Exhibit 10.15


 


LIMITED LIABILITY COMPANY AGREEMENT


OF


VILLAS PARTNERS, LLC


 


THIS LIMITED LIABILITY
COMPANY AGREEMENT of VILLAS PARTNERS, LLC, a Delaware limited liability company (as amended from time to time, the “Agreement”)
is entered into among Oak Crest Villas JV, LLC, a Delaware limited liability company, the sole member of the Company (the “Member”),
and Ryan L. Hanks (“Hanks”) and Jordan Ruddy (“Ruddy”), each, as a Special Member (the “Special Member”).


 


RECITALS


 


A.           The
Company was formed as a Delaware limited liability company in accordance with the Delaware Limited Liability Company Act, as amended
from time to time (the “Act”).


 


B.           The
undersigned desire to execute this Agreement to set forth the terms and conditions under which the management, business, and financial
affairs of the Company will be conducted.


 


C.           Definitions
for this Agreement are set forth in Article XI.


 


AGREEMENT


 


NOW, THEREFORE, in
consideration of the foregoing recitals and the mutual promises, covenants, and conditions herein contained, the receipt and sufficiency
of which are hereby acknowledged, the undersigned parties hereby covenant and agree as follows:


 


ARTICLE I


PURPOSE AND POWERS OF COMPANY


 


1.01         Business
and Purpose. The sole business and purpose of the Company is to (a) acquire, own, hold, sell and dispose of the real property,
with improvements thereon, located at 7255 Lee Highway, Chattanooga, Tennessee 37421, known and commonly referred to as The Villas
at Oak Crest Apartments (the “Property”), and (b) borrow the Loan (as defined in Section 3.05), together with such
other activities permitted by the limited liability company laws of the State of Delaware as may be necessary, incidental, or appropriate
in connection therewith. Except as noted above, the Company shall not hold or acquire, directly or indirectly, any ownership interest
(legal or equitable) in any real or personal property or become a shareholder of or member or partner in any entity which acquires
or holds any property, until such time as the Loan has been fully repaid and all obligations under the Loan are satisfied.


 


1.02         Powers.
The Company shall have all powers of a limited liability company formed under the Act and not prohibited by the Act or this Agreement.


 


1.03         Title
to Company Property. All property owned by the Company shall be owned by the Company as an entity and, insofar as permitted
by applicable law, no Member shall have any ownership interest in any Company property in its individual name or right, and each
Member’s Membership Interest shall be personal property for all purposes.


 


1.04         Term.
This Agreement shall not terminate until the Company is terminated in accordance with this Agreement.


 




    	 



    	 



    

 


1.05         Registered
Office and Registered Agent. The Company’s initial registered office and initial registered agent shall be as provided
in the Certificate of Formation. The registered office and registered agent may be changed from time to time by filing the address
of the new registered office and/or the name of the new registered agent pursuant to the Act.


 


1.06         Formation
and Authorized Person. The Certificate of Formation has been filed with the Secretary of State of the State of Delaware in
accordance with and pursuant to the Act. Ryan L. Hanks and Deborah Huet are hereby designated as an “authorized person”
within the meaning of the Act, and has executed, delivered and filed the Certificate of Formation of the Company with the Secretary
of State of the State of Delaware, and is hereby authorized to execute, deliver and file any other certificates (and any amendments
and/or restatements thereof) necessary or desirable for the Company to qualify to do business in any other jurisdiction in which
the Company may wish to conduct business (the “Qualification Papers”). The execution, delivery and filing of the Qualification
Papers by Ryan L. Hanks or Deborah Huet as an “authorized person” within the meaning of the Act is hereby approved
and ratified in all respects. Upon the filing of all of Qualification Papers, her powers as an “authorized person”
ceased, and the Member thereupon became the designated “authorized person” and shall continue as the designated “authorized
person” within the meaning of the Act.


