Document:

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                                                                   EXHIBIT 10.XX

                            INDEMNIFICATION AGREEMENT

         This Indemnification Agreement (this "Agreement") is made and delivered
this 17th day of December, 2004, by El Paso Corporation (the "Company"), to and
for the benefit of Douglas L. Foshee ("Foshee").

                                    RECITALS

         WHEREAS, the Company executed an Indemnification Agreement dated
September 2, 2003, for the benefit of Foshee upon Foshee's election to the
Company's Board of Directors ("Board") and it is the Company's intent that this
Indemnification Agreement shall replace the Indemnification Agreement dated
September 2, 2003. Notwithstanding the foregoing, to the extent any claims for
indemnification or advancement of expenses existed under his prior agreement,
such claims shall be governed by the terms of that agreement.

         WHEREAS, in order to induce Foshee to continue as a member of the
Company's Board and as an officer of the Company ("Officer"), the Company is
executing and delivering to Foshee this Indemnification Agreement.

         NOW, THEREFORE, in consideration of the foregoing, the mutual covenants
contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company hereby agrees as
follows:

SECTION 1. RIGHT TO INDEMNIFICATION

         If Foshee is made a party or is threatened to be made a party to or is
involved (including, without limitation, as a witness) in any actual or
threatened action, suit or proceeding, whether civil, criminal, administrative
or investigative (hereinafter a "proceeding"), by reason of the fact that he is
or was a Director or Officer of the Company (or of any subsidiary of the
Company) or is or was serving at the request of the Company or the Board of
Directors, including service with respect to any employee benefit plan or any
subsidiary of the Company, whether the basis of such proceeding is alleged
action in an official capacity as a Director or Officer or in any other capacity
while serving as a Director or Officer, he shall be indemnified and held
harmless by the Company to the full extent permitted by the General Corporation
Law of the State of Delaware, as the same exists or may hereafter be amended
(but, in the case of any such amendment, only to the extent that such amendment
permits the Company to provide broader indemnification rights than said law
permitted the Company to provide prior to such amendment), or by other
applicable law as then in effect, against all expense, liability and loss
(including attorneys' fees, judgments, fines, ERISA excise taxes or penalties
and amounts to be paid in settlement) actually and reasonably incurred or
suffered by him in connection therewith and such indemnification shall continue
after Foshee has ceased to be a Director or Officer and shall inure to the
benefit of Foshee's heirs, executors and administrators; provided, however, that

<PAGE>
except as provided in Section 2 of this Agreement with respect to proceedings
seeking to enforce rights to indemnification or to advancement of expenses, the
Company shall be required to indemnify Foshee in connection with a proceeding
(or part thereof) initiated by Foshee only if such proceeding (or part thereof)
was authorized by the Board. The right to indemnification conferred in this
Agreement shall include the right to be paid by the corporation the reasonable
expenses (including attorneys' fees) incurred in defending any such proceeding
in advance of its final disposition (hereinafter an "advancement of expenses");
further provided, however, that, if the General Corporation Law of the State of
Delaware requires, an advancement of expenses incurred by Foshee in his capacity
as a Director or Officer (and not in any other capacity in which service was or
is rendered by Foshee while a Director or Officer, including, without
limitation, service to an employee benefit plan) shall be made only upon
delivery to the Company of an undertaking, if permitted by Federal Law, by or on
behalf of Foshee, to repay all amounts so advanced if it shall ultimately be
determined that he is not entitled to be indemnified under this Agreement, or
otherwise, and provided further that except as provided in Section 2 of this
Agreement with respect to proceedings seeking to enforce rights to
indemnification or an advancement of expenses, the Company shall be required to
advance expenses to Foshee in connection with a proceeding initiated by him only
if such proceeding was authorized by the Board.

SECTION 2. RIGHT TO BRING SUIT

         If a claim under Section 1 of this Agreement is not paid in full by the
Company (following the final disposition of the proceeding) within sixty (60)
days after a written claim has been received by the Company, except in the case
of a claim for an advancement of expenses, in which case final disposition of
the proceeding is not required and the applicable period shall be twenty (20)
days, Foshee may at any time thereafter bring suit against the Company to
recover the unpaid amount of the claim and, to the extent successful in whole or
in material part, Foshee shall be entitled to be paid the expense of prosecuting
such suit. Foshee shall be presumed to be entitled to indemnification under this
Agreement upon submission of a written claim (and, in an action brought to
enforce a claim for an advancement of expenses, where the required undertaking,
if any is required, has been tendered to the Company), and thereafter the
Company shall have the burden of proof to overcome the presumption that Foshee
is not so entitled. Neither the failure of the Company (including its Board,
independent legal counsel, or its stockholders), to have made a determination
prior to the commencement of such suit that indemnification of Foshee is proper
in the circumstances, nor an actual determination by the Company (including its
Board, independent legal counsel or its stockholders) that Foshee is not
entitled to indemnification, shall be a defense to the suit or create a
presumption that Foshee is not so entitled.

SECTION 3. NONEXCLUSIVITY OF RIGHTS

         The rights to indemnification and to the advancement of expenses
conferred in this Agreement are in addition to and shall not be exclusive of any
other right Foshee may have or hereafter acquire under any statute, provision of
the Restated Certificate of Incorporation of the Company or its By-laws, or
under any other plan, program, arrangement, agreement, vote of stockholders or
disinterested Directors or otherwise.

                                      -2-
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SECTION 4. INSURANCE, CONTRACTS AND FUNDING

         The Company may maintain insurance, at its expense, to protect itself
and Foshee against any expense, liability or loss, whether or not the Company
would have the power to indemnify Foshee against such expense, liability or loss
under the General Corporation Law of the State of Delaware. The Company may
enter into contracts with Foshee in furtherance of the provisions of this
Agreement and may create a trust fund, grant a security interest or use other
means (including, without limitation, a letter of credit) to ensure the payment
of such amounts as may be necessary to effect indemnification as provided in
this Agreement. To the extent the Company maintains an insurance policy or
policies providing directors' and officers' liability insurance, Foshee shall be
covered by such policy or policies, in accordance with its or their terms, to
the maximum extent of the coverage available for any Company director or
officer.

