Exhibit 25.1

 

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939

OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE

 

 

 

¨ 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)

 

A National Banking Association   94-1347393

(Jurisdiction of incorporation or

organization if not a U.S. national bank)

 

(I.R.S. Employer

Identification No.)

101 North Phillips Avenue

Sioux Falls, South Dakota

  57104
(Address of principal executive offices)   (Zip code)

Wells Fargo & Company

Law Department, Trust Section

MAC N9305-175

Sixth Street and Marquette Avenue, 17th Floor

Minneapolis, Minnesota 55479

(612) 667-4608

(Name, address and telephone number of agent for service)

 

 

Meritage Homes Corporation

ADDITIONAL REGISTRANTS LISTED BELOW

(Exact name of obligor as specified in its charter)

 

Maryland   86-0611231

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

17851 North 85th Street, Suite 300,

Scottsdale, Arizona

  85255
(Address of principal executive offices)   (Zip code)

 

Name of Each Co-Registrant

  

State or

Other

Jurisdiction

of

Incorporation

or

Organization

  

I.R.S.

Employer

Identification

No.

  

Principal Executive

Offices

California Urban Homes, LLC    California    20-2707345    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Holdings, L.L.C.    Texas    42-1732552    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes Construction, Inc.    Arizona    86-1028847    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Arizona, Inc.    Arizona    86-1028848    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of California, Inc.    California    86-0917765    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Colorado, Inc.    Arizona    20-1091787    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Florida, Inc.    Florida    59-1107583    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Nevada, Inc.    Arizona    43-1976353    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Texas Holding, Inc.    Arizona    86-0875147    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Texas Joint Venture Holding Company, LLC    Texas    75-2771799    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Texas, LLC    Arizona    65-1308131    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes Operating Company, LLC    Arizona    65-1308133    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Paseo Crossing, LLC    Arizona    86-1006497    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Paseo Construction, LLC    Arizona    86-0863537    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
MTH-Cavalier, LLC    Arizona    86-1028847    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
MTH Golf, LLC    Arizona    56-2379206    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
WW Project Seller, LLC    Arizona    86-1006497    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of the Carolinas, Inc.    Arizona    27-5411983    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Carefree Title Agency, Inc.    Texas    45-3742536    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
M&M Fort Myers Holdings, LLC    Delaware    26-3996740    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Florida Realty LLC    Florida    59-1107583    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255
Meritage Homes of Tennessee, Inc.    Arizona    46-3409691    17851 N. 85th Street, Suite 300 Scottsdale, AZ 85255

 

 

7.15% Senior Notes Due 2020

(Title of the indenture securities)

 

 

 


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.

Federal Deposit Insurance Corporation

Washington, D.C.

Federal Reserve Bank of San Francisco

San Francisco, California 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.

 

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 and Fiduciary Powers for Wells Fargo Bank, National Association, dated February 4, 2004.**
Exhibit 3.    See Exhibit 2
Exhibit 4.    Copy of By-laws of the trustee as now in effect.***
Exhibit 5.    Not applicable.
Exhibit 6.    The consent of the trustee required by Section 321(b) of the Act.
Exhibit 7.    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 the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated December 30, 2005 of file number 333-130784-06.
** Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form T-3 dated March 3, 2004 of file number 022-28721.
*** Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated May 26, 2005 of file number 333-125274.


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 2nd day of December, 2013.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

/s/ MADDY HALL

Maddy Hall
Vice President


EXHIBIT 6

December 2, 2013

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 therefor.

 

Very truly yours,
WELLS FARGO BANK, NATIONAL ASSOCIATION

/s/ MADDY HALL

Maddy Hall
Vice President


EXHIBIT 7

Consolidated Report of Condition of

Wells Fargo Bank National Association

of 101 North Phillips Avenue, Sioux Falls, SD 57104

And Foreign and Domestic Subsidiaries,

at the close of business September 30, 2013, filed in accordance with 12 U.S.C. §161 for National Banks.

 

            Dollar Amounts
In Millions
 

ASSETS

     

Cash and balances due from depository institutions:

     

Noninterest-bearing balances and currency and coin

      $ 18,734   

Interest-bearing balances

        155,426   

Securities:

     

Held-to-maturity securities

        0   

Available-for-sale securities

        223,064   

Federal funds sold and securities purchased under agreements to resell:

     

Federal funds sold in domestic offices

        51   

Securities purchased under agreements to resell

        22,081   

Loans and lease financing receivables:

     

Loans and leases held for sale

        15,389   

Loans and leases, net of unearned income

     765,029      

LESS: Allowance for loan and lease losses

     12,970      

Loans and leases, net of unearned income and allowance

        752,059   

Trading Assets

        31,965   

Premises and fixed assets (including capitalized leases)

        7,597   

Other real estate owned

        3,689   

Investments in unconsolidated subsidiaries and associated companies

        627   

Direct and indirect investments in real estate ventures

        8   

Intangible assets

     

Goodwill

        21,549   

Other intangible assets

        21,750   

Other assets

        54,021   
     

 

 

 

Total assets

      $ 1,328,010   
     

 

 

 

LIABILITIES

     

Deposits:

     

In domestic offices

      $ 960,746   

Noninterest-bearing

     259,500      

Interest-bearing

     701,246      

In foreign offices, Edge and Agreement subsidiaries, and IBFs

        86,980   

Noninterest-bearing

     473      

Interest-bearing

     86,507      

Federal funds purchased and securities sold under agreements to repurchase:

     

Federal funds purchased in domestic offices

        10,491   

Securities sold under agreements to repurchase

        13,961   


          Dollar Amounts
In Millions
 

Trading liabilities

        16,250   

Other borrowed money

     

(includes mortgage indebtedness and obligations under capitalized leases)

        55,893   

Subordinated notes and debentures

        19,925   

Other liabilities

        24,771   
     

 

 

 

Total liabilities

      $ 1,189,017   

EQUITY CAPITAL

     

Perpetual preferred stock and related surplus

        0   

Common stock

        519   

Surplus (exclude all surplus related to preferred stock)

        102,971   

Retained earnings

        31,335   

Accumulated other comprehensive income

        3,147   

Other equity capital components

        0   
     

 

 

 

Total bank equity capital

        137,972   

Noncontrolling (minority) interests in consolidated subsidiaries

        1,021   
     

 

 

 

Total equity capital

        138,993   
     

 

 

 

Total liabilities, and equity capital

      $ 1,328,010   
     

 

 

 

I, Timothy J. Sloan, EVP & CFO 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.

 

              

Timothy J. Sloan

EVP & CFO

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.

John Stumpf                                         Directors

Carrie Tolstedt

Michael Loughlin