Document:

Exhibit 10.1

      

     

      

    Essex Property Trust

    Executive Retirement and Transition Services Agreement

     

    This Retirement and Transition Services Agreement (“Agreement”) is entered
      into by and between Essex Property Trust, Inc. (the “Company”) and Michael Schall (“Executive”) effective
      as of October 3, 2022.  The Company and Executive shall collectively be referred to as the “Parties”.

     

    WHEREAS, Executive has been
        employed by the Company as Chief Executive Officer;

     

    WHEREAS, the Company desires
        that Executive continue to provide services to the Company on a reduced schedule to aid the Company in the transition of his duties prior to his full-time retirement;

     

    WHEREAS, the Company and
        Executive desire that Executive provide the Transition Services (as defined below) to the Company beginning on the Transition Date (as defined below) through March 31, 2024 (such date, or any earlier termination of the Transition Period pursuant to
        Section 4 below, the “Retirement Date”); and

     

    WHEREAS, this Agreement sets
        forth the terms and conditions relating to Executive’s employment with the Company prior to the Retirement Date.

     

    NOW, THEREFORE, in
        consideration of the premises and mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and the Company agree as follows:

     

    1.          Transition Period.  Executive’s last day of full-time employment with the Company will be March 31, 2023 (the “Transition

            Date”). As of the Transition Date, Executive will relinquish his title and authority as Chief Executive Officer but will continue to perform the Transition Services (as defined below) for the Company as an employee, under the title
          Executive Director, working a reduced schedule of no less than twenty-five (25) hours per week at Executive’s discretion for a period commencing with the Transition Date until the Retirement Date (the “Transition Period”). Executive’s specific schedule will be determined from time to time in accordance with the above parameters by mutual agreement between the Company’s then-current Chief Executive Officer (“CEO”) and Executive. The Transition Period may be extended upon mutual written agreement between the Company and Executive.

     

    2.           Transition Services.  During the Transition Period, it is the intention of the Company and Executive that Executive shall continue to provide significant services to
          the Company on the terms set forth in Section 1 above. Executive shall report to and cooperate with the Company’s then-current CEO on a reduced schedule to assist with succession planning and transition of Executive’s duties and responsibilities
          (the “Transition Services”). The Company will continue to provide administrative support and resources as necessary for Executive to provide the Transition Services.
          Executive may provide the Transition Services remotely, other than for meetings with the CEO at the Company’s corporate offices. Throughout the Transition Period, Executive is expected to provide a high level of performance and continue to
          significantly contribute to the success of the Company. Executive shall remain subject to the Company’s Employee Code of Conduct and all Company policies, including, but not limited to, the Company’s Insider Trading Policy and the Company’s
          Incentive Compensation Recoupment Policy. For avoidance of doubt, the Transition Period and Executive’s retirement will not impact Executive’s role as a member of the Board of Directors of the Company. Such Board membership and compensation for
          serving on the Board will continue to be governed by Company’s Articles of Amendment and Restatement of Bylaws and other relevant governing documents.

     

    
      
        

    

    
    3.            Transition Period Compensation and Benefits.

     

    3.1         Annual Compensation. During the Transition Period, Executive shall be paid an annual salary of $500,000 for so long as Executive continues to provide the Transition Services pursuant to this
          Agreement paid in accordance with the Company’s current payroll practices beginning as of the Transition Date, subject to applicable payroll and withholding obligations.

     

    3.2         Equity.  During the Transition Period, the Company stock options and restricted stock units (“Company Equity”) previously granted to Executive pursuant to the Company’s stock award and compensation plans (the “Equity Plans”)

          shall continue to vest pursuant to the terms of the Equity Plans and specific award agreements governing such grants, subject to the terms and conditions thereof (including the requirement that any applicable performance conditions be satisfied
          in order to earn the award).

     

    3.3         Stock Retention Requirements. As of the Transition Date, Executive shall be subject to the Company’s Stock Ownership Guidelines to the extent it applies to members of the Board only.

     

    3.4        Benefits. During the Transition Period, Executive shall be entitled to continue to participate in the Company’s employee benefit plans (the “Company Plans”) to the extent permitted under the terms and conditions of the Company Plans, including a Company-provided automobile or, at Executive’s choice, automobile allowance, consistent with the level provided
          to Company’s Executive Vice Presidents. The Company will provide a separate letter detailing Executive’s benefits (including vacation) under and continued participation in the Company Plans during the Transition Period.

     

    3.5       Professional Insurance.  During the Transition Period, the Company will maintain Executive on its insurance policy relating to professional errors and omissions, including any directors and
          officers insurance policies.

     

    4.            Termination of the Transition Period.

     

    4.1         Accrued Obligations and Accrued Benefits. On the Transiton Date, the Company shall pay Executive any unpaid compensation, benefits and reimbursements, including Executive’s accrued, but
          unused, vacation time less applicable taxes and withholding (the “Accrued Obligations”). In addition, upon Executive’s termination of employment for any reason, Executive
          shall be entitled to the retirement benefits Executive has earned and accrued pursuant to Executive’s participation in the Company’s various retirement and deferred compensation plans, and any unpaid compensation and reimbursements (the “Accrued Benefits”).

     

    4.2         Termination of Transition Period.  The Transition Period may be terminated (i) by the Company for “Cause” (as defined below), (ii) voluntarily by Executive at any time, or (iii) by reason of
          Executive’s death or Disability (as defined below).  Upon the termination of the Transition Period for any reason, Executive shall not be entitled to any further compensation or benefits other than the Accrued Obligations and the Accrued Benefits
          and any vested Company Equity as of the Retirement Date.  If Executive wishes to terminate his employment prior to March 31, 2024, then Executive can do so by providing written  notice to the Company at least thirty (30) days prior to the
          proposed termination date, and that date will then serve as Executive’s Retirement Date.  In the event of Executive’s death or Disability, Executive’s heirs or estate shall have the right to assert Executive’s claim of the benefits as provided in
          this Agreement and neither Executive or Executive’s heirs or estate are under any duty legally or contractually to mitigate any damages in order to receive the benefits of this Agreement.

     

    
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    4.3         Termination without Cause prior to Retirement Date.  If Executive’s employment is terminated by the Company without Cause prior to Retirement Executive shall be entitled to the Accrued
          Obligations and the Accrued Benefits and all vested Company Equity as of the date of such termination.

