Attached files

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EX-4.2 - FORM OF FOURTH SUPPLEMENTAL INDENTURE - HORTON D R INC /DE/d478205dex42.htm
EX-1.1 - UNDERWRITING AGREEMENT - HORTON D R INC /DE/d478205dex11.htm
EX-5.1 - OPINION OF THOMAS B. MONTANO, ESQUIRE - HORTON D R INC /DE/d478205dex51.htm
EX-4.1 - FORM OF THIRD SUPPLEMENTAL INDENTURE - HORTON D R INC /DE/d478205dex41.htm
8-K - FORM 8-K - HORTON D R INC /DE/d478205d8k.htm

Exhibit 5.2

[LETTERHEAD OF GIBSON, DUNN & CRUTCHER LLP]

Client: 39334-00094

February 4, 2013

D.R. Horton, Inc.

301 Commerce Street

Suite 500

Fort Worth, Texas 76102

 

Re: D.R. Horton, Inc. Offering of $400,000,000 Principal Amount of its 3.625% Senior Notes due 2018 and $300,000,000 Principal Amount of its 4.750% Senior Notes due 2023

Registration Statement on Form S-3 (File No. 333-184065)

Ladies and Gentlemen:

We have acted as counsel to D.R. Horton, Inc., a Delaware corporation (the “Company”), and certain of its subsidiaries and affiliates listed on Annex A hereto (the “Guarantors”) in connection with the preparation and filing with the Securities and Exchange Commission (the “Commission”) of a Registration Statement on Form S-3, file no. 333-184065 (the “Registration Statement”), under the Securities Act of 1933, as amended (the “Securities Act”), the prospectus included therein, the prospectus supplement, dated January 30, 2013, filed with the Commission on January 31, 2013 pursuant to Rule 424(b) of the Securities Act (the “Prospectus Supplement”), and the offering by the Company pursuant thereto of (i) $400,000,000 principal amount of the Company’s 3.625% Senior Notes due 2018 (the “2018 Notes”) and (ii) $300,000,000 principal amount of the Company’s 4.750% Senior Notes due 2023 (the “2023 Notes,” and together with the 2018 Notes, the “Notes”)

The 2018 Notes and the 2023 Notes will be issued pursuant to the Indenture, dated as of May 1, 2012 (the “Base Indenture”), between the Company and American Stock Transfer & Trust Company, as trustee (the “Trustee”), as modified in respect of the 2018 Notes by the Third Supplemental Indenture, to be dated as of February 5, 2013, and as modified in respect of the 2023 Notes by the Fourth Supplemental Indenture, to be dated as of February 5, 2013 (collectively, the “Supplemental Indentures” and together with the Base Indenture, the “Indenture”) among the Company, the Guarantors and the Trustee, and are guaranteed pursuant to the terms of the Indenture and the notation endorsed on each series of Notes by the Guarantors (the “Guarantees”). The Notes have been offered pursuant to an Underwriting Agreement dated as of January 30, 2013 (the “Underwriting Agreement”) among the Company, the Guarantors and the Underwriters named therein (the “Underwriters”).


February 4, 2013

Page 2

 

In arriving at the opinions expressed below, we have examined originals, or copies certified or otherwise identified to our satisfaction as being true and complete copies of the originals, of the Base Indenture, the Supplemental Indentures, the 2018 Notes, the 2023 Notes and the Guarantees (collectively, the “Note Documents”) and such other documents, corporate records, certificates of officers of the Company, the Guarantors and of public officials and other instruments as we have deemed necessary or advisable to enable us to render these opinions. In our examination, we have assumed, without independent investigation, the genuineness of all signatures, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals and the conformity to original documents of all documents submitted to us as copies. To the extent that our opinions may be dependent upon such matters, we have assumed, without independent investigation, that each of the Guarantors identified on Annex A that is not a Specified Guarantor is validly existing under the laws of its jurisdiction of incorporation, has all requisite corporate or other entity power to execute, deliver and perform its obligations under the Note Documents to which it is a party; that the execution and delivery of such documents by each such party and the performance of its obligations thereunder have been duly authorized by all necessary corporate or other action and do not violate any law, regulation, order, judgment or decree applicable to each such party; and that such documents have been duly executed and delivered by each such party. As to any facts material to these opinions, we have relied to the extent we deemed appropriate and without independent investigation upon statements and representations of officers and other representatives of the Company, and the Guarantors and on certificates and representations obtained from public officials and others.

