Document:

Exhibit 10.19(c)

 

AMENDED AND RESTATED GUARANTY

 

THIS
AMENDED AND RESTATED GUARANTY (this “Guaranty”) is made and entered into as of
September 30, 2008, by ORLEANS HOMEBUILDERS, INC., a Delaware corporation (“Guarantor”),
for the benefit of WACHOVIA BANK, NATIONAL ASSOCIATION, a national banking
association (“Agent”), as agent for each of the Lenders (as defined below) that
are party to the Loan Agreement referred to and defined below.

 

BACKGROUND

 

A.       Pursuant to that certain Amended and Restated
Revolving Credit Loan Agreement dated as of December 22, 2004 (the “Original
Loan Agreement”), executed by Greenwood Financial, Inc. (“Master Borrower”),
certain affiliates of Master Borrower as Borrowers, the Lenders party thereto
from time to time (“Lenders”) and Agent, such Lenders agreed to provide a
credit facility to Borrowers on the terms and conditions contained in the
Original Loan Agreement to finance Borrowers’ acquisition of residential real
estate and construction activities.

 

B.        In connection with the Original Loan Agreement
Guarantor executed and delivered to Agent that certain Guaranty dated December 22,
2004, for the benefit of Lenders (the “Original Guaranty”) guarantying the
Obligations as such term is defined in the Original Guaranty);

 

C.        Master Borrower, Borrowers, the Lenders and Agent
amended and restated the Original Loan Agreement pursuant to that certain
Amended and Restated Revolving Credit Loan Agreement dated January 24,
2006 (the “First Amended and Restated Loan Agreement”);

 

D.       In connection with the Existing Loan
Agreement, Guarantor executed and delivered that certain Guaranty dated January 24,
2006, for the benefit of Lenders (as amended prior to the date hereof, the “January 2006
Guaranty,” and collectively with the Original Guaranty hereafter referred to as
the “Existing Guaranties”) guarantying the Obligations as such term is defined
in the January 2006 Guaranty;

 

E.        Master Borrower, Borrowers, the Lenders
and Agent have since amended the First Amended and Restated Loan Agreement pursuant
to that certain First Amendment dated as of November 11, 2006 (the “First
Amendment”), that certain Second Amendment dated as of February 7, 2007
(the “Second Amendment”), that certain Third Amendment dated as of May 8,
2007 (the “Third Amendment”), that certain Fourth Amendment dated as of September 6,
2007 (the “Fourth Amendment”), and that certain Fifth Amendment dated as of December 21,
2007 (the “Fifth Amendment”);

 

F.        Collectively, the First Amended and
Restated Loan Agreement, the First Amendment, the Second Amendment, the Third
Amendment, the Fourth Amendment and the Fifth Amendment are hereafter referred
to as the “Existing Loan Agreement”;

 

G.        Master Borrower, Borrowers and Lenders
are amending and restating the Existing Loan Agreement on the terms and
conditions set forth in that certain Second Amended and Restated Revolving
Credit Loan Agreement of even date herewith (the “Second Amended and

 

 

Restated Loan Agreement,” and collectively with the
Existing Loan Agreement hereafter referred to as the “Loan Agreement”);

 

H.       As a condition to Lenders agreeing to the
terms and conditions of the Second Amended and Restated Loan Agreement, Lenders
are requiring Guarantor to execute and deliver this Guaranty to continue its
guaranty of the Obligations (as hereafter define) and to continue to secure its
guaranty thereof with a first priority lien on all of its deposit accounts held
at a Lender as provided for herein, pursuant to that certain Security Agreement
of even date herewith among Master Borrower, Affiliate Grantors (as defined
therein) and Agent for each of the Lenders, and in the Loan Documents;

 

NOW, THEREFORE, intending to be legally bound and
primarily liable therefore, and to induce Lenders to make or continue to make
Loans to or for the benefit of Master Borrower and Borrowers or in respect of
which Master Borrower or Borrower are, may be or may become liable to Lenders
under any of the Loan Documents, Guarantor hereby agrees that the Existing
Guaranties are hereby amended and restated as follows:

 

1.     OBLIGORS.  The “Obligors” means Master Borrower, and
each of the other Borrower entities from time to time party to the Loan
Agreement.  Capitalized terms used but
not defined herein shall have the respective meanings ascribed to them in the
Second Amended and Restated Loan Agreement.

 

2.     OBLIGATIONS.  The “Obligations” means all existing and
hereafter incurred or arising Indebtedness, whether absolute or contingent,
direct or indirect, including without limitation all interest, expenses, costs (including
collection costs) and fees (including reasonable attorney’s fees and prepayment
fees) incurred, arising or accruing (whether prior or subsequent to the filing
of any bankruptcy petition by or against any Obligor) under or in connection
with any of the foregoing.  If the term “Obligor”
includes more than one person or entity, the Obligations shall include all
Obligations of any one or more of such persons or entities, whether such
Obligations are individual, joint, several or joint and several.

 

3.     UNCONDITIONAL GUARANTY.  In consideration of the existing Obligations,
Guarantor, intending to be legally bound, absolutely and unconditionally
guaranties and is surety to Lenders for the payment, performance and satisfaction
when due (whether by stated maturity, demand, acceleration or otherwise) of all
Obligations.  The obligations of
Guarantor hereunder shall continue in full force and effect irrespective of the
validity, legality or enforceability of any agreements, notes or documents
pursuant to which any of the Obligations arise, or the existence, value or
condition of any collateral for any of the Obligations, or of any other
guaranty of the Obligations, or any other circumstance which might otherwise
constitute a legal or equitable discharge of a surety or guarantor.

 

4.     COST OF ENFORCEMENT.  Guarantor agrees to pay Agent and Lenders all
costs and expenses (including reasonable attorney’s fees) at any time incurred
by Lenders in the enforcement of this Guaranty against Guarantor.

 

5.     PAYMENT BY GUARANTOR.  Payment by Guarantor is due upon demand by
Agent and is payable in immediately available funds in lawful money of the
United States of America.

