Document:

First Amendment to Loan Agreement

 Exhibit 10.64 
  
  
 FIRST AMENDMENT TO LOAN AGREEMENT

  
 THIS FIRST AMENDMENT TO LOAN
AGREEMENT (this “Amendment”) dated as of February 25, 2008, but effective as of December 31, 2007, is entered into by and between EAST GARRISON PARTNERS I, LLC, a California limited liability company
(“Borrower”), and RFC CONSTRUCTION FUNDING, LLC, a Delaware limited liability company (“Lender”), as successor in interest to and assignee of RESIDENTIAL FUNDING COMPANY, LLC, a Delaware limited liability company
(“RFC”). 
 RECITALS 
 A. Borrower and RFC (whose interest has been assigned to Lender) entered into that certain Loan Agreement dated as of January 30, 2007 (as amended, restated or otherwise modified from time to time, the
“Loan Agreement”), pursuant to the terms of which RFC (whose interest has been assigned to Lender) made a revolving loan to Borrower (the “Loan”) in the maximum principal amount of Seventy-Five Million Dollars
($75,000,000) to finance the acquisition and development of that certain residential housing community commonly known as East Garrison. 
 B.
Borrower has requested that Lender amend the Loan Agreement by modifying the financial covenants pertaining to William Lyon Homes, Inc., a California corporation (“Lyon Homes”), set forth in Section 5.5(b) of the Loan
Agreement. 
 C. As a condition to granting Borrower’s requests, Lender has required, among other things, the execution and delivery of
this Amendment by Borrower. 
 D. Unless otherwise defined herein, capitalized terms used herein shall have the meanings given those terms in
Loan Agreement. 
 AGREEMENT 
 NOW THEREFORE, in consideration of the foregoing Recitals and the covenants and conditions, representations and warranties contained herein, the parties hereto agree as follows: 
 Section 1 Amendment to Loan Agreement 
 (a) The following definition is hereby added to Section 1.1 of the Loan Agreement: 
 “Subsidiary” means, with
respect to any Person, (i) any corporation more than 50% of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries
or by such Person and one or more of its Subsidiaries, or (ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power 

 
of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or
more of its Subsidiaries. 
 (b) Section 5.5(b) of the Loan Agreement is hereby amended in its entirety to read as follows: 

(b) As to Lyon Homes: 
 (1) Tangible Net Worth. Lyon Homes and its Subsidiaries (including Borrower) will at all times maintain a Tangible Net Worth in an amount equal to or in excess of $175,000,000. 
 (2) Ratio of Total Liabilities to Tangible Net Worth. Lyon Homes and its Subsidiaries (including Borrower) will maintain a ratio of
Total Liabilities (exclusive of consolidated liabilities of variable interest entities) to Tangible Net Worth of not more than (i) 5.00 to 1.00 at all times through and including December 31, 2008, and (ii) 3.50 to 1.00 at all times
from and after January 1, 2009. 
 (c) Section 8.1(24) of the Loan Agreement is hereby amended in its entirety to read as follows:

 (24) any two (2) or more of Thomas J. Mitchell, Douglas F. Bauer, Richard S. Robinson, Michael D. Grubbs or William H. Lyon shall
cease to be employed by Lyon Homes or Borrower on a continuous and full time basis with power and responsibility to manage the material day to day operations of Lyon Homes, Borrower and their respective Subsidiaries. 
 Section 2 Conditions Precedent to Effectiveness of this Amendment 
 This Amendment shall become effective when Lender shall have received each of the following items in form and content acceptable to Lender: 

(a) this Amendment, duly executed on behalf of Borrower and duly consented to by Guarantor; 
 (b) the First Amendment to and Reaffirmation of Completion Guaranty, duly executed on behalf of Guarantor (the “Guaranty Amendment”);
and 
 (c) such other items as Lender shall require. 
 Section 3 Representations and Warranties of Borrower 
 Borrower represents, warrants and agrees
that: (i) there exists no Potential Default or Event of Default under the Loan Documents; (ii) the Loan Documents continue to be the legal, valid and binding agreements and obligations of Borrower, enforceable in accordance with their

  

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terms, as modified herein; (iii) Lender is not in default under any of the Loan Documents; (iv) Borrower does not have any offset or defense to its
performance or obligations under any of the Loan Documents; (v) the representations contained in the Loan Documents remain true and accurate in all respects; and (vi) there has been no Material Adverse Change from the date of any of the
Loan Documents to the date of this Amendment. 
 Section 4 No Defenses 
 Borrower hereby agrees and stipulates that Borrower has no defenses, affirmative defenses, rights to offset, or counterclaims against the exercise of any
of the rights or remedies of Lender under the Loan Documents or under applicable law. 
 Section 5 Release of Claims 

