Document:

EX-10.23

 Exhibit 10.23 

GUARANTY AGREEMENT 

(Development Management Agreement – Candlestick Point Mixed-Use Project) 

This GUARANTY AGREEMENT (Development Management Agreement – Candlestick Point Mixed-Use Project)
(this “Guaranty”), dated as of July 2, 2016 (the “Effective Date”), is given by FIVE POINT OPERATING COMPANY, LLC, a Delaware limited liability company (the “Guarantor”), in favor of
CPHP DEVELOPMENT, LLC, a Delaware limited liability company (“CPHP”). Capitalized terms used in this Guaranty and not expressly otherwise defined herein shall have the meanings set forth for those terms in the Agreement (as defined
below). 
 Factual Background 

A. Reference is made to that certain Development Management Agreement dated as of even date herewith (as amended from time to time, the
“Agreement”), executed by and between The Newhall Land and Farming Company, LLC, a Delaware limited liability company (“Manager”), and CPHP, pursuant to which Manager, among other things, agreed to certain payment
obligations as more particularly described in the Agreement. 
 B. Guarantor is an affiliate of Manager and will benefit from the
performance of the mutual covenants set forth in the Agreement and accordingly is agreeing to provide this Guaranty. 
 Guaranty

 1. Guaranty and Agreement. Guarantor absolutely, irrevocably, and
unconditionally guarantees the full and punctual performance and completion by Manager of, and agrees to perform to the extent Manager does not do so, Manager’s payment obligations under section 7.2 of the Agreement as and when required
pursuant to the terms of the Agreement (the “Obligations”). Guarantor shall assume responsibility for and shall fully perform all of the Obligations, at Guarantor’s sole cost and expense, promptly on receiving written notice
from CPHP that Manager has failed to perform any Obligations. Guarantor further agrees that its guarantee hereunder constitutes a guarantee of payment when due (whether or not any Insolvency Proceeding (as defined below) shall have stayed the
accrual or collection of any of the Obligations or acted as a discharge thereof). Guarantor agrees that its guarantee hereunder is continuing in nature and applies to all Obligations, whether currently existing or hereafter incurred. Notwithstanding
anything to the contrary herein, under no circumstances shall the aggregate liability of Guarantor hereunder or otherwise for the Obligations exceed Five Million Dollars ($5,000,000). 

2. CPHP’s Remedies. If Guarantor fails to promptly perform its obligations under
Section 1 above, CPHP shall immediately have the right to bring any action at law or in equity or both, or commence any reference or arbitration proceeding to compel Guarantor to perform its obligations under
Section 1 above, and to collect compensation for all loss, cost, damage, injury and expense which may be sustained or incurred by CPHP as a direct or indirect consequence of Guarantor’s failure to perform
those obligations, including interest at an interest rate of ten percent (10%) per annum. CPHP from time to time may bring such an action or commence such a reference or arbitration proceeding, regardless of whether CPHP has first required
performance by Manager or whether CPHP has exhausted any or all security for the Obligations. 

  
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 3. Rights of CPHP. Guarantor
authorizes CPHP to perform any or all of the following acts at any time in its sole and absolute discretion, all without notice to Guarantor and without affecting Guarantor’s obligations under this Guaranty: 

3.1 Subject to any consents needed from Manager pursuant to the terms of the Agreement, CPHP may alter any terms or conditions of the
Agreement or any part of it; 
 3.2 CPHP may take and hold security for the Obligations, exchange, waive or release any or all such
security (with or without consideration) or enforce or apply such security and direct the order and manner of any sale thereof in its sole discretion; 

3.3 CPHP may release Manager from its liability under the Agreement; and 

3.4 CPHP may substitute, add or release any one or more guarantors for the Obligations. 

Without limiting the foregoing, Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, or amended or
modified, without notice to or further assent from it, and that it will remain bound upon this Guaranty notwithstanding any extension, renewal, amendment or modification of any Obligation. 

4. Guaranty to be Absolute. Guarantor expressly agrees that,
until the Obligations are fully paid and performed in accordance with the Agreement and each and every term, covenant, and condition of this Guaranty is fully performed, Guarantor shall not be released by or because of, and the obligations of
Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination because of: 
 4.1 Any act or event
which might otherwise discharge, reduce, limit, or modify Guarantor’s obligations under this Guaranty; 
 4.2 Any waiver,
extension, modification, forbearance, delay, or other act or omission of CPHP, or its failure to proceed promptly or otherwise as against Manager, Guarantor or any security, including any release of, or any impairment of, or failure to perfect any
lien on or security interest in, any security held by CPHP for the Obligations; 
 4.3 Any action, omission or circumstance which
might increase the likelihood that Guarantor may be called upon to perform under this Guaranty or which might affect the rights or remedies of Guarantor as against Manager; 

4.4 Any dealings occurring at any time between Manager, on the one hand, and CPHP, on the other, whether relating to the Obligations or
otherwise; or 
 4.5 Any action of CPHP described in Section 3 above. 

  
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 Guarantor hereby acknowledges that absent this
Section 4, Guarantor might have a defense to the enforcement of this Guaranty as a result of one or more of the foregoing acts, omissions, agreements, waivers, or matters. Guarantor hereby expressly
waives and surrenders any defense to any liability under this Guaranty based upon any of such acts, omissions, agreements, waivers, or matters. It is the express intent of Guarantor that Guarantor’s obligations under this Guaranty are and shall
be absolute, unconditional, and irrevocable. 
 5. Guarantor’s Waivers. Guarantor waives: 

