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.)

 

8800 East Raintree Drive, Suite 300,

Scottsdale, Arizona

  85260
(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.

    

Address of Principle Executive

Offices

California Urban Homes, LLC    California   20-2707345     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Holdings, L.L.C.    Texas   42-1732552     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes Construction, Inc.    Arizona   86-1028847     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Arizona, Inc.    Arizona   86-1028848     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of California, Inc.    California   86-0917765     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Colorado, Inc.    Arizona   20-1091787     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Florida, Inc.    Florida   59-1107583     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Nevada, Inc.    Arizona   43-1976353     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Texas Holding, Inc.    Arizona   86-0875147     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Texas Joint Venture Holding Company, LLC    Texas   75-2771799     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Texas, LLC    Arizona   65-1308131     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes Operating Company, LLC    Arizona   65-1308133     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Paseo Crossing, LLC    Arizona   86-1006497     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Paseo Construction, LLC    Arizona   86-0863537     

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260


MTH-Cavalier, LLC Arizona 86-1028847

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

MTH Golf, LLC Arizona 56-2379206

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

WW Project Seller, LLC Arizona 86-1006497

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of the Carolinas, Inc. Arizona 27-5411983

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Carefree Title Agency, Inc. Texas 45-3742536

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

M&M Fort Myers Holdings, LLC Delaware 26-3996740

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Florida Realty LLC Florida 59-1107583

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of South Carolina, Inc. Arizona 46-5709345

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

MTH Realty LLC Arizona 86-1006497

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Georgia, Inc. Arizona 47-1171110

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

MTH GA Realty LLC Arizona 47-1171110

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

MTH SC Realty LLC Arizona 46-5709345

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

MTH Shelf Co., Inc. Arizona

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

MLC Holdings, Inc. dba MLC Land Holdings, Inc. Arizona 47-1967950

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Georgia Realty, LLC Arizona 47-1171110

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

Meritage Homes of Tennessee, Inc. Arizona 46-3409691

8800 E. Raintree Drive

Suite 300

Scottsdale, Arizona 85260

 

 

Debt Securities

(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 June 27, 2012.**
Exhibit 3. A copy of the Comptroller of the Currency Certification of Fiduciary Powers for Wells Fargo Bank, National Association, dated December 21, 2011. **
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 S-3 dated January 23, 2013 of file number 333-186155.
*** 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 16th day of June, 2015.

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

  /s/ Michael Tu            

Michael Tu
Assistant Vice President


EXHIBIT 6

June 16, 2015

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/ Michael Tu

Michael Tu

Assistant 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 March 31, 2015, 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

      $ 18,155   

Interest-bearing balances

        253,636   

Securities:

     

Held-to-maturity securities

        67,133   

Available-for-sale securities

        227,089   

Federal funds sold and securities purchased under agreements to resell:

     

Federal funds sold in domestic offices

        625   

Securities purchased under agreements to resell

        22,376   

Loans and lease financing receivables:

     

Loans and leases held for sale

        19,541   

Loans and leases, net of unearned income

     822,149      

LESS: Allowance for loan and lease losses

     10,790      

Loans and leases, net of unearned income and allowance

        811,359   

Trading Assets

        41,469   

Premises and fixed assets (including capitalized leases)

        7,480   

Other real estate owned

        2,217   

Investments in unconsolidated subsidiaries and associated companies

        869   

Direct and indirect investments in real estate ventures

        1   

Intangible assets

     

Goodwill

        21,627   

Other intangible assets

        17,259   

Other assets

        60,553   
     

 

 

 

Total assets

$ 1,571,389   
     

 

 

 

LIABILITIES

Deposits:

In domestic offices

$ 1,093,967   

Noninterest-bearing

  336,758   

Interest-bearing

  757,209   

In foreign offices, Edge and Agreement subsidiaries, and IBFs

  150,855   

Noninterest-bearing

  912   

Interest-bearing

  149,943   

Federal funds purchased and securities sold under agreements to repurchase:

Federal funds purchased in domestic offices

  1,004   

Securities sold under agreements to repurchase

  15,906   


     Dollar Amounts
In Millions
 

Trading liabilities

     24,062   

Other borrowed money
          (includes mortgage indebtedness and obligations under capitalized leases)

     87,908   

Subordinated notes and debentures

     16,899   

Other liabilities

     33,851   
  

 

 

 

Total liabilities

$ 1,424,452   

EQUITY CAPITAL

Perpetual preferred stock and related surplus

  0   

Common stock

  519   

Surplus (exclude all surplus related to preferred stock)

  106,692   

Retained earnings

  34,702   

Accumulated other comprehensive income

  4,587   

Other equity capital components

  0   
  

 

 

 

Total bank equity capital

  146,500   

Noncontrolling (minority) interests in consolidated subsidiaries

  437   
  

 

 

 

Total equity capital

  146,937   
  

 

 

 

Total liabilities, and equity capital

$ 1,571,389   
  

 

 

 

I, John R. Shrewsberry, Sr. 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.

 

John R. Shrewsberry
Sr. 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

James Quigley

Enrique Hernandez, Jr.