Based upon the foregoing, and subject to the assumptions, exceptions, qualifications and limitations set forth herein, we are of the opinion that the 2018 Notes and the 2023 Notes, when authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of the Underwriting Agreement, will be legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms and when each series of the Notes with the Guarantees endorsed thereon have been duly authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Underwriters in accordance with the terms of the Underwriting Agreement, the Guarantees of the Notes of either series will be legal, valid and binding obligations of the Guarantors obligated thereon, enforceable against such Guarantors in accordance with their respective terms.

The opinions expressed above are subject to the following additional exceptions, qualifications, limitations and assumptions:

A. We render no opinion herein as to matters involving the laws of any jurisdiction other than the State of New York and to the extent relevant for our opinions herein, the laws of the States of California, Colorado and Texas and the Delaware General


February 4, 2013

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Corporation Law and the Delaware Limited Liability Company Act. This opinion is limited to the effect of the current state of the laws of the States of New York, California, Colorado and Texas and the Delaware General Corporation Law and the Delaware Limited Liability Company Act and the facts as they currently exist. We assume no obligation to revise or supplement this opinion in the event of future changes in such laws or the interpretations thereof or such facts.

B. The opinions above are subject to (i) the effect of any bankruptcy, insolvency, reorganization, moratorium, arrangement or similar laws affecting the rights and remedies of creditors’ generally, including without limitation the effect of statutory or other laws regarding fraudulent transfers or preferential transfers, (ii) general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing and the possible unavailability of specific performance, injunctive relief or other equitable remedies regardless of whether enforceability is considered in a proceeding in equity or at law and (iii) the provisions of: (1) Article Eight of the Certificate of Incorporation of CH Investments of Texas, Inc.; (2) Article Eight of the Certificate of Incorporation of CHTEX of Texas, Inc.; (3) Paragraph Eight of the Certificate of Incorporation of D.R. Horton, Inc. – Chicago (excluding the first three sentences thereof); and (4) Article Ten of the Certificate of Incorporation of Western Pacific Housing, Inc.

C. We express no opinion regarding the effectiveness of (i) any waiver of stay, extension or usury laws or of unknown future rights, (ii) provisions relating to indemnification, exculpation or contribution, to the extent such provisions may be held unenforceable as contrary to public policy or federal or state securities laws, or (iii) any purported fraudulent transfer “savings” clause.

We consent to the filing of this opinion as an exhibit to the Registration Statement, and we further consent to the use of our name under the caption “Legal Matters” in the Registration Statement and the Prospectus Supplement. In giving these consents, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

 

Very truly yours,
/s/ Gibson, Dunn & Crutcher LLP


ANNEX A

Guarantors

 

Name

  

Form of Entity

  

Jurisdiction of

Formation

  

Specified

Guarantor

C. Richard Dobson Builders, Inc.    Corporation    Virginia    No
CH Investments of Texas, Inc.    Corporation    Delaware    Yes
CHI Construction Company    Corporation    Arizona    No
CHTEX of Texas, Inc.    Corporation    Delaware    Yes
Continental Homes, Inc.    Corporation    Delaware    Yes
Continental Homes of Texas, L.P.    Limited Partnership    Texas    Yes
Continental Residential, Inc.    Corporation    California    Yes
D.R. Horton - Emerald, Ltd.    Limited Partnership    Texas    Yes
D.R. Horton - Schuler Homes, LLC    Limited Liability Company    Delaware    Yes
D.R. Horton - Texas, Ltd.    Limited Partnership    Texas    Yes
D.R. Horton, Inc. - Birmingham    Corporation    Alabama    No
D.R. Horton, Inc. - Chicago    Corporation    Delaware    Yes
D.R. Horton, Inc. - Dietz-Crane    Corporation    Delaware    Yes
D.R. Horton, Inc. - Fresno    Corporation    Delaware    Yes
D.R. Horton, Inc. - Greensboro    Corporation    Delaware    Yes

D.R. Horton, Inc. – Gulf Coast

(f/k/a DRH Regrem V, Inc.)

