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firstamendment.htm

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    FIRST
      AMENDMENT TO PURCHASE AGREEMENT

     

    THIS
      FIRST AMENDMENT TO PURCHASE
      AGREEMENT (the “First Amendment”) is made by and between ST. CHARLES COMMUNITY,
      LLC, a Delaware limited liability company (hereinafter referred to as “Seller”)
      and U.S. HOME CORPORATION, a Delaware corporation (hereinafter referred to
      as
“Purchaser”), this 20th day of June, 2006.

    

    RECITALS

    

    R-1.           Seller
      and Purchaser are parties to that Purchase Agreement, dated March 4, 2004 (the
      “Contract”), for the purchase and sale of certain property located within the
      Fairway Village section of the St. Charles project, in Charles County, Maryland,
      as more particularly described therein (the “Property”).

    

    R-2.           Seller
      and Purchaser desire to amend certain terms of the Contract as set forth
      herein.

    

     NOW,
      THEREFORE, for Ten Dollars
      ($10.00) cash in hand paid, and the mutual promises and covenants set forth
      herein, and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby acknowledged by Seller and Purchaser, Seller
      and
      Purchaser hereby agree as follows:

    

    1.           Incorporation
      of Recitals.  Each of the recitals set forth above is hereby
      incorporated by references as if set forth fully at this point in this First
      Amendment.

    

    2.           Defined
      Terms.  Capitalized terms used in this First Amendment and not
      defined herein shall have the meaning ascribed to them in the
      Contract.

    

    3.           Payment
      of Purchase Price.  Paragraph 1.02 of the Contract sets the
      purchase price of the Lots at 30% of the “selling price” of the homes to be
      constructed by Purchaser on each respective Lot.  However, the
“selling price” of homes is often not known at the time of Closing on the Lots
      under the Contract.  Therefore, Seller and Purchaser agree that, with
      respect to single family detached Lots (including Lots which are subject to
      the
“Everything’s Included” program as described in Paragraph 4 below), Purchaser
      shall pay Seller the sum of One Hundred Thirty Thousand and No/100 Dollars
      ($130,000.00) for each Lot and the time of Closing thereon.  Within
      thirty-five (35) days following closing by Purchaser on the sale of the
      completed home located on each respective Lot, Purchaser shall give Seller
      written notice of the “selling price” of such home, and shall pay to Seller any
      amount of purchase price for such Lot in excess of $130,000.00, based upon
      the
“selling price” of the home constructed thereon.  In the event the
      purchase price of any such Lot would have been less than $130,000.00, based
      upon
      the “selling price” of the home constructed thereon, Seller shall refund the
      amount of any overpayment to Purchaser within thirty-five (35) days after
      receipt of such written notice from Purchaser.  The obligations
      described in this paragraph shall survive Closing on each of the
      Lots.

    

    4.           Calculation
      of Purchase Price for “Everything’s Included” Homes. Seller and Purchaser
      acknowledge that Purchaser has commenced marketing homes under an “Everything’s
      Included” program, whereby improvements which are customarily sold as upgrades
      or optional features are included in the base sale price of
      homes.  For all single-family detached homes sold by Purchaser under
      its “Everything’s Included” program, or any equivalent program, (i) the gross
      selling price, including all options and upgrades, and including all
      consideration paid for the house, shall be shown in total on line 101 of the
      HUD-1 Settlement Statement for each closing, and (ii) the purchase price to
      be
      paid to Seller by Purchaser for the affected Lots will be calculated as follows:
      total selling price of the home as shown on Line 101 of the HUD-1 settlement
      statement, or on any other applicable part of the HUD-1 settlement statement
      minus $50,000.00, multiplied by 30%.  For purposes of this Section 4
      of this First Amendment, “selling price” shall not have the meaning as defined
      and described in Section 1.02 of the Contract.

    

    5.           Temporary
      Purchase Price Modification.  Commencing with the first home sale
      settled on by Purchaser after March 1, 2006 and continuing through and including
      the 45th home
      sale settled on by Purchaser after March 1, 2006, the purchase price of the
      Lots
      upon which such homes are constructed shall be calculated at the rate of
      thirty-one percent (31%) of the “selling price” of such homes, rather than
      30%.  Commencing with the 46th home sale
      settled
      on by Purchaser after March 1, 2006, the purchase price of the Lots shall revert
      to being 30% of the “selling price” of the home constructed
      thereon.

    

    6.           Effect
      of Amendment.    Except as expressly modified by the
      terms and provisions of this First Amendment, the Contract shall remain in
      full
      force and effect and binding upon Seller and Purchaser.

    

    7.           Counterparts.   This
      First Amendment may be executed in counterparts, each of which shall be deemed
      an original and all of which together shall constitute one and the same
      instrument.

    

    (SIGNATURES
      APPEAR ON FOLLOWING PAGE)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    IN
      WITNESS WHEREOF, the said parties
      have hereunto set their hands and seals.

