EXHIBIT 25.1
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FORM T-1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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) |__|
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THE BANK OF NEW YORK TRUST COMPANY, N.A.
(Exact name of trustee as specified in its charter)
95-3571558
(State of incorporation (I.R.S. employer
if not a U.S. national bank) identification no.)
700 South Flower Street
Suite 500
Los Angeles, California 90017
(Address of principal executive offices) (Zip code)
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WCI Communities, Inc.
(Exact name of obligor as specified in its charter)
Delaware 59-2857021
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Bay Colony-Gateway, Inc.
(Exact name of obligor as specified in its charter)
Delaware 36-4025714
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Financial Resources Group, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3279648
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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First Fidelity Title, Inc.
(Exact name of obligor as specified in its charter)
Delaware 59-3321774
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Florida Lifestyle Management Company
(Exact name of obligor as specified in its charter)
Florida 59-1505694
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Resort at Singer Island Properties, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3658689
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Sun City Center Golf Properties, Inc.
(Exact name of obligor as specified in its charter)
Delaware 59-3439449
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Sun City Center Realty, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-1581628
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Watermark Realty, Inc.
(Exact name of obligor as specified in its charter)
Delaware 65-0619884
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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The Colony at Pelican Landing Golf Club, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-2415982
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
Communities Amenities, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3431364
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Communities Home Builders, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3431554
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Gateway Communications Services, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0133017
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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JYC Holdings, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3555684
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Marbella at Pelican Bay, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0738244
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Pelican Landing Golf Resort Ventures, Inc.
(Exact name of obligor as specified in its charter)
Delaware 59-3543449
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Sarasota Tower, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-1012613
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Tarpon Cove Yacht & Racquet Club, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3413469
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Tiburon Golf Ventures, Inc.
(Exact name of obligor as specified in its charter)
Delaware 59-3515983
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Watermark Realty Referral, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3227694
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Communities Property Management, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0734347
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Golf Group, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3518710
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Realty, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3408628
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Bay Colony Realty Associates, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0227049
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Bay Colony of Naples, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0323732
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Coral Ridge Communities, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0615045
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Coral Ridge Properties, Inc.
(Exact name of obligor as specified in its charter)
Florida 25-1184789
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Coral Ridge Realty, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-0980280
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Coral Ridge Realty Sales, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-2103316
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Florida Design Communities, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0585945
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Florida National Properties, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0615052
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Gateway Communities, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-2167649
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Gateway Realty Sales, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-2741697
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Heron Bay, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0540040
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Heron Bay Golf Course Properties, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0583106
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Pelican Bay Properties, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-1906557
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Pelican Landing Communities, Inc.
(Exact name of obligor as specified in its charter)
Florida 25-1629089
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Pelican Landing Properties, Inc.
(Exact name of obligor as specified in its charter)
Florida 25-1629086
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Pelican Marsh Properties, Inc.
(Exact name of obligor as specified in its charter)
Florida 65-0348731
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Tarpon Cove Realty, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-2000931
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Homes, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3557486
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Communities Finance Company, LLC
(Exact name of obligor as specified in its charter)
Delaware 65-1062263
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Capital Corporation
(Exact name of obligor as specified in its charter)
Florida 65-1108622
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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Community Specialized Services, Inc.
(Exact name of obligor as specified in its charter)
Florida 59-3740762
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Architecture & Land Planning, Inc.
(Exact name of obligor as specified in its charter)
Florida 02-0570572
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Amenities, Inc.
(Exact name of obligor as specified in its charter)
Florida 20-1179424
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Business Development, Inc.
(Exact name of obligor as specified in its charter)
Florida 20-1179333
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Homebuilding, Inc.
(Exact name of obligor as specified in its charter)
Florida 20-1178472
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Homebuilding Northeast, U.S., Inc.
(Exact name of obligor as specified in its charter)
Florida 20-1179554
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Marketing, Inc.
(Exact name of obligor as specified in its charter)
Florida 20-1179392
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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WCI Towers, Inc.
(Exact name of obligor as specified in its charter)
Florida 20-1179513
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
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24301 Walden Center Drive
Bonita Springs, Florida 34134
(Address of principal executive offices) (Zip code)
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6-5/8% Senior Subordinated Notes due 2015
(Title of the indenture securities)
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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.
Name Address
Comptroller of the Currency
United States Department of the
Treasury Washington, D.C. 20219
Federal Reserve Bank San Francisco, California 94105
Federal Deposit Insurance Corporation Washington, D.C. 20429
(b) WHETHER IT IS AUTHORIZED TO EXERCISE CORPORATE TRUST POWERS.
Yes.
2. AFFILIATIONS WITH OBLIGOR.
IF THE OBLIGOR IS AN AFFILIATE OF THE TRUSTEE, DESCRIBE EACH SUCH
AFFILIATION.
None.
16. LIST OF EXHIBITS.
EXHIBITS IDENTIFIED IN PARENTHESES BELOW, ON FILE WITH THE COMMISSION, ARE
INCORPORATED HEREIN BY REFERENCE AS AN EXHIBIT HERETO, PURSUANT TO RULE
7A-29 UNDER THE TRUST INDENTURE ACT OF 1939 (THE "ACT") AND 17 C.F.R.
229.10(d).
1. A copy of the articles of association of The Bank of New York Trust
Company, N.A. (Exhibit 1 to Form T-1 filed with Registration
Statement No. 333-121948).
