# EDGAR Filing Document

**Accession Number:** 0002046788
**File Stem:** 0001104659-25-080221
**Filing Date:** 2025-8
**Character Count:** 784200
**Document Hash:** c7d64d7e109669bf2f744a9e16d208e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-080221.hdr.sgml**: 20250819

**ACCESSION NUMBER**: 0001104659-25-080221

**CONFORMED SUBMISSION TYPE**: 1-A/A

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20250819

**DATE AS OF CHANGE**: 20250819

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Commune Omni Fund, LLC
- **CENTRAL INDEX KEY:** 0002046788
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 991550010
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-A/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 024-12636
- **FILM NUMBER:** 251231352

**BUSINESS ADDRESS:**
- **STREET 1:** 31248 OAK CREST DRIVE
- **STREET 2:** SUITE 100
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91361
- **BUSINESS PHONE:** 805-367-3246

**MAIL ADDRESS:**
- **STREET 1:** 31248 OAK CREST DRIVE
- **STREET 2:** SUITE 100
- **CITY:** WESTLAKE VILLAGE
- **STATE:** CA
- **ZIP:** 91361

## Part

**AN OFFERING STATEMENT PURSUANT TO REGULATION A RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. INFORMATION CONTAINED IN THIS PRELIMINARY OFFERING CIRCULAR IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED BEFORE THE OFFERING STATEMENT FILED WITH THE COMMISSION IS QUALIFIED. THIS PRELIMINARY OFFERING CIRCULAR SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR MAY THERE BE ANY SALES OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL BEFORE REGISTRATION OR QUALIFICATION UNDER THE LAWS OF SUCH STATE. THE COMPANY MAY ELECT TO SATISFY ITS OBLIGATION TO DELIVER A FINAL OFFERING CIRCULAR BY SENDING YOU A NOTICE WITHIN TWO BUSINESS DAYS AFTER THE COMPLETION OF THE COMPANY'S SALE TO YOU THAT CONTAINS THE URL WHERE THE FINAL OFFERING CIRCULAR OR THE OFFERING STATEMENT IN WHICH SUCH FINAL OFFERING CIRCULAR WAS FILED MAY BE OBTAINED.**

**PRELIMINARY OFFERING CIRCULAR DATED JULY 8, 2025**

![](tm2519245d2_partiiandiiimg01.jpg)

**COMMUNE OMNI FUND, LLC**

**31248 OAK CREST DRIVE, SUITE 100**

**WESTLAKE VILLAGE, CALIFORNIA 91361**

**805-367-3246**

**7,500,000 UNITS OF MEMBERSHIP INTEREST IN THE COMPANY**

Commune Omni Fund, LLC (the "Company", "we", "us" or "our"), is a newly organized Delaware limited liability company. The Company intends, through an operating company, Commune Omni Fund OC, LLC, to purchase, develop, hold (directly or indirectly), and manage real estate properties.

The Company is offering up to $75,000,000 in Membership Interests in the Company ("Interests" or "Units") to the public at a price per unit of $10.00, which has been arbitrarily determined by the Company. The minimum investment in this offering is 500 Units or $5,000.

This Offering will commence upon its qualification by the Commission and shall terminate upon the earlier of: (1) sale of the maximum offering amount of $75,000,000 in Units; or (2) any date upon which the Offering is terminated by the Manager in its sole discretion. The Manager may extend this Offering in its sole discretion, at which time the Manager will file the appropriate updates to the Offering Circular with the Commission. The Company has prepared this Offering Circular in accordance with Regulation A of the Securities Act of 1933, as amended (the "Securities Act"). At least every 12 months after this offering has been qualified by the United States Securities and Exchange Commission (the "Commission"), the Company will file a post-qualification amendment to include the Company's recent financial statements.

---

| | | | |
|:---|:---|:---|:---|
| **Interests (Units)** | **Price to<br> Investors** | **Seller'<br> Commissions (1)** | **Proceeds to <br> the Company** |
| Per Unit | $10 | $0.10 (2) | $9.90 |
| Maximum Dollar Amount | $75000000 | $750000 (2) | $74250000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Company has engaged Andes Capital
 Group LLC ("Andes Capital"), member FINRA/SPIC, to act as the broker-dealer of
 record in connection with the Offering, but not for underwriting services. This includes
 the 1% commission on all sales and a 1.5% commission on sales sourced and initiated by Andes
 Capital. It also includes a one-time onboarding and consulting fee of $5,000. As of the date
 of this Offering Circular, it is unknown how many of the Units will be sold through the direct
 selling efforts of Andes Capital. See "PLAN OF DISTRIBUTION" for more details.
 To the extent that the Company's officers and directors make any communications in
 connection with the Offering they intend to conduct such efforts in accordance with an exemption
 from registration contained in Rule 3a4-1 under the Securities Exchange Act of 1934,
 as amended (the "Exchange Act"), and, therefore, none of them is required to
 register as a broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) This Offering is being made on a "best
 efforts" basis, which means there is no guarantee that any minimum amount will be sold.
 The Units are being offered and sold by the Company and through Andes Capital. The Company
 may undertake one or more closings on a rolling basis, where, after each such closing, funds
 tendered by investors are disbursed to the Company and the corresponding Units are issued
 to the investors whose subscriptions were accepted.

**Investing in the Company's units is speculative and involves substantial risks. You should purchase these securities only if you can afford a complete loss of your investment. See "Risk Factors" beginning on page 16 to read about significant risks you should consider before buying our common shares.**

**THIS INVESTMENT INVOLVES A HIGH DEGREE OF RISK.** **THIS INVESTMENT IS SUITABLE ONLY FOR PERSONS WHO CAN BEAR THE ECONOMIC RISK FOR AN INDEFINITE PERIOD OF TIME AND WHO CAN AFFORD TO LOSE THEIR ENTIRE INVESTMENT. FURTHERMORE, INVESTORS MUST UNDERSTAND THAT SUCH INVESTMENT IS ILLIQUID AND IS EXPECTED TO CONTINUE TO BE ILLIQUID FOR AN INDEFINITE PERIOD OF TIME. NO PUBLIC MARKET EXISTS FOR THE SECURITIES, AND NO PUBLIC MARKET IS EXPECTED TO DEVELOP FOLLOWING THIS OFFERING.**

**THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OR GIVE ITS APPROVAL OF ANY SECURITIES OFFERED OR THE TERMS OF THE OFFERING, NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY OFFERING CIRCULAR OR OTHER SOLICITATION MATERIALS. THESE SECURITIES ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION; HOWEVER THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THE SECURITIES OFFERED ARE EXEMPT FROM REGISTRATION.**

**GENERALLY NO SALE MAY BE MADE TO YOU IN THIS OFFERING IF THE AGGREGATE PURCHASE PRICE YOU PAY IS MORE THAN 10% OF THE GREATER OF YOUR ANNUAL INCOME OR NET WORTH. DIFFERENT RULES APPLY TO ACCREDITED INVESTORS AND NON-NATURAL PERSONS. BEFORE MAKING ANY REPRESENTATION THAT YOUR INVESTMENT DOES NOT EXCEED APPLICABLE THRESHOLDS, WE ENCOURAGE YOU TO REVIEW RULE 251(d)(2)(i)(C) OF REGULATION A. FOR GENERAL INFORMATION ON INVESTING, WE ENCOURAGE YOU TO REFER TO** **<u>www.investor.gov</u>.**

**In the event that we become a reporting company under the Securities Exchange Act of 1934, we intend to take advantage of the provisions that relate to "Emerging Growth Companies" under the JOBS Act of 2012. See "Summary -- Implications of Being an Emerging Growth Company."**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| [FORWARD LOOKING STATEMENTS](#ab_01) | [5](#ab_01) |
| [NOTICES](#ab_02) | [5](#ab_02) |
| [IMPORTANT INFORMATION ABOUT THIS OFFERING CIRCULAR](#ab_03) | [5](#ab_03) |
| [SUMMARY OF THE OFFERING](#ab_04) | [6](#ab_04) |
| [RISK FACTORS SUMMARY](#ab_05) | [15](#ab_05) |
| [RISK FACTORS](#ab_06) | [16](#ab_06) |
| [PLAN OF DISTRIBUTION](#ab_07) | [42](#ab_07) |
| [USE OF PROCEEDS TO ISSUER](#ab_08) | [46](#ab_08) |
| [THE COMPANY'S BUSINESS](#ab_09) | [47](#ab_09) |
| [DESCRIPTION OF PROPERTY](#ab_10) | [52](#ab_10) |
| [MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](#ab_11) | [53](#ab_11) |
| [PRIOR PERFORMANCE SUMMARY](#ab_12) | [56](#ab_12) |
| [MANAGEMENT](#ab_13) | [57](#ab_13) |
| [MANAGEMENT COMPENSATION](#ab_14) | [59](#ab_14) |
| [SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS](#ab_15) | [62](#ab_15) |
| [CONFLICTS OF INTEREST](#ab_16) | [63](#ab_16) |
| [DESCRIPTION OF MEMBERSHIP INTERESTS AND CERTAIN PROVISIONS OF THE AMENDED AND RESTATED OPERATING AGREEMENT](#ab_17) | [69](#ab_17) |
| [CERTAIN U.S. FEDERAL INCOME TAXATION CONSIDERATIONS](#ab_18) | [75](#ab_18) |
| [ONGOING REPORTING AND SUPPLEMENTS TO THIS OFFERING CIRCULAR](#ab_19) | [88](#ab_19) |
| [FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT](#ab_20) | [89](#ab_20) |
| [APPENDIX A – PRIOR PERFORMANCE TABLES](#ab_21) | [90](#ab_21) |
| [EXHIBIT INDEX](#ab_22) | [99](#ab_22) |

---

**FORWARD LOOKING STATEMENTS**

THIS OFFERING CIRCULAR MAY CONTAIN FORWARD-LOOKING STATEMENTS AND INFORMATION RELATING TO, AMONG OTHER THINGS, THE COMPANY, ITS BUSINESS PLAN AND STRATEGY, AND ITS INDUSTRY. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON THE BELIEFS OF, ASSUMPTIONS MADE BY, AND INFORMATION CURRENTLY AVAILABLE TO THE COMPANY'S MANAGEMENT AND ACTUAL RESULTS MAY DIFFER MATERIALLY FROM THOSE INDICATED BY THE FORWARD-LOOKING STATEMENTS. WHEN USED IN THE OFFERING MATERIALS, THE WORDS "ESTIMATE," "PROJECT," "BELIEVE," "ANTICIPATE," "INTEND," "EXPECT" AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS, WHICH CONSTITUTE FORWARD LOOKING STATEMENTS. THESE STATEMENTS REFLECT MANAGEMENT'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. INVESTORS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THE DATE ON WHICH THEY ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO REVISE OR UPDATE THESE FORWARD-LOOKING STATEMENTS TO REFLECT EVENTS OR CIRCUMSTANCES AFTER SUCH DATE OR TO REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

**NOTICES**

IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUER AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. THESE SECURITIES HAVE NOT BEEN RECOMMENDED OR APPROVED BY ANY FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THESE AUTHORITIES HAVE NOT PASSED UPON THE ACCURACY OR ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

**IMPORTANT INFORMATION ABOUT THIS OFFERING CIRCULAR**

Please carefully read the information in this disclosure document and any accompanying offering circular supplements, which the Company refers to collectively as this "Offering Circular". This Offering Circular is part of an offering statement that the Company filed with the SEC, which includes exhibits that provide a more detailed description of the matters discussed in this Offering Circular ("Offering Statement"). Periodically, if the Company updates the price per Unit or has other material developments, the Company will provide an Offering Circular supplement that may add, update, or change information contained in this Offering Circular. Any statement that the Company makes in this Offering Circular will be modified or superseded by any inconsistent statement made by the Company in a subsequent offering circular supplement.

Prospective investors should read this Offering Statement, together with additional information contained in annual reports, semi-annual reports, current event reports and other reports and information statements that the Company will file periodically with the SEC. In considering whether to invest, prospective investors should rely only on the information contained in the Offering Statement and any reports filed with the SEC. Prospective investors should not construe the contents of the Offering Statement as legal, tax, investment or accounting advice, and each prospective investor is urged to consult with the prospective investor's own advisors with respect to the legal, tax, regulatory, financial and accounting consequences of its investment in the Company.

Prospective investors should not assume that the information contained in this Offering Circular is accurate as of any date later than the date hereof or such other dates as are stated herein or as of the respective dates of any documents or other information incorporated herein by reference.

The Offering Statement and all supplements and reports that the Company has filed or will file in the future can be read at the SEC website, www.sec.gov, and will be available on the Company's website, www.communecapital.com/omni.

**SUMMARY OF THE OFFERING**

This offering summary highlights certain material information regarding the Company's business and this Offering. Because it is a summary, it does not contain all of the information that is important to prospective investors. While this summary includes key information for a prospective investor's investment decision, to understand this Offering fully, prospective investors should read the entire Offering Circular carefully, including the "Risk Factors" section, before making a decision to invest in Units.

**The Company**

Commune Omni Fund, LLC, is a Delaware limited liability company. The Company was formed on February 22, 2024, and has not yet commenced operations.

The Company will own all of the membership interests in Commune Omni Fund OC, LLC (the "**Operating Company**"), which will hold the Investments (as defined below).

The Manager intends to operate the Company in a manner that would allow the Company to qualify as a real estate investment trust ("**REIT**") for U.S. tax purposes beginning with the taxable year ending December 31, 2025. Among other requirements, REITs are required to distribute to their members at least 90% of their annual REIT taxable income (computed without regard to the dividends paid deduction and excluding net capital gain).

**Management**

The Company's manager is Commune Omni Fund Management, LLC, a Delaware limited liability company. The Manager is also the manager of the Operating Company. The Manager is a wholly-owned subsidiary of Commune Capital, LLC ("**Sponsor**").

**The Offering**

The Company is offering up to 7,500,000 Units for $10 per Unit. The minimum investment per investor is $5,000. The Company is seeking a maximum target of $75,000,000.

The Offering will commence upon its qualification by the Commission and shall terminate upon the earlier of: (1) sale of the maximum offering amount of $75,000,000 in Units; or (2) any earlier date upon which the Offering is terminated by the Manager in its sole discretion. At least every 12 months after this Offering has been qualified by the Commission, the Company will file a post-qualification amendment to include the Company's recent financial statements.

**Investment Objectives**

The Company's investment objectives are to seek capital appreciation and current income.

The Company and Manager cannot assure investors that the Company will attain these objectives or that the value of the Company's assets will not decrease. Furthermore, within the Company's investment objectives and policies, the Manager will have substantial discretion with respect to the selection of specific investments and the purchase and sale of assets.

**Investment Strategy**

In seeking to achieve its objectives, the Company intends, through the Operating Company, to purchase, develop, hold, manage and dispose of (directly or indirectly) real estate properties (each, a "**Property**" and collectively, the "**Properties**"). The Operating Company will generally own Properties through special purpose entities and joint ventures (each, a "**Property Entity**" and collectively, the "**Property Entities**"). Properties will be individually referred to as an "**Investment**" and collectively, as "**Investments**."

While the Company may acquire and/or construct Properties of any kind, the Company intends to focus primarily on multi-family housing ground-up development, redevelopment, and enhancement projects, which projects may include Properties designated as affordable housing. Generally, "affordable housing" refers to multi-family housing where: (1) a percentage of units are rented to persons earning less than a certain percentage of the area median income ("AMI"); and/or (2) a percentage of units are rented at rental rates below a percentage of AMI. Different government affordable housing programs apply different AMI percentages, maximum rental rates, and other requirements. In selecting multi-family housing Properties for the Company (whether affordable housing or not), the Manager considers, without limitation, one or more of the following criteria: (i) attractive prices due to market conditions or otherwise; (ii) offer potential for appreciation or income; or (iii) are held by owners with a motivation to sell (e.g., distressed sellers). After acquiring a Property, the Manager seeks to leverage the Sponsor Principals' (as defined below) collective knowledge and experience of the real estate market to implement one or more development, redevelopment, or enhancement strategies for the Property, and an operations strategy.

Notwithstanding the Company's primary focus on multi-family housing, the Company may acquire any type of real estate (e.g., office, retail, mixed use, self-storage, etc.) where the Manager identifies what it believes is an attractive opportunity.

**Investor Eligibility**

Units are being offered and sold only to "qualified purchasers" (as defined in Regulation A under the Securities Act of 1933, as amended (the "Securities Act")). "Qualified purchasers" include: (i) accredited investors (as defined under Rule 501(a) of the Securities Act); or (ii) purchasers investing no more than the greater of 10% of: (A) if a natural person, their net worth or their net income; or (B) if an entity, revenue or net assets for the entity's most recently completed fiscal year.

**How to Purchase**

The Offering will be conducted through general solicitation, direct solicitation, and other marketing efforts. Investors seeking to purchase Units who satisfy the qualified purchaser standards should proceed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Read this entire Offering Circular and any supplements
accompanying this Offering Circular.

&nbsp;&nbsp;&nbsp;&nbsp;· Either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Electronically complete and execute a copy of the subscription agreement via the http://communecapital.com/omni
("Portal") and pay the full purchase price of the subscribed Units via the Portal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Electronically complete and execute a copy of the subscription agreement via DocuSign with an email to
the Manager and pay the full purchase price of the subscribed Units via wire transfer.

The Manager has engaged KoreTransfer as its transfer agent, and Andes Capital as an independent FINRA broker-dealer to assist the Company in selling the Interests. Andes Capital will receive a commission at a rate of 1.0% of the gross proceeds (up to a maximum of $750,000) of all sales and 1.5% of the gross proceeds of proceeds received by the Company through Andes Capital's direct introductions and introductory efforts.

The Manager has not engaged an underwriter for the sale of the Interests.

The Offering is being conducted on a best-efforts basis, which means the Manager and Andes Capital will use commercially reasonable best efforts in an attempt to sell the Interests.

The Manager of the Company and employees of the Sponsor will not receive any commission or any other remuneration for these sales, relying on the safe harbor from broker-dealer registration set forth in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended.

**Expenses**

The Company will be responsible for paying, or reimbursing the Manager, for all costs and expenses associated with the formation and operation of the Company and the Operating Company, including, but not limited to, preparation of tax returns, any state and federal income tax, legal fees, accounting fees, filing fees, any required independent audit reports required by agencies governing the business activities of the Company and Operating Company, operational expenses, acquisition expenses and fees, contractors, construction expenses, capital expenses, and due diligence costs and expenses.

**Compensation to Management**

Certain operational expenses may be paid to the Manager or its affiliates. The Manager and its affiliates will receive fees for managing the Company, including, without limitation:

*Organization and Offering Expenses*. The Company will reimburse the Manager for organization and offering costs it incurs on behalf of the Company.

*Asset Management Fee*. The Company will pay the Manager a monthly asset management fee, attributed to each Member pro rata based upon their respective Units, equal to 2% annualized of the aggregate net value of the assets and liabilities of the Company.

*Acquisition, Development, and Disposition Fees.* The Company will pay the Manager or its affiliates certain real estate transaction fees, including, without limitation, an acquisition and development fee equal to 1% of the sum of the purchase price and the budgeted cost of any planned improvements of the applicable Property, a disposition fee equal to 1% of the sales price of the applicable Property.

*Financing Fees.* When the Company or a Property Entity secures financing or refinances a Property, the Company or a Property Entity will pay the Manager or an affiliate a financing fee equal to 1% of the amount financed.

*Guarantor Fee*. If the lender requires the Manager or a Manager affiliate to provide a guarantee, then the Company or its subsidiaries (as applicable) will pay compensation to the Manager or a Manager affiliate, as applicable; provided, that any compensation to the Manager or a Manager affiliate in exchange for a guarantee will not exceed 2% of the amount guaranteed per annum.

*Other Service and Operating Fees.* In addition to the fees described above, the Property Entities, the Company, or its affiliates may engage service providers to provide other services, including without limitation, brokerage, construction, management, operational, maintenance, and repair services, which services may be provided by the Manager, Manager affiliate, or third party. If a Property Entity or the Company engages a third party service provider instead of the Manager or a Manager affiliate, fees will be negotiated at arm's length. However, if a Property Entity engages the Manager or a Manager affiliate for services, the Property Entity or the Company (as applicable) will pay fees based on the assessment of prevailing market rates for the size, scope and other characteristics of the applicable project, as determined by such entity's manager (which may be the Manager or a Manager affiliate).

**Distributions**

Distributions from the Operating Company and Company will be made on an Investment-by-Investment basis, and may be made at any time as determined by the Manager in its discretion. In general, distributions of current cash from interest, lease payments net of current expenses, and the proceeds of Qualifying Refinancings<sup>1</sup> ("**Cash Flow**") will be made quarterly within 45 days of the end of each calendar quarter.<sup>2</sup> Net cash proceeds from the refinancing (other than proceeds of Qualifying Refinancings), sale or other disposition of an Investment or any portion of an Investment ("**Distributable Sales Proceeds**") will generally be distributed as soon as practicable after receipt thereof.

<sup>1</sup> "**Qualifying Refinancing**" : (i) any refinancing of a Property where the Post-Refinancing Property Equity is equal to or greater than the product of: (a) the total capital contributions that the Company has invested in such Property; multiplied by (b) 1.25; or (ii) any initial financing or refinancing of a Property where 70% or more of the acquisition, development, and/or improvement costs were funded through cash assets of the Company (as opposed to borrowed funds); and "**Post-Refinancing Property Equity**" means, with respect to a Property, an amount equal to: (a) the independent, third party valuation of such Property obtained in connection with a refinancing of the Property; less (b) the total amount of indebtedness on the Property following the refinancing. Notwithstanding the foregoing, if the Company contributed only a portion of the capital used for the acquisition or enhancement of the Property (e.g., as the result of a co-investment), then the Post-Refinancing Property Equity will be adjusted downward to be proportionate to the Company's capital contributed to the Property as a fraction of all capital contributed to the Property.

<sup>2</sup> Notwithstanding expected quarterly distributions, no distributions are expected to be made until at least one full quarter of Company operations is completed.

The Manager will withhold from any distribution amounts necessary for payment of expenses and liabilities of the Company or its subsidiaries, including payments to the Manager or its affiliates (See "Management Compensation") and any additional amount considered appropriate by the Manager to create cash reserves for taxes, debt service, future expenses related to the Company's operation, insurance, repairs, replacements or renewals and/or other obligations, costs, expenses and liabilities, contingent or otherwise anticipated by the Manager.

*Distributions from the Operating Company*

· Distributions of Cash Flow will be made: (1) 70%
to the Company; and (2) 30% to the Commune Equity Participation Program, LLC ()"**Class B Member** ").

· Distributions of Distributable Sales Proceeds
will be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o First, to the Company until the Company has received distributions equal to the Company's aggregate
unreturned Capital Contributions made to the Operating Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Thereafter, (1) 70% to the Company; and (2) 30% to the Class B Member.

Distributions to the Class B Member are referred to as the "**Incentive Allocation**." The Class B Member may waive, in whole or in part, the Incentive Allocation with respect to any person.

*Distributions from the Company*

· Distributions of Cash Flow and Distributable
Sales Proceeds will be made 100% to the Members, pro rata, in proportion to their Units.

**Voting**

Members will have voting rights only with respect to certain matters, primarily relating to amendments to the Operating Agreement that would adversely change the rights of the Units. Each outstanding Unit entitles the holder to one vote on all matters submitted to a vote of the Members. Members holding 75% of the Units in the Company may vote to remove the manager and elect a successor manager. Members have only limited voting rights on matters affecting the Company's business, and therefore limited ability to influence decisions regarding the Company's business. For additional information, see "Description of Membership Interests and Certain Provisions of the Operating Agreement—Voting Rights."

**Leverage**

The Operating Company may use leverage at attractive rates whenever the Manager considers it appropriate for purposes that include, without limitation: (i) acquiring Investments; (ii) paying expenses and managing cash flows of the Operating Company; (iii) financing improvements to a Property; (iv) refinancing existing indebtedness; or (v) to otherwise protect any Investment or other asset as determined by the Manager in its sole discretion. The Operating Company as a whole will have leverage not to exceed 65% of the asset value of the Operating Company as determined at the time of borrowing; provided, however the loan-to-value ("LTV") for loans with respect to any Property may significantly exceed 65% when considered on an individual basis.

The use of leverage may, in certain circumstances, increase the adverse impact of any decline or loss from Investments. The Manager may modify the Company's leverage policy in its discretion from time to time.

**Transfers**

There is no market for Units, nor is one expected to develop. If a Member finds a willing buyer, that buyer must meet all eligibility standards under Regulation A and other requirements applicable to subscribers, consent in writing to be bound by all the terms of the Operating Agreement, indemnify the Company from any liability arising from the transfer, and pay all reasonable expenses incurred by the Company in connection with the transfer. Further, the Manager must consent to the transfer, which consent may be arbitrarily withheld.

**Redemptions**

While the Operating Agreement permits the Company to adopt a redemption program at the discretion of the Manager, the Company does not currently have a redemption program and has no intention of adopting one.

**Unit Price**

The offering price of Units to Investors was arbitrarily determined by the Manager, considering such matters as the state of the Company's business development and the general condition of the industry in which the Company operates. The offering price bears little relationship to the assets, net worth, or any other objective criteria of value applicable to the Company.

The Manager does not expect to adjust the offering price; however, the Manager may increase or decrease the price per Unit to reflect changes in the value of the assets of the Company and liabilities, which will be determined by the Manager in its sole discretion.

**Valuation and Net Asset Value (NAV) Policies**

The net asset value of the Company is determined by aggregating the total value of the Company's assets minus total value of liabilities, divided by the number of Units outstanding.

The NAV reflects the Manager's estimate of the amount that would be distributed on a per Unit basis, assuming: (i) a hypothetical liquidation of each Property Entity; and (ii) a hypothetical liquidation of the Company.

For purposes of calculating NAV, Properties will be valued at cost until stabilization of the Property and, after stabilization, valued at least annually using an appraisal by an independent appraiser and other inputs deemed appropriate by the Manager. The NAV will be adjusted annually, upon any distribution, and upon any material change in the value of an Investment, including, without limitation, the addition or disposition of an Investment. The Company will use commercially reasonable efforts to monitor whether a material event occurs that the Manager reasonably believes would cause the NAV to change by 5% or more from the last disclosed NAV.

While appraisals will be used, the appraiser will not be responsible for, or prepare the NAV of the Company. As with any methodology used to estimate value, the methodology that will be employed is based upon a number of estimates and assumptions about future events that may not be accurate or complete. Further, different parties using different assumptions and estimates could derive a different NAV. The NAV will fluctuate over time and does not represent: (i) the price at which the Units would trade on a national securities exchange; or (ii) the amount per Unit a Member would obtain if the Member tried to sell their Units.

**Implications of Being an Emerging Growth Company**

The Company is not subject to the ongoing reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") because the Company is not registering the Units under the Exchange Act. Rather, the Company will be subject to the more limited reporting requirements under Regulation A, including the obligation to electronically file:

&nbsp;&nbsp;&nbsp;&nbsp;· annual reports (including disclosure relating
to business operations for the preceding two fiscal years, or, if in existence for less than two years, since inception, related party
transactions, beneficial ownership of the issuer's securities, executive officers and directors and certain executive compensation
information, management's discussion and analysis ("MD&A") of the Company's liquidity, capital resources,
and results of operations, and two years of audited financial statements);

&nbsp;&nbsp;&nbsp;&nbsp;· semi-annual reports (including disclosure primarily
relating to the Company's interim financial statements and MD&A); and

&nbsp;&nbsp;&nbsp;&nbsp;· current reports for certain material events.

In addition, at any time after the Company completes reporting for the fiscal year in which this Statement was qualified, if the Units are held of record by fewer than 300 persons and offers or sales are not ongoing, the Company may immediately suspend the Company's ongoing reporting obligations under Regulation A.

If and when the Company becomes subject to the ongoing reporting requirements of the Exchange Act, as an issuer with less than $1.235 billion in total annual gross revenues during the last fiscal year, the Company will seek to qualify as an "emerging growth company" under the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). An emerging growth company may take advantage of certain reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies. In particular, emerging growth companies:

&nbsp;&nbsp;&nbsp;&nbsp;· will not be required to obtain an auditor attestation
on our internal controls over financial reporting pursuant to the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;· will not be required to provide a detailed narrative
disclosure discussing our compensation principles, objectives and elements and analyzing how those elements fit with the Company's
principles and objectives (commonly referred to as "compensation discussion and analysis");

&nbsp;&nbsp;&nbsp;&nbsp;· will not be required to obtain a non-binding
advisory vote from members on executive compensation or golden parachute arrangements (commonly referred to as the "say-on-pay,"
"say-on-frequency" and "say-on-golden-parachute" votes);

&nbsp;&nbsp;&nbsp;&nbsp;· will be exempt from certain executive compensation
disclosure provisions requiring a pay-for-performance graph and chief executive officer pay ratio disclosure;

&nbsp;&nbsp;&nbsp;&nbsp;· may present only two years of audited financial
statements and only two years of related MD&A; and

&nbsp;&nbsp;&nbsp;&nbsp;· will be eligible to claim longer phase-in periods
for the adoption of new or revised financial accounting standards.

If applicable, the Company intends to take advantage of all of these reduced reporting requirements and exemptions, including the longer phase-in periods for the adoption of new or revised financial accounting standards under Section 107 of the JOBS Act. The phase-in periods may make it difficult to compare financial statements of emerging growth companies to those of non-emerging growth companies. Emerging growth companies may opt out of the phase-in periods under Section 107 of the JOBS Act.

Under the JOBS Act, emerging growth companies may take advantage of the above-described reduced reporting requirements and exemptions for up to five years after the initial sale of common equity pursuant to an effective registration statement, or when the issuer no longer meets the definition of an emerging growth company. The JOBS Act provides that an issuer would cease to be an "emerging growth company" if the issuer has more than $1.07 billion in annual revenues, more than $700 million in market value of common stock held by non-affiliates, or issues more than $1 billion in principal amount of non-convertible debt over a three-year period. Note that this Offering, while a public offering, is not a sale of common equity pursuant to a registration statement, since the Offering is conducted pursuant to an exemption from the registration requirements.

Certain of these reduced reporting requirements and exemptions are may also be available to the Company if the Company qualifies as a "smaller reporting company" under the Commission's rules. For instance, smaller reporting companies are not required to obtain an auditor attestation on their assessment of internal control over financial reporting, provide a compensation discussion and analysis, or provide a pay-for-performance graph or CEO pay ratio disclosure and may present two years of audited financial statements and related MD&A disclosure.

**<u>Risk Factors Summary</u>**

**Investing in Units is speculative and involves substantial risks. Prospective Investors should purchase Units only if such investor can afford a complete loss of the investor's investment. See "Risk Factors" beginning on page 16 to read about the more significant risks prospective investors should consider before buying Units.**

· The Company is dependent upon the Manager to
select Investments and conduct operations. The Company will pay fees and expenses to the Manager and its affiliates that are not determined
through the benefit of arm's length negotiations of the type normally conducted between unrelated parties. These fees increase an
investor's risk of loss.

· You should not assume that performance of the
Company will be similar to the past performance of other real estate investment opportunities sponsored by our Sponsor.

· This is a "blind pool" offering because
the Manager has not yet identified any Investments to acquire with the net proceeds of this Offering. Furthermore, you will not be able
to evaluate the Company's future Investments prior to purchasing Units. Members will have to rely entirely on the ability of the
Manager to select suitable and successful investment opportunities.

· Investments in real estate and real estate related
assets are speculative and will be highly dependent on the performance of the real estate market nationally and in specific geographic
areas.

· If the Company's Investments are concentrated
in a small number of Investments or in a geographic region, difficulties or problems at any one investment or in a geographic region will
likely have a substantial adverse effect of the Company's performance.

· Valuation of Investments and determination of
Unit Price will involve judgments by the Manager. While the Company believes the valuation methodology is consistent with industry principles,
there is no established practice among non-traded REITs for calculating valuation and establishing Unit Price. There is no guarantee that
the Unit Price represents the intrinsic or market value of a Unit and actual value may differ substantially from the Unit Price.

· The Sponsor, its principals, and/or affiliates
may sponsor or advise other companies that compete with the Company or offer other real estate investment opportunities. However, the
Sponsor has adopted a policy for allocating investment opportunities between different companies with similar investment strategies. Further,
the Sponsor, its principals, and/or affiliates may make investments in real estate assets in their respective accounts, whether or not
competitive with the Company.

· The Company is subject to various conflicts of
interest arising out of the Company's relationship with the Manager, the Sponsor, and their respective affiliates, including, without
limitation, the payment of fees, purchasing Investments from or selling Investments to the Manager, Sponsor, or affiliates, and co-investment
with the Manager, Sponsor, or affiliates.

· If the Company fails to qualify as a REIT for
U.S. federal income tax purposes and no relief provisions apply, the Company would be subject to entity-level federal income tax and,
as a result, cash available for distribution to Members and the value of Units could materially decrease.

· The terms of the Operating Agreement (including
the Manager's rights and obligations and the compensation payable to the Manager and its affiliates) were not negotiated at arm's
length.

**RISK FACTORS**

An investment in the Company is speculative and involves a high degree of risk, including the risk that you could lose some or all of your money, and should be undertaken only by investors with financial resources sufficient to enable them to assume such risk and to retain an illiquid investment for an indefinite period.

This section describes what the Company believes are the most significant risk factors affecting the Company and its investors. The order in which these factors are discussed is not intended to suggest that some factors are more important than others.

**Risks Relating to the Form and Internal Operations of the Company.**

***Investors could lose their entire investment in the Company.***

All investments involve a risk of financial loss. An investment in the Company is highly risky and speculative and there is no assurance that the Company's investments will be successful, profitable or that any distributions will be made to the Members. Each prospective investor should consult with their attorney or business advisors prior to making an investment

***The Company, the Operating Company, and the Manager are newly formed entities with no operating history upon which prospective investors can evaluate the Company's performance.***

Prospective investors have no track record or history of the Company or the Manager on which to base their investment decisions. The Company and the Manager are subject to all of the business risks and uncertainties associated with any new business, including the risk that the Company will not achieve its investment objectives and that the value of Company's investments could decline substantially.

***The Company has no prior operating history, and the prior performance of the Sponsor or other real estate investment opportunities sponsored by the Sponsor may not predict our future results.***

The Company is a recently formed company and has no operating history. As of the date of this offering circular, the Company has not made any investments, and has no cash on hand. You should not assume that the Company's performance will be similar to the past performance of the Sponsor or other real estate investment opportunities sponsored by the Sponsor. The Company's limited operating history significantly increases the risk and uncertainty you face in making an investment in its shares.

***The Company may not raise sufficient capital to fund investments and operations.***

The Company's ability to acquire a Investments will be dependent upon the Company raising sufficient capital through this Offering. If the Company is unable to raise sufficient capital through this Offering, the Fund may have to alter its plans to acquire Investments. There can be no assurance that the Company will raise sufficient capital to acquire investments or for operations.