SECTION 5. CHANGE OF CONTROL

         (a) A "Change in Control" shall mean the occurrence of any of the
following:

         (I) An acquisition (other than directly from the Company) of any voting
         securities of the Company (the "Voting Securities") by any "Person" (as
         the term "person" is used for purposes of Section 13(d) or 14(d) of the
         Securities Exchange Act of 1934, as amended (the "Exchange Act")),
         immediately after which such Person has "Beneficial Ownership" (within
         the meaning of Rule 13d-3 promulgated under the Exchange Act) of more
         than twenty percent (20%) of (1) the then-outstanding shares of common
         stock of the Company (or any other securities into which such shares of
         common stock are changed or for which such shares of common stock are
         exchanged) (the "Shares") or (2) the combined voting power of the
         Company's then-outstanding Voting Securities; provided, however, that
         in determining whether a Change in Control has occurred pursuant to
         this paragraph (I), the acquisition of Shares or Voting Securities in a
         "Non-Control Acquisition" (as hereinafter defined) shall not constitute
         a Change in Control. A "Non-Control Acquisition" shall mean an
         acquisition by (i) an employee benefit plan (or a trust forming a part
         thereof) maintained by (A) the Company or (B) any corporation or other
         Person the majority of the voting power, voting equity securities or
         equity interest of which is owned, directly or indirectly, by the
         Company (for purposes of this definition, a "Related Entity"), (ii) the
         Company or any Related Entity, or (iii) any Person in connection with a
         "Non-Control Transaction" (as hereinafter defined);

         (II) The individuals who, as of the Effective Date, are members of the
         board of directors of the Company (the "Incumbent Board"), cease for
         any reason to constitute at least a majority of the members of the
         board of directors of the Company or, following a Merger (as
         hereinafter defined), the board of directors of (x) the corporation
         resulting from such Merger (the "Surviving Corporation"), if fifty
         percent (50%) or more of the combined voting power of the
         then-outstanding voting securities of the Surviving Corporation is not
         Beneficially Owned, directly or indirectly, by another Person (a
         "Parent Corporation") or (y) if there is one or more than one Parent
         Corporation, the ultimate Parent Corporation; provided, however, that,
         if the election, or nomination for election by the Company's common
         stockholders, of any new director was approved by a

                                      -3-
<PAGE>
         vote of at least two-thirds of the Incumbent Board, such new director
         shall, for purposes of the Plan, be considered a member of the
         Incumbent Board; and provided, further, however, that no individual
         shall be considered a member of the Incumbent Board if such individual
         initially assumed office as a result of an actual or threatened
         solicitation of proxies or consents by or on behalf of a Person other
         than the board of directors of the Company (a "Proxy Contest"),
         including by reason of any agreement intended to avoid or settle any
         Proxy Contest; or

         (III) The consummation of:

                           (i) A merger, consolidation or reorganization (1)
         with or into the Company or (2) in which securities of the Company are
         issued (a "Merger"), unless such Merger is a "Non-Control Transaction."
         A "Non-Control Transaction" shall mean a Merger in which:

                           (A) the stockholders of the Company immediately
                  before such Merger own directly or indirectly immediately
                  following such Merger at least fifty percent (50%) of the
                  combined voting power of the outstanding voting securities of
                  (x) the Surviving Corporation, if there is no Parent
                  Corporation or (y) if there is one or more than one Parent
                  Corporation, the ultimate Parent Corporation;

                           (B) the individuals who were members of the Incumbent
                  Board immediately prior to the execution of the agreement
                  providing for such Merger constitute at least a majority of
                  the members of the board of directors of (x) the Surviving
                  Corporation, if there is no Parent Corporation, or (y) if
                  there is one or more than one Parent Corporation, the ultimate
                  Parent Corporation; and

                           (C) no Person other than (1) the Company, (2) any
                  Related Entity, or (3) any employee benefit plan (or any trust
                  forming a part thereof) that, immediately prior to the Merger,
                  was maintained by the Company or any Related Entity, or (4)
                  any Person who, immediately prior to the Merger had Beneficial
                  Ownership of twenty percent (20%) or more of the then
                  outstanding Shares or Voting Securities, has Beneficial
                  Ownership, directly or indirectly, of twenty percent (20%) or
                  more of the combined voting power of the outstanding voting
                  securities or common stock of (x) the Surviving Corporation,
                  if fifty percent (50%) or more of the combined voting power of
                  the then outstanding voting securities of the Surviving
                  Corporation is not Beneficially Owned, directly or indirectly
                  by a Parent Corporation, or (y) if there is one or more than
                  one Parent Corporation, the ultimate Parent Corporation;

                           (ii) A complete liquidation or dissolution of the
         Company; or

                           (iii) The sale or other disposition of all or
         substantially all of the assets of the Company and its subsidiaries
         taken as a whole to any Person (other than (x) a transfer to a Related
         Entity, (y) a transfer under conditions that would constitute a
         Non-Control Transaction, with the disposition of assets being regarded
         as a Merger for this

                                      -4-
<PAGE>
         purpose or (z) the distribution to the Company's stockholders of the
         stock of a Related Entity or any other assets).