 


ARTICLE II


MEMBERS


 


2.01        Initial
Member.


 


(a)          The
name, address and initial Membership Interest of the initial Member is as follows:


 


	Name	 	Membership Interest
	 	 	 
	Oak Crest Villas JV, LLC	 	100%
	1600 Camden Road	 	 
	Charlotte, NC  28203	 	 


 


(b)          The
Member was admitted to the Company as a member of the Company upon its execution of a counterpart signature page to this Agreement.


 


2.02         Special
Member. Upon the occurrence of any event that causes the Member to cease to be a member of the Company (other than upon continuation
of the Company without dissolution upon (a) an assignment by the Member of all of its Membership Interest and the admission of
the transferee pursuant to Section 8.01, or (b) the resignation of the Member and the admission of an additional member of the
Company pursuant to Section 8.01), Hanks or, if Hanks is unable to so perform for any reason, Ruddy as the Special Member shall,
without any action of such Person and simultaneously with the Member ceasing to be a member of the Company, automatically be admitted
to the Company as a member and shall continue the Company without dissolution. No Special Member may resign from the Company or
transfer its rights as Special Member unless a successor Special Member has been approved in writing by Lender and has been admitted
to the Company as Special Member by executing a counterpart to this Agreement; provided, however, a Special Member shall automatically
cease to be a member of the Company upon the admission to the Company of a substitute Member. A Special Member shall be a member
of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions
of Company assets. Pursuant to Section 18-301 of the Act, a Special Member shall not be required to make any capital contributions
to the Company and shall not receive a Membership Interest in the Company. A Special Member, in its capacity as Special Member,
may not bind the Company. Except as required by any mandatory provision of the Act, a Special Member, in its capacity as Special
Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter relating to, the Company, including,
without limitation, the merger, consolidation or conversion of the Company. In order to implement the admission to the Company
of each Special Member, the Persons acting as a Special Member shall execute a counterpart to this Agreement. Prior to admission
to the Company as Special Member, no Person executing this Agreement as a Special Member shall be a member of the Company.


 




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ARTICLE III


MANAGEMENT BY MEMBER


 


3.01         In
General. The powers of the Company shall be exercised by, or under the authority of, the Member. In addition, the business
and affairs of the Company shall be managed under the direction of the Member. Subject to the limitations set forth in this Agreement,
and the terms of Section 3.06, the Member shall be entitled to make all decisions and take all actions for the Company.


 


3.02         Management
by Member. Except as otherwise limited by this Agreement, the Member shall have the power to do any and all acts necessary,
convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise.
Subject to the terms of Section 3.06, the Member shall be entitled to make all decisions and take all actions for the Company,
and, subject to Article IV, the Member has the authority to bind the Company.


 


3.03         Required
Approval. Any provision in this Agreement that requires the approval of the Members, but does not specify the particular percentage
interests or number of Members required for such approval, shall be interpreted to require the affirmative vote of the Member or
Members holding a majority of the total Membership Interests from time to time, and specifically shall not be interpreted to require
unanimous consent of the Members.


 


3.04         Action
By Members. In exercising the voting or other approval rights as provided herein, the Member may act through meetings and/or
written consents.


 


3.05         Authorization.
The Company is authorized to acquire the Property and to enter into a mortgage loan (the “Loan”) with CBRE Capital
Markets, Inc., a Texas corporation (together with its successors and assigns, the “Lender”), and from time to time
refinance the Loan. In furtherance of the conduct of the purposes described herein, the Company shall possess and may exercise
all of the powers and privileges granted by the Act, and the Company is hereby authorized to do any act, enter into any agreement,
contract or other instrument, and otherwise to engage in any activity and to do any action not prohibited under the Act or other
applicable law which is necessary, useful, desirable or convenient to the conduct, promotion and attainment of the business and
purposes of the Company. In addition, the Company or the Member on behalf of the Company, may enter into and perform the Loan Documents
and all documents, agreements, certificates, or financing statements contemplated thereby or related thereto, all without any further
act, vote or approval of any other Person notwithstanding any other provision of this Agreement, the Act or applicable law, rule
or regulation. The foregoing authorization shall not be deemed a restriction on the powers of the Member to enter into other agreements
on behalf of the Company in accordance with this Agreement.


