Limited Liability Company Operating Agreement For An Arizona Llc Page 10
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15after
t he
e xpiration
o f
a ny
s tay,
t he
a ppointment
i s
n ot
v acated
a nd/or
has
n ot
b een
c onsented
t o
b y
a
m ajority
o f
t he
m embers.
(h)
A
Member,
without
the
consent
of
a
majority
of
the
Members:
(1)
makes
an
assignment
for
the
benefit
of
creditors;
(2)
files
a
voluntary
petition
i n
b ankruptcy;
( 3)
i s
a djudicated
a
b ankrupt
o r
i nsolvent;
( 4)
files
a
petition
or
answer
seeking
for
himself
any
reorganization,
arrangement,
composition,
readjustment,
liquidation,
dissolution,
or
similar
relief
under
any
statute,
law
or
regulation;
(5)
files
an
answer
or
other
pleading
admitting
or
failing
to
contest
the
material
allegations
of
a
petition
filed
against
him
in
any
proceeding
of
the
nature
described
in
this
paragraph;
(6)
seeks,
consents
to,
or
acquiesces
in
the
appointment
of
a
trustee,
receiver,
or
liquidator
of
the
M ember
o r
o f
a ll
o r
a ny
s ubstantial
p art
o f
h is
p roperties;
o r
( 7)
i f
any
creditor
permitted
by
law
to
do
so
should
commence
foreclosure
or
take
any
other
action
to
seize
or
sell
any
Member’s
interest
in
the
LLC.
(i)
Any
of
the
events
provided
in
applicable
code
provisions
that
are
not
i nconsistent
w ith
t he
d issociation
e vents
i dentified
a bove.
XXXI.
ENCUMBRANCE.
With
majority
consent
from
the
Members,
a
Member
c an
e ncumber
h is
L LC
i nterest
b y
a
s ecurity
i nterest
o r
o ther
form
o f
c ollateral.
XXXII.
LLC
INTEREST.
A
Member
has
no
interest
in
property
owned
by
the
LLC.
T he
L LC
i nterest
i s
p ersonal
p roperty.
XXXIII.
S ALE
OF
INTEREST.
A
Member
can
sell
his
LLC
interest
only
as
follows:
(a)
If
a
Member
decides
to
sell
any
part
of
their
interest
he/she
must
first
offer
their
interest
to
the
LLC.
The
LLC
shall
have
the
option
to
buy
the
seller’s
interest
at
the
then
existing
Set
Price
as
stated
in
the
Agreement.
The
LLC
shall
then
have
to
option
for
30
days
upon
receiving
the
receipt
of
its
intention
to
buy
all,
a
portion,
or
none
of
the
offered
interest
with
a
majority
vote.
Closing
on
the
sale
shall
occur
within
60
days
(60)
from
the
date
that
the
LLC
gives
written
notice
of
its
intention
to
buy.
The
purchase
price
shall
be
paid
in
cash
at
t he
c losing
u nless
t he
t otal
p urchase
p rice
e xceeds
$ __________________
in
w hich
t he
p urchase
p rice
s hall
b e
p aid
i n
_ ___________
( ________)
e qual
quarterly
installments
beginning
at
the
time
of
closing.
The
installment
amounts
shall
be
computed
by
applying
the
following
interest
factor
to
the
principle
amount:
interest
compounded
quarterly
a t
t he
Q uarterly
F ederal
S hort-‐Term
R ate
e xisting
a t
c losing
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