5.1 All statutes of limitations as a defense to any action or proceeding brought against Guarantor by CPHP, to the fullest extent
permitted by law; 
 5.2 Any right it may have to require CPHP to proceed against Manager, proceed against or exhaust any security
held from Manager, or pursue any other remedy in CPHP’s power to pursue; 
 5.3 Any defense based on any claim that
Guarantor’s obligations exceed or are more burdensome than those of Manager; 
 5.4 Any defense based on: (a) any legal
disability of Manager or the invalidity, illegality or unenforceability of the Obligations or any part thereof or any impossibility of performance of the Obligations; (b) any release, discharge, modification, impairment or limitation of the
liability of Manager to CPHP from any cause, whether consented to by CPHP or arising by operation of law or from any bankruptcy or other voluntary or involuntary proceeding, in or out of court, for the adjustment of debtor-creditor relationships,
including any proceeding under the Bankruptcy Reform Act of 1978, as amended or recodified (the “Bankruptcy Code”), or under any other present or future state or federal law regarding bankruptcy, reorganization or other
relief to debtors (any such proceeding referred to as an “Insolvency Proceeding”); or (c) any rejection or disaffirmance of the Obligations, or any part of any of them, or any security held for any of them, in any such
Insolvency Proceeding; 
 5.5 Any defense based on any action taken or omitted by CPHP in any Insolvency Proceeding involving
Manager, including any election to have CPHP’s claim allowed as being secured, partially secured or unsecured, any extension of credit by CPHP to Manager in any Insolvency Proceeding, and the taking and holding by CPHP of any security for any
such extension of credit; 
 5.6 All presentments, demands for performance, notices of nonperformance, protests, notices of protest,
notices of intention to accelerate, notices of acceleration, notices of default, notices of dishonor, notices of acceptance of this Guaranty and of the existence, creation, or incurring of new or additional indebtedness, and demands and notices of
every kind, except for any demand or notice by CPHP to Guarantor expressly provided for in Section 1 above; 

5.7 Any defense based on or arising out of any defense that Manager may have to the payment or performance of the Obligations or any
part of them; 

  
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 5.8 Any defense based on any lack of authority of the officers, directors, partners,
members, or agents acting or purporting to act on behalf of Manager or any principal of Manager or any defect in the formation of Manager or any principal of Manager; and 

5.9 Any defense based on or arising out of any action of CPHP described in Section 3 or
Section 4 above. 
 6. Waivers of Subrogation and
Other Rights and Defenses. 
 6.1 Upon a breach or default by Manager under
the Agreement, CPHP in its sole and absolute discretion, without prior notice to or consent of Guarantor, may elect to: (a) foreclose either judicially or nonjudicially (as allowed by applicable law) against any real or personal property
security it may hold for the Obligations; (b) accept a transfer of any such security in lieu of foreclosure; (c) compromise or adjust the Obligations or any part of them or make any other accommodation with Manager or Guarantor; or
(d) exercise any other remedy against Manager or any security. No such action by CPHP shall release or limit the liability of Guarantor, who shall remain liable under this Guaranty after the action, even if the effect of the action is to
deprive Guarantor of any subrogation rights, rights of indemnity, or other rights to collect reimbursement from Manager for any sums paid or performance rendered to CPHP, whether contractual or arising by operation of law or otherwise. Guarantor
expressly agrees that under no circumstances shall it be deemed to have any right, title, interest or claim in or to any real or personal property to be held by CPHP or any third party after any foreclosure or transfer in lieu of foreclosure of any
security for the Obligations. 
 6.2 Regardless of whether Guarantor may have made any payments to CPHP, Guarantor hereby waives:
(a) all rights of subrogation, indemnification, contribution, and any other rights to collect reimbursement from Manager or any other party for any sums paid or performance rendered to CPHP, whether contractual or arising by operation of law
(including, without limitation, under any provisions of the Bankruptcy Code, or any successor or similar statutes) or otherwise; (b) all rights to enforce any remedy that CPHP may have against Manager; and (c) all rights to participate in
any security now or later to be held by CPHP for the Obligations. Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification, and contribution as set
forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement, indemnification, and contribution Guarantor may have against Manager or against any collateral or security,
shall be junior and subordinate to any rights CPHP may have against Manager, and to all right, title, and interest CPHP may have in any such collateral or security. If any amount shall be paid to Guarantor on account of any such subrogation,
reimbursement, indemnification, or contribution rights at any time when all Obligations have not been paid or performed in full, such amount shall be held in trust for CPHP and shall forthwith be paid over to CPHP to be credited and applied against
the Obligations, whether matured or unmatured, in accordance with the terms of the Agreement. The covenants and waivers of Guarantor contained in this Section 6.2 shall be effective until the termination of
this Guaranty, and are made for the benefit of CPHP, Manager, and any other Person against whom Guarantor shall at any time have any rights of subrogation, reimbursement, indemnification, or contribution with respect to Guarantor’s obligations
under this Guaranty. 

  
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 6.3 Guarantor waives any rights and defenses that are or may become available to Guarantor
by reason of any statute governing guaranties or suretyship. 
 6.4 Guarantor waives any right or defense it may have at law or
equity other than satisfaction of the Obligations, which may provide, among other things: that a creditor must file a complaint for deficiency within a specified period of time after a nonjudicial foreclosure sale or judicial foreclosure sale, as
applicable; that a fair market value hearing must be held; and that the amount of the deficiency judgment shall be limited to the amount by which the unpaid debt exceeds the fair market value of the security, but not more than the amount by which
the unpaid debt exceeds the net proceeds of the sale of the security. 
 6.5 No provision or waiver in this Guaranty shall be
construed as limiting the generality of any other provision or waiver contained in this Guaranty. 
 6.6 Guarantor agrees that the
payment or performance of any act which tolls any statute of limitations applicable to the Obligations shall similarly operate to toll the statute of limitations applicable to Guarantor’s liability hereunder. 

7. Revival and Reinstatement. If any payment of any Obligation is rescinded or if
CPHP is required to pay, return, or restore to Manager or any other Person any amounts previously paid on the Obligations because of any Insolvency Proceeding of Manager, any stop notice, or any other reason, the obligations of Guarantor hereunder
shall be reinstated and revived and the rights of CPHP hereunder shall continue with regard to such amounts, all as though they had never been paid. 

8. Information Regarding Manager. Before signing this Guaranty, Guarantor
investigated the financial condition and business operations of Manager and such other matters as Guarantor deemed appropriate to assure itself of the ability of Manager to discharge the Obligations. Guarantor assumes full responsibility for that
due diligence, as well as for keeping informed of all matters that may affect the ability of Manager to pay and perform its Obligations. CPHP has no duty to disclose to Guarantor any information which CPHP may have or receive about the financial
condition or business operations of Manager, the condition or uses of the Property, or any other circumstances bearing on the ability of Manager to perform. 