 


ARTICLE IV


SEPARATENESS PROVISIONS


 


4.01         Single
Purpose Entity Requirements. Until the Loan is paid in full, the Company will remain a “Single Purpose Entity,”
which means a corporation, limited partnership, or limited liability company which, at all times since its formation and thereafter
will satisfy each of the following conditions:


 




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		(1)	It will not engage in any business or activity, other than the ownership, operation and maintenance
of the Property and activities incidental thereto.



 


		(2)	It will not acquire, own, hold, lease, operate, manage, maintain, develop or improve any assets
other than the Property and such personalty as may be necessary for the operation of the Property and will conduct and operate
its business as presently conducted and operated.



 


		(3)	It will preserve its existence as an entity duly organized, validly existing and in good standing
(if applicable) under the laws of the jurisdiction of its formation or organization and will do all things necessary to observe
organizational formalities.



 


		(4)	It will not merge or consolidate with any other Person.



 


		(5)	It will not take any action to dissolve, wind-up, terminate or liquidate in whole or in part; to
sell, transfer or otherwise dispose of all or substantially all of its assets; to change its legal structure; transfer or permit
the direct or indirect transfer of any partnership, membership or other equity interests, as applicable, other than Transfers permitted
under the Loan Documents; issue additional partnership, membership or other equity interests, as applicable, or seek to accomplish
any of the foregoing.



 


		(6)	It will not, without the prior unanimous written consent of all of the Company’s members,
take any of the following actions:



 


		(A)	File any insolvency, or reorganization case or proceeding, to institute proceedings to have the
Company be adjudicated bankrupt or insolvent.



 


		(B)	Institute proceedings under any applicable insolvency law.



 


		(C)	Seek any relief under any law relating to relief from debts or the protection of debtors.



 


		(D)	Consent to the filing or institution of bankruptcy or insolvency proceedings against the Company.



 


		(E)	File a petition seeking, or consent to, reorganization or relief with respect to the Company under
any applicable federal or state law relating to bankruptcy or insolvency.



 


		(F)	Seek or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator,
custodian, or any similar official for the Company or a substantial part of its property.



 




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		(G)	Make any assignment for the benefit of creditors of the Company.



 


		(H)	Admit in writing Company’s inability to pay its debts generally as they become due.



 


		(I)	Take action in furtherance of any of the foregoing.



 


		(7)	It will not amend or restate its organizational documents if such change would cause the provisions
set forth in those organizational documents not to comply with the requirements set forth in this Section 4.01.



 


		(8)	It will not own any subsidiary or make any investment in, any other Person.



 


		(9)	It will not commingle its assets with the assets of any other Person and will hold all of its assets
in its own name.



 


		(10)	It will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing
any obligation), other than, (A) the Loan and (B) customary unsecured trade payables incurred in the ordinary course of owning
and operating the Property provided the same are not evidenced by a promissory note, do not exceed, in the aggregate, at any time
a maximum amount of 2% of the original principal amount of the Loan and are paid within 60 days of the date incurred.



 


		(11)	It will maintain its records, books of account, bank accounts, financial statements, accounting
records and other entity documents separate and apart from those of any other Person and will not list its assets as assets on
the financial statement of any other Person; provided, however, that the Company’s assets may be included in a consolidated
financial statement of its Affiliate provided that (A) appropriate notation will be made on such consolidated financial statements
to indicate the separateness of the Company from such Affiliate and to indicate that Company’s assets and credit are not
available to satisfy the debts and other obligations of such Affiliate or any other Person and (B) such assets will also be listed
on the Company’s own separate balance sheet.