In consideration of the foregoing, Borrower, on its own behalf and on behalf of its partners, subsidiaries, parent companies and Affiliates, hereby
releases, remises, acquits and forever discharges Lender, RFC and their respective employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors, assigns, and Affiliates
(all of the foregoing hereinafter called the “Released Parties”), from any and all actions, causes of action, judgments, executions, suits, cross-complaints, assertions, controversies, debts, claims, demands, liabilities, obligations,
indebtedness, breaches of contract, breaches of duty, damages, losses, costs, and expenses of any and every character, known or unknown, suspected or unsuspected, liquidated or unliquidated, absolute or contingent, direct and/or indirect, at law or
in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the Effective Date, in any way
directly or indirectly arising out of or in any way connected to this Amendment, the Loan, the Loan Documents, the transactions contemplated by the Loan Documents and/or the lending relationship between Borrower, Lender and/or RFC (all of the
foregoing being hereinafter collectively referred to as the “Released Matters”). 
 Borrower acknowledges that it has consulted
with counsel and with such other experts and advisors as it has deemed necessary in connection with the negotiation, execution and delivery of this Amendment, including without limitation the release contained herein and the provisions of California
Civil Code Section 1542, as set forth below, and with the benefit of advice of such counsel, hereby waives the protection afforded by such statute: 
 “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing a release, which if known by him must have materially affected his
settlement with the debtor.” 
 Borrower represents and warrants to Lender and RFC that it has not purported to transfer, assign, pledge
or otherwise convey any of its right, title or interest or convey any right, title or interest of it in any Released Matter to any other person or entity and that the foregoing constitutes a full and complete release of all Released Matters.

  

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 Section 6 Effect on Documents 
 Except as expressly modified by this Amendment, the Loan Agreement shall otherwise be unchanged and shall remain in full force and effect and Borrower
ratifies and reaffirms all of the obligations of Borrower thereunder. All references in other Loan Documents to (i) the Loan Agreement shall be deemed to refer to the Loan Agreement as amended by this Amendment, and (ii) the Guaranty shall
be deemed to refer to the Guaranty as amended by the Guaranty Amendment. 
 Section 7 Execution in Counterparts 
 This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be an original, but all of which shall
together constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of the date first written above
by and through their duly authorized representatives. 
 BORROWER: 
 EAST GARRISON PARTNERS I, LLC, 
 a California limited liability company 
 By:  Lyon East Garrison Company I, LLC,

         a California limited liability company, 
         its co-managing member 
 By: William Lyon Homes, Inc., 
        a California corporation, 
        its sole member

 By: /s/ Michael D.
Grubbs                 
 Name:
Michael D. Grubbs                 
 Title: Senior Vice President              
 By: /s/ Richard S. Robinson               
 Name: Richard S. Robinson               
 Title: Senior Vice President               
 By: Woodman Development Company, LLC, 
         a California limited
liability company, 
         its co-managing member 
 By: Woodman Development Company, 
        Inc., a California corporation, 
        its managing
member 
 By: /s/ John K.
Anderson                     
 Name: John K. Anderson                     
 Title:
President                                     
  

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 LENDER: 
 RFC CONSTRUCTION FUNDING, LLC, 
 a Delaware limited liability company 
 By: /s/ Peter
Fischer                                     
 Name: Peter
Fischer                                     
 Title: Assistant Vice
President                     
  

 -6-Exhibit 10.2

 Exhibit 10.2 
 SERVICE CONTRACT FOR BOARD MEMBER 
 between 
 Allweiler AG, Allweilerstraße 1, 78315 Radolfzell, represented by the supervisory board, this in turn represented by Mr. John A. Young 

- hereinafter: the Company - 
 and

 Dr. Michael Matros, Rebsteig 4, 78315 Radolfzell 
 - hereinafter: Mr. Matros 
 Preamble 
 Mr. Matros has been appointed a member of the board of the Company with effect from
November 14th, 2006 on the basis of the resolution passed by the supervisory board on November 14th, 2006. The appointment applies for a period of three years, until December 31, 2009. Unless it is revoked at the latest two months before the three years period is due to
expire, it will be extended by one year, until December 31, 2010, without any need for a further resolution being passed by the supervisory board. 
 Now, therefore, the parties agree as follows: 
 § 1 
 Representation 
  

	1.	Mr. Matros shall represent the Company together with another member of the management board or a holder of a special power of attorney (Prokurist).