***Although the Company currently intends to invest the proceeds from any sale of the Units offered hereby as soon as practicable, such investments may be delayed if suitable investments are unavailable at the time.***

Pending investment, the net proceeds of the Offering may be invested in permitted temporary investments, which include short-term U.S. government securities, bank certificates of deposit and other short-term liquid investments. The rate of return on these investments, which affects the amount of cash available to make distributions, may be less than the return obtainable from the type of investments in the real estate industry the Company seeks to originate or acquire. Therefore, delays the Company encounters in the selection, due diligence and origination or acquisition of investments would likely limit its ability to pay distributions and lower overall returns.

***There is no assurance that the Company will achieve investment results that will allow the Company to make a distribution, nor is there any ability to project the amount of distributions a Member will receive.***

The Company's ability to make distributions depends on the Company generating cash flow or distributable sales proceeds that exceed the Company's liabilities (including, without limitation, the Manager's projections of upcoming and future liabilities). The amount of cash flow and distributable sales proceeds generated by the Company depends on, among other things, the Company's operations, earnings, net investment income, financial condition, compliance with applicable regulations, and other factors. Therefore, there can be no assurance as to when or whether there will be any distributions from the Company to the Members.

***There can be no assurance that the Company will recognize gains on liquidation.***

In the event of a dissolution or termination of the Company, the proceeds realized from the liquidation of the assets of the Company will be distributed among the Members, but only after the satisfaction of the claims of third-party creditors of the Company, including lenders (if any) and certain fees owed to the Manager or their affiliates. The ability of a Member to recover all or any portion of such Member's investment under such circumstances will accordingly depend on the amount of net proceeds realized from such liquidation and the amount of claims to be satisfied therefrom.

***The Manager will have control over the Company and make all decisions.***

Members by virtue of their status as Members will have no control over the management of the business activities or affairs of the Company. All decisions regarding management of the Company will be made by the Manager, including, without limitation, decisions regarding acquisition, development, operation, and disposition, the terms of any current and future loans, and the management and leasing of the Properties. Consequently, a prospective investor should not become a Member unless the prospective investor is willing to entrust management of the Company to the Manager. The Manager must: (i) identify and respond to changes in the markets in which the Company operates; (ii) coordinate acquisition and development or construction of Properties; (iii) assure that the maintenance of Properties is attended to; (iv) manage operating expenses; and (v) make strategic decisions regarding management and the acquisition and disposition of Properties. The Company makes no representation or warranty as to the future skills of the Manager in successfully performing such tasks. The Manager may be removed and/or replaced as provided in the Operating Agreement.

***The Company will be subject to various conflicts of interest arising out of the Company's relationship with Manager and Manager affiliates.***

Because the Company was organized by an affiliate of the Manager and will be operated by the Manager, conflicts arising out of the Company's relationship to the Manager and Manager affiliates will not be resolved through arm's length negotiations between disinterested parties, but through the exercise of the Manager's judgment consistent with its fiduciary responsibilities to the Company. Likewise, the fees to be paid to the Manager and its affiliates (including, without limitation, employees and agents of such persons), and the terms regarding the payment by the Company for all costs and expenses associated with the Company, have not been and will not be the subject of arm's length negotiations. If the Manager or its affiliates make loans to the Company or the Company purchases assets from the Manager or its affiliates, the terms of such loans and the consideration paid by the Company for such assets (which will be based upon the price paid by the Manager or its affiliate, unadjusted by depreciation expense for book and tax purposes) may exceed their fair market value. The Manager and its affiliates are and will be engaged in various aspects of the real estate investment, development and management business for the Company and other persons or entities. Each of the foregoing represents conflicts of interest for the Manager and subjects the Company to the risk that the Manager will not, or will not be able to, navigate such conflicts of interest without any disadvantages or adverse effects to the Company. For further information with respect to conflicts of interest of which prospective investors should be aware in making a decision to participate in the Offering, see "Conflicts of Interest." Because of the foregoing conflicts of interest for the Manager, potential investors should consider, with appropriate third party advisers, any decision to participate in the Offering.

***The Company's success depends on the ability of the Manager to formulate and implement a strategy to identify, develop, operate, and monitor investment opportunities.***

Identification of investment opportunities to be pursued by the Manager involves a high degree of uncertainty. There can be no assurance that the Manager will be able to identify or negotiate acceptable terms for the acquisition of the Properties or that the Company will be able to acquire the Properties. Further, no assurance can be given that the Manager will be able to locate investment opportunities in which to deploy all of the Company's capital. The Company can make no assurances that acquisitions made using the net proceeds of this Offering will produce a return on investment. Any significant delay in investing the net proceeds of this Offering would have a material adverse effect on the Company's ability to generate cash flow and make distributions to the Members.

***This Offering is a blind pool offering, and therefore, Members will not have the opportunity to evaluate investments before the Company makes the investment, which makes investments more speculative.***

The Company will seek to invest substantially all of the net offering proceeds from this Offering, after the payment of fees and expenses, in the acquisition of or investment in interests in assets. However, because, as of the date of this Offering Circular, the Company has not identified the assets the Company expects to invest in and because Members will be unable to evaluate the economic merit of assets before the Company invests in the investments, Members will have to rely on the ability of the Manager to select suitable and successful investment opportunities. Furthermore, the Manager will have broad discretion in implementing policies regarding the criteria used to evaluate particular investment projects, and Members will not have the opportunity to review or evaluate the criteria. These factors increase the risk that your investment may not generate returns comparable to our competitors or meet our investment objective.

***The Company will indemnify the Manager.***

The Operating Agreement provides that the Company will indemnify and hold harmless the Manager and its members, officers, directors, agents, employees, and independent advisors hired by or providing consultation to the Manager, from and against any and all losses, claims, damages and liabilities to which they may be subject, insofar as they arise by virtue of their performance of services for the Company under its Operating Agreement, generally, to the fullest extent permitted by law.

***The Company's Properties may be concentrated in a geographic region or in a few Properties and will be subject to risk of default.***

While the Company intends to diversify its portfolio of investments in the manner described in this Offering Circular, the Company is not required to observe specific diversification criteria. The Company has not established and does not plan to establish any investment criteria to limit the Company's exposure to these risks for future investments. To the extent that the Company's portfolio is concentrated in any one geographic region, downturns relating generally to such region may result in default on the Company's investments within a short time period, which may reduce net income and the value of the Company. The Company's performance will be wholly dependent on the performance of the Properties. If the Company is invested in a small number of Properties, difficulties, problems or losses at any one Property will likely have a substantial adverse effect on the Company's performance, and may more than offset returns for the Company in other Properties. As a result, prospective investors should consider an investment in the Company to be subject to greater risk because the Company is likely to be concentrated and not significantly diversified.

***There is generally limited publicly available information about real properties, and the Company must therefore rely on due diligence conducted by the Manager or its affiliates in selecting Properties for investment by the Company.***

The Manager will perform due diligence on each investment prior to its acquisition. In making the assessment and otherwise conducting customary due diligence, the Manager relies on resources available to it and, in some cases, an investigation by third parties. The Manager and its affiliates will not be required to seek to verify such information. Regardless of the thoroughness of the due diligence process, not all circumstances affecting the value of an investment can be ascertained through the due diligence process. If the materials provided to the Manager are inaccurate, the Manager does not sufficiently investigate or follow up on matters brought to its attention as part of the due diligence process, or the due diligence process fails to detect material facts that impact the value determination, then the Company may acquire an investment that results in significant losses to the Company, may overpay for an investment, contribute capital to such investment compared to other investment opportunities, any one of which would cause the Company's performance to suffer.

***Any financial projections are subject to variations that may be material and are only an informed estimate based upon currently available information about the factors considered.***

The Company may have prepared certain financial projections using estimates of revenues and expenses, and other factors considered reasonable by the Manager, based on the Manager's experience and may make such projections available to prospective investors. Although the Manager considers any such estimates and assumptions regarding certain facts and future events to be reasonable, the Company and the Manager will have little or no control over whether many of the estimates or assumptions prove to be accurate. No assurance can be given that any projected financial results can be achieved, or that the Company will be profitable.

***No public trading market for the Units currently exists; therefore, it will be difficult for Members to sell their Units and, if a Member is able to sell their Units, such sale will likely be at a substantial discount.***

The Operating Agreement does not require the Manager to seek approval of the Members to liquidate the Company's assets by a specified date, nor does the Operating Agreement require the Manager to list the Units for trading on a national securities exchange by a specified date. There is no public market for the Units and the Company currently has no plans to list the Units on a stock exchange or other trading market. Until the Units are listed, if ever, Members may not sell the Units unless the buyer meets the applicable suitability and minimum purchase standards. Further, Members will be required to obtain the prior written consent of the Manager to transfer Units. In addition, the Operating Agreement prohibits the ownership of more than 9.8% in value or number of the Units, whichever is more restrictive, unless exempted by the Manager, which may inhibit large investors from purchasing the Units. Therefore, it will be difficult for a Member to sell the Company's Units at the time the Member wishes to do so, if a Member is able to sell them at all. If Members are able to sell the Units, Members would likely have to sell them at a substantial discount to their offering price. It is also likely that the Units would not be accepted as the primary collateral for a loan. Because of the illiquid nature of the Units, prospective investors should purchase the Units only as a long-term investment and be prepared to hold them for an indefinite period of time.

***The Company will not be registered as a registered investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act") either because it does not meet the definition of an investment company or pursuant to an exception or exemption under the Investment Company Act.***

As a result, the Company will not be subject to the provisions of the Investment Company Act that apply to registered investment companies and investors in the Company will not be entitled to the benefits of certain protections under the Investment Company Act.

Investment Company Act provisions, among other things: (i) place restrictions on certain investment practices, such as short sales and leverage; (ii) require investment companies to have a certain percentage of disinterested directors; (iii) require securities held in custody for the account of the investment company to be segregated from the securities of any other person and marked to clearly identify the securities as the property of the investment company; and (iv) regulate the relationship between the investment company and its investment adviser and its affiliates. If the Company were to become subject to the Investment Company Act because of a change of law or otherwise, the various restrictions imposed by the Investment Company Act and the substantial costs and burdens of compliance therewith could adversely affect the operating results and financial performance of the Company.

***The terms of joint ownership arrangements into which the Operating Company may enter could impair operating flexibility and results of operation of the Company.***

The Operating Company may acquire Properties or interests in Properties with third parties through partnerships, joint ventures or other entities and participate. Although the Company may not have exclusive control over these Properties, and therefore, may have a limited ability to protect its position therein, the Manager expects the appropriate rights will be negotiated to protect the Company's interests. There can be no assurance that such rights will be available or that such rights will provide sufficient protection of the Company's rights and that these third parties may receive rights superior to those granted to the Company. Furthermore, owning an interest in such Properties may involve risks not present where a third party is not involved, including the possibility that a third-party partner or co-venturer may have financial difficulties resulting in a negative impact on such Property, may have economic or business interests or goals which are inconsistent with those of the Company, or may be in a position to take (or block) action in a manner contrary to the Company's business objectives. There also can be no assurance that the Company's relationship with any such third-party partner or co-venturer will continue (whether on currently applicable terms or otherwise) with respect to the Company or that any relationship with other such persons will be able to be established in the future as desired with respect to any sector or geographic market and on terms favorable to the Company. In addition, the Company may in certain circumstances be liable for the actions of third-party partners or co-venturers. Further, acquisitions of Properties or interests in Properties with third parties in joint ventures or other entities may involve carried interests and/or other fees payable to such third-party partners or co-investors, which could reduce operating cash for the Company.

***The Company is dependent upon information about counterparties and performance of certain service providers.***

The Company depends on the accuracy and completeness of information about counterparties. In deciding whether to acquire a Property, the Company may rely on information furnished by or on behalf of counterparties, including property history, financial statements, credit reports and other financial information. The Company may also rely on representations of those counterparties, or other third parties, such as independent auditors, as to the accuracy and completeness of that information. Reliance on inaccurate or misleading financial statements, credit reports or other information could cause the Company to enter into unfavorable transactions, which could have a material adverse effect on the Company's business.

The Company may also depend on the services of service providers (which may include affiliates of the Manager), including, without limitation, property management companies and developers. There can be no assurances that such service providers will successfully provide the agreed upon services to the Investment. If such service providers are unsuccessful, the Company may generate less revenue than projected and could incur liabilities resulting from loss or injury to an Investment. The Company will rely on the efforts of services providers that are engaged with respect to the operation, development and marketing of the Properties, and the Company's income from the Properties will be impacted by the performance of the service providers. Service providers may own or operate properties that compete with the Properties, which may result in conflicts of interest and such parties may make decisions regarding competing properties or the Property's operations that are not or would not be in the Company's best interests.

If a service provider should become unable or unwilling to provide services to the Company, the Company would have to find another service provider. The Company cannot make any assurances that such a replacement could be found or, if another service provider were found, that the Company would be able to enter into a new agreement favorable to the Company. In addition, any new service provider may operate other properties that may compete with the applicable Property or divert attention away from the applicable Property. There would be disruption during any change of management that could adversely affect the Company.

***The Company's service providers (including lenders, brokers, attorneys and investment banking firms) will from time to time be investors in one or more entities operated by the Manager and/or be sources of investment opportunities or counterparties to any of the foregoing, which presents a conflict of interest.***

The Manager's and the Company's relationship with service providers could influence the Manager in deciding whether to select such a service provider or have other relationships with such service provider. Advisors, consultants and other service providers to the Company, the Manager, or affiliates of the Manager could charge different rates for their services or have different arrangements for specific types of services, which are more beneficial to certain of such persons than others and/or may benefit the Manager to a greater degree than the benefit accorded to the Company. Such benefits could include more favorable rates or arrangements than those payable by the Company. Any service providers can be removed by the Manager at any time without the consent of, or notice to, the Members.

***Valuation of Properties and the determination of the net asset value will involve judgments by the Manager.***

The net asset value of the Company will be determined by the Manager, taking into account several inputs deemed reasonable by the Manager. As noted above, the Manager will estimate the net asset value, in part, upon appraisals of the Properties and other inputs deemed appropriate by the Manager. While the appraisals will be performed by a third party, the appraisals are only an estimate and are based upon numerous assumptions. Accordingly, the Manager cannot and does not make any representation as to the accuracy of any appraisal. Moreover, adjustments to appraised values for purposes of periodically calculating net asset value will represent estimates based upon additional numerous assumptions, together with the Manager's or third parties' observations relating to values of Properties and underlying inputs to the same, each of which will represent judgments that may prove inaccurate. Valuation determinations are subjective and uncertain, and there can be no guarantee that the Company's reported net asset value represents an accurate value for the Company or the Units, or that such reported NAV represents the intrinsic or market value of a Unit, and the actual value of a Unit may differ substantially from the net asset value. As a result, additional Units may be offered in future offerings and sold at valuations materially more or less than what the Company's and the Properties' values would be if the Company was liquidated and the Investments were sold. If such valuations should prove to be incorrect, Members could be adversely affected.

***Certain market events can increase volatility and exacerbate market risk, such as changes in governments' economic policies, political turmoil, environmental events, wars, and epidemics, pandemics or other public health issues.***

Such events may result in closing borders, quarantines, cancellations, and disruptions to supply chains and other business and customer activity, changes in demand for goods and services, as well as general concern and uncertainty, thus causing significant disruptions to (and volatility in) global and domestic business activity and financial markets, the broad effects of which are currently difficult to assess. For example, the outbreak and prolonged effects of COVID-19, the ongoing conflict between Russia and Ukraine, and the conflict between Israel and militant groups in the Gaza Strip have resulted in disruptions and volatility in business activities and financial markets. Any such change can have a profound negative impact on market and business conditions (including market and business conditions that may affect the Company) and may result in a period of prolonged economic downturn. No assurance can be made regarding the ultimate financial impact that any such events will have on the Company; however, any negative economic impact resulting from such events could adversely affect the performance of the Company in the future. The Manager cannot reasonably estimate the ultimate impact such events may have on the Company's business, revenues, results of operations, cash flow, and financial condition. The impact of any such event will depend on, among other things, the duration of such event, the impact of government actions in response to any such event, the effectiveness of actions taken, and changes to consumer and customer behaviors as a result of the applicable event.

***Geopolitical events, conditions and policies and natural disasters may adversely affect the Company.***

Current national and international political and economic events and policies, the volatility of the price of oil, natural disasters (including, without limitation, wildfires, floods, earthquakes, hurricanes, tornados) or other acts of God, the decrease in or lack of the availability of credit and financing for national and international businesses, the continued threat of terrorism both within the United States and abroad, the ongoing military and other government and economic actions (including, without limitation, wars and other international conflicts) and heightened security precautions in response to these threats, and international tensions between the United States and other nations may cause declines in the real estate markets and/or economic activity resulting in adverse effects on the value of the Properties. The Manager may not be able to accurately anticipate or predict the extent and timing of any decreases or increases in the values of real estate markets resulting from the above factors, or how any such decreases or increases might affect the value of the Properties. Any such failure could adversely affect the Company's performance.

 ***Using a credit card to purchase shares may impact the return on your investment as well as subject you to other risks inherent in this form of payment.***

Investors in this offering have the option of paying for their investment with a credit card, provided that any such credit card subscription shall not exceed the amount permitted by applicable law, per subscriber. Payment by credit card may be appropriate for some investors as a temporary funding convenience, but should not be used as a long term means to finance an investment in the Units. Use of credit cards for payment is not usual in the traditional investment markets. Transaction fees charged by third parties and interest charged on unpaid card balances add to the effective purchase price of the Units you buy. The cost of using a credit card may also increase if you do not make the minimum monthly card payments and incur late fees.

Using a credit card is a relatively new form of payment for securities and will subject you to other risks inherent in this form of payment, including that, if you fail to make credit card payments (e.g. minimum monthly payments), you risk damaging your credit score and payment by credit card may be more susceptible to abuse than other forms of payment. The increased costs due to transaction fees and interest may reduce the return on your investment. Investors contemplating using their credit card to invest are urged to review the SEC's Investor Alert dated February 14, 2018 entitled: Credit Cards and Investments – A Risky Combination, which is available at https://www.sec.gov/oiea/investor-alerts-and-bulletins/ia_riskycombination, which explains these and other risks you may want to consider before using a credit card to pay for your investment.

***Distress at a financial institution of the Company or a co-investor may materially and adversely impact the Company.***

Each of the Company and co-investors rely on financial institutions ("banks") for custody, safe-keeping, and management of cash resources, including deposit and operating accounts, as well as credit or other financing arrangements. Accordingly, distress at one or more banks used by any of the foregoing may impair or prevent access to cash, credit, and other financing resources. Risks related to banks remain particularly heightened in the current elevated interest rate environment, and recent events have included the suspension of operations and federal takeover of certain banks. While the Federal Deposit Insurance Corporation (FDIC) insures cash balances of up to $250,000 per depositor, per bank, amounts in excess of $250,000 in an account at a failed bank are at risk for availability and loss. If any financial institution with which the Company or any co-investor maintains deposits or has credit arrangements were to experience financial distress or other circumstances that impair the ability of the Company or a co-investor to access deposited amounts (even if such amounts are FDIC insured or otherwise backed by government support) or make draw downs on existing credit facilities, the inability of the Company or a co-investor to access such amounts would have a material and adverse effect on the depositor and the Company. Furthermore, financial system risks that impact any counterparty of the Company or any Property could materially and adversely impact the Company.

***The Company and its service providers may experience breaches resulting from operational and information security risks resulting from breaches in cybersecurity.***

A breach in cybersecurity refers to both intentional and unintentional events that may cause the Company to lose proprietary information, suffer data corruption or lose operational capacity. Breaches in cybersecurity include, among other things, stealing or corrupting data maintained online or digitally, denial-of-service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cybersecurity breaches affecting the Company, affiliates of the Company, or other third-party service providers may adversely impact the Company. For instance, cybersecurity breaches may interfere with the processing of investor transactions, cause the release of private investor information or confidential business information, cause physical damage to a computer or network system, subject the Company or its service providers to regulatory fines or financial losses, and/or cause reputational damage, any of which would adversely affect the Company. The Company may incur additional costs for cybersecurity risk management purposes. The Company may incur significant costs to remedy any breach in cybersecurity. Although the Company will take steps to mitigate the risks of breaches in cybersecurity, there is no guarantee that such steps will be successful. The Company and its service providers rely on third-party service providers for many of their day-to-day operations and are therefore subject to the risk that the protections and protocols implemented by those third-party service providers will be ineffective in protecting the Company or its service providers from cybersecurity breaches. Similar types of cybersecurity risks are also present for the obligors of assets the Company may acquire or hold, which could result in material adverse consequences for such obligors and may cause the Company's assets to lose value.

***Misconduct or substandard performance by employees of the Manager or Manager's affiliates, co-investors, or by third-party service providers could cause significant losses to the Company.***

Misconduct may include misappropriation of assets, fraud, entering into transactions without authorization, failure to comply with operational and risk procedures or other agreed upon standards (including, without limitation, due diligence procedures, construction materials), entering into self-interested transactions, misrepresentations as to investments being considered by the Company, the improper use or disclosure of confidential information, providing false or inaccurate reports of due diligence or operation of Properties, and non-compliance with applicable laws or regulations and the concealing of any of the foregoing. Such activities or any substandard performance of employees, co-investors, or third parties may result in a sub-standard or physical failure of a Property, reputational damage, litigation, business disruption and/or financial losses to the Company. The Company may also be adversely affected if there is misconduct or substandard performance by management or employees of co-investors or service providers, even though the Company may be unable to control or mitigate such misconduct. Further, although the Company has adopted measures reasonably designed to prevent and detect employee misconduct and to select reliable third-party service providers, such measures may not be effective in all cases and there is no assurance the Company will detect misconduct or substandard performance.

**Risks Relating to Ownership and Operation of Real Estate Properties.**

***The Company is subject to all the risks inherent in owning and operating real property.***

These risks include, without limitation: general and local economic and social conditions; general neighborhood property values and the adverse use of adjacent or neighboring real estate; the supply of, and demand for, properties; perceptions by prospective tenants or purchasers of the safety, convenience and attractiveness of properties and the neighborhoods in which they are located; adverse events (e.g., crime, fires, wildfires, earthquakes, hurricanes, floods, and tornados) in the geographic area surrounding properties that could have a negative effect on public perception of the safety of properties; changes in tax, zoning, building, environmental and other applicable laws; real property tax rates; changes in interest rates; governmental actions; fluctuation of real estate values; the unavailability or limited availability of credit that may render the sale of properties difficult or unattractive; calamities; and acts of bad faith. Such risks also may cause fluctuations in operating expenses, which could adversely affect the value of real estate and real estate-related investments. The limited liquidity of real estate investments will impair the Company's ability to react quickly to such risks. There can be no assurance of profitability for any Property; accordingly, the business objective of the Company may not be realized. There also can be no assurance that the Company will find suitable Properties. Moreover, while the Manager generally intends for the Properties to be covered by insurance to cover casualty losses and general liability with respect to the Properties, such insurance may not be available, may be available only at prohibitive costs or may be insufficient to cover losses from ongoing operations and other risks such as earthquakes, floods, environmental contamination, or other events or circumstances that damage or otherwise limit or prevent use of the Property for its intended purposes.

***The Company is subject to all the risks of investing in multi-family properties.***

The Company's investments are primarily expected to consist of multi-family properties, and, therefore, the Company is subject to risk factors inherent in investments in multi-family properties. Any events or conditions that affect the Company's ability to rent or lease multi-family units can negatively affect the ability of the applicable investment to generate the revenues necessary to be profitable. The Company's ability to lease multi-family units at favorable rates, or at all, is dependent upon the overall economic environment, which is affected by, among other things, employment levels, recession, personal debt levels, the recent slowdown in the housing market, consumer interest, stock market volatility and uncertainty about the future. Concern about the stability of the markets generally and the strength of counterparties specifically may lead lenders and institutional investors to reduce, and in some cases, cease, to provide financing to borrowers. Market and economic conditions in the locations of the Properties may significantly affect occupancy levels and rental rates and therefore profitability. In general, factors that may adversely affect market and economic conditions include the following: the economic climate, which may be adversely impacted by a reduction in jobs, industry slowdowns and other factors; local conditions, such as oversupply of, or reduced demand for, apartment homes; declines in household or business formation; favorable residential mortgage rates; rent control or stabilization laws, or other laws regulating rental housing, which could prevent the Company from raising rents to offset increases in operating costs; and competition from alternatives and changes in market rental rates. Any of these factors would adversely affect the Company's ability to make distributions.

***Illiquidity of real estate investments could significantly impede the Company's ability to respond to adverse changes in the performance of Properties and harm the Company's financial condition.***

Because real estate investments are relatively illiquid, the Company's ability to promptly sell one or more properties or investments in its portfolio in response to changing economic, financial and investment conditions may be limited. In particular, these risks could arise from weakness in or even the lack of an established market for a property, changes in the financial condition or prospects of prospective purchasers, changes in national or international economic conditions, and changes in laws, regulations or fiscal policies of jurisdictions in which the property is located. The Company may be unable to realize its investment objectives by sale, other disposition or refinance at attractive prices within any given period of time or may otherwise be unable to complete any exit strategy. An exit event is not guaranteed and is subject to the Manager's discretion.

***Competition with third parties in acquiring and operating properties may reduce the Company's profitability and the return on investment.***

The activity of identifying, closing, and realizing upon real estate opportunities and real estate-related loans has from time to time been highly competitive and involves a high degree of uncertainty. The Company will be competing for real estate opportunities and real estate-related loans with other real estate investment vehicles, developers, real estate investors, individuals and family offices, financial institutions (such as mortgage banks and real estate investment trusts) and other institutional investors, many of which have greater resources than the Company does. Demand from third parties for properties or lending opportunities that meet the Company's objectives could result in an increase of the price of such properties or lower interest rates on loans than if there was no competition. If the Company pays higher prices for properties, the Company's profitability may be reduced, and Members may experience a lower return on investment. There can be no assurance that the Company will be able to identify, buy, lease, and/or sell properties that satisfy the Company's objective, or realize upon value of a Property or that the Company will be able to deploy all of its available capital.

In addition, other properties, including properties not yet constructed or planned, may have a competitive advantage over the Properties (e.g., more attractive location, amenities, leasing terms, etc.). The Company may need to make capital improvements to the property or amenities or change leasing terms (e.g., lower rent) in order to attract tenants to the Property. Such improvements or changes will likely reduce the profitability of the Company. Further, the number of competitive properties could have a material effect on the Company's ability to rent space at its Properties and the amount of rents charged.

***Restrictions upon the availability of real estate financing or high interest rates for real estate loans could adversely affect the Properties and the ability of the Company to sell the Properties at a profit or at any price.***

The Manager expects to utilize debt financing or refinancing for some or all Properties to the extent that attractive financing terms are or become available. Because such debt financing may not include a fixed interest rate for the entire principal amount of loans over the entire loan terms, the projected interest rate could change. If there is an increase in interest rates, the debt service payments due on the loan could be higher than projected, which would reduce the amount that the Company is able to distribute to its Members and/or adversely affect the Company's performance.

Market fluctuations in real estate financing will affect the availability and cost of funds needed for the Properties. In addition, credit availability is currently restricted and may become further restricted in the future. In a period of elevated interest rates, it is generally more difficult to borrow money and any borrowing will result in increased payments which will reduce the Company's net income.

***Properties may have significant leverage, which may adversely impact the return on investment achieved.***

Some or all of the Company's investments may utilize a leveraged capital structure, in which case a third party would be entitled to cash flows generated by such Properties prior to the Company receiving a return. While such leverage may increase returns or the capital available for investment by the Company, it also will increase the risk of loss on a Property. If interest rates or financial markets change, or there is an adverse development with respect to a leveraged Property or a tenant thereof, the Company may be unable to repay such loan, procure permanent financing for the Property, or dispose of the Property at a price sufficient to satisfy its indebtedness. If the revenue from the Properties is insufficient to pay debt service and operating expenses, the Company would be required to seek additional funds. There can be no assurance that additional funds would be available, if needed, or, if such funds were available, that they would be available on terms acceptable to the Company.

If the Company subjects a Property to multiple security interests, the risk of loss could be increased. If the Company makes an equity investment in a Property with the intent of refinancing a portion of the Property, there is a risk that the Company will be unable to successfully complete such a refinancing. This could lead to an unintended longer-term investment for the Company and an increased risk of reduced portfolio diversification. If the Company defaults on secured indebtedness, the lender may foreclose and the Company could lose the entire investment that constitutes security for such loan. In addition, recourse debt obtained by the Company may subject other assets of the Company, and the Members, as investors in the Company, to risk of loss.

***Borrowings and guarantees by the Company may be deal-by-deal or on a portfolio basis, and may be on a joint, several, joint and several or cross-collateralized basis (which may be on an investment-by-investment or portfolio wide basis) with co-developers or co-investors.***

Such arrangements will not necessarily impose joint and several obligations on such other vehicles that mirror the obligations of the Company. The interest expense of, and other fees and expenses related to, any such borrowings will be allocated in a manner the Manager determines to be appropriate. Furthermore, in the case of indebtedness on a joint and several or cross-collateralized basis, the Company could be required to contribute amounts in excess of its pro rata share of the indebtedness, including additional capital to make up for any shortfall if the other joint and several obligors are unable to repay their pro rata share of such indebtedness. The Company could lose its interests in performing investments if such performing investments are cross-collateralized with poorly performing or non-performing investments of the Company and such other vehicles. Borrowings under any such facilities (and expenses related thereto) may initially be made with respect to an investment opportunity based on preliminary allocations that are subject to change and may not take into account excuse rights or investment limits. Notwithstanding that an obligation (including a guarantee) of the Company may be joint and several and/or cross, only the Company's pro rata share of such obligation (as determined by the Manager and not taking into account the joint and several aspect of such obligations) will be counted toward the Company's leverage limitations. Although the Manager will seek to use leverage in a manner it believes is appropriate, the use of leverage involves a high degree of financial risk.

***The Company may require unanticipated capital requirements.***

The Company will estimate the expenses and reserves necessary to purchase, lease, manage, hold and eventually dispose of the Properties. These estimates may prove inaccurate and the Company may need to obtain additional capital to meet its needs. Unanticipated capital requirements could result from, among other things, carrying costs being greater than estimated, decreases in anticipated rental income, greater than estimated repair expenses exceeding projections, and other items exceeding estimates.

***Development properties, including, without limitation, Properties acquired to construct a new building or add to, replace, or renovate existing buildings, are subject to various risks.***

Risks related to the development of properties include, without limitation, risks relating to the availability and timely receipt of zoning and other regulatory approvals, the cost and timely completion of construction (including risks beyond the control of the Company, such as weather or labor conditions or material shortages), availability of both construction and permanent financing on favorable terms, unidentified site conditions, such as obstacles like rocks or environmental problems that could be encountered during construction, cost overruns with increased construction pricing, construction delays that add to project costs and possibly delay tenant move-ins, contractors' failure to perform and difficult to obtain and restrictive construction financing agreements with lenders. Additionally, development projects may be undertaken on a speculative basis, meaning that they may be commenced without any leases in place to secure the value of the investment. Speculative development projects typically have higher return potential, but there is also a significant risk that such projects will not meet leasing targets or achieve the value anticipated. No assurance can be given that the Members will realize a substantial return (if any) on their investment or that they will not lose their entire investment in the Company. Properties under development or Properties acquired to be developed may receive little or no cash flow from the date of acquisition through the date of completion of development and may experience operating deficits after the date of completion. In addition, market conditions may change during the course of development that make such development less attractive than at the time it was commenced.

***Tenants of the Property may experience, from time to time, financial hardships and this may result in a failure to make rental payments when due.***

Various market and economic changes, including, without limitation, pandemics, recession, terrorist acts, loss of employment, or instability in financial markets, may adversely affect tenants of the property Any financial difficulties a tenant may experience could result in such tenant not paying the entire rent and/or not paying on time. The failure to pay rent will adversely affect the performance of Property and the Company.

***The Company will be adversely affected if Properties cannot obtain tenants or if tenants do not renew leases.***

The Company's success will depend in large part on tenants of the Properties and competing with other properties to find and retain tenants. The Company will be subject to the risks that: (i) space in Properties may not be leased; (ii) that existing leases for space in Properties may not be renewed; (iii) leased space in Properties may not be able to be relet; or (iv) that the terms of renewal or reletting (including the cost of required renovations) space in Properties may be less favorable than current lease terms. No assurance can be given that the property manager will succeed in attracting or renewing tenants for Properties. Further, a reoccurrence of an economic downturn may result in fewer potential tenants willing to incur the expense of renting property. If the Company were unable to lease, promptly relet or renew the leases for all or a substantial portion of the space in Properties, if the rental rates upon such renewal or reletting were significantly lower than expected rates, or if its reserves for these purposes proved inadequate, then the Company's cash flow and ability to make distributions may be adversely affected. The loss of one or more major tenants would have an adverse effect on the revenues and profits of the Company. There will be numerous alternatives which compete with the Properties in attracting tenants. The Properties will compete directly with other properties that are available for rent or purchase in the markets in which the Properties are located. This competitive environment could have a material adverse effect on the Company's ability to lease space within the Properties, as well as on the rents realized.

***Changes to current laws protecting tenants or the introduction of new laws protecting tenants may have a negative impact on the operations or value of Company investments.***

The Company may invest in jurisdictions where tenants benefit from certain legal or other protections. For example, in 2019, California passed the "Tenant Protection Act of 2019" which, among other things, limits the amount that a landlord may increase the rent of an apartment unit in one year. Some jurisdictions limit the ability of a landlord to evict a tenant or terminate leases. In addition, it is possible that new tenant protection laws may be enacted in the future. New laws or changes to existing laws may impact the methods and costs of doing business, which may adversely affect the Company.

***There is no assurance that the Company will be able to make profitable investments in affordable housing assets.***

The Company expects to acquire and develop affordable housing communities and other properties intended to provide housing to individuals with low or moderate incomes. These properties may have limits on rental income streams that reduce profit opportunities relative to their acquisition and development. Further, affordable housing assets are subject to certain U.S. federal, state and local governmental regulatory restrictions on operation, rental and transfer, including the requirement that the owners of certain assets rent certain residential units to persons or families of low income and charge an amount of rent that may be less than market rates. In addition, one or more of the Company's investments may remain subject to such regulatory restrictions beyond their initial regulatory periods and in some instances for so long as such investment is held directly or indirectly by the Company. Such restrictions may adversely affect the economic performance of the Company's investments relative to properties that are not subject to such restrictions. For example, selling an investment that is subject to such regulatory restrictions may limit its sale price, and accordingly limit distributions to the Company and its Members. The foregoing could materially and adversely affect the Company's ability to consummate or exit investment opportunities thereafter and the results of the Company's operations, financial condition, liquidity and business of the Company, and consequently, returns to Members.

***Affordable housing assets may benefit from governmental programs, which impose additional requirements or restrictions that may adversely affect the Company's investments.***

These programs, which are typically administered by a government agency or body, may provide expedited processing of developments or financial benefits. As a condition of participation in these programs, the properties must comply with various requirements, which typically limit rents to pre-approved amounts and/or impose restrictions on resident incomes. Failure to comply with a programs requirements and restrictions may result in financial penalties or loss of benefits which may negatively effect the Company's performance.