 


		(12)	Except for capital contributions or capital distributions permitted under the terms and conditions
of its organizational documents, it will only enter into any contract or agreement with any general partner, member, shareholder,
principal or Affiliate of Company or any Guarantor of the Loan, or any general partner, member, principal or Affiliate thereof,
upon terms and conditions that are commercially reasonable and substantially similar to those that would be available on an arm’s-length
basis with third parties.



 


		(13)	It will not maintain its assets in such a manner that will be costly or difficult to segregate,
ascertain or identify its individual assets from those of any other Person.



 




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		(14)	It will not assume or guaranty (excluding any guaranty that has been executed and delivered in
connection with the Loan) the debts or obligations of any other Person, hold itself out to be responsible for the debts of another
Person, pledge its assets to secure the obligations of any other Person or otherwise pledge its assets for the benefit of any other
Person, or hold out its credit as being available to satisfy the obligations of any other Person.



 


		(15)	It will not make or permit to remain outstanding any loans or advances to any other Person except
for those investments permitted under the Loan Documents and will not buy or hold evidence of indebtedness issued by any other
Person (other than cash or investment-grade securities).



 


		(16)	It will file its own tax returns separate from those of any other Person, except to the extent
that the Company is treated as a “disregarded entity” for tax purposes and is not required to file tax returns under
applicable law, and will pay any taxes required to be paid under applicable law.



 


		(17)	It will hold itself out to the public as a legal entity separate and distinct from any other Person
and conduct its business solely in its own name, will correct any known misunderstanding regarding its separate identity and will
not identify itself or any of its Affiliates as a division or department of any other Person.



 


		(18)	It will maintain adequate capital for the normal obligations reasonably foreseeable in a business
of its size and character and in light of its contemplated business operations and will pay its debts and liabilities from its
own assets as the same become due.



 


		(19)	It will allocate fairly and reasonably shared expenses with Affiliates (including shared office
space) and use separate stationery, invoices and checks bearing its own name.



 


		(20)	It will pay (or cause the Property Manager to pay on behalf of the Company from Company’s
funds) its own liabilities (including salaries of its own employees) from its own funds.



 


		(21)	It will not acquire obligations or securities of its partners, members, shareholders, or Affiliates,
as applicable.



 


		(22)	Except as contemplated or permitted by the Property Management Agreement with respect to the Property
Manager, it will not permit any Affiliate or constituent party independent access to its bank accounts.



 


		(23)	It will maintain a sufficient number of employees (if any) in light of its contemplated business
operations and pay the salaries of its own employees, if any, only from its own funds.



 




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Failure of the Company
to comply with any of the foregoing covenants or any other covenants contained in this Agreement shall not affect the status of
the Company as a separate legal entity or the limited liability of the Members.


 


ARTICLE V


SUBORDINATION OF INDEMNIFICATION PROVISIONS


 


5.01          Notwithstanding
any provision hereof to the contrary, any indemnification claim against the Company arising under the Certificate of Formation,
this Agreement or the laws of the state of organization of the Company shall be fully subordinate to any obligations of the Company
arising under the Security Instrument or any other Loan Document, and shall only constitute a claim against the Company to the
extent of, and shall be paid by the Company in monthly installments only from, the excess of net operating income of the Company
for any month over all amounts then due under the Security Instrument and the other Loan Documents.


 


ARTICLE VI


EFFECT OF BANKRUPTCY, DEATH OR INCOMPETENCY
OF A MEMBER


 


