Document:

Exhibit 10.2

 

AMENDED
AND RESTATED GUARANTY AND SURETYSHIP AGREEMENT

 

THIS AMENDED AND RESTATED GUARANTY AND
SURETYSHIP AGREEMENT (the “Guarantee”) is made and entered into May 31,
2006, by each of the entities listed on the signature pages hereto (each a
“Guarantor” and collectively, the “Guarantors”), in favor of PNC BANK, NATIONAL
ASSOCIATION, including its successors and assigns, as administrative agent for
the Lenders under the Credit Agreement described below (the “Agent”).

 

BACKGROUND:

 

In order to induce the Lenders to make loans
to K. Hovnanian Enterprises, Inc., a California corporation (the “Borrower”),
in accordance with that certain Sixth Amended and Restated Credit Agreement of
even date herewith (as it may hereafter from time to time be amended,
restated, modified or supplemented, the “Credit Agreement”) by and among the
Borrower, Hovnanian Enterprises, Inc. (one of the Guarantors), the Agent,
and the Lenders now or hereafter party thereto (the “Lenders”), each Guarantor
hereby unconditionally and irrevocably guarantees and becomes surety as though
it was a primary obligor for the full and timely payment when due, whether at
maturity, by declaration, acceleration or otherwise, of the principal of and
interest and fees on all Obligations (as defined in the Credit Agreement), both
those now in existence and those that shall hereafter be made, of the Borrower
to the Agent and the Lenders under the Credit Agreement and the Notes issued by
the Borrower in connection therewith and any extensions, renewals, replacements
or refundings thereof, and each and every other obligation or liability (both
those now in existence and those that shall hereafter arise and including,
without limitation, all costs and expenses of enforcement and collection,
including reasonable attorney’s fees) of the Borrower to the Lenders under the
Credit Agreement and the other Loan Documents (as defined in the Credit
Agreement), and any extensions, renewals, replacements or refundings thereof
(hereinafter referred to as the “Guaranteed Indebtedness”), whether or not such
Guaranteed Indebtedness or any portion thereof shall hereafter be released or
discharged or is for any reason invalid or unenforceable.

 

1.             Capitalized
terms used herein and not otherwise defined herein shall have such meanings
given to them in the Credit Agreement.

 

2.             Each
Guarantor agrees to make such full payment forthwith upon demand of the Agent
when the Guaranteed Indebtedness or any portion thereof is due to be paid by
the Borrower to the Lenders, whether at stated maturity, by declaration,
acceleration or otherwise. Each Guarantor agrees to make such full payment
irrespective of whether or not any one or more of the following events has
occurred:  (i) the Agent has made
any demand on the Borrower or the other Guarantors; (ii) the Agent has
taken any action of any nature against the Borrower or the other Guarantors; (iii) the
Agent has pursued any rights which it has against any other Person who may be
liable for the Guaranteed Indebtedness; (iv) the Agent holds or has
resorted to any security for the Guaranteed Indebtedness; or (v) the Agent
has invoked any other remedy or right it has available with respect to the
Guaranteed Indebtedness. Each Guarantor further agrees to make full payment to
the Lenders even if circumstances exist which otherwise constitute a legal or
equitable discharge of such Guarantor as surety or guarantor.

 

 

3.             The
terms, conditions and provisions of Section 5.1 [Representations and
Warranties] of the Credit Agreement are incorporated herein by reference as if
fully set forth in this Guarantee. The Guarantors, jointly and severally,
without any further act or undertaking or the occurrence of any other event,
make the representations and warranties set forth in Section 5.1
[Representations and Warranties] of the Credit Agreement to the Agent and to
each of the Lenders on the date hereof and on the Closing Date and each date
thereafter on which a Loan is made or a Letter of Credit is issued as provided
in and subject to Section 6.1 [First Loans and Letters of Credit] and Section 6.2
[Each Additional Loan or Letter of Credit] of the Credit Agreement. In
addition, each Guarantor warrants to the Agent and the Lenders that: (i) no
other agreement, representation or special condition exists between such
Guarantor and the Agent or any Lender regarding the liability of such Guarantor
hereunder, nor does any understanding exist between such Guarantor and any
Lender that the obligations of such Guarantor hereunder are or will be other
than as set forth herein; and (ii) as of the date hereof, such Guarantor
has no defense whatsoever to any action or proceeding that may be brought
to enforce this Guarantee.

 

4.             Until
all of the Guaranteed Indebtedness is paid in full, each Guarantor waives and
agrees not to enforce any of the rights of such Guarantor against the Borrower
or the other Guarantors, including, but not limited to: (i) any right of
such Guarantor to be subrogated in whole or in part to any right or claim
with respect to any Guaranteed Indebtedness or any portion thereof to the
Lenders which might otherwise arise from payment by any Guarantor to the
Lenders on the account of the Guaranteed Indebtedness or any portion thereof;
and (ii) any right of any Guarantor to require the marshalling of assets
of the Borrower or the other Guarantors which might otherwise arise from
payment by any Guarantor to the Lenders on account of the Guaranteed
Indebtedness or any portion thereof. If any amount shall be paid to any
Guarantor in violation of the preceding sentence, such amount shall be deemed
to have been paid to such Guarantor for the benefit of, and held in trust for
the benefit of, the Lenders and shall forthwith be paid to the Agent and the
Lenders to be credited and applied upon the Guaranteed Indebtedness, whether
matured or unmatured, in accordance with the terms of the Credit Agreement. Each
Guarantor acknowledges that it will receive direct and indirect benefits from
the financing arrangements contemplated by the Credit Agreement and that the
waivers set forth in this Section are knowingly made in contemplation of
such benefits.

 

5.             Each
Guarantor waives promptness and diligence by the Lenders with respect to its
rights under the Credit Agreement or any of the other Loan Documents,
including, but not limited to, this Guarantee.

 

6.             Each
Guarantor waives any and all notice with respect to:  (i) acceptance by the Agent on behalf of
the Lenders of this Guarantee; (ii) the provisions of any note, instrument
or agreement relating to the Guaranteed Indebtedness; and (iii) any
default in connection with the Guaranteed Indebtedness.

 

7.             Each
Guarantor waives any presentment, demand, notice of dishonor or nonpayment,
protest, and notice of protest in connection with the Guaranteed Indebtedness.

