Document:

Contract Between BASF and ENglobal Engineering, Inc.

 Exhibit 10.73 
  
 BASF Corporation 
  
 Agreement for Temporary 
 Personnel Agency—in-Plant

  
 This Agreement, made and effective as of June 9, 2003, by
and between BASF Corporation, having an office at 3000 Continental Drive—North, Mt. Olive, NJ 07828 (“BASF”) and ENGlobal Engineering, Inc., a corporation with an address at 3155 Executive Boulevard, Beaumont. Texas 77705 (the
“Contractor”). 
  
 Witnesseth: 
  
 In consideration of the covenants herein contained, BASF and Contractor
hereby agree as follows: 
  

	1.	 	AGREEMENT TO FURNISH TEMPORARY PERSONNEL 

  
 Contractor agrees to provide to BASF such number of Contractor’s employees (hereinafter, individually and collectively, “Personnel”) as may
from time to time be requested by BASF, for the purpose of performing such Services for BASF as BASF may specify (the “Services”). Such Personnel shall be thoroughly trained and highly qualified to perform all aspects of the Services
required by BASF Contractor shall ensure such suitability and competence by all reasonable means, including but not limited to, reference checks, employment verification and skills testing. All Services performed by Personnel shall be performed
under the general direction of a BASF employee, provided that all Personnel shall remain employees of Contractor at all times. 
  

	2.	 	COMPENSATION; TRAVEL EXPENSES 

  
 A. BASF agrees to pay to Contractor for Personnel the rates and mark up set forth on Exhibit A hereto. Contractor shall furnish BASF a bill biweekly for
all Personnel furnished by Contractor. Contractor acknowledges its responsibility for the payment of its employees’ salaries and all Federal, State, local taxes and other fees and charges, including but not limited to unemployment and
disability insurance and social security taxes, imposed as the result of its employment pursuant to the Agreement, and agrees that BASF shall have no responsibility or liability with respect thereto. Contractor agrees that in order to maintain a
high quality of temporary personnel, it will pay all Personnel at the rates set forth on Exhibit B hereto. Notwithstanding the foregoing, BASF shall have the right to notify Contractor within two (2) business days after any Personnel commences an
assignment that such Personnel is not satisfactory, in which case, BASF shall not owe Contractor any compensation for such Personnel and Contractor shall promptly replace such Personnel. Thereafter, BASF may request Contractor to remove any
Personnel that is not satisfactory to BASF, in which case, BASF shall owe Contractor only for such services performed by the unsatisfactory Personnel and Contractor shall promptly replace such Personnel. 
  
 B. If BASF requires Personnel to travel to any BASF facility other than the
facility such Personnel is regularly assigned to report to by Contractor to perform the Services, or to any other location, such travel shall be scheduled, and a travel itinerary form prepared and approved by the assigned BASF manager prior to the
trip commencing. If Personnel are required to use their personal vehicles for BASF business. Contractor will be reimbursed at the rate established by BASF for its employees. All reasonable travel expenses incurred by Personnel in connection
therewith shall be paid by Contractor, and BASF agrees to reimburse Contractor for the same within thirty days of receipt of Contractor’s fully supported invoice. During such periods of travel or travel assignments neither Contractor nor
Personnel will be entitled to any compensation for time spent by Personnel away from home or in transit before or after BASF’s normal business hours, unless otherwise approved in advance by an authorized representative of BASF. 
  
 C. BASF shall have the right at any time and from time to time to hire
Personnel for direct employment after 12 months of performing Services for BASF by such Personnel. Such 12-month period is not consecutive or continuous, but applies in the aggregate to all Services performed by such Personnel. BASF shall give
Contractor ten (10) business days’ prior notice it will do so. Any such Personnel shall not become an employee of BASF unless and until such Personnel shall have completed all BASF hiring procedures then in effect. BASF shall not owe Contractor
any additional compensation whatsoever by reason of BASF’s hiring any such Personnel for direct employment after such 12-month period. Contractor shall include a provision similar to this paragraph in its separate arrangement with each backup
temporary agency. Notwithstanding the foregoing, BASF shall have the right to hire Personnel for direct employment at any time prior to such 12-month period as mutually negotiated and agreed to in writing by BASF and Contractor. 
  

	3.	 	INDEPENDENT CONTRACTOR 

  
 Contractor acknowledges its status as an independent contractor, agrees that it shall remain an independent contractor and that neither Contractor nor its
Personnel shall have the power, to bind BASF or to assume or create any obligation, express or implied, on behalf of BASF. 
  
 For Services performed in the State of Louisiana only, BASF and Contractor hereby agree that BASF shall be and hereby is designated as the statutory
employer of Contractor’s direct and statutory employees, pursuant to La. R.S. 23: 

 1061(A)(3). BASF and Contractor further agree that the services required of Contractor and its direct and statutory
employees pursuant to this Agreement are an integral part of and essential to BASF’s ability to generate goods, products, and services. 
  

	4.	 	COMPLIANCE WITH LAW AND BASF’S RULES AND PROCEDURES 

  
 A. During the performance of all Services hereunder, Contractor shall cause its Personnel assigned to perform Services for BASF to, comply with all
applicable federal, state and local laws and regulations and all rules and procedures applicable to employees of BASF, including but not limited to BASF’s safety rules and procedures and drug abuse policies. BASF shall make such rules and
procedures available to Contractor before the commencement or performance of Services hereunder. 
  