6.01         The
bankruptcy, death, dissolution, liquidation, termination or adjudication of incompetency of a member or Special Member shall not
cause the member or Special Member, respectively, to cease to be a member of the Company and shall not cause the termination or
dissolution of the Company and the business of the Company shall continue. Upon any such occurrence, the trustee, receiver, executor,
administrator, committee, guardian or conservator of such member shall have all the rights of such member for the purpose of settling
or managing its estate or property, subject to satisfying conditions precedent to the admission of such assignee as a substitute
member. The transfer by such trustee, receiver, executor, administrator, committee, guardian or conservator of any Company interest
shall be subject to all of the restrictions hereunder to which such transfer would have been subject if such transfer had been
made by such bankrupt, deceased, dissolved, liquidated, terminated or incompetent member. Notwithstanding any other provision of
the Certificate of Formation or this Agreement, no member or Special Member of the Company shall have any right under Section 18-801(b)
of the Act to agree in writing to dissolve the Company upon the bankruptcy of a member or Special Member or the occurrence of any
event that causes a member or Special Member of the Company to cease to be a member of the Company. The existence of the Company
as a separate legal entity shall continue until the cancellation of its Certificate of Formation as provided in the Act.


 


ARTICLE VII


CONTRIBUTIONS TO THE COMPANY AND DISTRIBUTIONS


 


7.01         Member
Capital Contributions. Upon execution of this Agreement, the Member shall contribute as the Member’s initial Capital
Contribution, $100 in cash.


 


7.02         Effect
of Sale or Exchange. In the event of a permitted sale, exchange, or other assignment of a Membership Interest, the capital
account of the assignor shall become the capital account of the assignee to the extent it relates to the assigned Membership Interest.


 




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7.03         Distributions
and Allocations. All distributions of cash or other property (except upon the Company’s dissolution, which shall be governed
by the applicable provisions of the Act and Article IX hereof) and all allocations of income, profits, and loss shall be made 100%
to the Member in accordance with its Membership Interest. All amounts withheld pursuant to the Code or any provisions of state
or local tax law with respect to any payment or distribution to the Member from the Company shall be treated as amounts distributed
to the Member pursuant to this Section 7.03. Notwithstanding any provision to the contrary contained in this Agreement, the Company
shall not be required to make a distribution to the Member on account of its interest in the Company if such distribution would
violate Section 18-607 of the Act or any other applicable law.


 


ARTICLE VIII


ASSIGNMENTS; RESIGNATIONS


 


8.01         
Assignment, Resignation and Admission Generally.


 


(a)          Assignments.
Subject to the terms of the Loan Documents and this Section 8.01(a) of this Agreement, the Member may assign in whole or in part
its Membership Interest in the Company. If the Member transfers all of its Membership Interest pursuant to this Section 8.01, the
transferee shall be admitted to the Company as a member of the Company upon its execution of an instrument signifying its agreement
to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement.
Such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the transferor
Member shall cease to be a member of the Company. Notwithstanding anything in this Agreement to the contrary, any successor to
the Member by merger or consolidation in compliance with the Basic Documents shall, without further act, be the Member hereunder,
and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue
without dissolution.


 


(b)          Resignation.
So long as any obligation is outstanding under the Loan, the Member may not resign, except as permitted under the Basic Documents.
If the Member is permitted to resign pursuant to this Section 8.01(b), an additional member of the Company shall be admitted to
the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement,
which instrument may be a counterpart signature page to this Agreement. Such admission shall be deemed effective immediately prior
to the resignation and, immediately following such admission, the resigning Member shall cease to be a member of the Company.


 


(c)          Admission
of Additional Members. One or more additional members of the Company may be admitted to the Company with the written consent
of the Member, provided, however, that, notwithstanding the foregoing, except as otherwise provided in the Loan Documents, so long
as any obligation remains outstanding under the Loan, no additional Member may be admitted to the Company pursuant to this Section
8.01(c) unless approved by the Lender.


 


8.02         Absolute
Prohibition. Notwithstanding any other provision in this Article VIII, the Membership Interest of the Member, in whole or in
part, or any rights to distributions therefrom, shall not be sold, exchanged, conveyed, transferred, pledged, hypothecated, subjected
to a security interest, or otherwise assigned or encumbered, if such action would result in a violation of federal or state securities
laws in the opinion of counsel for the Company.


