Document:

Exhibit 10.5

 

January
7, 2021

 

LF
Capital Acquisition Corp.

600 Madison Avenue 

Suite
1802

New York, NY 10022

 

Ladies
and Gentlemen:

 

This
letter agreement (this “Letter Agreement”) is being delivered to LF Capital Acquisition Corp. (“Parent”)
in accordance with Section 1.3(a)(v) of that certain Agreement and Plan of Merger, dated as of August 31, 2020 (the “Merger
Agreement”), by and among Parent, LFCA Merger Sub, Inc., a Delaware corporation and a direct wholly-owned subsidiary
of Parent, Landsea Homes Incorporated (the “Company”) and Landsea Holdings Corporation, a Delaware corporation
(the “Seller”), pursuant to which, inter alia, the Company will merge with and into Merger Sub,
with the Company surviving on the terms and subject to the conditions set forth therein (the “Business Combination”).
Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Merger Agreement.

 

In
order to induce the Parent, the Company and the Seller to enter into the Merger Agreement and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Level Field Capital, LLC (the “Sponsor”)
and Karen Wendel (an “Insider”), hereby agree with Parent as follows:

 

1.       (a)
The Sponsor and each Insider agree that it, him or her shall not Transfer any Parent Shares until the earlier of (A) one year
following the completion of the Business Combination and (B) subsequent to the completion of the Business Combination, (x) if
the last sale price of the Parent Class A Stock equals or exceeds $12.00 per share as quoted on Nasdaq (adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days following the completion of the Business Combination or (y) the date following the completion of the Business
Combination on which Parent completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction
that results in all of the Parent’s stockholders having the right to exchange their Parent Shares for cash, securities or
other property (the “Parent Shares Lock-up Period”).

 

(b)
The Sponsor and each Insider agrees that it, him or her shall not Transfer any Parent Warrants (or Parent Class A Stock issued
or issuable upon the exercise of Parent Warrants) until 30 days after the completion of the Business Combination (the “Parent
Warrants Lockup Period”).

 

(c)
Notwithstanding the provisions set forth in paragraphs 1(a) and (b), Transfers of the Parent Shares or Parent Class A Stock issued
or issuable upon the exercise or conversion of the Parent Warrants that are held by the Sponsor or any Insider are permitted (a)
to the Parent’s officers or directors, any affiliates or family members of any of the Parent’s officers or directors,
any members of the Sponsor, or any affiliates of the Sponsor; (b) in the case of an individual, transfers by gift to a member
of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s immediate
family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, transfers by virtue
of laws of descent and distribution upon death of the individual; (d) in the case of an individual, transfers pursuant to a qualified
domestic relations order; (e) transfers by private sales; (f) transfers in the event of the Parent’s liquidation; (g) transfers
by virtue of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of
the Sponsor; and (h) in the event of the Parent’s merger, capital stock exchange, reorganization or other similar transaction
which results in all of the Parent’s stockholders having the right to exchange their Parent Shares for cash, securities
or other property subsequent to the completion of the Business Combination; provided, however, that in the case
of clauses (a) through (e), these permitted transferees must enter into a written agreement, in form and substance reasonably
acceptable to Parent, agreeing to be bound by the restrictions herein.

 

    1

     

    

 

(d)
Notwithstanding the provisions set forth in paragraphs 1(a), 1(b), and 1(c), nothing in paragraph 4 of this Letter Agreement shall
prevent a pledge or hypothecation of any Parent Class B Stock or converted Parent Class A Stock (the recipient of such pledge
or hypothecation, the “Pledgee”) as collateral (the “Collateral”) to a third
party loan if the Pledgee either:

 

(a)
(i) agrees to be bound to the terms and conditions of this Letter Agreement; provided, however, that the Pledgee
shall not pledge or hypothecate the Collateral; and (ii) executes a joinder (the “Joinder”) to this
Letter Agreement (x) in a form reasonably acceptable to Parent (y) whereby Parent is an express third party beneficiary of the
Joinder; or

 

(b)
enters into that certain Loan Facility Agreement with Karen Wendel and Drawbridge Lending, LLC, substantially in the form attached
hereto as Exhibit A.

