Exhibit 10.1
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
CONTRIBUTION AND FORMATION AGREEMENT
LANDSOURCE COMMUNITIES DEVELOPMENT LLC
LENNAR CORPORATION, LENNAR HOMES OF CALIFORNIA, INC., LENNAR
LAND PARTNERS SUB, INC., LENNAR LAND PARTNERS SUB II, INC., LNR NWHL
HOLDINGS, INC.,
LNR LAND PARTNERS SUB, LLC,
MW HOUSING PARTNERS III, L.P.
DATED AS OF DECEMBER 28, 2006
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
TABLE OF CONTENTS
Page
ARTICLE 1 DEFINED TERMS
1
1.1
Defined Terms
1
ARTICLE 2 FORMATION AND CONTRIBUTION
1
2.1
Issuance of the Contribution Interest
1
2.2
Formation of the New Subsidiary; Contribution of MWHP Property; Transfer of MWHP Interest
2
2.3
Contribution by MWHP
3
2.4
Financing; Special Distribution; Financing Shortfall
4
2.5
Value of LandSource; MWHP Property and Adjustments
5
2.6
Contribution of LandSource Assets
11
2.7
Realization Events
12
ARTICLE 3 CLOSING
16
3.1
Closing Date
16
3.2
Restated LandSource Operating Agreement
17
3.3
New Subsidiary Operating Agreement
17
3.4
Delivery of Certificates and Other Instruments of Transfer
17
3.5
Transfer Taxes
18
3.6
Assumption of Certain Liabilities
18
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF LANDSOURCE
18
4.1
Organization, Standing and Power
19
4.2
Capital Structure and Real Property
19
4.3
Authority
19
4.4
Litigation
20
4.5
Compliance With Laws
20
4.6
Environmental Matters.
21
4.7
Taxes and Tax Returns
21
4.8
LandSource Assets
23
4.9
Balance Sheets
23
4.10
Employee Benefits.
23
4.11
Affiliate Transactions
25
4.12
Brokers92 and Finders92 Fees
25
-i-
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
TABLE OF CONTENTS
(continued)
4.13
Due Diligence Materials
25
ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF MWHP
26
5.1
Organization, Standing and Power
26
5.2
Authority
26
5.3
MWHP Interest
27
5.4
Litigation
27
5.5
Compliance With Laws
28
5.6
Affiliate Transactions
28
5.7
Brokers and Finders
28
5.8
Due Diligence
28
5.9
Assigned Contracts
28
ARTICLE 6 FURTHER COVENANTS AND AGREEMENTS
28
6.1
Further Assurances
28
6.2
Conduct of Business
29
6.3
No Other Negotiations
29
6.4
Efforts
29
6.5
Required Consents
29
6.6
Debt and Guarantees
30
6.7
[Intentionally Omitted]
31
6.8
[Intentionally Omitted]
31
6.9
Title
31
6.10
[Intentionally omitted]
31
6.11
Confidentiality
31
6.12
Termination of Existing Option Agreements and Subdivision Development Agreements; Southwest Options
32
6.13
Valencia Water Company
33
6.14
Pension Liability
34
6.15
Sterling Falls
34
6.16
Tax Treatment
34
ARTICLE 7 CLOSING DELIVERIES
34
7.1
MWHP Closing Deliveries
34
-ii-
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
TABLE OF CONTENTS
(continued)
7.2
LandSource92s Closing Deliveries
36
ARTICLE 8 CONDITIONS PRECEDENT TO OBLIGATIONS OF MWHP
37
8.1
Closing Date Obligations
37
ARTICLE 9 CONDITIONS PRECEDENT TO OBLIGATIONS OF LANDSOURCE
38
9.1
Closing Date Obligations
38
ARTICLE 10 TERMINATION, AMENDMENT AND WAIVER
39
10.1
Termination
39
10.2
Effect of Termination
40
10.3
Expenses
40
10.4
LIQUIDATED DAMAGES
40
ARTICLE 11 AMENDMENT AND WAIVER
42
11.1
Amendment
42
11.2
Extension; Waiver
42
ARTICLE 12 INDEMNIFICATION
42
12.1
Indemnification by MWHP
42
12.2
Indemnification by LandSource and Existing Members
42
12.3
Method of Asserting Claims
43
12.4
Assignment of Claims
44
12.5
Indemnification Limitations
44
12.6
Exclusive Remedy
45
12.7
Insurance Recovery
45
12.8
Survival
45
ARTICLE 13 MISCELLANEOUS
45
13.1
Notices
45
13.2
Asset Interests
47
13.3
Counterparts
48
13.4
Entire Agreement
48
13.5
Binding Effect, Benefits, Assignments
48
13.6
Severability
48
13.7
Remedies Cumulative
49
-iii-
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
TABLE OF CONTENTS
(continued)
13.8
Governing Law; Venue
49
13.9
Construction of Agreement
49
13.10
Interpretation
49
13.11
Costs
50
13.12
Incorporation of Exhibits and Schedules
50
13.13
JURY TRIAL WAIVER
50
-iv-
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
EXHIBITS AND SCHEDULES
Exhibits
Exhibit A
Definitions
Exhibit B
Barclays Commitment Letter
Exhibit C
Form of Second Amended and Restated Limited Liability Company Agreement of LandSource
Exhibit D
New Subsidiary Organizational Documents
Exhibit 6.12
Form of Option Termination Agreement
Schedules
Schedule 2.2(b)(1)
Legal Description of MWHP Land
Schedule 2.2(b)(2)
MWHP Permitted Encumbrances
Schedule 2.2(b)(iv)(B)
MWHP Excluded Records
Schedule 2.3(b)
MWHP Preliminary Cash Contribution Amount
Schedule 2.4
Remaining Debt
Schedule 2.5(c)(1)
LandSource Special Distribution Amount
Schedule 2.5(c)(2)
Calculation of MWHP Cash Contribution
Schedule 2.6(1)
LandSource Permitted Encumbrances
Schedule 2.6(2)
Top Tier Subsidiaries
Schedule 2.6(3)
Excluded Assets
Schedule 2.6(iv)(B)
LandSource Excluded Records
Schedule 2.7(a)
Realization Properties
Schedule 3.6(a)
MWHP Assumed Liabilities
Schedule 3.6(b)
LandSource Assumed Liabilities
Schedule 6.6(a)
MWHP Payable Debt
Schedule 6.6(b)
LandSource Payable Debt
Schedule 6.12
Southwest Properties
Schedule 7.2(b)(iv)
Contracts to be subject to Cancellation Agreements
LandSource Disclosure Schedule
Section 4.2
Capital Structure
Section 4.3
Conflicts ...
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