SEC Contract Filing

Filing Date: 2021-03-12

Document Content:
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<TYPE>EX-10.12
<SEQUENCE>5
<FILENAME>e2494_ex10-12.htm
<DESCRIPTION>EXHIBIT 10.12
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.12</B>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Note: Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K.]&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THIRD
AMENDMENT TO CREDIT AGREEMENT</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
THIRD AMENDMENT TO CREDIT AGREEMENT, dated as of August 28, 2019 (this &#147;<U>Amendment</U> &#147;), is made and entered into
by and among LANDSEA HOMES- WAB LLC, a Delaware limited liability company (the &#147;<U>Borrower</U>&#148;), WESTERN ALLIANCE
BANK, an Arizona corporation, as Administrative Agent (in such capacity, the &#147;<U>Administrative Agent</U>&#148;), FLAGSTAR
BANK, FSB (&#147;<U>Incremental Lender</U>&#148;), the lenders party to the Credit Agreement, and the other Loan Parties as
of the date hereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">RECITALS:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
reference is made to the Senior Secured Credit Agreement dated as of February 1, 2018 (as amended, supplemented or otherwise modified
to the date hereof, the &#147;<U>Credit Agreement</U>&#148;), by and among the Borrower, the lenders from time to time party
thereto and the Administrative Agent;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
it is intended that (a) the Borrower will obtain the Incremental Commitments (as defined below) and (b) the proceeds of the borrowings
under the Incremental Commitments will be used (i) by Borrower and its Subsidiaries as provided in the Credit Agreement and (ii)
to pay fees and expenses incurred in connection with the foregoing (the transactions described in this paragraph, collectively,
the &#147;<U>Transactions</U>&#148;);</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
subject to the terms and conditions of the Credit Agreement, and pursuant to Section 2.12 of the Credit Agreement, the Borrower
has requested that (a) the Lenders provide additional Commitments for Revolving Loans in an aggregate principal amount of $35,000,000
(the &#147;<U>Revolving Commitment Increase</U>&#148;) and (b) the Credit Agreement be amended in the manner provided for herein;
and</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Lenders are willing to provide the Incremental Commitments to the Borrower on the Incremental Amendment Effective Date (as
defined below), and the parties hereto wish to amend the Credit Agreement on the terms and subject to the conditions set forth
herein and in the Credit Agreement.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the sufficiency
and receipt of which are hereby acknowledged, the parties hereto agree as follows:</FONT></P>

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<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Defined
Terms; Interpretation; Etc.</U> Capitalized terms used and not defined herein shall have the meanings assigned to such terms in
the Credit