For example, the Company may participate in the Los Angeles ED 1 Ministerial Approval Process ("ED 1") pursuant to Executive Directive 1. ED 1 expedites processing, clearances, and approvals for eligible affordable housing projects. Properties seeking to participate in the ED 1 program must submit an application for approval by the Los Angeles City Planning Department. If a project under review or previously approved for the ED 1 program changes its development plans or otherwise becomes ineligible for the ED 1 program, the project may be required to submit a new application in order to receive (or continue to receive) the benefits of and participate in the ED 1 program. Additionally, projects may need to renew ED 1 approval on a regular basis. There can be no assurance that any affordable housing Property will be eligible for participation in the ED 1 program or receive ED 1 approval. Further, there can be no assurance that any affordable housing Property that receives ED 1 approval will continue to remain eligible for the ED 1 program and benefits or that the Property will receive approvals during any renewal or additional application process.

Additionally, the Company may benefit from programs administered by the U.S. Department of Housing and Urban Development ("HUD") or state housing finance agencies, typically provide mortgage insurance, favorable financing terms, tax credits or rental assistance payments to property owners. In addition, the Company will typically need to obtain the approval of HUD in order to acquire or dispose of a significant interest in or manage a HUD-assisted property. The Company may not always receive such approval. The approval process at HUD may result in significant delays in acquiring properties, which delays may impair the expected returns from such investments. In addition, as a condition to certain acquisitions of properties, the Company anticipates that HUD could require the Company to dedicate resources to maintenance in order to correct deficiencies in the physical condition of such properties. Correction of such deficiencies may require expenditures of significant amounts of funds, thus effectively increasing the cost of the Company's acquisition of such properties.

There can be no assurance that any governmental agency approvals will be received in a timely manner or that conditions will not be imposed for such approvals. The failure to obtain, or a delay in obtaining, any required approvals would have adverse consequences to Members. The same regulations could impair or delay the ability of the Company to sell its interests in the properties. Similar restrictions may be imposed by other governmental entities.

***Demand for real estate is volatile.***

Demand for real estate is sensitive to economic changes driven by economic conditions such as employment levels, job growth, consumer confidence and interest rates. If any of the real estate industry, geographic region in which a Property is located, or the United States generally suffers a downturn and the market value of the properties or demand for properties decreases, the Company's performance may be adversely affected. Local real estate conditions, such as oversupply or reduction in demand for properties may drive down demand for certain properties, which would adversely affect the Company.

***Inflation and other economic factors outside of the Company's control can negatively impact returns to the Company.***

Inflation can adversely affect the Company by increasing costs of materials, labor, tax rates, operating expenses, insurance costs, interest rates, and other expenses. In a highly inflationary environment (such as the current market, the severity and duration of which is uncertain), the Company may be unable to raise rents at or above the rate of inflation, which could reduce the Company's profit margins. In addition, the cost of capital, labor and materials can increase, which could have an adverse impact on the Company's business or financial results. Alternatively, deflation could cause an overall decrease in spending and borrowing capacity, which could lead to deterioration in economic conditions and employment levels. Deflation could also cause the value of the Company's inventories to decline or reduce the value of Properties. These or other factors that increase the risk of significant deflation could have a negative impact on the Company's business or financial results.

Market and economic conditions in the areas in which the Company may invest may also significantly affect occupancy levels and lease rates and therefore profitability. In general, factors that may adversely affect market and economic conditions include, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;· the economic climate, which may be adversely
impacted by a reduction in jobs, industry slowdowns and other factors;

&nbsp;&nbsp;&nbsp;&nbsp;· local conditions, such as oversupply of, or reduced
demand for multi-family residential housing communities;

&nbsp;&nbsp;&nbsp;&nbsp;· declines in business formation or growth;

&nbsp;&nbsp;&nbsp;&nbsp;· laws regulating real estate, which could prevent
the Company from raising lease rates to offset increases in operating costs; and

&nbsp;&nbsp;&nbsp;&nbsp;· competition from alternatives and changes in
market rental rates.

The realization of any of these factors would adversely affect the Company's ability to achieve desired operating results and the ability of the Company to make distributions to its Members.

***The real estate industry is and will continue to be subject to varying degrees of regulation and licensing by federal, state, and local regulatory authorities in various states and localities.***

The real estate industry is extensively regulated and subject to frequent regulatory change. The adoption of new legislation or changes in existing laws or new interpretations of existing laws can have a significant impact on methods of doing business, costs of doing business, and amounts of reimbursement from governmental and other agencies. Among the regulations that may negatively impact the Company are the standards applied to residential real estate (i.e., housing codes), which can add unexpected delays and costs to an investment.

***If the Properties are not in compliance with the Americans with Disabilities Act of 1990 (the "ADA"), the Properties may be required to pay for improvements to effect compliance with the ADA.***

Under the ADA, public accommodations must meet certain Federal requirements related to access and use by disabled persons. To comply with the ADA requirements, the Properties could be required to remove access barriers at significant cost, and non-compliance could result in the imposition of fines by the Federal government or an award of damages to private litigants. State and federal laws in this area are constantly evolving, and could place a greater cost or burden in the future on the Company as the owner of the Properties. The Company does not believe its Properties are or will be in violation in any material way of the ADA. Nevertheless, there can be no assurance that remediation of ADA violations will not be required at the Properties. Such remediation may impair the ability of the Company to make distributions

***Under various federal, state and local laws, ordinances and regulations, an owner and operator of real property may be liable for the costs of removal or remediation of certain hazardous substances released or located on its property.***

Various federal, state and local laws impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such hazardous substances. The presence of such substances, or the failure to properly remediate such substances, when released, may adversely affect the owner's ability to sell such real estate or to borrow using such real estate as collateral. In addition to clean-up actions brought by federal, state and local agencies, the presence of hazardous waste on Properties could result in personal injury or similar claims by private plaintiffs. Prior to purchasing a Property, the Company will generally obtain an environmental risk assessment for the Property. However, no assurances can be given that such an environmental risk assessment will reveal all environmental liabilities, that any prior owner of such property did not create any material environmental condition not known to the Company, that environmental liabilities may develop after the date of such assessment but prior to the acquisition of such property, or that a materially adverse environmental condition will not otherwise exist with respect to such property.

For Members, hazardous substance contamination on the Properties could adversely affect the Company and its ability to make distributions. In extreme cases, Members could lose their entire investment in the Company and, if the liability protections afforded by the Company's limited liability company structure were disregarded, the Members could be exposed to strict personal liability unlimited in amount.

***Natural disasters, including, without limitation, fires, floods, earthquakes, tornados or hurricanes, may cause damage to Properties and may have substantial adverse economic consequences for affected regions and surrounding areas.***

The Company intends that insurance will be obtained for the Properties; however, losses resulting from natural disasters and other events that cause damage to the Properties or real estate located near the Properties may not be covered or may not be fully covered by the Properties' insurance, either because it was not secured, was not available, or was not economically feasible. Further, Properties damaged by natural disasters may cause the Company to suffer additional losses unrelated or in addition to the direct damages to a Property, including, without limitation, the loss of such Property's accumulated appreciation or goodwill, and losses due to the Company's inability to capitalize on financial opportunities with respect to such Property or a reduction in, or a complete loss of, such Property's revenue due to interruptions or declines in its business (*e.g.*, operations and/or rental income). In recent years, California and other states in the western United States have experienced increasing threats from substantial and significant wildfires that are difficult to contain and extinguish. Other areas have experienced increased flooding and high winds from tropical storm, hurricane, tornados and similar weather developments. The risk of natural disasters may result in changes in demand for properties as well as general concern and uncertainty in the real estate market in these regions. If any Properties suffer such losses, it may adversely impact the Company's performance.

***Mold contamination at one or more properties could result in liability.***

Mold contamination has been linked to a number of health problems in the United States, resulting in recent litigation by tenants seeking various remedies, including damages and ability to terminate their leases. Several insurance companies have reported a substantial increase in mold related claims in commercial buildings, causing a growing concern in the real estate community that real estate owners might be subject to increasing lawsuits regarding mold contamination. Mold can affect both residential and commercial properties. No assurance can be given that a mold condition will not arise in the future, with the risk of substantial damages, legal fees and possibly loss of tenants. It is unclear whether such mold claims would be covered by the customary insurance policies obtained for a Property or applicable third-party manager managing the Property.

***Real property owned by the Company will likely be subject to real property taxes and, in some instances, personal property taxes***

Such real and personal property taxes may increase as property tax rates change and as the properties are assessed by taxing authorities. An increase in property taxes on the Company's real property or any personal property held by the Company in connection with its real property investments could adversely affect the Company's ability to make distributions.

***Investments that are not insured may involve a greater risk of loss.***

The Manager expects that comprehensive liability, fire and extended coverage covering the Properties will be obtained and maintained, with policy specifications and insured limits which the Manager believes are adequate and appropriate under the circumstances. There are, however, certain types of losses that are not generally insured because it is not economically feasible to insure against such losses. Should an uninsured loss or a loss in excess of insured limits occur, the Company could lose a significant amount of its capital invested in a Property, as well as the anticipated future revenue from the Property and, in the case of debt which is with recourse to the Company, the Company would remain obligated for any mortgage debt or other financial obligations related to the Property. No assurance can be given that material losses in excess of insurance proceeds will not occur in the future.

**REIT-Related Risks.**

***If the Company fails to qualify as a REIT for U.S. federal income tax purposes and no relief provisions apply, the Company would be subject to entity-level federal income tax and, as a result, cash available for distribution to Members and the value of Units could materially decrease.***

The Company intends to qualify as a REIT for U.S. federal income tax purposes beginning with the taxable year ending December 31, 2025. As described more fully in the section of this Offering Circular entitled "Certain U.S. Federal Income Tax Considerations," REITs are subject to a range of complex organizational and operational requirements. The highly technical nature of these rules, the ongoing importance of factual determinations, and the possibility of unidentified issues in prior periods or changes in the Company's circumstances could each adversely affect the Company's ability to qualify as a REIT. For any taxable year that the Company fails to qualify as a REIT and statutory relief provisions do not apply, the Company would be taxed at the regular federal corporate rates on all of its taxable income, and the Company could also be subject to penalties and interest. Further, the Company would generally not be eligible to seek REIT status again until the fifth taxable year after the first year of its failure to qualify. Any taxes, interest and penalties incurred would reduce the amount of cash available for distribution to Members or for reinvestment and would adversely affect the Company's earnings, which could have a material adverse effect on the Company and the Members. Each prospective investor should carefully review the section of this Offering Circular entitled "Certain U.S. Federal Income Tax Considerations" for additional information regarding the requirements and taxation of REITs and their shareholders.

***State and Local Taxes Notwithstanding REIT Status****.*

Regardless of the Company's qualification as a REIT, it may be subject to some state and/or local taxes on, among other things, its income and property. To the extent the Company is required to pay any such taxes (or penalties or interest thereon), it will have less cash available for distribution to Members. Notably, certain local and state governments have imposed taxes on self-storage rent. To the extent that these taxes are borne by customers, they increase the cost of self-storage rental and can negatively impact the Company's revenue. Other local and state governments may impose self-storage rent taxes in the future.

***Federal Taxes Notwithstanding REIT Status****.*

Even if the Company qualifies as a REIT, it may be subject to U.S. federal income, penalty, or excise taxes in certain situations. Each prospective investor should carefully review the following risk factors, as well as the section below entitled "Certain U.S. Federal Income Tax Considerations."

***REIT Compliance****.*

As further discussed in the section entitled "Certain U.S. Federal Income Tax Considerations," to qualify as a REIT for U.S. federal income tax purposes, the Company must continually satisfy tests concerning, among other things, the sources of the Company's income, the nature and diversification of the Company's assets, the amounts the Company distributes to Members and the ownership of Units. Accordingly, the Company may be required to make distributions to Members at disadvantageous times or when it does not have funds readily available for distribution, or it may be required to forego or liquidate otherwise attractive investments in order to comply with the REIT tests. Thus, compliance with the REIT requirements may hinder the Company's ability to operate solely on the basis of maximizing profits.

***Distribution Requirements****.*

To obtain the favorable tax treatment accorded to REITs, the Company normally will be required each year to distribute to Members at least 90% of its REIT taxable income, determined without regard to the deduction for dividends paid and by excluding net capital gains. The Company will be subject to U.S. federal income tax on its undistributed taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions the Company pays with respect to any calendar year are less than the sum of: (i) 85% of the Company's ordinary income; (ii) 95% of the Company's capital gain net income; and (iii) 100% of the Company's undistributed income from prior years. These requirements could cause the Company to distribute amounts that otherwise would be spent on acquisitions of Properties and it is possible that the Company might be required to borrow funds, use proceeds from the issuance of securities, pay taxable dividends of Units or debt securities or sell assets in order to distribute enough of its taxable income to maintain its qualification as a REIT and to avoid the payment of U.S. federal income and excise taxes. In addition, in the event regular distributions are insufficient to meet the distribution requirements applicable to a REIT, the Company may take advantage of "spillover", "consent" or "deficiency" dividend procedures. The foregoing could result in the recognition of dividend income by Members without a corresponding distribution of cash.

***Prohibited Transactions****.*

If the Company sells any "dealer" property, the net income from such sale would be subject to a 100% "prohibited transactions" tax. The determination of whether any property is "dealer property" is a fact-specific question, and although the Company intends to structure any dispositions of Properties in a manner that avoids such tax, no assurance can be provided in this regard. Further, to the extent that the Company seeks to avoid imposition of the prohibited transaction tax by causing one of its TRSs to dispose of the applicable property, such TRS would generally be subject to corporate income tax on its net gain resulting from such disposition.

***Built-in Gain Tax****.*

If the Company acquires any asset from a C corporation (*i.e.*, a corporation generally subject to full corporate-level tax) in a merger or other transaction in which the Company acquires a basis in the asset determined by reference either to the C corporation's basis in the asset or to another asset, the Company will pay tax, at the highest U.S. federal corporate income tax rate, on any built-in gain recognized on a taxable disposition of the asset during the ten-year period after its acquisition.

***Tax Classification of Operating LLC****.*

The Company intends for the Operating LLC to be treated as a "partnership" for U.S. federal income tax purposes. If the IRS were to successfully challenge the status of the Operating LLC as a partnership, the Operating LLC generally would be taxable as a corporation. In such event, the Company likely would fail to qualify as a REIT for U.S. federal income tax purposes, and the resulting corporate income tax burden would reduce the amount of distributions that the Operating LLC could make to the Company. This would substantially reduce the cash available to pay distributions to Members.

***Ownership and Transfer Restrictions****.*

The Operating Agreement, with certain exceptions, authorizes the Manager to take such actions as are necessary and desirable to preserve the Company's qualification as a REIT. Further, unless exempted by the Manager, the Operating Agreement prohibits any person from beneficially or constructively owning more than 9.8% in value or number of Units, whichever is more restrictive, of the outstanding Units. The Manager has no obligation to, and may not, grant an exemption from these restrictions to any proposed transferee whose ownership in excess of such ownership limit would result in the Company failing to qualify as a REIT or result in any penalty or excise taxes on the Company. Please see the section below entitled "Description of Membership Interests and Certain Provisions of the Operating Agreement – Transfers" for additional information on transfer restrictions applicable to Units.

***Dividend Rate****.*

The maximum U.S. federal income tax rate applicable to qualified dividend income paid to U.S. stockholders that are individuals, trusts and estates currently is 20%. Dividends paid by a REIT generally are not eligible for this preferential rate (unless such dividends are attributable to capital gains recognized by the REIT or dividends received by the REIT from a taxable corporation (for example, a TRS); provided under current law, individuals may be able to deduct 20% of income received as ordinary REIT dividends, thus reducing the maximum effective U.S. federal income tax rate on such dividend. In addition, Regulations impose a minimum holding period for the 20% deduction that was not set forth in the Code. Under the Regulations, in order for a REIT dividend with respect to a share of REIT stock to be treated as a qualified REIT dividend, the U.S. Member (i) must have held the share for more than 45 days during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend and (ii) cannot have been under an obligation to make related payments with respect to positions in substantially similar or related property (*e.g*., pursuant to a short sale).

***REIT Investments****.*

The Company may invest in other REITs, whether publicly or privately traded. Because their investment portfolio is primarily comprised of real estate investments, REITs are subject to risks associated with real estate in general. In addition, REITs are subject to risks of poor management, the uncertainties of development and construction projects, potential defaults by highly leveraged borrowers, and general market risks. REITs may also be subject to fluctuations of the markets on which they trade. REITs are also subject to tax risks and heavy cash flow dependency as they must distribute at least 90% of their net earnings each year to shareholders in order to maintain their tax status under the Code. See "Certain U.S. Federal Income Tax Considerations" for further information.

***Changes in U.S. Federal Tax Laws or Regulations****.*

At any time, the U.S. federal income tax laws or regulations governing REITs or the administrative interpretations of those laws or regulations may be amended. Neither the Manager nor the Company cannot predict when or if any new U.S. federal income tax law, regulation or administrative interpretation, or any amendment to any existing U.S. federal income tax law, regulation or administrative interpretation, will be adopted, promulgated or become effective and any such law, regulation or interpretation may take effect retroactively. The Company and its Members could be adversely affected by any such change in, or any new, U.S. federal income tax law, regulation or administrative interpretation.

**Tax Risks.**

EACH PROSPECTIVE INVESTOR IS URGED TO CONSULT ITS OWN LEGAL COUNSEL AND TAX ADVISORS WITH RESPECT TO THE FEDERAL, STATE, LOCAL AND FOREIGN INCOME TAX CONSEQUENCES OF AN INVESTMENT IN THE COMPANY.

The actual tax and financial consequences of an investment in the Company will vary depending upon an individual investor's unique circumstances. Accordingly, it is not possible to provide a comprehensive description of the potential tax and financial risks that would be material to an individual considering an investment in the Company.

**ANY FEDERAL INCOME TAX ASPECTS DISCUSSED IN THIS OFFERING CIRCULAR ARE NECESSARILY GENERAL AND MIGHT VARY DEPENDING ON EACH MEMBER'S INDIVIDUAL CIRCUMSTANCES. ACCORDINGLY, PROSPECTIVE INVESTORS: (I) ARE HEREBY NOTIFIED THAT THE DISCUSSION CONTAINED UNDER THIS SECTION "TAX RISKS" IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY INVESTORS FOR THE PURPOSE OF AVOIDING PENALTIES THAT MIGHT BE IMPOSED UPON THEM UNDER THE U.S. FEDERAL TAX LAWS; AND (II) SHOULD SEEK ADVICE BASED ON THEIR PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.**

***Changes in Taxation of Incentive Allocation***.

Code section 1061 increased the holding period required for certain holders of "applicable partnership interests" from one to three years in order for sales of such interests, or dispositions of partnership property allocable to holders of such interests to be eligible for the preferential rates on long-term capital gains. An "applicable partnership interest" is an interest in a partnership that is received by the partner in exchange for the performance of substantial services for the partnership and is applicable to partnerships such as the Company. The Class B Member's Incentive Allocation will likely be treated as an "applicable partnership interest" and as a result, the Manager and Class B Member may have an incentive to hold onto an investment for a longer period of time in order to be eligible for the more favorable long-term capital gain rates.

***Federal Income Tax Risks***.

An investment in the Company entails significant tax risks, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the possibility that certain deductions claimed by the Company may be disallowed, and that any audit of
the tax returns of the Company may result in liability of the Company for taxes for periods in which a Member may not have invested in
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the possibility that the Company may have taxable income allocable to Members in an amount greater than
the cash available for distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the possibility that future legislative or administrative or judicial interpretations of current law or
future legislation will change the tax treatment of investors described herein.

***Management Fee May No Longer Be Deductible for Certain Taxpayers****.*

For taxable years beginning January 1, 2018 and ending December 31, 2025, in the case of a Member who is an individual, expenses of producing income, including management fees, are no longer deductible. This limitation does not include any expenses incurred in connection with a trade or business. The Manager believes that the Company will not be engaged in a trade or business, and as such, an individual Member's share of certain expenses of the Company, including the Management Fee, will not be deductible for purposes of calculating such Member's federal income tax liability, which may impact such Member's after-tax return on investment.

***Interest Expense May Be Limited*** **.**

Section 163(j) of the Code, as amended in 2017, may limit the Company's ability (and the ability of entities that are not treated as disregarded entities for U.S. federal income tax purposes and in which the Company holds an interest) to deduct interest expense. Under amended Section 163(j) of the Code, the deduction for business interest expense may be limited to the amount of the taxpayer's business interest income plus 30% of the taxpayer's "adjusted taxable income" unless the taxpayer's gross receipts do not exceed $25 million per year during the applicable testing period or the taxpayer qualifies to elect and elects to be treated as an "electing real property trade or business." A taxpayer's adjusted taxable income will start with its taxable income and add back items of non-business income and expense, business interest income and business interest expense, net operating losses, any deductions for "qualified business income," and, in taxable years beginning before January 1, 2022, any deductions for depreciation, amortization or depletion. A taxpayer that is exempt from the interest expense limitation as an electing real property trade or business is ineligible for certain expensing benefits and is subject to less favorable depreciation rules for real property. The new rules for business interest expense may apply to the Company and other entities in which or through which the Company may invest. To the extent that some amount of the interest expense is not deductible, the Company's REIT taxable income will be increased as will the Company's requirement to distribute under the REIT rules and that it needs to distribute to comply with the REIT requirements and avoid incurring income and excise taxes.

***Possible Legislative or Other Developments.***

All statements contained herein concerning the U.S. federal income tax consequences of an investment in the Company are based upon existing law and the interpretations thereof. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service ("**IRS**") and the U.S. Department of Treasury, resulting in revisions of resolutions and revised interpretations of established concepts as well as statutory changes. Therefore, no assurance can be given that the currently anticipated income tax treatment of an investment in the Company will not be modified by legislative, judicial or administrative changes, possibly with retroactive effect, to the detriment of the Members.

***Potential IRS Audits****.*

Prospective investors should note that the Company will not seek a ruling from the IRS with respect to any tax consequences associated with an investment in the Company. The tax returns for the Company may be audited by the IRS, and any such audit may result in (i) adjustments to the tax returns of the Members; or (ii) the Company being held liable for any understatements of tax unless certain elections are made under the partnership audit procedures that came into effect for tax years beginning after December 31, 2017. In the event the Company is held liable for understatements of tax for prior years, existing Members may indirectly be paying for tax liabilities for events that occurred prior to such Member becoming a Member and for tax liabilities otherwise allocable to former Members in the Company.

***Unrelated Trade or Business Income****.*

Investment in the Company may subject tax-exempt entities (including IRAs) who invest directly in the Company as Members to "unrelated business taxable income" ("**UBTI**") within the meaning of Section 512 of the Code. The Manager will have no obligation to manage the Company to minimize or eliminate UBTI.

**PLAN OF DISTRIBUTION**

***Overview***

The Company is offering a maximum of up to $75,000,000 in Units pursuant to this Offering Circular. As of the date of this Offering Circular, the Units are offered at $10 per Unit. The minimum investment requirement from any investor is $5,000.

***Offering Period***

This Offering will commence upon its qualification by the Securities and Exchange Commission and shall terminate upon the earlier of: (1) sale of the maximum offering amount of $75,000,000 in Units; or (2) any earlier date upon which the Offering is terminated by the Manager in its sole discretion.

***Distribution of Securities***

The Offering will be conducted through general solicitation, direct solicitation, and other marketing efforts, including, without limitation, solicitations through Sponsor's current network of real estate investors, emails to potential Investors, the internet, paid social media advertisement, and any other means of widespread communication.

Investors will be directed to the Portal to invest through this Offering.

The Manager has engaged Andes Capital Group LLC ("**Andes Capital**"), as an independent FINRA broker-dealer to assist the Company in selling the Units. The Offering is being conducted on a best-efforts basis, which means the Manager and the broker-dealer will use commercially reasonable best efforts in an attempt to sell the Units. The Manager will not receive any commission or any other remuneration for these sales, relying on the safe harbor from broker-dealer registration set forth in Rule 3a4-1 under the Securities Exchange Act of 1934, as amended.

The Manager is not engaging an underwriter for the sale of the Units.

There is no minimum target for this offering, and there is no minimum number of interests that need to be sold to release funds to the Company and for this offering to close. The Company may have one or more closings on a rolling basis.

***Broker-Dealer***

Andes Capital has agreed to act as broker of record to assist in connection with this Offering. Andes Capital is not purchasing or selling any securities offered by this Offering, nor is it required to arrange the purchase or sale of any specific number or dollar amount of securities. Andes Capital will receive a 1% commission on all sales (a maximum of $750,000) and a 1.5% commission on proceeds sourced and initiated by Andes Capital. It also includes a one-time onboarding and consulting fee of $5,000. As of the date of this Offering Circular, it is unknown how many of the Units will be sold through the direct selling efforts of Andes Capital.

***Escrow Agent***

The Manager has engaged Enterprise Bank (the "**Escrow Agent**") to hold Investor funds in an escrow account.

***Advertising, Sales, and Other Promotional Materials***

This Offering Circular will be furnished to prospective investors upon their request via electronic PDF format and will be available for viewing and download 24 hours per day, 7 days per week on the Company's website at https://communecapital.com/omni, as well as on the SEC's website at www.sec.gov.

Please note that the Company will not communicate any information to prospective investors except as may be permitted under applicable securities laws without providing access to this Offering. The Offering Circular may be delivered through the website, through email, or by hard paper copy.

This Offering is made only by means of this Offering Circular, and prospective investors must read and rely on the information provided in this Offering Circular in connection with their decision to invest in the Units. In addition to this Offering Circular, subject to limitations imposed by applicable securities laws, the Company expects to use additional advertising, sales, and other promotional materials regarding this Offering. These materials may include information relating to this Offering, property brochures, articles and publications concerning real estate, or public advertisements and audio-visual materials, in each case only as authorized by us. These materials should be read in conjunction with this Offering Circular as these materials will not give a complete understanding of this Offering, the Company, or the Units and are not to be considered part of this Offering Circular.

***Qualified Purchasers and Blue Sky Laws***

Units are being offered and sold only to "qualified purchasers" (as defined in Regulation A under the Securities Act). As a Tier 2 offering pursuant to Regulation A under the Securities Act, this Offering will be exempt from state "Blue Sky" law review, subject to certain state filing requirements and anti-fraud provisions, to the extent that the Units offered hereby are offered and sold only to "qualified purchasers" or at a time when the Units are listed on a national securities exchange. "Qualified purchasers" include: (i) accredited investors (as defined under Rule 501(a) of the Securities Act); or (ii) purchasers investing no more than the greater of 10% of (A) if a natural person, their net worth or their net income or (B) if an entity, revenue or net assets for the entity's most recently completed fiscal year.

The Company intends to restrict the Offering to U.S. Citizens, U.S. Residents, and legal entities who are considered "United States Persons" within the meaning of 7701(a)(30) of the Internal Revenue Code who are not subject to backup withholding. The Company may require investors to certify for their U.S. status in order to become a member, and investors subject to backup withholding may be subject to transfer restrictions or forced transfers under the Operating Agreement.

The Company reserves the right to reject any investor's subscription in whole or in part for any reason, including, without limitation, if the Company determines in its sole and absolute discretion that such investor is not a "qualified purchaser" for purposes of Regulation A.

***Supplements and Amendments***

In compliance with Rule 253(e) of Regulation A, the Manager will revise this Offering Circular during the course of the Offering whenever information herein has become false or misleading in light of existing circumstances, material developments have occurred, or there has been a fundamental change in the information initially presented. Such updates will not only correct such misleading information but shall also provide update financial statements and shall be filed as an exhibit to the Offering Statement and be requalified under Rule 252.

***How to Subscribe***

Investors seeking to purchase Units who satisfy the "qualified purchaser" standards should proceed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· Read this entire Offering Circular and any supplements
accompanying this Offering Circular.

&nbsp;&nbsp;&nbsp;&nbsp;· Either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Electronically complete and execute a copy of the subscription agreement via the Portal and pay the full
purchase price of the subscribed Units via the Portal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Electronically complete and execute a copy of the subscription agreement via DocuSign with an email to
the Manager and pay the full purchase price of the subscribed Units via wire transfer.

A form of the subscription agreement, including instructions for completing it, is filed as Exhibit 4 to the offering statement of which this Offering Circular forms a part.

By executing the subscription agreement and paying the total purchase price for the Units subscribed for, each investor agrees to accept the terms of the subscription agreement and attests that the investor meets the minimum standards of a "qualified purchaser."

The Manager may accept or reject any subscription in whole or in part, in its sole discretion, for any reason whatsoever, and to withdraw the Offering at any time. Moreover, the Company may terminate the Offering at any time for any reason at its sole discretion.

Subscription funds will remain in the Company's segregated subscription account until the Subscriber has turned in all requested documentation and the Manager has made a determination as to whether such Subscriber will be accepted as a Member. The Manager will attempt to accept or reject subscriptions within 7 days of receipt by the Company; however, determinations may be delayed if the Company believes it needs more information.

Subscriptions will be effective only upon the Company's acceptance. If the Company accepts a prospective investor's subscription, the Company or the Andes Capital Group LLC Issuance Platform for Reg A+ will email investors a confirmation. All subscription funds which are accepted will be deposited directly into the Company's account.

Each Person whom the Manager determines not to accept will be informed of such rejection and have the payment previously transmitted by said Person promptly returned in full, without any fees or deduction, and without any payment of interest.

***Transfer Agent***

The Company has engaged KoreTransfer USA LLC as its transfer agent.

TAX CONSEQUENCES FOR RECIPIENT (INCLUDING FEDERAL, STATE, LOCAL AND FOREIGN INCOME TAX CONSEQUENCES) WITH RESPECT TO THE INVESTMENT PURCHASE PACKAGES ARE THE SOLE RESPONSIBILITY OF THE INVESTOR. INVESTORS MUST CONSULT WITH THEIR OWN PERSONAL ACCOUNTANT(S) AND/OR TAX ADVISOR(S) REGARDING THESE MATTERS.

**USE OF PROCEEDS**

The net proceeds to the Company from the sale of up to 7,500,000 Units offered at an offering price of $10 per Unit will vary depending upon the total number of Units sold. The table below shows the intended net proceeds from this Offering, indicating scenarios where the Company will sell various amounts of Units. There is no guarantee that the Company will be successful at selling any of the securities being offered in this Offering. Accordingly, the actual amount of proceeds the Company will raise in this Offering, if any, may differ.

The Company expects to use substantially all of the net proceeds from this Offering (after paying or reimbursing offering expenses) to invest in and manage a portfolio of Investments. The Company expects that any expenses or fees payable to the Manager for its services in connection with managing the Company's and Operating Company's daily affairs, including, but not limited to, the selection and acquisition of properties, will be paid from cash flow from operations. If such fees and expenses are not paid from cash flow (or waived) they will reduce the cash available for investment and distributions and will directly impact the value of the Company. See "Management Compensation" in this Offering Circular for more details regarding the fees that will be paid to the Manager. Many of the amounts set forth in the table below represent the Manager's best estimate since they cannot be precisely calculated at this time.

The Company may not be able to promptly invest the net proceeds of this Offering in Properties. In the interim, the Company may invest in short-term, highly liquid or other authorized investments.

The Company cannot specify with certainty all of the particular uses for the net proceeds to be received upon the closing of this Offering. In addition, the amount, allocation and timing of actual expenditures will depend upon numerous factors.

The offering scenarios presented below are for illustrative purposes only and the actual amounts of proceeds, if any, may differ.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **25% of<br> Maximum<br> Amount** | **50% of<br> Maximum<br> Amount** | **75% of<br> Maximum<br> Amount** | **100% of<br> Maximum<br> Amount** |
| **Units Sold (1)** | 1875000 | 3750000 | 5625000 | 7500000 |
| **Gross Proceeds** | $18750000 | $37500000 | $56250000 | $75000000 |
| **Less** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Offering Expenses (2)** | $2459196 | $2740446 | $3021696 | $3302946 |
| &nbsp;&nbsp;&nbsp;**Selling Commissions & Fees** | $187500 | $375000 | $562500 | $750000 |
| **Net Proceeds from Offering** | $16103304 | $34384554 | $52665804 | $70947054 |
| **Estimated Amount Available for Investments** | $16103304 | $34384554 | $52665804 | $70947054 |

---

(1) This Offering of is being made on a "best efforts" basis, which means there is no guarantee that any minimum amount will be sold. The Units are being offered and sold by the Company. The Company may undertake one or more closings on a rolling basis, where, after each such closing, funds tendered by investors are disbursed to the Company and the corresponding Units are delegated to the investors whose subscriptions were accepted.

(2) Amounts reflected are estimates. Amounts include all expenses to be paid by the Company and/or Manager in connection with the formation of the Company and the qualification of the Offering, and the marketing and distribution of Units, including, without limitation, expenses for printing and amending offering statements or supplementing offering circulars, mailing and distribution costs, telephones, internet and other telecommunications costs, all advertising and marketing expenses, charges of experts and fees, preparation of financial statements, expenses and taxes related to the filing, registration and qualification of the sale of Units under federal and state laws, including taxes and fees accountants' and attorneys' fees. In this Offering, the Company will pay Andes Capital in connection with the sale of Units in accordance with the Broker-Dealer Agreement. See "*Plan of Distribution."* It is expected that the Company will reimburse these expenses to the Manager without interest.

**The Company reserves the right to alter the use of proceeds in this Offering.**

**THE COMPANY'S BUSINESS**

**Overview**

Commune Omni Fund, LLC, is a Delaware limited liability company. The Company was formed on February 22, 2024 and has not yet commenced operations.

The Company will own all of the membership interests in Commune Omni Fund OC, LLC (the "**Operating Company**"), which will hold the Investments (as defined below).

The Manager intends to operate the Company in a manner that would allow the Company to qualify as a real estate investment trust ("**REIT**") for U.S. tax purposes beginning with the taxable year ending December 31, 2025. Among other requirements, REITs are required to distribute to their members at least 90% of their annual REIT taxable income (computed without regard to the dividends paid deduction and excluding net capital gain).

**Investment Objectives**

The Company's investment objective is to seek capital appreciation and current income.

There is no assurance that these objectives will be achieved or that the value of the Company's assets, and Members' Interests, will not decrease. Furthermore, within the investment objectives and policies, the Manager will have substantial discretion with respect to the selection of specific real estate investments and the purchase and sale of assets.

**Investment Strategy**

In seeking to achieve its objectives, the Company intends, through the Operating Company, to purchase, develop, and hold (directly or indirectly) Properties.