 

2.       As
used herein, “Transfer” shall mean the (a) sale or assignment of, offer to sell, contract or agreement
to sell, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment
or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning
of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated
thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery
of such securities, in cash or otherwise or (c) public announcement of any intention to effect any transaction specified in clause
(a) or (b).

 

3.       This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may
not be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except
by a written consent from Parent.

 

4.       No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of Parent. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not
operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor
and each Insider and any of its, his or hers successors, heirs, assigns and permitted transferees.

 

5.       This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

    2

     

    

 

6.       The
Sponsor, Parent and each Insider represents and warrants that it, he or she has never been suspended or expelled from membership
in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended
or revoked. Each Insider’s biographical information furnished to Parent (including any such information included in the
Prospectus) is true and accurate in all respects and does not omit any material information with respect to the Insider’s
background. The Sponsor, Parent and each Insider’s questionnaire furnished to the Company, as applicable, is true and accurate
in all respects. The Sponsor, Parent and each Insider represents and warrants that (A) it, he or she is not subject to or a respondent
in any legal action for any injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice
relating to the offering of securities in any jurisdiction and (B) it, he or she has never been convicted of, or pleaded guilty
to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii)
pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding.

 

7.       The
Sponsor, Parent and each Insider hereby agrees and acknowledges that: (i) Parent would be irreparably injured in the event of
a breach by such Sponsor or an Insider of its, his or her obligations under paragraphs 1(a), 1(b), 4 or 6 of this Letter Agreement;
(ii) monetary damages may not be an adequate remedy for such breach; and (iii) the non-breaching party shall be entitled to injunctive
relief, in addition to any other remedy that such party may have in law or in equity, in the event of such breach.

 

8.       Any
notice, consent or request to be given in connection with any of the terms or provisions of this Letter Agreement shall be in
writing and shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by
hand delivery, pdf or facsimile transmission.

 

9.       This
Letter Agreement shall terminate upon the earliest to occur of (a)(i) with respect to the Parent Shares subject to this Agreement,
the expiration of the Parent Shares Lock-up Period, and (ii) with respect to the Parent Warrants subject to this Agreement,
and shares of Parent Class A Stock issued or issuable upon the exercise of such Parent Warrants, the expiration of the Parent
Warrants Lock-up Period, and (b) the termination of the Merger Agreement in accordance with its terms.

 

[Signature
Page Follows]

 

    3

     

    

 

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

 

	 	Level Field Capital, LLC
	 	 	 	 
	 	By: Level Field Partners, LLC, its Managing Member
	 	 	 	 
	 	By: Level Field Management, LLC
	 	 	 	 
	 	By:	/s/ Elias Farhat
	 	 	Name:	Elias
    Farhat
	 	 	Title:	Member
	 	 	 	 
	 	By:	/s/ Djemi Traboulsi
	 	 	Name:	Djemi
    Traboulsi
	 	 	Title:	Member

 

 

[Signature Page to Sponsor Lockup Agreement]

 

    4

     

    

 

	 	By:	/s/
    Karen Wendel
	 		Name: Karen
    Wendel

 

 

[Signature Page to Sponsor Lockup Agreement]

 

    5

     

    

 

	Acknowledged and Agreed:
	 
	 	 
	LF
    Capital Acquisition Corp.	 
	 	 	 	 
	By:	/s/ Scott Reed	 
	 	Name:	Scott
    Reed	 
	 	Title:	Chief
    Executive Officer and President	 

 

 

[Signature Page to Sponsor Lockup Agreement]

 

    6

     

    

 

Exhibit
A

 

Attached.

 

 

    7Exhibit 10.6

 

TRADEMARK
LICENSE AGREEMENT

 

This Trademark License
Agreement (“Agreement”), effective January 7, 2021 (“Effective Date”), is entered into
by and between Landsea Group Co., Ltd., a China limited company (“Licensor”), and LF Capital Acquisition Corp.,
a Delaware corporation (“LF Licensee,” together, with those subsidiaries of LF Capital Acquisition Corp., as
set forth on Exhibit A, each a “Licensee”). Each of the Licensor and Licensees are referred to herein
individually as a “Party” and together as the “Parties.”