 B. Contractor shall comply with the requirements of all applicable Federal, State and local laws, regulations, rules and orders. In accordance with the
foregoing provision, but not by way of limitation, it is specifically understood that Contractor and BASF are Equal Opportunity employers. Contractor warrants that Contractor complies with the Fair Labor Standard Act of 1938, as amended. Contractor
agrees that, if this Agreement is construed to be a subcontract within the meaning of the Rules and Regulations approved by the United States Secretary of Labor pursuant to Executive Order 11246, as amended, the Vietnam Era Veterans Readjustment Act
of 1974, as amended, or the Rehabilitation Act of 1973, as amended, or of the regulations issued pursuant to Executive Order 11625, the provisions of the applicable regulations as well as the Equal Opportunity and Nondiscrimination provision of
Section 202 of Executive Order 11246 shall be incorporated herein by reference and shall be binding upon Contractor as part of this Agreement. Contractor represents that it has in place a Corporate Policy prohibiting Sexual and Other Harassment
(BC020) and a Corporate Policy providing for Equal Employment Opportunity and Affirmative Action (BC021). 
  

	5.	 	OWNERSHIP OF BASF’S INFORMATION AND CONTRACTOR’S WORK PRODUCT 

  
 All sketches, tracings, drawings, bills of materials, specifications and other documents furnished by BASF to Contractor or
generated by Contractor for BASF pursuant to this Agreement shall at all times be the property of BASF, and Contractor agrees that it shall not use or permit to be used any such documents, data or information in the performance or Services for
others. 
  

	6.	 	SECRECY AND INVENTIONS 

  
 A. All of BASF’s business, technical or operations data, information samples or software of whatsoever nature, whether or not related to or generated
as the result of the Services performed hereunder (the “Proprietary Information”), which is obtained, directly or indirectly, by Contractor, either orally, in writing, by observation or otherwise, in any form shall be held in confidence
and shall not be used by Contractor, directly or indirectly, or disclosed to others except with BASF’s prior written consent thereto. 
  
 B. Contractor hereby agrees that all right, title, and interest which it or its employees may have in and to any intellectual property rights including,
but not limited to inventions and copyrights created or developed in the performance of Services for BASF shall be and hereby are automatically assigned to BASF. Contractor shall, at BASF’s request and at no additional charge, execute, and
cause its employees to execute, all documents reasonably necessary to implement the foregoing agreement to assign the intellectual property rights to BASF and to enable BASF to protect such rights in any country of the world. 
  
 C. Contractor shall not, either directly or indirectly, analyze or dissemble,
or cause to be analyzed or dissembled any samples or software provided by BASF pursuant to the terms of this Agreement. Contractor shall, upon the request of BASF, return without retaining copies, all documents, materials, and other tangible media,
and all samples still in existence containing Proprietary Information, including any studies, compilations, or other materials prepared in whole or in part based on said Proprietary Information. To the extent it is not possible to return any portion
of the Proprietary Information, Contractor shall certify in writing to BASF the destruction of same and the identity of the person who has performed such destruction. 
  
 D. If Contractor or its representatives are compelled to disclose Proprietary Information by governmental or judicial
process, Contractor agrees to provide BASF with immediate written notice of such request prior to the disclosure so that BASF may seek a protective order or other appropriate remedy and/or waive compliance with the provisions of this Agreement. In
the event that such protective order or other remedy is not obtained, or that BASF waives compliance with the provisions of this Agreement, Contractor will furnish only that portion of the Proprietary Information which Contractor is legally required
and will exercise all reasonable efforts to obtain reliable assurance that confidential treatment will be accorded to the Proprietary Information. 
  
 E. Contractor agrees that it is a condition precedent to the obligations of this Agreement that it or any subcontractor have each employee who will be
performing Services hereunder sign the Temporary Worker Invention and Secrecy Agreement attached hereto as Exhibit C. Contractor shall have each such employee sign Exhibit C and shall return to BASF an Exhibit C with each employee’s original
signature, together with an executed copy of this Agreement. Contractor shall not assign any employee to the performance of Services hereunder unless such employee has first signed Exhibit C. In the event Contractor shall assign any employee to the
performance of work hereunder after the date of execution of this Agreement, Contractor shall have such employee sign a copy of Exhibit C prior to the performance of such Services and shall promptly thereafter forward to BASF such copy containing
such employee’s original signature. 
  
 F. As a condition
precedent to placement of any particular Personnel on a BASF site, Contractor agrees to conform with the Personnel background check requirements provided below or otherwise generally applicable to Personnel by a BASF corporate or site policy as may
be amended, which shall be made available to Contractor upon request: 
  

	 	(i)	 	 Prior to providing Personnel to a BASF site, Contractor shall request the site’s designated security level and relevant site policy. For any BASF site having a
designated security level of A or B, Contractor shall comply minimally with the Personnel background checks requirements provided below. For any BASF site having a 

	 	 
designed security level of C, Contractor shall comply with the relevant Personnel background check requirements of that particular site.

  

	 	(ii)	 	Contractor shall, at least forty-eight (48) hours prior to the start date of Personnel, provide to BASF’s site security or its representative for the affected site the
following: 

  
 A written notification of
Contractor’s legal name, contractor’s contact person for this matter, along with the contract person’s phone number, street address, facsimile number and e-mail address; and 
  
 A fully completed certificate substantially in the form shown in Exhibit D
executed by an authorized representative of Contractor. For purposes hereof, a background check shall comprise at least a confirmation of the Personnel’s address and each prior employment reference, verification of academic credentials and
Social Security number, and a determination of any criminal record existing in any county, state or Federal district of the Personnel’s residence and employment for the last five (5) years. 
  

