Number
13043
Version
Original
Reference
Sponsor
The Chair
Title
Resolution approving the Operating Agreement and an Amendment to the Articles of Organization for Holton Terrace LLC
Analysis
Body
WHEREAS, Holton Terrace Development LLC (“Holton Terrace Development” or “Sole Member”), is the sole member of Holton Terrace LLC (the “Company”); and
WHEREAS, pursuant to the Articles of Organization of the Company (the “Articles”), management of the Company is vested in a manager or managers; and
WHEREAS, the Company shall be operated in accordance with the terms of the Operating Agreement of Holton Terrace LLC (the “Operating Agreement”), which provides that management of the Company shall be vested in its members and not in a manager; and
WHEREAS, in order to ensure that the Articles and Operating Agreement are consistent, the Sole Member deems it to be in the Company’s best interest to file Articles of Amendment to the Articles of Organization of the Company (the “Articles of Amendment”), such that the Articles are amended to reflect that management of the Company be vested in its members and not in its manager or managers; and
WHEREAS, Sole Member deems it to be in the Company’s best interest to adopt the Operating Agreement of the Company; and
WHEREAS, to effectuate the foregoing, the Sole Member deems it to be in the Company’s best interest to approve the Articles of Amendment, in substantially the form reviewed by the undersigned and attached hereto as Exhibit A, and the Operating Agreement, in substantially the form reviewed by the undersigned and attached hereto as Exhibit B.
RESOLUTIONS
BE IT RESOLVED, that the Articles of Amendment, in substantially the form reviewed by the undersigned and attached hereto as Exhibit A, are hereby approved in all respects; and, be it
FURTHER RESOLVED, that the Operating Agreement, in substantially the form reviewed by the undersigned and attached hereto as Exhibit B, is hereby approved in all respects...
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