 Mr. Matros will have the title: Member of the board or Vorstandsmitglied. 

	2.	Mr. Matros shall manage the Company in accordance with the law, the Articles of Association, the regulations for the management board in their respective valid versions and
this service contract. 

 Mr. Matros’s area of responsibility is shown in the respective business distribution plan
for the management board and the valid organisational chart. 
  

	3.	Mr. Matros shall carry out his duties at all times with the due care of a prudent businessman, taking care of the economic, financial and organisational interests of the
Company. 

  

	4.	The supervisory board may appoint other management board members at all times. 

 § 2 
 Remuneration 
  

	1.	As remuneration for his activities, Mr. Matros shall receive a fixed basic annual salary of Euro              gross.
The salary shall be paid in twelve equal instalments (fixed basic monthly salaries) at the end of each calendar month. 

  

	2.	In addition, Mr. Matros shall also receive a performance-related bonus pursuant to the bonus system he had at the time before he entered into this service contract. For 2006
his bonus target will be 25% of his annualized fixed basic salary on December 31. The bonus regulation is a component of this agreement. Effective January 1, 2007 his annual target bonus is 35% of the fixed basic annual salary.

  

	3.	Mr. Matros’ remuneration is reviewed annually in March of each calendar year, for the first time in March 2008. 

 § 3 
 Continued Salary Payments
in the event of Sickness and Death 
  

	1.	 Should Mr. Matros be temporarily prevented from carrying out his duties due to sickness or other reasons beyond his control, he shall continue to be paid his
basic 

  

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salary pursuant to § 2.1 for a period of six months, but at the longest until the termination of this service contract. The claim to a bonus
pursuant to § 2.2 shall continue unchanged; it shall, however, be reduced pro rata temporis if the inability to work continues for an unbroken period of more than three months. 

  

	2.	If a third party is liable to compensate the inability to work on the part of Mr. Matros, Mr. Matros hereby assigns his claims against this third party in the first
instance to the Company up to the amount of the remuneration paid; the Company hereby accepts the assignment. 

  

	3.	If Mr. Matros dies during the term of this service contract, his dependent children shall be entitled to a claim as joint and several creditors to continued payment of the
basic salary pursuant to § 2.1 for the month of the death and the three following months. Any claim the dependent children may have to payments from a company pension for Mr. Matros shall be cancelled for this time.

 § 4 
 Additional Benefits 
  

	1.	Travel expenses and other expenses incurred by Mr. Matros whilst carrying out his duties within the scope of this service contract shall be reimbursed to him in accordance with
the respective regulations in force in the Company. 

  

	2.	The Company shall provide Mr. Matros with a car for carrying out his duties within the scope of this service contract pursuant to the valid version of the internal Company
regulations (Company Car Policy). All costs incurred by the use of the vehicle shall be borne by the Company. Mr. Matros may also use the car privately (including on holiday). Mr. Matros shall bear the income tax incurred on the monetary
advantage of private use. He will use his current company car until the end of the current lease period. Then he gets a car in line with the existing Company Car Policy at that point in time. 

 Mr. Matros shall return the car immediately upon leaving the services of the Company or upon being released from his duty to serve the Company.
Mr. Matros is not entitled to exercise a right of retention of the vehicle. 
  

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	3.	The Company shall conclude an accident insurance policy in favour of Mr. Matros for the duration of this service contract, providing the following cover:

  

			
	in the event of death:	 	1 fixed basic annual salary
		
		 	Maximum Insurance amount Euro
		
	in the event of disability:	 	2 fixed basic annual salaries
		
		 	Maximum Insurance amount Euro

  

	4.	Every two years the company will contribute to the cost of a medical check-up, in the form of the difference between the reimbursement received from Mr. Matros’ health
insurer and the actual cost. A medical check-up is not considered as a medical check-up performed in response to an acute condition or one requiring hospitalization. 

 § 5 
 Vacation 
  

	1.	Mr. Matros is entitled to paid annual leave of 30 working days (Arbeitstage). Vacation shall be taken in such a manner that the interests of the Company are not
jeopardised. 

  

	 2.
	 The chairman of the supervisory board shall be notified of the vacation. If the annual leave cannot be taken during the
course of the year, it must be taken at the latest by March 31 of the following calendar year in consultation with the chairman of the supervisory board. Untaken vacation after March 31st of the following calendar year will be cancelled without financial compensation. 