     

    4.4         Definitions.

     

    (a)          “Cause”  means

     

    (i)          Executive
          providing services for another public apartment REIT during the Transition Period;

     

    (ii)        Executive’s
          failure to substantially perform the Transition Services (other than by reason of Executive’s Disability), after a written demand for substantial performance is delivered to Executive that specifically identifies the manner in which the Company
          believes that Executive has not substantially performed such duties, and Executive has failed to remedy the situation within thirty (30) days of such written notice from the Company;

     

    (iii)        Executive’s
          gross negligence in the performance of the Transition Services after a written demand is delivered to Executive that specifically identifies the manner in which the Company believes that Executive has negligently performed such duties, and
          Executive has failed to remedy the situation within thirty (30)  days of such written notice from the Company;

     

    (iv)      Executive’s
          conviction of, or plea of guilty or nolo contendre to any felony or any crime involving moral turpitude or the personal enrichment of Executive at the expense of the
          Company;

     

    (v)       Executive’s
          engagement in conduct that is demonstrably and materially injurious to the Company, monetarily or otherwise, including, without limitation, Executive’s breach of fiduciary duties owed to the Company;

     

    (vi)        Executive’s
          violation of any material written provision of the Company’s code of business conduct and ethics, including but not limited to violations involving claims of sexual harassment and/or discrimination after a written demand for cure (to the extent
          curable) is delivered to Executive that specifically identifies the manner in which the Company believes the breach could be cured, and Executive has failed to cure the situation within thirty (30) days of such written notice from the Company;

     

    (vii)       Executive’s act
          of dishonesty resulting in or intending to result in personal gain at the expense of the Company; or

     

    (viii)     Executive’s
          engaging in any material act that is intended or may be reasonably expected to harm the reputation, business prospects, or operations of the Company after a written demand is delivered to Executive that specifically identifies the material acts
          reasonably expected to harm the reputation, business prospects, or operations of the Company, and Executive has failed to remedy the situation within 30 days of such written notice from the Company.

     

    
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    (b)         “Disability” means Executive’s inability to materially perform his duties and responsibilities by reason of any medically determinable physical or mental impairment that can be
          expected to result in death or can be expected to last for a continuous period of not less than the remainder of the Transition Period in each case as determined by a mutually agreed upon physician.

     

    5.          Mutual Nondisparagement.  Executive agrees that Executive will not in the future: (i) talk about or otherwise communicate by any means to any third party in a malicious,
          disparaging or defamatory manner regarding the Company (including but not limited to its products and services) or any of the Company’s employees, executives, or  members of the Board of Directors of the Company (the “Company Related Parties”); (ii) make or authorize to be made any oral or written statement that may disparage or damage the reputation of the Company (including but not limited to its products and
          services) or the reputation of any of the Company Related Parties; and (iii) talk or otherwise communicate by any means to any third party in any manner likely to be harmful to the Company (including but not limited to its products and services),
          any of the Company Related Parties, or their business, business reputation or personal reputation; provided that Executive may respond accurately and fully to any question, inquiry or request for information when required by legal process (e.g., a valid subpoena or other similar compulsion of law) or as part of a government investigation. The Company agrees that it will direct its officers
          and directors to refrain from: (i) talking about or otherwise communicating by any means to any third party in a malicious, disparaging or defamatory manner regarding Executive; (ii) making or authorizing to be made any oral or written statement
          that may disparage or damage the reputation of Executive; and (iii) talking or otherwise communicating by any means to any third party in any manner likely to be harmful to Executive, his business reputation or his personal reputation; provided that individuals may respond accurately and fully to any question, inquiry or
            request for information when required by legal process (e.g., a valid
            subpoena or other similar compulsion of law) or as part of a government investigation.

     

    6.          Executive Non-Disclosure.  Executive acknowledges that during Executive’s employment with the Company, Executive was and will continue to be provided with, and/or have access to
          information that is considered Confidential Information (as defined below) pertaining to the Company.  Executive agrees that Executive shall not at any time disclose to anyone, including, without limitation, any person, firm, corporation, or
          other entity, or publish, or use for any purpose, any Confidential Information pertaining to the Company, unless otherwise permitted by law.  Executive agrees that Executive shall take all reasonable measures to protect the secrecy of and avoid
          disclosure and unauthorized use of, any Confidential Information pertaining to the Company. “Confidential Information” includes, without limitation, all of the Company’s
          technical and business information, which is of a confidential, trade secret or proprietary character, including, without limitation, all documents or information, in whatever form or medium, concerning or relating to any of the Company’s
          operations; processes; business practices; strategies; executives; vendors; suppliers; partners; contractual relationships and contract terms; regulatory status; research; development; know-how; technical data; designs; formulas; finances;
          business plans; marketing and sales plans and strategies; budgets; financial information and data; costs; customer and client lists and profiles; customer and client nonpublic personal information; supplier lists; business records; internal
          communications; audits; management methods and information; reports, recommendations and conclusions; and other information or documents that the Company requires to be maintained in confidence for its continued business success. Nothing in this
          Section or any other provision of this Agreement is intended to prevent the Parties from disclosing factual information regarding any claim for sexual harassment, sex discrimination, or retaliation for reporting sexual harassment or sex
          discrimination.

     

    
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    7.           Compliance with Section 409A. To the extent applicable, this Agreement is intended to comply with Internal Revenue Code Section 409A and shall be administered and
          construed in a manner consistent with this intent. In furtherance of the foregoing, notwithstanding anything herein to the contrary, if Executive is a “specified employee” (determined by the Company in accordance with U.S. Treasury Regulation
          section 1.409A-3(i)(2)) as of the date that Executive incurs a “separation from service” (as defined in U.S. Treasury Regulation section 1.409A-1(h)) and if any benefit to be provided under this Agreement cannot be paid or provided in a manner
          otherwise provided herein without subjecting Executive to additional tax, interest and/or penalties under Section 409A, then any such benefit that is payable during the first six (6) months following Executive’s “separation from service” shall be
          paid to Executive in a cash lump payment to be made on the earlier of (a) Executive’s death or (b) the first day of the seventh month following Executive’s “separation from service”. However, nothing contained in this Agreement shall be construed
          as a representation, guarantee or other undertaking on the part of the Company that this Agreement is, or will be found to be exempt from or compliant with the requirements of Section 409A.  Executive is solely responsible for determining the tax
          consequences to Executive of any and all payments made pursuant to this Agreement, including, without limitation, any possible tax consequences under Section 409A.