         Notwithstanding the foregoing, a Change in Control shall not be deemed
         to occur solely because any Person (the "Subject Person") acquired
         Beneficial Ownership of more than the permitted amount of the then
         outstanding Shares or Voting Securities as a result of the acquisition
         of Shares or Voting Securities by the Company which, by reducing the
         number of Shares or Voting Securities then outstanding, increases the
         proportional number of shares Beneficially Owned by the Subject
         Persons; provided, that if a Change in Control would occur (but for the
         operation of this sentence) as a result of the acquisition of Shares or
         Voting Securities by the Company and, after such share acquisition by
         the Company, the Subject Person becomes the Beneficial Owner of any
         additional Shares or Voting Securities and such Beneficial Ownership
         increases the percentage of the then outstanding Shares or Voting
         Securities Beneficially Owned by the Subject Person, then a Change in
         Control shall occur.

         (b) Change in Control of the Company. The Company agrees that if there
is a Change in Control of the Company, then with respect to all matters
thereafter arising concerning the rights of Foshee to indemnity payments and
expense advances under this Agreement, any other agreements, the Restated
Certificate of Incorporation or the By-laws now or hereafter in effect relating
to a proceeding, the Company shall seek legal advice only from special
independent counsel selected by Foshee and approved by the Company (which
approval shall not be unreasonably withheld), and who has not otherwise
performed services for the Company (other than in connection with such matters)
or Foshee. In the event that Foshee and the Company are unable to agree on the
selection of the special independent counsel, such special independent counsel
shall be selected by lot from among at least five law firms in New York City,
New York or Houston, Texas selected by Foshee, each having no less than 50
partners. Such selection shall be made in the presence of Foshee (and his legal
counsel or either of them, as Foshee may elect). Such special independent
counsel, among other things, shall determine whether and to what extent Foshee
would be permitted to be indemnified under applicable law and shall render its
written opinion to the Company and Foshee to such effect.

         The Company agrees to pay the reasonable fees of the special
independent counsel referred to above and to fully indemnify such counsel
against any and all expenses (including attorneys' fees), claims, liabilities
and damages arising out of or relating to this Agreement or its engagement
pursuant hereto.

SECTION 6. NO MODIFICATION

         No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by both of the parties hereto. No waiver of
any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver. Any waiver to this agreement shall be in
writing.

                                      -5-
<PAGE>
SECTION 7. SUBROGATION

         In the event of payment under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of recovery of
Foshee, who shall execute all papers required and shall do everything that may
be necessary to secure such rights, including the execution of such documents
necessary to enable the Company effectively to bring suit to enforce such
rights.

SECTION 8. NO DUPLICATION OF PAYMENTS

         The Company shall not be liable under this Agreement to make any
payment in connection with any proceeding against Foshee to the extent Foshee
has otherwise actually received payment (under any insurance policy or
otherwise) of the amounts otherwise indemnifiable hereunder.

SECTION 9. NOTIFICATION AND DEFENSE OF PROCEEDINGS

         Foshee agrees that he will use all reasonable efforts to notify the
Company promptly after receipt by Foshee of notice of the commencement of any
proceeding if he anticipates that a request for indemnification in respect
thereof is to be made against the Company under this Agreement; but failure to
so notify the Company will not relieve the Company from any indemnification or
other obligation or liability which it may have to Foshee. With respect to any
such proceeding as to which Foshee notifies the Company of the commencement
thereof:

         (a) the Company will be entitled to participate therein at its own
expense; and

         (b) except as otherwise provided below, to the extent that it may wish,
the Company jointly with any other indemnifying party similarly notified will be
entitled to assume the defense thereof, with counsel satisfactory to Foshee.
After notice from the Company to Foshee of its election to assume the defense
thereof, the Company will not be liable to Foshee under this Agreement for any
legal or other expenses subsequently incurred by Foshee in connection with the
defense thereof other than reasonable costs of investigation or as otherwise
provided below. Foshee shall have the right to employ its counsel in such
proceeding, but the fees and expenses of such counsel incurred after notice from
the Company of its assumption of the defense thereof shall be at the expense of
Foshee unless (i) the employment of counsel by Foshee has been authorized by the
Company, (ii) Foshee shall have reasonably concluded that there may be a
conflict of interest between the Company and Foshee in the conduct of the
defense of such proceeding or (iii) the Company shall not in fact have employed
counsel to assume the defense of such proceeding, in each of which cases the
fees and expenses of counsel shall be at the expense of the Company. The Company
shall not be entitled to assume the defense of any proceeding brought by or on
behalf of the Company or as to which Foshee shall have made the conclusion
provided for in clause (ii) of this subsection 9(b).

         (c) The Company shall not be liable to indemnify Foshee under this
Agreement for any amounts paid in settlement of any proceeding effected by
Foshee without the Company's prior written consent. The Company shall not settle
any proceeding in any manner which would

                                      -6-
<PAGE>
impose any penalty or limitation on Foshee without Foshee's prior written
consent. Neither the Company nor Foshee will unreasonably withhold their consent
to any proposed settlement.

SECTION 10. NO PRESUMPTIONS

         For purposes of this Agreement, the termination of any proceeding
against Foshee by judgment, order, settlement (whether with or without court
approval) or conviction, or upon a plea of nolo contendere, or its equivalent,
shall not create a presumption that Foshee did not meet any particular standard
of conduct or have any particular belief or that a court has determined that
indemnification is not permitted by applicable law. In addition, neither the
failure of the Company to have made a determination as to whether Foshee has met
any particular standard of conduct or had any particular belief, nor an actual
determination by the Company that Foshee has not met such standard of conduct or
did not have such belief, prior to the commencement of legal proceedings by
Foshee to secure a judicial determination that Foshee should be indemnified
under applicable law shall be a defense to Foshee's claim for indemnification or
create a presumption that Foshee has not met any particular standard of conduct
or did not have any particular belief.

SECTION 11. ACKNOWLEDGMENT OF RELIANCE

         The Company acknowledges that Foshee is relying on this Agreement and
the promises and agreements of the Company herein in continuing his service as a
Director and an Officer and in agreeing to undertake and in undertaking his
responsibilities, duties and services to and for the Company in connection
therewith.