 


8.03         Additional
Requirements. In addition to all requirements imposed in this Article VIII, any admission of a Member or assignment of a Membership
Interest shall be subject to all restrictions relating thereto expressly imposed by the Act.


 


8.04         Effect
of Prohibited Action. Any assignment in violation of this Article VIII shall be, to the fullest extent permitted by law, void
and of no force or effect whatsoever.


 




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ARTICLE IX


DISSOLUTION AND TERMINATION


 


9.01         Dissolution.
Subject to the other provisions of this Agreement, the Company shall be dissolved upon the first to occur of the following: (a)
the termination of the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates
the continued membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution
in a manner permitted by this Agreement or the Act or (b) the entry of a decree of judicial dissolution under Section 18-802 of
the Act. Upon the occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company
or that causes the Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution
upon (i) an assignment by the Member of all of its Membership Interest and the admission of the transferee pursuant to Section
8.01, or (ii) the resignation of the Member and the admission of an additional member of the Company pursuant to Section 8.01),
to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90
days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing
(x) to continue the Company and (y) to admit the personal representative or its nominee or designee, as the case may be, as a substitute
member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining
member of the Company or the Member in the Company.


 


9.02         Liquidation.
Upon the dissolution of the Company, it shall wind up its affairs and distribute its assets in accordance with Section 9.04 and
the Act by either or a combination of the following methods as the Member (or the Person or Persons carrying out the liquidation)
shall determine:


 


(a)          selling
the Company’s assets and, after the satisfaction of Company liabilities, distributing the net proceeds therefrom to the Member;
and/or


 


(b)          subject
to the satisfaction of Company liabilities, distributing the Company’s assets to the Member in kind, with the Member accepting
an undivided interest in the Company’s assets in satisfaction of its Membership Interest.


 


9.03         Orderly
Liquidation. A reasonable time as determined by the Member (or the Person or Persons carrying out the liquidation) shall be
allowed for the orderly liquidation of the assets of the Company and the discharge of liabilities to the creditors so as to minimize
any losses attendant upon dissolution.


 


9.04         Distributions.
Upon dissolution, the Company assets (including any cash on hand) shall be distributed in the following order and in accordance
with the following priorities:


 


(a)          first,
the Loan; then


 


(b)          second,
to the satisfaction of the other debts and liabilities of the Company (whether by payment or the making of reasonable provision
for payment thereof) and the expenses of liquidation, including a sales commission to the selling agent, if any; then


 


(c)          third,
to the Member.


 




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9.05         Termination.
The Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities
and obligations of the Company shall have been distributed to the Member in the manner provided for in this Agreement and (ii)
the Certificate of Formation shall have been canceled in the manner required by the Act. The existence of the Company as a separate
legal entity shall continue until cancellation of the Certificate of Formation as provided in the Act.


 


ARTICLE X


MISCELLANEOUS PROVISIONS


 


10.01         Governing
Law. This Agreement shall be construed, enforced, and interpreted in accordance with the laws of the State of Delaware, without
regard to conflicts of law provisions and principles thereof.


 


10.02         Indemnity.
The Company shall indemnify and hold harmless any person who was or is a party to any proceeding,, including any proceeding brought
by a member in the right of the Company or brought by or on behalf of any member of the Company, by reason of the fact that he
is or was an officer of the Company, against any liability incurred by him in connection with such proceedings unless he engaged
in willful misconduct or knowing violation of the criminal law or any federal or state securities laws. Furthermore, in any such
proceedings brought by or on behalf of the Company or bought by or on behalf of the members of the Company, no officer shall be
liable to the Company or its members for any monetary damages with respect to any transaction, occurrence, course of conduct or
otherwise, except for liability resulting from such officer’s having engaged in willful misconduct or a knowing violation
of the criminal law or any federal or state securities laws.