    

    SELLER:

    

    ST.
      CHARLES COMMUNITY,
      LLC

    

    

    By:
/s/
      Edwin L.
      Kelly

    Name:
      Edwin L. Kelly

    Its:
      President

    Date:
      June 20, 2006

    

    

    PURCHASER:

    

    U.S.
      HOME
      CORPORATION

    

    

    By:
/s/
      Robert J.
      Jacoby

    Name:
      Robert J. Jacoby

    Its:  Division
      President

    Date:
      June 8, 2006secondamendment.htm

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    SECOND
      AMENDMENT TO PURCHASE AGREEMENT

    AND
      TO DEVELOPMENT AGREEMENT

    

    This
      SECOND AMENDMENT TO PURCHASE AGREEMENT AND TO DEVELOPMENT AGREEMENT
      (the “Second Amendment”) is made this 31st day of December, 2007, by
      and between St. Charles Community, LLC, a Delaware limited liability company
      (“Seller/Developer”), and U.S. Home Corporation, a Delaware corporation
      (“Purchaser/Builder”).

    

    WITNESSETH:

    

    WHEREAS,
      Seller/Developer and Purchaser/Builder are parties to a certain Purchase
      Agreement dated March 4, 2004, as amended by a certain First Amendment to
      Purchase Agreement dated June 20, 2006 (collectively, the “Contract”), for the
      purchase and sale of certain property located within the Fairway Village section
      of the St. Charles Planned Unit Development project in Charles County, Maryland,
      as more particularly described in the Contract (the “Property”);
      and

    

    WHEREAS, Seller/Developer
      and Purchaser/Builder are also parties to a certain Development Agreement dated
      March 4, 2004, as amended by a certain First Amendment to Development Agreement
      dated September 20, 2004 (collectively, the “Development Agreement”), whereby
      Seller/Developer and Purchaser/Builder have made certain agreements with respect
      to the development of infrastructure for the Property in connection with the
      purchase of residential Lots in the Property by the Purchaser/Builder under
      the
      Contract; and

    

    WHEREAS,
      Seller/Developer and Purchaser/Builder desire to amend and modify certain terms
      of the Contract and the Development Agreement as more particularly set forth
      below in this Second Amendment.

    

    NOW,
      THEREFORE, in
      consideration for the mutual promises and covenants of the parties, and other
      good and valuable consideration, the receipt and sufficiency of which are hereby
      acknowledged, Seller/Developer and Purchaser/Builder hereby agree as
      follows:

    

    1.           Incorporation
      of Recitals.  Each of the recitals set forth above are
      hereby incorporated by reference as if set forth fully at this point in this
      Second Amendment.

    

    2.           Defined
      Terms.  Capitalized terms used and not defined in this
      Second Amendment shall have the meanings ascribed to them in the Contract and
      the Development Agreement.

    

    3.           December
      2007 Lot Takedown and Initial 2008 Lot Takedown Prior to June 1,
      2008.  On or before December 31, 2007, time being of the
      essence, Purchaser/Builder shall purchase and settle under the Contract and
      Development Agreement, a number of Lots in the Property, being approximately
      51
      Lots, with an aggregate base purchase price under the Contract of Three Million
      Seven Hundred Seventy-Eight Thousand Dollars ($3,778,000.00) (the “December 2007
      Takedown”).  On or before June 1, 2008, time being of the essence,
      Purchaser/Builder shall purchase and settle under the Contract and Development
      Agreement, a number of Lots in the Property, being approximately 49 Lots (which,
      together with the December 2007 Takedown, shall not exceed 100 Lots), with
      an
      aggregate base purchase price under the Contract of Three Million Seven Hundred
      Twenty-Two Thousand Dollars ($3,722,000.00) (the “Initial 2008
      Takedown”).  For purposes of this Section, the aggregate base purchase
      price of the December 2007 Takedown and the Initial 2008 Takedown shall be
      determined by the minimum Lot prices set forth in Section 4 below in this Second
      Amendment.  Seller/Developer represents that there is, as of the date
      of this Second Amendment, a sufficient number of Lots finished in accordance
      with the Development Agreement so as to be ready for closing in accordance
      with
      the December 2007 Takedown and the Initial 2008 Takedown to allow the
      Purchaser/Builder to acquire Lots with an aggregate base purchase price of
      Seven
      Million Five Hundred Thousand Dollars ($7,500,000.00).  The parties
      acknowledge that, prior to the execution of this Second Amendment,
      Seller/Developer has provided Purchaser/Builder with information regarding
      available Lots in the Property for settlement in accordance with the December
      2007 Takedown and the Initial 2008 Takedown.  The December 2007
      Takedown and the Initial 2008 Takedown shall otherwise be on all terms and
      conditions set forth in the Contract and the Development
      Agreement.  Upon settlement of the December 2007 Takedown on or before
      December 31, 2007, Seller/Developer acknowledges that Purchaser/Builder will
      have satisfied the takedown requirements of the Contract for calendar year
      2007.  The Initial 2008 Takedown may be in one or more settlements,
      provided that all such settlements are completed prior to June 1, 2008, time
      being of the essence.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    4.           Temporary
      Purchase Price Modification. The final purchase price of Lots
      purchased by the Purchaser/Builder in the December 2007 Takedown and the Initial
      2008 Takedown shall be 22.5% of the “selling price” of homes constructed on such
      Lots by the Purchaser/Builder, rather than 30%, provided that this temporary
      purchase price reduction shall not apply to Lots purchased by the
      Purchaser/Builder under the Contract and Development Agreement prior to December
      1, 2007.  The minimum price paid by the Purchaser/Builder under the
      Contract for Lots shall be Seventy-Eight Thousand Dollars ($78,000.00) for
      single family building Lots and Sixty-Eight Thousand Dollars ($68,000.00) for
      townhome building Lots.   The foregoing provisions of this
      Section 4 shall apply only to Lots purchased by the Purchaser/Builder in the
      December 2007 Takedown and the Initial 2008 Takedown.  From and after
      the December 2007 Takedown and the Initial 2008 Takedown, the final purchase
      price for Lots purchased in the Property by the Purchaser/Builder shall revert
      to that shown and set forth in the Contract and Development
      Agreement.  The timing of calculation and basis or formula for
      calculation of the final purchase price of Lots is not modified by this
      Amendment, and shall be as set forth in the Contract and the Development
      Agreement, whether for the Lots purchased in the December 2007 Takedown or
      the
      Initial 2008 Takedown and subject to this temporary purchase price reduction,
      or
      for Lots purchased under the pricing terms of the Contract and Development
      Agreement and not a part of the December 2007 Takedown or the Initial 2008
      Takedown.  The base purchase price, minimum purchase price and
      percentage used to determine total purchase price for Lots purchased prior
      to
      December 1, 2007, shall be as set forth on Exhibit A, attached hereto and
      made a part hereof, and shall be in no event less than the minimum prices shown
      on Exhibit A.