	7.	 	INDEMNIFICATION 

  
 A. Contractor shall be responsible for and shall indemnify, defend and hold harmless BASF, its officers, agents and employees, from and against:

  
 (i) Any and all liabilities, damages, losses, costs, expenses
(including reasonable attorneys’ fees), claims, demands, suits, actions, judgments, fines, or penalties, whether civil or criminal, arising out of, or in any way occurring directly or indirectly in connection with Contractor’s, its
subcontractors’, or either of their respective officers’, employees’, agents’ or representatives’ actual or asserted violation of laws, regulations, ordinances or other rules of any governmental or quasi-governmental body or
agency, including but not limited to actual or alleged failure to pay taxes or other governmental fees or charges. 
  
 (ii) Any and all liabilities, damages, losses, costs, expenses (including reasonable attorneys’ fees), claims, demands, suits, actions, or judgments,
fines or penalties, whether in tort or in contract, arising out of or in any way occurring directly or indirectly in connection with (i) Contractor’s performance of the work and/or (ii) Contractor’s breach of this Agreement. This clause is
specifically intended to apply even though the liabilities, damages, losses, costs, expenses, claims, demands, suits, actions or judgments are caused in part by the negligence of the BASF, or its respective officers, employees, agents or
representatives. 
  
 B. Contractor further agrees, that upon
notice by BASF, it will immediately investigate, handle, respond to, provide defense for and defend any claim, demand or action at its sole expense, and will bear all other costs and expenses related thereto. 
  
 C. The obligations of the Contractor, as set forth in this Article 7, shall
be interpreted broadly and shall apply to any and all claims contained in Article 7 except, and only to the extent, that those claims are caused by the sole negligence, fault or omissions of BASF. 
  
 D. BASF’s entitlement under the foregoing indemnification may be
deducted from Contractor’s compensation then due or thereafter to become due, in addition to any other remedies that BASF may have. 
  

	8.	 	INSURANCE 

  
 A. During the performance of the Services, Contractor shall carry the following minimum general liability insurance: 
  

	 	(i)	 	Workers’ Compensation Insurance with statutory limits in compliance with the law or laws of the state or states in which employees are hired or will work and Employers
Liability Insurance with minimum limits of $300,000; 

  

	 	(ii)	 	Commercial General and Excess (if necessary) Liability insurance with limits of not less than $5,000,000 per occurrence combined single limit, and $5,000,000 per occurrence
products/completed operations aggregate, and including but not limited to the following coverages: blanket contractual, products, completed operations, independent contractors; and 

  

	 	(iii)	 	Automobile liability insurance covering any auto, with limits of not less than $5,000,000 combined single limit. 

  
 B. All insurance required under this Agreement shall be with companies
reasonably satisfactory to BASF and authorized to do business under the laws of the state where Services are performed. All policies of insurance required hereunder shall be primary and name BASF an additional insured. Before entering BASF’s
premises, Contractor shall provide BASF with certificates evidencing the insurance coverage required under this Agreement and providing for not less than sixty (60) days advance written notice to BASF of cancellation or material modification.
Contractor shall also require from all subcontractors insurance with the same coverages and limits specified above for Contractor, except that the limits in clauses 8.A.(ii) and 8.A.(iii) may be reduced to $2,000,000. Contractor shall obtain
certificates evidencing such coverage from its subcontractors. 
  

	9.	 	CONFLICTS 

  
 Contractor represents and warrants that it has no obligations to any third party which will in any way limit or restrict its ability to perform Services
for BASF hereunder. Contractor further represents and warrants that it shall not disclose to BASF, nor make any use in the performance of Services hereunder, or the trade secrets or proprietary information of any third party. 
  

	10.	 	RECORDS, ACCOUNTING, INSPECTION 

  
 Contractor shall keep full and detailed records with respect to all Services performed hereunder, which will include the time each employee has been
assigned to BASF, their salaries and the benefits the Contractor has provided them and 

 
shall preserve all such documents for three (3) years after final payment and shall afford BASF’s authorized personnel and auditors full access to all
of Contractor’s books, records, correspondence, instructions, receipts, vouchers, and other documents pertaining thereto. Such records shall be made available, during normal business hours, to BASF for inspection and copying. 
  

	11.	 	SUBCONTRACTING/ASSIGNMENT 

  
 Contractor shall not subcontract, transfer or assign, by operation of law or otherwise, this Agreement, in whole or in part, or assign any monies to
become due hereunder without the prior written consent thereto of BASF and any purported subcontract, transfer or assignment absent such consent shall be void. If consent is so granted, Contractor shall furnish BASF with written evidence that
Contractor has caused each of its subcontractors transferees or assigns to be bound by all of the terms and conditions of this Agreement to the same extent as Contractor is bound. 
  

	12.	 	TERM/DEFAULT 

  
 This Agreement shall commence on the date first set forth above and shall continue in effect unless and until terminated by one party giving the other
party thirty (30) days’ notice of termination. If Contractor defaults in the performance of any obligation under this Agreement, BASF may give Contractor a notice specifying the nature of the default. If Contractor does not, within ten (10)
days after the giving of such notice, cure the default, or if such default is of a nature that it could not reasonably be cured within such period of ten (10) days, and Contractor does not commence to cure such default within such ten (10) day
period and complete such cure promptly thereafter, then, after the expiration of such ten (10) day period (or longer period as hereinabove provided for if such default cannot be cured within said ten (10) day period), BASF shall have the right to
terminate this Agreement for breach. 
  