 


10.03         Integrated
and Binding Agreement; Amendment. This Agreement contains the entire understanding and agreement among the parties hereto with
respect to the subject matter hereof, and there are no other agreements, understandings, representations or warranties among the
parties hereto other than those set forth herein. This Agreement may be amended only by written agreement of the Member and only
as provided in this Agreement. Notwithstanding any other provision of this Agreement, the parties hereto agree that this Agreement
constitutes a legal, valid and binding agreement, and is enforceable against each of them in accordance with its terms.


 


10.04         Construction.
Whenever the singular number is used in this Agreement and when required by the context, the same shall include the plural, and
the masculine gender shall include the feminine and neuter genders, and vice versa.


 


10.05         Headings.
The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or
limit the scope, extent, or intent of this Agreement or any provision hereof.


 


10.06         Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which shall constitute one
and the same instrument.


 


10.07         Severability.
If any provision of this Agreement or the application thereof to any Person or circumstance shall be invalid, illegal, or unenforceable
to any extent, the remainder of this Agreement and the application thereof shall not be affected and shall be enforceable to the
fullest extent permitted by law.


 


10.08         Notices.
All notices under this Agreement shall be in writing and shall be given to the party entitled thereto by personal service or by
mail, posted to the address maintained by the Company for such person or at such other address as he may specify in writing.


 




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10.09         Rights
and Remedies Cumulative; Waivers. The rights and remedies provided by this Agreement are cumulative and the use of any one
right or remedy by any party shall not preclude or waive the right to use any or all other remedies, and are given in addition
to any other rights the parties may have by law, statute, ordinance, or otherwise. The failure of any party to seek redress for
violation of or to insist upon the strict performance of any covenant or condition of this Agreement shall not prevent a subsequent
act, which would have originally constituted a violation, from having the effect of an original violation.


 


10.10         Heirs,
Successors, and Assigns. Each and all of the covenants, terms, provisions, and agreements herein contained shall be binding
upon, and inure to the benefit of, the parties hereto and, to the extent permitted by this Agreement, their respective heirs, legal
representatives, successors, and assigns.


 


10.11         Partition.
Each Member agrees that the assets of the Company are not and will not be suitable for partition. Accordingly, each Member hereby
irrevocably waives (to the fullest extent permitted by law) any and all rights that he may have, or may obtain, to maintain any
action for partition of any of the assets of the Company.


 


10.12         Tax
Status. It is the intention of the Member that the Company be a disregarded entity for federal income tax purposes under Section
7701 of the Code and the Treasury Regulations promulgated pursuant thereto.


 


10.13         Effective
Date. Pursuant to Section 18-201(d) of the Act, this Agreement shall be effective as of the time of the filing of the Certificate
of Formation with the Office of the Delaware Secretary of State.


 


ARTICLE XI


DEFINITIONS


 


In addition to any
other defined terms herein, the following terms used in this Agreement shall have the following meanings (unless otherwise expressly
provided herein):


 


(a)          “Affiliate”
shall mean any Person controlling or controlled by or under common control with the Company including, without limitation (i) any
person who has a familial relationship, by blood, marriage or otherwise with any Member or employee of the Company, or any Affiliate
thereof and (ii) any Person which receives compensation for administrative, legal or accounting services from the Company, or any
of its Affiliates. For purposes of this definition, “control” when used with respect to any specified Person, means
the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
to the foregoing.


 


(b)          “Bankruptcy”
shall mean, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary
petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against it an order for relief, in any bankruptcy
or insolvency proceedings, (iv) files a petition or answer seeking for itself any reorganization, arrangement, composition, readjustment,
liquidation or similar relief under any statute, law or regulation, (v) files an answer or other pleading admitting or failing
to contest the material allegations of a petition filed against it in any proceeding of this nature, (vi) seeks, consents to or
acquiesces in the appointment of a trustee, receiver or liquidator of the Person or of all or any substantial part of its properties,
or (vii) if 120 days after the commencement of any proceeding against the Person seeking reorganization, arrangement, composition,
readjustment, liquidation or similar relief under any statute, law or regulation, if the proceeding has not been dismissed, or
if within 90 days after the appointment without such Person’s consent or acquiescence of a trustee, receiver or liquidator
of such Person or of all or any substantial part of its properties, the appointment is not vacated or stayed, or within 90 days
after the expiration of any such stay, the appointment is not vacated. The foregoing definition of “Bankruptcy” is
intended to replace and shall supersede and replace the definition of “Bankruptcy” set forth in Sections 18-101(1)
and 18-304 of the Act.