 

WHEREAS, Licensor
owns the mark LANDSEA (the “Licensed Mark”) for use in connection with real estate services, as well as the
following U.S. Patent & Trademark Office registrations for the Licensed Mark:

 

		a.	LANDSEA, Reg. No. 5,436,317
                                         for “Appraisals of real estate; commercial and residential real estate agency services;
                                         housing agencies; land leasing; leasing of real estate; real estate investment services
                                         in the nature of purchasing and selling of real estate for others; real estate management
                                         service” in International Class 036; and

 

		b.	LANDSEA, Reg. No. 5,247,710
                                         for “Building construction; building of fair stalls and shops; cleaning of buildings;
                                         construction planning; construction project management services; construction services,
                                         namely, planning, laying out and custom construction of residential and commercial communities;
                                         construction, maintenance and renovation of property; providing information and commentary
                                         in the field of real estate development; real estate development; real estate site selection:
                                         in International Class 037.

 

WHEREAS, Licensor
wishes to license to each Licensee and each Licensee wishes to license from Licensor the Licensed Mark LANDSEA for use in connection
with real estate services, including as defined in the U.S. Patent and Trademark Office Registrations listed herein.

 

WHEREAS, Licensor
expects that it will obtain significant value from having each Licensee make licensed use of the Licensed Mark LANDSEA in the
United States in connection with real estate services.

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement, Licensor is willing to grant to Licensees the exclusive collective right
to use the Licensed Mark in the “domestic homebuilding business” in connection with the goods and services offered
by each Licensee (the “Scope of Grant”). For purposes hereof, “domestic homebuilding business”
shall mean shall mean a business (i) engaged in constructing single and/or multi-family residential properties that operates in
the United States or (ii) with a business unit dedicated to constructing single and/or multi-family residential properties in
the United States, but excluding such business and activities located in New York, New York.

 

NOW, THEREFORE,
in consideration of the mutual promises, covenants and conditions contained herein, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

 

    1

     

    

 

1.          License
Grant. Subject to the terms and conditions of this Agreement, Licensor hereby grants to each Licensee a non-sublicensable,
royalty-free license to use the Licensed Mark in a manner consistent with the Scope of Grant; provided, that, the
Parties hereto further agree that the LF Licensee (i) from time to time, may amend the list of subsidiaries set forth on Exhibit
A and (ii) shall, upon written request by Licensor, promptly provide to Licensor a current copy of the amended Exhibit A.
The license granted by the immediately preceding sentence shall be exclusive as to all Licensees collectively. Each Licensee agrees
to adhere and conform to the terms and conditions in this Agreement, including the quality control provisions set forth herein.
For purposes of this Agreement, “subsidiary” means, for any person, (x) any corporation more than 50% of whose capital
stock of any class or classing having by the terms thereof ordinary voting power to elect a majority of the directors of such
corporation is at the time owned by such person directly or indirectly through subsidiaries, or (y) any limited liability company,
partnership, association, joint venture, or other entity of which such person directly or indirectly through subsidiaries has
more than a 50% equity interest at the time.

 

2.          Ownership
and Use of the Licensed Mark. Each Licensee acknowledges that Licensor solely and exclusively owns the Licensed Mark.
Each Licensee shall not represent that it has any ownership interest in the Licensed Mark. Each Licensee acknowledges that its
licensed use of the Licensed Mark does not create in Licensee any title in or to the Licensed Mark or any goodwill associated
with the Licensed Mark, and that all goodwill arising from each Licensee’s use of the Licensed Mark inures to the benefit
of Licensor. Each Licensee agrees not to challenge the validity of the Licensed Mark. Notwithstanding anything to the contrary
herein, nothing in this Agreement shall limit Licensor’s ability to use or otherwise license the Licensed Mark outside of
the Scope of Grant.

 

		3.	Quality Control.
                                         

 

a.       For
the purpose of maintaining and protecting the image and reputation of Licensor and the LANDSEA mark, LF Licensee shall ensure,
and cause each Licensee to ensure, that each Licensee’s services are at least of the same quality as those services offered
by Licensor under the LANDSEA mark as of the Effective Date of this Agreement.

 

b.       LF
Licensee has shared with Licensor its plans for the services to be offered using the Licensed Mark, including the services to
be offered by LF Licensee’s subsidiaries. Licensor acknowledges that the quality contemplated is appropriate and each Licensee
agrees that all services provided using the Licensed Mark will adhere to those quality standards.