SECTION 12. MISCELLANEOUS

         This Agreement shall be governed by and construed in accordance with
the laws of the State of Delaware. Each provision hereof is intended to be
severable and the invalidity or illegality of any portion of this Agreement
shall not affect the validity or legality of the remainder.

                                      -7-
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         Executed as an instrument under seal as of the day and year first above
written.

                                              EL PASO CORPORATION

                                              By:    /s/ Susan B. Ortenstone
                                                   -----------------------------
                                              Name:    Susan B. Ortenstone
                                              Title:   Senior Vice President
                                                       Human Resources
                                              Hereunto duly authorized

                                              By:    /s/ Ronald L. Kuehn, Jr.
                                                   -----------------------------
                                              Name:    Ronald L. Kuehn, Jr.
                                              Title:   Chairman of the Board
                                              Hereunto duly authorized

                                      -8-exv4w4

 

Exhibit 4.4

THE RYLAND GROUP, INC.,

as Issuer,

THE GUARANTORS NAMED HEREIN

and

[TRUSTEE]

as Trustee

[          ] SUPPLEMENTAL INDENTURE

DATED AS OF ________________, 20___

TO INDENTURE

DATED AS OF ______________

Relating To

[                     ] Notes Due 20___

 

 

[          ] SUPPLEMENTAL INDENTURE

     [          ] SUPPLEMENTAL INDENTURE, dated as of _________________, 20___ (the
“Supplemental Indenture”), to Indenture, dated as of
_________________, among The Ryland Group,
Inc. (the “Company”), a Maryland corporation, each of the Guarantors named herein (the
“Guarantors”), and _______________________ (the
“Trustee”), a national banking association, organized under the laws of the United States of
America.

RECITALS

     WHEREAS, the Company has heretofore executed and
delivered to the Trustee an Indenture dated as of _________________ (the “Indenture”), providing for the issuance from time to time of its
notes and other evidences of senior debt securities, to be issued in one or more series as therein
provided (“Securities”);

     WHEREAS, pursuant to the Indenture, the Company has established and determined to issue
$[          ] aggregate principal amount of [                    ]
Notes Due 20___ (the
“Notes”);

     WHEREAS, pursuant to the terms of the Notes, the Guarantors will fully and unconditionally
guarantee the obligations of Ryland under the Notes, on a
[senior and unsubordinated basis]; and

     WHEREAS, all things necessary to cause the Notes to be so guaranteed by the Guarantors and to
make this Supplemental Indenture a valid agreement of the Company, the Guarantors and the Trustee,
in accordance with their and its terms, have been done.

WITNESSETH:

     NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees
for the benefit of each other party and for the equal and ratable benefit of the Holders of the
Notes, as follows:

ARTICLE ONE

DEFINITIONS

     Section 1.01. Capitalized terms used but not defined in this Supplemental Indenture
shall have the meanings ascribed to them in the Indenture.

     Section 1.02. References in this Supplemental Indenture to section numbers shall be
deemed to be references to section numbers of this Supplemental Indenture unless otherwise
specified.

 

 

     Section 1.03. For purposes of this Supplemental Indenture, the following terms have the
meanings ascribed to them as follows:

     (1) “Credit Agreement” has the meaning provided in the recitals.

     (2) “Financial Services Segment” means the business segment of the Company and its
Subsidiaries engaged in mortgage banking (including the title and escrow businesses), homeowners’
insurance, mortgage servicing, securities issuance, bond administration and management services and
related activities, which segment currently consists principally of the activities of Ryland
Mortgage Company and its Subsidiaries but excludes the Limited-Purpose Subsidiaries.

     (3) “Financial Services Subsidiaries” means subsidiaries of the Company included within
the Financial Services Segment.

     (4) “Guarantee” has the meaning provided in Section 8.01.

     (5) “Guarantor” means (a) initially, each of the Guarantors named on the signature
pages of this Supplemental Indenture, and (b) each of the Company’s Subsidiaries which becomes a
guarantor of the Notes pursuant to the provisions of this Supplemental Indenture, subject, in the
case of either (a) or (b) to release of an entity as a Guarantor as provided in this Supplemental
Indenture.

     (6) “Holder” means a Person in whose name a Note is registered on the Registrar’s
books.

     (7) “Homebuilding Segment” means the business segment of the Company and its
Subsidiaries engaged in the construction and sale of single-family attached and unattached
dwellings and related activities, including all activities of the Company outside the Financial
Services Segment but excluding the Limited-Purpose Subsidiaries.

     (8) “Homebuilding
Subsidiaries” means Wholly-Owned Subsidiaries of the Company included within the
Homebuilding Segment.

     (9) “Indenture” has the meaning provided in the recitals.

     (10) “Limited-Purpose Subsidiaries” means subsidiaries of the Company included within
the Limited-Purpose Subsidiaries Segment.

     (11) “Limited-Purpose Subsidiaries Segment” means the business segment of the Company
and its Subsidiaries which facilitates, through special-purpose entities created or existing solely
for such purpose, the financing of mortgage loans and mortgage-backed securities and the
securitization of mortgage loans and other related activities.

     (12) “Notes” has the meaning provided in the recitals.

-2-

 

     (13) “Person” means any individual, corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization or government or any agency or
political subdivision of any of the foregoing.

     (14) “Securities” has the meaning provided in the recitals.

     (15) “Subsidiary” of a Person means (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 so owned or controlled.
Unless otherwise expressly provided, all references herein to a “Subsidiary” shall mean a
Subsidiary of the Company.

     (16) “Supplemental Indenture” has the meaning provided in the preamble.

     (17) “Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the
outstanding voting securities of which shall at the time be owned or controlled, directly or
indirectly, any such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such
Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, limited
liability company, association, joint venture or similar business organization all of the ownership
interests having ordinary voting power of which shall at the time be so owned or controlled.