	13.	 	SURVIVING PROVISIONS 

  
 In order that the parties hereto may fully exercise their rights and perform their obligations hereunder arising from the performance of the Services
under this Agreement, any provisions of this Agreement that are required to ensure such exercise or performance, shall survive the termination of this Agreement. 
  

	14.	 	NOTICES 

  
 All notices hereunder shall be deemed to be made properly made if sent by mail to Contractor at 3155 Executive Blvd., Ste. 200, Beaumont, TX 77705. Phone
(409) 840-2441, Fax (409) 840-2499 Attention: Jimmie Carpenter and BASF at 602 Copper Rd. Feeport, TX 77541 Phone (979) 415-6160, Fax (979) 415-8476 Attention: John Perillo. Each party may change its address by similar notice to the other party.

  

	15.	 	ENTIRE AGREEMENT 

  
 This Agreement constitutes the entire agreement between Contractor and BASF relating to the subject matter hereof, and there are no previous or
contemporaneous representations or warranties of BASF or Contractor not set forth herein. This Agreement may not be altered or amended in any way other than by a writing signed by the party sought to be bound thereby. 
  

	16.	 	GOVERNING LAW 

  
 This Agreement shall be governed by and construed in accordance with the laws of the state where the Services are to be performed. 
  

	17.	 	CORPORATE GUARANTY 

  
 Exhibit E, Corporate Guaranty, executed by Contractor is made a part of this Agreement and incorporated by reference herein. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
day and year first above written. 
  
 BASF Corporation 
  

	 By:
	 	 /s/    [ILLEGIBLE]

	 Title:
	 	 PURCHASING MGR

  
 ENGlobal Engineering, Inc. 
  

	 By:
	 	 /s/    [ILLEGIBLE]

	 Title:
	 	 Executive Vice PresidentAgreement for Fifth Modification

 EXHIBIT 10.1 
  
 William Lyon Homes, Inc. 
 Loan No. 906-0100

  
 AGREEMENT FOR FIFTH MODIFICATION OF DEEDS OF TRUST AND
OTHER LOAN INSTRUMENTS 
  
 This Agreement for Fifth
Modification of Deeds of Trust and Other Loan Instruments (this “Fifth Modification”) is made as of June 6, 2003 by and between WILLIAM LYON HOMES, INC., a California corporation (“Borrower”) and GUARANTY BANK, a federal savings
bank organized and existing under the laws of the United States (formerly known as “Guaranty Federal Bank, F.S.B.”) (“Lender”), with reference to the following facts: 
  
 A.    Borrower and Lender entered into a Master Loan Agreement (the “Loan Agreement”) dated
August 31, 2000, which provides for a loan of FIFTY-FIVE MILLION DOLLARS ($55,000,000.00) (the “Original Loan Amount”) to Borrower on the terms and conditions specified therein. The Loan is evidenced and secured by a revolving promissory
note and other loan instruments (collectively, the “Loan Instruments”). The Loan Instruments, each executed by Lender and Borrower, were modified by: 
  

(i)    that certain Agreement for First Modification of Deeds of Trust and Other Loan Instruments dated June 8, 2001 (“First
Modification”); 
  
 (ii)    that certain
Agreement For Second Modification of Deeds of Trust and Other Loan Instruments dated July 23, 2001 (“Second Modification”); 
  
 (iii)    that certain Agreement for Third Modification of Deeds of Trust and Other Loan Instruments dated December 19, 2001,
(“Third Modification”); and 
  
 (iv)    that certain Agreement for Fourth Modification of Deeds of Trust and Other Loan Instruments dated May 29, 2002 (“Fourth Modification”). 
  
 Pursuant to the terms and provisions of the First Modification, the Original Loan Amount was increased, as evidenced by a
certain Amended and Restated Revolving Promissory Note executed by Borrower for the benefit of lender and dated June 8, 2001 to the maximum principal amount of SIXTY-FIVE MILLION DOLLARS ($65,000,000.00). Pursuant to the terms and provisions of the
Fourth Modification, the Loan was increased, as evidenced by a certain Amended and Restated Revolving Promissory Note executed by Borrower for the benefit of Lender and dated May 29, 2002 to the maximum principal amount of SEVENTY-FIVE MILLION
DOLLARS ($75,000,000.00) (the “Loan”). Upon full execution, this Fifth Modification shall constitute one of the Loan Instruments. All defined terms used in this Fifth Modification shall have the meanings ascribed to them in the Loan
Agreement unless the context requires otherwise. 
  
