Exhibit 25
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM T-1
STATEMENT OF ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939 OF A
CORPORATION DESIGNATED TO ACT AS TRUSTEE
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CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO
SECTION 305(b) (2)
WELLS FARGO BANK, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
NOT APPLICABLE 94-1347393
(Jurisdiction of incorporation or (I.R.S. Employer
organization if not a U.S. national Identification No.)
bank)
420 MONTGOMERY STREET
SAN FRANCISCO, CA 94163
(Address of principal executive offices) (Zip code)
WELLS FARGO & COMPANY
LAW DEPARTMENT, TRUST SECTION
MAC N9305-172
SIXTH AND MARQUETTE, 17TH FLOOR
MINNEAPOLIS, MN 55479
(agent for services)
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MERITAGE CORPORATION
(Exact name of obligor as specified in its charter)
DELAWARE 86-0611231
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
6613 N. SCOTTSDALE ROAD, SUITE 200 85250
SCOTTSDALE, AZ
(Address of principal executive offices) (Zip code)
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7% SENIOR NOTES DUE 2014
(Title of the indenture securities)
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Item 1. General Information. Furnish the following information as to the
trustee:
(a) Name and address of each examining or supervising authority to
which it is subject.
Comptroller of the Currency,
Treasury Department
Washington, D.C. 20230
Federal Deposit Insurance Corporation
Washington, D.C. 20429
Federal Reserve Bank of San Francisco
San Francisco, CA 94120
(b) Whether it is authorized to exercise corporate trust powers.
The trustee is authorized to exercise corporate trust powers.
Item 2. Affiliations with Obligor. If the obligor is an affiliate of the
trustee, describe each such affiliation.
None with respect to the trustee.
No responses are included for Items 3-14 of this Form T-1 because the obligor is
not in default as provided under Item 13.
Item 15. Foreign Trustee. Not applicable.
Item 16. List of Exhibits. List below all exhibits filed as a part
of this Statement of Eligibility. Wells
Fargo Bank incorporates by reference
into this Form T-1 exhibits attached
hereto.
Exhibit 1. A copy of the Articles of Association of the trustee
now in effect. *
Exhibit 2. A copy of the Comptroller of the Currency Certificate
of Corporate Existence for Wells Fargo Bank, National
Association, dated November 28, 2001. *
Exhibit 3. A copy of the authorization of the trustee to
exercise corporate trust powers. A copy of the
Comptroller of the Currency Certificate of Corporate
Existence (with Fiduciary Powers) for Wells Fargo
Bank, National Association, dated November 28, 2001.
*
Exhibit 4. Copy of By-laws of the trustee as now in effect. *
Exhibit 5. Not applicable.
Exhibit 6. The consents of United States institutional
trustees required by Section 321(b) of the Act.
Exhibit 7. Attached is a copy of the latest report of condition
of the trustee published pursuant to law or the
requirements of its supervising or examining
authority.
Exhibit 8. Not applicable.
Exhibit 9. Not applicable.
* Incorporated by reference to exhibit number 25 filed with registration
statement number 333-87398.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the
trustee, Wells Fargo Bank, National Association, a national banking association
organized and existing under the laws of the United States of America, has duly
caused this statement of eligibility to be signed on its behalf by the
undersigned, thereunto duly authorized, all in the City of Los Angeles and State
of California on the day of 7th of May, 2004.
WELLS FARGO BANK, NATIONAL ASSOCIATION
/s/ Jeanie Mar
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Name: Jeanie Mar
Title: Vice President
EXHIBIT 6
May 7, 2004
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
In accordance with Section 321(b) of the Trust Indenture Act of 1939, as
amended, the undersigned hereby consents that reports of examination of the
undersigned made by Federal, State, Territorial, or District authorities
authorized to make such examination may be furnished by such authorities to the
Securities and Exchange Commission upon its request thereof.
Very truly yours,
WELLS FARGO BANK, NATIONAL ASSOCIATION
/s/ Jeanie Mar
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Jeanie Mar
Vice President
EXHIBIT 7
Consolidated Report of Condition of
Wells Fargo Bank National Association
of 420 Montgomery Street, San Francisco, CA 94163
And Foreign and Domestic Subsidiaries,
at the close of business December 31, 2003, filed in
accordance with 12 U.S.C. Section 161 for National Banks.
Dollar Amounts
In Millions
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ASSETS
Cash and balances due from depository institutions:
Noninterest-bearing balances and currency and coin $ 11,411
Interest-bearing balances 3,845
Securities:
Held-to-maturity securities 0
Available-for-sale securities 17,052
Federal funds sold and securities purchased under agreements to resell:
Federal funds sold in domestic offices 516
Securities purchased under agreements to resell 109
Loans and lease financing receivables:
Loans and leases held for sale 14,571
Loans and leases, net of unearned income 172,511
LESS: Allowance for loan and lease losses 1,554
Loans and leases, net of unearned income and allowance 170,957
Trading Assets 6,255
Premises and fixed assets (including capitalized leases) 2,067
Other real estate owned 144
Investments in unconsolidated subsidiaries and associated companies 306
Customers' liability to this bank on acceptances outstanding 68
Intangible assets
Goodwill 6,814
Other intangible assets 7,501
Other assets 8,858
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Total assets $250,474
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LIABILITIES
Deposits:
In domestic offices $157,695
Noninterest-bearing 44,315
Interest-bearing 113,380
In foreign offices, Edge and Agreement subsidiaries, and IBFs 16,249
Noninterest-bearing 6
Interest-bearing 16,243
Federal funds purchased and securities sold under agreements to repurchase:
Federal funds purchased in domestic offices 14,685
Securities sold under agreements to repurchase 1,613
Dollar Amounts
In Millions
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Trading liabilities 4,277
Other borrowed money
(includes mortgage indebtedness and obligations under capitalized leases) 18,212
Bank's liability on acceptances executed and outstanding 68
Subordinated notes and debentures 6,742
Other liabilities 7,358
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Total liabilities $226,899
Minority interest in consolidated subsidiaries 60
EQUITY CAPITAL
Perpetual preferred stock and related
surplus 0
Common stock 520
Surplus (exclude all surplus related to preferred stock) 17,709
Retained earnings 4,920
Accumulated other comprehensive income 366
Other equity capital components 0
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Total equity capital 23,515
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Total liabilities, minority interest, and equity capital $250,474
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I, James E. Hanson, Vice President of the above-named bank do hereby declare
that this Report of Condition has been prepared in conformance with the
instructions issued by the appropriate Federal regulatory authority and is true
to the best of my knowledge and belief.
James E. Hanson
Vice President
We, the undersigned directors, attest to the correctness of this Report of
Condition and declare that it has been examined by us and to the best of our
knowledge and belief has been prepared in conformance with the instructions
issued by the appropriate Federal regulatory authority and is true and correct.
Carrie L. Tolstedt
Howard Atkins Directors
John Stumpf