Limited Liability Company Operating Agreement - Limited Liability Company (Page 2 of 7) in pdf

Limited Liability Company Operating Agreement - Limited Liability Company Page 2

1.4

CONTINUANCE OF COMPANY. Notwithstanding the provisions of ARTICLE 1.3, in the

event of an occurrence described in ARTICLE 1.3(c), if there are at least two remaining

Members, said remaining Members shall have the right to continue the business of the

Company. Such right can be exercised only by the unanimous vote of the remaining

Members within ninety (90) days

after the occurrence of an event described in ARTICLE

1.3(c). If not so exercised, the right of the Members to continue the business of the Company

shall expire.

1.5

BUSINESS PURPOSE. The purpose of the Company is to acquire personal and real

property by purchase or otherwise, and manage such property in any lawful manner.

This Limited Liability Company may also conduct any and all lawful business for which

Limited Liability Companies can be organized pursuant to Montana Code Annotated.

1.6

PRINCIPAL PLACE OF BUSINESS. The location of the principal place of business of the

Company shall be as stated in the Articles of Organization or at a location as the

Members select

1.7

THE MEMBERS. The name and place of residence of each member are listed below at

Certification of Members. Members are the owners of this company.

1.8

ADMISSION OF ADDITIONAL MEMBERS. Except as otherwise expressly provided in the

Agreement, no additional members may be admitted to the Company through issuance

by the company of a new interest in the Company without the prior unanimous written

consent of the Members.

ARTICLE II

Capital Contributions

2.1

INITIAL CONTRIBUTIONS. The Members initially shall contribute to the Company capital

and the company shall keep record of the amount each contributed.

2.2

ADDITIONAL CONTRIBUTIONS. Except as provided in ARTICLE 6.2, no Member shall be

obligated to make any additional contribution to the Company's capital.

ARTICLE III

Profits, Losses and Distributions

3.1

PROFITS/LOSSES. For financial accounting and tax purposes the Company's net profits

or net losses shall be determined on an annual basis and shall be allocated to the

Members in proportion to each Member's relative capital interest in the Company, and

as amended from time to time in accordance with Treasury Regulation 1.704-1.

Operating Agreement - 2

Limited Liability Company Operating Agreement - Limited Liability Company Page 2