 B.    At Borrower’s request, Lender has agreed to modify one or more of the Loan Instruments, as herein provided. 
  
 NOW, THEREFORE, in consideration of the premises and mutual agreements herein, the parties hereby agree as follows: 
  
 1.    Modifications.    The
Loan Instruments specified in Exhibit “A” attached hereto and incorporated herein by this reference are modified as set forth therein, effective upon timely satisfaction of the conditions set forth in Section 2 below. As used in this Fifth
Modification and the attached Exhibit “A,” the term “Deeds of Trust” refers to the Construction Deeds of Trust (With Security Agreement, Fixture Filing and Assignment of Rents and Leases) (“Deed of Trust”), each
executed by Borrower for the benefit of Lender: 
  
 (1)    (1026) a certain Deed of Trust dated November 7, 2000 and recorded in the Official Records of Maricopa County, Arizona on November 13, 2000, as Instrument No. 2000-0869149; 
  
 each as modified by the First Modification and evidenced by the Memorandums
of First Modification of Deeds of Trust and Other Loan Instruments dated June 8, 2001 and recorded in the Official Records of: 
  
 (a)  Orange County, California on July 20, 2001, as Instrument No. 2001-0492777; 
  

 1 

	 	(b)	 	San Diego County, California on July 20, 2001, as Instrument No. 2001-0505154; 

	 	(c)	 	San Joaquin County, California on July 24, 2001, as Instrument No. 2001-01116593; 

	 	(d)	 	Riverside County, California on August 6, 2001 as Instrument No. 368935; 

	 	(e)	 	San Bernardino County, California on October 16, 2001 as Instrument No. 2001-0470256; and 

	 	(f)	 	Maricopa County, California on July 20, 2001, as Instrument No. 2001-0652927; 

  

                as modified by the Second Modification and evidenced by
the Memorandums of Second Modification of Deeds of Trust and Other Loan Instruments dated July 23, 2001 and recorded in the Official Records of: 
  

	 	(g)	 	Orange County, California on August 31, 2001, as Instrument No. 2001-0614957; 

	 	(h)	 	San Diego County, California on August 31, 2001, as Instrument No. 2001-0626061; 

	 	(i)	 	San Joaquin County, California on August 31, 2001, as Instrument No. 2001-01144060; 

	 	(j)	 	Riverside County, California on August 31, 2001 as Instrument No. 426142; 

	 	(k)	 	San Bernardino County, California on August 31, 2001 as Instrument No. 2001-401382; and 

	 	(l)	 	Maricopa County, California on August 31, 2001, as Instrument No. 2001-0810003; 

  
         (2)    (1060) a certain Deed of Trust dated September
10, 2001 and recorded in the Official Records of Stanislaus County, California on October 12, 2001, as Instrument No. 2001-0121877-00;; 
         (3)    (1061) a certain Deed of Trust dated October 10, 2001 and recorded in the Official Records of Clark County, Nevada on October 19, 2001 as Instrument No.
1893-20011019;; 
         (4)    (1081) a certain Deed of Trust dated March 25,
2002 and recorded in the Official Records of Clark County, Nevada on April 5, 2002, as Instrument No. 2444-20020405; 
         (5)    (1082) a certain Deed of Trust dated May 10, 2002 and recorded in the Official Records of Clark County, Nevada on August 28, 2002 as Instrument No. 00678-20020828;

  
                 each as modified by the Third Modification dated December 19, 2001; 
  
                 as modified by the Fourth
Modification and evidenced by the Memorandums of Fourth Modification of Deeds of Trust and Other Loan Instruments dated May 29, 2002 and recorded in the Official Records of: 
  

	 	(m)	 	Orange County, California on June 19, 2002, as Instrument No. 2002-0512402; 

	 	(n)	 	San Diego County, California on June 9, 2002, as Instrument No. 2002-0516959; 

	 	(o)	 	San Joaquin County, California on June 19, 2002 as Instrument No.2002-104493; 

	 	(p)	 	Maricopa County, Arizona on June 19, 2002 as Instrument No. 2002-0622784; 

	 	(q)	 	Stanislaus County, California on June 19, 2002 as Instrument No. 2002-0078803; and 

	 	(r)	 	Clark County, Nevada on June 19, 2002 as Instrument No.00696 – Book L0020619; 

  
         (6)    (1083) a certain Deed of Trust dated June 7, 2002
and recorded in the Official Records of Orange County, California on June 20, 2002 as Instrument No. 2002-0519877; 
         (7)    (1085) a certain Deed of Trust dated September 9, 2002 and recorded in the Official Records of Orange County, California on September 26, 2002 as Instrument No.
2002-0824940; 
         (8)    (1084) a certain Deed of Trust dated October 16,
2002 and recorded in the Official Records of Contra Costa County, California on October 29, 2002 as Instrument No. 2002-0395911-00; 
         (9)    (2151) a certain Deed of Trust dated November 22, 2002 and recorded in the Official Records of Santa Clara County, California on January 17, 2003 as Instrument No.
2003-16756674; 
         (10)    (2146) a certain Deed of Trust dated December 2,
2002 and recorded in the Official Records of Riverside County, California on December 20, 2002 as Instrument No. 2002-763759; 
  