 

8.             Each
Guarantor agrees that the Lenders may from time to time and as many times
as the Lenders, in their sole discretion, deem appropriate, do any of the
following without notice

 

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to any Guarantor and without adversely affecting the validity or
enforceability of this Guarantee: (i) release, surrender, exchange,
compromise, or settle the Guaranteed Indebtedness or any portion thereof; (ii) change,
renew, or waive the terms of the Guaranteed Indebtedness or any portion
thereof; (iii) change, renew, or waive the terms, including without
limitation, the rate of interest charged to the Borrower or any Guarantor, of
any note, instrument, or agreement relating to the Guaranteed Indebtedness or
any portion thereof; (iv) grant any extension or indulgence with respect
to the payment to the Lenders of the Guaranteed Indebtedness or any portion
thereof; (v) enter into any agreement of forbearance with respect to the
Guaranteed Indebtedness or any portion thereof; (vi) release, surrender,
exchange or compromise any security held by the Agent on behalf of the Lenders
for the Guaranteed Indebtedness; (vii) release any Person who is a
guarantor or surety or who has agreed to purchase the Guaranteed Indebtedness
or any portion thereof; and (viii) release, surrender, exchange or
compromise any security or lien held by the Agent on behalf of the Lenders for
the liabilities of any Person who is a guarantor or surety for the Guaranteed
Indebtedness or any portion thereof. Each Guarantor agrees that the Agent on
behalf of the Lenders may do any of the above as it deems necessary or
advisable, in its sole discretion, without giving any notice to any Guarantor,
and that each Guarantor will remain liable for full payment to the Lenders of
the Guaranteed Indebtedness.

 

9.             Each
Guarantor agrees to be jointly and severally bound by the terms of this
Guarantee and jointly and severally liable under this Guarantee. As a result of
such liability, each Guarantor acknowledges that the Lenders may, in their sole
discretion, elect to enforce this Guarantee for the total Guaranteed
Indebtedness against any Guarantor without any duty or responsibility to pursue
the other Guarantors and that such an election by the Lenders shall not be a
defense to any action the Agent on behalf of the Lenders may elect to take
against any Guarantor.

 

10.           If
any amount owing hereunder shall have become due and payable (by acceleration
or otherwise), any Lender and any branch, subsidiary or affiliate of any Lender
anywhere in the world shall each have the right, at any time and from time to
time to the fullest extent permitted by Law, in addition to all other rights
and remedies available to it, without prior notice to any Guarantor, to set-off
against and to appropriate and apply to such due and payable amounts any debt
owing to, and any other funds held in any manner for the account of any
Guarantor by any Lender or any such branch, subsidiary or affiliate including,
without limitation, all funds in all deposit accounts (whether time or demand,
general or special, provisionally credited or finally credited, or otherwise)
now or hereafter maintained by any Guarantor with any Lender or such branch,
subsidiary or affiliate. Such right shall exist whether or not any Lender shall
have given notice or made any demand hereunder or under any of the Notes or
Loan Documents, whether or not such debt owing to or funds held for the account
of any Guarantor is or are matured or unmatured, and regardless of the
existence or adequacy of any collateral, guarantee or any other security, right
or remedy available to any Lender. Each Guarantor hereby consents to and
confirms the foregoing arrangements, and confirms each Lenders rights and each
such branch’s, subsidiary’s and affiliate’s rights of banker’s lien and
set-off.

 

11.           Each
Guarantor recognizes and agrees that the Borrower, after the date hereof, may incur
additional Obligations or other obligations, fees and expenses to the Lenders
under the Credit Agreement, refinance existing Guaranteed Indebtedness or pay
existing Guaranteed

 

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Indebtedness and subsequently incur additional Obligations to the
Lenders under the Credit Agreement, and that in any such transaction, even if
such transaction is not now contemplated, the Lenders will rely in any such
case upon this Guarantee and the enforceability thereof against each Guarantor
and that this Guarantee shall remain in full force and effect with respect to
such future Obligations of the Borrower to the Lenders and such Obligations
shall for all purposes constitute Guaranteed Indebtedness.

 

12.           Each
Guarantor further agrees that, if at any time all or any part of any
payment, from whomever received, theretofore applied by the Lenders to any of
the Guaranteed Indebtedness is or must be rescinded or returned by the Lenders
for any reason whatsoever including, without limitation, the insolvency,
bankruptcy or reorganization of any Guarantor, such liability shall, for the
purposes of this Guarantee, to the extent that such payment is or must be
rescinded or returned, be deemed to have continued in existence,
notwithstanding such application by any Lender, and this Guarantee shall
continue to be effective or be reinstated, as the case may be, as to such
liabilities, all as though such application by the Lenders had not been made.

 

13.           Each
Guarantor agrees that no failure or delay on the part of any Lender or of
the Agent on behalf of the Lenders to exercise any of its rights, powers or
privileges under this Guarantee shall be a waiver of such rights, powers or
privileges or a waiver of any default, nor shall any single or partial exercise
of any of the Agent’s or of any Lenders’ rights, powers or privileges preclude
other or further exercise thereof or the exercise of any other right, power or
privilege or be construed as a waiver of any default. Each Guarantor further
agrees that no waiver or modification of any rights of the Lenders or of the
Agent under this Guarantee shall be effective unless in writing and signed by
each Lender and the Agent. Each Guarantor further agrees that each written
waiver shall extend only to the specific instance actually recited in such
written waiver and shall not impair the rights of any Lender or of the Agent in
any other respect.

 

14.           Each
Guarantor unconditionally agrees to pay all costs and expenses, including
attorney’s fees, incurred by the Agent on behalf of the Lenders in enforcing
this Guarantee against any Guarantor.

 

15.           Each
Guarantor agrees that this Guarantee and the rights and obligations of the
parties hereto shall for all purposes be governed by and construed and enforced
in accordance with the substantive law of the State of New Jersey without
giving effect to its principles of conflict of laws.

 

16.           Each
Guarantor acknowledges that in addition to binding itself to this Guarantee, at
the time of execution of this Guarantee the Agent offered to such Guarantor a
copy of this Guarantee in the form in which it was executed and that by
acknowledging this fact such Guarantor may not later be able to claim that
a copy of the Guarantee was not received by it.

 

17.           Each
Guarantor agrees that this Guarantee shall be binding upon each Guarantor and
its successors and assigns; provided, however, that no Guarantor may assign
or transfer any of its rights and obligations hereunder or any interest herein.
Each Guarantor further agrees that (i) this Guarantee is freely assignable
and transferable by the Lenders in connection with any

 

4

 

assignment or transfer of the Guaranteed Indebtedness and (ii) this
Guarantee shall inure to the benefit of the Lenders, and their successors and
assigns.

 

18.           Each
Guarantor agrees that if any Guarantor fails to perform any covenant or
agreement hereunder or if there occurs and continues to exist an Event of
Default under the Credit Agreement, all or any part of the Guaranteed
Indebtedness may be declared to be forthwith due and payable and, in the
case of an Event of Default described in Section 8.1.14 [Involuntary
Proceedings] or Section 8.1.15 [Voluntary Proceedings] of the Credit
Agreement, the Guaranteed Indebtedness shall be immediately due and payable, in
any case without presentment, demand, protest or notice of any kind, all of
which are hereby expressly waived.