9. Intentionally Omitted. 

10. Guarantor’s Representations and Warranties.
Guarantor makes the following representations and warranties for the benefit of CPHP, which shall survive the execution and delivery of this Guaranty: 

10.1 All financial statements and other financial information relating to Guarantor furnished or to be furnished to CPHP are or shall
be, at the time furnished, true and correct in all material respects and do or shall, at the time furnished, present fairly in all material respects the financial condition of Guarantor (including all contingent liabilities); 

10.2 All financial statements relating to Guarantor furnished or to be furnished to CPHP comply or shall comply, at the time furnished,
with all government regulations that apply; 

  
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 10.3 All financial statements relating to Guarantor furnished or to be furnished to CPHP
were or shall be, at the time furnished, prepared in accordance with generally accepted accounting principles, consistently applied unless otherwise noted therein; 

10.4 There are no claims, actions, proceedings or investigations pending against Guarantor, which, if adversely resolved, would have a
material adverse impact upon Guarantor’s ability to perform its obligations hereunder. To the best of Guarantor’s knowledge, there has been no threat of any such claim, action, proceeding or investigation; 

10.5 There has been no material adverse change in the business condition (financial or otherwise), operations, properties or prospects
of Guarantor since the dates of the financial statements most recently furnished to CPHP; 
 10.6 Guarantor has all requisite
organizational power and authority to execute, deliver and perform all of its obligations under this Guaranty. The execution, delivery, and performance by Guarantor of this Guaranty have been duly authorized by all necessary limited liability or
other organizational action. This Guaranty has been duly authorized, executed and delivered by Guarantor and constitutes the legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms. No provision
or obligation of Guarantor contained in this Guaranty violates any applicable law, regulation or ordinance, or any order or ruling of any court or Governing Agency. No such provision or obligation conflicts with, or constitutes a breach or default
under, any agreement to which Guarantor is a party. No consent, approval or authorization of or notice of or to any Person is required in connection with Guarantor’s execution of, and performance of its obligations under, this Guaranty; and

 10.7 Guarantor directly or indirectly holds material interests in Manager. 

11. Events of Default. CPHP may declare Guarantor to be in default under this Guaranty
upon the occurrence of any of the following events (each an “Event of Default”), following written notice to Guarantor and ten (10) days opportunity to cure (provided, however, that there shall be no cure with
respect to matters set forth in Sections 11.2, 11.4 and 11.5): 

11.1 Guarantor fails to perform any of its obligations under this Guaranty; 

11.2 Guarantor purports to revoke this Guaranty or this Guaranty becomes ineffective for any reason; 

11.3 Any representation or warranty made or given by Guarantor to CPHP proves to be false or misleading in any material respect; 

11.4 Guarantor becomes insolvent or the subject of any Insolvency Proceeding; provided, however, that an involuntary Insolvency
Proceeding shall not be considered an Event of Default hereunder if it is either (a) consented to in writing by CPHP, or (b) has been dismissed within ninety (90) days of the filing thereof; or 

11.5 Guarantor dissolves or liquidates. 

  
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 12. Additional and Independent
Obligations. Guarantor’s obligations under this Guaranty are in addition to its obligations under any other existing or future guaranties, each of which shall remain in full force and effect until it is expressly
modified or released in a writing signed by CPHP. Guarantor’s obligations under this Guaranty are independent of those of Manager with respect to the Obligations. CPHP may bring a separate action, or commence a separate reference or arbitration
proceeding against Guarantor without first proceeding against Manager, any other Person or any security that CPHP may hold, and without pursuing any other remedy. 

13. No Waiver; Consents; Cumulative
Remedies. Each waiver by CPHP shall be in writing, and no waiver shall be construed as a continuing waiver. No waiver shall be implied from CPHP’s delay in exercising or failure to exercise any right or remedy against
Manager, Guarantor or any security. Consent by CPHP to any act or omission by Manager or Guarantor shall not be construed as a consent to any other or subsequent act or omission, or as a waiver of the requirement for CPHP’s consent to be
obtained in any future or other instance. All remedies of CPHP against Manager and Guarantor are cumulative. 
 14.
Survival. This Guaranty shall remain in full force and effect and shall survive the exercise of any remedy by CPHP under the Agreement. 

15. Successors and Assigns. The terms of this Guaranty shall bind and benefit the
successors and assigns of CPHP and Guarantor; provided, however, that Guarantor may not assign this Guaranty, or assign or delegate any of its rights or obligations under this Guaranty, without the prior written consent of CPHP in each instance.

 16. Notices. All notices given under this Guaranty shall be in writing and be given by personal delivery, overnight
receipted courier (such as Federal Express), or by registered or certified United States mail, postage prepaid, at the following addresses: 
  

			
	 If to Guarantor:
	 	 Five Point Operating Company LLC

		 	 25 Enterprise Drive

		 	 Aliso Viejo, California 92656

		
	 with a copy to:
	 	
		 	 Five Point Operating Co., LLC

		 	 25 Enterprise, Suite 300

		 	 Aliso Viejo, California 92656

		 	 Attention: Legal Notices

		
	 and a copy to:
	 	
		
		 	 Paul Hastings LLP

		 	 55 Second Street, 24th Floor

		 	 San Francisco, California 94105

		 	 Attention: David A. Hamsher

		 	 Facsimile: 415.856.7123

  
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	 If to CPHP:
	 	 CPHP Development, LLC

		 	 c/o Lennar Corporation

		 	 25 Enterprise Drive, Suite 400

		 	 Aliso Viejo, California 92656

		 	 Attention: Jon Jaffe

		 	
                   
 Joan Mayer

	 with copies to:
	 	
		
		 	 CPHP Development, LLC

c/o Lennar Corporation

		 	 700 NW 107th Avenue

		 	 Miami, Florida 33172

		 	 Attention: Mark Sustana, General Counsel

	 and a copy to:
	 	
		 	 HPSCP Opportunities, L.P.

c/o Castlelake

		 	 4600 Wells Fargo Center

		 	 90 South Seventh Street

		 	 Minneapolis, Minnesota 55402

		 	 Attention: General Counsel

		 	 Facsimile: 612.851.3001

		
	 and a copy to:
	 	 Bilzin Sumberg Baena Price & Axelrod LLP

		 	 1450 Brickell Avenue, Suite 2300

		 	 Miami, Florida 33131

		 	 Attn: Steven D. Lear, Esq.