ARTICLE TWO

ADDITIONAL COVENANTS

     Section 2.01. Future Subsidiaries.

     The Company shall promptly secure the execution and delivery to the Trustee of a Guarantee in
substantially the form of Exhibit A hereto with respect to the Notes, from each Subsidiary
whether now existing or formed and organized after the date hereof, if such Subsidiary (a) is a
Wholly-Owned Subsidiary of the Company, (b) is included in the Homebuilding Segment and (c)
guarantees any indebtedness of the Company, or guarantees obligations of any other Subsidiary as a
guarantor of any indebtedness of the Company; provided that a Subsidiary whose sole purpose is to
serve as a joint venturer, partner, member or shareholders in a joint venture, partnership, limited
liability company or corporation that included one or more joint venturers, partners, members of
shareholders that are not Affiliates of the Company shall not be required to deliver a Guarantee.
Each such Subsidiary that does not deliver a Guarantee on the date hereof shall execute and deliver
a Guarantee in accordance with Section 3.02 within 30 days after it meets the criteria set
forth in the preceding sentence and the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent, if any, provided for in the Indenture and this
Supplemental Indenture relating to the proposed action have been complied with, and an Opinion of
Counsel stating that, in the opinion

-3-

 

of such counsel, all such conditions precedent have been complied with. Thereafter, such
Subsidiary shall (unless released in accordance with the terms hereof) be a Guarantor for all
purposes hereof with respect to the Notes.

     Section 2.02. Homebuilding Subsidiaries.

     The Company shall not cause or permit the voting securities or other ownership interests of
any Homebuilding Subsidiary to be less than 100% owned and controlled, directly or indirectly, by
the Company except for a legitimate business purpose unrelated to whether such Subsidiary is
required to be a Guarantor hereunder.

ARTICLE THREE

GUARANTEE OF NOTES

     Section 3.01. Guarantee.

     Subject to Section 3.08, each of the Guarantors hereby absolutely and unconditionally
guarantees, as primary obligor and not as surety, the full and punctual payment (whether at stated
maturity, upon acceleration or early termination or otherwise, and at all times thereafter, at the
time and place and in the manner provided for herein and in the Indenture) and performance of each
series of the Notes (collectively with respect to each series of Notes, the “Guaranteed
Obligations”). Upon failure by the Company to pay punctually any such amount, each of the
Guarantors agrees that it shall forthwith on demand pay to the Trustee for the benefit of the
Holders of the applicable series of Notes, the amount not so paid at the place and in the manner
specified herein and in the Indenture. This Article Three is a continuing guaranty of
payment and not of collection. Each of the Guarantors waives any right to require any of the
Holders to sue the Company, any other guarantor, or any other Person obligated for all or any part
of the Guaranteed Obligations, or otherwise to enforce its payment against any collateral securing
all or any part of the Guaranteed Obligations.

     Section 3.02. Execution and Delivery of Guarantee.

     To further evidence the Guarantee set forth in Section 3.01, each Guarantor hereby
agrees to execute and deliver to the Trustee a Guarantee in substantially the form of Exhibit
A hereto with respect to each series of the Notes. Such Guarantee shall be executed on behalf
of each Guarantor by either manual or facsimile signature of an officer of each Guarantor, each of
whom, in each case, shall have been duly authorized to so execute by all requisite corporate
action. The validity and enforceability of any Guarantee shall not be affected by the fact that it
is not affixed to any Note or Notes.

     Section 3.03. Guarantee Unconditional.

     Subject to Section 3.08, the obligations of each of the Guarantors hereunder shall be
unconditional and absolute and, without limiting the generality of the foregoing, shall not be
released, discharged or otherwise affected by: (1) any extension, renewal, settlement, compromise,
waiver or release in respect of any of the Guaranteed Obligations, by operation of

-4-

 

law or otherwise, or any obligation of any other guarantor of any of the Guaranteed
Obligations, or any default, failure or delay, willful or otherwise, in the payment or performance
of the Guaranteed Obligations; (2) any modification or amendment of or supplement hereto or to the
Indenture; (3) any change in the corporate existence, structure or ownership of the Company or any
other guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, reorganization
or other similar proceeding affecting the Company, or any other guarantor of the Guaranteed
Obligations, or its assets or any resulting release or discharge of any obligation of the Company
or any other guarantor of any of the Guaranteed Obligations; (4) the existence of any claim, setoff
or other rights which the Guarantors may have at any time against the Company, any other guarantor
of any of the Guaranteed Obligations, whether in connection herewith or any unrelated transactions;
(5) any invalidity or unenforceability relating to or against the Company, or any other guarantor
of any of the Guaranteed Obligations, for any reason related hereto or to the Indenture or any
provision of applicable law or regulation purporting to prohibit the payment by the Borrower, or
any other guarantor of the Guaranteed Obligations, of the principal of or interest on any Note or
any other amount payable by the Company hereunder or under the Indenture; (6) any law, regulation
or order of any jurisdiction, or any other event affecting any term of any Guaranteed Obligation or
any Holder’s rights with respect thereto; or (7) any other act or omission to act or delay of any
kind by the Company, any other guarantor of the Guaranteed Obligations or any other circumstance
whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable
discharge of any Guarantor’s obligations hereunder.

     Section 3.04. Discharge, Release and Reinstatement of Guarantee In Certain
Circumstances.

     (1) Subject to Section 3.04(2), each of the Guarantor’s obligations hereunder with
respect to any series of Notes shall remain in full force and effect until all Guaranteed
Obligations with respect to such series of Notes shall have been indefeasibly paid in full. If at
any time any payment of the principal of or interest on any Note or any other amount payable by the
Company or any other party hereunder or under the Indenture is rescinded or must be otherwise
restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise,
each of the Guarantor’s obligations hereunder with respect to such payment shall be reinstated as
though such payment had been due but not made at such time.