2. A copy of certificate of authority of the trustee to commence
business. (Exhibit 2 to Form T-1 filed with Registration Statement
No. 333-121948).
3. A copy of the authorization of the trustee to exercise corporate
trust powers. (Exhibit 3 to Form T-1 filed with Registration
Statement No. 333-121948).
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4. A copy of the existing by-laws of the trustee. (Exhibit 4 to Form
T-1 filed with Registration Statement No. 333-121948).
6. The consent of the trustee required by Section 321(b) of the Act.
(Exhibit 6 to Form T-1 filed with Registration Statement No.
333-121948).
7. A copy of the latest report of condition of the Trustee published
pursuant to law or to the requirements of its supervising or
examining authority.
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SIGNATURE
Pursuant to the requirements of the Act, the trustee, The Bank of New York
Trust Company, N.A., a 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 Jacksonville, and State of Florida, on the 27th day of April, 2005.
THE BANK OF NEW YORK TRUST
COMPANY, N.A.
By: /S/ CRAIG A. KAYE
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Name: CRAIG A. KAYE
Title: ASSISTANT VICE PRESIDENT
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EXHIBIT 7
Consolidated Report of
Condition of THE BANK OF NEW YORK
TRUST COMPANY, N.A.
of 700 S. Flower Street, 2nd Floor, Los Angeles, CA 90017
At the close of business December 31, 2004, published in accordance
with Federal regulatory authority instructions.
Dollar Amounts
in Thousands
ASSETS
- ------
Cash and balances due from
depository institutions:
Noninterest-bearing balances
and currency and coin......................................... 5,975
Interest-bearing balances....................................... 0
Securities:
Held-to-maturity securities..................................... 79
Available-for-sale securities................................... 27,506
Federal funds sold and securities purchased under agreements to resell:
Federal funds sold ............................................. 31,000
Securities purchased under agreements to resell................. 111,000
Loans and lease financing receivables:
Loans and leases held for sale.................................. 0
Loans and leases,
net of unearned income........................................ 0
LESS: Allowance for loan and
lease losses.................................................. 0
Loans and leases, net of unearned
income and allowance ......................................... 0
Trading assets........................................................... 0
Premises and fixed assets (including
capitalized leases)............................................. 2,356
Other real estate owned.................................................. 0
Investments in unconsolidated
subsidiaries and associated
companies....................................................... 0
Customers' liability to this bank
on acceptances outstanding...................................... 0
Intangible assets:
Goodwill ........................................................ 237,448
Other Intangible Assets ........................................... 17,376
Other assets............................................................. 35,890
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Total assets............................................................. $468,630
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LIABILITIES
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Deposits:
In domestic offices
Noninterest-bearing................................................ 9,060
Interest-bearing................................................... 0
Not applicable
Federal funds purchased and securities sold under agreements to repurchase:
Federal funds purchased............................................ 0
Securities sold under agreements to repurchase..................... 0
Trading liabilities......................................................... 0
Other borrowed money:
(includes mortgage indebtedness
and obligations under capitalized
leases)............................................................ 58,000
Not applicable
Bank's liability on acceptances
executed and outstanding......................................... 0
Subordinated notes and debentures........................................... 0
Other liabilities........................................................... 46,904
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Total liabilities........................................................... $113,964
=======
Minority interest in consolidated subsidiaries.............................. 0
EQUITY CAPITAL
Perpetual preferred stock and related surplus............................... 0
Common stock................................................................ 1,000
Surplus..................................................................... 294,040
Retained earnings........................................................... 59,681
Accumulated other comprehensive
income............................................................. (55)
----
Other equity capital components.............................................. 0
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Total equity capital......................................................... $354,666
--------
Total liabilities, minority interest, and equity capital.................... $468,630
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I, Thomas J. Mastro, Comptroller 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.
Thomas J. Mastro ) Comptroller
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.
Richard G. Jackson )
Nicholas C. English ) Directors
Karen B. Shupenko )
LIABILITIES
Deposits:
In domestic offices
Noninterest-bearing............................................ 9,060
Interest-bearing............................................... 0
Not applicable
Federal funds purchased and securities sold under agreements
to repurchase:
Federal funds purchased........................................ 0
Securities sold under agreements to repurchase................. 0
Trading liabilities..................................................... 0
Other borrowed money:
(includes mortgage indebtedness
and obligations under capitalized
leases)........................................................ 58,000
Not applicable
Bank's liability on acceptances
executed and outstanding..................................... 0
Subordinated notes and debentures....................................... 0
Other liabilities....................................................... 46,904
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Total liabilities....................................................... $ 113,964
=========
Minority interest in consolidated subsidiaries ......................... 0
EQUITY CAPITAL
Perpetual preferred stock and related surplus........................... 0
Common stock............................................................ 1,000
Surplus................................................................. 294,040
Retained earnings....................................................... 59,681
Accumulated other comprehensive
income......................................................... (55)
---------
Other equity capital components......................................... 0
Total equity capital.................................................... $ 354,666
---------
Total liabilities, minority interest, and equity capital................ $ 468,630
=========
I, Thomas J. Mastro, Comptroller 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.
Thomas J. Mastro ) Comptroller
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.
Richard G. Jackson )
Nicholas C. English ) Directors
Karen B. Shupenko )
2