 

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6.     CONTINUING GUARANTY.  This Guaranty shall continue in full force
and effect with respect to Guarantor until all Obligations have been paid,
performed and satisfied in full.

 

7.     WAIVERS AND CONSENTS BY
GUARANTOR.  Guarantor unconditionally
consents to, and waives as a defense to liability hereunder, each of the
following:  (a) any waiver,
inaction, delay or lack of diligence by Agent or Lenders in enforcing their
rights against any Obligor or in any property, or the unenforceability of any
such rights, including any failure to perfect, protect or preserve any lien or
security interest which may be intended directly or indirectly to secure any of
the Obligations, and the absence of notice thereof to Guarantor, (b) the
absence of any notice of the incurrence or existence of any Obligation, (c) any
action, and the absence of notice thereof to Guarantor, taken by Agent or
Lenders or any Obligor with respect to any of the Obligations, including any
release, subordination or substitution of any collateral or release,
termination, compromise, modification or amendment of any instrument executed
by or applicable to any Obligor or of any claim, right or remedy against any
Obligor or any property, (d) any impairment of Guarantor’s right to
reimbursement by way of subrogation, indemnification or contribution, (e) any
other action taken or omitted by Agent and Lenders in good faith with respect
to the Obligations, (f) the absence or inadequacy of any formalities of
every kind in connection with enforcement of the Obligations, including
presentment, demand, notice and protest, and (g) the waiver of any rights
of Agent and Lenders under or any action taken or omitted by Agent or Lenders
with respect to any other guaranty of the Obligations.

 

8.     OTHER AGREEMENTS BY
GUARANTOR.  Guarantor agrees that there
shall be no requirement that Lenders document their acceptance of this
Guaranty, evidence its reliance thereon, or that Lenders take any action
against any person or any property prior to taking action against
Guarantor.  Guarantor further agrees that
Lenders’ rights and remedies hereunder shall not be impaired or subject to any
stay, suspension or other delay as a result of any Obligor’s insolvency or as a
result of any proceeding applicable to any Obligor or any Obligor’s property
under any bankruptcy or insolvency law. 
Guarantor also agrees that payments and other reductions on the
Obligations may be applied to such of the Obligations and in such order as
Lenders may elect.

 

9.     SUBROGATION AND SIMILAR
RIGHTS.  Guarantor will not exercise any
rights with respect to Lenders or any Obligor related to or acquired in
connection with or as a result of its making of this Guaranty which it may
acquire by way of subrogation, indemnification or contribution, by reason of
payment made by it hereunder or otherwise, until after the date on which all of
the Obligations shall have been satisfied in full, and until such time any such
rights against Borrowers shall be fully subordinate in lien and payment to any
claim in connection with the Obligations which Lenders now or hereafter have against
any Obligor.  If any amount shall be paid
to Guarantor on account of such subrogation, indemnification or contribution at
any time when all of the Obligations and all other expenses guaranteed pursuant
hereto shall not have been paid in full, such amount shall be held in trust for
the benefit of Lenders, shall be segregated from the other funds of Guarantor
and shall forthwith be paid over to Agent to be applied in whole or in part by
Lenders against the Obligations, whether matured or unmatured, in such order as
the Lenders shall determine in their discretion pursuant to the Loan
Agreement.  If Guarantor shall make
payment to Agent or Lenders of all or any portion of the Obligations and all of
the Obligations shall be paid in full, Guarantor’s right of subrogation

 

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shall be without recourse to
and without any implied warranties by Agent or Lenders and shall remain fully
subject and subordinate to Lenders’ right to collect any other amounts which
may thereafter become due to Lenders by the Borrowers in connection with the
Obligations.

 

10.   REINSTATEMENT OF
LIABILITY.  If any claim is made upon the
Agent or Lenders for repayment or recovery of any amount or amounts received by
Agent or Lenders in payment or on account of any Obligations and Lenders repay
all or part of said amount by reason of (a) any judgment, decree or order
of any court or administrative body having jurisdiction over the Lenders or any
of their property, or (b) any settlement or compromise in good faith with
any such claimant (including Obligor), then and in such event Guarantor agrees
that any such judgment, decree, order, settlement or compromise shall be
binding upon Guarantor, notwithstanding any termination hereof or the cancellation
of any note or other instrument evidencing any Obligation, and Guarantor shall
remain liable to the Lenders hereunder for the amount so repaid or recovered to
the same extent as if such amount had never originally been received by
Lenders.

 

11.   SECURITY INTEREST.  Guarantor hereby grants to each Lender a
security interest in any deposit account of Guarantor and any other account of
Guarantor and any balance of assets in any such account, in each case in or
with such Lender whenever and so long as any of the Obligations shall be
outstanding and unpaid and agrees that the security interest hereby granted
shall be independent of the right of setoff, but the application of any
proceeds thereof shall be governed by the Loan Agreement.

 

12.   EFFECT OF OTHER AGREEMENTS.  The provisions of this Guaranty are
cumulative and concurrent with Agent’s and Lenders’ rights and remedies against
Guarantor under any existing or future agreement pertaining to or evidencing
any of the Obligations.  No such
additional agreement shall be deemed a modification or waiver hereof unless
expressly so agreed by Lenders in writing in accordance with the Loan
Agreement.  If Agent or Lenders hold any
other guaranty or surety agreement applicable to any of the Obligations, the
liability of Guarantor hereunder shall be joint and several with each party
obligated on such other guaranty or surety agreement, unless otherwise agreed
by Lenders in writing in accordance with the Loan Agreement.

 

13.   NOTICES.  All notices given under this Guaranty shall
be given in the manner to the addresses set forth in the Loan Agreement.

 

14.   REPRESENTATIONS, WARRANTIES AND
COVENANTS.

 

14.1    Guarantor hereby makes for the benefit of
Lenders each of the representations and warranties made in the Loan Agreement
by Master Borrower and Borrowers with regard to Guarantor and incorporates such
representations and warranties herein by reference, including, without
limitation, as to its assets, financial condition, operations, organization,
legal status, and business.  Guarantor
further represents and warrants that no consent, approval, order or
authorization of, or registration or filing with, any third party is required
in connection with the execution, delivery and carrying out of this Guaranty
or, if required, has been obtained, and this Guaranty has been duly authorized,
executed and delivered

 

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so that it constitutes the legal, valid and binding
obligation of Guarantor, enforceable in accordance with its terms.