*Targeted Investments*. While the Company may acquire and/or construct Properties of any kind, the Company intends to focus primarily on multi-family housing ground-up development, redevelopment, and enhancement projects, which projects may include Properties designated as affordable housing. Generally, "affordable housing" refers to multi-family housing where: (1) a percentage of units are rented to persons earning less than a certain percentage of the area median income ("**AMI**"); and/or (2) a percentage of units are rented at rental rates below a percentage of AMI. Different government affordable housing programs apply different AMI percentages, maximum rental rates, and other requirements. In selecting multi-family housing Properties for the Company (whether affordable housing or not), the Manager considers, without limitation, one or more of the following criteria: (i) attractive prices due to market conditions or otherwise; (ii) offer potential for appreciation or income; or (iii) are held by owners with a motivation to sell (e.g., distressed sellers). After acquiring a Property, the Manager seeks to leverage the Sponsor Principals' (as defined below) collective knowledge and experience of the real estate market to implement one or more development, redevelopment, or enhancement strategies for the Property and an operations strategy.

Notwithstanding the Company's primary focus on multi-family housing, the Company may acquire any type of real estate (e.g., office, retail, mixed use, self-storage, etc.) where the Manager identifies what it believes is an attractive opportunity.

*Portfolio Diversity*. There is no minimum or maximum number of Properties in which the Company may invest. The number and diversity of Properties in which the Company invests at any given time will depend on the total amount of capital available to the Company, the number and types of attractive opportunities identified by the Manager for the Company, the amount of capital invested in those opportunities, and other factors. The Manager expects that the Company will be concentrated in a small number of Properties at any given time.

*Geography*. The Company intends to primarily invest in Properties in Southern California; however, the Company may invest in Properties in any U.S. location. There is no requirement that the Company achieve any geographic diversification among its Properties. In general, the Manager will primarily target investing in or around large cities in areas that have elements that are attractive to prospective tenants (e.g., dense housing, transit connections, and walkability). The Manager currently expects that the Company's Properties will be concentrated in a small number of metropolitan areas.

While the Company may invest in Properties in any U.S. location, the Manager expects at least some, if not all, of the Company's affordable housing project(s) will rely on Los Angeles Executive Directive 1 (ED 1).<sup>3</sup>

*Financing.* The Manager expects to arrange debt financing or refinancing for Properties. Financing may be obtained at the time a property is acquired or an investment is made or at such later time as the Manager determines to be appropriate. The Manager will typically seek non-recourse debt; however, the Manager reserves the right to obtain recourse debt, in which case the Company or a subsidiary will pay compensation to third parties, including, without limitation, the Manager, Manager affiliates, or Members, who guarantee debt incurred by the Company or its subsidiaries.

*Sourcing*. The Manager will source land sites for ground-up development, redevelopment, or enhancement. The Manager typically screens Properties on the basis of price, location, condition, use, occupancy, and potential for improvement, repositioning, or enhancement, and other similar factors. In selecting Properties, the Manager also intends to utilize its network of brokers, developers, contractors, law firms, real estate investment trusts, mortgage holders, and owner/operators with active real estate operations to identify potential sites and Properties for the Company. Before proceeding with preliminary due diligence, the Manager will apply a quantitative stress test to screen out economically inferior assets. Only Properties which the Manager believes are consistent with the Company's strategy and return objectives will be selected.

<sup>3</sup> According to the Los Angeles City Planning website, Executive Directive 1 expedites the processing of 100% affordable housing projects in the City of Los Angeles and "eligible projects receive expedited processing, clearances, and approvals through the ED1 Ministerial Approval Process." Further, "100 Percent Affordable Housing Project" is defined as "a housing project with five or more units, and with all units affordable either at 80% of Area Median Income or lower (U.S. Department of Housing and Urban Development (HUD) rent levels), or at mixed income with up to 20% of units at 120% AMI (California Department of Housing and Community Development (HCD) rent levels) and the balance at 80% AMI or lower (HUD/TCAC rent levels)[·]"

*Due Diligence*. The Manager's due diligence process for new Properties will generally include: (i) analysis of the supply and demand and other market characteristics in the selected markets; (ii) evaluation of engineering and environmental reports, if any; (iii) historical (if applicable) and pro-forma economic analysis of the investment opportunity; (iv) determination of available financing; (v) coordination with consultants, legal counsel, tax advisers and other professionals both inside and outside of the Manager's organization; (vi) evaluating compliance with zoning regulations, building codes, and permitting requirements; (vii) barriers to entry; and (viii) for affordable housing projects, eligibility for and benefits from affordable housing programs.

Additionally, the Manager will analyze preliminary development plans for the Property, which will include development schedule and estimated costs (including, without limitation, construction costs, engineering costs, permits, financing costs, legal). The Company will engage third parties, including, without limitation, contractors, developers, architects, and engineers, to assist in designing the development plans and permit the plans for development.

*Specific Property Characteristics*. In selecting Properties, the Manager intends to identify Properties with particular characteristics that are consistent with the Company's objectives of capital appreciation and opportunities for current or future income, which may include, but are not limited to, one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Convenient access to major urban centers;

&nbsp;&nbsp;&nbsp;&nbsp;· Convenient access to a wide variety of personal
and professional services;

&nbsp;&nbsp;&nbsp;&nbsp;· Underperforming and available at a disproportionate
discount to "stabilized" property values;

&nbsp;&nbsp;&nbsp;&nbsp;· Distressed sellers or assets seeking timely disposition
due to investor mandates, maturing loans or financial challenges; and

&nbsp;&nbsp;&nbsp;&nbsp;· Distressed mortgage holders which may be confronted
with regulatory and financial directives to improve their balance sheets through the sale of both performing and non-performing assets.

*Development and Enhancement Strategies*. After the Company has acquired a Property, the Manager will generally employ one or more enhancement strategies to increase the Property's value, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· Development of raw land or an undeveloped portion
of a Property;

&nbsp;&nbsp;&nbsp;&nbsp;· Redeveloping of a Property;

&nbsp;&nbsp;&nbsp;&nbsp;· Renovating or repositioning a Property;

&nbsp;&nbsp;&nbsp;&nbsp;· Improving operating efficiencies and increasing
operating margins by leveraging economies of scale for Properties; and

&nbsp;&nbsp;&nbsp;&nbsp;· Optimizing the financial structure of the Company's
assets on favorable terms.

The Manager's development and enhancement strategies are intended to advance the potential for opportunistic returns. Accordingly, the Manager will consider a Property's development and enhancement potential as part of each Property's selection analysis.

*Sale of Properties*. The Company may sell Properties from time to time when the Manager believes it is advisable to do so; however, after implementing one or more development or enhancement strategies, the Company may operate the Properties. The Manager will decide, in its sole discretion, how long to hold each Property owned by the Company; provided, however, that Properties that are owned with other investors may also be subject to the decision-making of joint owners.

*Potential Investment Structures.* The Company may form and own Property Entities that acquire, manage, and operate Properties and hold title to the Property. The Company may also invest directly in Properties owned and controlled by Manager affiliates or other third parties, or invest in Properties in conjunction with Manager affiliates or other third parties.

**Joint Venture Opportunities**

The Company may enter into joint-venture or co-ownership structures with other entities and persons, including, but not limited to, entities of where all, a majority, or a minority of the Members or Manager affiliates may be interest holders, if the Manager, in its discretion, determines that such arrangements are in the Company's best interests. Any co-investment, joint-venture, or other co-ownership opportunity provided to any Member or third party will be on such terms and conditions as the Manager, in its discretion, may determine are suitable or appropriate for the Company.

**Leverage Policy**

The Operating Company may use leverage at attractive rates whenever the Manager considers it appropriate for purposes that include, without limitation: (i) acquiring Investments; (ii) paying expenses and managing cash flows of the Operating Company or Company; (iii) financing improvements to a Property; (iv) refinancing existing indebtedness; or (v) to otherwise protect any Investment or other asset as determined by the Manager in its sole discretion. The Operating Company as a whole will have leverage not to exceed 65% of the asset value of the Operating Company as determined at the time of borrowing; provided, however the LTV for loans with respect to any Property may significantly exceed 65% when considered on an individual basis.

The Operating Company may borrow money from third parties, including, without limitation, banks or from affiliates of the Sponsor; provided that loans from affiliates of the Manager will be on terms reasonably consistent with, or better than, terms for loans observed by the Manager or reasonably believed by the Manager to be available in the market. The indebtedness may be unsecured or may be secured by mortgages or other interests in the Company's properties and the Manager or its affiliates may act as guarantors for some or all of the Company's debts. Where the Operating Company borrows money to make investments, it will typically have the effect of increasing the overall effect of leverage (and the leverage risk) of the Company.

The use of leverage may, in certain circumstances, maximize the adverse impact to which the Company's investment portfolio may be subject. The Manager may modify the Company's leverage policy in its discretion from time to time.

**Additional Types of Investments**

During any period where the Operating Company holds cash that is not invested in Properties or other investments, the Company may invest such cash in money market instruments, including U.S. government obligations or corporate debt obligations (including those subject to repurchase agreements). Money market instruments generally include investments in short-term debt and monetary instruments. Such instruments are typically highly liquid forms of debt with maturities of less than one year. The Operating Company also has the flexibility to invest in cash or cash equivalent positions at the Manager's discretion. The Operating Company may hold cash or cash equivalent positions for extended periods of time while the Manager awaits the real estate markets to offer more attractive opportunities.

**Employees**

The Company does not have any employees. Instead, the Manager and the Sponsor will act for and on behalf of the Company through their officers and directors.

**Litigation**

The Company and its executive officers are not currently a party to any legal proceedings.

**DESCRIPTION OF PROPERTY**

As of the date of this Offering Circular, the Company does not own any properties.

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

***Operating Results***

The Company was formed on February 22, 2024 ("Inception"). As of the date of this Offering Circular, the Company has not commenced its operations of purchasing or making Investments and is not capitalized. The Company has spent time preparing this Offering.

During the period from Inception through December 31, 2024, the Company has not generated any revenue and has incurred $221,503 in professional fees related to preparing to commence operations and preparing this Offering, of which $156,634 is recorded as deferred offering costs. The Company plans to finance the acquisition of Investments through equity financing, including equity capital raised in connection with this Offering.

The Company has incurred $66,925 in operating expenses from inception to December 31, 2024.

***Liquidity and Capital Resources***

The Company's principal demands for funds will be to acquire, hold, and make Investments, the payment of operating expenses and distributions, and for the payment of principal and interest on any indebtedness incurred by the Company. Although the Company depends upon the net proceeds from the sale of Units to conduct substantially all of its operations, the Company may fund capital requirements from a variety of other sources, including, without limitation, cash flow from the Company and proceeds from any other financing.

The Company intends to use its capital resources to operate in the manner described under "Description of Business." The Company's short-term liquidity and capital requirements include, without limitation, Property level operating expenses, interest and principal payments on debt obligations, distributions to members, fees or reimbursements to the Manager or other service provider, and general and administrative expenses. The Company's long-term liquidity requirements include, without limitation, acquisition or making new Investments, payment of interest and principal under debt obligations, and tenant improvement, leasing commissions, and other capital expenditures.

For the period from Inception through December 31, 2024, the Manager has advanced the Company approximately $223,559.

The Company estimates that if it raises the maximum amount sought in this Offering, it could operate through 24 months without raising additional capital. If the Company raises less than $75,000,000, the Company will make fewer investments.

***Plan of Operations***

The Company intends to operate in the manner described in "Description of the Business" and "Use of Proceeds" sections.

***Trend Information***

*Undersupply of Housing*

California and other states face a significant housing deficit, creating a robust investment opportunity for multifamily developments. According to the California Department of Housing and Community Development, California needs approximately 180,000 new homes per year to meet demand, but production has averaged fewer than 80,000 annually<sup>4</sup> over the past decade. This shortfall has resulted in increased competition for existing units, driving up both rents and home prices.

*Regulatory Challenges*

California's regulatory framework further exacerbates the housing shortage:

&nbsp;&nbsp;&nbsp;&nbsp;· **Complex Approval Processes**: The California
Environmental Quality Act (CEQA) can delay or block projects, increasing development time and costs. While CEQA aims to protect the
environment, it has hindered new housing development, which can add significant time and expense to projects. <sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· **Local Zoning Restrictions**: Many areas maintain restrictive zoning laws, limiting density and multifamily housing opportunities. <sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· **Development Fees and Costs**: Building costs
have surged. A Terner Center study found that multifamily construction costs increased by 25% between 2010 and 2020 due
to many factors, including rising material costs and labor shortages. <sup>7</sup>

These hurdles can slow construction and inflate costs, further tightening the market.

*Rising Rents and Property Values*

Despite the aforementioned challenges, California's multifamily sector remains strong compared to other markets experiencing rent declines due to oversaturation.

<sup>4</sup> California Housing Future: Challenges and Opportunities, Final Statewide Housing Assessment 2025 at page 1, available at https://www.hcd.ca.gov/policy-research/plans-reports/docs/sha_final_combined.pdf

<sup>5</sup> Holland & Knight LLP, Linking CEQA to California's Housing Crisis, available at <u>https://www.hklaw.com/en/case-studies/linking-ceqa-to-californias-housing-crisis</u>

<sup>6</sup> Kevin DeGood, Building Opportunity: Expanding Housing in American by Reforming Local Lane Use (September 19, 2024), available at <u>https://www.americanprogress.org/article/building-opportunity-expanding-housing-in-america-by-reforming-local-land-use/</u>

<sup>7</sup> Ben Christopher and Manuela Tobias, Californias: Here's why your housing costs are so high, Cal Matters (October 15, 2024), available at <u>https://calmatters.org/explainers/california-housing-costs-explainer/#:~:text=The%20cost%20of%20building%20multifamily%20housing%20in,nine%</u><br> <u>20percent%20or%20more%20each%20year%2C%20according</u>

&nbsp;&nbsp;&nbsp;&nbsp;· **Statewide Average Rent**: As of March 2025, the average rent in California is $2,395, which is nearly $570 above the national
average. <sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· **San Diego Median Home Prices**: The median home sale price in San
Diego County was $900,000 in February 2025, marking a 1.7% year-over-year increase. <sup>9</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· **Ventura County Median Home Prices**: The
median home sale price in Ventura County reached $895,000 in February 2025, reflecting a 5.3% increase from the
prior year. <sup>10</sup>

These trends contrast sharply with markets like Austin, Texas, where oversupply led to a 4.2% decline in home prices in 2024.<sup>11</sup>

*City-Specific Shortfalls*

San Diego, Ventura, and Los Angeles are three markets that are undersupplied and where rising home values have made renting a viable option for many residents.

*Affordable Housing Programs*

To combat the undersupply of affordable housing, Los Angeles adopted Executive Directive 1 ("**ED1**") which accelerates the approval and permit process for 100% affordable housing projects.<sup>12</sup> This directive reduces the timeline for approvals to a targeted 60-day period<sup>9</sup> This accelerated timeline creates the opportunity for lowering holding costs and potential uncertainty for developers. We believe, these benefits, combined with Los Angeles's severe housing shortage, make investing in affordable multifamily housing both socially impactful and financially strategic.

Additionally, there are multiple federal affordable housing programs administered by HUD or state housing finance agencies, that can provide mortgage insurance, favorable financing terms, tax credits or rental assistance payments to property owners.

*Conclusion*

Investing in multifamily apartments in California, particularly undersupplied markets like San Diego, Ventura, and Los Angeles, offers substantial growth potential. The combination of chronic undersupply, regulatory hurdles like CEQA, and incentives like ED1 presents an opportunity to target positive returns while contributing to alleviating the state's housing crisis.

<sup>8</sup> Zillow Rental Manager, Average Rental Price in California & Market Trends, as of April 2, 2025.

<sup>9</sup> Per Redfin as of February 2025, available at https://www.redfin.com/county/339/CA/San-Diego-County/housing-market

<sup>10</sup> Per Redfin as of February 2025, available at https://www.redfin.com/county/358/CA/Ventura-County/housing-market

<sup>11</sup> Julie Gerstein, Ten American cities where rental prices are actually decreasing, New York Post (Nov. 22. 2024), available at https://nypost.com/2024/11/22/real-estate/ten-american-cities-where-rental-prices-are-actually-decreasing/

<sup>12</sup> See footnote 3.

**PRIOR PERFORMANCE SUMMARY**

**Narrative Summary**

Commune Capital LLC is a real estate private equity investment firm with over $315 million in assets under management, currently focusing on multifamily and self-storage projects.

Over the last 10 years, Sponsor has acted as the sponsor of seven real estate investment programs offered to investors under Regulation D of the Securities Act, each of which this Statement refers to as a "Prior Program." In the aggregate, the Prior Programs have raised $165 million from over 600 investors.

Four of the Prior Programs had an investment objectives substantially similar to the Company involving development, redevelopment, or construction of multifamily properties and oriented more toward "growth" than "income" objectives ("Similar Programs"). Over the last 10 years, the Prior Programs purchased, developed, or built a total of 19 properties with an aggregate value of $307 million.

Three of the Prior Programs were dissimilar to the Company's objective. Two of the Prior Programs made loans to real estate properties and the other Prior Program developed, redeveloped, and operated self-storage properties.

There have been no major adverse business developments or conditions experienced by any of these Prior Programs that would be material to purchasers of our Units in this Offering.

Two Regulation D offerings are currently open for investment, Commune Fund VI, LLC and Commune VTA Investors, LLC. Commune Fund VI, LLC is not included in the prior performance tables because it recently commenced its offering.

The information in this section and in under "Prior Performance Tables" reflects the historical operational results of Sponsor and the performance of Similar Programs. Investors in should not expect to achieve returns similar to those experienced by investors in these Similar Programs. Purchasing Units does not grant any ownership interest in the Prior Programs.

The returns on the Units will depend on factors such as the mix of assets the Company invests in, the stage of investment, and our position in the capital structure for each investment. Because the Company's portfolio will differ from the portfolios of Similar Programs, the returns to members in the Company may vary. Past performance of Sponsor and the Prior Programs is not indicative of our future results.

**Prior Performance Tables**

For more information about the Similar Programs, presented as of December 31, 2024, please refer to "APPENDIX – RESULTS OF SIMILAR PROGRAMS."

**MANAGEMENT**

**Our Manager**

The Operating Company operates under the direction of the Manager, which is responsible for directing the management of the Operating Company's and the Company's business and affairs and implementing its investment strategy. The Manager will perform its duties and responsibilities pursuant to the Operating Agreement. The Company does not have any employees. Instead, the Sponsor will act for and on behalf of the Company through their officers and directors. The Manager is not required to devote all of its time to the Company and is only required to devote such time to as its duties require.

As of the date of this Offering Circular, the executive officers and principals of the Sponsor ("**Sponsor Principals**") are as follows:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Age** | &nbsp;&nbsp;**Position** |
| &nbsp;&nbsp;Jerry V. Sanada | &nbsp;&nbsp;49 | &nbsp;&nbsp;Co-President; Chief Investment Officer |
| &nbsp;&nbsp;Michael (Mikey) Allen Taylor | &nbsp;&nbsp;42 | &nbsp;&nbsp;Co-President |
| &nbsp;&nbsp;Michael J. Michalov | &nbsp;&nbsp;42 | &nbsp;&nbsp;Chief Operations Officer |
| &nbsp;&nbsp;Douglas D. Laabs | &nbsp;&nbsp;58 | &nbsp;&nbsp;Chief Financial Officer |
| &nbsp;&nbsp;Brent Lamo | &nbsp;&nbsp;64 | &nbsp;&nbsp;Director of Real Estate |
| &nbsp;&nbsp;Austin Underhill | &nbsp;&nbsp;36 | &nbsp;&nbsp;Chief Compliance Officer |

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All of the Sponsors principals are employed by the Sponsor full-time.

***Jerry V. Sanada*** **.** Mr. Sanada is the Co-President and Chief Investment Officer of the Manager. Mr. Sanada has also served as the Co-President and Chief Investment Officer of Commune Capital LLC and its subsidiaries since 2018, and as the Chief Financial Officer and Chief Investment Officer of Alliance Financial Group, Inc. ("**AFG**") from 1998 to 2023, and as the Chief Executive Officer of AFG since 2023. In addition to his involvement with the Company, Mr. Sanada currently oversees the development, operations, and management of nine other real estate private investment vehicles - Commune RESOP Self-Storage, LLC ("**Commune RESOP**"), Commune Multi-Family, LLC, Commune Fund IV, LLC, Commune Fund V, LLC, Commune Fund VI, LLC, Commune Mar Vista Investors, LLC, Commune VTA Investors, LLC, Commune Asset-Backed Lending Partners, LP, and Alternative Investment Portfolio, L.P. Mr. Sanada earned his B.S. in Business Administration from Pepperdine University in 1997. He is also a CFA (Chartered Financial Analyst) charter holder and he maintains membership with the CFA Institute, and the CFA Society of Los Angeles.

***Michael (Mikey) Allen Taylor***. In 2018, Mr. Taylor, along with AFG, co-founded the Commune Capital LLC and its subsidiaries, and Mr. Taylor currently serves as Co-President of the Manager and Commune Capital LLC. From 2001 to 2016, Mr. Taylor had a career as a professional skateboarder. In 2012, Mr. Taylor co-founded Saint Archer Brewing Company, a craft brewery in San Diego, California, a majority of which was ultimately acquired by MillerCoors in 2015. Mr. Taylor is also a co-founder of Sovrn, an apparel and skateboard company founded in 2016.

***Michael J. Michalov.*** Mr. Michalov became the Chief Operations Officer of Sponsor in 2020. From 2015 to 2020, Mr. Michalov served as a Financial Advisor for Alliance Advisory and Securities, LLC ("**Alliance**"), a subsidiary of AFG. Prior to joining Alliance, from 2011 to 2015, Mr. Michalov was a Vice President for the Los Angeles & Central California Retail Banking Division for Union Bank. Mr. Michalov earned a B.S. in business marketing and economics from California State University – Northridge in 2005.

***Douglas D. Laabs.*** Mr. Laabs is the Chief Financial Officer of the Manager, and of Commune Capital LLC and AFG since 2024. He oversees a staff of 4, managing all accounting aspects of Commune. Mr. Laabs served as the Controller of Commune Capital LLC and AFG from 2021 to 2024, and as the Accounting Manager of Commune Capital LLC and AFG from 2019 to 2021. Prior to joining Commune in 2019, Mr. Laabs served in various accounting leadership roles with start-ups and larger manufacturing and tech corporations. He earned his B.A. in Accounting from University of Wisconsin, Eau Claire in 1998.

***Brent G. Lamo.*** Mr. Lamo has served as the Director of Real Estate for AFG and its subsidiaries since 2013. In 1998 he partnered with AFG to help found Commune RESOP as an initial managing member and co-developer. He now oversees the acquisition, development, and operations of all Properties owned by the Manager and its affiliates. Since 1990, Mr. Lamo has been focusing his efforts on real estate development and construction. He has completed over 100 commercial and residential building projects. The scope of his work has included all phases of land development, construction management, speculative ground-up developments, and operations for commercial projects, private lending, multi-family housing, residential tracts, and high-end custom estates. Before focusing on real estate development, he spent 6 years serving as a financial planner with IDS/American Express and Alliance. Mr. Lamo earned his B.A. in Business Administration from the University of Minnesota in 1983. Mr. Lamo is also a California Licensed Real Estate Broker and California Licensed General Contractor.

***Austin Underhill.*** Mr. Underhill serves as the Chief Compliance Officer of the Manager and Commune Capital LLC. He previously served as a Chief Compliance Officer and Operations Manager for a registered investment adviser firm where he supervised staff and maintained their compliance program. Mr. Underhill is a designated Investment Advisor Certified Compliance Professional® (IACCP®). Mr. Underhill holds a B.M. in Music Performance from Musicians Institute, Hollywood, CA.

Members shall take no part in the management or control of the Company's business and shall have no authority to act for or bind the Company. The Operating Agreement provides for indemnification of the Manager and its affiliates for any action taken, or any failure to act, on behalf of the Company unless there shall be a judgment or other final adjudication in a competent jurisdiction establishing that the loss or liability arose from such person's own fraud, willful misconduct, gross negligence, bad faith, or intentional or material breach of the Operating Agreement.

**MANAGEMENT COMPENSATION**

The Principals will not receive salaries or compensation from the proceeds of this Offering.

The Manager or its affiliates will receive fees and expense reimbursements for services relating to this Offering and the investment and management of the Company's assets. The items of compensation are summarized in the following table.

No portion of the fees detailed below will be allocated to any individual in his or her capacity as an executive officer of our Sponsor or Manager.

---

| | | |
|:---|:---|:---|
| **Form of Compensation and Recipient**<br>| **Determination of Amount** | **Estimated Amount** |
| Organization and Offering Expenses - *Manager* | To date, the Manager has paid organization and offering expenses on behalf of the Company. The Company will reimburse the Manager for these costs and future organization and offering costs it may incur on behalf of the Company.<br>| $2459196 - $3302946 |
| Asset Management Fee - *Manager* | The Company will pay the Manager a monthly asset management fee, attributed to each Member pro rata based upon their respective Units, equal to 2% annualized of the aggregate net value of the assets and liabilities of the Company.<br>| Actual amounts are dependent upon the offering proceeds raised; the Company cannot determine these amounts at the present time.<br>|
| Acquisition, Development, and Disposition Fees - *Manager* | The Company will pay the Manager or affiliate certain real estate transaction fees, including, without limitation, an acquisition and development fee equal to 1% of the sum of the purchase price and the budgeted cost of any planned improvements of the applicable Property, a disposition fee equal to 1% of the sales price of the applicable Property. | Actual amounts are dependent upon the offering proceeds raised; the Company cannot determine these amounts at the present time. |

---

---

| | | |
|:---|:---|:---|
| Financing Fees - *Manager* | When the Company or a Property Entity secures financing or refinances a Property, the Company or a Property Entity will pay the Manager or an affiliate a financing fee equal to 1% of the amount financed. | Actual amounts are dependent upon the offering proceeds raised; the Company cannot determine these amounts at the present time.<br>|
| Guarantor Fee – *Manager* | If the lender requires a guarantee, then the Company or its subsidiaries (as applicable) will pay compensation to the Manager, an affiliate of the Manager, or a third party (including, without limitation, Members) who guarantee debt incurred by the Company or its subsidiaries. Any compensation to the Manager or an affiliate of the Manager in exchange for a guaranty will not exceed 2% of the amount guaranteed per annum.<br>| Actual amounts are dependent upon the offering proceeds raised; the Company cannot determine these amounts at the present time. |
| Other Services and Operating Fees - *Manager* | In addition to the fees described above, the Property Entities may engage service providers to provide other services, including without limitation, brokerage, construction, management, operational, maintenance, and repair services, which services may be provided by the Manager, Manager affiliate, or third party. If a Property Entity or the Company engages a third party service provider instead of the Manager or Manager affiliate, fees will be negotiated at arm's length. However, if a Property Entity engages the Manager or Manager affiliate for services, the Property Entity or the Company (as applicable) will pay fees based on the assessment of prevailing market rates for the size, scope and other characteristics of the applicable project, as determined by such entity's manager (which may be the Manager or Manager affiliate). | Actual amounts are dependent upon the offering proceeds raised; the Company cannot determine these amounts at the present time. |

---

**Method of Accounting**

The compensation described in this section was calculated using the accrual method of accounting.

**SECURITY OWNERSHIP OF MANAGEMENT AND CERTAIN SECURITYHOLDERS**

The following table sets forth, as of the date of this Offering Circular, the beneficial ownership of Units for: (i) each person who is the beneficial owner of 10% or more of the outstanding Units; (ii) each director and executive officer of the Sponsor who is the beneficial owner of 10% or more of the outstanding Units; and (iii) the directors and executive officers of the Sponsor as a group. To the Company's knowledge, each person that beneficially owns Units has sole voting and disposition power with regard to such shares.

Unless otherwise indicated below, each person or entity has an address in care of the Company's principal executive offices at 31248 Oak Crest Drive, Suite 100, Westlake Village, California 91361.

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| | | |
|:---|:---|:---|
| **Name of Beneficial Owner(1)** | **Number of <br> Units <br> Beneficially <br> Owned** | **Percent <br> of All <br> Units** |
| Commune Omni Fund Management, LLC (2) | 10000 | 100% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Under SEC rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares "voting power," which includes the power to dispose of or to direct the disposition of such security. A person also is deemed to be a beneficial owner of any securities which that person has a right to acquire within 60 days. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which he or she has no economic or pecuniary interest.

(2) All voting and investment decisions with respect to Units held by the Manager are controlled by the beneficial owners of Sponsor: Jerry Sanada, Randall Sanada Jr., Randall Sanada, Sr., Brent Lamo, Mikey Taylor, and Michael Michalov.

**CONFLICTS OF INTEREST**

The Company is subject to various conflicts of interest arising out of its relationship with the Manager, Sponsor, and their affiliates. A discussion of these conflicts follows below, as well as a discussion of the corporate governance measures the Company has adopted to mitigate some of the risks posed by these conflicts.

***General.***

The officers and directors and the key investment professionals of the Sponsor, who perform services for the Company on behalf of the Manager, are also officers, directors, managers, and/or key professionals of other entities involved in real estate investment. These persons have legal obligations with respect to the Sponsor and those entities that are similar to their obligations to the Company. In the future, these persons and other affiliates of the Sponsor may organize other real estate-related investment programs and acquire for their own account real estate-related investments that may be suitable for the Company. In addition, the Sponsor may grant equity interests in the Manager to certain of its management personnel performing services for the Manager.

***Allocation of Investment Opportunities***.

The Company relies on officers who act on behalf of the Manager or Sponsor to identify suitable investments for the Company. Various affiliates of the Company similarly rely on the Sponsor to build and manage their respective investments. Such affiliates may compete with the Company for investment opportunities. The Manager and Sponsor will use their business judgment to allocate investment opportunities among the Company and its affiliates. Factors that the Manager and Sponsor may consider in connection with its allocation of investment opportunities, include, without limitation, investment objectives and criteria, cash requirements, effect of the investment on the diversification of the respective portfolios, leverage, anticipated cash flow of the investment, income tax effects of the investment, size of the investment, and the amount of funds available to invest. To mitigate the foregoing conflicts, the Manager, Sponsor, and their affiliates will seek to allocate investment opportunities on a fair and equitable basis.

***Other Investments and Business Activities***.

The Manager and affiliates may make investments for their own accounts, including investments competitive with those of the Company, without having or incurring any obligation to disclose or to offer any such interest in such activities to the Company or any other Member. Furthermore, the Manager, affiliates, and officers and employees of the Sponsor are not required to devote full time efforts to the business of the Company but rather only such time as is necessary to manage the assets of the Company and carry out and conduct the business of the Company.

The Manager and affiliates reserve the right to invest privately in properties and securities with the same business objective as that of the Company. The Manager reserves the right to organize additional partnerships and companies with a business objective similar to or the same as the Company, and the Manager reserves the right to work with other partnerships, companies or individuals interested in business objectives similar to the Company. In addition, the Manager may allocate limited opportunities among the Company and other parties with whom the Manager works on a basis deemed appropriate in its sole discretion (which may, at times, disadvantage the Company).

***Compensation to Manager and Affiliates***.

The Manager will receive compensation for the management and operation of the business of the Company. Such compensation has not been negotiated at arm's length and may or may not represent the fair market value of the services provided to the Company by the Manager. See "Compensation of Manager".

The Manager will be paid an Asset Management Fee and will engage persons in the Manager or a Manager affiliate to provide various services (including, without limitation, brokerage, property management, leasing, and property sales) to the Company. Compensation of the Manager or a Manager affiliate will not be negotiated at arm's length, but rather will be determined by the Manager based on prevailing market rates for the size, scope, and other characteristics of the applicable Property.

In addition to the foregoing, the Manager may from time to time engage owners or employees of the Manager or a Manager affiliate on behalf of the Company to provide other services to the Company or a Property Entity. In such event, such persons will be compensated for their services to the Company (or a Property Entity, as applicable) based on prevailing market rates, but these will be determined based on the Manager's judgment and will not be negotiated at arm's length.

Compensation arrangements could give rise to conflicts of interest in respect of: (i) the continuation, renewal, or enforcement of provisions in the Operating Agreement involving the Manager; (ii) acquisitions of investments at high purchase prices, which entitle the Manager to higher acquisition fees, and asset management fees regardless of the quality or performance of the Investment; (iii) borrowings, which borrowings will increase asset management fees payable by the Company to the Manager; and (iv) whether and when the Manager seeks to sell assets of the Company or merge or consolidate with any other company.

***Incentive Allocation.***

The Class B Member will receive the Incentive Allocation, which creates an incentive for the Manager to make decisions in the management of the Company that are riskier or more speculative than it would make if the Class B Member did not receive the Incentive Allocation.

***Indemnification.***

The Company's Operating Agreement provides that the Company will indemnify the Manager and its affiliates for any loss or damage incurred on behalf of the Company or in furtherance of the Company's interests or otherwise arising out of or in connection with the Company, the Investments, or any other investments of the Company without relieving the Manager and such related persons of liability for fraud, willful misconduct, gross negligence, bad faith, or intentional and material breach of the Operating Agreement.

***Guarantees of Loans.***

In order to secure financing for Properties, the Company may be required to provide guarantees for loans from third party lenders. In these cases, the Company may engage an affiliate or a third party guarantor (including, without limitation, a Member) to provide the guarantees. Guarantors will be compensated for their services, as determined by the Manager; however, the Manager will typically seek to obtain non-recourse debt when available at attractive rates. Any compensation to an affiliate in exchange for a guaranty will not exceed 2% of the amount guaranteed per annum.

***Manager Determinations; Risks to the Company.***

In the conflict of interest and potential conflict of interest situations described herein, the Manager will make determinations for the Company and affiliates. Because these determinations will not be the result of arm's length negotiation, the Company will be subject to the risk that the Manager will not come to the same conclusion with respect to transaction terms, fees, sales prices, budget expenses, or other matters as would have been the result of an independent negotiation. The Manager will seek to manage conflicts and potential conflicts consistent with fiduciary duties to the Company, both in individual transactions and over time; however, the Company will be subject to the risk that the Company will be, in one or more cases, favored or disfavored in a particular transaction with an affiliate. Accordingly, the Company may be adversely affected due to risks inherent in conflict of interest transactions for the Manager.

***Loans to Properties by Affiliates.***

In certain situations where the Manager determines it is beneficial to the Company, the persons in the Manager or affiliates may provide short or longer-term loans to facilitate the purchase of Properties (each, an "**Affiliate Loan**"). This will generally be in cases where obtaining financing from other lenders may not be available, would be too expensive or is otherwise less preferable to the Company than obtaining an Affiliate Loan. In determining whether an Affiliate Loan is preferable to other financing options, the Manager will compare the terms and conditions of the proposed financing and will enter into an Affiliate Loan only when the Manager believes the terms and conditions of such Affiliate Loan, in the aggregate, are preferable to the comparable third party financing options.

The Manager or affiliates may also lend money to the Company on commercially reasonable terms to take advantage of opportunities for investment that the Manager determine to be in the best interests of the Company.