		 	 Facsimile: 305.351.2232

 Notices shall be effective upon the first to occur of receipt, when proper delivery is refused, or the expiration of
forty-eight (48) hours after deposit in registered or certified United States mail as described above. Addresses for notice may be changed by any party by notice to any other party in accordance with this Section. If Guarantor consists of more
than one party, service of any notice on any one Guarantor signing this Guaranty shall be effective service on Guarantor for all purposes. 
 17.
Rules of Construction. In this Guaranty, the word “Manager” includes both Manager and any other Person who at any time assumes or otherwise becomes primarily liable for all or
any part of the Obligations of Manager under the Agreement. If this Guaranty is executed by more than one person, the word “Guarantor” includes all such persons. The word “include(s)” means “include(s), without
limitation,” and the word “including” means “including, but not limited to.” When the context and construction so require, all words used in the singular shall be deemed to have been used in the plural and vice versa. No
listing of specific instances, items or matters in any way limits the scope or generality of any language of this Guaranty. All headings appearing in this Guaranty are for convenience only and shall be disregarded in construing this Guaranty. 

  
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 18. Governing Law; Submission to Jurisdiction. 

18.1 This Guaranty and the rights and obligations of the parties hereunder, and any claim, controversy or dispute arising under or
related to this Guaranty, shall be governed by, and construed in accordance with, the laws of the State of California. 
 18.2 Each
party hereto consents to the non-exclusive jurisdiction of the federal and state courts within the County of San Francisco in the State of California with regard to any action or proceeding arising out of or
relating to this Guaranty. 
 19. Costs and Expenses. If any lawsuit,
reference, or arbitration is commenced which arises out of, or which relates to this Guaranty, the prevailing party shall be entitled to recover from each other party such sums as the court, referee, or arbitrator may adjudge to be reasonable
attorneys’ fees (including allocated costs for services of in-house counsel) in the action or proceeding, in addition to costs and expenses otherwise allowed by law. In all other situations, including any
Insolvency Proceeding, Guarantor agrees to pay all of CPHP’s costs and expenses, including attorneys’ fees (including allocated costs for services of CPHP’s in-house counsel), that may be
incurred in any effort to collect or enforce the Obligations or any part of the Obligations or any term of this Guaranty. From the time(s) incurred until paid in full to CPHP, all sums shall bear interest at an interest rate of ten percent (10%) per
annum. 
 20. Consideration. Guarantor acknowledges that it expects to benefit from CPHP’s performance of its
obligations under the Agreement because of its relationship to Manager, and that it is executing this Guaranty in consideration of that anticipated benefit. 

21. Enforceability. Guarantor acknowledges that Guarantor has had adequate opportunity to carefully read this Guaranty and
to seek and receive legal advice from skilled legal counsel of Guarantor’s choice in the area of financial transactions of the type contemplated herein prior to signing it. Guarantor hereby acknowledges that: (a) the obligations undertaken
by Guarantor in this Guaranty are complex in nature; (b) numerous possible defenses to the enforceability of these obligations may presently exist and/or may arise hereafter; and (c) as part of CPHP’s consideration for entering into
the Agreement, CPHP has specifically bargained for the waiver and relinquishment by Guarantor of all such defenses. Given all of the above, Guarantor does hereby represent and confirm to CPHP that Guarantor is fully informed regarding, and that
Guarantor does thoroughly understand: (i) the nature of such possible defenses; (ii) the circumstances under which such defenses may arise; (iii) the benefits which such defenses might confer upon Guarantor; and (iv) the legal
consequences to Guarantor of waiving such defenses. Guarantor acknowledges that Guarantor makes this Guaranty with the intent that this Guaranty and all of the informed waivers herein shall each and all be fully enforceable by CPHP, and that CPHP
was induced to enter into the Agreement in material reliance upon the presumed full enforceability hereof. 
 22.
Miscellaneous. This Guaranty may be executed in counterparts, and all counterparts shall constitute but one and the same document. The illegality or unenforceability of one or more provisions of this Guaranty shall not affect
any other provision. Time is of the essence in the performance of this Guaranty by Guarantor. 

  
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 23. Integration; Modifications. This Guaranty
(a) integrates all the terms and conditions mentioned in or incidental to this Guaranty, (b) supersedes all oral negotiations and prior writings with respect to its subject matter, and (c) is intended by Guarantor and CPHP as the
final expression of the agreement with respect to the terms and conditions set forth in this Guaranty and as the complete and exclusive statement of the terms agreed to by Guarantor and CPHP. This Guaranty may not be modified except in a writing
signed by both CPHP and Guarantor. No course of prior dealing, usage of trade, parol or extrinsic evidence of any nature shall be used to supplement, modify or vary any of the terms hereof. 

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 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the Effective Date.  

GUARANTOR: 
  

							
	 FIVE POINT OPERATING COMPANY, LLC,

a Delaware limited liability company

		
	By:	 	  /s/ Erik R. Higgins

	Name:	 	 Erik R. Higgins

	Title:	 	 Vice President

	
	Agreed and Accepted:
	
	 CPHP DEVELOPMENT, LLC,
 a Delaware
limited liability company

		
	By:	 	UST Lennar HW Scala SF Joint Venture,
		 	 a Delaware general partnership,
 its
Managing Member

			
		 	By:	 	Lennar Southland I, Inc.,
		 		 	 a California corporation,
 its
Managing General Partner

				
		 		 	By:	 	  

		 		 	Name:	 	Jonathan Jaffe
		 		 	Title:	 	Vice President

 [Candlestick DMA — Guaranty Agreement] 

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the Effective Date.  

GUARANTOR: 
  

							
	 FIVE POINT OPERATING COMPANY, LLC,

a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	Agreed and Accepted:
	
	 CPHP DEVELOPMENT, LLC,
 a Delaware
limited liability company

		
	By:	 	UST Lennar HW Scala SF Joint Venture,
		 	 a Delaware general partnership,
 its
Managing Member

			
		 	By:	 	Lennar Southland I, Inc., a
		 		 	 California corporation,
 its
Managing General Partner

				
		 		 	By:	 	 /s/ Jonathan M. Jaffe

		 		 	Name:	 	Jonathan M. Jaffe
		 		 	Title:	 	Vice President

 [Candlestick DMA — Guaranty Agreement]EX-10.24

 Exhibit 10.24 

GUARANTY AGREEMENT 

(Hunters Point Shipyard Phase 1) 

This GUARANTY AGREEMENT (Hunters Point Shipyard Phase 1) (this “Guaranty”), dated as of July 2, 2016 (the
“Effective Date”), is given by FIVE POINT OPERATING COMPANY, LLC, a Delaware limited liability company (the “Guarantor”), in favor of HPS DEVELOPMENT CO., LP, a Delaware limited partnership
(“HPS”). Capitalized terms used in this Guaranty and not expressly otherwise defined herein shall have the meanings set forth for those terms in the Agreement (as defined below). 