 

14.2    Guarantor agrees that, so long as any
part of the Obligations shall remain unpaid, Guarantor will, perform or
observe, all of the terms, covenants and agreements in the Loan Documents that
Guarantor is required or obligated to perform or observe or that Borrowers are
required to cause Guarantor to perform or observe.

 

15.      EXISTING GUARANTIES; NO NOVATION.  This Guaranty supersedes, amends and restates
in full, the Existing Guaranties and all prior amendments thereof.  The Obligations referred to herein includes
all of the Obligations outstanding pursuant to the Existing Guaranties
immediately prior to the execution of this Guaranty, and the parties
acknowledge and agree that this Guaranty is not intended to, nor shall it,
constitute a novation.  Guarantor acknowledges
and agrees that all references to the Guaranty in any Loan Document heretofore
executed by Guarantor, Master Borrower or any Borrower shall mean and refer to
the Existing Guaranties, as amended and restated by this Guaranty.

 

16.      MISCELLANEOUS.

 

16.1    No amendment of any provision of this
Guaranty shall be effective unless it is in writing and signed by Guarantor and
Agent and has been approved by Lenders in accordance with the provisions of the
Loan Agreement.  No waiver of any
provisions of this Guaranty, and no waiver or consent to any departure by
Guarantor therefrom, shall be effective unless it is in writing and signed by
Agent after receipt of Lenders’ approval in accordance with the provisions of
the Loan Agreement, and then such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given.

 

16.2    Any provision of this Guaranty which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining portions hereof or affecting the validity or
enforceability of such provisions in any other jurisdiction.

 

16.3    The obligations of Guarantor hereunder
shall not be subject to any counterclaim, setoff, deduction or defense based
upon any related or unrelated claim which Guarantor may now or hereafter have
against Agent or any Lender or any Obligor, except payment of the Obligations,
and shall not be affected by any change in any Obligor’s legal status or
ownership or by any change in corporate, partnership or other organizational
structure applicable to any Obligor.

 

16.4    This Guaranty shall (i) be binding
on Guarantor and its successors and assigns, and (ii) inure, together with
all rights and remedies of Agent and Lenders hereunder, to the benefit of Agent
and Lenders and their respective successors, transferees and assigns.  Notwithstanding the foregoing clause (i),
none of the rights or obligations of Guarantor hereunder may be assigned or
otherwise transferred.

 

16.5    This Guaranty shall be governed by and
construed in accordance with the internal laws, and not the law of conflicts,
of the Commonwealth of Pennsylvania.

 

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17.      CONSENT TO JURISDICTION AND
VENUE.   IN ANY LEGAL PROCEEDING
INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER ARISING OUT OF OR RELATED TO THIS
GUARANTY OR THE RELATIONSHIP EVIDENCED HEREBY, GUARANTOR HEREBY IRREVOCABLY
SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED
IN OR SERVING BUCKS OR PHILADELPHIA COUNTIES IN THE COMMONWEALTH OF
PENNSYLVANIA AND AGREES NOT TO RAISE ANY OBJECTION TO SUCH JURISDICTION OR TO
THE LAYING OR MAINTAINING OF THE VENUE OF ANY SUCH PROCEEDING IN SUCH COUNTY.  GUARANTOR AGREES THAT SERVICE OF PROCESS IN
ANY SUCH PROCEEDING MAY BE DULY EFFECTED UPON IT BY MAILING A COPY
THEREOF, BY REGISTERED MAIL, POSTAGE PREPAID, TO GUARANTOR.

 

18.      WAIVER OF JURY TRIAL.  GUARANTOR HEREBY WAIVES, AND AGENT AND
LENDERS BY THEIR ACCEPTANCE HEREOF HEREBY WAIVE, TRIAL BY JURY IN ANY LEGAL
PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN
TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATED TO THIS
GUARANTY OR THE 

RELATIONSHIP EVIDENCED HEREBY.  THIS
PROVISION IS A MATERIAL INDUCEMENT FOR AGENT AND LENDERS TO ENTER INTO, ACCEPT
OR RELY UPON THIS GUARANTY.

 

[Signature on the
following page]

 

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IN
WITNESS WHEREOF, Guarantor has executed this Guaranty as of the date first
written above.

 

	
   

  	
  ORLEANS HOMEBUILDERS, INC., a

  
	
   

  	
  Delaware corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Garry
  P. Herdler

  
	
   

  	
  Name:

  	
  Garry P. Herdler

  
	
   

  	
  Title:

  	
  Executive Vice President and

  
	
   

  	
   

  	
  Chief Financial OfficerExhibit 10.35

 

SECURITY AGREEMENT

 

This
SECURITY AGREEMENT (this “Agreement”) is dated as of September 30,
2008 and entered into by and among ORLEANS
HOMEBUILDERS, INC., a Delaware corporation (“Company”), (each of THE UNDERSIGNED AFFILIATES of Company (each
of such undersigned affiliates being a “Affiliate Grantor” and collectively “Affiliate Grantors”) and each ADDITIONAL GRANTOR that may become a party
hereto after the date hereof in accordance with Section 22 hereof (each of
Company, each Affiliate Grantor, and each Additional Grantor being a “Grantor” and collectively the “Grantors”) and WACHOVIA BANK, NATIONAL ASSOCIATION, as Agent for and
representative of (in such capacity herein called “Secured Party”) the Lenders (as hereinafter defined).

 

PRELIMINARY STATEMENTS

 

A.      Pursuant
to the Second Amended and Restated Revolving Credit Loan Agreement dated as of
September 30, 2008 (said Credit Agreement, as it may hereafter be amended,
restated, supplemented or otherwise modified from time to time, being the
“Credit Agreement”),Wachovia Bank, National Association, as Agent, and Lenders
have made certain commitments, subject to the terms and conditions set forth in
the Credit Agreement, continue to make loans and extend certain credit
facilities to Affiliate Grantors.