     (2) In the event that any Guarantor ceases to be a Wholly-Owned Subsidiary of the Company in
the Homebuilding Segment, such Guarantor shall be released and discharged from all obligations
under this Article Three without any further action required on the part of the Trustee or
any Holder; provided that at the time of and immediately after such Guarantor ceases to be a
Wholly-Owned Subsidiary of the Company in the Homebuilding Segment, no Default or Event of Default
shall have occurred and be continuing with respect to any series of Notes. The Trustee shall, at
the sole cost and expense of the Company and upon receipt at the reasonable request of the Trustee
of an Opinion of Counsel that the provisions of this Section 3.04(2) have been complied
with, deliver an appropriate instrument evidencing such release upon receipt of a request by the
Company accompanied by an Officers’ Certificate certifying as to the compliance with this
Section 3.04(2). Any Guarantor not so released remains liable for the full amount of
principal of and interest on the Notes and the other obligations of the Company hereunder as
provided in this Article Three.

-5-

 

     Section 3.05. Waivers.

     Each of the Guarantors irrevocably waives acceptance hereof, presentment, demand, protest and,
to the fullest extent permitted by law, any notice not provided for herein, as well as any
requirement that at any time any action be taken by any Person against the Company, any other
guarantor of any of the Guaranteed Obligations, or any other Person.

     Section 3.06. Subordination; Subrogation.

     Each of the Guarantors hereby subordinates to the Guaranteed Obligations all indebtedness or
other liabilities of the Company or of any other Guarantor to such Guarantor. Each of the
Guarantors hereby further agrees not to assert any right, claim or cause of action, including,
without limitation, a claim for subrogation, reimbursement, indemnification or otherwise, against
the Company arising out of or by reason of this Article Three or the obligations hereunder,
including, without limitation, the payment or securing or purchasing of any of the Guaranteed
Obligations by any of the Guarantors unless and until the Guaranteed Obligations are indefeasibly
paid in full.

     Section 3.07. Stay of Acceleration.

     If acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon
the insolvency, bankruptcy or reorganization of the Company, all such amounts otherwise subject to
acceleration under the terms hereof or the Indenture shall nonetheless be payable by each of the
Guarantors hereunder forthwith on demand by the Holders.

     Section 3.08. Limitation on Obligations.

     (1) The provisions of this Article Three are severable, and in any action or proceeding
involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency,
reorganization or other law affecting the rights of creditors generally, if the obligations of any
Guarantor under this Article Three would otherwise be held or determined to be avoidable,
invalid or unenforceable on account of the amount of such Guarantor’s liability under this
Article Three, then, notwithstanding any other provision of this Article Three to the
contrary, the amount of such liability shall, without any further action by the Guarantors or the
Holders, be automatically limited and reduced to the highest amount that is valid and enforceable
as determined in such action or proceeding (such highest amount determined hereunder being the
relevant Guarantor’s “Maximum Liability”). This Section 3.08(1) with respect to the
Maximum Liability of the Guarantors is intended solely to preserve the rights of the Holders to the
maximum extent not subject to avoidance under applicable law, and neither the Guarantor nor any
other person or entity shall have any right or claim under this Section 3.08(1) with respect
to the Maximum Liability, except to the extent necessary so that the obligations of the Guarantors
hereunder shall not be rendered voidable under applicable law.

     (2) Each of the Guarantors agrees that the Guaranteed Obligations may at any time and from
time to time exceed the Maximum Liability of each Guarantor, and may exceed the aggregate Maximum
Liability of all other Guarantors, without impairing this Article Three or affecting the
rights and remedies of the Holders hereunder. Nothing in this Section 3.08(2) shall be
construed to increase any Guarantor’s obligations hereunder beyond its Maximum Liability.

-6-

 

     (3) In the event any Guarantor (a “Paying Guarantor”) shall make any payment or
payments under this Article Three or shall suffer any loss as a result of any realization
upon any collateral granted by it to secure its obligations under this Article Three, each
other Guarantor (each a “Non-Paying Guarantor”) shall contribute to such Paying Guarantor an
amount equal to such Non-Paying Guarantor’s “Pro Rata Share” of such payment or payments
made, or losses suffered, by such Paying Guarantor. For the purposes hereof, each Non-Paying
Guarantor’s “Pro Rata Share” with respect to any such payment or loss by a Paying Guarantor
shall be determined as of the date on which such payment or loss was made by reference to the ratio
of (i) such Non-Paying Guarantor’s Maximum Liability as of such date (without giving effect to any
right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying
Guarantor’s Maximum Liability has not been determined, the aggregate amount of all monies received
by such Non-Paying Guarantor from the Company after the date hereof (whether by loan, capital
infusion or by other means) to (ii) the aggregate Maximum Liability of all Guarantors hereunder
(including such Paying Guarantor) as of such date (without giving effect to any right to receive,
or obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has
not been determined for any Guarantors, the aggregate amount of all monies received by such
Guarantors from the Company after the date hereof (whether by loan, capital infusion or by other
means). Nothing in this Section 3.08(3) shall affect any Guarantor’s several liability for
the entire amount of the Guaranteed Obligations (up to such Guarantor’s Maximum Liability). Each
of the Guarantors covenants and agrees that its right to receive any contribution under this
Article Three from a Non-Paying Guarantor shall be subordinate and junior in right of payment
to all the Guaranteed Obligations. The provisions of this Section 3.08(3) are for the
benefit of both the Holders and the Guarantors and may be enforced by any one, or more, or all of
them in accordance with the terms hereof.

     Section 3.09. Default and Enforcement.