     

    8.           Arbitration.  The terms and conditions of the Mutual Agreement to Arbitrate between Executive and the Company shall remain in full force and effect and continue to
          apply during the Transition Period and shall survive any termination of Executive’s employment or this Agreement.

     

    9.           Controlling Law.  This Agreement shall in all respects be interpreted, enforced, and governed under the laws of the State of California.  The Company and Executive
          agree that the language in this Agreement shall, in all cases, be construed as a whole, according to its fair meaning, and not strictly for, or against, either of the Parties.

     

    10.         Severability.  Should any provision of this Agreement be declared or determined to be illegal or invalid by any government agency, arbitrator, or court of competent
          jurisdiction, the validity of the remaining parts, terms or provisions of this Agreement shall not be affected and such provisions shall remain in full force and effect.

     

    11.        Entire Agreement. This Agreement constitutes the entire agreement and understanding between the Executive and the Company with respect to the subject matter hereof, and fully
          supersedes all prior and contemporaneous negotiations, understandings, representations, writings, discussions and/or agreements, including but not limited to any prior severance plans or change of control agreements to which Executive may have
          qualified, whether oral or written, relating to, pertaining to or concerning Executive’s employment incuding the subject matter of this Agreement.  No oral statements or other prior written materials, not specifically incorporated into this
          Agreement shall be of any force or effect, and no changes in or additions to this Agreement shall be recognized, unless incorporated into this Agreement by written amendment, such amendment to become effective on the date stipulated in it.  Any
          amendment to this Agreement must be signed by Executive and an officer of the Company. Notwithstanding the above, this Agreement will have no impact on your 2022 compensation amounts (including 2022 bonuses and equity grants) to be determined in
          accordance with Company policy in the discretion of the Compensation Committee of the Board and you shall continue to remain eligible to receive such amounts.

     

    12.         Disclaimer of Reliance.  Except for the specific representations expressly made by the Company in this Agreement, Executive specifically disclaims that Executive is relying upon
          or relied upon on any communications, promises, statements, inducements, or representation(s) that may have been made, oral or written, regarding the subject matter of this Agreement.  The Parties represent that they are relying solely and only
          on their own judgment in entering into this Agreement.

     

    
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    13.        No Waiver. This Agreement may not be waived, modified, amended, supplemented, canceled or discharged, except by written agreement of the Executive and the Company.  Failure to
          exercise and/or delay in exercising any right, power or privilege in this Agreement shall not operate as a waiver.  No waiver of any breach of any provision shall be deemed to be a waiver or any preceding or succeeding breach of the same or any
          other provision, nor shall any waiver be implied from any course of dealing between Executive and the Company.

     

    14.        Counterparts.  This Agreement may be executed by the Parties in multiple counterparts, whether or not all signatories appear on these counterparts (including via electronic
          signatures, and exchange of PDF documents via email), each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

     

    15.         Notices.  All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (i) upon personal delivery to the party to be notified, (ii) when
          sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (iii) five (5) days after having been sent by registered or certified mail, return receipt requested,
          postage prepaid, or (iv) one day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications to a party shall be sent to the party’s address or email
          address set forth on the signature page hereto or at such other address(es) or email address(es) as such party may designate by ten (10) days advance written notice to the other party hereto.

     

    16.         Public Statement.  In connection with the execution of this Agreement, the Company will release the statement attached hereto as Exhibit

              A regarding Executive’s retirement from the Company.

    

    [CONTINUED ON SIGNATURE PAGE]

     

    
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    IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date first above written.

     

    

    	
            /s/ Anne Morrison

          	

          	
            October 3, 2022

          	

          
	
            Anne Morrison

          	

          	
            Date

          	

          
	
            Senior Vice President and General Counsel

          	

          	

          	

          
	
            Essex Property Trust, Inc.

          	

          	

          	

          
	

          	

          	

          	

          
	
            /s/ Michael Schall

          	

          	
            October 3, 2022

          	

          
	
            Michael Schall

          	

          	
            Date

          	

          
	
            Chief Executive Officer

          	

          	

          	

          

    

    

    

    

    7EXHIBIT
10.1

FIFTH AMENDMENT AGREEMENT

 

This FIFTH AMENDMENT AGREEMENT,
dated as of September 30, 2022 (this “Amendment”), is made and entered into by and among LANDSEA HOMES CORPORATION,
a Delaware corporation (the “Borrower”), WESTERN ALLIANCE BANK, an Arizona corporation (“Western Alliance
Bank”), as Administrative Agent (in such capacity, the “Administrative Agent”), and as an Incremental Lender
(“Incremental Lender”), and the other Loan Parties as of the date hereof.

 

RECITALS:

 

WHEREAS, reference is made to the
Credit Agreement dated as of October 6, 2021 (as amended, supplemented or otherwise modified to the date hereof, the “Credit
Agreement”), by and among the Borrower, the lenders from time to time party thereto and the Administrative Agent;

 

WHEREAS, it is intended that (a)
the Borrower will obtain the Incremental Commitments (as defined below) and (b) the proceeds of the borrowings under the Incremental Commitments
will be used (i) by Borrower and its Subsidiaries as provided in the Credit Agreement and (ii) to pay fees and expenses incurred in connection
with the foregoing (the transactions described in this paragraph, collectively, the “Transactions”);

 

WHEREAS, subject to the terms and
conditions of the Credit Agreement, and pursuant to Section 2.14 of the Credit Agreement, the Borrower has requested that Western Alliance
Bank provide an Incremental Commitment of $20,000,000 (the “Revolving Commitment Increase”);

 

WHEREAS, each Incremental Lender
is willing to provide its Incremental Commitment to the Borrower on the Incremental Effective Date (as defined below).

 

NOW, THEREFORE, in consideration
of the mutual agreements herein contained and other good and valuable consideration, the sufficiency and receipt of which are hereby acknowledged,
the parties hereto agree as follows:

 

SECTION 1. Defined Terms;
Interpretation; Etc. Capitalized terms used and not defined herein shall have the meanings assigned to such terms in the Credit
Agreement.

