Document:

Amendment of and Joinder to Class A Common Stock Registration Rights Agreement

 Exhibit 10.31 
 Execution Version 
 AMENDMENT OF AND JOINDER TO

 CLASS A COMMON STOCK 
 REGISTRATION RIGHTS AGREEMENT 
 This amendment and joinder (this
“Amendment and Joinder”), dated as of October 12, 2012, by and between ColFin WLH Land Acquisitions, LLC, a Delaware limited liability company (“Colony”), and William Lyon Homes, a Delaware corporation (the
“Company”). 
 WHEREAS, a Class A Common Stock Registration Rights Agreement was entered into on
February 25, 2012 by and among, inter alia, certain of Holders of Company securities (the “Other Holders”) and the Company (the “Registration Rights Agreement”); 

WHEREAS, the Company, William Lyon Homes, Inc., a California corporation and wholly-owned subsidiary of the Company, and Colony entered
into a Purchase and Sale Agreement and Joint Escrow Instructions, dated June 28, 2012, pursuant to which, among other things, Colony acquired certain Class A Shares (the “New Party Class A Shares”) from the Company;

 WHEREAS, the Company and Colony desire to amend the Registration Rights Agreement to allow for the inclusion of the New Party
Class A Shares in the definition of Registrable Securities so that Colony may become a party to the Registration Rights Agreement by execution of this Amendment and Joinder; and 

WHEREAS, this Amendment and Joinder is duly made pursuant to Section 11(g) of the Registration Rights Agreement by the Company with
the consent of Holders of a majority of the Registrable Securities outstanding as of the date hereof. 
 NOW IT IS AGREED as
follows: 
 1. In this Amendment and Joinder, unless the context otherwise requires, words and expressions respectively defined
or construed in the Registration Rights Agreement shall have the same meanings when used or referred to herein. 
 2. The
definition of “Registrable Securities” in Section 1 of the Registration Rights Agreement is hereby amended and restated in its entirety to read as follows: 
 “Registrable Securities” means (i) the Class A Shares issued to the Holders pursuant to the Plan, (ii) the Class A Shares issued to ColFin WLH Land Acquisitions, LLC,
a Delaware limited liability company (“Colony”), pursuant to that certain Purchase and Sale Agreement and Joint Escrow Instructions, dated June 28, 2012, by and between Colony, the Company and William Lyon Homes, Inc., a
California corporation and wholly-owned subsidiary of the Company, and (iii) any additional Class A Shares issued or distributed by way of a dividend, stock split or other distribution in respect of such Class A Shares. As to any
particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (a) a Registration Statement with respect to the sale of such Registrable Securities shall have been

 
declared effective under the Securities Act by the SEC and such Registrable Securities shall have been disposed of pursuant to such effective Registration Statement, (b) they shall have been
distributed pursuant to Rule 144 under the Securities Act and are no longer “restricted securities”, (c) they shall have ceased to be outstanding, or (d) the entire amount of the Registrable Securities held by any Holder may be
sold by such Holder in a single sale without, in the opinion of counsel reasonably satisfactory to the Company and such Holder, any limitation as to volume or manner of sale requirements pursuant to Rule 144 promulgated under the Securities Act and
the Company removes any restrictive legend borne by the Registrable Securities.” 
 3. Except as modified by this Amendment
and Joinder, the Registration Rights Agreement shall remain in full force and effect. Nothing herein shall be held to alter, vary or otherwise affect the terms, conditions and provisions of the Registration Rights Agreement, other than as expressly
contemplated herein. 
 4. Colony hereby accedes to and ratifies the Registration Rights Agreement and covenants and agrees with
the Company and the Other Holders to be bound by the terms of the Registration Rights Agreement as a “Holder” and to duly and punctually perform and discharge all liabilities and obligations whatsoever from time to time to be performed or
discharged by it under or by virtue of the Registration Rights Agreement in all respects as if named as a party therein. 
 5.
The Company covenants and agrees that Colony shall be entitled to all the benefits of the terms and conditions of the Registration Rights Agreement to the extent and effect that Colony shall be deemed, with effect from the date on which Colony
executes this Amendment and Joinder, to be a party to the Registration Rights Agreement as a “Holder.” 
 6. This
Amendment and Joinder shall hereafter be read and construed in conjunction and as one document with the Registration Rights Agreement and references in the Registration Rights Agreement to “the Agreement” or “this Agreement,” and
references in all other instruments and documents executed thereunder or pursuant thereto to the Registration Rights Agreement, shall for all purposes refer to the Registration Rights Agreement incorporating and as supplemented by this Amendment and
Joinder. 
 7. This Amendment and Joinder may be executed in any number of counterparts and signatures may be delivered by
facsimile or other electronic transmission (including via .pdf or .tif) and each of such counterparts shall for all purposes be deemed an original, and all such counterparts shall together constitute one and the same instrument. 