 




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(c)          “Basic
Documents" shall mean this Agreement, the Loan Documents, the Property Management Agreement and all documents and certificates
contemplated thereby or delivered in connection therewith.


 


(d)          “Capital
Contribution” shall mean any contribution to the capital of the Company by the Member in cash, property, or services, or
a binding obligation to contribute cash, property, or services, whenever made.


 


(e)          “Certificate
of Formation” shall mean the Certificate of Formation of the Company, as amended and in force from time to time.


 


(f)          “Closing
Date” shall mean the date on which the Company acquires the Property.


 


(g)          “Code”
shall mean the Internal Revenue Code of 1986, as amended, or corresponding provisions of subsequent superseding federal revenue
laws and the rules and regulations promulgated thereunder.


 


(h)          “Company”
shall mean VILLAS PARTNERS, LLC.


 


(i)          “Entity”
shall mean any general partnership, limited partnership, limited liability company, corporation, joint venture, trust, business
trust, cooperative, association or other entity.


 


(j)          “Loan”
is defined in Section 3.05.


 


(k)          “Loan
Documents” shall mean any promissory note, mortgage, deed of trust, guaranty, assignment, indemnity agreement, escrow agreement,
assumption agreement or the functional equivalent of any of the aforementioned, and any and all other documents evidencing or securing
the Loan and any and all documents related thereto, including the Security Instrument.


 


(l)          “Member”
shall mean the Person identified in Article II hereof and includes any Person admitted as an additional member or a substitute
member of the Company pursuant to the provisions of this Agreement, each in its capacity as a member of the Company; provided however,
the term “Member” shall not include the Special Member.


 


(m)          “Membership
Interest” shall mean the Member’s limited liability company interest in the Company and the other rights and obligations
with respect thereto as set forth in this Agreement. The Membership Interest is set forth beside the Member’s name in Article
II of this Agreement.


 


(n)          “Person”
shall mean any individual, corporation, partnership, limited liability company, joint venture, association, joint stock company,
trust (including any beneficiary thereof), unincorporated organization, or government or any agency or political subdivision thereof.


 


(o)          “Property”
is defined in Section 1.01.


 




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(p)          “Property
Manager” shall mean Madison Apartment Management Group, LLC, a Delaware limited liability company, and its successors and
assigns.


 


(q)          “Property
Management Agreement” shall mean the Apartment Management Agreement between the Company and the Property Manager with respect
to the management of the Property.


 


(r)          “Security
Instrument” shall mean the deed to secure debt and security agreement securing the Loan.


 


(s)          “Special
Member” shall mean, upon such Person’s admission to the Company as a member of the Company, each of the Persons bound
by this Agreement as Special Member in such Person’s capacity as a member of the Company. A Special Member shall only have
the rights and duties expressly set forth in this Agreement.


 


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BLANK]


 




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The undersigned hereby
agree, acknowledge, and certify that the foregoing constitutes the sole and entire Limited Liability Company Agreement of the Company.


 


	MEMBER:	Oak Crest Villas JV, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	Madison Oak Crest, LLC, a Delaware limited liability company, its manager 


 


	 	By:	/s/ Ryan L. Hanks
	 	 	Ryan L. Hanks, Manager


 


	SPECIAL MEMBER:	/s/ Ryan L. Hanks	 
	 	Ryan L. Hanks	 
	 	 	 
	 	/s/ Jordan Ruddy	 
	 	Jordan Ruddy	 


 




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