FIRST AMENDED AND RESTATED
LIMITED LIABILITY COMPANY AGREEMENT OF
CENTENNIAL FOUNDERS, LLC
THIS FIRST AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT (this “ Agreement ”)
is made and entered into as of this 28th day of August, 2002 (the “ Effective Date ”), by and among TEJON RANCHCORP, a
California corporation (“ Tejon ”), STANDARD PACIFIC CORP., a Delaware corporation (“ Standard Pacific ”), LEWIS
INVESTMENT COMPANY, LLC, a California limited liability company (“ Lewis ”), and PARDEE HOMES, a California
corporation, formerly known as Pardee Construction Company (“ Pardee ”) (collectively, the “ Members ” and each a “ Member
”), for the purposes, among other things, of defining the rights and obligations of the Members with respect to Centennial
Founders, LLC, a Delaware limited liability company, formerly known as RM Development Associates, LLC (the “ Company ”).
A. The Company was formed on July 8, 1999, under the name “RM Development Associates, LLC” by filing the
Certificate with the Delaware Secretary of State. On March 10, 2000, Tejon, Standard Pacific, Lewis, and Pardee entered into that
certain Limited Liability Company Agreement of RM Development Associates, LLC (the “ Original LLC Agreement ”).
B. The Members have all agreed to change, and on or about the date hereof the Company has changed (by filing the
appropriate documentation with the Secretaries of State of the States of Delaware and California), the name of the Company
from RM Development, LLC to Centennial Founders, LLC.
C. The Members hereby desire to amend and restate the Original LLC Agreement in the form of this Agreement. This
Agreement shall supersede the Original LLC Agreement in its entirety and the Original LLC Agreement shall be of no further
force or effect.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties he