Trust Agreement (2001)Full Document 

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                                TRUST AGREEMENT
                                      OF
                             DRH CAPITAL TRUST II

     THIS TRUST AGREEMENT is made as of March 16, 2001 (this "Agreement"), by
and among D.R. Horton, Inc., a Delaware corporation, as depositor (the
"Depositor"), Adrianne M. Horne, as trustee (the "Delaware Trustee"), Donald R.
Horton, as trustee, and Donald J. Tomnitz, as trustee (Donald R. Horton and
Donald J. Tomnitz being collectively the "Administrative Trustees") (the
Administrative Trustees and the Delaware Trustee being collectively the
"Trustees"). The Depositor and the Trustees hereby agree as follows:

          1.   The trust created hereby shall be known as "DRH Capital Trust II"
     (the "Trust"), in which name the Trustees or the Depositor, to the extent
     provided herein, may conduct the business of the Trust, make and execute
     contracts, and sue and be sued.

          2.   The Depositor hereby assigns, transfers, conveys and sets over to
     the Trust the sum of $10. Such amount shall constitute the initial trust
     estate. It is the intention of the parties hereto that the Trust created
     hereby constitute a business trust under Chapter 38 of Title 12 of the
     Delaware Code, 12 Del. C. Section 3801, et seq. (the "Business Trust Act"),
     and that this document constitute the governing instrument of the Trust.
     The Trustees are hereby authorized and directed to execute and file a
     certificate of trust with the Delaware Secretary of State in such form as
     the Trustees may approve.

          3.   The Depositor and the Trustees will enter into an amended and
     restated Trust Agreement satisfactory to each such party to provide for the
     contemplated operation of the Trust created hereby and the issuance of the
     Trust Preferred Securities and Trust Common Securities referred to therein.
     Prior to the execution and delivery of such amended and restated Trust
     Agreement, the Trustees shall not have any duty or obligation hereunder or
     with respect of the trust estate, except as otherwise required by
     applicable law or as may be necessary to obtain prior to such execution and
     delivery any licenses, consents or approvals required by applicable law or
     otherwise. Notwithstanding the foregoing, the Trustees may take all actions

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