.17
 59




---



##### 



Section 3.1(b)
      Schedule 7.4(b)(xii) Schedule 5.15(K)
   Section 8.3(a) Section 8.3(a)
 Schedule 5.4
 60




---



##### 



Schedule
5.21
  Licenses
 Minimum Lot Transfer Schedule 7.6 Schedule 7.6 Schedules 5.10(B) 5.10(C)
 Title Insurance .
 Title Company
   Title Commitments and Surveys Title Commitments Surveys
 61




---



##### 



Title Objections th provided however provided further
 Closing Endorsements Policy Policy Section 7.7
 Warranty Administration Pre-Closing Warranty Claims
 Acquisition Proposals
 62




---



##### 



Legal Descriptions Schedule 5.10(A) Schedule 5.10(B)
 ARTICLE VIII
 ADDITIONAL AGREEMENTS
 Covenant Not to Compete or Solicit Business.
 Schedule 8.1(B)
 Schedule 8.1(C) Coral Lakes Lots
  provided however
 (1)
    
    acquiring and converting existing
apartment buildings into condominiums for sale;
 63




---



##### 



(2)
    
    projects to develop multi-family
apartment rental properties, including the conversion of such
rental communities into condominiums for sale;(3)
    
    land banking, meaning taking
title to, providing land improvements, and financing raw land on
behalf of homebuilders that prefer to acquire only finished
lots; provided, however, that in the event that
the builder under a land banking arrangement fails to acquire
all of the real property subject to such land banking
arrangement, then such real property shall be subject to the
Right of First Offer Agreement;(4)
    
    commercial real estate projects,
including office, commercial, retail and industrial building;(5)
    
    projects to develop residential
condominiums over four (4) stories in height;(6)
    
    development of raw land,
including any combination of acquisition, entitlement and
infrastructure improvement of residential lots for sale to
homebuilders or individual owners; provided that Buyer
shall be given the right of first offer with respect to the
development of any residential lots located within the counties
listed on Schedule 8.1(B);(7)
    
    providing real estate mezzanine
and other debt financing to real estate companies and entities,
including companies and entities that are in the business of the
sale or production of new, single-family, detached homes;
provided that none of Sellers or Falcone may acquire any
equity ownership interest in such companies or entities or their
underlying assets or properties, except: (i) profit
participation rights; and (ii) if, through the exercise of
foreclosure and similar enforcement remedies upon default,
Sellers or Falcone obtain direct ownership rights in the
companies or entities or their assets and properties, with the
right to operate the assets and properties of such entities, so
long as such entities do not build, market or sell single-family
detached homes, townhomes, or residential condominiums less than
five (5) stories in height; provided, however,
that in the event that Sellers acquire any such real property
through foreclosure or deed in lieu of foreclosure, such real
property shall be subject to the Right of First Offer Agreement;(8)
    
    building and marketing a maximum
of two spec homes each year, provided that such homes are
marketed and sold for a sales price no less than Two Million
Dollars ($2,000,000.00) each; and(9)
    
    development, construction and
sale of the projects listed on Schedule 8.1(C) attached
hereto, which shall also be excluded from the Right of First
Offer Agreement.
 64




---



##### 



Section 8.1 Section 8.1 Section 8.1 Section 8.1 Section 8.1 Section 8.1 Section 8.1
 Release of Bonds Schedule 8.2 Schedule 8.2
 Taxes
 Income
Taxes
 Article 11
 65




---



##### 



Article 11 provided however Section 5.7 Section 8.3(a)(i))
 Other Taxes
 Article 11
 Article 11 provided however Section 5.7 Section 8.3(b)(i)
 Tax Returns Section 8.3 Section 8.3(c) Section
8.3(c)
 66




---



##### 



Section 8.3 Section 8.3
 Assistance and Cooperation
 Section 8.3(b)
 Section 8.3(c)
    Survival of Obligations Section. 13.1 Section 8.3
 Meaning of Income Taxes and Other Taxes Section
8.3 Income Taxes Other Taxes Tax Income Taxes
 Employees.
 Offer of Employment Section 8.4(a) Hired Employee
 67




---



##### 



Transition Section 8.4(a) Section 8.4 Section 8.5 pro rata
 Seniority
 Personnel Files
 Workers Compensation
 Cooperation
 Third Party Beneficiary
 Employee Benefit Plans
 Service Crediting
 68




