Common use of Historical Statements Clause in Contracts

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's audited consolidated year-end financial statements for and as of the end of the fiscal year ended October 31, 2001 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31, 2001 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanian's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has Borrowers have delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the Borrowers' fiscal year years ended October December 31, 2001 1997 (the "Annual Statements"). In addition, the Borrower has Borrowers have delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July March 31, 2001 1998 (the "Interim Statements") (the Annual Annua and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrowers' management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrowers and its their respective Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has Borrowers have delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the two (2) fiscal year years ended October December 31, 2001 (1999 [the "Annual Statements"). In addition, the Borrower has Borrowers have delivered to the Agent copies of Hovnanianthe Company's unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 30, 2001 2000 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements")]. The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrowers' management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrowers and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the four (4) fiscal year years ended October December 31, 2001 2000 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31June 30, 2001 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the three (3) fiscal year years ended October December 31, 2001 2000 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 30, 2001 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Administrative Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 2003 (the "“Annual Statements"”). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 30, 2001 2004 (the "“Interim Statements"”) (the Annual and Interim Statements being collectively referred to as the "“Historical Statements"”). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrower’s management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the three (3) fiscal year years ended October December 31, 2001 2004 (the "“Annual Statements"”). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July March 31, 2001 2005 (the "“Interim Statements"”) (the Annual and Interim Statements being collectively referred to as the "“Historical Statements"”). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrower’s management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the two (2) fiscal year period ended October 31December, 2001 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July closest to March 31, 2001 2002 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete in all material respects and fairly represent present in all material respects the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim StatementsStatements only) to the absence of footnotes and normal year-end audit adjustments.

Historical Statements. The Administrative --------------------- Borrower has delivered to the Agent copies (x) a copy of HovnanianICG's audited consolidated year-end financial statement for and as of the end of the fiscal year ended December 31, 1997 (the "1997 Annual Statements") and (y) a copy of ICG's unaudited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 1998 (the "1998 Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31, 2001 (the "Interim Statements") (the 1997 Annual Statements and Interim the 1998 Annual Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrowers' management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrowers and its their respective Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim 1998 Annual Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Paying Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 2004 (the "“Annual Statements"”). In addition, the Borrower has delivered to the Paying Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31June 30, 2001 2005 (the "“Interim Statements"”) (the Annual and Interim Statements being collectively referred to as the "“Historical Statements"”). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrower’s management, are correct and complete in all material respects and fairly represent the consolidated financial condition of Hovnanian and its Subsidiaries the Loan Parties as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the its fiscal year ended October years ending on or about December 30, 1995, December 31, 2001 1994 or January 1, 1994 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 28, 2001 1996 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Administrative Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 1996 (the "Annual Statements"). In addition, the Borrower has delivered to the Administrative Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July March 31, 2001 1997 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the --------------------- Agent copies of Hovnanian's its audited consolidated year-year end financial statements for and as of the end of the fiscal year ended October December 31, 2001 1995 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 30, 2001 1996 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian and its Subsidiaries the Borrower as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has Borrowers have delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the two (2) fiscal year years ended October December 31, 2001 1995 (the "Annual Statements"). In addition, the Borrower has Borrowers have delivered to the Agent copies of Hovnanianthe Company's unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31June 30, 2001 1996 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrowers' management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrowers and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has --------------------- delivered to the Agent copies of Hovnanianits and Suncom's audited consolidated year-end financial statements for and as of the end of the fiscal year ended October 31December, 2001 1996 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited pro forma consolidated interim financial statements for the fiscal year to date and closing balance sheet as of the end of the fiscal quarter ended July 31, 2001 Closing Date (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by HovnanianBorrower's and Suncom's management, are and to the best of the Borrower's knowledge are: correct and complete and fairly represent the consolidated financial condition of Hovnanian Suncom and the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has Borrowers have delivered to the Agent copies of Hovnanian's their audited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 1999 (the "Annual StatementsStatement"). In addition, the Borrower has Borrowers have delivered to the Agent copies of Hovnanian's their unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 30, 2001 2000 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrowers' management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrowers and its their Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Paying Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 2003 (the "“Annual Statements"”). In addition, the Borrower has delivered to the Paying Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July March 31, 2001 2004 (the "“Interim Statements"”) (the Annual and Interim Statements being collectively referred to as the "“Historical Statements"”). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrower’s management, are correct and complete in all material respects and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the three fiscal year years ended October December 31, 2001 1996 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31June 30, 2001 1997 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 1999 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31June 30, 2001 2000 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete in all material respects and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has Borrowers have delivered to the Agent copies of Hovnanianthe Parent's audited consolidated year-end financial statements for and as of the end of the three fiscal year years ended October December 31, 2001 1995 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31June 30, 2001 1996 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Parent's management, are correct and complete in accordance with GAAP and fairly represent the consolidated financial condition of Hovnanian the Parent's and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently appliedGAAP, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the fiscal year years ended October December 31, 2001 1999 and December 31, 2000 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31June 30, 2001 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete in all material respects and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the three (3) fiscal year years ended October 31June 30, 1999, 2000 and 2001 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter quarters ended July September 30, 2001, December 31, 2001 and March 31, 2002 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanian's managementthe Borrower, are correct and complete in all material respects and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustmentsadjustments (except that the Interim Statements do not contain all of the footnotes required by GAAP).