***Purchasing Properties from a Manager or Affiliates***.

The Company may purchase Properties that are owned by the Manager, affiliates, or other persons or businesses that may be associated with, affiliated with, or managed by the Manager or an affiliate, which purchases present conflicts of interest for the Manager. In general, these Property acquisitions will be completed at fair market value, as reasonably determined by the Manager. If a Property is acquired by a Manager or affiliate on a temporary basis for the purpose of facilitating acquisition of the Property by the Company, then the Company will purchase each such Property from the affiliate for an amount equal to its basis in such Property (including assumption of indebtedness relating to the Property underlying the Property) plus an amount determined by the Manager in its sole discretion as an accommodation for the affiliates for depreciation of such Property. Consistent with its fiduciary duties, the Manager will not cause the Company to purchase any Property from the Manager or an affiliate (or other persons or businesses that may be associated with, affiliated with, or managed by the Manager or an affiliate) unless the Manager determines such transaction to be in the best interests of the Company.

***Selling Properties to a Manager or Affiliates.***

The Company may sell Properties to the Manager, affiliates, or other persons or businesses that may be associated with, affiliated with, or managed by the Manager or an affiliate, which sales present conflicts of interest for the Manager. In general, these Property sales will be completed at fair market value, as reasonably determined by the Manager. Consistent with its fiduciary duties, the Manager will not cause the Company to sell any Property to the Manager or an affiliate (or other persons or businesses that may be associated with, affiliated with, or managed by the Manager or an affiliate) unless the Manager determines such transaction to be in the best interests of the Company.

There will be no independent review or assessment of the value of such assets. However, to the extent assets are sold, transferred, or assigned between the Company and any affiliate, such transactions will be on commercial terms that, in the opinion of the Manager, would have been reached in an arm's length transaction with or among unaffiliated third parties to ensure fair and equitable treatment among the parties.

***Co-Investments with Members or Affiliates***.

As stated above, the Manager may from time to time offer to certain Members, affiliates, or other third parties, opportunities to co-invest with the Company in certain investments, or enter into certain joint venture arrangements with other entities, including, but not limited to, entities where all, a majority, or a minority of the interest holders may be Members or affiliates of the Manager or Sponsor. No Member will have any right to participate in any such investment. The terms of these investments may not be negotiated at arm's length; therefore, the Company will be subject to the risk that the Company will not obtain the same co-investment terms as would have been the result of an independent negotiation. However, consistent with its fiduciary duties, the Manager will not cause the Company to enter into any co-investment unless the Manager determines it to be in the best interests of the Company. An interest holder in a co-investment, including an affiliate of the Manager or Sponsor, may sell such interest at a different time than the Company. However, consistent with its fiduciary duties, the Manager will not cause the Company to exit any co-investment unless the Manager determines it to be in the best interests of the Company.

***Authority to Conduct Future Offerings; Amendments to the Operating Agreement***.

Subject to applicable law, the Manager has the discretion to unilaterally amend the Operating Agreement in connection with future capital raising activities, including, without limitation, to set or change the preferences, conversion or other rights, voting powers, restrictions, limitations as to allocations or distributions, qualifications and terms and conditions of redemption for Units. As a general matter, the Manager expects to structure any future offerings of equity, debt, or rights convertible into equity in the Company in a manner it deems is in the best interests of the Company and in furtherance of the with the Company's investment program and strategy.

***Determination of the NAV.***

The Class B Member of the Operating Company is entitled to the Incentive Allocation and certain affiliates of the Manager own Units in the Company (such interests, collectively, the "**Affiliated Interests**"). As noted above, the NAV will be determined by the Manager. While the Manager believes that it will use reasonable methods in determining NAV (including through the use of third party appraisals), the Affiliated Interests create an incentive for the Manager to set a higher NAV than if the Manager and affiliates of the Manager did not have Affiliated Interests.

***Allocation of Expenses.***

From time to time, the Manager will be required to decide: (i) whether certain operating expenses should be borne by the Company, the Manager, or other entities that are affiliated with or managed by the Manager or an affiliate; and (ii) whether and how certain operating expenses, including without limitation, research and software expenses, should be allocated between such persons. The Manager will allocate operating expenses on a basis reasonably determined by the Manager in good faith under the circumstances and considering such factors as it deems relevant. The allocations of such expenses may not be proportional and any such determinations of allocating expenses involve inherent matters of discretion (e.g., determining to allocate pro rata based on the number of entities receiving the related services or benefits, the frequency of use of the related services or benefits, or in accordance with the relative asset size of the applicable entities).

***Policies Relating to Conflicts of Interest***

Other than as described above, the Company has not adopted and does not intend to adopt specific policies in respect of transactions with affiliates. The Company may, in the Manager's sole discretion, engage in one or more transactions with affiliates, including without limitation, to acquire investments or to incur indebtedness.

**DESCRIPTION OF MEMBERSHIP INTERESTS AND CERTAIN PROVISIONS OF THE AMENDED AND RESTATED OPERATING AGREEMENT**

The following is a summary of the Units, certain provisions of Delaware law, and certain provisions of the Operating Agreement attached hereto as Exhibit 2.2. This summary is qualified in its entirety by reference to the Operating Agreement, which should be reviewed in its entirety by each prospective investor. In the event that the provisions of this summary differ from the provisions of the Operating Agreement, the provisions of the Operating Agreement will apply. Capitalized terms used in this summary (and elsewhere in this Offering Circular) that are not defined herein shall have the meanings ascribed thereto in the Operating Agreement.

***General***

The Company is a Delaware limited liability company. The Operating Agreement provides for one class of membership interest, the Units. The Operating Agreement authorizes the Company to issue an unlimited number of Units with the approval of the Manager but without Member approval, and authorizes the Manager to create additional series or classes of units. Members have no conversion, exchange, sinking fund or appraisal rights, and no pre-emptive rights to subscribe for any securities of the Company.

***Distributions***

Distributions from the Operating Company and Company will be made on an Investment-by-Investment basis, and may be made at any time as determined by the Manager in its discretion. In general, distributions of Cash Flow will be made quarterly within 45 days of the end of each calendar quarter. Distributions of Distributable Sales Proceeds will generally be distributed as soon as practicable after receipt thereof.

The Manager will withhold from any distribution amounts necessary for payment of expenses and liabilities of the Company or its subsidiaries, including payments to the Manager or its affiliates (See "Management Compensation") and any additional amount considered appropriate by the Manager to create cash reserves for taxes, debt service, future expenses related to the Company's operation, insurance, repairs, replacements or renewals and/or other obligations, costs, expenses and liabilities, contingent or otherwise anticipated by the Manager.

*Distributions from the Operating Company*

· Distributions of Cash Flow will be made: (1) 70%
to the Company; and (2) 30% to the Class B Member.

· Distributions of Distributable Sales Proceeds
will be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o First, to the Company until the Company has received distributions equal to the Company's aggregate
unreturned Capital Contributions made to the Operating Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Thereafter, (1) 70% to the Company; and (2) 30% to the Class B Member.

*Distributions from the Company*

· Distributions of Cash Flow and Distributable
Sales Proceeds will be made 100% to the Members, pro rata, in proportion to their Units.

Members will be eligible for distributions as of the date their subscription documents are accepted by the Company.

***Voting Rights***

Members will have voting rights only with respect to certain matters, primarily relating to amendments to the Operating Agreement that would adversely change the rights of the Units. Each outstanding Unit entitles the holder to one vote on all matters submitted to a vote of the Members. Members holding 75% of the Units in the Company may vote to remove the manager and elect a successor manager. Members have only limited voting rights on matters affecting the Company's business, and therefore limited ability to influence decisions regarding the Company's business.

***Expenses***

Except as otherwise noted herein, the Company (either directly or through the Operating Company or Property Entities) will be responsible for paying, or reimbursing the Manager, for all costs and expenses incurred in the formation and operation of the Company, Properties, including but not limited to legal and accounting expenses, software, fees for outside services, the costs of annual audits, financial statements, tax preparation, custodial fees, insurance and litigation expenses, taxes (including property taxes on Properties, as applicable), bank service fees, annual governmental fees and charges, travel, salaries and benefits for on-site Property personnel (e.g., front-desk workers and facilities crews located at a Property), acquisition expenses and fees, contractors, construction expenses, capital expenses, servicing expenses, and due diligence costs and expenses, and all other non-recurring or extraordinary expenses properly chargeable to the Company. In addition, the Company may enter into financing, sales and marketing, and leasing agreements with affiliates on prevailing market rate terms. Except as otherwise provided herein, the Manager will be responsible for the expenses of its own operations, including office space and facilities, salaries, furniture and fixtures, and other office equipment.

***Duties of Manager***

The Manager in its sole discretion has full, complete and exclusive right, power, and authority to exercise all the powers of the Company in order to do all things necessary to effectuate the purposes of the Company as more fully set forth in the Operating Agreement. The Manager is accountable to the Company as a fiduciary, subject to certain limitations set forth in the Operating Agreement, and, consequently, must exercise good faith in handling the affairs of the Company.

***Resignation or Removal of the Manager***

A Manager of the Company may resign on thirty (30) days written notice to the Members of the Company, which may require approval of a lender if a loan was conditioned on the qualifications of the Manager. The Manager may be removed by the Members by the affirmative vote of Members holding 75% of the Units in the Company. Members holding at least 75% of the Units in the Company may elect a successor manager in the event of resignation or removal.

***Indemnification of Manager***

The Operating Agreement provides that no Indemnitee (defined below) will be liable to any Member or the Company for any action or inaction not finally determined by a court of competent jurisdiction to constitute wilful misconduct, or for losses due to such mistakes, action, or inaction, or to the gross negligence, dishonesty, or bad faith of any employee, broker or other agent of the Company. The Manager may consult with reputable legal counsel and accountants of nationally-recognized standing in respect of Company affairs and be fully protected and justified in any reasonable action or inaction that is taken in accordance with the advice or opinion of such counsel or accountants, provided that such counsel or accountant has been selected with reasonable care. Notwithstanding any of the foregoing to the contrary, the foregoing shall not be construed so as to relieve (or attempt to relieve) any person of any liability to the extent (but only to the extent) that such liability may not be waived, modified, or limited under applicable law.

The Operating Agreement also provides that the Company will indemnify the Manager, its affiliates, and their respective officers, managers, employees, directors, agents, investment committee members, stockholders, members, and partners and any other person who serves at the request of the Manager on behalf of the Company as an officer, manager, director, partner, member, advisor, employee, or agent of any of such entities ("**Indemnitees**") to the fullest extent permitted by law, against all losses, claims, damages, expenses, liabilities, and actions arising from the Indemnitees activities on behalf of the Company, in furtherance of the interest of the Company, otherwise arising out of or in connection with the Company or any Investment or breach of the Operating Agreement ("**Losses**"); provided, however, that the Company will not be liable in any such case to the extent that, in the final judgment of a court of competent jurisdiction, such Losses are found to have arisen from an Indemnitee's own fraud, wilful misconduct, gross negligence, bad faith, or intentional and material breach of the Operating Agreement.

Expenses incurred in defending an action, suit or proceeding, if requested by an Indemnitee, will be paid by the Company in advance of the final disposition of such action, suit or proceeding upon receipt of an undertaking by such Indemnitee to repay such amount plus reasonable interest in the event that, in the final judgment of a court of competent jurisdiction, such Indemnitee is found to have committed fraud, wilful misconduct, gross negligence, bad faith, or an intentional and material breach of the Operating Agreement, and such losses have resulted therefrom.

***Other Activities of the Manager***

The Manager need not devote its full time to the Company's business, but shall devote such time as the Manager in its discretion, deems necessary to manage the Company's affairs in an efficient manner. Subject to the other express provisions of the Operating Agreement, the Manager, at any time and from time to time may engage in and possess interests in other business ventures of any and every type and description, independently or with others, including ventures in with the Company, with no obligation to offer to the Company or any Member the right to participate therein. The Company may transact business with any Manager, Member, or any officer, agent or affiliate thereof at market rates, provided the terms of those transactions are no less favorable than those the Company could obtain from unrelated third parties. The Company may also borrow money from the Manager, Member or any officer, agent or affiliate thereof at market rates, provided the terms of any such loan are no less favorable than those the Company could obtain from unrelated third parties. Market rates are determined by the Manager based on industry standards and expectations of what the Manager would be able to negotiate with a third-party on an arm's length basis; however, the terms will be established by the Manager and not as a result of arm's length negotiations.

***Limits on Liability of Members***

Under the terms of the Operating Agreement and Delaware law, Members could, under certain circumstances, be required to return distributions made by the Company to satisfy unpaid debts of such Company that were in existence at the time the distributions were made. Otherwise, Members generally are not liable for the debts and obligations of the Company beyond upon payment in full of the consideration payable with respect to the Units.

***Transfers***

A Member may assign his, her or its Units only if certain conditions set forth in the Operating Agreement are satisfied and any transfer of Units requires Manager approval. If a Member finds a willing buyer, that buyer must meet all eligibility standards and other requirements applicable to subscribers, consent in writing to be bound by all the terms of the Operating Agreement, indemnify the Company from any liability arising from the transfer, and pay all reasonable expenses incurred by the Company in connection with the transfer. In addition, the Manager must have consented in writing to the transfer. The Manager may withhold this consent in its sole and absolute discretion.

Each distribution will be paid to the person who the Company's records show to be the Member or transferee associated with each particular Unit as of the date a distribution is declared. Transferors who owned one or more Units for part of a distribution period but did not own those Units on the date the distribution was declared will not receive any distributions on account of the transferred Units.

***Reports***

The Manager intends to provide periodic reports to the Members regarding the Company and its performance, and will provide financial statements to Members annually within 120 days after the end of each fiscal year (or as soon as reasonably practicable thereafter). U.S. federal income tax information will be provided annually.

The Company will file updated offering circulars and offering circular supplements with the SEC. The Company is also subject to the informational reporting requirements of the Exchange Act that are applicable to Tier 2 companies whose securities are registered pursuant to Regulation A, and accordingly, the Company will file annual reports, semi-annual reports and other information with the SEC. In addition, the Company will provide Members directly with periodic updates, including offering circulars, offering circular supplements, pricing supplements, and other information. The Company will provide such periodic updates electronically through a web based portal and/or through the Transfer Agent, and documents will be provided electronically. The Company will provide Members with paper copies at any time upon request.

***Dissolution and Liquidation***

The Company will be dissolved upon the sale or disposition of all or substantially all of the Company's assets or the determination by the Manager to terminate the Company. The assets of the Company will be liquidated as follows: (i) to payment of debts and liabilities of the Company; (ii) to establish reserves reasonably necessary for contingent or unforeseen liability or obligations; (iii) to the payment of debts and other liability owed to any Member; and (iv) in the same manner as distributions from Distributable Sales Proceeds.

***Authority to Conduct Future Offerings.***

Under the Operating Agreement, but subject to applicable law, the Manager has the discretion to issue additional equity interests in the Company, debt, or rights convertible into equity interests in the Company and to alter the terms of equity in the Company (including, without limitation, to set or change the preferences, conversion or other rights, voting powers, restrictions, limitations as to allocations or distributions, qualifications and terms and conditions of redemption for each class or series of equity).

***Amendment***

The Manager may amend the Operating Agreement without a vote of Members to reflect changes in contributions and membership, to admit or effect withdrawals of Members, to correct any ambiguous, false or erroneous provision, or otherwise; provided, the amendment will not have a material adverse effect on the rights, privileges, and powers of the Members as a group. Otherwise, proposed amendments must be approved in writing by holders representing a majority of the Units. However, a Member will be deemed to have consented to any proposed amendment if the Member does not respond within a specified period (which will not be less than 15 days).

***Power of Attorney***

Members will be bound by the provisions of, and deemed to be a party to, the Operating Agreement. Pursuant to the Operating Agreement, each Member grants to the Manager a power of attorney to, among other things, execute and file documents required for the qualification, continuance, or dissolution of the Company. The power of attorney also grants the Manager the authority to make certain amendments to, and to execute and deliver such other documents as may be necessary or appropriate to carry out the provisions or purposes of, the Operating Agreement.

**CERTAIN U.S. FEDERAL INCOME TAXATION CONSIDERATIONS**

**THE FEDERAL INCOME TAX CONSIDERATIONS DISCUSSED IN THIS OFFERING CIRCULAR NECESSARILY ARE GENERAL AND MIGHT VARY DEPENDING ON EACH MEMBER'S INDIVIDUAL CIRCUMSTANCES. ACCORDINGLY, EACH PROSPECTIVE INVESTOR SHOULD SEEK ADVICE BASED ON ITS PARTICULAR CIRCUMSTANCES FROM AN INDEPENDENT TAX ADVISOR.**

The following is a summary of certain aspects of the U.S. federal income taxation of the Company and its Members.

The summary is based on the Internal Revenue Code of 1986, as amended (the "**Code**"), the Treasury regulations issued thereunder (the "**Regulations**"), and certain other guidance and authority in existence on the date hereof, all of which may be amended or revised (potentially with retroactive effect). The Company has not, and currently does not intend to, seek a ruling from the Internal Revenue Service (the "**IRS**") or any other U.S. federal, state, or local agency with respect to any of the tax issues affecting the Company, nor has it obtained an opinion of counsel with respect to any U.S. federal tax issue, including the Company's qualification as a "real estate investment trust" under the Code (a "**REIT**").

The following summary does not discuss or purport to discuss all of the tax consequences that may be relevant to a particular Member or to certain types of Members that are subject to special treatment under U.S. federal income tax laws. In particular, the following discussion does not apply to Members who are: broker-dealers; financial institutions; insurance companies; non-U.S. Members (as defined below); persons holding 10% or more (by value) of outstanding Units; persons holding Units as part of a "straddle," "hedge," "conversion transaction," "synthetic security" or other integrated investment; persons holding Units on behalf of other persons as nominees; persons holding Units through a partnership or other pass-through entity; persons subject to the alternative minimum tax provisions of the Code; REITs; regulated investment companies; subchapter S corporations; non-U.S. governments; trusts and estates; U.S. expatriates; or (except to the extent discussed below in "Taxation of Certain Tax-Exempt Members") tax-exempt organizations or other persons owning Units through a tax-exempt or tax-deferred arrangement such as an account that qualifies as an individual retirement account under the Code.

**Taxation of the Company: REIT Qualification and Taxation**

As referenced above, the Company has elected, and intends, to be treated for U.S. federal income tax purposes as a REIT. A REIT generally is not subject to U.S. federal income tax on the net income that it distributes to shareholders if it meets the applicable REIT distribution requirements and other requirements for REIT qualification under the Code.

Qualification and taxation as a REIT depends upon the Company's ability to satisfy various qualification tests imposed under the Code through actual annual and quarterly operating results, distribution levels, and diversity of Unit ownership. Although the Company operates in a manner intended to satisfy such requirements, no assurance can be given that the actual results of operations for any particular taxable year will satisfy such requirements. The provisions of the Code, Regulations and other U.S. federal income tax laws relating to qualification and operation as a REIT are highly technical and complex. Certain aspects of the laws that govern the U.S. federal income tax treatment of a REIT are summarized below, but the summary is qualified by applicable Code provisions, rules and Regulations promulgated thereunder, and administrative and judicial interpretations and decisions. Further, the anticipated income tax treatment described herein may be changed, with potentially retroactive effect, by legislative, administrative or judicial action at any time.

***General REIT Principles****.* In general, in each year in which the Company qualifies as a REIT, it will not be subject to U.S. federal income tax as long as it distributes all its REIT taxable income. However, even if the Company qualifies as a REIT, it will still be subject to federal income tax as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Federal income tax will be imposed at regular corporate rates on any undistributed REIT taxable income,
including undistributed net capital gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under certain circumstances, the Company may be subject to the corporate alternative minimum tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Federal income tax will be imposed at the highest corporate rate on (a) net income from the sale
or other disposition of "foreclosure property" which is held primarily for sale to customers in the ordinary course of business,
and (b) other nonqualifying income from foreclosure property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A 100% penalty tax will apply to net income from "prohibited transactions." Prohibited transactions
are certain sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, generally
other than property held for at least two years, foreclosure property, and property involuntarily converted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A penalty tax will apply to the Company if it fails to satisfy the gross income or the asset tests (described
in further detail below), but nonetheless maintains its qualification as a REIT because certain other requirements have been satisfied.
Similarly, a penalty tax will apply to the Company if it maintains its REIT status despite its failure to satisfy one or more REIT qualification
requirements other than the gross income tests and asset tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. If the Company fails to distribute during each calendar year at least the sum of (x) 85% of its ordinary
income for such year, (y) 95% of its net capital gain income for such year, and (z) any undistributed taxable income from prior
periods, it will be subject to a 4% nondeductible excise tax on the excess of such amounts over the amount distributed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If the Company were determined to have been taxable as a C corporation prior to becoming a REIT, then
during the ten-year period beginning on the first day of the first taxable year for which its REIT election is effective (the "**Recognition Period** "), any gain recognized by the Company on the disposition of any property held by the Company or any partnership in which
an interest was held as of the beginning of such Recognition Period will be subject to tax at the highest corporate rate to the extent
of the excess of (x) the fair market value of such property as of the beginning of such Recognition Period, over (y) the adjusted
tax basis of the Company or the partnerships in such property as of the beginning of such Recognition Period (the "**Built-in Gain** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. If the Company acquires any asset from a C corporation in a transaction in which the adjusted tax basis
of the asset in the hands of the Company is determined by reference to the adjusted tax basis of the asset (or any other property) in
the hands of the C corporation, and the Company recognizes gain on the disposition of such asset during the ten-year period beginning
on the date on which such asset was acquired by the Company, then the Built-in Gain will be subject to tax at the highest regular corporate
tax rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. A 100% tax will apply to any "redetermined rents," "redetermined deductions,"
"excess interest," and "redetermined TRS service income" (in each case, as defined under the Code).

If the Company fails to qualify as a REIT in any year, it would be subject to U.S. federal income tax in the same manner as a C corporation. Further, unless entitled to relief under specific statutory provisions, the Company would be disqualified from taxation as a REIT for the four taxable years following the year during which qualification was lost. It is not possible to predict whether the Company would be entitled to such statutory relief.

***REIT Qualification—Organizational Requirements****.* The Code defines a REIT as a corporation, trust or association: (1) managed by one or more trustees or directors; (2) the beneficial ownership of which is evidenced by transferable shares, or by transferable certificates of beneficial interest; (3) which would be taxable as a domestic corporation, but for Sections 856 through 860 of the Code; (4) which is neither a financial institution nor an insurance company subject to certain provisions of the Code; (5) the beneficial ownership of which is held by 100 or more persons; (6) not more than 50% in value of the outstanding stock of which is owned, directly or indirectly, by five or fewer individuals, as determined under the Code, at any time during the last half of each taxable year; and (7) which meets certain other tests, described below, regarding the nature of its income and assets. The Code requires conditions (1) through (4) to be met during the entire taxable year, condition (5) to be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a taxable year of less than 12 months (other than for the REIT's first taxable year), and that condition (6) to be met during the last half of each taxable year (other than the REIT's first taxable year).

In order to ensure compliance with the ownership tests described above, the Operating Agreement restricts the transfer of Units in certain situations. In addition, Members may be required as a condition to obtaining Units to agree to additional transfer restrictions in a subscription agreement. There can be no assurance that such restrictions will not be deemed to violate requirement (2) above. Moreover, to evidence compliance with the share ownership requirements, the Company will maintain records which disclose actual ownership of outstanding Units. To comply with these requirements, it is possible that the Company would request and disclose certain information about a Member and its beneficial owners.

***REIT Ownership of Partnerships****.* Regulations provide that a REIT that is a partner in a partnership is deemed to own its proportionate share, generally based on its pro rata share of capital interest in the partnership, of the assets of the partnership and will be deemed to be entitled to the gross income of the partnership attributable to such share of capital. In addition, the character of the assets and gross income of the partnership retain the same character in the hands of a REIT for purposes of Section 856 of the Code, including satisfying the gross income tests and the asset tests described below. Thus, a REIT's proportionate share of the assets and items of income of any partnership will be treated as such REIT's assets and items of income for purposes of applying the requirements described below.

***Asset Tests.*** At the close of each quarter of a REIT's taxable year, such REIT generally must satisfy several tests relating to the nature of its assets. First, at least 75% of the value of such REIT's total assets must be represented by interests in real property, interests in mortgages on real property, shares in other REITs, certain debt obligations of other REITs, certain ancillary personal property, cash, cash items, government securities, and certain temporary investments. Second, although the remaining 25% of such REIT assets generally may be invested without restriction, the value of any one issuer's securities owned by the REIT in this class (other than securities of a TRS), generally may not exceed either (1) 5% of the value of such REIT's total assets as to any one nongovernment issuer, (2) 10% of the outstanding voting securities of any one issuer, or (3) 10% of the value of the outstanding securities of any one issuer. Third, not more than 20% of the total value of such REIT's assets can be represented by securities of one or more "taxable REIT subsidiaries" or "TRSs" (described below). Fourth, not more than 25% of the total value of such REIT's total assets can be represented by certain debt obligations of other REITs. Securities for purposes of the above 5% and 10% asset tests may include debt securities, including debt issued by a partnership. Debt of an issuer will not count as a security for purposes of the 10% value test, however, if the security qualifies for any of a number of exceptions applicable, for example, to "straight debt," as specially defined for this purpose, to certain debt issued by partnerships, and to certain other debt that is not considered to be abusive and that presents minimal opportunity to share in the business profits of the issuer. Solely for purposes of the 10% value test, a REIT's interest in the assets of a partnership will be based upon a REIT's proportionate interest in any securities issued by the partnership (including, for this purpose, its interest as a partner in the partnership and any debt securities issued by the partnership, but excluding any securities qualifying for the "straight debt" or other exceptions described above), valuing any debt instrument at its adjusted issue price.

The Company's failure to satisfy one or more of the asset tests would not necessarily result in a loss of REIT status if (1) the Company came into compliance within a specified period after identifying the failure, (2) in the case of certain asset test failures, the failure was due to reasonable cause and not to willful neglect and (3) the Company pays a penalty excise tax.

***Gross Income Tests.*** For each taxable year, a REIT must satisfy two separate tests that measure the REIT's sources of income.

*75% Test.* At least 75% of a REIT's gross income for a taxable year must be "qualifying income." Qualifying income generally includes (1) rents from real property; (2) interest on obligations collateralized by mortgages on, or interests in, real property; (3) gains from the sale or other disposition of interests in real property and real estate mortgages, other than dealer property; (4) dividends or other distributions on shares in other REITs, as well as gain from the sale of such shares; (5) abatements and refunds of real property taxes; (6) income from the operation, and gain from the sale, of property acquired at or in lieu of a foreclosure of the mortgage collateralized by such property ("foreclosure property"); (7) commitment fees received for agreeing to make loans collateralized by mortgages on real property or to purchase or lease real property; and (8) income from temporary investments in stock or debt instruments purchased with the proceeds of new capital raised by such REIT.

Certain limitations apply to the ability of interest and rental income to be treated as "qualifying income" in satisfying the 75% test (or the 95% test described below). Rents received by the REIT directly, through partnerships in which it has a direct or indirect ownership interest will qualify as "rents from real property" in satisfying the gross income requirements described above only if several conditions, including the following, are met. If rent attributable to personal property leased in connection with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable to such personal property will not qualify as "rents from real property." Moreover, for rents received to qualify as "rents from real property," the REIT generally must not operate or manage the property or furnish or render services to the tenants of such property, other than through an "independent contractor" from which the REIT derives no revenue. However, the REIT (or its affiliates) is permitted to directly perform services that are "usually or customarily rendered" in connection with the rental of space for occupancy only and are not otherwise considered rendered to the occupant of the property. In addition, rents will not qualify as "rents from real property" if they are based in whole or in part on the income or profits of any person (except by reason of being based on a percentage of the tenant's gross receipts or sales). Finally, rents (other than rents received from TRSs if certain requirements are met) derived from tenants that are at least 10% owned, directly or constructively, by the REIT do not qualify as "rents from real property" for purposes of the gross income requirements. A REIT may have limited or no ability to prevent the receipt of some amounts of non-qualifying income in light of the nature of the portfolio investments expected to be made by such REIT.

*95% Test.* In addition to deriving 75% of a REIT's gross income from the sources listed above, at least 95% of such REIT's gross income for a taxable year must be derived from the above-described qualifying income, or from dividends, interest or gains from the sale or disposition of stock or other securities that are not dealer property. For purposes of determining whether such REIT complies with the 75% and 95% tests, gross income does not include income from "prohibited transactions" (generally, sales of dealer property). Income from certain hedging transactions also may be disregarded in certain situations.

Even if the Company failed to satisfy one or both of the gross income tests for any taxable year, it may still qualify as a REIT for such year if entitled to relief under certain provisions of the Code. These relief provisions will generally be available if the Company's failure to comply is due to reasonable cause and not to willful neglect, and the Company timely complies with requirements for reporting each item of its income to the IRS. However, it is impossible to predict whether the Company will be entitled to the benefit of these relief provisions in the future. Even if these relief provisions applied, the Company would still be subject to a special tax in connection with the failure.

***Taxable REIT Subsidiaries***. A REIT and a C corporation in which such REIT owns stock may make a joint election for such subsidiary to be treated as a TRS. Other than some activities relating to lodging and health care facilities, a TRS may generally engage in any business, including the provision of customary or non-customary services to REIT tenants, without causing its parent REIT to receive impermissible tenant service income under the REIT gross income tests. However, a TRS is required to pay regular U.S. federal income tax, and state and local income tax where applicable, as a non-REIT "C" corporation. In addition, a TRS may be prevented from deducting interest on debt funded directly or indirectly by its parent REIT if certain tests regarding the TRS's debt to equity ratio and interest expense are not satisfied.

The securities of a TRS are not subject to the 5% asset test and the 10% vote and value tests previously discussed. Instead, as previously noted, a separate asset test applies to TRSs. The Company currently intends to hold interests in one or more TRSs.

***Annual Distribution Requirements****.* To qualify as a REIT, the Company must distribute dividends (other than capital gain dividends) to its Members each year in an amount equal to at least (A) the sum of (i) 90% of its REIT taxable income (computed without regard to the dividends paid deduction and its net capital gain) and (ii) 90% of the net income (after tax), if any, from foreclosure property, minus (B) the sum of certain items of non-cash income over 5% of REIT taxable income. Such distributions must be paid in the taxable year to which they relate or, in limited circumstances, in the following taxable year. To the extent that the Company does not distribute all of its net capital gain or distribute at least 90%, but less than 100%, of its REIT taxable income, as adjusted, it will be subject to tax on the undistributed amount at regular corporate tax rates, as the case may be. Furthermore, if the Company fails to distribute during each calendar year at least the sum of (1) 85% of the its ordinary income for such year, (2) 95% of its net capital gain income for such year, and (3) any undistributed taxable income from prior periods, it is subject to a 4% excise tax on the excess of such required distribution over the sum of the amounts actually distributed and the amount of any net capital gains it elected to retain and pay tax on.

If the Company does not have sufficient cash or other liquid assets to meet its annual REIT distribution requirement, it may issue a qualifying stock dividend or arrange for borrowings (on terms that may not be favorable to the Company) in order to maintain its REIT status. Alternatively, the Company may make "consent dividends" to the extent of any shortfall in available cash. A consent dividend is an amount that the owners of a REIT agree to treat as having been distributed by the REIT and then contributed by the distributees to the capital of the REIT. In such event, the Company's Members would be treated as receiving additional taxable income but would not receive a concurrent corresponding cash distribution. Such Members' tax basis in their Units would be increased by the amount of their consent dividends, and the amount of taxable gain realized upon a sale of Units or the termination of the Company would therefore be reduced. Under certain circumstances, the Company may rectify a failure to meet the REIT distribution requirement for a year by paying "deficiency dividends" to its Members in a later year, which may be included in the Company's deduction for dividends paid for the earlier year. Thus, the Company may avoid being taxed on amounts distributed as deficiency dividends. The Company would, however, be required to pay interest based on the amount of any deduction taken for such deficiency dividends.

As long as the Company qualifies as a REIT, its distributions (including deemed distributions resulting from consent dividends) made to Members out of current or accumulated earnings and profits will generally be treated as ordinary income except (i) dividends designated as "capital gain dividends," which are treated as long-term capital gain (to the extent that they do not exceed the Company's actual net capital gain for the taxable year) without regard to the period for which any Member has held Units, and (ii) dividends designated as "qualified dividend income," which are taxed at the same rate as long-term capital gain (to the extent they do not exceed the Company's actual qualified dividend income and REIT taxable income for the taxable year). Distributions by the Company in excess of current and accumulated earnings and profits will generally not be taxable to the extent that they do not exceed the adjusted tax basis of a recipient Member's Units, but rather will reduce the adjusted tax basis of such Units. If such distributions exceed such adjusted tax basis, the Member will be required to treat the excess as long-term capital gain (or short-term capital gain if the Units have been held for one year or less). In addition, any dividend declared by a REIT in October, November or December of any year shall be treated as both paid by the REIT and received by its Members on December 31 of such year, provided that the dividend is actually paid by the REIT during January of the following calendar year.

***Prohibited Transactions****.* A REIT is subject to a 100% tax on its net income from prohibited transactions. The term "prohibited transaction" generally includes a sale or other disposition of property (other than foreclosure property, as discussed below) that is held primarily for sale to customers in the ordinary course of a trade or business by the REIT or by a borrower that has issued a shared appreciation mortgage or similar debt instrument to the REIT. Whether property is held "primarily for sale to customers in the ordinary course of a trade or business" depends on the particular facts and circumstances. In general, a prohibited transaction does not include the sale or other disposition of property held by the REIT for no less than 2 years, provided that the REIT satisfies other requirements with respect to such property. Nonetheless, no assurance can be given that any property that the Company sells will not be treated as property held for sale to customers, or that the Company can comply with certain safe-harbor provisions of the Code that would prevent such treatment. The 100% tax does not apply to gains from the sale of property that is held through a TRS or other taxable corporation, although such income will be subject to tax in the hands of the corporation at regular corporate rates.

**Tax Aspects of the Operating Company and any Subsidiary Partnerships**

*General.* Substantially all of the Company assets will be held through the Operating Company. In addition, the Operating Company may hold certain investments indirectly through subsidiary partnerships and limited liability companies which are treated as partnerships or disregarded entities for U.S. federal income tax purposes. In general, entities that are treated as partnerships or disregarded entities for U.S. federal income tax purposes are "pass-through" entities which are not required to pay U.S. federal income tax. Rather, partners or members of such entities are allocated their share of the items of income, gain, loss, deduction and credit of the partnership or limited liability company, and are potentially required to pay tax on this income, without regard to whether they receive a distribution from the partnership or limited liability company. A partner in such entities that is a REIT will include in its income its share of these partnership and limited liability company items for purposes of the various gross income tests, the computation of its REIT taxable income, and the REIT distribution requirements. Pursuant to these rules, for purposes of the asset tests, the Company will include the Company's pro rata share of assets held by the Operating Company, including the Company's share of its subsidiary partnerships and limited liability companies, based on the Operating Company's capital interest in each such entity.