 

19.           Each
Guarantor agrees that the enumeration of the Lenders’ rights and remedies set
forth in this Guarantee is not intended to be exhaustive and the exercise by
any of the Lenders of any right or remedy shall not preclude the exercise of
any other rights or remedies, all of which shall be cumulative and shall be in
addition to any other right or remedy given hereunder or under any other
agreement among the parties to the Loan Documents or which may now or
hereafter exist at law or in equity or by suit or otherwise.

 

20.           Each
Guarantor agrees that all notices, statements, requests, demands and other
communications under this Guarantee shall be given to each of the Guarantors at
the address set forth below their respective names on the signature page hereof
in the manner provided in Section 10.6 [Notices] of the Credit Agreement.

 

21.           (a)           Each
Guarantor agrees that the provisions of this Guarantee are severable, and in an
action or proceeding involving any state or federal bankruptcy, insolvency or
other law affecting the rights of creditors generally:

 

(i)            if
any clause or provision shall be held invalid or unenforceable in whole or in part in
any jurisdiction, then such invalidity or unenforceability shall affect only
such clause or provision, or part thereof, in such jurisdiction and shall
not in any manner affect such clause or provision in any other jurisdiction, or
any other clause or provision in this Guarantee in any jurisdiction.

 

(ii)           if
this Guarantee would be held or determined to be void, invalid or unenforceable
on account of the amount of a Guarantor’s aggregate liability under this
Guarantee, then, notwithstanding any other provision of this Guarantee to the
contrary, the aggregate amount of such liability shall, without any further
action by the Lenders, such Guarantor or any other Person, be automatically
limited and reduced to the highest amount which is valid and enforceable as
determined in such action or proceeding, which (without limiting the generality
of the foregoing) may be an amount which is not greater than the greater
of:

 

(A)          the
fair consideration actually received by such Guarantor under the terms of and
as a result of the Loan Documents, including, without limiting the generality
of the foregoing, and to the extent not inconsistent with applicable federal
and state laws affecting the enforceability of guarantees, distributions or
advances made to such Guarantor with the proceeds of any credit extended under
the Loan Documents in exchange for its guaranty of the Guaranteed Indebtedness,
or

 

5

 

(B)           the
excess of (1) the amount of the fair saleable value of the assets of such
Guarantor as of the date of this Guarantee as determined in accordance with
applicable federal and state laws governing determinations of the insolvency of
debtors as in effect on the date thereof over (2) the amount of all
liabilities of such Guarantor as of the date of this Guarantee, also as
determined on the basis of applicable federal and state laws governing the
insolvency of debtors as in effect on the date thereof.

 

(b)           If
the guarantee by any one or more Guarantors of the Guaranteed Indebtedness is
held or determined to be void, invalid or unenforceable, in whole or in part,
such holding or determination shall not impair or affect:

 

(i)            the
validity and enforceability of the guarantee hereunder by any other Guarantor,
which shall continue in full force and effect in accordance with its terms; or

 

(ii)           the
validity and enforceability of any clause or provision not so held to be void,
invalid or unenforceable.

 

22.           EACH
GUARANTOR HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION
DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
GUARANTEE. EACH GUARANTOR (i) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY LENDER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY
WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER,
AND EXECUTION AND DELIVERY HEREOF BY EACH GUARANTOR, AND (ii) ACKNOWLEDGES
THAT THE ENTERING INTO OF THE CREDIT AGREEMENT BY THE LENDERS HAS BEEN INDUCED
BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS SET FORTH IN THIS
SECTION.

 

23.           Each
Guarantor (i) hereby irrevocably submits to the nonexclusive jurisdiction
of the Superior Court of New Jersey, Law Division, Middlesex County, or any
successor to said court, and to the nonexclusive jurisdiction of the United
States District Court for the District of New Jersey, or any successor to said
court (hereinafter referred to as the “New Jersey Courts”) for purposes of any
suit, action or other proceeding which relates to this Guarantee or any other
Loan Document, (ii) to the extent permitted by applicable Law, hereby
waives and agrees not to assert by way of motion, as a defense or otherwise in
any such suit, action or proceeding, any claim that it is not personally
subject to the jurisdiction of the New Jersey Courts; that such suit, action or
proceeding is brought in an inconvenient forum; that the venue of such suit,
action or proceeding is improper; or that this Guarantee or any Loan Document may not
be enforced in or by the New Jersey Courts, (iii) hereby agrees not to
seek, and hereby waives, any collateral review by any other court, which may be
called upon to enforce the judgment of any of the New Jersey Courts, of the
merits of any such suit, action or proceeding or the jurisdiction of the New
Jersey Courts, and (iv) waives personal service of any and all process
upon it and consents that all such service of process be made by certified or
registered mail addressed as provided in Section 20 hereof and service so
made shall be deemed to be completed upon actual receipt thereof. Nothing herein
shall limit any Lenders right to bring any suit, action or other proceeding

 

6

 

against any Guarantor or any of any Guarantor’s assets or to serve
process on any Guarantor by any means authorized by Law.

 

24.           Each
Guarantor waives all defenses based on suretyship not specifically waived.

 

25.           At
any time when the Borrower wishes to cause the Lenders to release a Guarantor
from its obligations under this Guarantee (whether directly or in connection
with the designation of a Restricted Subsidiary as a Non-Restricted Person),
the consent of the Lenders shall be required as described below and shall be
subject to the other provisions of this Section 25.

 

(a)           For
the release of (i) any Guarantor whose assets are principally comprised of
residential or commercial property which is leased or held for the purposes of
leasing to unaffiliated third parties or (ii) any Guarantor in which any
Loan Party (or Loan Parties in the aggregate) has, at the time of such release,
a Subsidiary Investment less than $1,000,000 or (iii) Corporate Office
Subsidiary incident to it becoming an Non-Restricted Person or (iv) any
Guarantor at the time such Guarantor enters into a newly-formed Joint Venture
with a person which is not an Affiliate of the Loan Parties and transfers all
or a substantial portion of its assets to such Joint Venture provided that such
Guarantor is a Non-Restricted Person (or simultaneously with Borrower’s request
for such release the Borrower has designated such Guarantor as a “Non-Restricted
Person” in compliance with Section 2.11.2 of the Credit Agreement), no
consent of the Lenders shall be required and such request of the Borrower shall
be granted absent an Event of Default or Potential Default, effective on the
date specified by the Borrower which shall not be earlier than five (5) Business
Days after the receipt by the Agent of such request;

 

(b)           For
the release of any Guarantor (not described in clause 26(a)(i) hereof) in
which any Loan Party (or Loan Parties in the aggregate) has, at the time of
such release, a Subsidiary Investment greater than or equal to $1,000,000 and
less than $5,000,000 (except Corporate Office Subsidiary, if otherwise
applicable), the consent of Required Lenders shall be required; and

 

(c)           For
the release of Hovnanian or any Guarantor (not described in clause 26(a)(i) hereof)
in which any Loan Party (or Loan Parties in the aggregate) has, at the time of
such release, a Subsidiary Investment greater than or equal to $5,000,000
(except Corporate Office Subsidiary, if otherwise applicable), the consent of
100% of the Lenders shall be required.