Factual Background 

A. Reference is made to that certain Development Management Agreement (Hunters Point Shipyard Phase 1) dated as of even date herewith (as
amended from time to time, the “Agreement”), executed by and between The Newhall Land and Farming Company, LLC, a Delaware limited liability company (“Manager”), and HPS, pursuant to which Manager, among other
things, agreed to certain payment obligations as more particularly described in the Agreement. 
 B. Guarantor is an affiliate of Manager
and will benefit from the performance of the mutual covenants set forth in the Agreement and accordingly is agreeing to provide this Guaranty. 

Guaranty 
 1.
Guaranty and Agreement. Guarantor absolutely, irrevocably, and unconditionally guarantees the full and punctual performance and completion by Manager of, and agrees to perform to the
extent Manager does not do so, Manager’s payment obligations under section 7.2 of the Agreement as and when required pursuant to the terms of the Agreement (the “Obligations”). Guarantor shall assume responsibility for
and shall fully perform all of the Obligations, at Guarantor’s sole cost and expense, promptly on receiving written notice from HPS that Manager has failed to perform any Obligations. Guarantor further agrees that its guarantee hereunder
constitutes a guarantee of payment when due (whether or not any Insolvency Proceeding (as defined below) shall have stayed the accrual or collection of any of the Obligations or acted as a discharge thereof). Guarantor agrees that its guarantee
hereunder is continuing in nature and applies to all Obligations, whether currently existing or hereafter incurred. Notwithstanding anything to the contrary herein, under no circumstances shall the aggregate liability of Guarantor hereunder or
otherwise for the Obligations exceed One Million Five Hundred Thousand Dollars ($1,500,000). 
 2. HPS’
Remedies. If Guarantor fails to promptly perform its obligations under Section 1 above, HPS shall immediately have the right to bring any action at law or in equity or both, or commence any reference or
arbitration proceeding to compel Guarantor to perform its obligations under Section 1 above, and to collect compensation for all loss, cost, damage, injury and expense which may be sustained or incurred by HPS
as a direct or indirect consequence of Guarantor’s failure to perform those obligations, including interest at an interest rate of ten percent (10%) per annum. HPS from time to time may bring such an action or commence such a reference or
arbitration proceeding, regardless of whether HPS has first required performance by Manager or whether HPS has exhausted any or all security for the Obligations. 

  
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 3. Rights of HPS. Guarantor
authorizes HPS to perform any or all of the following acts at any time in its sole and absolute discretion, all without notice to Guarantor and without affecting Guarantor’s obligations under this Guaranty: 

3.1 Subject to any consents needed from Manager pursuant to the terms of the Agreement, HPS may alter any terms or conditions of the
Agreement or any part of it; 
 3.2 HPS may take and hold security for the Obligations, exchange, waive or release any or all such
security (with or without consideration) or enforce or apply such security and direct the order and manner of any sale thereof in its sole discretion; 

3.3 HPS may release Manager from its liability under the Agreement; and 

3.4 HPS may substitute, add or release any one or more guarantors for the Obligations. 

Without limiting the foregoing, Guarantor further agrees that the Obligations may be extended or renewed, in whole or in part, or amended or
modified, without notice to or further assent from it, and that it will remain bound upon this Guaranty notwithstanding any extension, renewal, amendment or modification of any Obligation. 

4. Guaranty to be Absolute. Guarantor expressly agrees that,
until the Obligations are fully paid and performed in accordance with the Agreement and each and every term, covenant, and condition of this Guaranty is fully performed, Guarantor shall not be released by or because of, and the obligations of
Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination because of: 
 4.1 Any act or event
which might otherwise discharge, reduce, limit, or modify Guarantor’s obligations under this Guaranty; 
 4.2 Any waiver,
extension, modification, forbearance, delay, or other act or omission of HPS, or its failure to proceed promptly or otherwise as against Manager, Guarantor or any security, including any release of, or any impairment of, or failure to perfect any
lien on or security interest in, any security held by HPS for the Obligations; 
 4.3 Any action, omission or circumstance which
might increase the likelihood that Guarantor may be called upon to perform under this Guaranty or which might affect the rights or remedies of Guarantor as against Manager; 

4.4 Any dealings occurring at any time between Manager, on the one hand, and HPS, on the other, whether relating to the Obligations or
otherwise; or 
 4.5 Any action of HPS described in Section 3 above. 

  
 2 

 Guarantor hereby acknowledges that absent this
Section 4, Guarantor might have a defense to the enforcement of this Guaranty as a result of one or more of the foregoing acts, omissions, agreements, waivers, or matters. Guarantor hereby expressly
waives and surrenders any defense to any liability under this Guaranty based upon any of such acts, omissions, agreements, waivers, or matters. It is the express intent of Guarantor that Guarantor’s obligations under this Guaranty are and shall
be absolute, unconditional, and irrevocable. 
 5. Guarantor’s Waivers. Guarantor waives: 

 5.1 All statutes of limitations as a defense to any action or proceeding brought against Guarantor by HPS, to the fullest
extent permitted by law; 
 5.2 Any right it may have to require HPS to proceed against Manager, proceed against or exhaust any
security held from Manager, or pursue any other remedy in HPS’ power to pursue; 
 5.3 Any defense based on any claim that
Guarantor’s obligations exceed or are more burdensome than those of Manager; 
 5.4 Any defense based on: (a) any legal
disability of Manager or the invalidity, illegality or unenforceability of the Obligations or any part thereof or any impossibility of performance of the Obligations; (b) any release, discharge, modification, impairment or limitation of the
liability of Manager to HPS from any cause, whether consented to by HPS or arising by operation of law or from any bankruptcy or other voluntary or involuntary proceeding, in or out of court, for the adjustment of debtor-creditor relationships,
including any proceeding under the Bankruptcy Reform Act of 1978, as amended or recodified (the “Bankruptcy Code”), or under any other present or future state or federal law regarding bankruptcy, reorganization or other
relief to debtors (any such proceeding referred to as an “Insolvency Proceeding”); or (c) any rejection or disaffirmance of the Obligations, or any part of any of them, or any security held for any of them, in any such
Insolvency Proceeding; 
 5.5 Any defense based on any action taken or omitted by HPS in any Insolvency Proceeding involving Manager,
including any election to have HPS’ claim allowed as being secured, partially secured or unsecured, any extension of credit by HPS to Manager in any Insolvency Proceeding, and the taking and holding by HPS of any security for any such extension
of credit; 
 5.6 All presentments, demands for performance, notices of nonperformance, protests, notices of protest, notices of
intention to accelerate, notices of acceleration, notices of default, notices of dishonor, notices of acceptance of this Guaranty and of the existence, creation, or incurring of new or additional indebtedness, and demands and notices of every kind,
except for any demand or notice by HPS to Guarantor expressly provided for in Section 1 above; 