   Corporation    Delaware    Yes


February 4, 2013

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D.R. Horton, Inc. - Huntsville    Corporation    Delaware    Yes
D.R. Horton, Inc. - Jacksonville    Corporation    Delaware    Yes
D.R. Horton, Inc. - Louisville    Corporation    Delaware    Yes
D.R. Horton, Inc. - Minnesota    Corporation    Delaware    Yes
D.R. Horton, Inc. - New Jersey    Corporation    Delaware    Yes
D.R. Horton, Inc. - Portland    Corporation    Delaware    Yes
D.R. Horton, Inc. - Sacramento    Corporation    California    Yes
D.R. Horton, Inc. - Torrey    Corporation    Delaware    Yes

D.R. Horton LA North, Inc.

(f/k/a DRH Regrem X, Inc.)

   Corporation    Delaware    Yes

D.R. Horton BAY, Inc.

(f/k/a D.R. Horton OCI Inc., D.R. Horton Orange County Inc. and DRH Regrem IX, Inc.)

   Corporation    Delaware    Yes

D.R. Horton Cruces Construction, Inc.

(f/k/a DRH Regrem XI, Inc.)

   Corporation    Delaware    Yes
D.R. Horton Los Angeles Holding Company, Inc.    Corporation    California    Yes


February 4, 2013

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D.R. Horton Management Company, Ltd.    Limited Partnership    Texas    Yes
D.R. Horton Materials, Inc.    Corporation    Delaware    Yes
D.R. Horton Serenity Construction, LLC (f/k/a/ DRH Regrem VIII, LLC)    Limited Liability Company    Delaware    Yes

D.R. Horton VEN Inc.

(f/k/a D.R. LAV Inc. and D.R. Horton San Diego Holding Company, Inc.)

   Corporation    California    Yes
DRH Cambridge Homes, Inc.    Corporation    California    Yes
DRH Cambridge Homes, LLC    Limited Liability Company    Delaware    Yes
DRH Construction, Inc.    Corporation    Delaware    Yes
DRH Regrem VII, LP    Limited Partnership    Texas    Yes
DRH Regrem XII, LP    Limited Partnership    Texas    Yes
DRH Regrem XIV, Inc.    Corporation    Delaware    Yes
DRH Regrem XV, Inc.    Corporation    Delaware    Yes
DRH Regrem XVI, Inc.    Corporation    Delaware    Yes
DRH Regrem XVII, Inc.    Corporation    Delaware    Yes
DRH Regrem XVIII, Inc.    Corporation    Delaware    Yes
DRH Regrem XIX, Inc.    Corporation    Delaware    Yes
DRH Regrem XX, Inc.    Corporation    Delaware    Yes


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DRH Regrem XXI, Inc.    Corporation    Delaware    Yes
DRH Regrem XXII, Inc.    Corporation    Delaware    Yes
DRH Regrem XXIII, Inc.    Corporation    Delaware    Yes
DRH Regrem XXIV, Inc.    Corporation    Delaware    Yes

DRH Regrem XXV, Inc.