***Entity Classification****.* The Company's interests in the Operating Company and the subsidiary partnerships and limited liability companies involve special tax considerations, including the possibility that the IRS might challenge the status of these entities as partnerships (or disregarded entities), as opposed to associations taxable as corporations for U.S. federal income tax purposes. For example, an entity that would otherwise be classified as a partnership for U.S. federal income tax purposes may nonetheless be taxable as a corporation if: (i) it elects to be taxed as a corporation; or (ii) it is a "publicly traded partnership" and certain other requirements are met. A partnership or limited liability company would be treated as a publicly traded partnership if its interests are traded on an established securities market or are readily tradable on a secondary market or a substantial equivalent thereof, within the meaning of applicable Regulations. If the Operating Company or a subsidiary partnership or limited liability company were treated as an association rather than as a partnership, it would be taxable as a corporation and would be required to pay an entity-level tax on its income. In this situation, the character of the Company's assets and items of gross income would change and could prevent the Company from qualifying as a REIT. See "Failure to Qualify" for a discussion of the effects of our failure to meet the REIT asset and income tests. In addition, a change in the tax status of the Operating Company, a subsidiary partnership or limited liability company might be treated as a taxable event. If so, the Company might incur a tax liability without any related cash distributions. The Manager does not anticipate that the Operating Company or any subsidiary partnership or limited liability company will be treated as a publicly traded partnership which is taxable as a corporation.

Legislation was enacted that significantly changes the rules for U.S. federal income tax audits of partnerships. Such audits will continue to be conducted at the entity level, but with respect to tax returns for taxable years beginning after December 31, 2017, unless such entity qualifies for and affirmatively elects an alternative procedure, any adjustments to the amount of tax due (including interest and penalties) will be payable by the entity itself. Under an alternative procedure, if elected, a partnership would issue information returns to persons who were partners in the audited year, who would then be required to take such adjustments into account in calculating their own tax liability, and the partnership would not be liable for the adjustments. If any of the Operating Company or its subsidiary partnerships or limited liability companies is able to and in fact elects the alternative procedure for a given adjustment, the amount of taxes for which such persons will be liable will be increased by any applicable penalties and a special interest charge. There can be no assurance that any such entities will make such an election for any given adjustment. Many issues and the overall effect of this new legislation on the Company are uncertain.

***Allocations of Income, Gain, Loss and Deduction.*** A partnership agreement (or, in the case of a limited liability company treated as a partnership for U.S. federal income tax purposes, the limited liability company agreement) will generally determine the allocation of partnership income and loss among partners. Generally, Section 704(b) of the Code and the Regulations thereunder require that partnership allocations respect the economic arrangement of the partners. If an allocation of partnership income or loss does not comply with the requirements of Section 704(b) of the Code and the Regulations thereunder, the item subject to the allocation will be reallocated in accordance with the partners' interests in the partnership. This reallocation will be determined by taking into account all of the facts and circumstances relating to the economic arrangement of the partners with respect to such item. The Operating Company's allocations of taxable income and loss are intended to comply with the requirements of Section 704(b) of the Code and the Regulations thereunder.

***Tax Allocations with Respect to the Properties****.* Under Section 704(c) of the Code, income, gain, loss and deduction attributable to appreciated or depreciated property that is contributed to a partnership (including a limited liability company treated as a partnership for U.S. federal income tax purposes) in exchange for an interest in the partnership must be allocated in a manner so that the contributing partner is charged with the unrealized gain, or benefits from the unrealized loss, associated with the property at the time of the contribution, as adjusted from time to time. The amount of the unrealized gain or unrealized loss generally is equal to the difference between the fair market value or book value and the adjusted tax basis of the contributed property at the time of contribution (this difference is referred to as a book-tax difference), as adjusted from time to time. These allocations are solely for U.S. federal income tax purposes and do not affect the book capital accounts or other economic or legal arrangements among the partners.

**Taxation of U.S. Members**

As used herein, the term "**U.S. Member**" means a beneficial owner of Units that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;· a citizen or resident, as defined in Section 7701(b) of
the Code, of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;· a corporation, partnership, limited liability
company or other entity treated as a corporation or partnership for U.S. federal income tax purposes that was created or organized in
or under the laws of the United States or of any State thereof or in the District of Columbia unless, in the case of a partnership or
limited liability company, Regulations provide otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;· an estate the income of which is subject to U.S.
federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;· in general, a trust whose administration is subject
to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions
of the trust.

Notwithstanding the preceding sentence, to the extent provided in the Regulations, certain trusts in existence on August 20, 1996, and treated as U.S. persons prior to this date that elect to continue to be treated as U.S. persons, shall also be considered U.S. Members.

If a Member is not a "U.S. Member," such Member is a "Non-U.S. Member." If a partnership holds Units, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Each partnership holding Units, as well as each partner therein, should consult independent tax advisors regarding the potential tax consequences of the ownership and disposition of Units.

***Taxation of Distributions****.* As long as the Company qualifies as a REIT, distributions made by the Company to taxable U.S. Members out of the Company's current or accumulated earnings and profits that are not designated as capital gain dividends or "qualified dividend income" will be taken into account by them as ordinary income taxable at ordinary income tax rates and will not qualify for the reduced capital gains rates that currently generally apply to distributions by non-REIT C corporations to certain non-corporate U.S. Members. Corporate Members will not be eligible for the dividends received deduction with respect to these distributions. U.S. Members that are individuals, trusts and estates generally may deduct 20% of "qualified REIT dividends" (*i.e*., REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income eligible for capital gain tax rates). In addition, Regulations impose a minimum holding period for the 20% deduction that was not set forth in the Code. Under the Regulations, in order for a REIT dividend with respect to a share of REIT stock to be treated as a qualified REIT dividend, the U.S. Member (i) must have held the share for more than 45 days during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend and (ii) cannot have been under an obligation to make related payments with respect to positions in substantially similar or related property (*e.g*., pursuant to a short sale). The overall deduction is limited to 20% of the sum of the taxpayer's taxable income (less net capital gain) and certain cooperative dividends, subject to further limitations based on taxable income. The deduction, if allowed in full, equates to a maximum effective U.S. federal income tax rate on ordinary REIT dividends of 29.6%. Without further legislation, this deduction would sunset after 2025.

Distributions in excess of both current and accumulated earnings and profits will not be taxable to a U.S. Member to the extent that the distributions do not exceed the adjusted basis of the holder's Unit. Rather, such distributions will reduce the adjusted basis of the Unit. To the extent that distributions exceed the adjusted basis of a U.S. Member's Unit, the U.S. Member generally must include such distributions in income as long-term capital gain if the Units have been held for more than one year, or short-term capital gain if the Units have been held for one year or less.

Distributions will generally be taxable, if at all, in the year of the distribution. However, if the Company declares a dividend in October, November or December of any year with a record date in one of these months and pay the dividend on or before January 31 of the following year, the Company will be treated as having paid the dividend, and the Member will be treated as having received the dividend, on December 31 of the year in which the dividend was declared.

The Company will be treated as having sufficient earnings and profits to treat as a dividend any distribution the Company pays up to the amount required to be distributed in order to avoid imposition of the 4% excise tax discussed above. Moreover, any "deficiency dividend" will be treated as an ordinary or capital gain dividend, as the case may be, regardless of the Company's earnings and profits. As a result, U.S. Members may be required to treat certain distributions that would otherwise result in a tax-free return of capital as taxable dividends.

*Capital Gain Dividends*. The Company may elect to designate distributions of its net capital gain as "capital gain dividends" to the extent that such distributions do not exceed the Company's actual net capital gain for the taxable year. Capital gain dividends are taxed to U.S. Members as gain from the sale or exchange of a capital asset held for more than one year. This tax treatment applies regardless of the period during which the Members have held their Units. If the Company designates any portion of a dividend as a capital gain dividend, the amount that will be taxable to the Members as capital gain will be indicated to U.S. Members on IRS Form 1099-DIV. Corporate Members, however, may be required to treat up to 20% of capital gain dividends as ordinary income. Capital gain dividends are not eligible for the dividends received deduction for corporations.

***Taxation of Sale***. Upon any taxable sale or other disposition of Units, a U.S. Member will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between: the amount of cash and the fair market value of any property received on such disposition; and the U.S. Member's adjusted basis in such Unit for tax purposes. Gain or loss will be capital gain or loss if the Unit has been held by the U.S. Member as a capital asset. The applicable tax rate will depend on the Member's holding period in the asset (generally, if an asset has been held for more than one year, it will produce long-term capital gain) and the holder's tax bracket. In general, any loss upon a sale or exchange of Units by a U.S. Member who has held such Units for six months or less (after applying certain holding period rules) will be treated as a long-term capital loss, but only to the extent of distributions from the Company received by such U.S. Member that are required to be treated by such U.S. Member as long-term capital gains.

***U.S. Federal Income Tax Rates; Capital Gains and Losses****.* As of the date of this Offering Circular, the maximum corporate U.S. federal income tax rate applicable to ordinary income and net capital gain is 21%, and for individuals, the maximum U.S. federal income tax rates is 37% for ordinary income and net short-term capital gain, and 20% for net long-term capital gain and "qualified dividend income." In addition, certain U.S. Members are subject to an additional 3.8% Medicare tax on unearned income. For individual U.S. Members, the additional Medicare tax applies to the lesser of (x) "net investment income" (*i.e*., gross investment income reduced by the deductions that are allocable to such income), or (y) the excess of "modified adjusted gross income" over $200,000 ($250,000 if married and filing jointly). Investment income generally includes passive income such as interest, dividends, annuities, royalties, rents, and capital gains. The amount of tax payable by any Member will be affected by a combination of tax laws covering, for example, deductions, credits, deferrals, exemptions, sources of income and other matters.

**Taxation of Certain Tax-Exempt Members**

*UBTI.* If a Unit is treated as "debt-financed property," then proceeds that certain tax-exempt Members (such as certain individual retirement accounts) receive from the Company may be treated as "unrelated debt-financed income" that is subject to the unrelated business income tax. A Unit generally should not be treated as debt-financed property if (1) neither it nor any entity through which such Unit is acquired is (or has been) subject to any "acquisition indebtedness," as determined for purposes of Code section 514, and (2) such Unit is not otherwise used in an unrelated trade or business of a tax-exempt Member. However, a portion of the dividend income generated by an investment in the Company and received by certain domestic private pension trusts may be treated as unrelated business taxable income to such trusts if the Company is treated as a "pension-held REIT." The Company does not expect (and intends not) to become a "pension-held REIT." Pension plans are nevertheless urged to consult their tax advisors regarding the possible application of the pension-held REIT rules.

**Information Withholding and Backup Reporting**

In general, information-reporting requirements will apply to distributions on, and sales of, Units. Further, the payor will be required to withhold backup withholding tax on such payments at the rate of 24% if:

&nbsp;&nbsp;&nbsp;&nbsp;· the payee fails to furnish a taxpayer identification
number, or TIN, to the payer or to establish an exemption from backup withholding;

&nbsp;&nbsp;&nbsp;&nbsp;· the IRS notifies the payer that the TIN furnished
by the payee is incorrect;

&nbsp;&nbsp;&nbsp;&nbsp;· there has been a notified payee under-reporting
with respect to interest, dividends or original issue discount described in Section 3406(c) of the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;· there has been a failure of the payee to certify
under the penalty of perjury that the payee is not subject to backup withholding under the Code.

Some Members, including corporations, may be exempt from backup withholding. Any amounts that are withheld under the backup withholding rules may be refunded or credited against the U.S. Member's U.S. federal income tax liability if certain required information is timely furnished to the IRS.

**Possible Legislative or Other Actions Affecting Tax <u>Considerations</u>**

The U.S. federal income tax may be modified by legislative, judicial or administrative action at any time, and any such action may affect investments and commitments previously made. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department, resulting in revisions of Regulations and revised interpretations of established concepts as well as statutory changes. Revisions in U.S. federal tax laws and interpretations thereof could adversely affect the tax consequences of an investment in the Company.

**State, Local, and Non-U.S. Taxes**

This summary makes no attempt to discuss the potential state, local, or non-U.S. taxes that may be borne by the Company or by a Member in respect of a Unit, including any such taxes imposed in states where the Company (or its subsidiaries) may own properties or carry on activities. However, Members should nevertheless consider the state, local, and non-U.S. tax consequences of an investment in the Company. State, local, and non-U.S. laws often differ from U.S. federal income tax laws with respect to the treatment, calculation and timing of recognition of specific tax items. The Company owns property in a number of states. Members may be required to file state income tax returns and pay tax in those states. The Company urges prospective investors to consult their own tax advisor on all matters relating to state, local, and non-U.S. taxation, including:

&nbsp;&nbsp;&nbsp;&nbsp;· whether the state or non-U.S. jurisdiction in
which the prospective investor resides will impose a tax upon proceeds attributable to an investment in the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· whether an income tax or other return must also
be filed in those states where the Company or its subsidiaries own properties;

&nbsp;&nbsp;&nbsp;&nbsp;· whether the prospective investor will be subject
to state income tax withholding in states where the Company or its subsidiaries own properties; and

&nbsp;&nbsp;&nbsp;&nbsp;· whether states where the Company or its subsidiaries
own properties will impose other taxes on the Company.

Prospective investors should consult with their own personal tax advisors with respect to the impact of applicable state and local taxes on a proposed investment in the Company.

**THE FOREGOING SUMMARY OF CERTAIN UNITED STATES FEDERAL INCOME TAX ASPECTS IS NOT INTENDED TO BE A COMPLETE SUMMARY OF THE TAX CONSEQUENCES OF AN INVESTMENT IN THE COMPANY. EACH PROSPECTIVE INVESTOR SHOULD CONSULT WITH ITS OWN INDEPENDENT TAX ADVISORS REGARDING A POTENTIAL INVESTMENT IN THE COMPANY.**

**ONGOING REPORTING AND SUPPLEMENTS TO THIS OFFERING CIRCULAR**

The Company will be required to make annual and semi-annual filings with the SEC. The Company will make annual filings on Form 1-K, which will be due by the end of April each year and will include audited financial statements for the previous fiscal year. The Company will make semi-annual filings on Form 1-SA, which will be due by September 28 each year, which will include unaudited financial statements for the six months to June 30. The Company will also file a Form 1-U to announce important events such as the loss of a senior officer, a change in auditors or certain types of capital-raising. The Company will be required to keep making these reports unless the Company files a Form 1-Z to exit the reporting system, which the Company will only be able to do if the Company has less than 300 shareholders of record and have filed at least one Form 1-K.

At least every 12 months, the Company will file a post-qualification amendment to the Offering Statement of which this Offering Circular forms a part, to include the company's recent financial statements.

The Company may supplement the information in this Offering Circular by filing a Supplement with the SEC.

All these filings will be available on the SEC's EDGAR filing system. You should read all the available information before investing.

**FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT**

**COMMUNE OMNI FUND, LLC**

**CONSOLIDATED FINANCIAL STATEMENTS**

**As of December 31, 2024 and**

**For the period from February 22, 2024 (inception) to December 31, 2024**

**COMMUNE OMNI FUND, LLC**

**Consolidated Financial Statements<br> As of December 31, 2024 and**

**For the period from February 22, 2024 (inception) to December 31, 2024**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | <u>Page</u> |
| [Independent Auditor's Report](#iar_001) | [F-2](#iar_001) |
| <u>Consolidated Financial Statements</u> |  |
| [Consolidated Balance Sheet](#spl_001) | [F-4](#spl_001) |
| [Consolidated Statement of Operations](#spl_002) | [F-5](#spl_002) |
| [Consolidated Statement of Changes in Members' Equity (Deficit)](#spl_003) | [F-6](#spl_003) |
| [Consolidated Statement of Cash Flows](#spl_004) | [F-7](#spl_004) |
| [Notes to the Consolidated Financial Statements](#spl_005) | [F-8](#spl_005) |

---

![](tm2519245d2_indepenimg001.jpg)

To the Members of

Commune Omni Fund, LLC

Westlake Village, California

**INDEPENDENT AUDITOR'S REPORT**

**Opinion**

We have audited the accompanying consolidated financial statements of Commune Omni Fund, LLC and subsidiary (collectively, the "Company"), which comprise the consolidated balance sheet as of December 31, 2024 and the related consolidated statements of operations, changes in members' equity/(deficit), and cash flows for the period from February 22, 2024 (inception) to December 31, 2024, and the related notes to the consolidated financial statements.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and the results of the Company's operations and its cash flows for the period from February 22, 2024 (inception) to December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Substantial Doubt About the Company's Ability to Continue as a Going Concern**

The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As described in Note 7 to the consolidated financial statements, the Company has not yet commenced planning principal operations, has not yet generated revenues or profits, and plans to incur significant costs in pursuit of its capital financing plans. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 7. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.

**Responsibilities of Management for the Consolidated Financial Statements**

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

**Artesian CPA, LLC**

1312 17<sup>th</sup> Street #462 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the consolidated financial statements are available to be issued.

**Auditor's Responsibilities for the Audit of the Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with generally accepted auditing standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements, including omissions, are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.

In performing an audit in accordance with generally accepted auditing standards, we:

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise
 professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;· Identify
 and assess the risks of material misstatement of the consolidated financial statements, whether
 due to fraud or error, and design and perform audit procedures responsive to those risks.
 Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures
 in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain
 an understanding of internal control relevant to the audit in order to design audit procedures
 that are appropriate in the circumstances, but not for the purpose of expressing an opinion
 on the effectiveness of the Company's internal control. Accordingly, no such opinion
 is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate
 the appropriateness of accounting policies used and the reasonableness of significant accounting
 estimates made by management, as well as evaluate the overall presentation of the consolidated
 financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude
 whether, in our judgment, there are conditions or events, considered in the aggregate, that
 raise substantial doubt about the Company's ability to continue as a going concern
 for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Artesian CPA, LLC

**Artesian CPA, LLC**

Denver, Colorado

February 25, 2025

**Artesian CPA, LLC**

1312 17<sup>th</sup> Street #462 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

**COMMUNE OMNI FUND, LLC**

**CONSOLIDATED BALANCE SHEET**

**AS OF DECEMBER 31, 2024**

---

| | |
|:---|:---|
| **ASSETS** | 2024 |
| Assets |  |
| &nbsp;&nbsp;&nbsp;Cash | $- |
| &nbsp;&nbsp;&nbsp;Deferred Offering Cost | 156634 |
| TOTAL ASSETS | $156634 |
| **LIABILITIES AND MEMBERS' EQUITY/(DEFICIT)** |  |
| Liabilities |  |
| &nbsp;&nbsp;&nbsp;Due to Related Party | $223559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 223559 |
| Members' Equity/(Deficit) | (66925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Members' Equity/(Deficit) | (66925) |
| TOTAL LIABILITIES AND MEMBERS' EQUITY/(DEFICIT) | $156634 |

---

See Independent Auditor's Report and accompanying notes, which are an integral part of these consolidated financial statements.

**COMMUNE OMNI FUND, LLC**

**CONSOLIDATED STATEMENT OF OPERATIONS**

**FOR THE PERIOD FROM FEBRUARY 22, 2024 (INCEPTION) TO DECEMBER 31, 2024**

---

| | |
|:---|:---|
|  | 2024 |
| Revenues | $- |
| Operating Expenses |  |
| &nbsp;&nbsp;&nbsp;Legal Fees | 55019 |
| &nbsp;&nbsp;&nbsp;Accounting | 9850 |
| &nbsp;&nbsp;&nbsp;Dues & Subscriptions | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Operating Expenses | 66925 |
| Net Loss | $(66925) |

---

See Independent Auditor's Report and accompanying notes, which are an integral part of these consolidated financial statements.

**COMMUNE OMNI FUND, LLC**

**CONSOLIDATED STATEMENT OF CHANGES IN MEMBERS' EQUITY (DEFICIT)**

**FOR THE PERIOD FROM FEBRUARY 22, 2024 (INCEPTION) TO DECEMBER 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | Accumulated<br> Deficit | Capital<br> Contributions | Total<br> Members'<br> Equity/(Deficit) |
| Balance at February 22, 2024 (Inception) | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;- |
| Net Loss | (66925) | - | (66925) |
| Balance at December 31, 2024 | $(66925) | $- | $(66925) |

---

See Independent Auditor's Report and accompanying notes, which are an integral part of these consolidated financial statements.

**COMMUNE OMNI FUND, LLC**

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**FOR THE PERIOD FROM FEBRUARY 22, 2024 (INCEPTION) TO DECEMBER 31, 2024**

---

| | |
|:---|:---|
|  | 2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES |  |
| &nbsp;&nbsp;&nbsp;Net Loss | $(66925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Used in Operating Activities | (66925) |
| CASH FLOWS FROM FINANCING ACTIVITIES |  |
| &nbsp;&nbsp;&nbsp;Funds Advanced by Manager | 223559 |
| &nbsp;&nbsp;&nbsp;Deferred Offering Costs | (156634) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Cash Provided by Financing Activities | 66925 |
| Net Change in Cash |  |
| Cash at the Beginning of the Period | - |
| Cash at the End of the Period | $- |
| Supplemental Disclosure of Cash Flow Information: |  |
| &nbsp;&nbsp;&nbsp;Cash Paid for Income Taxes | $- |
| &nbsp;&nbsp;&nbsp;Cash Paid for Interest | $- |

---

See Independent Auditor's Report and accompanying notes, which are an integral part of these consolidated financial statements.

**COMMUNE OMNI FUND, LLC**

**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**

**AS OF DECEMBER 31, 2024 AND**

**FOR THE PERIOD FROM FEBRUARY 22, 2024 (INCEPTION) TO DECEMBER 31, 2024**

**NOTE 1 – <u>DESCRIPTION OF THE COMPANY</u>**

Commune Omni Fund, LLC, (the "Company") is a Delaware limited liability company that was formed on February 22, 2024. The purpose of the Company is to: (i) purchase, manage, and dispose of investments in real property selected by the Manager; and (ii) engage in such activities necessary, incidental or ancillary thereto and any other lawful act or activity for which limited liability companies may be organized under the law in furtherance of the foregoing.

Commune Omni Fund OC, LLC, (the "Subsidiary") a Delaware limited liability company that was formed on February 22, 2024, is a subsidiary of the Company. The purpose of the Subsidiary is to: (i) purchase, manage, and dispose of investments in real property selected by the Manager (each such property a "Property" and collectively, the "Properties"); and (ii) engage in such activities necessary, incidental or ancillary thereto and any other lawful act or activity for which limited liability companies may be organized under the law in furtherance of the foregoing.

The Company and its Subsidiary are managed by its managing member, Commune Omni Fund Management, LLC (the "Manager").

As of December 31, 2024, the Company and its Subsidiary have not yet commenced operations. Once the Company and its Subsidiary commence their planned principal operations, they will incur significant additional expenses. The Company is dependent upon additional capital resources for the commencement of its planned principal operations and is subject to significant risks and uncertainties, including failing to secure funding to commence the Company's planned operations or failing to profitably operate the business.

**NOTE 2 – <u>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</u>**

<u>Basis of Presentation and Principles of Consolidation</u>

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (GAAP). The Company has adopted a calendar year as its fiscal year.

The accompanying consolidated financial statements include the accounts of Commune Omni Fund, LLC and Commune Omni Fund OC, LLC. All significant intercompany transactions have been eliminated in consolidation.

<u>Use of Estimates</u>

The preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingencies at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

<u>Cash Equivalents and Concentration of Cash Balance</u>

The Company considers all highly liquid securities with an original maturity of less than three months to be cash equivalents. The Company's cash and cash equivalents in bank deposit accounts, at times, may exceed federally insured limits. As of December 31, 2024, no bank accounts exceed federally insured limits.

<u>Deferred Offering Costs</u>

The Company complies with the requirements of Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 340-10-S99-1 with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to members' equity/(deficit) upon the completion of an offering or to expense if the offering is not completed. Offering costs include offering expense reimbursements and sourcing fees as noted below. The Company will reimburse the Manager for any offering costs incurred by the Manager from the proceeds of the offering. As of December 31, 2024, the Manager has incurred $156,634 in offering expenses.

<u>Fair Value of Financial Instruments</u>

Entities are permitted under GAAP to elect to measure certain financial instruments and certain other items at either fair value or cost. We have elected the cost measurement option in all circumstances where we had an option.

Financial Accounting Standards Board ("FASB") guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable for any financial assets or liabilities that are carried at fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement).

The three levels of the fair value hierarchy are as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities.

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active).

Level 3 - Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable.

The carrying amounts reported in the consolidated balance sheets approximate their fair value.

<u>Interest Income and Expenses</u>

Interest income and expenses are recorded on the accrual basis of accounting.

<u>Income Taxes</u>

The Company intends to elect to be taxed as a Real Estate Investment Trust (REIT). The Company files income tax returns in the U.S. Federal and State jurisdictions. The Company is not currently under examination. Management has determined that the Company does not have any uncertain tax positions or associated unrecognized benefits that materially impact the consolidated financial statements or related disclosures. Since tax matters are subject to some degree of uncertainty, there can be no assurance that the Company's tax returns will not be challenged by the taxing authorities and that the Company or its members will not be subject to additional tax, penalties, and interest as a result of such a challenge.

<u>Revenue Recognition</u>

The Company has adopted ASU 2014-09*, Revenue from Contracts with Customers*, and its related amendments (collectively known as "ASC 606"), effective at inception using the modified retrospective transition approach applied to all contracts. There were no cumulative impacts that were made. The Company and each Partner determine revenue recognition through the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of a contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Determination of the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Allocation of the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recognition of revenue when or as the performance obligations are satisfied.

Revenue is recognized when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company and the Subsidiary expect to be entitled to in exchange for those goods or services. As a practical expedient, the Company and the Subsidiary do not adjust the transaction price for the effects of a significant financing component if, at contract inception.

<u>Organization Costs</u>

In accordance with FASB ASC 720, organizational costs, including accounting fees, legal fees, and costs of incorporation, are expensed as incurred.

<u>Recent Accounting Pronouncements</u>

The FASB issues ASUs to amend the authoritative literature in ASC. There have been a number of ASUs to date, including those above, that amend the original text of ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to us or (iv) are not expected to have a significant impact on our consolidated financial statements.

**NOTE 3 – <u>INVESTMENT IN PROPERTY</u>**

As of December 31, 2024, the Company does not own any properties.

**NOTE 4 – <u>OTHER ASSETS</u>**

As of December 31, 2024, there are no other assets to be reported.

**NOTE 5 – <u>PROPERTY AND EQUIPMENT</u>**

As of December 31, 2024, there is no property or equipment held.

**NOTE 6 – <u>RELATED PARTY TRANSACTIONS</u>**

<u>Management Fees</u>

In accordance with the Limited Liability Company Agreement dated February 22, 2024, Commune Omni Fund Management, LLC, (the Manager) serves as the Manager for the Company. As compensation for its services, the Company will pay the Manager an annual asset management fee, attributed to each Member, pro rata, based on their respective Units, equal to 2.0% annualized of the sum of the aggregate net value of the Properties owned by the Company or its subsidiaries. As of December 31, 2024, no management fees are owed by the Company and its Subsidiary to the Manager.

As of December 31, 2024, the Company owed the Manager $223,559 for costs paid related to deferred offering costs and operating expenses. These advances are non-interest bearing and considered payable upon demand.

**NOTE 7 – <u>GOING CONCERN</u>**

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company and its subsidiary have a business that has not commenced planned principal operations, plans to incur significant costs in pursuit of its capital financing plans and operations, and has not generated any revenues or profits as of December 31, 2024. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period of time. The Company's and its subsidiary's ability to continue as a going concern in the next periods are dependent upon their ability to obtain capital financing from investors sufficient to meet current and future obligations and deploy such capital to produce profitable operating results. No assurance can be given that the Company and its subsidiary will be successful in these efforts. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company and its subsidiary be unable to continue as a going concern.

**NOTE 8 – <u>MEMBERS' EQUITY/(DEFICIT)</u>**

Pursuant to the terms of the operating agreement, the Manager will be responsible for directing the management of the business and affairs, managing our day-to-day affairs, and making decisions related to investments and dispositions.

Pursuant to the operating agreement, the Manager will receive fees and expense reimbursements for services relating to the Company's offering and investment management services.

Members intending to become a common unit holder shall be obligated to pay the Company the amount due for each common unit to be acquired upon such person's admission to the Company as a common unit holder, and the admission of such person as a common unit holder in respect thereof shall be contingent upon the Company receiving full payment of such amount.

No Member may withdraw any amount from the Company unless such withdrawal is made pursuant to the guidelines in the operating agreement or a dissolution of the entity. Redemptions of common units can be made at the Company's option a at redemption price determined by the Manager.

The debts, obligations, and liabilities of the Company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the Company, and no member of the Company is obligated personally for any such debt, obligation, or liability.

The Company may pay dividends to the common unit holders in proportion to their respective common units at such times and in such amounts as shall be determined by the Manager in its sole discretion. The Company intends to distribute at least 90% of its taxable net income, as required to qualify as a real estate investment trust.

The Company owns all of the Class A membership interests in the Subsidiary. Distributions of cash flow from the Subsidiary will be paid 70% to the Company, and 30% to the member holding the Class B membership interest. Distributions of distributable sales proceeds from the Subsidiary will be paid first to the Company until the Company has received distributions equal to the Company's aggregate unreturned capital contributions made to the Subsidiary; thereafter distributions will be paid 70% to the Company, and 30% to the member holding the Class B membership interest.

**NOTE 9 –<u>COMMITMENTS AND CONTINGENCIES</u>**

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome, if any, arising out of any such matters will have a material adverse effect on its business, financial condition or results of operations.

**NOTE 10 – <u>SUBSEQUENT EVENTS</u>**

Management has evaluated subsequent events through February, 25 2025, the date the consolidated financial statements were available to be issued. Based on this evaluation, no additional material events were identified which require adjustment or disclosure in these consolidated financial statements.

**APPENDIX A:**

**PRIOR PERFORMANCE TABLES**

The information in these prior performance tables is provided as of December 31, 2024. This information should be read together with the summary information included in the "Prior Performance Summary" section of this Circular.

**Investors should not construe inclusion of the following tables as implying, in any manner, that we will have results comparable to those reflected in such tables. Distributable cash flow, federal income tax deductions or other factors could be substantially different. Investors should note that by acquiring our shares, they will not be acquiring any interest in the Prior Program.**

The following prior performance tables provide information relating to the real estate investment programs sponsored by Sponsor. These programs consist of:

&nbsp;&nbsp;&nbsp;&nbsp;· Commune Multi-Family, LLC ()"**Multi-Family** "),
which is a blind pool vehicle that primarily acquires and develops multi-family and mixed used properties;

· Commune Fund V, LLC ()"**Fund V** "),
which is a blind pool vehicle that primarily acquires and develops multi-family properties;

· Commune Mar Vista Investors, LLC ()"**Mar Vista Investors** "), which was formed for the purpose of acquiring and developing one specific multi-family property; and

· Commune VTA Investors, LLC ()"**VTA Investors** "),
which was formed for the purpose of acquiring and developing one specific multi-family property.

**Description of the Tables**

All information contained in the Tables in this Appendix A is as of December 31, 2024, and is limited to Similar Programs. The following tables are included in this Appendix:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Table** | &nbsp;&nbsp;**Similar Programs Included in Table** |
| &nbsp;&nbsp;Table I - Experience in Raising and Investing Funds | &nbsp;&nbsp;Programs the offering of which was closed within the last three years |
| &nbsp;&nbsp;Table II - Compensation to Sponsor | &nbsp;&nbsp;Programs from which Sponsor received compensation during the last three years |
| &nbsp;&nbsp;Table III - Operating Results of Prior Programs | &nbsp;&nbsp;Programs the offering of which closed within the last five years |
| &nbsp;&nbsp;Table IV - Results of Completed Programs | &nbsp;&nbsp;Programs completed (no longer own properties) within the last five years. |
| &nbsp;&nbsp;Table V - Sales or Disposals of Properties | &nbsp;&nbsp;Programs that have sold property within the last three years |
| &nbsp;&nbsp;Table V - Acquisition of Properties | &nbsp;&nbsp;Purchases of properties within the last three years |

---

***Table I – Manager Experience (unaudited)***

This table sets forth the Manager's historical experience for Similar Projects that started to raise capital in the last three years and were closed on or before December 31, 2024.

---

| | | | |
|:---|:---|:---|:---|
|  | **Fund V** | **Mar Vista<br> Investors** | **VTA Investors<sup>13</sup>** |
| Dollar amount offered | 75000000 | 5725000 | 19500000 |
| Dollar amount raised (100%) | 15243000 | 5587518 | 12220800 |
| Organizational expenses |  | 5264 | 24289 |
| Legal Expenses |  | 131204 | 33232 |
| Marketing |  | 12105 | 75829 |
| Other (explain) |  |  |  |
| Less offering expenses: | 164267 | 148573 | 133350 |
| &nbsp;&nbsp;&nbsp;*Audit & CPA Fees* |  | 29331 | 32895 |
| &nbsp;&nbsp;&nbsp;*Computer Software* |  | 7818 | 9759 |
| &nbsp;&nbsp;&nbsp;*Dues* |  | 2326 | 805 |
| &nbsp;&nbsp;&nbsp;*Guarantee Fee* |  |  |  |
| &nbsp;&nbsp;&nbsp;*Management Fees* |  | 221469 | 277772 |
| &nbsp;&nbsp;&nbsp;*Postage* |  | 71 |  |
| &nbsp;&nbsp;&nbsp;*Taxes* |  | 1402 | 1461 |
| Reserves | 398243 | 262417 | 322692 |
| Percent available for investment | 97% | 95% | 97% |
| Acquisition costs: |  |  |  |
| Appraisal fees |  |  |  |
| Cash for operating |  | 7874 |  |
| Insurance |  |  | 43059 |
| Interest, Reserves & Property Taxes | 15343 | 10817 | 116553 |
| Legal Expenses | 4888 |  |  |
| Property Expenses |  |  |  |
| Prorations & Security Deposits |  |  |  |
| Prepaid items and fees related to purchase of property | 100 |  | 159612 |
| Cash down payment | 8889003 | 4077905 | 5355000 |
| Acquisition fees | 613512 | . | 467106 |
| &nbsp;&nbsp;&nbsp;*Bank Fees* |  |  | 321 |
| &nbsp;&nbsp;&nbsp;*CIP* |  | 1544 | 2472373 |
| &nbsp;&nbsp;&nbsp;*Equity Placement Fees* |  |  | 221500 |
| &nbsp;&nbsp;&nbsp;*Loan/Refi* |  |  | 16147 |
| &nbsp;&nbsp;&nbsp;*Roof* |  |  |  |
| Other (explain) | 3490630 | 1544 | 2710342 |
| Total acquisition cost | 12993246 | 4098140 | 11402402 |
| Percent leverage (mortgage financing divided by total acquisition cost) |  |  |  |
| Date offering began | 2/2/2023 | 1/3/2022 | (1) 7/7/2022<br> (2) 8/16/2024 |
| Length of offering (in months) | 19 | 6 |  |
| Months to invest 90% of amount available for investment (measured from beginning of offering) |  | 7 |  |

---

<sup>13</sup> VTA Investors has conducted multiple offerings. VTA Investors commenced offering Class A membership interests in VTA Investors in July 2022 and closed the offering in July 2022. VTA Investors commenced offering Class B membership interests in VTA Investors in August 2024 and, as of the date of this Circular, the offering is ongoing. The information presented in this table represents the aggregate information from both offerings.