 

(d)           The
designation of a Person as a Non-Restricted Person for any reason shall not
itself constitute a release of any Guarantor and any such release of such
Person shall be in accordance with Section 2.11 of the Credit Agreement.

 

26.           All
of the terms, conditions and provisions of Sections 7.1 [Affirmative
Covenants], Section 7.2 [Negative Covenants] and Section 7.3
[Reporting Requirements] of the Credit Agreement are incorporated herein by
reference as if fully set forth herein. Each of the Guarantors, jointly and
severally, without any further act or undertaking or the occurrence of any
other event, covenant and agree that until payment in full of the Loans,
Reimbursement

 

7

 

Obligations and Letter of Credit Borrowings and interest thereon,
expiration or termination of all Letters of Credit, satisfaction of all of the
Loan Parties’ other Obligations under the Credit Agreement and the satisfaction
of the Guaranteed Indebtedness under this Guarantee and termination of the
Commitments, they shall comply with the affirmative covenants set forth in Section 7.1
[Affirmative Covenants] of the Credit Agreement, comply with the negative
covenants set forth in Section 7.2 [Negative Covenants] of the Credit
Agreement and comply with Section 7.3 [Reporting Requirements] of the
Credit Agreement. In particular, each of the Guarantors shall not own or create
directly or indirectly any Subsidiaries other than (i) any Subsidiary
which has joined this Guarantee as a Guarantor on the Closing Date, (ii) any
Subsidiary formed or acquired after the Closing Date which joins this Guarantee
as a Guarantor pursuant to Section 27 below or (iii) any
Non-Restricted Person. To the extent that the obligations set forth in Section 7.3
[Reporting Requirements] are obligations which, by their nature, can only be
performed and/or satisfied by the Borrower and/or by Hovnanian, each of the Guarantors
shall fully cooperate with the Borrower and with Hovnanian in their respective
efforts to comply with their respective obligations set forth therein.

 

27.           Any
Subsidiary of Hovnanian which is required to join this Guarantee as a Guarantor
pursuant to Section 26 hereof or which is to become a Restricted
Subsidiary shall execute and deliver to the Agent (i) a Guarantor Joinder
pursuant to which it shall join as a Guarantor this Guarantee; and (ii) at
the request of the Agent, documents in the forms described in Section  6.1
[First Loans and Letters of Credit] of the Credit Agreement, modified as
appropriate to relate to such new Guarantor. Such new Guarantor shall deliver
such Guarantor Joinder and any related documents that the Agent may reasonably
request to the Agent after the formation thereof and its designation as a
Restricted Subsidiary, and such Subsidiary shall not be a Restricted Subsidiary
until the delivery and effectiveness of the items required herein.

 

28.           All
of the representations and warranties of the Guarantors contained herein
(either directly or indirectly) or made in connection herewith shall survive
the making of Loans and issuance of Letters of Credit and shall not be waived
by the execution and delivery of the Credit Agreement by any other party,
including the Agent and the Lenders, any investigation by the Agent or the
Lenders, the making of Loans, issuance of Letters of Credit, or payment in full
of the Loans. All covenants and agreements of the Guarantors contained in this
Guarantee shall continue in full force and effect from and after the date
hereof so long as the Borrower may borrow or request Letters of Credit
under the Credit Agreement, and until termination of the Commitments and
payment in full of the Loans and expiration or termination of all Letters of
Credit.

 

29.           Notwithstanding
the other provisions contained herein, at such time as the Guaranteed
Indebtedness shall have been paid in full, this Guarantee and all obligations
of the Agent and each Guarantor hereunder shall terminate, all without delivery
of any instrument or performance of any act by any party. At the request and
sole expense of the Guarantors, following any such termination, the Agent shall
execute and deliver to the Guarantors such documents as the Guarantors shall
reasonably request to evidence such termination.

 

[SIGNATURES
APPEAR ON FOLLOWING PAGE]

 

8

 

IN WITNESS WHEREOF, each Guarantor and the
Agent, intending to be legally bound, have executed this Guarantee on the date
first above written.

 

	
   

  	
  HOVNANIAN ENTERPRISES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Kevin C. Hake

  
	
   

  	
  Title:

  	
  Senior Vice-President — Finance and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  ARROW
  PROPERTIES, INC.

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN
  DEVELOPMENTS OF FLORIDA, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOV INTERNATIONAL, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOV IP, II, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOV IP, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN ACQUISITIONS, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT BERNARDS IV, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT BRANCHBURG III, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT BRIDGEPORT, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT BRIDGEWATER VI, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT BURLINGTON III, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT BURLINGTON, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT CALABRIA, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT CARMEL DEL MAR, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT CASTILE, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT CHAPARRAL, INC.

  

 

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  K.
  HOVNANIAN AT CLARKSTOWN, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT CRESTLINE, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT DOMINGUEZ HILLS, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT EAST WHITELAND I, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT FREEHOLD TOWNSHIP I, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT HERSHEY’S MILL, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT HACKETTSTOWN, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT HIGHLAND VINEYARDS, INC.

  
	
   

  	
   

  
	
   

  	
  K.
  HOVNANIAN AT HOPEWELL IV, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HOPEWELL VI, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HOWELL TOWNSHIP, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT KINGS GRANT I, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT KLOCKNER FARMS, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LA TERRAZA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LAKEWOOD, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LOWER SAUCON, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MAHWAH II, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MAHWAH V, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MAHWAH VI, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MAHWAH VII, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MANALAPAN, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MARLBORO II, INC.

  

 

2

 

	
   

  	
  K. HOVNANIAN AT MARLBORO TOWNSHIP IV, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT METRO DC SOUTH, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MONTCLAIR NJ, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MONTGOMERY I, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MONROE II, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTHERN WESTCHESTER, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTHLAKE, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT OCEAN TOWNSHIP, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT OCEAN WALK, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PERKIOMEN I, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PERKIOMEN II, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PLAINSBORO III, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PRINCETON, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RANCHO CRISTIANITOS, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RESERVOIR RIDGE, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SAN SEVAINE, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SARATOGA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SAWMILL, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SCOTCH PLAINS II, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SMITHVILLE, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SOUTH BRUNSWICK III, INC.

  

 

3

 

	
   

  	
  K. HOVNANIAN AT SOUTH BRUNSWICK V, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT STONE CANYON, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT STONY POINT, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SYCAMORE, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TANNERY HILL, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT THE BLUFF, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT THE CEDARS, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT THORNBURY, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TIERRASANTA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TROVATA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TUXEDO, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT UNION TOWNSHIP I, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT UPPER FREEHOLD TOWNSHIP I, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT UPPER MAKEFIELD I, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT VAIL RANCH, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WALL TOWNSHIP VI, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WALL TOWNSHIP VIII, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WASHINGTONVILLE, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WAYNE III, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WAYNE V, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WILDROSE, INC.

