THE RYLAND GROUP, INC. (a Maryland corporation) $230,000,000 8.4% Senior Notes due 2017 Terms Agreement

EXHIBIT 1.2

THE RYLAND GROUP, INC.

(a Maryland corporation)

$230,000,000

8.4% Senior Notes due 2017

Terms Agreement

April 30, 2009

Dear Sirs:

Reference is made to The Ryland Group, Inc. Debt Securities Second Amended and Restated Underwriting Agreement Basic Provisions, dated May 30, 2006 (the “Underwriting Agreement”).  This Agreement is the Terms Agreement referred to in the Underwriting Agreement.  We offer to purchase, on and subject to the terms and conditions of the Underwriting Agreement, the following securities (“Securities”) on the following terms:

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All provisions contained in the Underwriting Agreement, a copy of which is attached hereto, are herein incorporated by reference in their entirety and shall be deemed to be a part of this Terms Agreement to the same extent as if such provisions had been set forth in full herein.

The Company and the Subsidiary Guarantors jointly and severally represent and warrant to us that the representations and warranties of the Company and the Subsidiary Guarantors set forth in Section 1 of the Underwriting Agreement are accurate as though expressly made at and as of the date hereof.  Except as otherwise provided above, all of the provisions contained in the Underwriting Agreement, a copy of which is attached hereto as Annex A, are herein incorporated by reference in their entirety and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein.  Terms defined in such document are used herein as therein defined.  The term “registration statement” appearing in Section 1(a) of the Underwriting Agreement shall be deemed to refer to the Registration Statement on Form S-3 (file number 333-157170) initially filed with the Commission on February 6, 2009.

As contemplated by Section 2 of the Underwriting Agreement, attached as Schedule A hereto is a completed list of our underwriting commitment, which shall be a part of this Agreement and the Underwriting Agreement.  As contemplated by Section 1 of the Underwriting Agreement, attached as Schedule 1 hereto is a complete list of the Issuer Free Writing Prospectuses, which shall be a part of this Agreement and the Underwriting Agreement.

This Agreement shall be governed by the laws of the State of New York.

If the foregoing is in accordance with your understanding of the agreement between the Underwriters and you, please sign and return to the Underwriters a counterpart hereof, whereupon this instrument along with all counterparts and together with the Underwriting Agreement shall be a binding agreement between the Underwriters and you in accordance with its terms and the terms of the Underwriting Agreement.

(Signature page continued on next page)

Confirmed and accepted as of
the date first above written:

Moore’s Orchard, LLC (1)

RH Builders of Indiana, Inc. (2)

RH Investment of Indiana, Inc. (2)

RH of Indiana, L.P. (3)

RH of Texas Limited Partnership (4)

RH Organization, Inc. (2)

Ryland Communities, Inc. (2)

Ryland Golf Course at the Colony, Inc. (2)

Ryland Homes Investment-Texas, Inc. (2)

Ryland Homes Nevada, LLC (5)

Ryland Homes of Texas, Inc. (2)

Ryland Homes of Arizona, Inc. (2)

Ryland Homes of California, Inc. (2)

Ryland Organization Company (2)

Ryland Ventures II, Inc. (2)

Ryland Ventures III, Inc. (2)

The Regency Organization, Inc. (2)

The Ryland Corporation (2)

(Signature page continued on next page)

SCHEDULE A

SCHEDULE 1

Final Term Sheet dated April 30, 2009 relating to the 8.4% Senior Notes due 2017, as filed pursuant to Rule 433 under the Securities Act