  

	3.	Mr. Matros shall ensure that he can be reached at short notice even when on holiday. 

 § 6 
 Pension 
  

	1.	The current employers’ pension commitment of Mr. Matros is modified as follows: 

  

	 	•	 	 Mr. Matros shall retain his vested rights to future pension payments pursuant to the pension agreement, even if he leaves the Company before reaching
retirement age. 

  

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	 	•	 	 The company will set-up a “Joint Support Fund” via an insurance company, with an annual employers contribution of
             € p.a. starting as per 2007. The details of this support fund will be regulated in a separate contract. 

  

	2.	Mr. Matros will be provided with a monthly sum of              Euro net as compensation for loss of unemployment and
pension insurance. This amount is based on a government calculation for year 2006. Each year the amount will be adjusted according to the calculation for that year. 

 § 7 
 Secondary Occupation 
  

	1.	Mr. Matros undertakes to provide the Company with his full capacity for work. 

  

	2.	If so required by the supervisory board, Mr. Matros shall also act for other companies in which the Company has a shareholding or similar interests in a manner to be agreed in
more detail. Mr. Matros shall cease to carry out such activities at the request of the supervisory board or upon leaving the Company. 

  

	3.	A secondary occupation in return for payment or free of charge, a position on a supervisory board, advisory board or the like requires the prior written consent of the supervisory
board, which consent can be revoked at any time. The chairman of the supervisory board is to be informed in writing of resignations from office. Any activity as an expert or arbitrator requires the prior written consent of the chairman of the
supervisory board. The management board is to be notified in advance of publications and lectures of a public nature. 

  

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 § 8 
 Work results 
  

	1.	The Company and Mr. Matros agree that all rights and claims to all performances and results of performances rendered by Mr. Matros for the Company within the scope of this
service contract or in connection with it, by Mr. Matros alone or together with third parties, as well as results from no particular job order, to the extent that they are related to the business purposes or tasks of the Company as well as all
further developments and processings thereof (collectively referred to as the “Results”) shall be owned by the Company to the greatest possible extent. Examples of such Results include, without limitation, inventions, technical suggestions
for improvement, technical developments, know-how, documents, concepts, drafts, discoveries, processes, formulas, technologies, designs and designations, algorithms, software and databases. 

  

	2.	Mr. Matros hereby transfers by way of assignment to the Company all transferable rights and claims to the Results with effect as of such time when the respective rights and
claims come into existence, so that the Company will be the owner of all such Results without requiring a further act of transfer. Hence, the Company shall in particular be exclusively entitled to file applications for registration of IP rights in
its own name and shall be the owner of all such applications and the protective rights ensuing therefrom. The Company hereby accepts the transfers described above. 

  

	3.	If and to the extent Results are not transferable (in particular in the case of copyrights), Mr. Matros hereby grants the Company with effect as of such time when the
respective rights come into existence on a worldwide, exclusive, irrevocable basis and without any limitation in scope and time for the duration of the underlying rights all rights and claims in the Results, in particular the right to use and
exploit copyrighted Results without any limitation by all use and exploitation methods whether known or currently unknown. The granted rights and claims shall in particular, without limitation, cover the extent as stated in § 69b UrhG with
respect to employees. The Company hereby accepts the granting of rights as described above. The Company shall also have the right to modify the Results to use them in their modified form to the same extent as in their original form. The Company
shall be authorized to itself transfer these rights to third parties, in full or in part, or to grant exclusive or non-exclusive rights to third parties. The above granting of rights shall survive this Agreement. 

  

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	4.	Results, including the associated documents and data carriers, shall become the property of the Company upon creation, in their respective processing stages. Any documents and data
carriers Mr. Matros has received from the Company shall remain the Company’s property. They shall be surrendered at the Company’s request, but at the latest after this service contract comes to an end, together with all other Results
in Mr. Matros’ possession. This obligation also extends to all copies. Mr. Matros shall not be entitled to receive an author’s copy pursuant to § 25 of the German Copyright Act (UrhG). No right of retention on the items
mentioned above shall exist. 

  

	5.	The Parties agree that the remuneration set forth in the service contract covers the transfer/granting of the rights and claims transferred and granted under this service contract.
This also applies to any rights and claims which arise in the future. 

 § 9 
 Confidentiality and Obligation to Return Company Property 
  

	1.	Mr. Matros shall maintain confidentiality regarding all business and company matters of the Company and its affiliates he learns of whilst carrying out his duties, in
particular company and trade secrets. This confidentiality obligation shall also apply after the service relationship has been terminated. 