     If any Guarantor fails to pay in accordance with Section 3.01, the Trustee may proceed
in its name as trustee hereunder in the enforcement of the Guarantee of any such Guarantor and such
Guarantor’s obligations thereunder and hereunder by any remedy provided by law, whether by legal
proceedings or otherwise, and to recover from such Guarantor the obligations.

     Section 3.10. Amendment, Etc.

     No amendment, modification or waiver of any provision of this Supplemental Indenture relating
to any Guarantor or consent to any departure by any Guarantor or any other Person from any such
provision will in any event be effective unless it is signed by such Guarantor and the Trustee.

     Section 3.11. Acknowledgment.

     Each Guarantor hereby acknowledges communication of the terms of this Supplemental Indenture,
the Indenture and the Notes and consents to and approves of the same.

     Section 3.12. Costs and Expenses.

     Each Guarantor shall pay on demand by the Trustee any and all costs, fees and expenses
(including, without limitation, legal fees on a solicitor and client basis) incurred by the
Trustee,

-7-

 

its agents, advisors and counsel or any of the Holders in enforcing any of their rights under
any Guarantee.

     Section 3.13. No Merger or Waiver; Cumulative Remedies.

     No Guarantee shall operate by way of merger of any of the obligations of a Guarantor under any
other agreement, including, without limitation, this Supplemental Indenture. No failure to
exercise and no delay in exercising, on the part of the Trustee or the Holders, any right, remedy,
power or privilege hereunder or under the Supplemental Indenture or the Notes, shall operate as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege
hereunder or under this Supplemental Indenture or the Notes preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges in the Guarantee and under this Supplemental Indenture, the Notes and any
other document or instrument between a Guarantor and/or the Company and the Trustee are cumulative
and not exclusive of any rights, remedies, powers and privileges provided by law.

     Section 3.14. Guarantee in Addition to Other Obligations.

     The obligations of each Guarantor under its Guarantee and this Supplemental Indenture are in
addition to and not in substitution for any other obligations to the Trustee or to any of the
Holders in relation to this Supplemental Indenture or the Notes and any guarantees or security at
any time held by or for the benefit of any of them.

     Section 3.15. Severability.

     Any provision of this Article Three which is prohibited or unenforceable in any
jurisdiction shall not invalidate the remaining provisions and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction unless its removal would substantially defeat the basic intent, spirit and
purpose of this Supplemental Indenture and this Article Three.

     Section 3.16. Successors and Assigns.

     Each Guarantee shall be binding upon and inure to the benefit of each Guarantor and the
Trustee and the other Holders and their respective successors and permitted assigns, except that no
Guarantor may assign any of its obligations hereunder or thereunder.

     Section 3.17. Acknowledgement under TIA.

     Each Guarantor acknowledges that, by virtue of its Guarantee, it is becoming an “obligor” on
indenture securities under the TIA.

ARTICLE FOUR

MISCELLANEOUS

     Section 4.01. TIA Controls.

-8-

 

     If any provision hereof limits, qualifies or conflicts with the duties imposed by Section 310
through 317 of the TIA, the imposed duties shall control.

     Section 4.02. Conflict with Indenture.

     To the extent not expressly amended or modified by this Supplemental Indenture, the Indenture
shall remain in full force and effect. If any provision of this Supplemental Indenture relating to
the Notes is inconsistent with any provision of the Indenture, the provision of this Supplemental
Indenture shall control.

     Section 4.03. Governing Law.

     This Supplemental Indenture and the New Notes shall be governed by and construed in accordance
with the laws of the State of New York. The Company submits to the jurisdiction of the courts of
the State of New York sitting in the Borough of Manhattan, City of New York, and of the United
States District Court for the Southern District of New York, in any action or proceeding to enforce
any of its obligations under this Supplemental Indenture or with regard to the New Notes, and
agrees not to seek a transfer of any such action or proceeding on the basis of inconvenience of the
forum or otherwise (but the Company shall not be prevented from removing any such action or
proceeding from a state court to the United States District Court for the Southern District of New
York). The Company agrees that process in any such action or proceeding may be served upon it by
registered mail or in any other manner permitted by the rules of the court in which the action or
proceeding is brought.

     Section 4.04. Successors.

     All agreements of the Company in the Indenture, this Supplemental Indenture and the Notes
shall bind its successors. All agreements of the Trustee in the Indenture and this Supplemental
Indenture shall bind its successors.

     Section 4.05. Counterparts.

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

-9-

 

     IN WITNESS WHEREOF, the parties to this Supplemental Indenture have caused it to be duly
executed as of the day and year first above written.

THE RYLAND GROUP, INC.

By:_______________________

           Name:

          Title:

[TRUSTEE]

By:_______________________

           Name:

          Title:

-10-

 

GUARANTORS:

CONVEST MANAGEMENT CORPORATION (1)

MOORE’S ORCHARD, LLC (2)

RH AT EMORY GROVE, LLC (3)

RH AT MOUNT HEBRON, LLC (2)

RH BUILDERS OF INDIANA, INC. (1)

RH INVESTMENT OF INDIANA, INC. (1)

RH OF INDIANA, L.P. (4)

RH OF MARYLAND, LLC (5)

RH OF TEXAS LIMITED PARTNERSHIP (6)

RH ORGANIZATION, INC. (1)

RYLAND COMMUNITIES, INC. (1)

RYLAND GOLF COURSE AT THE COLONY, INC. (1)

RYLAND HOMES INVESTMENT-TEXAS, INC. (1)

RYLAND HOMES NEVADA, LLC (7)

RYLAND HOMES OF TEXAS, INC. (1)

RYLAND HOMES OF ARIZONA, INC. (1)

RYLAND HOMES OF CALIFORNIA, INC. (1)

RYLAND ORGANIZATION COMPANY (1)

RYLAND VENTURES, INC. (1)

RYLAND VENTURES II, INC. (1)

RYLAND VENTURES III, INC. (1)

RYLAND VENTURES IV, INC. (1)

THE REGENCY ORGANIZATION, INC. (1)

THE RYLAND CORPORATION (1)

-11-

 

	 	 	 	 	 	 	 	 	 
	

	 	 	(1	)	 	By:	 	__________________________
	

	 	 	 	 	 	 	 	Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(2	)	 	By:
	 	Ryland Ventures III, Inc.
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	Its: General Manager
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(3	)	 	By:
	 	Ryland Ventures III, Inc.
	