  

 

4

 

	
   

  	
  K. HOVNANIAN COMPANIES NORTHEAST, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN COMPANIES OF CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN COMPANIES OF MARYLAND, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN COMPANIES OF METRO WASHINGTON, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN COMPANIES OF NEW YORK, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN COMPANIES OF PENNSYLVANIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN COMPANIES OF SOUTHERN
  CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN CONSTRUCTION II, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN CONSTRUCTION III, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN CONSTRUCTION MANAGEMENT, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF VIRGINIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF ARIZONA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF CALIFORNIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF CONNECTICUT, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF D.C., INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF DELAWARE, INC.

  

 

5

 

	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF GEORGIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF ILLINOIS, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF INDIANA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF MARYLAND, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF MICHIGAN, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF MINNESOTA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY II, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF NEW YORK, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF NORTH CAROLINA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF OHIO, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF PENNSYLVANIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF SOUTH CAROLINA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF TEXAS, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN DEVELOPMENTS OF WEST VIRGINIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN ENTERPRISES, INC.

  

 

6

 

	
   

  	
  K. HOVNANIAN EQUITIES, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN FORECAST HOMES, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF NORTH CAROLINA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF VIRGINIA, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN INVESTMENT PROPERTIES OF NEW
  JERSEY, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN PA REAL ESTATE, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN PORT IMPERIAL URBAN RENEWAL, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN PROPERTIES OF NEWARK URBAN
  RENEWAL CORPORATION, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN PROPERTIES OF NORTH BRUNSWICK
  V, INC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN PROPERTIES OF WALL, INC.

  
	
   

  	
   

  
	
   

  	
  KHC ACQUISITION, INC.

  
	
   

  	
   

  
	
   

  	
  LANDARAMA, INC.

  
	
   

  	
   

  
	
   

  	
  M&M AT LONG BRANCH, INC.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD OF DELAWARE, INC.

  
	
   

  	
   

  
	
   

  	
  MCNJ, INC.

  
	
   

  	
   

  
	
   

  	
  PINE BROOK COMPANY, INC.

  
	
   

  	
   

  
	
   

  	
  REFLECTIONS OF YOU INTERIORS, INC.

  
	
   

  	
   

  
	
   

  	
  SEABROOK ACCUMULATION CORPORATION

  
	
   

  	
   

  
	
   

  	
  STONEBROOK HOMES, INC.

  
	
   

  	
   

  
	
   

  	
  THE MATZEL & MUMFORD ORGANIZATION, INC.

  
	
   

  	
   

  
	
   

  	
  WASHINGTON HOMES, INC.

  

 

7

 

	
   

  	
  WESTMINSTER HOMES OF TENNESSEE, INC.

  
	
   

  	
   

  
	
   

  	
  WESTMINSTER HOMES, INC.

  
	
   

  	
   

  
	
   

  	
  WH LAND I, INC.

  
	
   

  	
   

  
	
   

  	
  WH PROPERTIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Kevin C. Hake

  
	
   

  	
  On behalf of, and as Senior Vice-President — Finance and Treasurer
  of each of the foregoing corporations

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
  Peter S. Reinhart

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF D.C., L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of D.C., Inc.,
  as the sole member of the foregoing limited liability company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Kevin C. Hake

  
	
   

  	
  Senior
  Vice-President — Finance and Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
  Peter S. Reinhart

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP OF
  MARYLAND, L.L.C.

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT KING FARM, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RODERUCK. L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WILLOW BROOK, L.L.C.

  
					

 

8

 

	
   

  	
  K. HOVNANIAN COMPANIES OF METRO D.C. NORTH,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT BAYVIEW, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT CAMP SPRINGS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT FOREST RUN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT GREENWAY FARM PARK
  TOWNS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT GREENWAY FARM, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT RENAISSANCE PLAZA,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT RUSSETT, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF MARYLAND, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT KENT ISLAND
  CONDOMINIUMS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT KENT ISLAND,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT ST.
  MARGARETS LANDING, L.L.C.

  
	
   

  	
   

  
	
   

  	
  RIDGEMORE UTILITY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  WASHINGTON HOMES AT COLUMBIA TOWN CENTER,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  WESTMINSTER HOMES OF ALABAMA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  WESTMINSTER HOMES OF MISSISSIPPI, L.L.C.

  

 

9

 

	
   

  	
  WOODLAND LAKES CONDOS AT BOWIE NEWTOWN,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Maryland, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Kevin C. Hake

  
	
   

  	
  Senior
  Vice-President — Finance and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
  Peter S. Reinhart

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  ALFORD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  DULLES COPPERMINE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP OF
  VIRGINIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LAKE RIDGE CROSSING, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LAKE TERRAPIN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN COMPANIES OF METRO WASHINGTON,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN FOUR SEASONS @ HISTORIC
  VIRGINIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN FRANCUSCUS HOMES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT BANYON COVE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT CAMERON STATION,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT LAUREL HIGHLANDS,
  L.L.C.

  

 

10

 

	
   

  	
  K. HOVNANIAN HOMES AT PAYNE STREET, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT THE EASTON, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN SUMMIT HOLDINGS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT ASHBURN
  VILLAGE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT VINT HILL,
  L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Virginia, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  Kevin C. Hake

  
	
   

  	
  Senior
  Vice-President — Finance and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
  Peter S. Reinhart

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP OF NEW
  JERSEY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT ABERDEEN URBAN RENEWAL,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT BARNEGAT I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT BARNEGAT II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT BARNEGAT III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT BERKELEY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT BERNARDS V, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT BLUE HERON PINES, L.L.C.

  

 

11

 

	
   

  	
  K. HOVNANIAN AT BRIDGEWATER I, L.L.C

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CAMDEN I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CEDAR GROVE III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CEDAR GROVE IV, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CHESTER I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CHESTERFIELD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CHESTERFIELD II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CLIFTON II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CLIFTON, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CRANBURY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CURRIES WOODS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT DENVILLE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT DEPTFORD TOWNSHIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT DOVER, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT EDGEWATER II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT EDGEWATER, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT EGG HARBOR TOWNSHIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT EGG HARBOR TOWNSHIP II,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT FIFTH AVENUE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT FLORENCE I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT FLORENCE II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT FOREST MEADOWS, L.L.C.

  

 

12

 

	
   

  	
  K. HOVNANIAN AT FRANKLIN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT FREEHOLD TOWNSHIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT GREAT NOTCH, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT GUTTENBERG, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HACKETTSTOWN II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HAMBURG CONTRACTORS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HAMBURG, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HAWTHORNE, L.L.C

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HAZLET, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT JACKSON I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT JACKSON, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT JERSEY CITY IV, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT JERSEY CITY V URBAN RENEWAL
  COMPANY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LAFAYETTE ESTATES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LAWRENCE V, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LINWOOD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LITTLE EGG HARBOR TOWNSHIP
  II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LITTLE EGG HARBOR
  CONTRACTORS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LITTLE EGG HARBOR, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LONG BRANCH I, L.L.C.