 

B.      Company
has executed and delivered the Guaranty, in favor of Secured Party for the
benefit of Lenders, pursuant to which Company has guarantied the prompt payment
and performance when due of all obligations of Affiliate Grantors under the
Credit Agreement.

 

C.      It
is a condition precedent to the continued extensions of credit by Lenders under
the Credit Agreement that Grantor shall have granted the security interests and
undertaken the obligations contemplated by this Agreement.

 

NOW, THEREFORE, in consideration of the premises and in
order to induce Lenders to make loans and other extensions of credit under the
Credit Agreement, and for other good and valuable consideration, the receipt
and adequacy of which are hereby acknowledged, each Grantor hereby agrees with
Secured Party as follows:

 

SECTION 1.      Grant of Security.

 

Grantor
hereby assigns to Secured Party, and hereby grants to Secured Party a security
interest in, all of such Grantor’s right, title and interest in and to the
following personal property of such Grantor, in each case whether now or
hereafter existing, whether tangible or intangible, whether now owned or
hereafter acquired and wherever the same may be located (the “Collateral”):

 

(a)      all
Pledged Debt;

 

(b)      all federal and
state income tax refunds received by, or payable to, Grantors in each case
after the Closing Date (collectively, the “Refund Collateral”);

 

 

(c)      all Proceeds
with respect to any of the foregoing Collateral.

 

Each
category of Collateral set forth above shall have the meaning set forth in the
UCC.

 

SECTION 2.      Security for Obligations.

 

This
Agreement secures, and the Collateral is collateral security for, the prompt
payment in full when due, whether at stated maturity, by required prepayment,
declaration, acceleration, demand or otherwise, of all Secured Obligations of
each Grantor. “Secured Obligations”
means:

 

(a)      with
respect to Company, all obligations and liabilities of every nature of Company
now or hereafter existing under or arising out of or in connection with the
Guaranty, and

 

(b)      with respect to
each Affiliate Grantor and Additional Grantor, all obligations and liabilities
of every nature of such Affiliate Grantor now or hereafter existing under or
arising out of or in connection with the Credit Agreement and the other Loan
Documents, in each case together with all extensions or renewals thereof,
whether for principal, interest, reimbursement of amounts drawn under letters
of credit, fees, expenses, indemnities or otherwise, whether voluntary or
involuntary, direct or indirect, absolute or contingent, liquidated or
unliquidated, whether or not jointly owed with others, and whether or not from
time to time decreased or extinguished and later increased, created or
incurred, and all or any portion of such obligations or liabilities that are
paid, to the extent all or any part of such payment is avoided or recovered
directly or indirectly from Secured Party or any Lender as a preference,
fraudulent transfer or otherwise, and all obligations of every nature of
Grantors now or hereafter existing under this Agreement (including, without
limitation, interest and other amounts that, but for the filing of a petition
in bankruptcy with respect to Company or any other Grantor, would accrue on
such obligations, whether or not a claim is allowed against Company or such
Grantor for such amounts in the related bankruptcy proceeding).

 

SECTION 3.      Representations and
Warranties.

 

Each
Grantor represents and warrants as follows:

 

(a)      Jurisdiction
of Organization. Each Grantor’s name as it appears in
official filings in the state of its organization; such Grantor’s type of
organization (i.e. corporation, limited partnership, etc.), jurisdiction of
organization and organization number provided by the applicable government
authority of the jurisdiction of organization are set forth on Schedule 1
annexed hereto.

 

(b)      Names.
No Grantor (or predecessor by merger or otherwise of such Grantor) has, within
the four month period preceding the date hereof, or, in the case of an
Additional Grantor, the date of the applicable Counterpart, had a different
name from the name of such Grantor listed or the signature pages hereof.

 

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(c)      Due
Authorization, etc. Each Grantor is duly formed, validly
existing and in good standing and subsisting under the law of its jurisdiction
of organization and has full entity power and authority to execute, deliver and
perform this Agreement. The execution, delivery and performance of this
Agreement has been duly authorized by all necessary entity action. This
Agreement constitutes a legally valid and binding obligation of each Grantor,
enforceable against such Grantor in accordance with its terms, except as
enforcement hereof may be limited by applicable bankruptcy, insolvency,
reorganization or other similar laws affecting the enforcement of creditors’
rights generally or by general equitable principles.

 

(d)      No
Conflict. The execution, delivery and performance of this
Agreement by each Grantor will not violate the Organizational Documents of such
Grantor, any provision of law applicable to such Grantor or any order, judgment
or decree of any court or other governmental agency binding on such Grantor.

 

(e)      Security
Interests. The security interests in the Collateral granted
hereunder constitute valid security interests in the Collateral, securing
payment of the Secured Obligations.

 

SECTION 4.      Further Assurances.

 

(a)      Generally.  Each Grantor agrees that
from time to time, at the expense of Grantors, such Grantor will promptly
execute and deliver all further instruments and documents, and take all further
action, that may be necessary or desirable, or that Secured Party may reasonably
request, in order to perfect and protect any security interest granted or
purported to be granted hereby or to enable Secured Party to exercise and
enforce its rights and remedies hereunder with respect to any Collateral.
Without limiting the generality of the foregoing, each Grantor will:
(a) (i) execute (if necessary) and file such financing or
continuation statements, or amendments thereto, (ii) subject to the
provisions of Section 6(f), execute and deliver, and cause to be executed
and delivered, all federal and state tax forms establishing that Secured Party
or its designee has (A) a security interest in the Collateral,
(B) the Secured Party or its designee has the right to directly receive
payments from the federal government or any 
state government with respect to such Collateral, and (C) the right
to endorse any instruments of payment drawn on the United States Treasury, or
any equivalent State government agency (these forms shall include, but are not
limited to, IRS Form 2848, Power of Attorney and Declaration of Representative,
Department of Treasury Form 234, General Power of Attorney By a
Corporation For the Collection of Certain Checks Drawn on the United States
Treasury and any equivalent forms issued by any state taxing agency);
(iii) provide Secured Party with any documentation deemed necessary by
Secured Party to allow Secured Party to receive payments with respect to the
Collateral in compliance with the Federal Anti-Assignment Act (31 U.S.C. §
3727; (iv) deliver to Secured Party all Instruments representing or evidencing
the Pledged Debt, accompanied by duly executed endorsements or instruments of
transfer or assignment in blank, all in form and substance satisfactory to
Secured Party and (v) deliver such other instruments or notices, in each
case, as may be necessary or desirable, or as Secured Party may request, in
order to perfect and preserve the security interests granted or purported to be
granted hereby; (vi) refrain from authorizing any person other than Secured
Party or its designee to directly receive payments from the federal government
or any state government with respect to the Collateral or to endorse any
instruments of payment drawn on the United States Treasury or any equivalent
State government agency; (vii) revoke any existing powers of attorney
authorizing any person other than Secured Party or its designee to directly
receive payments from the federal government or