 

SECTION 2. Incremental Loans.
(a) Each Incremental Lender hereby agrees to provide a Commitment to the Borrower to make Revolving Loans from and after the Incremental
Effective Date in U.S. Dollars in an aggregate principal amount equal to the amount set forth opposite Incremental Lender’s name
on Schedule I attached hereto (each, an “Incremental Commitment” and, collectively, the “Incremental Commitments”),
on the terms set forth herein and in the Credit Agreement (as amended hereby), and subject to the conditions set forth herein. The Incremental
Commitments shall be deemed to be “Commitments” as defined in the Credit Agreement (as amended hereby) for all purposes of
the Loan Documents having terms and provisions identical to those applicable to the Commitments outstanding immediately prior to the Incremental
Effective Date (the “Existing Revolving Commitments”).

 

     

     

    

 

(b) Each Incremental Lender (i) confirms
that a copy of the Credit Agreement and the other applicable Loan Documents, together with copies of the financial statements referred
to therein and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter
into this Amendment and make an Incremental Commitment, have been made available to Incremental Lender; (ii) agrees that it will, independently
and without reliance upon the Administrative Agent or any other Lender or agent and based on such documents and information as it shall
deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or the
other applicable Loan Documents, including this Amendment; (iii) appoints and authorizes the Administrative Agent to take such action
as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to the Administrative
Agent by the terms thereof, together with such powers as are reasonably incidental thereto; and (iv) acknowledges and agrees that
upon the Incremental Effective Date such Incremental Lender shall be a “Lender” and an “Incremental Lender” under,
and for all purposes of, the Credit Agreement and the other Loan Documents, and shall be subject to and bound by the terms thereof, and
shall perform all the obligations of and shall have all rights of a Lender and an Incremental Lender thereunder.

 

SECTION 3. Effective Date
Reallocation. Pursuant to Section 2.14(g) of the Credit Agreement, on the Incremental Effective Date, (i) the Incremental Lender
shall make a payment to Administrative Agent in an amount sufficient, upon the application of such payments by the Incremental Lender
to the reduction of the outstanding Revolving Loans held by each Lender, to cause the principal amount outstanding under the Revolving
Loans made by such Lender (including the Incremental Lender) to be in the amount of its Applicable Percentage (upon the Incremental Effective
Date, after giving effect to such Incremental Commitment) of all outstanding Revolving Loans, and (ii) if there are Letters of Credit
then outstanding, the participation of the Lenders in such Letters of Credit will be automatically adjusted to reflect the Applicable
Percentages of all the Lenders (including the Incremental Lender) after giving effect to the applicable Incremental Commitment(s).

 

SECTION 4. Conditions Precedent
to Effectiveness of Amendment and Incremental Loans. This Amendment, and each Incremental Lender’s obligation to provide
the Incremental Commitments pursuant to this Amendment, shall become effective as of the date on which the following conditions precedent
are satisfied (such date, the “Incremental Effective Date”):

 

(a) The Administrative
Agent shall have received from the Borrower, each other Loan Party, and each Incremental Lender a counterpart of this Amendment duly executed
and delivered on behalf of such party.

 

(b) The Administrative
Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Incremental
Effective Date) of counsel for the Loan Parties in form and substance reasonably satisfactory to the Administrative Agent.

 

(c) The Administrative
Agent shall have received a certificate of Borrower, dated the Incremental Effective Date and in form and substance reasonably satisfactory
to the Administrative Agent, executed by any Responsible Officer of Borrower, including or attaching (i) copies of resolutions of the
board of directors and/or similar governing bodies of Borrower approving and authorizing the execution, delivery and performance of this
Amendment, certified as of the Incremental Effective Date by a secretary, an assistant secretary or a Responsible Officer of Borrower
as being in full force and effect without modification or amendment, and (ii) the documents or certifications, as applicable, referred
to in paragraph (d) of this Section, or otherwise certifying such documents provided to Administrative Agent in connection with the closing
of the Credit Agreement or subsequent Subsidiary Guarantees by Subsidiary Guarantors (as applicable) remain in full force and effect,
and without amendment or modification.

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(d) The Administrative
Agent shall have received (i) as to each Loan Party, either (x) a copy of each certificate or articles of incorporation or organization
or other applicable constitutive documents of such Loan Party certified, to the extent applicable, as of a recent date by the applicable
Governmental Authority or (y) written certification by such Loan Party’s secretary, assistant secretary or other Responsible Officer
that such Loan Party’s certificate or articles of incorporation or organization or other applicable constitutive documents most
recently certified and delivered to the Administrative Agent prior to the Incremental Effective Date pursuant to the Loan Documents remain
in full force and effect on the Incremental Effective Date without modification or amendment since such original delivery, (ii) as
to each Loan Party, either (x) signature and incumbency certificates of the Responsible Officers of such Loan Party executing the Loan
Documents to which it is a party or (y) written certification by such Loan Party’s secretary, assistant secretary or other Responsible
Officer that such Loan Party’s signature and incumbency certificates most recently delivered to the Administrative Agent prior to
the Incremental Effective Date pursuant to the Loan Documents remain true and correct as of the Incremental Effective Date, and (iii)
a certificate of existence or good standing (to the extent such concept exists) from the applicable Governmental Authority of each Loan
Party’s jurisdiction of incorporation, organization or formation as of a reasonably recent date.

 

(e) The Administrative
Agent shall have received for each Incremental Lender that shall have requested a promissory note, a duly completed and executed promissory
note for Incremental Lender.

 

(f) The Administrative
Agent shall have received all fees and other amounts due and payable on or prior to the Incremental Effective Date, including reimbursement
or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or
paid by any Loan Party.

 

(g) The Administrative
Agent shall have received such other documents and agreements as required by Administrative Agent in connection with this Amendment.

 

(h) The Administrative
Agent and Incremental Lender shall have received, at least three Business Days prior to the Incremental Effective Date, all documentation
and other information about the Borrower and the other Loan Parties as shall have been requested prior to the Incremental Effective Date
by the Administrative Agent or such Incremental Lender that they shall have reasonably determined is required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the USA
PATRIOT Act.

 

(i) Upon the effectiveness
of this Amendment and both immediately before and immediately after giving effect to this Amendment, no Default or Event of Default shall
exist.