***Table II – Manager Compensation (unaudited)***

This table summarizes the compensation the Manager or Sponsor received from the projects closed during the most recent three years as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Compensation** | **Multi-Family** | **Fund V** | **Mar Vista<br> Investors** | **VTA Investors** |
| Date offering commenced | 4/6/2021 | 2/2/2023 | 1/3/2022 |  |
| Dollar amount raised | 5428340 | 15243000 | 5587518 | 12220800 |
| Amount paid to sponsor from proceeds of offering: |  |  |  |  |
| - Underwriting fees |  |  |  |  |
| - Acquisition fees |  | 438227 |  | 75000 |
| - real estate commissions |  |  |  |  |
| - advisory fees |  |  |  |  |
| - Construction Management Fees |  |  |  |  |
| - Financing Fee |  |  |  |  |
| - Guarantee Fee |  |  |  |  |
| - Management Development Fees |  |  |  |  |
| - other (identify and quantify) |  |  |  |  |
| Other |  |  |  |  |
| Dollar amount of cash generated from operations before deducting payments to sponsor |  |  |  |  |
| Amount paid to sponsor from operations: |  |  |  |  |
| - Property management fees |  |  |  |  |
| - Asset Management Fees | 376876 | 116483 | 221469 | 277772 |
| - Due Diligence Expenses |  |  |  |  |
| - Organizational Fees and Expenses |  |  |  |  |
| - Reimbursement |  |  |  |  |
| - Leasing Commissions |  |  |  |  |
| Dollar amount of property sales and refinancing before deducting payments to sponsor |  |  |  |  |
| - Cash | 13051486 |  |  |  |
| - Note |  |  |  |  |
| Amount paid to sponsor from property sales and refinancing: |  |  |  |  |
| - Real estate commissions |  |  |  |  |
| - Incentive Fees | 1090601 |  |  |  |

---

The respective projects still retain ownership of the properties. At the time of disposition of the properties, the Manager will receive a 1% disposition fee based on the sale of the property.

***Table III – Operating Results of Similar Programs***

The below tables set forth the operating results of programs with offerings that closed in the past five years.

*Table III(a) – Operating Results for Multi-Family*

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended<br> December 31, 2024 | Year Ended <br> December 31, 2023 | Year Ended <br> December 31, 2022 |
| Gross Revenues | 414476 | 1145141 | 799003 |
| Profit on sale of properties |  |  | 6767817 |
| Less: Operating expenses | 269460 | 247815 | 535102 |
| Interest expense | 37305 | 39838 | 183385 |
| Depreciation | 47355 | 46260 | 203986 |
| Net Income — GAAP Basis | 60356 | 811228 | 6644347 |
| Taxable Income |  |  |  |
| — from operations | 125022 | 229611 | (850046) |
| — from gain on sale |  | 2423627 | 2546415 |
| &nbsp;&nbsp;&nbsp;- Ordinary Business Income |  |  | (529) |
| &nbsp;&nbsp;&nbsp;- Net RE Income | (127739) | (146501) | (1513248) |
| &nbsp;&nbsp;&nbsp;- Interest Income | 25719 | 92339 | 613555 |
| &nbsp;&nbsp;&nbsp;- Dividends & Dividend Equiv. | 227042 | 283773 | 49647 |
| &nbsp;&nbsp;&nbsp;- Net LT Capital Gain |  | 2423627 | 2546415 |
| &nbsp;&nbsp;&nbsp;- 1231 gain (loss) |  |  |  |
| Cash generated from operations | (101584) | (266994) | (210835) |
| Cash generated from sales |  | 705833 | 9606612 |
| Cash generated from refinancing |  |  |  |
| Cash generated from operations, sales and refinancing | (101584) | 438839 | 9395777 |
| Less: Cash distributions to investors |  |  |  |
| — from operating cash flow |  |  |  |
| — from sales and refinancing |  | 2025402 | 4589830 |
| — from other |  |  |  |
| Cash generated (deficiency) after cash distributions | (101584) | (1586563) | 4805947 |
| Less: Special items (not including sales and refinancing) (identify and quantify) |  | 1090601 |  |
| Cash generated (deficiency) after cash distributions and special items | (101584) | (2677164) | 4805947 |
| Investor Funds Collected | $11856060 | $11856060 | $11856060 |
| **Tax and Distribution Data Per $1000 Invested** |  |  |  |
| Federal Income Tax Results: |  |  |  |
| Ordinary income (loss) |  |  |  |
| — from operations | (11) | (12) | (128) |
| — from recapture |  |  |  |
| Capital gain (loss) |  | 204 | 215 |
| Cash Distributions to Investors Source (on GAAP basis) |  | 204 | 215 |
| — Investment income | 19 | 228 | 219 |
| — Return of capital |  |  | 215 |
| Source (on cash basis) |  |  |  |
| — Sales |  | 204 |  |
| — Refinancing |  |  |  |
| — Operations |  |  |  |
| — other |  |  |  |
| Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the Table (original total acquisition cost of properties retained divided by original total acquisition cost of all properties in program). |  |  |  |

---

*Table III(b) – Operating Results for Fund V*

---

| | | |
|:---|:---|:---|
|  | Year Ended<br> December 31, 2024 | Year Ended<br> December 31, 2023 |
| Gross Revenues | 92787 | 30019 |
| Profit on sale of properties |  |  |
| Less: Operating expenses | 209063 | 112016 |
| Interest expense |  |  |
| Depreciation | 14150 | 4555 |
| Net Income — GAAP Basis | (130426) | (86552) |
| Taxable Income |  |  |
| — from operations |  |  |
| — from gain on sale |  |  |
| Cash generated from operations | 240793 | 324889 |
| Cash generated from sales |  |  |
| Cash generated from refinancing |  |  |
| Cash generated from operations, sales and refinancing | 240793 | 324889 |
| Less: Cash distributions to investors |  |  |
| — from operating cash flow |  |  |
| — from sales and refinancing |  |  |
| — from other |  |  |
| Cash generated (deficiency) after cash distributions | 240793 | 324889 |
| Less: Special items (not including sales and refinancing) (identify and quantify) |  |  |
| Cash generated (deficiency) after cash distributions and special items | 240793 | 324889 |
| Investor Funds Collected | $15243000 | $7072000 |
| Tax and Distribution Data Per $1000 Invested |  |  |
| Federal Income Tax Results: |  |  |
| Ordinary income (loss) |  |  |
| — from operations |  |  |
| — from recapture |  |  |
| Capital gain (loss) |  |  |
| Cash Distributions to Investors Source (on GAAP basis) |  |  |
| — Investment income |  |  |
| — Return of capital |  |  |
| Source (on cash basis) |  |  |
| — Sales |  |  |
| — Refinancing |  |  |
| — Operations |  |  |
| — other |  |  |
| Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the Table (original total acquisition cost of properties retained divided by original total acquisition cost of all properties in program). |  |  |

---

*Table III(c) – Operating Results for Mar Vista Investors*

---

| | | | |
|:---|:---|:---|:---|
|  | Year Ended<br> December 31,<br> 2024 | Year Ended<br> December 31,<br> 2023 | Year Ended<br> December 31,<br> 2022 |
| Gross Revenues | 26327 | 2823 |  |
| Profit on sale of properties |  |  |  |
| Less: Operating expenses | 133528 | 147055 | 45778 |
| Interest expense |  |  |  |
| Depreciation | 10570 | 10678 | 8493 |
| Net Income — GAAP Basis | (117771) | (154910) | (54271) |
| Taxable Income |  |  |  |
| — from operations | 14308 | (1290) | (2381) |
| — from gain on sale |  |  |  |
| &nbsp;&nbsp;&nbsp;- Ordinary Business Income |  |  |  |
| &nbsp;&nbsp;&nbsp;- Net RE Income | (7536) | (1290) | (5204) |
| &nbsp;&nbsp;&nbsp;- Interest Income | 3976 |  |  |
| &nbsp;&nbsp;&nbsp;- Dividends & Dividend Equiv. | 17868 |  | 2823 |
| &nbsp;&nbsp;&nbsp;- Net LT Capital Gain |  |  |  |
| &nbsp;&nbsp;&nbsp;- 1231 gain (loss) |  |  |  |
| Cash generated from operations | 926098 | 268513 | (25165) |
| Cash generated from sales |  |  |  |
| Cash generated from refinancing |  |  |  |
| Cash generated from operations, sales and refinancing | 926098 | 268513 | (25165) |
| Less: Cash distributions to investors |  |  |  |
| — from operating cash flow |  |  |  |
| — from sales and refinancing |  |  |  |
| — from other |  |  |  |
| Cash generated (deficiency) after cash distributions | 926098 | 268513 | (25165) |
| Less: Special items (not including sales and refinancing) (identify and quantify) |  |  |  |
| and quantify) |  |  |  |
| Cash generated (deficiency) after cash distributions and special items | 926098 | 268513 | (25165) |
| Investor Funds Collected | $5587518 | $5587518 | $5275000 |
| Tax and Distribution Data Per $1000 Invested |  |  |  |
| Federal Income Tax Results: |  |  |  |
| Ordinary income (loss) |  |  |  |
| — from operations | (1) | (0) | (1) |
| — from recapture |  |  |  |
| Capital gain (loss) |  |  |  |
| Cash Distributions to Investors Source (on GAAP basis) |  |  |  |
| — Investment income | 4 |  | 1 |
| — Return of capital |  |  |  |
| Source (on cash basis) |  |  |  |
| — Sales |  |  |  |
| — Refinancing |  |  |  |
| — Operations |  |  |  |
| — other |  |  |  |
| Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the Table (original total acquisition cost of properties retained divided by original total acquisition cost of all properties in program). |  |  |  |

---

*Table III(d) – Operating Results for VTA Investors*

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| | | | |
|:---|:---|:---|:---|
|  | Year Ended<br> December 31, 2024 | Year Ended<br> December 31, 2023 | Year Ended<br> December 31, 2022 |
| Gross Revenues |  | 148284 | 96833 |
| Profit on sale of properties |  |  |  |
| Less: Operating expenses |  | 224558 | 73443 |
| Interest expense |  |  | 52721 |
| Depreciation |  | 33342 | 9630 |
| Net Income — GAAP Basis |  | (109616) | (38961) |
| Taxable Income |  |  |  |
| — from operations | 103518 | (94839) | (60311) |
| — from gain on sale |  |  |  |
| &nbsp;&nbsp;&nbsp;- Ordinary Business Income |  |  | (65459) |
| &nbsp;&nbsp;&nbsp;- Net RE Income | 71836 | (99448) | 5148 |
| &nbsp;&nbsp;&nbsp;- Interest Income |  |  |  |
| &nbsp;&nbsp;&nbsp;- Dividends & Dividend Equiv. | 31682 | 4609 |  |
| &nbsp;&nbsp;&nbsp;- Net LT Capital Gain |  |  |  |
| &nbsp;&nbsp;&nbsp;- 1231 gain (loss) |  |  |  |
| Cash generated from operations | 116189 | (90731) | 1076 |
| Cash generated from sales |  |  |  |
| Cash generated from refinancing |  |  |  |
| Cash generated from operations, sales and refinancing | 116189 | (90731) | 1076 |
| Less: Cash distributions to investors |  |  |  |
| — from operating cash flow |  |  |  |
| — from sales and refinancing |  |  |  |
| — from other |  |  |  |
| Cash generated (deficiency) after cash distributions | 116189 | (90731) | 1076 |
| Less: Special items (not including sales and refinancing) (identify and quantify) |  |  |  |
| Cash generated (deficiency) after cash distributions and special items | 116189 | (90731) | 1076 |
| Investor Funds Collected | $12220800 | 6415000 | 6105000 |
| Tax and Distribution Data Per $1000 Invested |  |  |  |
| Federal Income Tax Results: |  |  |  |
| Ordinary income (loss) |  |  |  |
| — from operations | 6 | (16) | (10) |
| — from recapture |  |  |  |
| Capital gain (loss) |  |  |  |
| Cash Distributions to Investors Source (on GAAP basis) |  |  |  |
| — Investment income | 3 | 1 |  |
| — Return of capital |  |  |  |
| Source (on cash basis) |  |  |  |
| — Sales |  |  |  |
| — Refinancing |  |  |  |
| — Operations |  |  |  |
| — other |  |  |  |
| Amount (in percentage terms) remaining invested in program properties at the end of the last year reported in the Table (original total acquisition cost of properties retained divided by original total acquisition cost of all properties in program). |  |  |  |

---

***Table IV - Results of Completed Programs***

Not applicable.

***Table V - Sales or Disposals of Properties***

None of the Similar Programs have sold properties within the most recent three years, ending December 31, 2024.

***Table VI - Acquisition of Properties***

This table sets forth all properties acquired by Similar Programs within the most recent three years, ending December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Location** | **Property Type** | **Date Acquired** | **Purchase<br> Price** | **Method of<br> Financing** | **Total Ownership<br> Interest** |
| Mar Vista Investors<br>Multi-Family | Los Angeles, CA | Multi-Family Development | 2/23/2022 | $17082548 | Debt and Equity | 48.32<br>25.89%% |
| VTA Investors<br>Multi-Family | Ventura, CA | Multi-Family Development | 7/15/2022 | $6000000 | Equity | 83.57<br>16.43%% |
| Fund V | San Diego, CA | Multi-Family Development | 2/27/2023 | $5717109 | Debt and Equity | 80.65% |
| Fund V | Ventura, CA | Multi-Family Development | 6/14/2023 | $1850000 | Equity | 95% |
| Fund V | Ventura, CA | Multi-Family Development | 5/29/2024 | $5250000 | Equity | 100.00% |

---

**PART III**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **No.** | **Exhibit Description** |
| [**2.1**](tm2519245d2_ex2-1.htm) | [**Certificate of Formation of Commune Omni Fund, LLC**](tm2519245d2_ex2-1.htm) |
| [**2.2**](tm2519245d2_ex2-2.htm) | [**Amended and Restated Operating Agreement of** **Commune Omni Fund, LLC**](tm2519245d2_ex2-2.htm) |
| [**4.1**](tm2519245d2_ex4-1.htm) | [**Form of Subscription Agreement**](tm2519245d2_ex4-1.htm) |
| [**6.1**](tm2519245d2_ex6-1.htm) | [**Amended and Restated Operating Agreement of Commune Omni Fund OC, LLC**](tm2519245d2_ex6-1.htm) |
| [**6.2**](tm2519245d2_ex6-2.htm) | [**Broker Dealer Agreement**](tm2519245d2_ex6-2.htm) |
| [**6.3**](tm2519245d2_ex6-3.htm) | [**Transfer Agent Agreement**](tm2519245d2_ex6-3.htm) |
| [**8.1**](tm2519245d2_ex8-1.htm) | [**Escrow Agreement**](tm2519245d2_ex8-1.htm) |
| [**11.1**](tm2519245d2_ex11-1.htm) | [**Consent of Artesian CPA, LLC**](tm2519245d2_ex11-1.htm) |
| [**12.1**](tm2519245d2_ex12-1.htm) | [**Opinion of Kilpatrick Townsend & Stockton LLP**](tm2519245d2_ex12-1.htm) |

---

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form 1-A and has duly caused this Offering Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in City of Westlake Village, State of California, on August 18, 2025.

---

| | | |
|:---|:---|:---|
| **COMMUNE OMNI FUND, LLC** | **COMMUNE OMNI FUND, LLC** | **COMMUNE OMNI FUND, LLC** |
| By: | Commune Omni Fund Management, LLC, its manager | Commune Omni Fund Management, LLC, its manager |
| By: | Commune Capital, LLC, its manager | Commune Capital, LLC, its manager |
|  | By: | /s/ Jerry Sanada |
|  | Name: | Jerry Sanada |
|  | Title: | Co-President and Chief Investment Officer |

---

This Offering Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **COMMUNE OMNI FUND MANAGEMENT, LLC** | **COMMUNE OMNI FUND MANAGEMENT, LLC** | **COMMUNE OMNI FUND MANAGEMENT, LLC** |
| By: | Commune Capital, LLC, its manager | Commune Capital, LLC, its manager |
|  | By: | <u>/s/ Jerry Sanada</u> |
|  | Name: | Jerry Sanada |
|  | Title: | Co-President and Chief Investment Officer |
|  | By: | <u>/s/ Michael Allen Taylor</u> |
|  | Name: | Michael Allen Taylor |
|  | Title: | Co-President |
|  | By: | <u>/s/ Douglas Laabs</u> |
|  | Name: | Douglas Laabs |
|  | Title: | Chief Financial Officer (principal financial and accounting officer) |

---

## Ex1A-2A

**Exhibit 2.1** 

<u>Delaware</u> Page 1 <br> The First State

*I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF FORMATION OF "COMMUNE OMNI FUND, LLC", FILED IN THIS OFFICE ON THE TWENTY-SECOND DAY OF FEBRUARY, A.D. 2024, AT 3:57 O`CLOCK P.M.*

 ****

---

| |
|:---|
| /s/ Jeffrey W. Bullock |
| Jeffrey W. Bullock, Secretary of State |

---

---

| | | |
|:---|:---|:---|
| 3153852 8100<br> SR# 20240638892 | ![](tm2519245d2_ex2-1img001.jpg) | Authentication: 202880419<br> Date: 02-26-24 |

---

You may verify this certificate online at corp.delaware.gov/authver.shtml

---

| |
|:---|
| &nbsp;&nbsp;**State of Delaware** |
| &nbsp;&nbsp;**Secretary of State** |
| &nbsp;&nbsp;**Division of Corporations** |
| &nbsp;&nbsp;**Delivered 03:57 PM 02/22/2024** |
| &nbsp;&nbsp;**FILED 03:57 PM 02/22/2024** |
| &nbsp;&nbsp;**SR 20240638892 - File Number 3153852** |

---

**STATE OF DELAWARE**

**LIMITED LIABILITY COMPANY**

**CERTIFICATE OF FORMATION**

---

| | |
|:---|:---|
| FIRST: | The name of the limited liability company is Commune Omni Fund, LLC. |
| SECOND: | The address of the registered office in the State of Delaware is 251 Little Falls Drive in the City of Wilmington, County of New Castle, 19808. The name of its Registered Agent at such address is Corporation Service Company. |
| THIRD: | This Certificate of Formation shall be effective upon filing. |

---

IN WITNESS WHEREOF, the undersigned has executed this Certificate of Formation of Commune Omni Fund, LLC this 21<sup>st</sup> day of February, 2024.

---

| |
|:---|
| &nbsp;&nbsp;/s/ Jerry Sanada |
| &nbsp;&nbsp;Jerry Sanada, Authorized Person |

---

## Ex1A-2B

**Exhibit 2.2**

**COMMUNE OMNI FUND, LLC**

**AMENDED AND RESTATED**

**LIMITED LIABILITY COMPANY AGREEMENT**

JUNE 16, 2025

**COMMUNE OMNI FUND, LLC**

**Amended and Restated Limited Liability Company Agreement**

**This Amended and Restated Limited Liability Company Agreement** (the "***Agreement***") is made and entered into as of June 16, 2025, by and among the Manager and each Member of **COMMUNE OMNI FUND, LLC**, a Delaware limited liability company (the "***Company***"):

**ARTICLE 1**

**CERTAIN DEFINITIONS, NAME AND PURPOSE**

As used in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 *1940 Act*** means the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 *Act*** means the Delaware Limited Liability Company Act, as it may be hereafter amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 *Affiliate*** of a Person (the "***Subject Person***") means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Subject Person is an Entity, any Person that owns or controls the Subject Person, or any Person that owns or controls such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Subject Person is an Entity, any subsidiary owned or controlled by the Subject Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any husband, wife, child, grandchild, father, mother, brother or sister of the Subject Person, or an inter-vivos trust for the sole benefit of one or more of such Persons (each a "***Relative***");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other Entity owned or controlled, directly or indirectly, by the Person or a Relative of the Subject Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Subject Person is a trust, the settlor or any beneficiary of the Subject Person.

For purposes of this definition, a Person "owns" an Entity when it owns, directly or indirectly, more than fifty percent (50%) of the outstanding voting shares, beneficial partnership interest, or membership interest of such corporation, partnership, or limited liability company, as the case may be, with the full right to vote such stock, partnership interest, or membership interest. In determining "indirect" ownership for purposes of this definition, the rules of Code section 318 will apply. For purposes of this definition, a Person "controls" an Entity when it is a manager, managing member, director, executive officer, or general partner of the Entity or if it has the right, by way of equity ownership, contractual agreement, or otherwise, to direct or materially influence the business decisions of the Entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 *Agreement*** has the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 *Automatic Transfer Event*** means any Transfer, change in capital structure, or other event that would, if effective, (a) cause the Company to fail to qualify as a real estate investment trust under the Code or to become subject to any additional tax, penalty, or other requirements in lieu of such disqualification as a result of (b) the number of Units Beneficially Owned by any Person. Whether any event is an Automatic Transfer Event shall be determined without regard to the application of Section 6.3 to that event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6 *Automatically Transferrable Units*** means, with respect to any event that constitutes an Automatic Transfer Event, the minimum Units described in clause (b) of the definition thereof that would need to be transferred to a third party to avoid the consequence described in clause (a) thereof, as determined by the Manager. Automatically Transferable Units shall be calculated without regard to the application of Section 6.3 to the Automatic Transfer Event at issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7 *Beneficial Ownership*** means ownership of Units by a Person who would be treated as an owner of such Units directly, indirectly, or constructively under Section 842(a)(2) of the Code, as modified by Section 856(h)(1)(B) of the Code. The terms "Beneficial Owner," "Beneficially Owns," "Beneficially Own" and "Beneficially Owned" have correlative meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8 *Certificate*** means the Certificate of Formation filed with the Delaware Secretary of State on February 22, 2024, as amended, pursuant to which the Company was formed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.9 *Charitable Beneficiary*** means an organization or organizations described in Sections 170(b)(1)(A) and 170(c) of the Code and identified by the Manager as the beneficiary or beneficiaries of the Excess Share Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10 *Co-Investment*** has the meaning set forth in Section 7.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.11 *Code*** means the Internal Revenue Code of 1986, as amended from time to time (or any corresponding provisions of succeeding law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.12 *Common Unit*** means an interest issued to a Common Unit Holder by the Company, with each Common Unit issued in exchange for such price or contribution as determined by the Manager in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.13 *Common Unit Holder*** means any Person identified as such on the Register and admitted to the Company as a Common Unit Holder by the Manager, but in each case only if such Person has not withdrawn from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.14 *Company*** has the meaning set forth in the preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.15 *Entity*** means any Person that is not a natural person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16 *ERISA*** means the Employee Retirement Income Security Act of 1974, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.17 *Excess Share Trust*** means the trust created pursuant to Section 6.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.18 *Excess Share Trustee*** means, subject to Section 6.14, a Person that is identified by the Manager as the trustee of the Excess Share Trust (which Person shall be unaffiliated with the Company, all Purported Beneficial Transferees, and all Purported Record Transferees, and may be identified with retroactive effect).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.19 *Excess Units*** means any Units designated as such under Section 6.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.20 *Excludable Person*** means the Manager and any Member determined by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.21 *Existing Holder*** means (a) any Common Unit Holder or Other Unit Holder reflected on the Register as of the date of determination, and (b) any Person to whom an Existing Holder identified in clause (a) hereof Transfers a Beneficial Ownership of one or more Unit(s) causing such transferee to Beneficially Own Units in excess of the Ownership Limit, subject to the limitations provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.22 *Existing Holder Limit*** means, with respect to any Existing Holder, the percentage of all outstanding Units that such Existing Holder Beneficially Owns at the time it first becomes an Existing Holder; provided, however, that for any Person who is an Existing Holder by virtue of clause (b) of the definition thereof, the Existing Holder Limit shall equal the smallest Existing Holder Limit of all Existing Holders that Transferred one or more Units to such Person (determined at the respective times of such Transfers). Notwithstanding the foregoing, if any adjustment is made under Section 6.9 with respect to an Existing Holder, the Existing Holder Limit for that Person shall equal the adjusted percentage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.23 *Fiscal Year*** of the Company will be the calendar year; provided, however, that the first Fiscal Year will commence on the date upon which the Certificate is filed and will end on the December 31 next following the date of such filing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.24 *Majority*** means as to any matter requiring or permitting a vote or other action of all of the Members or any subset thereof, the affirmative vote of Members who, in aggregate, own at least a majority of all of the Units or the applicable subset thereof, as applicable, entitled to vote on such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.25 *Manager*** means Commune Omni Fund Management LLC, a Delaware limited liability company, or any successor thereto who becomes Manager in accordance with the provisions of Article VII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.26 *Members*** means all Common Unit Holders and Other Unit Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.27 *Operating Company*** means Commune Omni Fund OC, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.28 *Other Unit Holder*** means any Person identified on the Register as holding Units other than Common Units and admitted to the Company as an Other Unit Holder by the Manager, but in each case only if such Person has not withdrawn from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.29 *Ownership Limit*** means nine and eight-tenths percent (9.8%) in value or in number of Units, whichever is more restrictive, of the outstanding Units of the Company, or of any class or series of Units of the Company, excluding any outstanding Units not treated as outstanding for U.S. federal income tax purposes, or such other percentage determined from time to time by the Manager in accordance with Section 6.10. The number and value of the outstanding Units shall be determined by the Manager in its sole discretion, and those determinations shall be conclusive for all purposes hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.30 __*%-in-Interest*** means, with respect to a specified fraction or percentage in interest of the Members or any group thereof, a portion of the Members whose aggregate Units of the type specified, stated as a percentage of the Company's aggregate Units of the type specified, equal or exceed the required fraction or percentage in interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.31 *Person*** means an individual, corporation, joint venture, limited liability company, partnership, estate, trust (including, without limitation, a trust qualified under Section 401 (a) or 501(c)(17) of the Code), portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other Entity, whether domestic or foreign.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.32 *Property*** has the meaning set forth in Section 2.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.33 *Property Entity*** means an Entity formed for the purpose of directly or indirectly owning or controlling a Property and ***Property Entities*** means all such Entities as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.34 *Purported Beneficial Transferee*** means, with respect to any purported Transfer which results in Excess Units, the beneficial holder of the Units, if such Transfer had been valid under Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.35 *Purported Record Transferee*** means, with respect to any purported Transfer which results in Excess Units, the record holder of the Units, if such Transfer had been valid under Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.36 *Restriction Termination Date*** means the first day on which the Manager determines that it is no longer in the best interests of the Company to attempt to, or continue to, qualify as a real estate investment trust under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.37 *Securities Act*** means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.38 *Termination*** means any voluntary or involuntary liquidation, dissolution, or winding up of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.39 *Transfer*** means a transfer in any form, including a sale, assignment, conveyance, pledge, mortgage, encumbrance, hypothecation or other disposition, or the act of so doing, as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.40 *Unit Holders*** means Common Unit Holders and Other Unit Holders collectively or individually, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.41 *Units*** means (a) the aggregate Common Units outstanding as of the date of determination as shall be set forth on the Register for each Common Unit Holder, and (b) all other Units authorized under Section 3.2(b) and outstanding as of the date of determination, as set forth on the Register for the applicable holders.

**ARTICLE 2**

**NAME, PURPOSE AND TERM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1 *Formation***. The Company was formed upon the filing of the Certificate. The Members hereby agree to continue the Company as a limited liability company pursuant to the Act and other relevant laws of the State of Delaware, for the purposes enumerated in Section 2.5 and upon the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2 *Name.*** The name of the Company is "COMMUNE OMNI FUND, LLC." The affairs of the Company shall be conducted under the Company name, or such other name as the Manager may designate from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3 *Registered Office; Other Offices.*** The initial registered agent and registered office for service of process of the Company will be as set forth in the Certificate. The initial principal office of the Company, at which the books and records of the Company will be maintained, is 31248 Oak Crest Drive, Suite 100, Westlake Village, California 91361. The Manager may designate a different principal office, registered office, or registered agent for the Company by giving written notice to the Members. The Company may have such additional offices at such other places as the Manager deems advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4 *Term.*** The Company commenced upon the filing of the Certificate and will continue perpetually until terminated by the Manager, unless sooner terminated as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5 *Purposes and Powers.*** The purpose of the Company is to, directly or indirectly: (i) purchase, develop, hold, manage, and dispose of investments in real property selected by the Manager (each such property a "***Property***" and collectively, the "***Properties***"); and (ii) engage in such activities necessary, incidental or ancillary thereto and any other lawful act or activity for which limited liability companies may be organized under the Act in furtherance of the foregoing. Notwithstanding any other provision of this Agreement, the Company, and the Manager on behalf of the Company, may execute, deliver and perform such agreements and documents as the Manager determines are necessary or desirable for the formation and organization of the Company. Any provision herein regarding the purpose and power of the Company and the authorization (or limitation on authorization thereof) of actions hereunder shall also apply to, and may be done through, a direct or indirect subsidiary of the Company. In furtherance of this purpose, the Company shall have all powers necessary, suitable or convenient for the accomplishment of the aforesaid purpose, subject to the limitations and restrictions set forth in this Agreement, as principal or agent, including, without limitation, all of the powers that may be exercised by the Manager on behalf of and, except as specifically provided herein, at the expense of the Company pursuant to this Agreement or the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6 *Qualification as a Real Estate Investment Trust.*** The Manager may in its sole discretion cause the Company to elect under Treasury Regulations Section 301.7701-3(c) to be classified as a corporation for such purposes and to elect to be treated as a "real estate investment trust" under Sections 856 through 860 of the Code. In the event of such election, the Company shall not be a financial institution referred to in Section 582(c)(2) of the Code nor an insurance company to which subchapter L of the Code applies. In furtherance of the foregoing, the Manager shall be entitled to take such actions from time to time as are necessary, and is authorized to take such actions as in its sole judgment and discretion are desirable, to obtain and to preserve the status of the Company as a real estate investment trust; *provided, however,* that if the Manager determines in its sole discretion that it is no longer desirable for the Company to qualify as a real estate investment trust, the Manager may revoke or otherwise terminate the Company's real estate investment trust election pursuant to applicable U.S. federal tax law and may elect to treat the Company thereafter as a C corporation, partnership or other type of entity as it determines in accordance with applicable tax law.

**ARTICLE 3**

**ADMISSION OF MEMBERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1 *Name and Address.*** The name and address of the Manager, each Member, each Member's Units, and the date of each Member's admission to the Company shall be set forth on a separate "Register." The Manager shall cause the Register to be amended from time to time to reflect the admission of any additional Member, the withdrawal or substitution of any Member, the change of address of a Member, and the transfer of Units among Members in accordance with this Agreement. A copy of the Register shall be maintained at the principal office of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2 *Units.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date hereof, there is one class of Units, Common Units. Each Common Unit Holder has the rights, powers and duties provided to Common Unit Holders in this Agreement, as may be amended, and as the Manager in its sole discretion otherwise provides by resolution; *provided*, *however*, that if there is any conflict between the rights purportedly granted by the Manager and this Agreement, this Agreement shall prevail. No certificates representing Common Units shall be issued; *provided* that the Manager may in its discretion elect to issue certificates on some or all of the Common Units. The Common Units are not convertible into or exchangeable for any other property or interests issued by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager may, without approval of any other person or entity and in its sole discretion, authorize the issuance from time to time of Units in the Company of any class or series, whether now or hereafter authorized, or securities or rights convertible into Units of any class or series, whether now or hereafter authorized, for such consideration as the Manager may deem advisable (or without consideration in the case of a Unit split, stock dividend or similar transaction), subject to such restrictions or limitations, if any, as are imposed by applicable law and not legally superseded by this Agreement. Except as may be provided by the Manager in setting the terms of classified or reclassified Units pursuant to this Section 3.2(b), no holder of Units shall, as such a holder, have any preemptive right to purchase or subscribe for any additional Units or any other security of the Company which it may issue or sell. The Manager is entitled to cause this Agreement to be amended, restated, and/or supplemented as it deems to be necessary or convenient to effect the provisions of this Section 3.2(b). In connection with the issuance of classified or reclassified Units, the Manager shall be entitled to set or change the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, obligations, and terms and conditions of redemption for each class or series. Any of the terms of any class or series set or changed pursuant to this Section 3.2(b) may be made dependent upon facts or events ascertainable outside this Agreement (including determinations by the Manager or other facts or events within the control of the Company) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class or series is clearly and expressly set forth in a validly adopted amendment or supplement to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3 *Admission of Additional Members.*** Subject to the provisions of Section 4.1, an additional Person may be admitted to the Company as a Member (or the Company may accept additional payments for Units from an existing Member) on such terms as are established by the Manager acting in its sole and absolute discretion. On the date the Company accepts payment for a purchase of any Units under the preceding sentence, the Company shall issue the applicable Units to the purchaser and that Person shall be admitted to the Company as a Member (as applicable). Thereafter, such Person shall be a party to, and subject to the obligations set forth in, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4 *Units Held by the Manager.*** For clarity, to the extent the Manager or any Affiliate of the Manager has subscribed for and holds Units, then the Manager (or such Affiliate of the Manager, as applicable) will be deemed a Member with respect to such Units for all purposes of this Agreement including, without limitation, for purposes of Article V hereunder.

**ARTICLE 4**

**UNIT ACQUISITION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 *Acquisition of Units.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Member shall be entitled to acquire Units from the Company or to make any payment or capital contribution to the Company without the prior consent of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Person intending to become a Common Unit Holder shall be obligated to pay the Company the amount due for each Common Unit to be acquired upon such Person's admission to the Company as a Common Unit Holder, and the admission of such Person as a Common Unit Holder in respect thereof shall be contingent upon the Company receiving full payment of such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Person intending to become a holder of Units other than Common Units shall be obligated to pay an amount determined by the Manager in accordance with Section 3.2(b), and the issuance of any such Unit, and the admission of such Person as a Member in respect thereof, shall be contingent upon the Company receiving full payment of such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manager in its sole discretion may cause the Company to accept cash and/or other assets as payment of amounts due under this Section 4.1. The value of all non-cash assets accepted as payment shall be determined in accordance with the Manager's valuation policies.