  

 

13

 

	
   

  	
  K. HOVNANIAN AT MANALAPAN III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MANSFIELD I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MANSFIELD II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MANSFIELD III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MAPLE AVENUE I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MAPLE AVENUE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MARLBORO TOWNSHIP IX,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MARLBORO TOWNSHIP V, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MARLBORO TOWNSHIP VIII,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MARLBORO VI, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MARLBORO VII, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MENDHAM TOWNSHIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MIDDLE TOWNSHIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MIDDLETOWN II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MIDDLETOWN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MILLVILLE I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MILLVILLE II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MILLVILLE III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MONROE III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MONROE IV, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MONROE NJ, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MONTVALE, L.L.C.

  

 

14

 

	
   

  	
  K. HOVNANIAN AT MT. OLIVE TOWNSHIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NEW BRUNSWICK URBAN RENEWAL,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTH BERGEN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTH BRUNSWICK VI, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTH CALDWELL II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTH CALDWELL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTH HALEDON, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTH WILDWOOD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTHFIELD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT OLD BRIDGE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PARAMUS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PARSIPPANY-TROY HILLS,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PITTSGROVE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PRINCETON LANDING, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PRINCETON NJ, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RANDOLPH I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT READINGTON II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RED BANK, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RIDGEMONT, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SAYREVILLE, L.L.C.

  

 

15

 

	
   

  	
  K. HOVNANIAN AT SCOTCH PLAINS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SMITHVILLE III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SOMERS POINT, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SOUTH BRUNSWICK, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SPARTA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SPRINCO, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SPRINGFIELD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TEANECK, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT THE MONARCH, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TRENTON, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TRENTON URBAN RENEWAL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT UNION TOWNSHIP II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT UPPER FREEHOLD TOWNSHIP II,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT UPPER FREEHOLD TOWNSHIP
  III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT VINELAND, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WANAQUE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WARREN TOWNSHIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WASHINGTON, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WAYNE IX, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WAYNE VIII, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WEST FRONT STREET, L.L.C.

  

 

16

 

	
   

  	
  K. HOVNANIAN AT WEST MILFORD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WEST WINDSOR, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WILDWOOD BAYSIDE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WOODHILL ESTATES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WOOLWICH I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN CENTRAL ACQUISITIONS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN CLASSICS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN CLASSICS CIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN INVESTMENTS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN NORTH CENTRAL ACQUISITIONS,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN NORTH JERSEY ACQUISITIONS,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN NORTHEAST SERVICES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN SHORE ACQUISITIONS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN SOUTHERN NEW JERSEY, L.LC.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN SOUTH JERSEY ACQUISITIONS,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN T&C INVESTMENT, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S PRIVATE HOME PORTFOLIO,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  NORTHEAST BUILDING PRODUCTS &
  CONTRACTOR SERVICES, L.L.C.

  

 

17

 

	
   

  	
  TERRAPIN REALTY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  KHIP, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Holdings NJ, L.L.C., as the
  sole member of

  
	
   

  	
  each of the foregoing limited liability
  companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  K. Hovnanian Developments of New Jersey, Inc.,
  as 

  
	
   

  	
   

  	
   

  	
  member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Kevin C. Hake

  
	
   

  	
   

  	
  Senior
  Vice-President — Finance and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
  Peter S. Reinhart

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  AND

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  K. Hovnanian Developments of New Jersey II, Inc.,
  as member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Kevin C. Hake

  
	
   

  	
   

  	
  Senior
  Vice-President — Finance and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  
	
   

  	
   

  	
  Peter S. Reinhart

  
	
   

  	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP OF
  CALIFORNIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT 3 CHAPMAN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT EVERGREEN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT 4S, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT ACQUA VISTA, L.L.C.

  

 

 

18

 

 

	
   

  	
  K. HOVNANIAN AT ALISO, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT ARBOR HEIGHTS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT AVENUE ONE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT BELLA LAGO, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT BRIDLEWOOD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CAPISTRANO, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CARMEL VILLAGE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CIELO, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT ROSEMARY LANTANA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT CORTEZ HILL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT EASTLAKE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT ENCINITAS RANCH, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT EVERGREEN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT GASLAMP SQUARE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HIGHWATER, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LA COSTA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LA COSTA GREENS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LA HABRA KNOLLS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LAKE HILLS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LITTLE TOKYO, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MENIFEE, L.L.C.

  

 

19

 

	
   

  	
  K. HOVNANIAN AT MOCKINGBIRD CANYON, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MOSAIC, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT OLDE ORCHARD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PACIFIC BLUFFS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PACIFICA SAN JUAN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PARK LANE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PIAZZA D’ORO, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT PRADO, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RANCHO SANTA MARGARITA,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RIVERBEND, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT ROSEMARY LATANA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT ROWLAND HEIGHTS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SAGE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SKYE ISLE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT SUNSETS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT THE CROSBY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT THE GABLES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT THE PRESERVE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT THOMPSON RANCH, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TOWNGATE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT TRAIL RIDGE, L.L.C.

  

 

20

 

	
   

  	
  K. HOVNANIAN AT WINCHESTER, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN INTERNATIONAL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN T&C MANAGEMENT CO., L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT BAKERSFIELD,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT HEMET,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT MENIFEE
  VALLEY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT PALM
  SPRINGS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of California, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C. Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance
  and

  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Peter S. Reinhart

  
	
   

  	
   

  	
  Secretary

  
							

 

21

 

	
   

  	
  K. HOVNANIAN HOLDINGS NJ, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of New Jersey, Inc.,
  as member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  AND

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of New Jersey II, Inc.,
  as member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP I,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP II,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LOWER MAKEFIELD TOWNSHIP I,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LOWER MORELAND I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT LOWER MORELAND II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT NORTHAMPTON. L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RAPHO, L.L.C.

  

 

22

 

	
   

  	
  K. HOVNANIAN AT UPPER UWCHLAN II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT UPPER UWCHLAN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT WEST BRADFORD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF PENNSYLVANIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN PENNSYLVANIA ACQUISITIONS,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  RIDGEMORE UTILITY ASSOCIATES OF
  PENNSYLVANIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN SUMMIT HOMES OF PENNSYLVANIA,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Companies of Pennsylvania, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP OF FLORIDA,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN CAMBRIDGE HOMES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN FCS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN FIRST HOMES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN STANDING ENTITY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN T&C HOMES AT FLORIDA,
  L.L.C.