---



##### 



Welfare Plans Continued Welfare
Plans
 Deductibles and Out-of-Pocket Payments
 COBRA
 TEP Savings Plans
 Use of Name Transeastern Properties Transeastern
 Filings with Governmental Bodies Section 9.4 provided
 First Florida Title Company
 Cooperation on Bronson, Cummer, Heller and Independence Projects. Related Owners
 69




---



##### 



Coral Lakes Construction.
 Life Insurance .
 Maintenance of Net Worth Schedule 10.5
 Cummer inter alia Cummer Schedule 5.10(B)
 Cummer 1044 Cummer 1044 Land Bank Schedule
5.10(B)
 Kendall Commons (Vizcaya) Vizcaya
 70




---



##### 



ARTICLE IX
 CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER
  No Misrepresentation or Breach of Covenants and Warranties
 No Changes or Destruction of Property
 No Restraint or Litigation
 Necessary Governmental Approvals Schedule
5.1(C) Section 8.7
 Necessary Consents Schedule 5.17 Exhibit I Schedule 5.12(A) Exhibit I Schedule 5.12(B)
 Minimum Net Worth Section 3.2
 71




---



##### 



Closing Deliveries Sections 4.4 4.5 4.6 4.8 4.9 4.10
 Approval by Shareholders or Members of Sellers
 Releases Schedule 3.1(B)
 Environmental Report
 Cummer West Property Exhibit M
 Coral Lakes Model Homes
 Payments of Accounts Receivable
 72




---



##### 



CMI Marketing
 Employment Matters
 Cummer 1400 Property Exhibit L
 Live Oak ACOE
 Construction on Lots
 Cooperation Agreements
 ARTICLE X
 CONDITIONS PRECEDENT TO OBLIGATIONS OF SELLERS
  No Misrepresentation or Breach of Covenants and Warranties
 73




---



##### 



No Restraint or Litigation
 Closing Deliveries Sections 4.2 4.3
 Minimum Net Worth
 Financing Schedule 10.5
 Cooperation Agreements
 ARTICLE XI
 INDEMNIFICATION AND POST-CLOSING REMEDIES
 Indemnification by Sellers.
  Section 7.1 Section 9.1
    74




---



##### 



Section 7.7
 Section 5.12
  provided however
 (1)
    
    Sellers shall not be required to
indemnify and hold harmless Buyer under clause (i) of this
Section 11.1 with respect to Losses and Expenses
incurred by Buyer Group Members (other than Losses and Expenses
incurred as a result of inaccuracies of the representations and
warranties contained in Sections 5.1, 5.2,
5.7, 5.14 (excepting those matters covered by
the Policy), and 5.25, as to which this proviso shall
have no effect) unless the aggregate amount of such Losses and
Expenses subject to indemnification by Sellers exceeds One
Hundred Thousand Dollars ($100,000.00), and once aggregate
Losses exceed One Hundred Thousand Dollars ($100,000.00),
Sellers will be liable for all Losses (i.e. from the first
dollar) and Expenses, subject to the limitation contained in
subclause (2) below; provided that, solely for purposes
of calculating the amount of damages incurred by any Buyer Group
Member and whether the threshold for such damages is reached, no
Material Adverse Effect or other materiality qualification to a
representation or warranty shall be considered;(2)
    
    in no event shall the aggregate
amount required to be paid by Sellers under clauses (i) and (ii)
of Section 11.1(a) (other than with respect to
Sections 5.1, 5.2, 5.7,
5.10 (excepting 5.10(A) and 5.10(B)), 5.14
(excepting those matters covered by the Policy), 5.25,
5.28, and 5.30) exceed Thirty-Five Million
Dollars ($35,000,000.00);(3)
    
    if a claim for indemnification
arises from or in connection with the fraudulent, willful or
intentional misrepresentation by any Seller of any
representation or warranty in this Agreement or any Ancillary
Agreement, the maximum aggregate amount that Sellers,
collectively, will be required to pay shall not be subject to
any limit;(4)
    
    if Buyers claim for
indemnification arises because the warranty expenses resulting
from the Warranty Administration Agreement (after recourse to
the other sources for payment of such expenses described in the
Warranty Administration Agreement) exceed the warranty reserves
set forth in the Financial Statements, the
 75