5.7 Any defense based on or arising out of any defense that Manager may have to the payment or performance of the Obligations or any
part of them; 

  
 3 

 5.8 Any defense based on any lack of authority of the officers, directors, partners,
members, or agents acting or purporting to act on behalf of Manager or any principal of Manager or any defect in the formation of Manager or any principal of Manager; and 

5.9 Any defense based on or arising out of any action of HPS described in Section 3 or
Section 4 above. 
 6. Waivers of Subrogation and
Other Rights and Defenses. 
 6.1 Upon a breach or default by Manager under
the Agreement, HPS in its sole and absolute discretion, without prior notice to or consent of Guarantor, may elect to: (a) foreclose either judicially or nonjudicially (as allowed by applicable law) against any real or personal property
security it may hold for the Obligations; (b) accept a transfer of any such security in lieu of foreclosure; (c) compromise or adjust the Obligations or any part of them or make any other accommodation with Manager or Guarantor; or
(d) exercise any other remedy against Manager or any security. No such action by HPS shall release or limit the liability of Guarantor, who shall remain liable under this Guaranty after the action, even if the effect of the action is to deprive
Guarantor of any subrogation rights, rights of indemnity, or other rights to collect reimbursement from Manager for any sums paid or performance rendered to HPS, whether contractual or arising by operation of law or otherwise. Guarantor expressly
agrees that under no circumstances shall it be deemed to have any right, title, interest or claim in or to any real or personal property to be held by HPS or any third party after any foreclosure or transfer in lieu of foreclosure of any security
for the Obligations. 
 6.2 Regardless of whether Guarantor may have made any payments to HPS, Guarantor hereby waives: (a) all
rights of subrogation, indemnification, contribution, and any other rights to collect reimbursement from Manager or any other party for any sums paid or performance rendered to HPS, whether contractual or arising by operation of law (including,
without limitation, under any provisions of the Bankruptcy Code, or any successor or similar statutes) or otherwise; (b) all rights to enforce any remedy that HPS may have against Manager; and (c) all rights to participate in any security
now or later to be held by HPS for the Obligations. Guarantor further agrees that, to the extent the waiver or agreement to withhold the exercise of its rights of subrogation, reimbursement, indemnification, and contribution as set forth herein is
found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement, indemnification, and contribution Guarantor may have against Manager or against any collateral or security, shall be junior
and subordinate to any rights HPS may have against Manager, and to all right, title, and interest HPS may have in any such collateral or security. If any amount shall be paid to Guarantor on account of any such subrogation, reimbursement,
indemnification, or contribution rights at any time when all Obligations have not been paid or performed in full, such amount shall be held in trust for HPS and shall forthwith be paid over to HPS to be credited and applied against the Obligations,
whether matured or unmatured, in accordance with the terms of the Agreement. The covenants and waivers of Guarantor contained in this Section 6.2 shall be effective until the termination of this Guaranty, and
are made for the benefit of HPS, Manager, and any other Person against whom Guarantor shall at any time have any rights of subrogation, reimbursement, indemnification, or contribution with respect to Guarantor’s obligations under this Guaranty.

  
 4 

 6.3 Guarantor waives any rights and defenses that are or may become available to Guarantor
by reason of any statute governing guaranties or suretyship. 
 6.4 Guarantor waives any right or defense it may have at law or
equity other than satisfaction of the Obligations, which may provide, among other things: that a creditor must file a complaint for deficiency within a specified period of time after a nonjudicial foreclosure sale or judicial foreclosure sale, as
applicable; that a fair market value hearing must be held; and that the amount of the deficiency judgment shall be limited to the amount by which the unpaid debt exceeds the fair market value of the security, but not more than the amount by which
the unpaid debt exceeds the net proceeds of the sale of the security. 
 6.5 No provision or waiver in this Guaranty shall be
construed as limiting the generality of any other provision or waiver contained in this Guaranty. 
 6.6 Guarantor agrees that the
payment or performance of any act which tolls any statute of limitations applicable to the Obligations shall similarly operate to toll the statute of limitations applicable to Guarantor’s liability hereunder. 

7. Revival and Reinstatement. If any payment of any Obligation is rescinded or if
HPS is required to pay, return, or restore to Manager or any other Person any amounts previously paid on the Obligations because of any Insolvency Proceeding of Manager, any stop notice, or any other reason, the obligations of Guarantor hereunder
shall be reinstated and revived and the rights of HPS hereunder shall continue with regard to such amounts, all as though they had never been paid. 

8. Information Regarding Manager. Before signing this Guaranty, Guarantor
investigated the financial condition and business operations of Manager and such other matters as Guarantor deemed appropriate to assure itself of the ability of Manager to discharge the Obligations. Guarantor assumes full responsibility for that
due diligence, as well as for keeping informed of all matters that may affect the ability of Manager to pay and perform its Obligations. HPS has no duty to disclose to Guarantor any information which HPS may have or receive about the financial
condition or business operations of Manager, the condition or uses of the Property, or any other circumstances bearing on the ability of Manager to perform. 