    

    5.           Effect
      of Amendment.  Except as expressly modified by the terms
      and provisions of this Second Amendment, the Contract and the Development
      Agreement shall each remain in full force and effect in accordance with their
      terms, and are hereby ratified and confirmed by the parties as binding and
      enforceable for all purposes.  The parties acknowledge that, as of the
      date of this Amendment, neither Seller/Developer nor Purchaser/Builder is in
      default under the Contract or the Development Agreement.

     

        6.             
      Counterparts.  This Second Amendment may be
      executed in any number of counterparts, each of which shall be deemed an
      original, and all of which, taken together, shall constitute one and the same
      instrument.

     

               IN
      WITNESS WHEREOF, the undersigned duly authorized representatives of the
      Seller/Developer and Purchaser/Builder have hereunto placed their hands and
      seals as of the date and year first above written.

    

                                                                    SELLER/DEVELOPER:

    

    St.
      Charles Community, LLC,

    a
      Delaware limited liability company 

    

    By:
      /s/ Edwin L.
      Kelly (SEAL)

                                                                                                   
      Edwin L. Kelly,

    Chairman
      of the Management Committee

    

    

    PURCHASER/BUILDER:

    

    U.S.
      Home
      Corporation, a Delaware corporation

                   
      By: /s/ Robert Jacoby (SEAL)

                                   
                                                                      Name:
      Robert Jacoby

                                    Title:
      Division
      President

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Exhibit
      A

    

    Summary
      of Lennar Lot Inventory

    St.
      Charles Fairway Village

    As
      of
      November 30, 2007

    

    
      	
              Lot
                Number

            	
              Date

              Settled

            	
              Initial

              Takedown

            	
              Confirmed
                Minimum

            	
              True
                Up

              Method

            
	
               

              Single
                Family

            	 	 	 	 	 
	 	
               

              34
                F

            	
               

              10/11/06

            	
               

              130,000

            	
               

              125,000

            	
               

              30%

            
	 	
              49
                F

            	
              11/10/06

            	
              100,000

            	
              100,000

            	
              30%

            
	 	
              4
                M

            	
              12/12/06

            	
              100,000

            	
              100,000

            	
              30%

            
	 	
              23
                M

            	
              06/11/07

            	
              112,500

            	
              112,500

            	
              30%

            
	 	 	 	 	 	 
	 	 	 	 	 	 
	
               

              Townhomes

            	 	 	 	 	 
	 	
              51
                I

            	
              07/11/07

            	
              85,000

            	
              65,000

            	
              30%

            
	 	
              1
                I

            	
              08/14/07

            	
              85,000

            	
              65,000

            	
              20.5%

            
	 	
              2
                I

            	
              08/14/07

            	
              85,000

            	
              65,000

            	
              30%

            
	 	
              3
                I

            	
              08/14/07

            	
              85,000

            	
              65,000

            	
              20.5%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}]]