Limited Liability Company Operating Agreement Page 6
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15be
filled
by
the
Members
for
the
unexpired
portion
of
the
term.
XIII.
MEMBER
ONLY
POWERS.
Notwithstanding
any
other
provision
of
this
Agreement,
only
a
majority
of
the
Members
may:
(a)
sell
or
encumber
(but
not
lease)
any
real
estate
owned
by
the
LLC,
or
(b)
incur
debt,
expend
funds,
or
otherwise
obligate
the
LLC
if
the
debt,
expenditure,
o r
o ther
o bligation
e xceeds
$ ________________________.
XIV.
INTEREST
OF
MEMBERS.
Each
Member
shall
own
a
percentage
interest
on
the
LLC.
The
Member’s
percentage
interest
shall
be
based
on
the
amount
of
consideration
that
the
member
has
contributed
to
the
L LC
a nd
t hat
p ercentage
i nterest
s hall
c ontrol
t he
M ember’s
s hare
of
t he
p rofit,
l osses,
a nd
d istributions
o f
t he
L LC.
XV.
CONTRIBUTIONS.
The
initial
contributions
and
initial
percentage
interest
o f
t he
M embers
a re
a s
s et
o ut
i n
t his
A greement.
XVI.
ADDITIONAL
CONTRIBUTIONS.
In
the
case
when
the
Members
are
called
upon
by
the
majority
of
the
Members
of
the
LLC
to
make
additional
cash
contributions,
the
additional
cash
contribution
shall
be
based
on
the
Member’s
then
existing
percentage
interest.
If
a
Member
is
unable
to
meet
a
cash
call,
the
other
Members
can
contribute
the
unmet
call
on
a
pro
rata
basis
based
on
the
Members’
percentage
interest
at
that
time,
and
the
percentage
interest
of
each
Member
w ill
b e
a djusted
a ccordingly.
XVII.
PERCENTAGE
INTEREST/RECORD
OF
CONTRIBUTIONS.
This
Agreement,
any
amendment(s)
to
this
Agreement,
and
all
Resolutions
of
t he
M embers
o f
t he
L LC
s hall
c onstitute
t he
r ecord
o f
t he
M embers
of
t he
L LC
a nd
o f
t heir
r espective
i nterest
t herein.
XVIII.
DISTRIBUTIONS.
Distribution
of
cash
and
other
assets
of
the
LLC
(other
than
in
dissolution
of
the
LLC)
shall
be
made
in
the
total
amounts
and
at
the
times
determined
by
a
majority
of
the
Members.
Any
such
distributions
shall
be
allocated
among
the
Members
on
the
basis
o f
t he
M embers’
p ercentage
i nterest
i n
t he
L LC.
XIX.
PROFITS
AND
LOSSES.
On
the
basis
of
the
Members’
percentage
interest
i n
t he
L LC,
t he
p rofits
a nd
l osses
a nd
a ll
o ther
t ax
a ttributes
o f
the
L LC
s hall
b e
a llocated
a mong
t he
M embers.
XX.
CHANGE
IN
INTEREST.
IF
during
any
year
there
is
a
change
in
a
Member’s
percentage
interest,
the
Member’s
share
of
the
profits
and
losses
and
distributions
in
that
year
shall
be
determined
under
a
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