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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
Check if an Application to Determine Eligibility of
a Trustee Pursuant to Section 305(b)(2)___
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U.S. BANK TRUST NATIONAL ASSOCIATION
F/K/A FIRST TRUST NATIONAL ASSOCIATION
(Exact name of Trustee as specified in its charter)
111 E. Wacker Drive, Suite 3000
Chicago, Illinois 60601 36-4046888
(Address of principal executive offices) (Zip Code) I.R.S. Employer
Identification No.
Michael T. Goodwin
111 E. Wacker Drive, Suite 3000
Chicago, Illinois 60601
Telephone (312) 228-9455
(Name, address and telephone number of agent for service)
BEAZER HOMES USA, INC.
(Exact name of obligor as specified in its charter)
Delaware 58-2086934
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
5775 Peachtree Dunwoody Road
Suite C-550
Atlanta, Georgia 30342
(Address of Principal Executive Offices) (Zip Code)
(Guarantors are identified on the next page )
8 7/8% Senior Notes due 2008
(Title of the Indenture Securities)
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Guarantors
Beazer Homes Corp.
Beazer/Squires Realty, Inc.
Beazer Homes Sales Arizona, Inc.
Beazer Realty Corp.
Panitz Homes Realty, Inc.
Beazer Mortgage Corporation
Beazer Homes Holdings Corp.
Beazer Homes Texas Holdings, Inc.
Beazer Homes Texas, L.P.
2
FORM T-1
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
Washington, D.C.
b) Whether it is authorized to exercise corporate trust powers.
Yes
Item 2. AFFILIATIONS WITH OBLIGOR. If the obligor is an affiliate of the
Trustee, describe each such affiliation.
None
Items 3-15 Not applicable because, to the best of Trustee's knowledge, the
Trustee is not a trustee under any other indenture under which any
other securities or certificates of interest or participation in any
other securities of the obligor are outstanding and there is not,
nor has there been, a default with respect to securities issued
under this indenture.
Item 16. LIST OF EXHIBITS: List below all exhibits filed as a part of
this statement of eligibility and qualification.
1. A copy of the Articles of Association of the Trustee now in
effect, incorporated herein by reference to Exhibit 1 of Form
T-1, Registration No. 333-18235.
2. A copy of the certificate of authority of the Trustee to
commence business, incorporated herein by reference to Exhibit
2 to Item 16 of Form T-1, Registration No. 333-18235
3. A copy of the certificate of authority of the Trustee to
exercise corporate trust powers, incorporated herein by
reference to Exhibit 3 to Item 16 of Form T-1, Registration
No. 333-18235
4. A copy of the existing bylaws of the Trustee, as now in
effect, incorporated herein by reference to Exhibit 4 of Form
T-1, Registration No. 333-18235
5. Not applicable.
6. The consent of the Trustee required by Section 321(b) of the
Trust Indenture Act of 1939, incorporated herein by reference
to Exhibit 6 of Form T-1, Registration No. 333-18235
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, filed herewith.
8. Not applicable.
9. Not applicable.
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SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the
Trustee, U.S. BANK TRUST NATIONAL ASSOCIATION, F/K/A FIRST TRUST 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 and qualification to be signed on its behalf by the undersigned,
thereunto duly authorized, all in the City of Chicago,State of Illinois on the
24th day of April, 1998.
U.S. BANK TRUST NATIONAL ASSOCIATION
f/k/a FIRST TRUST NATIONAL ASSOCIATION
By: /s/ Michael T.Goodwin
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Michael T. Goodwin
Assistant Vice President and Assistant Secretary
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CONSOLIDATED REPORT OF CONDITION FOR INSURED COMMERCIAL AND STATE-CHARTERED
SAVINGS BANKS FOR DECEMBER 31, 1997
All schedules are to be reported in thousands of dollars. Unless otherwise
indicated, report the amount outstanding as of the Last business day of the
quarter.
Schedule RC - Balance Sheet
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ASSETS Dollar Amounts in Thousands
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1. Cash and balances due from depository institutions (from schedule RC-A): RCON
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a. Noninterest-bearing balances and currency and coin (1) 0081....... 55,536 1.a
--------
b. Interest-bearing balances (2) 0071....... 0 1.b
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2. Securities:
a. Held-to-maturity securities (from schedule RC-B, column A) 1754....... 0 2.a
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b. Available-for-sale securities (from Schedule RC-B column D) 1773....... 3,216 2.b
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3. Federal funds sold and securities purchased under
agreement to resell 1350....... 0 3.
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4. Loans and lease financing receivables: RCON
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a. Loans and leases, net of unearned income
(from Schedule RC-C) 2122.....0 ............................... 4.a
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b. LESS: Allowance for loan and lease losses 3123.....0 ............................... 4.b
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c. LESS: Allocated transfer risk reserve 3128.....0 ............................... 4.c
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d. Loans and leases, net of unearned income, 2125.......
allowance, and reserve (item 4.a minus 4.b and 4.c) 0 4.d
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5. Trading assets 3545....... 0 5.
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6. Premises and fixed assets (including capitalized leases) 2145....... 95 6.