  
						

 

23

 

	
   

  	
  K. HOVNANIAN WINDWARD HOMES, L.L.C.

  	 

	
   

  	
   

  	 

	
   

  	
  K. HOVNANIAN HOMES OF MARYLAND, L.L.C.

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  Hovnanian Developments of Florida, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
   

  	
  Kevin C. Hake

  	 

	
   

  	
   

  	
  Senior
  Vice-President — Finance and 

  	 

	
   

  	
   

  	
  Treasurer

  	 

	
   

  	
   

  	 

	
   

  	
  Attest:

  	
   

  	
   

  	 

	
   

  	
  Peter S.
  Reinhart

  	 

	
   

  	
  Secretary

  	 

	
   

  	
   

  	 

	
   

  	
  K. HOVNANIAN COMPANIES, LLC

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  K. Hovnanian Enterprises, Inc., as
  member of the foregoing limited liability company.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
   

  	
  Kevin C.
  Hake

  	 

	
   

  	
   

  	
  Senior Vice-President — Finance and

  	 

	
   

  	
   

  	
  Treasurer

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  AND

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  K. Hovnanian Developments of New Jersey II, Inc.,
  as member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  	 

	
   

  	
  Peter S.
  Reinhart

  	 

	
   

  	
  Secretary

  	 

										

 

24

 

	
   

  	
  K. HOVNANIAN EASTERN PENNSYLVANIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian at Perkiomen II, Inc., as
  the sole member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN FOUR SEASONS AT GOLD HILL,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF SOUTH CAROLINA,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of South Carolina, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN GREAT WESTERN BUILDING
  COMPANY, L.L.C.

  
							

 

25

 

	
   

  	
  K. HOVNANIAN GREAT WESTERN HOMES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Arizona, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT HIGHLAND SHORES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT RIDGESTONE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF MINNESOTA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT RUSH CREEK,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN T&C HOMES OF MINNESOTA,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Minnesota, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
						

 

26

 

	
   

  	
  K. HOVNANIAN OHIO REALTY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN SUMMIT HOMES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  MIDWEST BUILDING PRODUCTS &
  CONTRACTOR SERVICES, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Ohio, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C. Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF WEST VIRGINIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT HUNTFIELD,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN SUMMIT HOMES OF WEST VIRGINIA,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of West Virginia, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S. Reinhart

  
	
   

  	
  Secretary

  
						

 

27

 

	
   

  	
  K. HOVNANIAN SUMMIT HOMES OF MICHIGAN,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Michigan, Inc.,
  as the sole member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  KINGS COURT AT MONTGOMERY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT CHESTERFIELD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT APPLE RIDGE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT BROOKHILL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT EAST MILL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT HERITAGE WOODS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT MORRISTOWN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT SHERIDAN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT SPARTA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT SPINNAKER POINTE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT SPRUCE HOLLOW, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT SPRUCE MEADOWS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT SPRUCE RUN, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT THE HIGHLANDS, L.L.C.

  
						

 

28

 

	
   

  	
  MATZEL & MUMFORD AT CRANBURY
  KNOLL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD AT EGG HARBOR,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD AT FREEHOLD,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD AT HERITAGE
  LANDING, L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD AT MONTGOMERY,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD AT PHILLIPSBURG,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD AT SOUTH
  BRUNSWICK, L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD AT WOODLAND
  CREST, L.L.C.

  
	
   

  	
   

  
	
   

  	
  THE LANDINGS AT SPINNAKER POINTE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD OF DELAWARE,
  L,L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  The Matzel & Mumford Organization, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
						

 

29

 

	
   

  	
  M&M AT EAST RUTHERFORD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT KENSINGTON WOODS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT ROBERT MORRIS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT TAMARACK HOLLOW, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT THE CHATEAU, L.LC.

  
	
   

  	
   

  
	
   

  	
  M&M AT WEST ORANGE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT WESTPORT, L.L.C.

  
	
   

  	
   

  
	
   

  	
  M&M AT WHEATENA URBAN RENEWAL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  MATZEL & MUMFORD AT SOUTH BOUND
  BROOK URBAN RENEWAL, L.L.C.

  
	
   

  	
   

  
	
   

  	
  MMIP, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  M&M Investments, L.P., as the sole
  member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT FAIRWOOD, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT JONES STATION 1,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT JONES STATION 2,
  L.L.C.

  
						

 

30

 

	
   

  	
  K. HOVNANIAN HOMES AT MAXWELL PLACE. L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES AT PRIMERA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  PADDOCKS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  PINE AYR, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Homes of Maryland, L.L.C., as
  the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP OF TEXAS,
  L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Goodman Family of Builders, L.P., as the
  sole member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  K. Hovnanian Developments of Florida, as
  general partner of the foregoing limited partnership.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
   

  	
  Senior Vice-President —

  
	
   

  	
   

  	
   

  	
  Finance and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Peter S. Reinhart

  	
   

  
	
   

  	
   

  	
   

  	
  Secretary

  	
   

  
											

 

31

 

	
   

  	
  K. HOVNANIAN AT NEW WINDSOR, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT YONKERS I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT YONKERS II, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT YONKERS III, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian at Northern Westchester, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT
  CHARLOTTESVILLE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT DULLES
  DISCOVERY CONDOMINIUM, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT DULLES
  DISCOVERY, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN’S FOUR SEASONS AT NEW KENT,
  L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Virginia, Inc.,
  as the sole member of each of the foregoing limited liability companies.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
  Peter S. Reinhart

  	
   

  
	
   

  	
   

  	
  Secretary

  	
   

  
											

 

32

 

	
   

  	
  K. HOVNANIAN DELAWARE ACQUISITIONS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF DELAWARE, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Delaware, Inc.,
  as the sole member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN AT MENIFEE VALLEY 

  
	
   

  	
  CONDOMINIUMS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian’s Four Seasons At Menifee 

  
	
   

  	
   

  	
  Valley, L.L.C.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
							

 

33

 

	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP OF NORTH
  CAROLINA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of North Carolina, Inc.,
  as the sole member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN HOMES OF INDIANA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Indiana, Inc.,
  as the sole member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  

 

34

 

	
   

  	
  K. HOVNANIAN CONNECTICUT

  ACQUISITIONS, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of

  Connecticut, Inc., as the sole member of the

  foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN VENTURE I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian at Raritan I, Inc., as
  the sole

  member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
						

 

35

 

	
   

  	
  K. HOVNANIAN T&C HOMES AT ILLINOIS,

  L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Illinois,

  Inc., as the sole member of the foregoing

  limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN LAND INVESTMENT GROUP OF

  GEORGIA, L.L.C

  
	
   

  	
   

  
	
   

  	
  HOVNANIAN CRAFTBUILT HOMES OF

  GEORGIA, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Georgia,

  Inc., as the sole member of each of the

  foregoing limited liability companies.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
							

 

36

 

	
   