Historical Statements. The Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the two fiscal year years ended October 31June 30, 2001 2003 and 2004 (the "“Annual Statements"”). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 30, 2001 2004 (the "“Interim Statements"”) (the Annual and Interim Statements being collectively referred to as the "“Historical Statements"”). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrower’s management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent Banks copies of Hovnanian's its audited consolidated year-year- end financial statements for and as of the end of the fiscal year ended October December 31, 2001 1993 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent Banks copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 30, 2001 1994 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Administrative Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 2010 (the "“Annual Statements"”). In addition, the Borrower has delivered to the Administrative Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July March 31, 2001 2011 (the "“Interim Statements"”) (the Annual and Interim Statements being collectively referred to as the "“Historical Statements"”). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrower’s management, are correct and complete in all material respects and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Each Borrower has delivered to the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the fiscal year ended October August 31, 2001 (the "Annual Statements"). In addition, the each Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim quarterly financial statements and for the fiscal year to date and as of the end of the fiscal quarter ended July 31February 28, 2001 2002 (the "Interim Statements") (the Annual Statements and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianeach Borrower's management, are correct and complete in all material respects and fairly represent the consolidated financial condition of Hovnanian such Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Agent Lenders or their affiliates copies of Hovnanian's (i) its audited consolidated year-end financial statements for and as of the end of the fiscal year ended October December 31, 2001 2015 (the "“Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's ”) and (ii) its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31June 30, 2001 2016 (the "“Interim Statements"”) (the Annual Statement and the Interim Statements being collectively referred to as the "“Historical Statements"”). The Historical Statements were compiled from the books and records maintained by Hovnanian's the Borrower’s management, are correct and complete in all material respects and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower has delivered to the Administrative Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the three (3) fiscal year years ended October 31December 27, 2001 1998 (the "Annual Statements"). In addition, the Borrower has delivered to the Administrative Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31September 26, 2001 1999 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.

Historical Statements. The Borrower Company has delivered to the Agent copies of Hovnanian's its audited consolidated year-year- end financial statements for and as of the end of the two fiscal year years ended October 31, 2001 1991 and October 31, 1992, respectively (the "Annual Statements"). In addition, the Borrower Company has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July 31, 2001 1993 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Company's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Company and its Consolidated Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-year- end audit adjustments. Since October 31, 1992 no Material Adverse Change has occurred.

Historical Statements. The Borrower has delivered to --------------------- the Agent copies of Hovnanian's its audited consolidated year-end financial statements for and as of the end of the 1999 fiscal year ended October 31June 30, 2001 1999 (the "Annual Statements"). In addition, the Borrower has delivered to the Agent copies of Hovnanian's its unaudited consolidated interim financial statements for the fiscal year to date and as of the end of the fiscal quarter ended July March 31, 2001 2000 (the "Interim Statements") (the Annual and Interim Statements being collectively referred to as the "Historical Statements"). The Historical Statements were compiled from the books and records maintained by Hovnanianthe Borrower's management, are correct and complete and fairly represent the consolidated financial condition of Hovnanian the Borrower and its Subsidiaries as of their dates and the results of operations for the fiscal periods then ended and have been prepared in accordance with GAAP consistently applied, subject (in the case of the Interim Statements) to normal year-end audit adjustments.