8. If any provision of this Amendment and Joinder becomes or is declared by a court of competent jurisdiction to be illegal,
unenforceable, or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Amendment and Joinder and the balance of this Amendment and Joinder shall be enforceable in accordance with
its terms. 

 9. The address of Colony for purposes of all notices under the Registration Rights Agreement
is: 
 Notices to Colony: 
 ColFin WLH Land Acquisitions, LLC 
 2450 Broadway, 6th Floor 

Santa Monica, CA 90404 
 Attn: Kevin Traenkle 
 Phone: (310) 552-7216 

Facsimile: (310) 407-7416 

with a copy to: 
 Akin
Gump Strauss Hauer & Feld 
 2029 Century Park East, Suite 2400 

Los Angeles, California 90067 
 Attn: Hushmand Sohaili, Esq. 
 Phone: (310) 229-1060 

Facsimile: (310) 229-3860 
 [Remainder of Page Intentionally Left Blank] 

 Execution Version 

IN WITNESS WHEREOF, the undersigned has caused this Amendment and Joinder to be executed and delivered by its authorized representative
as of the date first above written. 
  

			
	COLONY:
		
	By:	 	 COLFIN WLH LAND ACQUISITIONS, LLC,
 a Delaware limited liability company

		
	By:	 	/s/ Mark M. Hedstrom
		 	Name: Mark M/ Hedstrom
		 	Title: Vice President
	
	THE COMPANY:
		
	By:	 	 WILLIAM LYON HOMES,
 a Delaware
corporation

		
	By:	 	/s/ Matthew R. Zaist
		 	Name: Matthew R. Zaist
		 	Title: Executive Vice President

 [Signature Page to Amendment of and Joinder to Registration Rights Agreement]Amendment of and Joinder to Class C Common Stock Registration Rights Agreement

 Exhibit 10.32 
 Execution Version 
 AMENDMENT OF AND JOINDER TO

 CONVERTIBLE PREFERRED STOCK AND CLASS C COMMON STOCK 

REGISTRATION RIGHTS AGREEMENT 
 This amendment and joinder (this “Amendment and Joinder”), dated as of October 12, 2012, by and between WLH Recovery Acquisition LLC, a Delaware limited liability company
(“Paulson”), and William Lyon Homes, a Delaware corporation (the “Company”). 
 WHEREAS, a
Convertible Preferred Stock and Class C Common Stock Registration Rights Agreement was entered into on February 25, 2012 by and among, inter alia, certain of Holders of Company securities (the “Other Holders”) and the Company
(the “Registration Rights Agreement”); 
 WHEREAS, on or prior to the date hereof, Paulson shall have acquired
certain Convertible Preferred Shares (the “Paulson Convertible Preferred Shares”) from the Company pursuant to a Subscription Agreement by and between Paulson and the Company; 

WHEREAS, the Company and Paulson desire to amend the Registration Rights Agreement to allow for the inclusion of the Paulson Convertible
Preferred Shares in the definition of Registrable Securities so that Paulson may become a party to the Registration Rights Agreement by execution of this Amendment and Joinder; and 

WHEREAS, this Amendment and Joinder is duly made pursuant to Section 11(g) of the Registration Rights Agreement by the Company with
the consent of Holders of a majority of the Registrable Securities outstanding as of the date hereof. 
 NOW IT IS AGREED as
follows: 
 1. In this Amendment and Joinder, unless the context otherwise requires, words and expressions respectively defined
or construed in the Registration Rights Agreement shall have the same meanings when used or referred to herein. 
 2. The second
paragraph of the Recitals is hereby amended and restated in its entirety as follows: 
 “WHEREAS, in connection with the
Rights Offering and pursuant to a Convertible Preferred Stock and Class C Common Stock Subscription Agreement (“Subscription Agreement”), the Company has authorized the issuance and sale to certain Holders of (i) 64,831,831
shares of its Convertible Preferred Stock, par value $0.01 per share (together with the Paulson Shares, the “Convertible Preferred Shares”) and (ii) 16,110,366 shares of its Class C Common Stock, par value $0.01 per share (the
“Class C Shares” and, together with the Convertible Preferred Shares, the “Offered Shares”), and the Company has authorized the issuance of additional shares, including the issuance of an additional 64,831,831 Class
C Shares upon 

 
conversion of the Convertible Preferred Shares and the issuance of 80,942,197 shares of the Company’s Class A Common Stock, par value $0.01 per share (the “Class A
Shares”, and collectively with the Offered Shares, the “Shares”) upon conversion of the Offered Shares;” 
 3. The definition of “Registrable Securities” in Section 1 of the Registration Rights Agreement is hereby amended and restated in its entirety to read as follows: 