  	
  HLIG INVESTMENT I, L.L.C.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  MSHOV Holding Company, L.L.C., as sole
  member of the foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Holdings NJ, L.L.C., as the
  sole member of the 

  
	
   

  	
  foregoing limited liability company.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  K. Hovnanian Developments of New Jersey, Inc.,
  as member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  AND

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  K. Hovnanian Developments of New Jersey II, Inc.,
  as member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
									

 

37

 

	
   

  	
  GOODMAN FAMILY OF BUILDERS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Florida, Inc.
  as general partner of the foregoing limited partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Texas, Inc.
  as general partner of the foregoing limited partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
						

 

38

 

	
   

  	
  K. HOVNANIAN OF HOUSTON II, L.P.

  
	
   

  	
   

  
	
   

  	
  K. HOVNANIAN OF HOUSTON, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of California, Inc.,
  as general partner of each of the foregoing limited partnerships.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Developments of Texas, Inc.

  as limited partner of the foregoing limited

  partnership

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
						

 

39

 

	
   

  	
  M&M INVESTMENTS, L.P.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  K. Hovnanian Holdings NJ, L.L.C., as
  general partner of the foregoing limited partnership.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Kevin C.
  Hake

  
	
   

  	
   

  	
  Senior Vice-President — Finance and 

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  
	
   

  	
  Attest:

  	
   

  	
   

  
	
   

  	
  Peter S.
  Reinhart

  
	
   

  	
  Secretary

  
	
   

  	
   

  
	
   

  	
  Address for Notices for each of the
  foregoing

  Guarantors:

  
	
   

  	
   

  
	
   

  	
  c/o K. Hovnanian Enterprises, Inc.

  110 West Front St., P.O. Box 500

  Red Bank, NJ 07701

  Attention:  Kevin C. Hake

  Telephone:  (732) 747-7800

  
	
   

  	
  Telecopy: 
  (732) 747-6835

  
						

 

40

 

	
   

  	
  PNC BANK, NATIONAL ASSOCIATION,

  as Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

41Exhibit 10.8

 

AMENDMENT

 

This Amendment (this “Amendment”), dated as of May 31, 2006,
is entered into by and between IMPLANT SCIENCES CORPORATION, a Massachusetts
corporation (the “Company”), and LAURUS MASTER FUND, LTD., a Cayman
Islands company (“Laurus”), for
the purpose of amending the terms of (i) the Securities Purchase
Agreement, dated September 30, 2005 (the “Purchase
Agreement”) by and between the Company and Laurus and (ii) the
Certificate of Vote of Directors Establishing a Class or Series of
Stock, dated September 30, 2005 (the “Certificate of Vote of
Directors”). Capitalized terms used herein without definition shall
have the meanings ascribed to such terms in the Purchase Agreement.

 

WHEREAS, the Company and Laurus have agreed
to make certain changes to the Purchase Agreement and the Certificate of Vote
of Directors as set forth herein;

 

WHEREAS, the Company and Laurus have
previously agreed to postpone the obligations of the Company to make the
scheduled amortization payments for January 2006, February 2006 and March 2006
on such dates, and instead such payments are due and payable on the Mandatory
Redemption Date; and

 

WHEREAS, Laurus has agreed to postpone the
obligation of the Company to make certain scheduled amortization payments in
accordance with the terms of the Purchase Agreement as set forth herein and, in
consideration therefore and in consideration of the other agreements set forth
herein, the receipt of which is hereby acknowledged, the Company has agreed to
issue an additional common stock purchase warrant to Laurus to purchase up to 150,000
shares of the Common Stock of the Company at an exercise price of $4.26 per
share (the “New Warrant”).

 

NOW,
THEREFORE, in accordance with the Purchase Agreement and in consideration of
the above, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto amend the
Purchase Agreement and, as applicable, all the Related Agreements, and agree as
follows:

 

1.                                       Laurus hereby
agrees that:

 

(a)                                  the Company shall not be
required to pay the Monthly Amount due on the first business day of October 2006
on such date, and instead such Monthly Amount shall be due and payable, in
cash, or as provided for in the Purchase Agreement, on the Mandatory Redemption
Date;

 

(b)                                 Section 4(c) of the
Certificate of Vote of Directors shall be amended by reducing the Fixed
Conversion Price (as defined in the Certificate of Vote of Directors) from
$6.80 per share to $4.15 per share;

 

 

(c)                                  the scheduled amortization
payments due by the Company on the first business day of April 2006, May 2006,
June 2006, July 2006, August 2006 and September 2006, as
provided in the Purchase Agreement, shall be converted into 261,233 shares of
Common Stock of the Company at a conversion price of $3.48 per share, and the
Company shall register such shares in addition to any other shares the Company
is required to register pursuant to the Purchase Agreement; and

 

(d)                                 In consideration of the
agreements set forth in (a), (b) and (c) above, and the other
agreements contained herein, the receipt of which is hereby acknowledged, the
Company hereby agrees to issue to Laurus the New Warrant. The Company and
Laurus hereby agree that the New Warrant constitutes a “Warrant” under and as
defined in the Registration Rights Agreement, dated September 30, 2005,
between the Company and Laurus.

 

2.                                       The Company
shall amend the Certificate of Vote of Directors in accordance with the terms
and provisions of this Amendment and file such amendment with the Commonwealth
of Massachusetts.

 

3.                                       This Amendment
shall be effective as of the date hereof upon the execution and delivery of
same by each of the Company and Laurus.

 

4.                                       Except as
specifically set forth in this Amendment, there are no other amendments to the
Purchase Agreement or the Certificate of Vote of Directors, or any of the
Related Agreements entered into therewith, and all of the other forms, terms
and provisions of the Purchase Agreement and the Certificate of Vote of
Directors and such Related Agreements shall remain unmodified and in full force
and effect. Further, the Company and Laurus hereby acknowledge that no
penalties or fees are currently due by the Company under the terms of the
Purchase Agreement or such Related Agreements.

 

5.                                       The Company and
Laurus hereby represent and warrant that as of the date hereof, after giving
effect to this Amendment (the terms of which shall not constitute an Event of
Default), (i) no Event of Default exists and is continuing and (ii) all
representations, warranties and covenants made by the parties in connection
with the Purchase Agreement are true, correct and complete and all of Company’s
and its Subsidiaries’ covenant requirements have been met.

 

6.                                       This Amendment
shall be binding upon the parties hereto and their respective successors and
permitted assigns and shall inure to the benefit of and be enforceable by each
of the parties hereto and its successors and permitted assigns. THIS AMENDMENT SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK. This Amendment may be
executed in any number of counterparts, each of which shall be an original, but
all of which shall constitute one instrument.

 

 

IN
WITNESS WHEREOF, each of the Company and Laurus has
caused this Amendment to be effective and signed in its name effective as of
the date set forth above.

 

 

	
   

  	
  IMPLANT SCIENCES CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  LAURUS MASTER FUND, LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]