 2 

         (11)     (1087 & 2150) a certain
Deed of Trust dated December 2, 2002 and recorded in the Official Records of San Joaquin County, California on December 16, 2002 as Instrument No. 2002-225771; 
         (12)     (1086) a certain Deed of Trust dated December 2, 2002 and recorded in the Official Records of San Joaquin County, California on December 16,
2002 as Instrument No. 2002-225770; 
         (13)     (2161) a certain Deed of
Trust dated December 6, 2002 and recorded in the Official Records of Maricopa County, Arizona on December 13, 2002 as Instrument No. 2002-1342236; 
         (14)     (2156) a certain Deed of Trust dated December 6, 2002 and recorded in the Official Records of San Diego County, California on December 13, 2002 as Instrument No.
2002-1136706; 
         (15)     (1088) a certain Deed of Trust dated December
13, 2002 and recorded in the Official Records of Orange County, California on December 19, 2002 as Instrument No. 2002-001166163; 
         (16)     (1091) a certain Deed of Trust dated December 11, 2002 and recorded in the Official Records of Santa Clara County, California on January 17, 2003 as Instrument No.
2003-16756672; 
         (17)     (1089 & 1090) a certain Deed of Trust dated
January 3, 2003 and recorded in the Official Records of Contra Costa County, California on January 7, 2003 as Instrument No. 2003-0008162-00; 
         (18)     (2162) a certain Deed of Trust dated January 9, 2003 and recorded in the Official Records of Maricopa County, Arizona on January 15, 2003 as Instrument No.
2003-0052171; 
         (19)     (2170) a certain Deed of Trust dated February
11, 2003 and recorded in the Official Records of Riverside County, California on February 18, 2003 as Instrument No. 2003-110833; 
         (20)     (1092) a certain Deed of Trust dated February 12, 2003 and recorded in the Official Records of Maricopa County, Arizona on February 28, 2003 as Instrument No.
2003-0243533. 
         (21)     (2169) a certain Deed of Trust dated March 5,
2003 and recorded in the Official Records of Orange County, California on April 3, 2003 as Instrument No. 2003-000369460; 
         (22)     (1093) a certain Deed of Trust dated March 10, 2003 and recorded in the Official Records of Orange County, California on March 20, 2003 as Instrument No.
2003-000302730; 
         (23)     (2171) a certain Deed of Trust dated March 10,
2003 and recorded in the Official Records of Riverside County, California on April 30, 2003 as Instrument No. 2003-308054; 
         (24)     (1094 & 1095) a certain Deed of Trust dated March 21, 2003 and recorded in the Official Records of Maricopa County, Arizona on March 31, 2003 as Instrument No.
2003-0397979; 
         (25)     (2179) a certain Deed of Trust dated April 3,
2003 and recorded in the Official Records of San Diego County, California on April 7, 2003 as Instrument No. 2003-0385270; 
         (26)     (2177) a certain Deed of Trust dated April 7, 2003 and recorded in the Official Records of Santa Clara County, California on April 15, 2003 as Instrument No.
2003-16965809; 
         (27)     (2178) a certain Deed of Trust dated April 7,
2003 and recorded in the Official Records of Santa Clara County, California on April 15, 2003 as Instrument No. 2003-16965811; 
         (28)     (1096 & 1097) a certain Deed of Trust dated April 21, 2003 and recorded in the Official Records of Maricopa County, Arizona on April 30, 2003 as Instrument No.
2003-0544753; 
         (29)     (2182) a certain Deed of Trust dated May 19,
2003 and recorded in the Official Records of Riverside County, California on June 2, 2003 as Instrument No. 2003-            ; and 
         (30)     (1099 & 1100) a certain Deed of Trust dated May 23, 2003 and recorded in
the Official Records of Maricopa County, Arizona on May 30, 2003 as Instrument No. 2003-0690830. 
  
 2.    Conditions.    The modifications of Section 1 above shall take effect only upon Borrower’s
satisfaction, at its expense, of all of the following conditions not later than the date of this Fifth Modification: 
  
         (a)  if required by Lender, delivery to Lender of one or more endorsements to the Title Policy
(whether one or more) insuring the lien of the Deeds of Trust as may be required by Lender, all in form and of content acceptable to Lender, insuring that, except as set forth in this Fifth Modification, the priority of such lien is unaffected by
the modifications set forth herein and that the Title Policy insuring the Deeds of Trust remains in full force and effect in the full amount of the Loan; 
  
         (b)  if required by Lender, delivery to Lender of one or more duly executed recordable
memorandums of this Fifth Modification (collectively, the “Fifth Memorandum”); 
  
         (c)  satisfaction of such other conditions as may be set forth on Exhibit “B” attached hereto and incorporated herein by this reference, if any; and

  
         (d)  if the Loan has been guarantied (or indemnities given) or if there are junior liens encumbering the property which is encumbered by the Deeds of Trust, delivery to Lender of
duly executed consents to the modifications set forth in this Fifth Modification by the guarantor(s) and/or junior lienors, as 
  

 3 

 applicable, as may be set forth in Exhibit “C” attached hereto or as may be attached to the Fifth Memorandum,
each incorporated herein by this reference. 
  
 3.    Representations and Warranties.    Borrower hereby represents and warrants that no default, event of default, breach or failure of condition has occurred, or would exist with notice or
the lapse of time or both, under any of the Loan Instruments; and all representations and warranties herein and in the other Loan Instruments are true and correct, which representations and warranties shall survive execution of this Fifth
Modification. All parties who execute this Fifth Modification and any other documents required hereunder on behalf of Borrower represent and warrant that they have full power and authority to execute and deliver such documents, and that all such
documents are enforceable in accordance with their terms. As of the date of this Fifth Modification, Borrower hereby acknowledges and agrees that it has no defenses, offsets or claims against Lender or the enforcement of the Loan Instruments and
that Lender has not waived any of its rights or remedies under any such documents. 
  
 4.    No Impairment.    Except as expressly provided herein, nothing in this Fifth Modification shall alter or affect any provision, condition or covenant
contained in the Loan Instruments or affect or impair any of Lender’s rights, powers or remedies thereunder. It is the intent of the parties hereto that the provisions of the Loan Instruments shall continue in full force and effect except as
expressly modified hereby. 
  