 

(j) The representations
and warranties in Section 5 of this Amendment shall be true and correct in all material respects.

 

The Administrative Agent shall notify the Borrower
and the Lenders of the Incremental Effective Date, and such notice shall be conclusive and binding.

 

SECTION 5. Representations
and Warranties. In order to induce the Lenders, Incremental Lenders and the Administrative Agent to enter into this Amendment
and to induce the Incremental Lenders to provide the Incremental Commitments hereunder, the Borrower hereby represents and warrants to
the Lenders, each Incremental Lender and the Administrative Agent on and as of the Incremental Effective Date that:

 

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(a) Existence, Qualification
and Power. The Borrower and each Loan Party (i) is duly organized or formed, validly existing and, as applicable, in good
standing under the Laws of the jurisdiction of its incorporation or organization, (ii) has all requisite power and authority and
all requisite governmental licenses, authorizations, consents and approvals to (x) own or lease its assets and carry on its business
and (y) execute, deliver and perform its obligations under the Amendment and the other Loan Documents to which it is a party, and
(iii) is duly qualified and is licensed and, as applicable, in good standing under the laws of each jurisdiction where its ownership,
lease or operation of properties or the conduct of its business requires such qualification or license, except to the extent that failure
to do so could not reasonably be expected to result in a Material Adverse Change.

 

(b) Authorization;
No Contravention. The execution, delivery and performance by the Borrower of the Amendment and each Loan Document to which it
is party have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene
the terms of its certificate or articles of incorporation or organization or other applicable constitutive documents, (ii) conflict
with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (x) any
material contractual obligation to which the Borrower is a party or affecting the Borrower or the properties of the Borrower or any Subsidiary
or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or
any Subsidiary or its property is subject or (c) violate any law in any material respect.

 

(c) Governmental
Authorization; Other Consents. No approval, consent, exemption, authorization, or other action by, or notice to, or filing with,
any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by,
or enforcement against, the Borrower of this Amendment or any other Loan Document, except for such approvals, consents, exemptions, authorizations,
actions or notices that have been duly obtained, taken or made and in full force and effect.

 

(d) Execution and
Delivery; Binding Effect. This Amendment has been, and each other Loan Document, when delivered hereunder, will have been, duly
executed and delivered by the Loan Parties party thereto. This Amendment constitutes, and each other Loan Document when so delivered will
constitute, a legal, valid and binding obligation of each Loan Party that is party thereto, enforceable against each such Loan Party in
accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium
or other Laws affecting creditors’ rights generally and by general principles of equity.

 

(e) Credit Agreement
Representations and Warranties. The representations and warranties of the Borrower and the other Loan Parties set forth in the
Credit Agreement or in any other Loan Document are true and correct in all material respects (or, in the case of any such representation
or warranty already qualified by materiality, in all respects) on and as of the Incremental Effective Date (or, in the case of any such
representation or warranty expressly stated to have been made as of a specific date, as of such specific date).

 

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SECTION 6. Reaffirmation
of Guarantees. Each Loan Party hereby acknowledges its receipt of a copy of this Amendment and its review of the terms and conditions
hereof and consents to the terms and conditions of this Amendment and the transactions contemplated thereby, including the extension of
credit in the form of the Incremental Commitments. Each Loan Party hereby (a) affirms and confirms its guarantees and other undertakings
under the Credit Agreement and the other Loan Documents to which it is a party, (b) agrees that (i) each Loan Document to which it is
a party shall continue to be in full force and effect and (ii) all guarantees, pledges, grants and other undertakings thereunder shall
continue to be in full force and effect and shall accrue to the benefit of the Administrative Agent and Lenders, and (c) acknowledges
that from and after the date hereof, all Incremental Commitments and Revolving Loans under the Credit Agreement from time to time outstanding
shall be deemed to be Borrower Obligations.

  

SECTION 7. Miscellaneous.

 

(a) Release.
Each Loan Party fully, finally, and forever releases and discharges Administrative Agent, Lenders and their successors, assigns, directors,
officers, employees, agents, and representatives from any and all actions, causes of action, claims, debts, demands, liabilities, obligations,
and suits, of whatever kind or nature, in law or equity, that such Loan Party has or in the future may have, whether known or unknown,
(i) in respect of the Loan, the Loan Documents, or the actions or omissions of Administrative Agent or Lenders in respect of the Loan
or the Loan Documents and (ii) arising from events occurring prior to the date of this Amendment. FURTHER, BORROWER AND EACH OTHER
LOAN PARTY EXPRESSLY WAIVES ANY PROVISION OF APPLICABLE LAW TO THE EFFECT THAT A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR
OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, AND THAT, IF KNOWN BY HIM
OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 

(b) Recordation
of the Incremental Loans. Upon execution and delivery hereof, the Administrative Agent will record in the Register the Incremental
Commitments made by the Incremental Lender.

 

(c) Amendment, Modification
and Waiver. This Amendment may not be amended and no provision hereof may be waived except pursuant to a writing signed by the
requisite parties pursuant to Section 10.2(c) of the Credit Agreement.

 

(d) Entire Agreement.
This Amendment, the Credit Agreement (as amended hereby) and the other Loan Documents constitute the entire agreement among the parties
with respect to the subject matter hereof and thereof and supersede all other prior agreements and understandings, both written and verbal,
among the parties or any of them with respect to the subject matter hereof.

 

(e) Governing Law.
This Amendment and any claims controversy, dispute or cause of action (whether in contract or tort or otherwise) based upon, arising out
of or relating to this Amendment and the transactions contemplated hereby shall be governed by, and construed in accordance with, the
laws of the State of Arizona.

 

(f) Jurisdiction.
The Borrower and each other Loan Party irrevocably and unconditionally agrees that it will not commence any action, litigation or proceeding
of any kind or description, whether in law or equity, whether in contract or in tort or otherwise, against the Administrative Agent, any
Lender, or any Related Party of the foregoing in any way relating to this Amendment, the Credit Agreement or any other Loan Document or
the transactions relating hereto or thereto, in any forum other than the courts of the State of Arizona sitting in Maricopa County, and
of the United States District Court of the District of Arizona, and any appellate court from any thereof, and each of the parties hereto
irrevocably and unconditionally submits to the jurisdiction of such courts and agrees that all claims in respect of any such action, litigation
or proceeding may be heard and determined in such Arizona State court or, to the fullest extent permitted by applicable Law, in such federal
court. Each of the parties hereto agrees that a final judgment in any such action, litigation or proceeding shall be conclusive and may
be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any
other Loan Document shall affect any right that the Administrative Agent, any Lender may otherwise have to bring any action or proceeding
relating to this Agreement or any other Loan Document against Borrower or its properties in the courts of any jurisdiction.