“Registrable Securities” means (i) the Shares issued to Holders pursuant to the Rights Offering, (ii) the
Paulson Shares, (iii) any additional Class A Shares, Class C Shares or Convertible Preferred Shares issued or distributed by way of a dividend, stock split or other distribution in respect of such Shares and (iii) any and all
securities issued or issuable upon conversion of any Shares held by the Holders. As to any particular Registrable Securities, once issued, such securities shall cease to be Registrable Securities when (i) a Registration Statement with respect
to the sale of such Registrable Securities shall have been declared effective under the Securities Act by the SEC and such Registrable Securities shall have been disposed of pursuant to such effective Registration Statement, (ii) they shall
have been distributed pursuant to Rule 144 under the Securities Act and are no longer “restricted securities”, (iii) they shall have ceased to be outstanding, or (iv) the entire amount of the Registrable Securities held by any
Holder may be sold by such Holder in a single sale without, in the opinion of counsel reasonably satisfactory to the Company, any limitation as to volume or manner of sale requirements pursuant to Rule 144 promulgated under the Securities Act and
the Company removes any restrictive legend borne by the Registrable Securities.” 
 3. The following definition is hereby
added to Section 1 of the Registration Rights Agreement: 
 “Paulson Shares” means the shares of the
Company’s Convertible Preferred Stock, par value $0.01 per share, issued to WLH Recovery Acquisition LLC, a Delaware limited liability company (“Paulson”), pursuant to that certain Subscription Agreement, dated October 12,
2012, by and between the Company and Paulson.” 
 4. Except as modified by this Amendment and Joinder, the Registration
Rights Agreement shall remain in full force and effect. Nothing herein shall be held to alter, vary or otherwise affect the terms, conditions and provisions of the Registration Rights Agreement, other than as expressly contemplated herein.

 5. Paulson hereby accedes to and ratifies the Registration Rights Agreement and covenants
and agrees with the Company and the Other Holders to be bound by the terms of the Registration Rights Agreement as a “Holder” and to duly and punctually perform and discharge all liabilities and obligations whatsoever from time to time to
be performed or discharged by it under or by virtue of the Registration Rights Agreement in all respects as if named as a party therein. 
 6. The Company covenants and agrees that Paulson shall be entitled to all the benefits of the terms and conditions of the Registration Rights Agreement to the extent and effect that Paulson shall be
deemed, with effect from the date on which Paulson executes this Amendment and Joinder, to be a party to the Registration Rights Agreement as a “Holder.” 
 7. This Amendment and Joinder shall hereafter be read and construed in conjunction and as one document with the Registration Rights Agreement and references in the Registration Rights Agreement to
“the Agreement” or “this Agreement,” and references in all other instruments and documents executed thereunder or pursuant thereto to the Registration Rights Agreement, shall for all purposes refer to the Registration Rights
Agreement incorporating and as supplemented by this Amendment and Joinder. 
 8. This Amendment and Joinder may be executed in
any number of counterparts and signatures may be delivered by facsimile or other electronic transmission (including via .pdf or .tif) and each of such counterparts shall for all purposes be deemed an original, and all such counterparts shall
together constitute one and the same instrument. 
 9. If any provision of this Amendment and Joinder becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable, or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Amendment and Joinder and the balance of this Amendment and
Joinder shall be enforceable in accordance with its terms. 
 10. The address of Paulson for purposes of all notices under the
Registration Rights Agreement is: 
 Notices to Paulson: 
 WLH Recovery Acquisition LLC 
 1251 Avenue of the Americas 

New York, NY 10020 
 Attn: Jonathan Shumaker 
 Phone: (212) 599-6328 

Facsimile: (212) 977-9505 

with a copy to: 
 Paul
Hastings LLP 
 1117 S. California Avenue 
 Palo Alto, CA 94304 
 Attn: Rob Carlson 

Phone: (650) 320-1830 
 Facsimile: (650) 320-1930 
 [Remainder of Page Intentionally Left
Blank] 

 IN WITNESS WHEREOF, the undersigned has caused this Amendment and Joinder to be executed and
delivered by its authorized representative as of the date first above written. 
  

			
	PAULSON:
		
	By:	 	 WLH RECOVERY ACQUISITION LLC,

a Delaware limited liability company

		
	By:	 	/s/ Jonathan Shumaker
		 	Name: Jonathan Shumaker
		 	Title: Authorized Signatory
	
	THE COMPANY:
		
	By:	 	 WILLIAM LYON HOMES,
 a Delaware
corporation

		
	By:	 	/s/ Matthew R. Zaist
		 	Name: Matthew R. Zaist
		 	Title: Executive Vice President

 [Signature Page to Amendment of and Joinder to Class C Registration Rights
Agreement]

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