9. Intentionally Omitted. 

10. Guarantor’s Representations and Warranties.
Guarantor makes the following representations and warranties for the benefit of HPS, which shall survive the execution and delivery of this Guaranty: 

10.1 All financial statements and other financial information relating to Guarantor furnished or to be furnished to HPS are or shall
be, at the time furnished, true and correct in all material respects and do or shall, at the time furnished, present fairly in all material respects the financial condition of Guarantor (including all contingent liabilities); 

10.2 All financial statements relating to Guarantor furnished or to be furnished to HPS comply or shall comply, at the time furnished,
with all government regulations that apply; 

  
 5 

 10.3 All financial statements relating to Guarantor furnished or to be furnished to HPS
were or shall be, at the time furnished, prepared in accordance with generally accepted accounting principles, consistently applied unless otherwise noted therein; 

10.4 There are no claims, actions, proceedings or investigations pending against Guarantor, which, if adversely resolved, would have a
material adverse impact upon Guarantor’s ability to perform its obligations hereunder. To the best of Guarantor’s knowledge, there has been no threat of any such claim, action, proceeding or investigation; 

10.5 There has been no material adverse change in the business condition (financial or otherwise), operations, properties or prospects
of Guarantor since the dates of the financial statements most recently furnished to HPS; 
 10.6 Guarantor has all requisite
organizational power and authority to execute, deliver and perform all of its obligations under this Guaranty. The execution, delivery, and performance by Guarantor of this Guaranty have been duly authorized by all necessary limited liability or
other organizational action. This Guaranty has been duly authorized, executed and delivered by Guarantor and constitutes the legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms. No provision
or obligation of Guarantor contained in this Guaranty violates any applicable law, regulation or ordinance, or any order or ruling of any court or Governing Agency. No such provision or obligation conflicts with, or constitutes a breach or default
under, any agreement to which Guarantor is a party. No consent, approval or authorization of or notice of or to any Person is required in connection with Guarantor’s execution of, and performance of its obligations under, this Guaranty; and

 10.7 Guarantor directly or indirectly holds material interests in Manager. 

11. Events of Default. HPS may declare Guarantor to be in default under this Guaranty
upon the occurrence of any of the following events (each an “Event of Default”), following written notice to Guarantor and ten (10) days opportunity to cure (provided, however, that there shall be no cure with
respect to matters set forth in Sections 11.2, 11.4 and 11.5): 

11.1 Guarantor fails to perform any of its obligations under this Guaranty; 

11.2 Guarantor purports to revoke this Guaranty or this Guaranty becomes ineffective for any reason; 

11.3 Any representation or warranty made or given by Guarantor to HPS proves to be false or misleading in any material respect; 

11.4 Guarantor becomes insolvent or the subject of any Insolvency Proceeding; provided, however, that an involuntary
Insolvency Proceeding shall not be considered an Event of Default hereunder if it is either (a) consented to in writing by HPS, or (b) has been dismissed within ninety (90) days of the filing thereof; or 

11.5 Guarantor dissolves or liquidates. 

  
 6 

 12. Additional and Independent
Obligations. Guarantor’s obligations under this Guaranty are in addition to its obligations under any other existing or future guaranties, each of which shall remain in full force and effect until it is expressly
modified or released in a writing signed by HPS. Guarantor’s obligations under this Guaranty are independent of those of Manager with respect to the Obligations. HPS may bring a separate action, or commence a separate reference or arbitration
proceeding against Guarantor without first proceeding against Manager, any other Person or any security that HPS may hold, and without pursuing any other remedy. 

13. No Waiver; Consents; Cumulative
Remedies. Each waiver by HPS shall be in writing, and no waiver shall be construed as a continuing waiver. No waiver shall be implied from HPS’ delay in exercising or failure to exercise any right or remedy against
Manager, Guarantor or any security. Consent by HPS to any act or omission by Manager or Guarantor shall not be construed as a consent to any other or subsequent act or omission, or as a waiver of the requirement for HPS’consent to be obtained
in any future or other instance. All remedies of HPS against Manager and Guarantor are cumulative. 
 14. Survival. This
Guaranty shall remain in full force and effect and shall survive the exercise of any remedy by HPS under the Agreement. 
 15.
Successors and Assigns. The terms of this Guaranty shall bind and benefit the successors and assigns of HPS and Guarantor; provided, however, that Guarantor may not assign this Guaranty,
or assign or delegate any of its rights or obligations under this Guaranty, without the prior written consent of HPS in each instance. 
 16.
Notices. All notices given under this Guaranty shall be in writing and be given by personal delivery, overnight receipted courier (such as Federal Express), or by registered or certified United States mail, postage prepaid, at
the following addresses: 
  

			
	If to Guarantor:	  	Five Point Operating Company LLC
		  	25 Enterprise Drive
		  	Aliso Viejo, California 92656
		
	with a copy to:	  	
		
		  	Five Point Operating Co., LLC
		  	25 Enterprise, Suite 300
		  	Aliso Viejo, California 92656
		  	Attention: Legal Notices
		
	and a copy to:	  	
		
		  	Paul Hastings LLP
		  	55 Second Street, 24th Floor
		  	San Francisco, California 94105
		  	Attention: David A. Hamsher
		  	Facsimile: 415.856.7123

  
 7 

			
	If to HPS:	  	
		  	HPS Development Co., LP
		  	c/o Lennar Corporation
		  	25 Enterprise Drive, Suite 400
		  	Aliso Viejo, California 92656
		  	Attention:  Jon Jaffe
		  	   Joan Mayer

		
	with a copy to:	  	
		
		  	HPS Development Co., LP
		  	c/o Lennar Corporation
		  	700 NW 107th Avenue
		  	Miami, Florida 33172
		  	Attention: Mark Sustana, General Counsel
		
	and a copy to:	  	
		  	Bilzin Sumberg Baena Price & Axelrod LLP
		  	1450 Brickell Avenue, Suite 2300
		  	Miami, Florida 33131
		  	Attn: Steven D. Lear, Esq.
		  	Facsimile: 305.351.2232
		
	and a copy to:	  	
		  	HPSCP Opportunities, L.P.
		  	c/o Castlelake
		  	4600 Wells Fargo Center
		  	90 South Seventh Street
		  	Minneapolis, Minnesota 55402
		  	Attention: General Counsel
		  	Facsimile: 612.851.3001

 Notices shall be effective upon the first to occur of receipt, when proper delivery is refused, or the expiration of
forty-eight (48) hours after deposit in registered or certified United States mail as described above. Addresses for notice may be changed by any party by notice to any other party in accordance with this Section. If Guarantor consists of more
than one party, service of any notice on any one Guarantor signing this Guaranty shall be effective service on Guarantor for all purposes. 
 17.
Rules of Construction. In this Guaranty, the word “Manager” includes both Manager and any other Person who at any time assumes or otherwise becomes primarily liable for all or
any part of the Obligations of Manager under the Agreement. If this Guaranty is executed by more than one person, the word “Guarantor” includes all such persons. The word “include(s)” means “include(s), without
limitation,” and the word “including” means “including, but not limited to.” When the context and construction so require, all words used in the singular shall be deemed to have been used in the plural and vice versa. No
listing of specific instances, items or 

  
 8 

 
matters in any way limits the scope or generality of any language of this Guaranty. All headings appearing in this Guaranty are for convenience only and shall be disregarded in construing this
Guaranty. 
 18. Governing Law; Submission to Jurisdiction. 