 

    5 

     

    

 

(g) Waiver of Venue.
The Borrower and each other Loan Party irrevocably and unconditionally waives, to the fullest extent permitted by Applicable Law, any
objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Amendment
or any other Loan Document in any court referred to in paragraph (e) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding
in any such court.

 

(h) Service of Process.
Each party hereto irrevocably consents to service of process in the manner provided for notices in Section 10.1 of the Credit Agreement.
Nothing in this Amendment or any other Loan Document will affect the right of any party hereto to serve process in any other manner permitted
by Applicable Law.

 

(i) WAIVER OF JURY
TRIAL. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY,
AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. WITHOUT LIMITING THE FOREGOING WAIVER OF JURY TRIAL, SECTION 10.12
OF THE CREDIT AGREEMENT IS HEREBY INCORPORATED HEREIN BY REFERENCE.

 

(j) Severability.
Any term or provision of this Amendment that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective
to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of
this Amendment or affecting the validity or enforceability of any of the terms or provisions of this Amendment in any other jurisdiction.
If any provision of this Amendment is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as would
be enforceable.

 

    6 

     

    

 

(k) Counterparts;
Integration; Effectiveness. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Amendment and
the other Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersede any and
all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5 hereof,
this Amendment shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile or in electronic (i.e., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Amendment.

 

(l) Headings.
The headings of this Amendment are for purposes of reference only and shall not limit or otherwise affect the meaning hereof.

 

(m) Reference to
and Effect on the Credit Agreement and the Other Loan Documents. On and after the Incremental Effective Date, each reference in
the Credit Agreement to “this Agreement”, “hereunder”, “herein” or words of like import referring
to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement
as amended by this Amendment. Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall
remain in full force and effect and are hereby ratified and confirmed and this Amendment shall not be considered a novation. The execution,
delivery and performance of this Amendment shall not constitute a waiver of any provision of, or operate as a waiver of any right, power
or remedy of the Administrative Agent or Lender under, the Credit Agreement or any of the other Loan Documents. This Amendment shall be
deemed to be a Loan Document as defined in the Credit Agreement.

 

[SIGNATURE PAGES FOLLOW]

 

    7 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

  

	ADMINISTRATIVE AGENT:	 
	 	 
	 	WESTERN ALLIANCE BANK, an
Arizona corporation
	 
	 	By:	/s/
Tomas Fach
	 	Name:	Tomas Fach
	 	Title:	Senior Vice-President

  

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

 

	

INCREMENTAL LENDER:

	 
	 	 
	 	WESTERN ALLIANCE BANK, an
Arizona corporation
	 
	 	By:	/s/
Tomas Fach
	 	Name:	Tomas Fach
	 	Title:	Senior Vice-President

  

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

 

	BORROWER:	 
	 	 
	 	LANDSEA HOMES US CORPORATION,
a Delaware corporation
	 
	 	By:	/s/
John Ho
	 	Name:	John Ho
	 	Title:	Chief Executive
Officer

  

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

 

	GUARANTORS:	 
	 	 
	 	LANDSEA HOMES US CORPORATION,
a Delaware corporation
	 
	 	By:	/s/
John Ho
	 	Name:	John Ho
	 	Title:	Chief Executive
Officer

 

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

 

	GUARANTORS CONTINUED:	 
	 	 
	 	LANDSEA HOMES- WAB2LLC, a Delaware limited liability company
	 	GARRETT WALKER HOMES, LLC, an Arizona limited
	 	liability company
	 	AV1, LLC, an Arizona limited liability company
	 	GWH NCC, LLC, an Arizona limited liability company
	 	GWH MOUNTAIN VIEWS, LLC, an Arizona limited liability company
	 	BETHANY RANCH, LLC, an Arizona limited liability company
	 	GWH GRAND VILLAGE, LLC , an Arizona limited liability company
	 	GWH NCC-71, LLC, an Arizona limited liability company
	 	GWH PARK FOREST, LLC, an Arizona limited liability company
	 	GWH WEST POINTE ESTATES, LLC, an Arizona limited liability company
	 	GWH WEST POINTE VILLAGE, LLC, an Arizona limited liability company
	 	GWH TRENTON PARK, LLC, an Arizona limited liability company
	 	GWH SUNDANCE, LLC, an Arizona limited liability company
	 	GWH NORTHERN FARMS, LLC, an Arizona limited liability company
	 	GWH NCC 13 & 14, LLC , an Arizona limited liability company
	 	ACOMA COURT, LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES M72 LLC, an Arizona limited liability company
	 	GWH SUNSET FARMS, LLC, an Arizona limited liability company
	 	GWH NCC 9 & 11, LLC, an Arizona limited liability
company
	 	GWH SUNRISE, LLC, an Arizona limited liability company
	 	PINNACLE WEST HOMES CENTERRA LLC, an Arizona limited liability company

 

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

  

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

 

	GUARANTORS
CONTINUED:	 
	 	 
	 