 

c.       Licensee
agrees, following a written request from Licensor, that LF Licensee shall promptly provide, or cause to be provided to, Licensor
such information reasonably requested and to allow physical inspection upon reasonable notice of each Licensee’s premises
in order to allow Licensor sufficient information to reasonably confirm the quality level of the services provided by each Licensee
in connection with the Licensed Mark.

 

d.       LF
Licensee further agrees that it shall be responsible for each Licensee’s compliance with this Section 3.

 

4.          Assignment.
Neither this Agreement nor any of the rights, interests, or obligations under this Agreement may be assigned or delegated,
in whole or in part, by operation of law or otherwise, by any Party without the prior written consent of the LF Licensee and Licensor,
and any such assignment without such prior written consent shall be null and void.

 

    2

     

    

 

		5.	Term; Termination.

 

a.        Term.
This Agreement shall have a term of ten (10) years beginning on the date first set forth above. The Parties agree that upon and
after the nine (9) year anniversary of the date first set forth above, if not terminated earlier pursuant to Section 5(b),
LF Licensee and Licensor shall negotiate in good faith a commercially reasonable agreement for the continued licensing of the
Licensed Mark; provided that each of LF Licensee and Licensor shall determine to enter into any such agreement in their
sole discretion. The Licensees shall, within one hundred and eighty (180) days after the ten (10) year anniversary cease using
the Licensed Mark.

 

b.        Termination.
Notwithstanding Section 5(a), this agreement may be terminated by either of LF Licensee or Licensor upon the earlier of:

 

(i)       Breach;
Abandonment. Upon thirty (30) days after any abandonment of the Licensed Mark by Licensor or breach by a Party of any
of the material terms herein, where such breach is not cured within ten (10) business days after receipt of written notice from
the non-breaching Party.

 

(ii)      Sale
to Third Party. Upon sixty (60) days after a Change of Control; provided that LF Licensee first provides Licensor
with written notice thereof not less than thirty (30) days prior to the anticipated Change of Control. For purposes of this Agreement,
“Change of Control” means any direct or indirect sale or transfer of all or substantially all of the assets of the
LF Licensee, whether by operation of law, merger, divestiture, purchase of securities or other similar transaction, whereby a
person, other than Licensor (together with its Affiliates), after such transaction or series of transaction (i) owns directly
or indirectly more than 50% of the equity interest in LF Licensee or such person owning all or substantially all of the assets
of LF Licensee or (ii) otherwise has the power to elect a majority of the directors, managers, principals, officers or other controlling
body of LF Licensee or such person owning all or substantially all of the assets of LF Licensee.

 

(iii)     Ownership
Threshold. Upon one hundred and eighty (180) days after the date on which the aggregate ownership of LF Licensee held
by Licensor (together with all of its affiliates) is less than six percent (6%); provided that during such one hundred
and eighty (180) period, LF Licensee and Licensor shall negotiate in good faith a commercially reasonable agreement for the continued
licensing of the Licensed Mark; provided further that each of LF Licensee and Licensor shall determine to enter into any
such agreement in their sole discretion.

 

6.          Disputes,
Arbitration and Actions. The LF Licensee and Licensor shall attempt in good faith to resolve any dispute arising out of
or relating to this Agreement promptly by negotiation. Any dispute arising out of or relating to this Agreement or the breach,
termination, enforcement, interpretation or validity thereof, which dispute cannot be resolved in good faith, shall be determined
by arbitration conducted in Hong Kong administered by the Hong Kong International Arbitration Centre (“HKIAC”) under
the HKIAC Administered Arbitration Rules. This clause shall not preclude parties from seeking provisional remedies in aid of arbitration
from a court of appropriate jurisdiction but it shall be deemed to preclude any remedy sought in a court of law.

 

    3

     

    

 

7.           Choice
of Law. This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of Delaware,
without giving effect to any choice of laws or conflict of laws provisions that would require the application of the laws of any
other jurisdiction.