	 	 	 	 	 	 	 	Its: Managing Member
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(4	)	 	By:
	 	RH Builders of Indiana, Inc.
	

	 	 	 	 	 	 	 	Its: General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(5	)	 	By:
	 	Ryland Ventures, Inc.
	

	 	 	 	 	 	 	 	Its: General Manager
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(6	)	 	By:
	 	Ryland Homes of Texas, Inc.
	

	 	 	 	 	 	 	 	Its: General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer

-12-

 

	 	 	 	 	 	 	 	 	 
	

	 	 	(7	)	 	By:
	 	The Ryland Group, Inc.
	

	 	 	 	 	 	 	 	Its: General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer

-13-

 

EXHIBIT A

GUARANTEE

     For value received, each of the undersigned hereby fully and unconditionally guarantees, on a
senior and unsubordinated basis, as principal obligor and not only as a surety, to the Holders of
the [                    ] Notes Due 20   (the “Notes”) issued pursuant to the indenture
dated as of __________________  by and between The Ryland Group, Inc. (the “Company”) and
__________________ , as trustee (the “Trustee”), cash payments in
United States Dollars of any amounts due with respect to the Notes in the amounts and at the times
when due and interest on all overdue amounts, if lawful, and the payment or performance of all
other obligations of the Company under the Supplemental Indenture (as defined below) or the Notes,
to the Holders of Notes and the Trustee, all in accordance with and subject to the terms and
limitations of the Notes, the Indenture, the Supplemental Indenture and this Guarantee. This
Guarantee will become effective in accordance with Article Three of the Supplemental Indenture and
its terms shall be evidenced therein. The validity and enforceability of any Guarantee shall not
be affected by the fact that it is not affixed to any particular Note.

     Capitalized terms used but not defined herein shall have the meanings ascribed to them in the
[          ] Supplemental Indenture, dated as of [                    ], among the Company, the
Guarantors named therein and the Trustee, as amended or supplemented (the “Supplemental
Indenture”).

     The obligations of each of the undersigned to the Holders of Notes and to the Trustee pursuant
to this Guarantee are expressly set forth in Article Three of the Supplemental Indenture and
reference is hereby made to the Indenture for the precise terms of the provisions of the Indenture
to which this Guarantee relates.

     THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE
OF NEW YORK WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW. Each Guarantor hereby agrees
to submit to the jurisdiction of the courts of the State of New York in any action or proceeding
arising out of or relating to this Guarantee.

     This Guarantee is subject to release upon the terms set forth in the Supplemental Indenture.

     The undersigned acknowledges that this Guarantee is subject to the TIA and the undersigned
agrees to discharge its duties under the TIA.

A-1

 

     IN WITNESS WHEREOF, each Guarantor has caused this Guarantee to be duly executed.

Dated: _________________________

GUARANTORS:

CONVEST MANAGEMENT CORPORATION (1)

MOORE’S ORCHARD, LLC (2)

RH AT EMORY GROVE, LLC (3)

RH AT MOUNT HEBRON, LLC (2)

RH BUILDERS OF INDIANA, INC. (1)

RH INVESTMENT OF INDIANA, INC. (1)

RH OF INDIANA, L.P. (4)

RH OF MARYLAND, LLC (5)

RH OF TEXAS LIMITED PARTNERSHIP (6)

RH ORGANIZATION, INC. (1)

RYLAND COMMUNITIES, INC. (1)

RYLAND GOLF COURSE AT THE COLONY, INC. (1)

RYLAND HOMES INVESTMENT-TEXAS, INC. (1)

RYLAND HOMES NEVADA, LLC (7)

RYLAND HOMES OF TEXAS, INC. (1)

RYLAND HOMES OF ARIZONA, INC. (1)

RYLAND HOMES OF CALIFORNIA, INC. (1)

RYLAND ORGANIZATION COMPANY (1)

RYLAND VENTURES, INC. (1)

RYLAND VENTURES II, INC. (1)

RYLAND VENTURES III, INC. (1)

RYLAND VENTURES IV, INC. (1)

THE REGENCY ORGANIZATION, INC. (1)

THE RYLAND CORPORATION (1)

A-2

 

	 	 	 	 	 	 	 	 	 
	

	 	 	(1	)	 	By:	 	________________________
	

	 	 	 	 	 	 	 	Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(2	)	 	By:
	 	Ryland Ventures III, Inc.
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	Its: General Manager
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(3	)	 	By:
	 	Ryland Ventures III, Inc.
	

	 	 	 	 	 	 	 	Its: Managing Member
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(4	)	 	By:
	 	RH Builders of Indiana, Inc.
	

	 	 	 	 	 	 	 	Its: General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(5	)	 	By:
	 	Ryland Ventures, Inc.
	

	 	 	 	 	 	 	 	Its: General Manager
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer
	 
	 	 	 	 	 	 	 	 
	

	 	 	(6	)	 	By:
	 	Ryland Homes of Texas, Inc.
	

	 	 	 	 	 	 	 	Its: General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer

A-3

 

	 	 	 	 	 	 	 	 	 
	

	 	 	(7	)	 	By:
	 	The Ryland Group, Inc.
	

	 	 	 	 	 	 	 	Its: General Partner
	 
	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	By: ______________________
	

	 	 	 	 	 	 	 	         Name: Cathey S. Lowe
	

	 	 	 	 	 	 	 	         Title: Treasurer

A-4

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