 	PINNACLE WEST HOMES DESTINY LLC, an Arizona
limited liability company
	 	LS-VERRADO VICTORY DUPLEX LLC, a Delaware limited
liability company
	 	LS-EASTMARK
V LLC, a Delaware limited liability company
	 	LS-VEH COUNTRY CLUB LAKES LLC, a Delaware limited
liability company
	 	LS-VEH EAGLE CREST LLC , a Florida limited liability
company
	 	LS-VEH GEORGIANA RESERVE LLC, a Delaware limited
liability company
	 	LS-VEH ST. JOHN’S LLC, a Delaware limited
liability company
	 	LS-VEH HALIFAX ESTATE LLC, a Delaware limited liability
company
	 	LS-VEH HALIFAX BULOW LLC, a Delaware limited liability
company
	 	LS-VEH LAKE HELEN LLC , a Delaware limited liability
company
	 	LS-VEH REDTAIL LLC, a Delaware limited liability
company
	 	LS-VEH
LLC, a Delaware limited liability company
	 	LS-VEH
2 LLC, a Delaware limited liability company
	 	LS-VEH
TX LLC, a Delaware limited liability company
	 	LS-VEH
TX 2 LLC, a Delaware limited liability company
	 	LS-VEH JUNCTION LLC, a Delaware limited liability
company
	 	LS-FL COURTYARDS AT WATERSTONE LLC, a Delaware limited
liability company
	 	LANDSEA HOMES- WAB LLC , a Delaware limited liability
company
	 	LS INVESTCO VALE LLC, a Delaware limited liability
company
	 	SF
VALE, LLC, a Delaware limited liability company
	 	LS MANAGER VALE LLC, a Delaware limited liability
company
	 	LS-SUNNYVALE
LLC, a California limited liability company
	 	THE VALE PA-1 OWNER, LLC , a Delaware limited liability
company
	 	THE VALE PA-2 OWNER, LLC , a Delaware limited liability
company
	 	THE VALE PA-3 OWNER, LLC , a Delaware limited liability
company

 

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

 

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

  	GUARANTORS
                                       CONTINUED:	 
	 	 
	 	LS-MILPITAS LLC, a Delaware limited liability company
	 	LS-LIDO LLC, a Delaware limited liability company
	 	LS-NEWARK LLC, a Delaware limited liability company
	 	LS-CHANDLER LLC, a Delaware limited liability company
	 	LS-CHATSWORTH LLC, a Delaware limited liability
company
	 	LS-ONTARIO II LLC, a Delaware limited liability
company
	 	LS-ONTARIO LLC, a Delaware limited liability company
	 	PINNACLE WEST HOMES E92 LLC, an Arizona limited
liability company
	 	LS-EASTMARK LLC, a Delaware limited liability company
	 	LS-TRACY LLC, a Delaware limited liability company
	 	LS-GOODYEAR LLC, a Delaware limited liability company
	 	LS-ANAHEIM LLC, a Delaware limited liability company
	 	LS-925 WOLFE LLC, a Delaware limited liability company
	 	LS-BENTRIDGE LLC, a Delaware limited liability company
	 	LS-51 PEORIA LLC, a Delaware limited liability company
	 	MERCEDES PREMIER HOMES, LLC, a Florida limited liability
company
	 	MERCEDES PREMIER HOMES JACKSONVILLE LLC, a Florida
limited liability company
	 	MERCEDES PREMIER HOMES MELBOURNE LLC, Florida limited
liability company a
	 	VINTAGE ESTATE HOMES LLC, a Florida limited liability
company
	 	VINTAGE ESTATE HOMES OF TEXAS LLC, a Florida limited
liability company
	 	MERCEDES PREMIER REALTY, LLC, a Florida limited
liability company
	 	COUNTRY CLUB LAKES DEVELOPERS, LLC, a Florida limited
liability company
	 	HERITAGE POINT COMMUNITY DEVELOPERS LLC, a Florida
limited liability company
	 	THOUSAND OAKS DEVELOPMENT, LLC, a Florida limited
liability company
	 	GEORGIANA COMMUNITY DEVELOPERS, LLC, a Florida limited
liability company

 

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

 

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

  

	GUARANTORS
CONTINUED:	 
	 	 
	 	THE JUNCTION COMMUNITY DEVELOPERS, LLC, a Florida
limited liability company
	 	LANDSEA URBAN LLC, a Delaware limited liability
company
	 	LANDSEA
CONSTRUCTION INC., a Delaware corporation
	 	LANDSEA CONSTRUCTION liability company LLC,
a California limited
	 	LANDSEA CONSTRUCTION ARIZONA INC., a Delaware corporation
	 	LANDSEA REAL ESTATE INC. , a California corporation
	 	LANDSEA REAL ESTATE, NEW JERSEY, L.L.C., a Delaware
limited liability company
	 	LANDSEA REAL ESTATE CALIFORNIA, INC., a California
corporation
	 	LANDSEA REAL ESTATE ARIZONA INC., a Delaware corporation

 

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

  

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

  

	GUARANTORS
CONTINUED:	 
	 	 
	 	LANDSEA HOMES OF CALIFORNIA INC., a Delaware corporation
	 	LS-SANTA CLARA LLC, a Delaware limited liability
company
	 	LS-DANVILLE
LLC, a Delaware limited liability company
	 	LS-WALNUT CREEK LLC, a California limited liability
company
	 	LS-SF JORDAN RANCH LLC, a California limited liability
company
	 	LS-NOVATO
LLC, a Delaware limited liability company
	 	LS-WILDER
LLC, a Delaware limited liability company
	 	LS-ALAMEDA MARINA LLC, a Delaware limited liability
company
	 	LS-SAN
JUAN LLC, a Delaware limited liability company
	 	LS-PLACENTIA
LLC, a Delaware limited liability company
	 	LS-FONTANA
LLC, a Delaware limited liability company
	 	LS-LA SIMI MEZZ LLC, a Delaware limited liability
company
	 	LS-LA
SIMI LLC, a California limited liability company
	 	LS-OC
PORTOLA LLC, a California limited liability company
	 	PORTOLA PA-1 MEZZ OWNER LLC, a Delaware limited
liability company
	 	PORTOLA PA-1 OWNER, LLC, a Delaware limited liability
company
	 	PORTOLA PA-3 MEZZ OWNER LLC, a Delaware limited
liability company
	 	PORTOLA PA-3 OWNER, LLC, a Delaware limited liability
company
	 	PORTOLA PA-4 MEZZ OWNER LLC, a Delaware limited
liability company
	 	PORTOLA PA-4 OWNER, LLC, a Delaware limited liability
company
	 	PORTOLA PA-5 MEZZ OWNER LLC, a Delaware limited
liability company
	 	PORTOLA PA-5 OWNER, LLC, a Delaware limited liability
company
	 	PORTOLA PA-5B MEZZ OWNER LLC, a Delaware limited
liability company
	 	PORTOLA PA-5B OWNER, LLC, a Delaware limited liability
company

 

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

 

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

 

	GUARANTORS CONTINUED:	 
	 	 