 

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any state government with respect to the Collateral or
to endorse any instruments of payment drawn on the United States Treasury or
any equivalent State government agency; (b) furnish to Secured Party from
time to time statements and schedules further identifying and describing the
Collateral and such other reports in connection with the Collateral as Secured
Party may reasonably request, all in reasonable detail; (c) at Secured
Party’s reasonable request, appear in and defend any action or proceeding that
may affect such Grantor’s title to or Secured Party’s security interest in all
or any part of the Collateral; and (d) use commercially reasonable efforts
to obtain any necessary consents of third parties to the creation and
perfection of a security interest in favor of Secured Party with respect to any
Collateral. Each Grantor hereby authorizes Secured Party to file one or more
financing or continuation statements, and amendments thereto, relative to all
or any part of the Collateral.

 

(b)      Pledged
Debt.  Without limiting
the generality of the foregoing Section 4(a)., Grantor agrees that
(i) all Instruments representing or evidencing the Pledged Debt shall be
delivered to and held by or on behalf of Secured Party pursuant hereto and
shall be in suitable form for transfer by delivery or, as applicable, shall be
accompanied by Grantor’s endorsement, where necessary, or duly executed
instruments of transfer or assignments in blank, all in form and substance
reasonably satisfactory to Secured Party and (ii) it will, upon obtaining
any additional Pledged Debt, promptly (and in any event within five Business
Days) deliver to Secured Party a Pledge Supplement, duly executed by Grantor,
in respect of such additional Pledged Debt; provided, that the failure of
Grantor to execute a Pledge Supplement with respect to any additional Pledged
Debt shall not impair the security interest of Secured Party therein or
otherwise adversely affect the rights and remedies of Secured Party hereunder
with respect thereto.

 

SECTION 5.      Certain Covenants of
Grantors.

 

Each
Grantor shall:

 

(a)      Either
(i) deposit all Refund Collateral received by a Borrower or Guarantor into
a deposit account in the name of Guarantor at a Lender and maintain such
Collateral in a deposit account at a Lender until the Maturity Date, or
(ii) make a voluntary prepayment of the Loans in the amount of such Refund
Collateral when such Refund Collateral is received by a Borrower or Guarantor.

 

(b)      not use or
permit any Collateral to be used unlawfully or in violation of any provision of
this Agreement or any applicable statute, regulation or ordinance or any policy
of insurance covering the Collateral;

 

(c)      give Secured
Party at least 30 days’ prior written notice of any change in such Grantor’s
name, identity or corporate structure;

 

(d)      give Secured
Party at least 30 days’ prior written notice of any reincorporation,
reorganization or other action that results in a change of the jurisdiction of
organization of such Grantor;

 

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(e)      permit representatives
of Secured Party at any time during normal business hours to inspect and make
abstracts from Records of the Collateral, and each Grantor agrees to render to
Secured Party, at Grantor’s cost and expense, such clerical and other
assistance as may be reasonably requested with regard thereto.

 

SECTION 6.      Secured Party Appointed
Attorney-in-Fact

 

Each
Grantor hereby irrevocably appoints Secured Party as such Grantor’s
attorney-in-fact, with full authority in the place and stead of such Grantor
and in the name of such Grantor, Secured Party or otherwise, from time to time
in Secured Party’s discretion to take any action and to execute any instrument
that Secured Party may deem necessary or advisable to accomplish the purposes
of this Agreement, including, without limitation:

 

(a)      upon
the occurrence and during the continuance of an Event of Default, to ask for,
demand, collect, sue for, recover, compound, receive and give acquittance and
receipts for moneys due and to become due under or in respect of any of the
Collateral;

 

(b)      upon the
occurrence and during the continuance of an Event of Default, to receive,
endorse and collect any drafts or other Instruments, Documents, Chattel Paper
and other documents in connection with clauses (a) above;

 

(c)      upon the
occurrence and during the continuance of an Event of Default, to file any
claims or take any action or institute any proceedings that Secured Party may
deem necessary or desirable for the collection of any of the Collateral or otherwise
to enforce or protect the rights of Secured Party with respect to any of the
Collateral;

 

(d)      to pay or
discharge liens (other than liens permitted under this Agreement or the Credit
Agreement) levied or placed upon or threatened against the Collateral, the
legality or validity thereof and the amounts necessary to discharge the same to
be determined by Secured Party in its sole discretion, any such payments made
by Secured Party to become obligations of such Grantor to Secured Party, due
and payable immediately without demand;

 

(e)      upon the
occurrence and during the continuance of an Event of Default, generally to
sell, transfer, pledge, make any agreement with respect to or otherwise deal
with any of the Collateral as fully and completely as though Secured Party were
the absolute owner thereof for all purposes, and to do, at Secured Party’s
option and Grantors’ expense, at any time or from time to time, all acts and
things that Secured Party deems necessary to protect, preserve or realize upon
the Collateral and Secured Party’s security interest therein in order to effect
the intent of this Agreement; and

 

(f)      upon the
occurrence and during the continuance of an Event of Default, to file with the
Internal Revenue Service and the United States Department of the Treasury and
any equivalent state agency executed powers of attorney provided by Grantors in
accordance with Section 4 of this Agreement.

 

5

 

SECTION 7.      Secured Party
May Perform.