 5.    Miscellaneous.    This Fifth Modification and the other Loan Instruments shall be governed by and interpreted in accordance with the laws of the State of California, except as they may be
preempted by federal law. In any action brought or arising out of this Fifth Modification or the Loan Instruments, Borrower, and, if applicable, the general partners, members and joint venturers of Borrower, hereby consent to the jurisdiction of any
federal or state court having proper venue within the State of California and also consent to the service of process by any means authorized by California or federal law. The headings used in this Fifth Modification are for convenience only and
shall be disregarded in interpreting the substantive provisions of this Fifth Modification. Time is of the essence of each term of the Loan Instruments, including this Fifth Modification. If any provision of this Fifth Modification or any of the
other Loan Instruments shall be determined by a court of competent jurisdiction to be invalid, illegal or unenforceable, that portion shall be deemed severed therefrom and the remaining parts shall remain in full force as though the invalid,
illegal, or unenforceable portion had never been a part thereof. This Fifth Modification may be executed in one or more counterparts, all of which, taken together, shall constitute one and the same Fifth Modification. 
  
 6.    Integration;
Interpretation.    The Loan Instruments, including this Fifth Modification, contain or expressly incorporate by reference the entire agreement of the parties with respect to the matters contemplated herein and supersede all
prior negotiations. The Loan Instruments shall not be modified except by written instrument executed by all parties. Any reference to the Loan Instruments in any of the Loan Instruments includes this Fifth Modification and any amendments, renewals
or extensions approved by Lender hereunder. 
  
 (Remainder of page
left blank intentionally) 
  

 4 

 IN WITNESS WHEREOF, this Agreement for Fifth Modification of Deeds of Trust and Other Loan Instruments is
executed as of the date first hereinabove written. 
  

	 LENDER:
	 	 	 	 GUARANTY BANK,
 a federal savings
bank organized and existing under the laws of the United States
  

					
	 	 	 	 	 	 	By:	 	 /s/    Jon M. Larson

	 	 	 	 	 	 	 Name:
 Title:
	 	 Jon M. Larson
 Senior Vice
President

  

	 BORROWER:
	 	 	 	 WILLIAM LYON HOMES, INC.,
 a California corporation

					
	 	 	 	 	 	 	By:	 	 /s/    W. Douglass Harris

	 	 	 	 	 	 	 Name:
 Title:
	 	 W. Douglass Harris
 Vice
President

  

					
	 	 	 	 	 	 	By:	 	 /s/    Richard S. Robinson

	 	 	 	 	 	 	 Name:
 Title:
	 	 Richard S. Robinson
 Senior Vice
President

  

 5 

 William Lyon Homes, Inc. 
 Loan No. 906-0100 
  
 EXHIBIT “A”

 AGREEMENT FOR FIFTH MODIFICATION OF DEEDS OF TRUST AND OTHER LOAN INSTRUMENTS 
 (Modifications) 
  

	 Loan Instrument Modified

	  	 	 	 Modification

	 1.    Revolving Promissory Note
	  	(i)	 	The Facility Expiration Date referenced in the Note is hereby amended to refer to June 11, 2004.
			
	 2.    Exhibit “A” to Master Loan Agreement
	  	(i)	 	Paragraph 15 – Additional Defaults. Paragraph 15(C) is hereby amended and restated to read as follows:
				
	 	  	 	 	C.	  	There shall occur any default or breach, beyond applicable cure periods, under (i) that certain Indenture dated as of March 17, 2003 among Borrower, Guarantor and
U.S. Bank National Association, as Trustee (the “Indenture”) with respect to certain indebtedness of Borrower in the original principal amount of TWO HUNDRED FIFTY MILLION DOLLARS ($250,000,000.00); (ii) any instruments or undertakings
evidencing other indebtedness owed by Borrower to any other lender, other than with respect to indebtedness constituting non-recourse debt owed to vendors of land; or (iii) any instruments or undertakings entered into by Borrower with respect
to any party subordinating a lien securing Borrower’s obligations under such instruments or with respect to such undertakings, to the lien of any Mortgage.
			
	 	  	(ii)	 	Paragraph 16 – Additional Loan Covenants. The initial sentence of Paragraph 16 is amended and restated to read as follows:
				
	 	  	 	 	16.	  	“Borrower shall fully perform and satisfy, and shall cause Guarantor to fully perform and satisfy, the following “Additional Loan
Covenants”.”

  

 6 

 William Lyon Homes, Inc. 
 Loan No. 906-0100 
  
 EXHIBIT “B”

 AGREEMENT FOR FIFTH MODIFICATION OF DEEDS OF TRUST AND OTHER LOAN INSTRUMENTS 
 (Other Conditions to Modifications) 
  

	1.	 	Legal Fees.    Borrower shall pay all legal fees and costs incurred by Lender in connection with the preparation and negotiation of this Fifth
Modification. 

  

	2.	 	Title Endorsements/Recording Fees.    Borrower shall pay all title charges and recording fees and costs incurred by Lender in connection with the
requirements of Paragraphs 2(a) and 2(b) of this Fifth Modification. 

  

	3.	 	Consent of Guarantor(s).    Guarantors of the Loan shall execute and deliver the attached Consent of Guarantor to Lender and the attached Consent to the
Fifth Memorandum hereof described in Paragraph 2(b) of this Fifth Modification (suitable for recording). 