18.1 This Guaranty and the rights and obligations of the parties hereunder, and any claim, controversy or dispute arising under or
related to this Guaranty, shall be governed by, and construed in accordance with, the laws of the State of California. 
 18.2 Each
party hereto consents to the non-exclusive jurisdiction of the federal and state courts within the County of San Francisco in the State of California with regard to any action or proceeding arising out of or
relating to this Guaranty. 
 19. Costs and Expenses. If any lawsuit,
reference, or arbitration is commenced which arises out of, or which relates to this Guaranty, the prevailing party shall be entitled to recover from each other party such sums as the court, referee, or arbitrator may adjudge to be reasonable
attorneys’ fees (including allocated costs for services of in-house counsel) in the action or proceeding, in addition to costs and expenses otherwise allowed by law. In all other situations, including any
Insolvency Proceeding, Guarantor agrees to pay all of HPS’ costs and expenses, including attorneys’ fees (including allocated costs for services of HPS’ in-house counsel), that may be incurred
in any effort to collect or enforce the Obligations or any part of the Obligations or any term of this Guaranty. From the time(s) incurred until paid in full to HPS, all sums shall bear interest at an interest rate of ten percent (10%) per annum.

 20. Consideration. Guarantor acknowledges that it expects to benefit from HPS’ performance of its obligations
under the Agreement because of its relationship to Manager, and that it is executing this Guaranty in consideration of that anticipated benefit. 

21. Enforceability. Guarantor acknowledges that Guarantor has had adequate opportunity to carefully read this Guaranty and
to seek and receive legal advice from skilled legal counsel of Guarantor’s choice in the area of financial transactions of the type contemplated herein prior to signing it. Guarantor hereby acknowledges that: (a) the obligations undertaken
by Guarantor in this Guaranty are complex in nature; (b) numerous possible defenses to the enforceability of these obligations may presently exist and/or may arise hereafter; and (c) as part of HPS’ consideration for entering into the
Agreement, HPS has specifically bargained for the waiver and relinquishment by Guarantor of all such defenses. Given all of the above, Guarantor does hereby represent and confirm to HPS that Guarantor is fully informed regarding, and that Guarantor
does thoroughly understand: (i) the nature of such possible defenses; (ii) the circumstances under which such defenses may arise; (iii) the benefits which such defenses might confer upon Guarantor; and (iv) the legal consequences
to Guarantor of waiving such defenses. Guarantor acknowledges that Guarantor makes this Guaranty with the intent that this Guaranty and all of the informed waivers herein shall each and all be fully enforceable by HPS, and that HPS was induced to
enter into the Agreement in material reliance upon the presumed full enforceability hereof. 

  
 9 

 22. Miscellaneous. This Guaranty may be executed in counterparts, and all
counterparts shall constitute but one and the same document. The illegality or unenforceability of one or more provisions of this Guaranty shall not affect any other provision. Time is of the essence in the performance of this Guaranty by Guarantor.

 23. Integration; Modifications. This Guaranty (a) integrates all the terms and conditions
mentioned in or incidental to this Guaranty, (b) supersedes all oral negotiations and prior writings with respect to its subject matter, and (c) is intended by Guarantor and HPS as the final expression of the agreement with respect to the
terms and conditions set forth in this Guaranty and as the complete and exclusive statement of the terms agreed to by Guarantor and HPS. This Guaranty may not be modified except in a writing signed by both HPS and Guarantor. No course of prior
dealing, usage of trade, parol or extrinsic evidence of any nature shall be used to supplement, modify or vary any of the terms hereof. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 10 

 IN ‘WITNESS WHEREOF, Guarantor has executed this Guaranty as of the Effective Date. 

 

			
	GUARANTOR:
	
	FIVE POINT OPERATING COMPANY, LLC,
	a Delaware limited liability company
		
	By:	 	/s/ Erik R. Higgins
		 	  

	Name:	 	 Erik R. Higgins

	Title:	 	 Vice President

  

											
	Agreed and Accepted:
	
	 HPS DEVELOPMENT CO., LP,
 a
Delaware limited partnership

		
	By:	 	 CP/HPS Development Co. GP, LLC,
 a
Delaware limited liability company,
 its General Partner

			
		 	By:	 	 CPHP Development, LLC,
 a Delaware
limited liability company,
 its Sole Member

				
		 		 	By:	 	 UST Lennar HW Scala SF Joint Venture,

a Delaware general partnership,
 its Managing Member

					
		 		 		 	By:	 	 Lennar Southland I, Inc.,
 a
California corporation,
 its Managing General Partner

						
		 		 		 		 	By:	 	  

		 		 		 		 	Name:	 	Jonathan Jaffe
		 		 		 		 	Title:	 	Vice President

 [1-IPS1 DMA — Guaranty Agreement] 

 IN WITNESS WHEREOF, Guarantor has executed this Guaranty as of the Effective Date. 

 

			
	GUARANTOR:
	
	 FIVE POINT OPERATING COMPANY, LLC,

a Delaware limited liability company

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

											
	Agreed and Accepted:
	
	 HPS DEVELOPMENT CO., LP,
 a
Delaware limited partnership

		
	By:	 	 CP/HPS Development Co. GP, LLC,
 a
Delaware limited liability company,
 its General Partner

			
		 	By:	 	 CPHP Development, LLC,
 a Delaware
limited liability company,
 its Sole Member

				
		 		 	By:	 	 UST Lennar HW Scala SF Joint Venture,

a Delaware general partnership,
 its Managing Member

					
		 		 		 	By:	 	 Lennar Southland I, Inc.,
 a
California corporation,
 its Managing General Partner

						
		 		 		 		 	By:	 	/s/ Jonathan Jaffe
		 		 		 		 	Name:	 	Jonathan Jaffe
		 		 		 		 	Title:	 	Vice President

 [HPS1 DMA — Guaranty Agreement]

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