 

8.           Notices.
Any notices hereunder shall be given in writing and shall be delivered (a) in person, (b) by certified mail postage prepaid,
return receipt requested, (c) by electronic mail, or (d) by a commercial overnight courier that guarantees next day delivery and
provides a receipt, and such notices shall be addressed as follows:

 

If to Licensor:

 

Landsea Group Co., Ltd.

Building
5, Lane 280, Linhong Road

Changning
District, 200335

Email: guzhiqiang@landsea.cn 

 

If to Licensee:

 

Landsea Homes
Corporation

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Attention: Franco Tenerelli

Email: ftenerelli@landsea.us

 

9.           Waiver.
Waiver by either Party, whether expressed or implied, of any provision of this Agreement, or of any breach or default, shall
not constitute a continuing waiver of such provision or a waiver of any other provision of this Agreement.

 

10.         No
Partnership. The relationship between Licensor and each Licensee hereunder shall at all times be that of licensor and
licensee, and nothing contained in this Agreement shall render or constitute Licensor and Licensee joint venturers, affiliates,
partners, or agents of each other or allow a Party to legally bind the other Party with respect to any third party.

 

11.         Successors.
Except as otherwise provided herein, this Agreement shall be binding upon and inure to the benefit of the Parties, and their
successors and permitted assigns.

 

12.         Construction.
This Agreement shall be deemed to have been jointly drafted by all Parties hereto and shall be construed in accordance with
its fair meaning, and not strictly construed against either Party.

 

13.         Severability.
Should any part of this Agreement be declared invalid or unenforceable by an arbitration panel or court of competent jurisdiction,
that part shall be excluded to the extent of such invalidity or unenforceability and all other terms hereof shall remain in full
force and effect.

 

14.         Entire
Agreement. This Agreement contains the entire agreement of the Parties with regard to the licensing of the Licensed Mark
and each Licensee’s use thereof. Neither this Agreement nor any provision hereof may be modified, amended or waived except
by the written agreement of LF Licensee and Licensor.

 

    4

     

    

 

15.         Captions.
The captions and titles in this Agreement are for reference only and shall in no way be construed to define, limit, or extend
either the scope of this Agreement or the intent of any of its provisions.

 

16.         Counterparts.
This Agreement may be signed in counterparts, and each copy shall be considered an original for all purposes.

 

[Signature page to follow]

 

    5

     

    

 

IN WITNESS WHEREOF, the Parties
agree to all of the terms and conditions of this Agreement as of the Effective Date.

 

	 	Licensor
	 	 
	 	Landsea Group Co., Ltd.
	 	 	 
	 	By:	/s/ Martin Tian
	 	 	Name: Martin Tian
	 	 	Title: Authorized Officer
	 	 	 
	 	Licensee
	 	 	 
	 	LF Capital Acquisition Corp., on behalf of itself and those subsidiaries
    set forth on Exhibit A
	 	 	 
	 	By:	 /s/ Scott Reed
	 	 	Name: Scott Reed
	 	 	Title: President and Chief Executive Officer

 

[Signature Page to
License Agreement]

 

    6

     

    

 

Exhibit A

 

List of Subsidiaries

 