---



##### 



maximum aggregate
amount that Sellers, collectively, will be required to pay shall
not be subject to any limit; and(5)
    
    if Buyers claim for
indemnification arises because of any loss or expense in
connection with the soil condition at any Lot in Coral Lakes I
or II (other than the Coral Lakes Lots) or at any Model Home,
the maximum aggregate amount that Sellers, collectively, will be
required to pay shall not be subject to any limit.
 Section 11.1(a) Section 11.1(a)
 Sections 5.1 5.2 5.7 5.10 5.14 5.25 5.28 5.30 Sections 8.6 11.1(a)(vii
 Section 8.3 Section 11.1(a)(vi)
 Sections 11.1(a)(iii)
 Section 13.6
 Section 8.1 Section 11.1
 Section 11.3 Section 11.1 Article 11 Article 11
    76




---



##### 



Sections 5.1 5.2 5.7 5.14 5.25
 Section 3.6
   Section 5.23 Section
3.6(a) Section 11.1 Section 5.24 Section 11.1 Section 3.6(a)
 Indemnification by Buyer.
      77




---



##### 



provided however Section 11.2(a) Section 6.3
 Section 11.2(a) Section 11.2(a)
 Sections 6.1 6.2
 Section 5.7 Section 8.3
 Sections 11.2(a)(ii) 11.2(a)(iii)
 Section 13.6
 Section 11.3 Section 11.2 Article 11 Article 11
 Notice of Claims Indemnified Party Indemnitor Claim
Notice Section
11.1(c)(i) Sections 11.1(c)(ii 11.1(c)(iii 11.1(c)(iv 11.1(c)(v) 11.1(c)(vi Third Person
Claim
 78




---



##### 



Loss Calculation
 Third Person Claims.
 provided however
  Section 13.6
  79




---



##### 



Adjustment to Purchase Price Article
11
 Failure to Make Certain Payments th provided
 Exclusive Remedies Article 11
 ARTICLE XII
 TERMINATION AND PRE-CLOSING REMEDIES
 Termination
  provided however
   80




---



##### 



Article 9
 Article 10
  Notice of Termination Section 12.1
 Effect of Termination; Remedies; Treatment of the Deposit .
 Article 12 Section
12.3 Sections 13.2 13.10 13.12
 Section 12.1 Article 12
 Section 12.1 Section 12.1 Article 12 Section 12.3(c) plus Section
4.4(r) Article
12 Section 12.3(c) Section 4.6(b)
 81




---



##### 



Article 12 Section 12.3(c) Section
4.4(j) Section 12.3(e) (f)
 Article 12 Sections 12.1(a), (b) (d) Article 10
 Section 7.2(a)
 Section 12.3(a)
 Special Termination Negotiation
Period Section 3.1(a) Schedule 12.4
 First Extension Period
 82




---



##### 



Final
Extension Period
  ARTICLE XIII
 GENERAL PROVISIONS
 Survival of Obligations Article 11 Article 5 6
 Confidential Nature of Information
 No Public Announcement
 83




---



##### 



Notices
 If to Buyer, to:
    
    EH/TRANSEASTERN, LLCc/o Tousa Homes LPSuite 500-N4000 Hollywood Blvd.Hollywood, Florida 33021With a copy to:
    
    Technical Olympic USA, Inc.Suite 500-N4000 Hollywood Blvd.Hollywood, Florida 33021Attention: Tommy McAden, Executive Vice PresidentFax No.: (954) 364-4010With a copy to:
    
    Technical Olympic USA, Inc.Suite 500-N4000 Hollywood Blvd.Hollywood, Florida 33021Attention: Patricia PetersenSenior Vice President & General CounselFax No.: (954) 364-4037If to Sellers, to:
    
    Falcone Group, LLC1951 N.W. 19th Street, Suite 200Boca Raton, Florida 3343 lAttention: Arthur Falcone, Chief Executive OfficerFax No.: (561) 338-2971With a copy to:
    
    Nason Yeager Gerson White & Lioce, P.A.Mellon United National Bank Tower1645 Palm Beach Lakes BoulevardSuite 1200West Palm Beach, Florida 3340lAttention: Gary GersonFax No.: (561) 686-5442
  Successors and Assigns; No Third Party Beneficiaries.
 provided
 84




---



##### 



Article 6
   Access to Records after Closing
 Section 13.6
 Section 13.6
  Entire Agreement; Amendments
 85




---



##### 



Partial Invalidity
 Waivers
 Expenses
 Execution in Counterparts
 Enforcement of Agreement
 Further Assurances; Power of Attorney
 86




---



##### 



Section 7.3
 provided however th
 Sellers Representative Sellers Representative
 Governing Law; Jurisdiction
 Time is of the Essence
 87