(f/k/a D.R. Horton VEN, Inc. and D.R. Horton Inc. – Los Angeles)

   Corporation    Delaware    Yes
DRH Regrem XXVI, LLC    Limited Liability Company    Delaware    Yes
DRH Regrem XXVII, LLC    Limited Liability Company    Delaware    Yes
DRH Regrem XXVIII, LLC    Limited Liability Company    Delaware    Yes
DRH Regrem XXIX, LLC    Limited Liability Company    Delaware    Yes
DRH Regrem XXX, LLC    Limited Liability Company    Delaware    Yes
DRH Southwest Construction, Inc.    Corporation    California    Yes
DRH Tucson Construction, Inc.    Corporation    Delaware    Yes
HPH Homebuilders 2000 L.P.    Limited Partnership    California    Yes
KDB Homes, Inc.    Corporation    Delaware    Yes
Meadows I, Ltd.    Corporation    Delaware    Yes
Meadows II, Ltd.    Corporation    Delaware    Yes
Meadows VIII, Ltd.    Corporation    Delaware    Yes
Meadows IX, Inc.    Corporation    New Jersey    No
Meadows X, Inc.    Corporation    New Jersey    No
Melmort Co.    Corporation    Colorado    Yes
Melody Homes, Inc.    Corporation    Delaware    Yes


February 4, 2013

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Schuler Homes of Arizona LLC    Limited Liability Company    Delaware    Yes
Schuler Homes of California, Inc.    Corporation    California    Yes
Schuler Homes of Oregon, Inc.    Corporation    Oregon    No
Schuler Homes of Washington, Inc.    Corporation    Washington    No
Schuler Mortgage, Inc.    Corporation    Delaware    Yes
Schuler Realty Hawaii, Inc.    Corporation    Hawaii    No
SGS Communities at Grande Quay, L.L.C.    Limited Liability Company    New Jersey    No
SHA Construction LLC    Limited Liability Company    Delaware    Yes
SHLR of California, Inc.    Corporation    California    Yes
SHLR of Colorado, Inc.    Corporation    Colorado    Yes
SHLR of Nevada, Inc.    Corporation    Nevada    No
SHLR of Utah, Inc.    Corporation    Utah    No
SHLR of Washington, Inc.    Corporation    Washington    No
SRHI LLC    Limited Liability Company    Delaware    Yes
SSHI LLC    Limited Liability Company    Delaware    Yes
Vertical Construction Corporation    Corporation    Delaware    Yes
Western Pacific Funding, Inc.    Corporation    California    Yes
Western Pacific Housing-Antigua, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Aviara, L.P.    Limited Partnership    California    Yes


February 4, 2013

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Western Pacific Housing-Boardwalk, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Broadway, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Canyon Park, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Carmel, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Carrillo, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Communications Hill, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Copper Canyon, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Creekside, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing - Culver City, L.P.    Limited Partnership    California    Yes
Western Pacific Housing-Del Valle, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Lomas Verdes, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Lost Hills Park, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-McGonigle Canyon, LLC    Limited Liability Company    Delaware    Yes


February 4, 2013

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Western Pacific Housing - Mountaingate, L.P.    Limited Partnership    California    Yes
Western Pacific Housing-Norco Estates, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing - Oso, L.P.    Limited Partnership    California    Yes
Western Pacific Housing-Pacific Park II, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Park Avenue East, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Park Avenue West, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Playa Vista, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing - Poinsettia, L.P.    Limited Partnership    California    Yes
Western Pacific Housing-River Ridge, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Robinhood Ridge, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Santa Fe, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing - Scripps, L.P.    Limited Partnership    California    Yes
Western Pacific Housing-Scripps II, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing - Seacove, L.P.    Limited Partnership    California    Yes


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Western Pacific Housing-Studio 528, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Terra Bay Duets, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Torrance, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Torrey Commercial, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Torrey Meadows, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Torrey Multi-Family, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Torrey Village Center, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Vineyard Terrace, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing-Windemere, LLC    Limited Liability Company    Delaware    Yes
Western Pacific Housing - Windflower, L.P.    Limited Partnership    California    Yes
Western Pacific Housing, Inc.    Corporation    Delaware    Yes

Western Pacific Housing, L.P.

(f/k/a Western Pacific Housing Co., a California Limited Partnership)

   Limited Partnership    California    Yes
Western Pacific Housing Management, Inc.    Corporation    California    Yes
WPH-Camino Ruiz, LLC    Limited Liability Company    Delaware    Yes