		1.	54 Windsor, LLC

		2.	A & J Companies, LLC

		3.	Acoma Court, LLC

		4.	Alice Park, LLC

		5.	AV1, LLC

		6.	Bethany Ranch, LLC

		7.	CDR11, LLC

		8.	Garrett Walker Development, LLC

		9.	Garrett Walker Homes, LLC

		10.	Grand Manor, LLC

		11.	GW Sales, LLC

		12.	GWH Cantada, LLC

		13.	GWH Grand Village, LLC

		14.	GWH Holdings, LLC

		15.	GWH Mountain Views, LLC

		16.	GWH NCC 13 & 14, LLC

		17.	GWH NCC 9 & 11, LLC

		18.	GWH NCC, LLC

		19.	GWH NCC-71, LLC

		20.	GWH Northern Farms, LLC

		21.	GWH Park Forest, LLC

		22.	GWH Sundance, LLC

		23.	GWH Sunrise, LLC (#23)

		24.	GWH Sunset Farms, LLC

		25.	GWH Trenton Park, LLC

		26.	GWH West Pointe Estates, LLC

		27.	GWH West Pointe Village, LLC

		28.	Hearn Manor, LLC

		29.	HNM, LLC

		30.	JJAZ Construction, LLC

		31.	Landsea Construction Arizona Inc.

		32.	Landsea Construction Inc.

		33.	Landsea Construction LLC

		34.	Landsea Homes of Arizona LLC

		35.	Landsea Homes of California Inc.

		36.	Landsea Homes US Corporation (fka Landsea Homes Incorporated)

		37.	Landsea Homes- WAB 2 LLC

		38.	Landsea Homes-WAB LLC

		39.	Landsea Real Estate Arizona Inc.

		40.	Landsea Real Estate California, Inc.

		41.	Landsea Real Estate Inc.

		42.	Landsea Real Estate, New Jersey, L.L.C.

 

    7

     

    

 

		43.	Landsea Urban LLC

		44.	LS Investco Vale LLC

		45.	LS Manager Vale LLC

		46.	LS-14 Ave JV LLC

		47.	LS-14 Ave LLC

		48.	LS-14 Ave Member LLC

		49.	LS-14 Ave Mezz LLC

		50.	LS-Chandler LLC

		51.	LS-Chatsworth LLC

		52.	LS-Danville LLC

		53.	LS-Eastmark LLC

		54.	LS-LA Simi LLC

		55.	LS-LA Simi Mezz LLC

		56.	LS-Lido LLC

		57.	LS-Milpitas LLC

		58.	LS-Newark LLC

		59.	LS-NJ Port Imperial Borrower, LLC

		60.	LS-NJ Port Imperial EB5 Borrower, LLC

		61.	LS-NJ Port Imperial JV, LLC

		62.	LS-NJ Port Imperial LLC

		63.	LS-NJ Port Imperial Member, LLC

		64.	LS-North Phoenix LLC

		65.	LS-Novato LLC

		66.	LS-OC Portola LLC

		67.	LS-Ontario II LLC

		68.	LS-Ontario LLC

		69.	LS-PA Boston Point LLC

		70.	LS-Queen Creek II LLC

		71.	LS-Queen Creek LLC

		72.	LS-Santa Clara LLC

		73.	LS-SF Jordan Ranch LLC

		74.	LS-Sunnyvale LLC

		75.	LS-Verrado Marketside LLC

		76.	LS-Verrado Victory Duplex LLC

		77.	LS-Walnut Creek LLC

		78.	LS-Wilder LLC

		79.	Olive Park, LLC

		80.	Paradise 21, LLC

		81.	Pinnacle West Homes Alamar LLC

		82.	Pinnacle West Homes and Development, LLC

		83.	Pinnacle West Homes Centerra LLC

		84.	Pinnacle West Homes Destiny LLC

		85.	Pinnacle West Homes E-69 LLC

		86.	Pinnacle West Homes E44, LLC

		87.	Pinnacle West Homes E48 LLC

		88.	Pinnacle West Homes E70 LLC

 

    8

     

    

 

		89.	Pinnacle West Homes E92 LLC

		90.	Pinnacle West Homes Encanta LLC

		91.	Pinnacle West Homes Highlands LLC

		92.	Pinnacle West Homes Holding Corp.

		93.	Pinnacle West Homes M71 LLC

		94.	Pinnacle West Homes M72 LLC

		95.	Pinnacle West Homes V117, LLC

		96.	Portola PA-1 Mezz Owner LLC

		97.	Portola PA-1 Owner, LLC

		98.	Portola PA-3 Mezz Owner LLC

		99.	Portola PA-3 Owner LLC, LLC

		100.	Portola PA-4 Mezz Owner LLC

		101.	Portola PA-4 Owner, LLC

		102.	Portola PA-5 Mezz Owner LLC

		103.	Portola PA-5 Owner, LLC

		104.	Portola PA-5B Mezz Owner LLC

		105.	Portola PA-5B Owner, LLC

		106.	SFGW, LLC

		107.	SGCR, LLC

		108.	SMGWH, LLC

		109.	Summers Place At Baseline, LLC

		110.	The Grove At Baseline, LLC

		111.	The Ridge, LLC

		112.	The Vale PA-1 Owner, LLC

		113.	The Vale PA-2 Owner, LLC

		114.	The Vale PA-3 Owner, LLC

		115.	Townley Park, LLC

 

    9

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