---



##### 



Radon Gas
  Titles and Subtitles
 Legal Representation of the Parties
 Disclosure IF THE DISCLOSURE SUMMARY REQUIRED BY SECTION 720.401, FLORIDA
STATUTES, HAS NOT BEEN PROVIDED TO THE PROSPECTIVE PURCHASER BEFORE EXECUTING THIS AGREEMENT FOR
SALE, THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING TO SELLERS OR SELLERS AGENT OR
REPRESENTATIVE WRITTEN NOTICE OF THE BUYERS INTENTION TO CANCEL WITHIN 3 DAYS AFTER RECEIPT OF THE
DISCLOSURE SUMMARY OR PRIOR TO CLOSING, WHICHEVER OCCURS FIRST. ANY PURPORTED WAIVER OF THIS
VOIDABILITY RIGHT HAS NO EFFECT. BUYERS RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT CLOSING.
 Laguna Lakes
      88




---



##### 



THIS AGREEMENT IS VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF BUYERS INTENTION TO CANCEL
WITHIN 15 DAYS AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY BUYER, AND RECEIPT BY BUYER OF ALL
OF THE ITEMS REQUIRED TO BE DELIVERED TO BUYER BY THE DEVELOPER UNDER SECTION 718.503, FLORIDA
STATUTES. THIS AGREEMENT IS ALSO VOIDABLE BY BUYER BY DELIVERING WRITTEN NOTICE OF BUYERS
INTENTION TO CANCEL WITHIN 15 DAYS AFTER THE DATE OF RECEIPT FROM THE DEVELOPER OF ANY AMENDMENT
WHICH MATERIALLY ALTERS OR MODIFIES THE OFFERING IN A MANNER THAT IS ADVERSE TO BUYER. ANY
PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER MAY EXTEND THE TIME FOR
CLOSING FOR A PERIOD OF NOT MORE THAN 15 DAYS AFTER BUYER HAS RECEIVED ALL OF THE
ITEMS REQUIRED. BUYERS RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT CLOSING.
 89




---



##### 



IN WITNESS WHEREOF
 BUYEREH/TRANSEASTERN, LLC, a Delaware limited
liability companyBy:
    
    /s/ Tommy McAdenName:Title:SELLERSTRANSEASTERN PROPERTIES, INC., a Florida
corporationBy:
    
    /s/ Arthur FalconeName:Title:LIVE OAK DEVELOPMENT I, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:LIVE OAK DEVELOPMENT II, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:
 90




---



##### 



SERVICES MANAGEMENT, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TEP OF TRADITION, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TEPSR7, LLC, a Florida limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN ANTHONY GROVES, INC., a Florida
corporationBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN BAYSHORE, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN BRONSON, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:
 91




---



##### 



TRANSEASTERN CORAL LAKES, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN CYPRESS LANDING, LLC, a Florida
limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN DANIELS LANDING, LLC, a Florida
limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN HAMMOCKS, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN HELLER, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:
 92




---



##### 



TRANSEASTERN HOMES, INC., a Florida corporationBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN INDEPENDENCE, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN JONATHANS BAY, LLC, a Florida
limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN KENDALL POINTE, LLC, a Florida
limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN LAGUNA LAKES, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:
 93




---



##### 



TRANSEASTERN LEGACY PARK, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN OAK CREEK, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN OAK CREEK II, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN OLYMPIA POINTE, LLC, a Florida
limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN SAVANNAH, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:
 94




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##### 



TRANSEASTERN TRADITION, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN VERSAILLES, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN VICTORIA DUVAL, LLC, a Florida
limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN VILLA CAPRI AT METROWEST, LLC, a
Florida limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN VIZCAYA, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:
 95




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##### 



TRANSEASTERN WESTON RESERVE, LLC, a Florida
limited liability companyBy:
    
    /s/ Arthur FalconeName:Title:TRANSEASTERN YOUNG PINES, LLC, a Florida limited
liability companyBy:
    
    /s/ Arthur FalconeName:Title:Solely with respect to Section 2.1 and
12.4:FALCONE/RITCHIE, LLC, a Florida limited liability
companyBy:
    
    /s/ Arthur FalconeName:Title:Solely with respect to Sections 5.10(dd),
8.1, and 8.11:ARTHUR J. FALCONEBy:
    
    /s/ Arthur FalconeSolely with respect to Sections 5.10(dd) and
8.1:EDWARD W. FALCONEBy:
    
    /s/ Edward W. Falcone
 96