 

If
any Grantor fails to perform any agreement contained herein, Secured Party may,
if such agreement is not performed by such Grantor within ten days after
written notice of such failure is given by Secured Party to such Grantor,
itself perform, or cause performance of, such agreement, and the expenses of
Secured Party incurred in connection therewith shall be payable by Grantors
under Section 11(b) hereof

 

SECTION 8.      Standard of Care.

 

The
powers conferred on Secured Party hereunder are solely to protect its interest
in the Collateral and shall not impose any duty upon it to exercise any such
powers. Except for the exercise of reasonable care in the custody of any
Collateral in its possession and the accounting for moneys actually received by
it hereunder, Secured Party shall rave no duty as to any Collateral or as to
the taking of any necessary steps to preserve rights against prior parties or
any other rights pertaining to any Collateral. Secured Party shall be deemed to
have exercised reasonable care in the custody and preservation of Collateral in
its possession if such Collateral is accorded treatment substantially equal to
that which Secured Party accords its own property.

 

SECTION 9.      Remedies.

 

If
any Event of Default shall have occurred and be continuing, Secured Party may
exercise in respect of the Collateral, in addition to all other rights and
remedies provided for herein or otherwise available to it, all the rights and
remedies of a secured party on default under the UCC (whether or not the UCC
applies to the affected Collateral), and also may (i) enter onto the
property where any Collateral is located and take possession thereof with or
without judicial process, (ii) sell the Collateral or any part thereof in
one or more parcels at public or private sale, at any of Secured Party’s
offices or elsewhere, for cash, on credit or for future delivery, at such time
or times and at such price or prices and upon such other terms as Secured Party
may deem commercially reasonable, (iii) exercise dominion and control over
and refuse to permit further withdrawals from any Deposit Account constituting
part of the Collateral maintained with Secured Party or any Lender,
(iv) without notice to any Grantor, transfer to or register in the name of
Secured Party or any of its nominees any or all of the Collateral constituting
Pledged Debt, and (v) and take all action necessary to receive payments
from the federal and any state government with respect to such Collateral, and
exercise any and all authority granted by Department of Treasury Form 234,
General Power of Attorney By a Corporation For the Collection of Certain Checks
Drawn on the United States Treasury, and any equivalent forms issued by any
state taxing authority.  Secured Party or
any Lender may be the purchaser of any or all of the Collateral at any such
sale and Secured Party, shall be entitled, for the purpose of bidding and
making settlement or payment of the purchase price for all or any portion of
the Collateral sold at any such public sale, to use and apply any of the
Secured Obligations as a credit on account of the purchase price for any
Collateral payable by Secured Party at such sale. Each Grantor hereby waives
any claims against Secured Party arising by reason of the fact that the price at
which any Collateral may have been sold at such a private sale was less than
the price which might have been obtained at a public sale, even if Secured
Party accepts the first offer received and does not offer such Collateral to
more than one offeree. If the proceeds of any sale or other disposition of the
Collateral are insufficient to pay all the Secured Obligations, Grantors shall
be jointly and severally liable for the deficiency and the fees of any
attorneys employed by Secured Party to collect such deficiency. Each Grantor
further agrees that a breach of any of the covenants contained in this
Section 9 will cause irreparable

 

6

 

injury
to Secured Party, that Secured Party has no adequate remedy at law in respect
of such breach and, as a consequence, that each and every covenant contained in
this Section shall be specifically enforceable against such Grantor, and
each Grantor hereby waives and agrees not to assert any defenses against an
action for specific performance of such covenants except for a defense that no
default has occurred giving rise to the Secured Obligations becoming due and
payable prior to their stated maturities.

 

SECTION 10.      Application of Proceeds.

 

Except
as expressly provided elsewhere in this Agreement, all proceeds received by
Secured Party in respect of any sale of, collection from, or other realization
upon all or any part of the Collateral shall be applied in the following order
of priority:

 

FIRST: To the payment of all costs and expenses of such sale,
collection or other realization, including reasonable compensation to Secured
Party and its agents and counsel, and all other expenses, liabilities and
advances made or incurred by Secured Party in connection therewith, and all
amounts for which Secured Party is entitled to indemnification hereunder and
all advances made by Secured Party hereunder for the account of Grantors, and
to the payment of all costs and expenses paid or incurred by Secured Party in
connection with the exercise of any right or remedy hereunder;

 

SECOND: To the payment of all other Secured Obligations (for the
ratable benefit of the holders thereof) and, as to obligations arising under
the Credit Agreement, as provided in the Credit Agreement; and

 

THIRD: To the payment to or upon the order of Company, or to whosoever
may be lawfully entitled to receive the same or as a court of competent
jurisdiction may direct, of any surplus then remaining from such proceeds.

 

SECTION 11.      Indemnity and Expenses.

 

(a)      Grantors
jointly and severally agree to indemnify Secured Party and each Lender from and
against any and all claims, losses and liabilities in any way relating to,
growing out of or resulting from this Agreement and the transactions
contemplated hereby (including, without limitation, enforcement of this
Agreement), except to the extent such claims, losses or liabilities result
solely from Secured Party’s or such Lender’s gross negligence or willful
misconduct as finally determined by a court of competent jurisdiction and
except for any breach of this Agreement by Secured Party or any Lender or any
failure of any Secured Party or any Lender to comply with the requirements of
the UCC imposed upon a Secured Party and under a Secured Party’s control in connection
with the enforcement of this Agreement.

 

(b)      Grantors
jointly and severally agree to pay to Secured Party upon demand the amount of
any and all costs and expenses, including the fees and expenses of counsel and
of any experts and agents, that Secured Party may incur in connection with the
custody or preservation of the Collateral, the exercise of rights or remedies
hereunder or the failure by any Grantor to perform or observe any of the
provisions hereof

 

7

 

(c)      The obligations
of Grantors in this Section 11 shall survive the termination of this
Agreement and the discharge of Grantors’ other obligations under this
Agreement, the Credit Agreement and the other Loan Documents.

 

SECTION 12.      Amendments; Etc.