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7. Other real estate owned (from Schedule RC-M) 2150....... 0 7.
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8. Investments in unconsolidated subsidiaries and associates companies (from
Schedule RC-M) 2130....... 0 8.
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9. Customers' liability to this bank on acceptances outstanding 2155....... 0 9.
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10. Intangible assets (from Schedule RC-M) 2143....... 48,072 10.
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11. Other assets (from Schedule RC-F) 2160....... 2,435 11.
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12. Total assets (sum of items 1 through 11) 2170....... 109,354 12.
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(1) Includes cash items in process of collection and unposted debits.
(2) Includes time certificates of deposit not held for trading.
Schedule RC - Balance Sheet
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LIABILITIES
13. Deposits: RCON
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a. In domestic offices (sum of totals of
columns A and C from Schedule RC-E) 2200....... 0 13.a
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RCON
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(1) Noninterest-bearing (1) 6631.....0 ................................ 13.a.1
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(2) Interest-bearing 6636.....0 ................ ............... 13.a.2
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b. In foreign offices, Edge and Agreement subsidiaries, ...............................
and IBFs ...............................
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(1) Noninterest-bearing ...............................
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(2) Interest-bearing
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14. Federal funds purchase and securities sold under
agreements to repurchase 2800....... 0 14.
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15. a. Demand notes issued to the U.S. Treasury 2840....... 0 15.a
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b. Trading liabilities 3548 ...... 0 15.b
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16. Other borrowed money (includes mortgage indebtedness and obligations under
capitalized leases):
a. With a remaining maturity of one year or less 2332....... 0 16.a
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b. With a remaining maturity of more than one year
through three years A547....... 0 16.b
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c. With a remaining maturity of more than three years A548....... 0 16.c
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17. Not applicable
18. Bank's liability on acceptances executed and outstanding 2920....... 0 18.
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19. Subordinated notes and debentures (2) 3200....... 0 19.
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20. Other liabilities (from Schedule RC-G) 2930....... 2,072 20.
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21. Total liabilities (sum of items 13 through 20) 2948....... 2,072 21
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22. Not applicable
EQUITY CAPITAL
23. Perpetual preferred stock and related surplus 3838....... 0 23.
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24. Common stock 3230....... 1,000 24.
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25. Surplus (exclude all surplus related to preferred stock) 3839 106,712 25.
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26. a. Undivided profits and capital reserves 3632....... ( 430) 26.a
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b. Net unrealized holding gains (losses) on available-for-sale
securities 8434....... 0 26.b
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27. Cumulative foreign currency translation adjustments ...............................
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28. Total equity capital (sum of items 23 through 27) 3210....... 107,282 28.
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29. Total liabilities and equity capital (sum of items 21 and 28) 3300....... 109,354 29.
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Schedule RC - Balance Sheet
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Memorandum
To be reported only with the March Report of Condition.
1. Indicate in the box at the right the number of the statement below
that best describes the most comprehensive level of auditing work
performed for the bank by independent external auditors as of any date
during 1996_______________________ 6724....... N/A M.1
1 = Independent audit of the bank conducted in accordance 5 = Review of the bank's financial statements by external
with generally accepted auditing standards by a certified auditors
public accounting firm which submits a report on the bank
2 = Independent audit of the bank's parent holding company 6 = Compilation of the bank's financial statements by
conducted in accordance with generally accepted auditing external auditors
standards by a certified public accounting firm which
submits a report on the consolidated holding company (but
not on the bank separately)
3 = Directors' examination of the bank conducted in 7 = Other audit procedures (excluding tax preparation work)
accordance with generally accepted auditing standards by
a certified public accounting firm (may be required by
state chartering authority)
4 = Directors' examination of the bank performed by other 8 = No external audit work
external auditors (may be required by state chartering
authority)
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(1) Includes total demand deposits and noninterest-bearing time and savings
deposits.
(2) Includes limited life preferred stock and related surplus.
Schedule RC-A - Cash and Balances Due From Depository Institutions
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Exclude assets held for trading. Dollar Amounts
in Thousands
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1. Cash items in process of collection, unposted debits, and currency and coin: RCON
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a. Cash items in process of collection and unposted debits 0020... 0 1.a
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b. Currency and coin 0080... 0 1.b
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2. Balances due from depository institutions in the U.S.:
a. U.S. branches and agencies of foreign banks 0083... 0 2.a
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b. Other commercial banks in the U.S. and other depository institutions in the U.S. 0085... 55,536 2.b
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3. Balances due from banks in foreign countries and foreign central banks:
a. Foreign branches of other U.S. banks 0073... 0 3.a
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b. Other banks in foreign countries and foreign central banks 0074... 0 3.b
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4. Balances due from Federal Reserve Banks 0090... 0 4.
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5. Total (sum of items 1 through 4) (must equal Schedule RC, sum of items 1.a and 1.b) 0010... 55,536 5.
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Memorandum
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Amounts in Thousands
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1. Noninterest-bearing balances due from commercial banks in the U.S. RCON
----
(included in items 2.a and 2.b above) 0050... 55,536 M.1
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