	 	LANDSEA HOMES OF TEXAS LLC, a Delaware limited liability
company
	 	LANDSEA HOMES OF FLORIDA LLC, a Delaware limited
liability company
	 	LANDSEA HOMES OF ARIZONA LLC, a Delaware limited
liability company
	 	LS-NORTH PHOENIX LLC, a Delaware limited liability
company
	 	LS-QUEEN CREEK LLC, a Delaware limited liability
company
	 	LS-QUEEN CREEK II LLC, a Delaware limited liability
company
	 	LS-VERRADO MARKETSIDE LLC, a Delaware limited liability
company
	 	LS-CITRUS PARK LLC, a Delaware limited liability
company
	 	GWH HOLDINGS, LLC, an Arizona limited liability
company
	 	GARRETT WALKER DEVELOPMENT, LLC, an Arizona limited
liability company
	 	JJAZ CONSTRUCTION, LLC, an Arizona limited liability
company
	 	GW SALES, LLC, an Arizona limited liability company
	 	54 WINDSOR, LLC, an Arizona limited liability company
	 	ALICE PARK, LLC, an Arizona limited liability company
	 	SUMMERS PLACE AT BASELINE, LLC, an Arizona limited
liability company
	 	THE GROVE AT BASELINE, LLC, an Arizona limited liability
company
	 	THE RIDGE, LLC, an Arizona limited liability company
	 	TOWNLEY PARK, LLC, an Arizona limited liability
company
	 	SFGW, LLC, an Arizona limited liability company
	 	OLIVE PARK, LLC, an Arizona limited liability company
	 	PARADISE 21, LLC, an Arizona limited liability company
	 	SGCR, LLC, an Arizona limited liability company
	 	SMGWH, LLC, an Arizona limited liability company
	 	CDR11, LLC, an Arizona limited liability company
	 	GRAND MANOR, LLC, an Arizona limited liability company
	 	GWH CANTADA, LLC, an Arizona limited liability company
	 	HEARN MANOR, LLC, an Arizona limited liability company
	 	HNM, LLC, an Arizona limited liability company

 

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

  

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

 

	GUARANTORS
CONTINUED:	 
	 	 
	 	PINNACLE WEST HOMES HOLDING LLC, a Delaware limited
liability company
	 	A & J COMPANIES, LLC, an Arizona limited liability
company
	 	PINNACLE WEST HOMES AND DEVELOPMENT, LLC, an Arizona
limited liability company
	 	PINNACLE WEST HOMES ALAMAR LLC, an Arizona limited
liability company
	 	PINNACLE WEST HOMES ENCANTA LLC, an Arizona limited
liability company
	 	PINNACLE WEST HOMES HIGHLANDS LLC, an Arizona limited
liability company
	 	PINNACLE WEST HOMES E-69 LLC, an Arizona limited
liability company
	 	PINNACLE WEST HOMES E70 LLC, an Arizona limited
liability company
	 	PINNACLE WEST HOMES M71 LLC, an Arizona limited
liability company
	 	PINNACLE WEST HOMES E44 LLC, an Arizona limited
liability company
	 	PINNACLE WEST HOMES V117 LLC, an Arizona limited
liability company
	 	PINNACLE WEST HOMES E48 LLC, an Arizona limited
liability company

  

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

 

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

  

	GUARANTORS
CONTINUED:	 
	 	 
	 	HANOVER FAMILY BUILDERS, LLC, a Florida limited
liability company
	 	HFB ARDMORE PHASE III, LLC, a Florida limited liability
company
	 	HFB CELERY AVENUE, LLC, a Florida limited liability
company
	 	HFB CYPRESS HAMMOCK, LLC, a Florida limited liability
company
	 	HFB CYPRESS OAKS, LLC, a Florida limited liability
company
	 	HFB ORCHID TERRACE, LLC , a Florida limited liability
company
	 	HFB PRESERVATION POINTE LLC, a Florida limited liability
company
	 	HFB RIDGEVIEW LLC, a Florida limited liability company
	 	HFB SKY VENTURES, LLC, a Florida limited liability
company
	 	HFB FIRST PLACE, LLC , a Florida limited liability
company
	 	HFB SUNRISE, LLC, a Florida limited liability company
	 	HFB GREENFIELD, LLC , a Florida limited liability
company
	 	HFB HORSE CREEK, LLC , a Florida limited liability
company

 

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

  

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

  

	GUARANTORS
CONTINUED:	 
	 	 
	 	HFB TRINITY LAKES, LLC, a Florida limited liability
company
	 	HFB WILLIAMS PRESERVE, LLC, a Florida limited liability
company
	 	HFB
LAKES, LLC, a Florida limited liability company
	 	HFB WIREGRASS PARTNER, LLC, a Florida limited liability
company
	 	PSH PARTNERSHIP, LLC , a Florida limited liability
company
	 	WILLIAMS PRESERVE PHASE III, LLC, a Florida limited
liability company
	 	HFB BERESFORD WOODS, LLC, a Florida limited liability
company
	 	HFB KENTUCKY SQUARE, LLC, a Florida limited liability
company
	 	HFB HAMMOCK RESERVE, LLC, a Florida limited liability
company
	 	THOMPSON ROAD, LLC , a Florida limited liability
company
	 	HFB MARION RIDGE, LLC, a Florida limited liability
company
	 	HFB TRINITY PLACE, LLC, a Florida limited liability
company
	 	HANOVER SUNRISE RIDGE, LLC, a Florida limited liability
company
	 	LS-14 AVE MEMBER LLC, a Delaware limited liability
company
	 	LS-14 AVE JV LLC, a Delaware limited liability company
	 	LS-14 AVE MEZZ LLC , a Delaware limited liability
company
	 	LS-14
AVE LLC, a Delaware limited liability company
	 	LS-ANTHEM LLC, a Delaware limited liability company
	 	VE
HOMES, LLC, a Florida limited liability company
	 	LS-LCF CA, LLC, a Delaware limited liability company

 

		By: 	/s/
John Ho
		Name:	John Ho
		Title:	Chief Executive
Officer

 

[Signature Page to Fifth Amendment Agreement]

 

     

     

    

 

Schedule I 

 

As of the Incremental Effective Date:

  

	Incremental
    Lender	Incremental
    Commitment
	Western
    Alliance Bank	$20,000,000
	Total:	$20,000,000

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