 

No
amendment, modification, termination or waiver of any provision of this
Agreement, and no consent to any departure by any Grantor therefrom, shall in
any event be effective unless the same shall be in writing and signed by
Secured Party and, in the case of any such amendment or modification or any
waiver given by Grantors, by Grantors; provided this Agreement may be modified
by the execution of a Counterpart by an Additional Grantor in accordance with
Section 22 hereof and Grantors hereby waive any requirement of notice of
or consent to any such amendment. Any such waiver or consent shall be effective
only in the specific instance and for the specific purpose for which it was
given.

 

SECTION 13.      Notices.

 

Any
notice or other communication herein required or permitted to be given shall be
in given and delivered in accordance with Section 13.10 of the Credit
Agreement.

 

SECTION 14.      Failure or Indulgence Not
Waiver; Remedies Cumulative.

 

No
failure or delay on the part of Secured Party in the exercise of any power,
right or privilege hereunder shall impair such power, right or privilege or be
construed to be a waiver of any default or acquiescence therein, nor shall any
single or partial exercise of any such power, right or privilege preclude any
other or further exercise thereof or of any other power, right or privilege.
All rights and remedies existing under this Agreement are cumulative to, and
not exclusive of, any rights or remedies otherwise available.

 

SECTION 15.      Severability.

 

In
case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and
enforceability of the remaining provisions or obligations, or of such provision
or obligation in ,any other jurisdiction, shall not in any way be affected or
impaired thereby.

 

SECTION 16.      Headings.

 

Section and
subsection headings in this Agreement are included herein for convenience of
reference only and shall not constitute a part of this Agreement for any other
purpose or be given any substantive effect.

 

SECTION 17.      Governing Law; Rules of
Construction.

 

This
Agreement shall in all respects be governed by the laws of the Commonwealth of
Pennsylvania.  This Agreement and all of
the other Loan Documents shall be construed as if drafted equally by all
parties hereto.

 

8

 

SECTION 18.       Consent to
Jurisdiction and Service of Process.

 

IN ANY LEGAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
ARISING OUT OF OR RELATED TO THIS AGREEMENT OR ANY LOAN DOCUMENT OR THE
RELATIONSHIP EVIDENCED HEREBY, GRANTORS HEREBY IRREVOCABLY SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF THE COURT OF COMMON PLEAS OF PHILADELPHIA OR
BUCKS COUNTY, PENNSYLVANIA, AND THE UNITED STATES DISTRICT COURT FOR THE
EASTERN DISTRICT OF PENNSYLVANIA. 
GRANTORS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN
ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND BORROWERS HEREBY WAIVE ANY
OBJECTION WHICH GRANTORS MAY HAVE BASED UPON LACK OF PERSONAL
JURISDICTION, IMPROPER VENUE, OR FORUM NON CONVENIENS.  GRANTORS HEREBY WAIVE PERSONAL SERVICE OF THE
SUMMONS, COMPLAINT AND ANY OTHER PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND
AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINT, AND ANY OTHER PROCESS MAY BE
MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO GRANTORS AT THE ADDRESS SET
FORTH ABOVE AND THAT SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE
PROVIDING OF NOTICE IN ACCORDANCE WITH THE TERMS HEREOF.  NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR
OPERATE TO AFFECT THE RIGHTS OF SECURED PARTY TO SERVE LEGAL PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW, OR TO PRECLUDE THE ENFORCEMENT BY SECURED PARTY
OR LENDERS OF ANY CLAIM, JUDGMENT OR ORDER OBTAINED IN SUCH FORUM, OR THE
TAKING OF ANY ACTION UNDER THIS AGREEMENT OR OTHERWISE TO ENFORCE SAME, IN ANY
OTHER APPROPRIATE FORUM OR JURISDICTION.

 

SECTION 19.       Waiver of
Jury Trial.

 

GRANTORS AND SECURED PARTY, AFTER CONSULTATION WITH THEIR RESPECTIVE
COUNSEL, EACH HEREBY WAIVE ANY RIGHT WHICH THEY MAY HAVE TO A JURY TRIAL
IN CONNECTION WITH ANY LEGAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) COMMENCED BY OR
AGAINST THEM OR ANY OF THEM IN ANY WAY ARISING OUT OF OR RELATED TO THIS
AGREEMENT, ANY LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT, OR IN ANY WAY PERTAINING TO THE FACILITY OR THE RELATIONSHIPS
EVIDENCED BY THIS AGREEMENT.

 

SECTION 20.       Counterparts.

 

This Agreement may be executed in one or more counterparts and by
different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument; signature pages may
be detached from multiple separate counterparts and attached to a single
counterpart so that all signature pages are physically attached to the
same document.

 

9

 

SECTION 21.       Definitions.

 

(a)           Each capitalized term utilized in
this Agreement that is not defined in this Agreement or the Credit Agreement,
but that is defined in the UCC, including the categories of Collateral listed
in Section 1 hereof shall have the meaning set forth in Articles 1, 8 or 9
of the UCC.

 

(b)           In addition, the following terms used
in this Agreement shall have the following meanings:

 

“Additional Grantor”
means an Eligible Affiliate of Company that becomes a party hereto after the
date hereof as an additional Grantor by executing a Counterpart.

 

“Collateral” has the
meaning set forth in Section 1 hereof.

 

“Counterpart” means
a counterpart to this Agreement, in substantially the form set forth as Exhibit I
attached hereto, entered into by an Eligible Affiliate of Company pursuant to Section 22
hereof.

 

“Credit Agreement”
has the meaning set forth in the Preliminary Statements of this Agreement.

 

“Event of Default”
means any Event of Default as defined in the Credit Agreement.

 

“Lender” has the
meaning set forth in the Credit Agreement.

 

“Loan Documents” has
the meaning set forth in the Credit Agreement. “Secured Obligations” has the
meaning set forth in Section 2 hereof. “Eligible Affiliate” has the
meaning set forth in the Credit Agreement.

 

“Pledged Debt” means
the Debt from time to time owed to Grantor by Guarantor or any of its subsidiaries,
the instruments and certificates evidencing such Debt and all interest, cash or
other property received, receivable or otherwise distributed in respect of or
exchanged therefor.