  

	2.	Mr. Matros shall return to the Company or its respective affiliate all objects and documents in his possession belonging to the Company or its affiliates at any time upon
request but at the latest upon the termination of the service relationship. Mr. Matros shall have no right of retention of these objects and documents. 

 § 10 
 Prohibition of Competition 
 During the term of this service contract, Mr. Matros is not permitted to work in any way – be it as an employee or on a self-employed or any other basis –
for an undertaking that competes directly or indirectly with the Company or with a business affiliated as a member of the group to the Company or maintains to a material extent business relationships to the Company or a company affiliated to it. In
the same way, Mr. Matros is prohibited for the term of this service contract to set up, acquire or hold directly or indirectly 

  

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an interest in such a company. Mr. Matros shall inform the chairman of the supervisory board if a member of his family (next of kin in the sense of
sect. 15 German Fiscal Code, (AO)) holds an interest in such an enterprise. A shareholding in such a company within in scope of private asset investment which does not have any influence on the bodies of the company concerned shall not be considered
an interest in the sense of this provision. 
 § 11 
 Term 
  

	1.	This service contract shall commence on November 14, 2006. It is concluded for the duration of Mr. Matros’s appointment to the position of a member of the
Company’s management board. It is automatically extended for the period for which the supervisory board, with Mr. Matros’ consent, resolves on his reappointment as management board member of the Company. Should the appointment as
management board member end, this service contract shall terminate as well. 

  

	2.	The service contract shall end at the latest without any need for notice of termination at the end of the month in which Mr. Matros reaches the age of 65.

  

	3.	If Mr. Matros becomes permanently incapable of working during the term of this service contract, the service contract shall terminate upon the end of the third month after the
establishment of the permanent incapacity to work. Permanent incapacity to work within the meaning of this service contract is present if it is anticipated that Mr. Matros, in the long run, will not be able to fulfil the tasks conferred on him
in an unrestricted manner. It is considered to be established if the incapacity to work continues uninterrupted for more than twelve months, unless Mr. Matros proves, by means of a certificate of a doctor appointed by mutual agreement, that a
restoration of the unrestricted capacity to work is expected within the next six months. 

  

	4.	The right to terminate the agreement for cause is not affected. All notice of termination shall be given in writing. 

  

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	5.	In the event that the company makes Mr. Matros redundant he shall receive a settlement in the amount of 6 months of his last fixed basic monthly salary. For every additional
completed year of service since the date of his employment, Mr. Matros has the right to a settlement that shall increase by 1 monthly salary up to a maximum of 12 monthly salaries. 

 The right shall not arise 
  

	 	•	 	 if cause for the termination of the appointment or of the service contract by the Company in the sense of section 84 (3) sentence 1 and 2 German Stock
Corporation Act (AktG) or in the sense of section 626 (1) German Civil Code (BGB) is present or 

  

	 	•	 	 if the Company offers Mr. Matros a renewed appointment as Member of the board and Mr. Matros does not accept such offer or 

 

	 	•	 	 if Mr. Matros resigns form his office as Member of the board or terminates this service contract or 

  

	 	•	 	 in the case of subsection 2. 

 With
this settlement all other salary and bonus payments that may occur due to the length of the contract are abolished. 
 § 12

 Final Provisions 
  

	1.	The service relationship is regulated comprehensively and exclusively by this service contract. No ancillary agreements have been made. The existing employment relationship between
the Company and Mr. Matros – with the exception of the Pension agreement– is hereby rescinded by mutual consent with effect from midnight on the day immediately preceding the day this service contract takes effect.

  

	2.	Amendments and additions to this service contract must be made in writing. This also applies for the removal of or any amendment to this written form clause. Oral agreements
regarding the written form requirement are invalid. 

  

	3.	Should individual provisions in this service contract be or become invalid, this shall not affect the remaining provisions. A suitable provision shall be agreed in place of the
invalid provision or in order to fill in any omissions in the agreement which is as close as possible to what the parties intended on the basis of their economic aims. 

  

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	4.	This service contract is governed by German law. It shall also be signed at the same time in English by both parties. Only the German version of the agreement is binding, however.

 Radolfzell, ..................... 
  

					
			
	/s/ John A. Young	 		 	/s/ Dr. Michael Matros
	Allweiler AG	 		 	Dr. Michael Matros

 Represented by 
 the
chairman of the supervisory board 
 John A. Young 
  

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