  

	4.	 	Consent of Junior Lienholder(s).    If indicated on the attached Exhibit “C” or otherwise required by Lender, Junior Lienholders shall execute
and deliver the attached Consent of Junior Lienholder and the attached Consent to the Fifth Memorandum hereof described in Paragraph 2(b) of this Fifth Modification (suitable for recording). 

  

	5.	 	Extension Fee.    Borrower shall pay to Lender a non-refundable extension fee equal to THREE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($375,000.00) as a
condition precedent to the effectiveness of this Fifth Modification, which fee shall not be applicable to payment of principal or interest due under the Note, or otherwise, and shall be retained by Lender in all events. 

  

 7 

 William Lyon Homes, Inc. 
 Loan No. 906-0100 
  
 EXHIBIT “C”

 AGREEMENT FOR FIFTH MODIFICATION OF DEEDS OF TRUST AND OTHER LOAN INSTRUMENTS 
 (Consents to Modifications) 
  
 CONSENT OF GUARANTOR 
  
 The undersigned Guarantor confirms its guaranties of Borrower’s obligations to, and indemnities in favor of, Lender under the Loan Agreement and the
other Loan Instruments referenced in, and as modified by the foregoing Fifth Modification and Fifth Memorandum described therein, and consents to and accepts the foregoing modifications. 
  

	 GUARANTOR:
	 	 WILLIAM LYON HOMES
 a Delaware corporation

			
	  	 	 By:
	 	  
	 	 	 	

	 	 	Name:	 	W. Douglass Harris
	 	 	Title:	 	Vice President
			
	  	 	 By:
	 	  
	 	 	 	

	 	 	Name:	 	Richard S. Robinson
	 	 	Title:	 	Senior Vice President

  

 8 

 William Lyon Homes, Inc. 
 Loan No. 906-0100 
  
 EXHIBIT “C”

 AGREEMENT FOR FIFTH MODIFICATION OF DEEDS OF TRUST AND OTHER LOAN INSTRUMENTS 
 (Consents to Modifications) 
  
 CONSENT OF JUNIOR LIENHOLDER 
  
 The undersigned is the holder of an obligation secured by a lien (the “Junior Lienholder”) against the same property, which secures, in a senior priority
position, Borrower’s obligations to Lender under the Loan Agreement and the other Loan Instruments. The undersigned consents to and accepts the modifications set forth in the foregoing Fifth Memorandum and the Fifth Modification described
therein, and agrees that, notwithstanding such modifications, the undersigned’s lien shall be and remain junior and subordinate to the lien of Lender to secure Borrower’s obligations, as modified herein, to the extent provided in and
subject to all of the terms of the following Subordination Agreements, which Agreements remain in effect: 
  
 A)  Monticello @ Irvine Ranch:  i) (1085) dated September 9, 2002 and recorded in the Official Records of Orange County, California on September 26, 2002 as Instrument No. 2002-0824940.

  
 B)  Linden @ Quail Hill:  i) (1083) dated June 7,
2002 and recorded in the Official Records of Orange County, California on June 20, 2002, as Instrument No. 2002-0519877; ii) (1088) dated December 13, 2002 and recorded in the Official Records of Orange County, California on December 19, 2002 as
Instrument No. 2002-001166163; and iii) (1093) dated March 10, 2003 and recorded in the Official Records of Orange County, California on March 20, 2003 as Instrument No. 2003-000302730. 
  

	 IRVINE COMMUNITY DEVELOPMENT COMPANY LLC,
 a Delaware limited liability company
  

		
	 By:
	 	

	 Name:
 Title:
	 	 Daniel C. Hedigan
 Senior Vice
President

		
	 By:
	 	

	 Name:
 Title:
	 	 Mary K. Westbrook
 Vice
President

  
  

 9 

 William Lyon Homes, Inc. 
 Loan No. 906-0100 
  
 EXHIBIT “C”

 AGREEMENT FOR FIFTH MODIFICATION OF DEEDS OF TRUST AND OTHER LOAN INSTRUMENTS 
 (Consents to Modifications) 
  
 CONSENT OF JUNIOR LIENHOLDER 
  
 The undersigned is the holder of an obligation secured by a lien (the “Junior Lienholder”) against the same property, which secures, in a senior
priority position, Borrower’s obligations to Lender under the Loan Agreement and the other Loan Instruments. The undersigned consents to and accepts the modifications set forth in the foregoing Fifth Memorandum and the Fifth Modification
described therein, and agrees that, notwithstanding such modifications, the undersigned’s lien shall be and remain junior and subordinate to the lien of Lender to secure Borrower’s obligations, as modified herein, to the extent provided in
and subject to all of the terms of the following Subordination Agreements, which Agreements remain in effect: 
  
 A)    The Shores at Victoria By the Bay:    i)  (1084) dated October 16, 2002 and recorded in the Official Records of Contra Costa County, California on
October 29, 2002, as Instrument No. 2002-0395911-00; and 
  
 B)    The Bluffs at Victoria By the Bay:      i)  (1089-1090) dated January 3, 2003 and recorded in the Official Records of Contra Costa County, California on January 7,
2003 as Instrument No. 2003-0008162-00. 
  

	HERCULES VICTORIA, LLC,
	a Delaware limited liability company
		
	 By:
	 	CATELLUS RESIDENTIAL GROUP, INC.,
	 	 	a California corporation
	 Its:
	 	Manager
		
	 	 	 By:                                      
                              

	 	 	 Name:       Tom Marshall

	 	 	 Its:             Senior Vice President

  

 10

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