 

“Refund Collateral” has
the meaning set forth in Section 1.

 

“UCC” means the
Uniform Commercial Code, as it exists on the date of this Agreement or as it
may hereafter be amended, in the Commonwealth of Pennsylvania.

 

SECTION 22.       Additional
Grantors.

 

The initial Grantors hereunder shall be Company and such of the
Eligible Affiliates of Company as are signatories hereto on the date hereof.
From time to time subsequent to the date hereof, additional Eligible Affiliates
of Company may become Additional Grantors, by executing a Counterpart. Upon
delivery of any such Counterpart to Secured Party, notice of which is hereby
waived by Grantors, each such Additional Grantor shall be a Grantor and shall
be as fully a party hereto as if such Additional Grantor were an original
signatory hereto. Each Grantor expressly agrees that its obligations arising
hereunder shall not be affected or diminished 

 

10

 

by the addition or release of
any other Grantor hereunder, nor by any election of Secured Party not to cause
any Eligible Affiliate of Company to become an Additional Grantor hereunder.
This Agreement shall be fully effective as to any Grantor that is or becomes a
party hereto regardless of whether any other Person becomes or fails to become
or ceases to be a Grantor hereunder.

 

[Remainder of page intentionally left
blank]

 

11

 

IN WITNESS WHEREOF, Grantor and Secured Party have caused this
Agreement to be duly executed and delivered by their respective officers
thereunto duly authorized as of the date first written above.

 

	
   

  	
  Greenwood Financial Inc., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Name:

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  OHB Homes, Inc.

  
	
   

  	
  Orleans Corporation

  
	
   

  	
  Orleans Corporation of New Jersey

  
	
   

  	
  Orleans Construction Corp.

  
	
   

  	
  Parker & Lancaster Corporation

  
	
   

  	
  Parker & Orleans Homebuilders, Inc.

  
	
   

  	
  Sharp Road Farms, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Name:

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Masterpiece Homes, LLC

  
	
   

  	
  OPCNC, LLC

  
	
   

  	
  Orleans at Bordentown, LLC

  
	
   

  	
  Orleans at Cooks Bridge, LLC

  
	
   

  	
  Orleans at Covington Manor, LLC

  
	
   

  	
  Orleans at Crofton Chase, LLC

  
	
   

  	
  Orleans at East Greenwich, LLC

  
	
   

  	
  Orleans at Elk Township, LLC

  
	
   

  	
  Orleans at Evesham, LLC

  
	
   

  	
  Orleans at Hamilton, LLC

  
	
   

  	
  Orleans at Harrison, LLC

  
	
   

  	
  Orleans at Hidden Creek, LLC

  
	
   

  	
  Orleans at Jennings Mill, LLC

  
	
   

  	
  Orleans at Lambertville, LLC

  
	
   

  	
  Orleans at Lyons Gate, LLC

  
	
   

  	
  Orleans at Mansfield, LLC

  
	
   

  	
  Orleans at Maple Glen, LLC

  
	
   

  	
  Orleans at Meadow Glen, LLC

  
	
   

  	
  Orleans at Millstone, LLC

  

 

[Grantors’ signatures continued on the
following page]

 

12

 

	
   

  	
  Orleans at Millstone River Preserve, LLC

  
	
   

  	
  Orleans at Moorestown, LLC

  
	
   

  	
  Orleans at Tabernacle, LLC

  
	
   

  	
  Orleans at Upper Freehold, LLC

  
	
   

  	
  Orleans at Wallkill, LLC

  
	
   

  	
  Orleans at Westampton Woods, LLC

  
	
   

  	
  Orleans at Woolwich, LLC

  
	
   

  	
  Orleans Arizona Realty, LLC

  
	
   

  	
  Orleans DK, LLC

  
	
   

  	
  Parker Lancaster, Tidewater, L.L.C.

  
	
   

  	
  Wheatley Meadows Associates, LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Name:

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Brookshire Estates, L.P. (f/k/a Orleans at Brookshire Estates, L.P.)

  
	
   

  	
  Orleans at Falls, LP

  
	
   

  	
  Orleans at Limerick, LP

  
	
   

  	
  Orleans at Lower Salford, LP

  
	
   

  	
  Orleans at Thornbury, L.P.

  
	
   

  	
  Orleans at Upper Saucon, L.P.

  
	
   

  	
  Orleans at Upper Uwchlan, LP

  
	
   

  	
  Orleans at West Bradford, LP

  
	
   

  	
  Orleans at West Vincent, LP

  
	
   

  	
  Orleans at Windsor Square, LP

  
	
   

  	
  Orleans at Wrightstown, LP

  
	
   

  	
  Stock Grange, LP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  OHI PA GP, LLC, sole General Partner

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Lawrence J. Dugan

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President

  
						

 

[Grantors’ signatures continued on the
following page]

 

13

 

	
   

  	
  Orleans RHIL, LP

  
	
   

  	
  Realen Homes, L.P.

  

 

	
   

  	
  By:

  	
  RHGP, LLC, sole General Partner

  
	
   

  	
   

  	
  By:

  	
  Orleans Homebuilders, Inc.,

  
	
   

  	
   

  	
   

  	
  Authorized Member

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
  Garry P. Herdler

  
	
   

  	
   

  	
   

  	
   

  	
  Name:

  	
  Garry P. Herdler

  
	
   

  	
   

  	
   

  	
   

  	
  Title:

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Chief Financial Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Orleans Homebuilders, Inc., a Delaware corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  Garry P. Herdler

  
	
   

  	
   

  	
  Name:

  	
  Garry P. Herdler

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President and

  
	
   

  	
   

  	
   

  	
  Chief Financial Officer

  
							

 

14

 

	
   

  	
  WACHOVIA BANK, NATIONAL ASSOCIATION,

  
	
   

  	
  As Administrative Agent, as Secured Party

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  Ron Ferguson

  
	
   

  	
   

  	
  Name:

  	
  Ron Ferguson

  
	
   

  	
   

  	
  Title:

  	
  Managing Director

  
						

 

15

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