**ARTICLE 5**

**DIVIDENDS; REDEMPTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 *Interest.*** No interest shall be paid to any Member on account of its interest or investment in the Company. Dividends and any amounts due thereon or otherwise due with respect to Units shall not be deemed to be interest unless otherwise determined by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 *Withdrawals by the Members.*** No Member may withdraw any amount from the Company unless such withdrawal is made pursuant to this Article V or Article XIII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3 *Members' Obligation to Repay or Restore.*** Except as required under the Act or the terms of this Agreement, no Member shall be obligated at any time to repay or restore to the Company all or any part of any dividend or distribution received from the Company in accordance with this Article V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4 *Company Calculations.*** For each taxable year that the Company intends to be treated as a real estate investment trust for U.S. federal income tax purposes, the Company shall calculate its taxable income as determined under Section 857(b)(2) of the Code, its earnings and profits for purposes of Section 316 of the Code, and its net capital gain for purposes of Section 857(b)(3) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5 *Non-Company Earnings and Profits.*** The Company shall distribute in its first year as a real estate investment trust all of its earnings and profits accumulated in any year in which it was taxable as a corporation and not qualified as a real estate investment trust for U.S. federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6 *Capital Gain Dividends.*** Subject to Section 857(g) of the Code, the Company shall designate any dividend or part thereof as a capital gain dividend to the extent permitted by Section 857(b)(3) of the Code, unless the Manager determines that the Company should retain such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.7 *Common Dividends.*** Subject to applicable law and the rights of any senior class or series established hereunder, the Company may pay dividends to the Common Unit Holders in proportion to their respective Common Units (taking into account the Company's ongoing expenses, interest expense and debt payments, anticipated investments or capital expenditures and reserves) at such times and in such amounts as shall be determined by the Manager in its sole discretion, *provided* that (a) to avoid the imposition of excise tax under Section 4891 of the Code, the Company may pay dividends or make distributions as the Manager determines in its sole discretion to be appropriate, and (b) until the Restriction Termination Date or unless the Manager determines otherwise in its sole discretion, the Company shall pay dividends or make distributions equal to or in excess of 90% of the amounts required to be distributed under Section 857(a) of the Code or as otherwise required under any applicable Code provision for the Company to qualify as a real estate investment trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.8 *Consent and Spill-Over Dividends.*** If the Manager determines in its sole discretion that "consent dividends" within the meaning of Section 565 of the Code are necessary or appropriate to ensure or maintain the status of the Company as a "real estate investment trust" for U.S. federal income tax purposes or to avoid the imposition of any U.S. federal income or excise tax, the Manager may require the Unit Holders to take any and all actions necessary or appropriate under the Code, any Treasury Regulations promulgated thereunder, any court decision or any administrative positions of the United States Department of Treasury (including any IRS forms or other forms) such that sufficient consent dividends are made by the Company to maintain its status as a "real estate investment trust" and to avoid federal income or excise tax for the applicable taxable year. In addition, to the extent that any dividend is eligible for an election under Section 858 of the Code, the Manager may in its sole discretion cause the Company to make such election and to take any other actions required to effect such election.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.9 *Reserves and Withholding Obligations.*** Prior to the payment of any dividends, the Company may set aside out of any of its assets available for dividends such sums as the Manager may from time to time, in its sole discretion, deem appropriate as a reserve fund for repairing or maintaining any property of the Company or for such other purpose as the Manager shall determine to be in the best interest of the Company. The Manager may modify or abolish any such reserve in the manner that it was created. Further, to the extent that the Company is required by law to discharge a legal obligation of the Company by making payments ("***Tax Payments***") to a governmental authority in respect of any federal, state or local tax liability arising as a result of a Member's interest in the Company, the Manager may deem some or all of the aggregate amount of such Tax Payments to have been paid as a dividend for all purposes under the Agreement to such Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 *Redemption.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company, at its option and upon written notice, may redeem one or more Units (including Common Units) at any time or from time to time, for cash at a price determined by the Manager, in its sole discretion, to reflect such Units' proportionate interest in the Company or as otherwise agreed by the holders of such Units or as set forth in the terms of the relevant class or series of such Units. The Manager may adjust any such price as it determines to be necessary or appropriate, including for the purpose of avoiding the treatment of any payment as a preferential dividend under Section 562 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon the Company's provision of written notice as to the effective date of the redemption, accompanied by a check in the amount of the full redemption price through such effective date to which each record holder of the Units is entitled, the Units shall be redeemed and shall no longer be deemed outstanding Units of the Company and all rights of the holders of such Units will terminate. Notice of redemption will be mailed by or on behalf of the Company, postage prepaid, addressed to the respective holders of record of the Units to be redeemed at their respective addresses as they appear on the Register. No failure to give such notice or any defect therein or in the mailing thereof shall affect the validity of the proceedings for the redemption of any Units except as to the holder to whom notice was defective or not given, and then only to the extent that such holder is materially adversely effected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In addition to any information required by law or by the applicable rules of any exchange upon which Units may be listed or admitted to trading, such notice shall state only such information as the Manager determines in its sole discretion to be necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Units that shall at any time have been redeemed or otherwise acquired by the Company shall, after such redemption or acquisition, have the status of authorized but unissued units, without designation as to series until such units are once more classified and designated as part of a particular series by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 *Record Holder.*** Any dividends by the Company pursuant to this Agreement to the Person shown in the Company's records as a Member or to such Person's legal representatives, or to the transferee of such Person's right to receive such distributions as provided herein, will, to the maximum extent not prohibited by applicable law, acquit the Company and the Manager of all liability to any other Person that may be or may purport to be interested in such dividends by reason of an actual or purported Transfer of such Person's interest in the Company for any reason (including a Transfer of such interest by reason of death, incompetency, bankruptcy, or liquidation of such Person).

**ARTICLE 6**

**EXCESS UNIT PROVISIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1 *Restrictions on Transfers.*** The terms and conditions of this Article VI shall be in addition to the provisions of Article XI, and the provisions of this Article VI shall only apply to the extent necessary in respect of Transfers otherwise valid under Article XI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 *Ownership Limitation.*** Except as provided in Section 6.1, Section 6.9 or Section 6.12, until the Restriction Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Person (other than an Existing Holder) shall Beneficially Own Units in excess of the Ownership Limit and no Existing Holder shall Beneficially Own Units in excess of the Existing Holder Limit for such Existing Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Transfer shall be void *ab initio* as to the Transfer of Units, and the intended transferee shall acquire no rights in the Units for which Transfer is voided, to the extent that the Transfer would result in (i) any Person (other than an Existing Holder) Beneficially Owning Units in excess of the Ownership Limit, (ii) any Existing Holder Beneficially Owning Units in excess of the applicable Existing Holder Limit, (iii) the Units being beneficially owned (as provided in Section 856(a) of the Code and determined without reference to any rules of attribution) by fewer than 100 Persons, (iv) the Company being "closely held" within the meaning of Section 856(h) of the Code, or (v) the Company otherwise failing to qualify as a real estate investment trust under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 *Excess Units.*** Except as provided in Section 6.1, Section 6.9 or Section 6.12, until the Restriction Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If, notwithstanding the other provisions contained in this Article VI, there is a purported Transfer or other change in the capital structure or equity holdings of the Company such that any Person would Beneficially Own Units in excess of the applicable Ownership Limit or Existing Holder Limit (as applicable), then the Units Beneficially Owned in excess of such Ownership Limit or Existing Holder Limit (rounded up to the nearest whole unit) shall automatically constitute "Excess Units" and shall be treated as provided in this Article VI. Such designation and treatment shall be effective as of the close of business on the business day immediately prior to the date of the purported Transfer or change in capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, notwithstanding the other provisions contained in this Article VI, an Automatic Transfer Event occurs, then all Automatically Transferable Units (rounded up to the nearest whole unit) shall automatically constitute "Excess Units" and shall be treated as provided in this Article VI. Such designation and treatment shall be effective as of the close of business on the business day immediately prior to the date of the applicable Automatic Transfer Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, notwithstanding the other provisions contained in this Article VI, there is an event which would result in the disqualification of the Company as a real estate investment trust under the Code, then the Manager may take such actions as it deems necessary in its reasonable discretion to preserve the Company's status as a real estate investment trust under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4 *Prevention of Transfer.*** If the Manager or its designee shall at any time determine in its sole discretion that a Transfer has taken place in violation of Section 6.2 or that a Person intends to acquire or has attempted to acquire beneficial ownership (determined without reference to any rules of attribution) or Beneficial Ownership of any Units in violation of Section 6.2, the Manager or its designee shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer, including, without limitation, refusing to give effect to such Transfer on the books of the Company or instituting proceedings to enjoin such Transfer; *provided, however*, that any Transfers or attempted Transfers in violation of Section 6.2(b) shall automatically result in the designation and treatment described in Section 6.3, irrespective of any action (or non-action) by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.5 *Notice.*** Any Person who acquires or attempts to acquire Units in violation of Section 6.2, or any Person who is a transferee such that Excess Units result under Section 6.3, shall immediately give written notice or, in the event of a proposed or attempted Transfer, shall give at least 15 days prior written notice to the Company of such event and shall provide to the Company such other information as the Company may request in order to determine the effect, if any, of such Transfer or attempted Transfer on the Company's status as a real estate investment trust under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.6 *Information for the Company.*** Until the Restriction Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Every Beneficial Owner of more than ½ of 1% of the number or value of outstanding Units shall, within 30 days after January 1 of each year, give written notice to the Company stating the name and address of such Beneficial Owner, the number of Units Beneficially Owned, and a description of how such Units are held. Each such Beneficial Owner shall provide to the Company such additional information as the Company may reasonably request in order to determine the effect, if any, of such Beneficial Ownership on the Company's status as a real estate investment trust under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Person who is a Beneficial Owner of Units and each Person who is holding Units for a Beneficial Owner shall provide to the Company in writing such information with respect to direct, indirect and constructive ownership of Units as the Manager deems reasonably necessary to comply with the provisions of the Code applicable to a real estate investment trust, to determine the Company's status as a real estate investment trust under the Code, to comply with the requirements of any taxing authority or governmental agency or to determine any such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall deliver to each Unit Holder of record (determined as of the closing of the relevant year) such tax, financial, and other reports as may be required by law or as the Manager deems appropriate in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.7 *Other Action by Manager***. Nothing contained in this Article VI shall limit the authority of the Manager to take such other action as it deems necessary or advisable to protect the Company and the interests of its Members by preserving the Company's status as a real estate investment trust under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.8 *Ambiguities.*** In the case of an ambiguity in the application of any of the provisions of this Article VI including, without limitation, any definition contained in Article I or this Article VI, the Manager shall have the power to interpret and determine the application of the provisions of this Article VI, in its absolute and sole discretion, with respect to any situation based on the facts known to the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.9 *Modification of Existing Holder Limits.*** The Existing Holder Limits may be modified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding Section 6.11(a), but subject to Sections 6.11(b) and 6.11(c), the Manager may grant options which result in Beneficial Ownership of Units by an Existing Holder pursuant to an option plan approved by the Manager. Any such grant shall increase the Existing Holder Limit for the affected Existing Holder to the maximum extent possible under Section 6.11 to permit the Beneficial Ownership of the Units issuable upon the exercise of such option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall reduce the Existing Holder Limit for any Existing Holder after any Transfer permitted in this Article VI and Article XI by such Existing Holder by the percentage of the Existing Holder's Units so Transferred or after the lapse (without exercise) of an option described in Section 6.9(a) by the percentage of the Units that the option, if exercised, would have represented, but in either case no Existing Holder Limit shall be reduced to a percentage which is less than the Ownership Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.10 *Increase or Decrease in Ownership Limit.*** Subject to the limitations provided in Section 6.11, the Manager may from time to time increase or decrease the Ownership Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.11 *Limitations on Changes in Existing Holder and Ownership Limits.*** Except as provided in Section 6.9 or Section 6.12, until the Restriction Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Ownership Limit nor any Existing Holder Limit may be increased (nor may any additional Existing Holder Limit be created) if, after giving effect to such increase (or creation), five (5) or fewer Beneficial Owners of Units (including, without limitation, all of the then Existing Holders) could Beneficially Own, in the aggregate, more than 49.9% in number or value of the outstanding Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the modification of any Existing Holder Limit or Ownership Limit pursuant to Sections 6.9 or 6.10, the Manager may require such opinions of counsel, affidavits, undertakings or agreements as it may deem necessary or advisable in order to determine or ensure the Company's status as a real estate investment trust under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Existing Holder Limit shall be reduced to a percentage which is less than the Ownership Limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.12 *Waivers by Manager.*** The Manager may, in its sole discretion, waive the Ownership Limit, the Existing Holder Limit, or any other provision of this Article VI, as the case may be, with respect to any transferee or Member; provided, however, the Manager may in its sole discretion subsequently reinstitute any Ownership Limit or Existing Holder Limit that it has previously waived (as modified by the Manager to take into accounts any intervening events as it determines to be suitable in its sole discretion).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.13 *Severability.*** If any provision of this Article VI or any application of any such provision is determined to be void, invalid or unenforceable by any court having jurisdiction over the issue, the validity and enforceability of the remaining provisions shall be affected only to the extent necessary to comply with the determination of such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.14 *Trust for Excess Units.*** Upon the designation of any Units as Excess Units pursuant to Section 6.3, such Excess Units shall be deemed to have been transferred immediately before such event to the Excess Share Trustee, as trustee of the Excess Share Trust for the exclusive benefit of the Charitable Beneficiary. If the Manager has not identified an Excess Share Trustee, the Manager shall serve as the Excess Share Trustee until it identifies a replacement Excess Share Trustee. Excess Units so held in trust shall be issued and outstanding Units of the Company. The Purported Beneficial Transferee and the Purported Record Transferee shall have no rights in such Excess Units except as provided in Section 6.17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.15 *Dividends in Respect of Excess Units.*** Any dividends and distributions on or in respect of Excess Units shall be paid to the Excess Share Trust for the benefit of the Charitable Beneficiary. Notwithstanding the foregoing, from the amount otherwise payable to the Excess Share Trust in respect of each Excess Unit upon Termination, the applicable Purported Record Transferee shall receive the lesser of (a) the amounts paid in respect of the Excess Unit upon Termination and (b) the price paid by the Purported Record Transferee for the Excess Unit (or if the Purported Record Transferee did not give value for the Excess Unit, the Fair Market Value of the Excess Unit on the day of the event causing the Excess Unit to be held in trust). The Purported Record Transferee shall pay to the Excess Share Trust (gross of any withholding or other tax payments) all dividends and distributions received by the Purported Record Transferee before the Company's discovery that the applicable Units are Excess Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.16 *Voting of Excess Units.*** The Excess Share Trustee shall be entitled to vote the Excess Units for the benefit of the Charitable Beneficiary on any matter. Subject to Delaware law, any vote made by a Purported Record Transferee prior to the discovery by the Company that the Excess Units were held in trust shall be rescinded *ab initio*. The owner of the Excess Units shall be deemed to have given an irrevocable proxy to the Excess Share Trustee to vote the Excess Units for the benefit of the Charitable Beneficiary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.17 *Transferability.*** Excess Units shall be transferable only as provided in this Section 6.17. At the direction of the Company, the Excess Share Trustee shall transfer the Units held in the Excess Share Trust to a Person whose ownership of the Units will not violate the Ownership Limit or Existing Holder Limit and for whom such transfer would not be wholly or partially void pursuant to Section 6.2. Such transfer shall be made within 60 days after the latest of (i) the date of the Transfer which resulted in such Excess Units and (ii) the date the Manager determines in good faith that a Transfer resulting in Excess Units has occurred, if the Company does not receive a notice of such Transfer pursuant to Section 6.5. If such a transfer is made, the interest of the Charitable Beneficiary shall terminate and proceeds of the sale shall be payable to the Purported Record Transferee and to the Charitable Beneficiary. The Purported Record Transferee shall receive the lesser of (x) the price paid by the Purported Record Transferee for the Units or, if the Purported Record Transferee did not give value for the Units, the Fair Market Value of the Units on the day of the event causing the Units to be held in trust, and (y) the price received by the Excess Share Trust from the sale or other disposition of the Units. Any proceeds in excess of the amount payable to the Purported Record Transferee shall be paid to the Charitable Beneficiary. Prior to any transfer of any Excess Units by the Excess Share Trustee, the Company must have waived in writing its purchase rights under Section 6.18. It is expressly understood that the Purported Record Transferee may enforce the provisions of this Section 6.17 against the Charitable Beneficiary.

If any of the foregoing restrictions on transfer of Excess Units is determined to be void, invalid or unenforceable by any court of competent jurisdiction, then the Purported Record Transferee may be deemed, at the option of the Company, to have acted as an agent of the Company in acquiring such Excess Units and to hold such Excess Units on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.18 *Call by the Company on Excess Units.*** Excess Units shall be deemed to have been offered for sale to the Company, or its designee, at a price per Unit equal to the lesser of the price per Unit established for the transaction that created such Excess Unit (or, in the case of a devise, gift or other transaction in which no value was given for such Excess Unit, the Fair Market Value at the time of such devise, gift or other transaction) and the Fair Market Value of the Unit to which such Excess Unit relates on the date the Company, or its designee, accepts such offer (the "***Redemption Price***"). The Company shall have the right to accept such offer for a period of ninety (90) days after the later of (x) the date of the Transfer which resulted in such Excess Unit and (y) the date the Manager determines in its sole discretion that a Transfer resulting in Excess Units has occurred, if the Company does not receive a notice of such Transfer pursuant to Section 6.5 but in no event later than a permitted Transfer pursuant to and in compliance with the terms of Section 6.17. Unless the Manager determines that it is in the interests of the Company to make earlier payments of all of the amount determined as the Redemption Price per Unit in accordance with the preceding sentence, the Redemption Price may be payable at the option of the Manager at any time up to but not later than one year after the date the Company accepts the offer to purchase the Excess Unit. In no event shall the Company have an obligation to pay interest to the Purported Record Transferee.

**ARTICLE 7**

**MANAGEMENT DUTIES AND RESTRICTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 *Management.*** Subject to Section 7.7 and Section 7.8, the management and operation of the Company, including the day-to-day activities of the Company (including, without limitation, investment and disposition decisions and decisions regarding encumbering the Company's property pursuant to loans or other types of encumbrances or restrictions), will be vested in the Manager; and except as expressly otherwise provided in this Agreement, the Manager is hereby authorized, on behalf and in the name of the Company, to carry out any and all of the objects and purposes of the Company and enter into and perform all contracts and other undertakings that the Manager may deem necessary or advisable or incidental thereto, solely to the extent consistent with the terms and conditions of this Agreement. The Manager will exercise such power and take such actions through such officers, employees, and other agents or representatives as the Manager will designate from time to time, including, without limitation, the Manager, to the extent set forth in this Agreement. The Manager is hereby designated as a "manager" of the Company for purposes of the Act and, subject to the terms and conditions of this Agreement, will be authorized to sign agreements, documents, and other instruments on behalf of the Company. The designation, appointment, election, removal, and replacement of the Manager as a manager of the Company will be governed solely by this Agreement. The Manager shall conduct the business and management of, and perform functions with respect to, the Company which are the same or similar to the functions a director performs with respect to a corporation, and in such capacity the Manager shall be considered the sole "director" that manages the Company for purposes of Section 856(a)(1) of the Code. Any delegation of authority to manage and control the affairs of the Company shall be by a management agreement or other agreement with such Persons and such delegation shall not cause the Manager to cease to be a "manager" (within the meaning of the Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 *Powers of Manager***. Except as otherwise expressly provided herein, all references herein to any action to be taken by the Company means action taken in the name of the Company and on its behalf by the Manager or its delegates. With respect to the Company business and property, but subject to the express provisions of this Agreement requiring the consent of the Members, the Manager will have all of the rights, powers, privileges, and authority of a manager as set forth in the Act, as in effect on the date of this Agreement, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3 *Duties of Manager.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager will be charged with the full responsibility for managing and promoting the Company's purpose and business. The Manager will devote its diligent efforts to the business and affairs of the Company, including such time as will be required for the proper conduct of the business of the Company. The Members acknowledge, however, that the Manager, its members, and its Affiliates are or may become in the future associated in some other manner with other businesses, any or all of which may be engaged in a business that is the same as or similar to the business of the Company. The Manager, its members, and its Affiliates may engage in all such other business ventures, any other business of any nature or description, independently or with others, without regard to whether such business will be competitive with the business of the Company. Neither the Company nor any of the Members will have any rights by virtue of this Agreement in or to such independent ventures or to the income or profits derived therefrom. Except as specifically set forth in this Agreement, the Manager, its Affiliates, equityholders, and other related Persons, and their respective clients shall have no duty or obligation to make any reports to the Common Unit Holders nor any Other Unit Holder or the Company with respect to any such ventures or activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager's fiduciary duty, duty of loyalty, or similar duty will not be deemed to prevent or restrict any activity described in the foregoing provisions of this Section 7.3, and the foregoing described activities will be deemed outside of the scope of all such duties; provided, however, the foregoing acknowledgments of the activities of the Manager, its members, and its Affiliates and the conflicts of interest such activities may create will not relieve the Manager of any fiduciary obligation, at law or in equity, that the Manager may have to the Company and to the Members to act reasonably and in good faith with respect to the Company and the Members in connection with such other activities and conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4 *Resignation; Removal of Manager.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager will serve until the first to occur of the death, dissolution, resignation, or removal of such Manager, or until a successor to such Manager will have been elected. The Manager agrees that it will not resign or withdraw as a manager of the Company except upon 30 days' prior written notice to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the full prior satisfaction of the requirements of Section 7.4(c) below, the Manager may be removed as manager of the Company by the affirmative vote of Members holding 75%-in-Interest in the Company. Upon the removal of the Manager pursuant to this Section 7.4(b), the Company will pay to the Manager any Management Fee owed to the Manager under Section 7.5 through and including the date of removal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As a prerequisite condition to any removal of the Manager pursuant to Section 7.4(b), to the extent that the Manager, or any Affiliate of the Manager, has provided any guarantees of indebtedness to any lender for the benefit of the Company or any Property, the applicable guarantor(s) (the Manager or Affiliate of the Manager, as applicable) must be removed from the guarantee(s) with the written approval of the applicable lender(s) and, to the extent that the Manager or Affiliate of the Manager is or was due to be paid any compensation with respect to such guarantee, such guarantee compensation shall have been paid in full to the Manager or Affiliate of Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of the resignation, removal or other withdrawal of the Manager, a successor Manager will be appointed by Majority of the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5 *Compensation and Expenses.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will (directly or through subsidiaries) pay the Manager an annual asset management fee, attributed to each Member, pro rata, based on their respective Units, equal to 2.0% annualized of the sum of the aggregate net value of assets owned by the Company ("***Management Fee***"). Management Fee payments will be made on the first day of each calendar month, in arrears, and prorated for any partial calendar month. As determined by the Manager in its discretion, the Management Fee may be paid from the assets of the Company, including, but not limited to, capital contributions, cash flow, or sales proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will (directly or through subsidiaries) pay, or reimburse the Manager for, all organizational expenses (the "***Organizational Expenses***") of the Company. Organizational Expenses will include any and all expenses incurred in organizing the Company, conducting offerings of Units and for expenses relating thereto, including, without limitation, federal, state or local registration or filing fees, legal fees, consulting fees, accounting fees, printing fees, travel and related expenses, and any other fees and expenses incurred by the Company in the initial offering of Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company will (directly or through subsidiaries) be responsible for paying, or reimbursing the Manager for, all costs and expenses incurred in the operation of the Company, including but not limited to preparation of tax returns, any state and federal income tax, legal fees and expenses, accounting fees, filing fees, any required independent audit reports required by agencies governing the business activities of the Company, the continued offering of Units (including, without limitation, federal, state or local registration or filing fees, legal fees, consulting fees, printing fees, travel and related expenses, and any other fees and expenses related thereto), Management Fees, legal and accounting expenses, software, fees for outside services, the costs of any audit, financial statements, tax preparation, insurance, litigation expenses, taxes (including property taxes on Properties, as applicable), bank service fees, annual governmental fees and charges, travel, salaries and benefits for on-site Property personnel (e.g., front-desk workers and facilities crews located at a Property), acquisition expenses and fees, disposition fees, capital expenses, due diligence costs and expenses, maintenance, repair, and construction expenses, if any, the expenses described herein, and all other non-recurring or extraordinary expenses properly chargeable to the Company (the "***Operating Expenses***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Members each acknowledge and agree that the Manager or Affiliates of the Manager will receive the following fees (in addition to the Management Fee) and such fees are Operating Expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company, Operating Company, or a Property Entity will pay the Manager or Affiliates of the Manager certain real estate transaction fees, including, without limitation, an acquisition and development fee equal to 1% of the sum of the purchase price and the budgeted cost of any planned improvements of the applicable Property and a disposition fee equal to 1% of the sales price of the applicable Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) When the Company or a Property Entity secures financing or refinances a Property, the Company, Operating Company, or a Property Entity will pay the Manager or an affiliate a financing fee equal to 1% of the amount financed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If a lender for a Property requires the Manager or an Affiliate of the Manager to provide a guarantee, then the Company, the Operating Company, or a Property Entity will pay compensation to the Manager or Affiliate of the Manager, as applicable. Notwithstanding the foregoing, any compensation to the Manager or an Affiliate of the Manager in exchange for a guarantee of indebtedness will not exceed 2% of the amount guaranteed per annum, unless otherwise approved by a Majority of the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Members each acknowledge and agree that certain Operating Expenses may be paid to the Manager or an Affiliate of the Manager in exchange for services (including, without limitation, brokerage, construction, management, operational, maintenance, and repair services, and other service fees) that the Manager or an Affiliate of the Manager has provided to the Company, the Operating Company, a Property Entity, subsidiary, or an asset of the foregoing. Fees for such services may be paid by the Company, the Operating Company, a Property Entity, or subsidiary in the Manager's discretion. Fees for services will be based on the assessment of prevailing market rates for the size, scope and other characteristics of the applicable services, as determined by the Manager and such service provider's manager (which may also be the Manager).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6 *Reliance on Authority of Manager.*** No Person dealing with the Manager will be required to determine its authority to make any undertaking on behalf of the Company or to determine any fact or circumstance bearing upon the existence of such authority. No purchaser of any property or interest owned by the Company will be required to determine the sole and exclusive authority of the Manager to execute and deliver, on behalf of the Company, any and all documents and instruments in connection therewith or to see to the application or distribution of revenues or proceeds paid or credited in connection therewith, unless such purchaser will have received written notice affecting the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7 *Limitations on Authority of Manager.*** Notwithstanding anything to the contrary set forth in this Agreement (other than the provisions of Section 7.5), without the approval or written consent of the specific act by a Majority of the Members, the Manager will have no authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Do any act in contravention of the provisions of this Agreement or of the Certificate, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Do any act (other than to sell, exchange, or otherwise dispose of Properties) that would make it impossible to carry on the ordinary business of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Possess Company property, or assign rights in specific Company property, for other than a Company purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Do any act, except as set forth in this Agreement, that it is prohibited from doing under the Act without such consent or ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8 *Liability of Manager.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Indemnitee shall be liable to any Common Unit Holder, the Company or any Other Unit Holder for (i) any action or inaction not finally determined by a court of competent jurisdiction to constitute willful misconduct, (ii) losses due to such mistakes, action, or inaction, or (iii) the gross negligence, dishonesty, or bad faith of any employee, broker or other agent of the Company. The Manager may consult with reputable legal counsel and accountants of nationally-recognized standing in respect of Company affairs and be fully protected and justified in any reasonable action or inaction that is taken in accordance with the advice or opinion of such counsel or accountants, provided that they shall have been selected with reasonable care. Notwithstanding any of the foregoing to the contrary, the provisions of this Section 7.8 shall not be construed so as to relieve (or attempt to relieve) any Person of any liability to the extent (but only to the extent) that such liability may not be waived, modified, or limited under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, the Company will indemnify and hold harmless the Manager, its Affiliates, and their respective officers, managers, employees, directors, agents, investment committee members, stockholders, members, and partners and any other person who serves at the request of the Manager on behalf of the Company as an officer, manager, director, partner, member, advisor, employee, or agent of any of such Entities, (each such Person, an "***Indemnitee***"), from and against any and all losses, claims, damages, expenses, liabilities, and actions in respect thereof, joint or several, to which an Indemnitee may be subject by reason such Indemnitee's activities on behalf of the Company or in furtherance of the interest of the Company or otherwise arising out of or in connection with the Company or any Property, business or affairs or concerning the performance or actions taken by the Company, the Manager, or any Affiliate or agent thereof, to the interpretation, effect, termination, validity, and/or breach of this Agreement (collectively, "***Losses***"), and will reimburse each such Indemnitee for any legal or other expenses reasonably incurred by such Indemnitee in connection with investigating, defending, or preparing to defend any such Losses; provided, however, that the Company will not indemnify in any such case to the extent that, in the final judgment of a court of competent jurisdiction, such Losses are found to have arisen from an Indemnitee's own fraud, willful misconduct, gross negligence, bad faith, or intentional and material breach of this Agreement. Expenses incurred in defending a civil or criminal action, suit, or proceeding, if requested by an Indemnitee, will be paid by the Company in advance of the final disposition of such action, suit, or proceeding upon receipt of an undertaking by such Indemnitee to repay such amount plus reasonable interest in the event that, in the final judgment of a court of competent jurisdiction, such Indemnitee is found to have committed fraud, willful misconduct, gross negligence, bad faith, or an intentional and material breach of this Agreement, and such Losses have resulted therefrom. For clarity, the Company will have no obligation to indemnify any Indemnitee for: (i) economic losses incurred by such Indemnitee as a result of such Indemnitee's investment in the Company; or (ii) expenses of the Company that an Indemnitee has agreed to bear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9 *Continuing Rights of Manager.*** Neither the removal of the Manager nor the retirement or withdrawal of the Manager in accordance with the terms and provisions of this Agreement will relieve or release the Company from any responsibility that the Company has to the Manager pursuant to the indemnification provisions set forth in Section 7.9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10 *Co-Investments.*** The Company may offer to one or more other Persons determined by the Manager in its discretion (including, without limitation, the Manager, Affiliates of the Manager, and any or all of the Members and their respective Affiliates) the right to participate in investment opportunities made available to the Company whenever the Manager so determines in its discretion (each a "***Co-Investment***"). Notwithstanding the foregoing, the Manager has no obligation to make any Co- Investment opportunity available to any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11 *Investment Opportunities and Restrictions.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Common Unit Holder and Other Unit Holder recognizes that decisions concerning investments and potential investments involve the exercise of judgment and the risk of loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Common Unit Holders and the Other Unit Holders hereby specifically acknowledge that the Company shall be entitled to borrow funds in connection with any Property, which will involve entering into secured senior credit facilities or other borrowing arrangements with one or more lenders on such terms as the Manager may negotiate in its sole and absolute discretion ("***Borrowing Lines***"). Each Common Unit Holder and Other Unit Holder hereby agrees that: (i) the Company may pledge interests in a subsidiary and any Property in connection with such Borrowing Lines; and (ii) such Common Unit Holder or Other Unit Holder will pledge its own membership interest in the Company to one or more providers of Borrowing Lines if the Manager determines in its sole and absolute discretion that such a pledge is necessary in order to permit the Company to enter into the Borrowing Lines on commercially advantageous terms. The Company will not, without the consent of the Members, incur leverage exceeding 75% of the asset value of the Company as determined at the time of borrowing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise approved by the Manager and the holders of a majority of the Common Units, the Company's business purpose shall be consistent with Section 2.5.

**ARTICLE 8**

**POWERS, RIGHTS, AND OBLIGATIONS OF MEMBERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1 *Powers and Rights.*** The Members hereby waive, and specifically acknowledge and agree, that the Members will have no voting rights under the terms of this Agreement except as expressly set forth herein. Except as expressly set forth herein, and no Member in its capacity as a Member will take part in, or interfere in any manner with, the conduct or control of the Company business and no Member in its capacity as a Member will have any right or authority to act or sign for, or to obligate the Company. No Member will at any time be entitled to withdraw all or any part of such Member's Capital Contribution. The Members will have no right to demand and receive any property other than cash in return for their contributions, and prior to the dissolution and liquidation of the Company pursuant to Article XII and Article XIII, their right to cash will be limited to the rights set forth in Article V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2 *Limitation of Liability.*** Notwithstanding anything to the contrary contained in this Agreement, no Member will be liable for any liabilities, indebtedness, duties, or obligations of the Company in excess of the sum of: (a) the Member's capital contributions actually made to the Company that have not been returned; (b) all amounts to which the Member is entitled to distribution pursuant to Article V that have not yet been distributed to the Member; and (c) amounts distributed to the Member as to which, by the terms of the Act, the Member may remain liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3 *Confidentiality of Company Information.*** Each Member acknowledges that from time to time, the Members may receive information from or regarding the Company and its Affiliates (including, without limitation, regarding any Property) that is confidential, the release of which may be damaging to the Company, the Company's Affiliates, or Persons with which they do business. Each Member will hold in strict confidence any information it receives regarding the Company and its Affiliates and may not, without the consent of the Manager, disclose it to any Person other than another Member, except for disclosures: (a) compelled by law (but the Member must notify the Manager promptly of any request for that information before disclosing it, if legally permissible); provided, that the Member will furnish only that portion of the information that is legally required to be disclosed and that any information so disclosed shall maintain its confidentiality protection for all purposes other than such legally compelled disclosure; (b) to advisors or representatives of the Member, but only if the recipients have agreed to be bound by the provisions of this Section 8.3 or are otherwise bound by similar confidentiality obligations; or (c) of information that the Member also has received from a source independent of the Company and its Affiliates that the Member reasonably believes obtained that information without breach of any obligation of confidentiality. The Members acknowledge that breach of the provisions of this Section 8.3 may cause irreparable injury to the Company or its Affiliates for which monetary damages are inadequate, difficult to compute, or both. Accordingly, the Members agree that the provisions of this Section 8.3 may be enforced by specific performance or other equitable remedy. For the avoidance of doubt, any information in reports filed by the Company or the Manager with the Securities and Exchange Commission will not be considered confidential information and is not subject to this Section 8.3.

**ARTICLE 9**

**ACCOUNTING, BOOKS, AND RECORDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1 *Accounting Methods.*** The Manager will maintain the Company's books and records and will determine in its discretion all items of income, loss, net profits, and net losses in accordance with the method of accounting selected by the Manager, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2 *Books and Records.*** The Manager will keep or cause to be kept, as an Operating Expense, such books and records of the Company as required by the Act. The books and records will be the property of the Company and will be open to reasonable inspection by the Members and their authorized representatives to the extent required by the Act; provided, however, that any such inspection will be subject to the following limitations, in addition to any requirements under the Act and any other reasonable requirements that may be imposed by the Manager from time to time: (a) the Member seeking inspection of the books and records must provide the Company with reasonable prior written notice (not less than 5 business days prior to the requested inspection date); (b) the books and records will made available for inspection only during normal business hours; (c) inspection will be at the expense of the Member seeking inspection; (d) any inspection will be subject to the Member seeking inspection (and its representatives) executing such confidentiality agreements as the Manager may request; and (e) the Manager may redact any information from the books and records concerning any Member seeking the inspection that the Manager determines in its discretion is inappropriate to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3 *Financial Reports and Tax Information.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager will provide Members with financial statements as of the end of each Fiscal Year, which will be distributed to the Members within 120 days after the end of any Fiscal Year (or as soon as is reasonably practicable thereafter). The financial statements of the Company need not be audited by an independent certified public accounting firm unless the Manager elects or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager will cause to be distributed, at the expense of the Company, appropriate forms or other applicable income tax information necessary for the Members to prepare their tax returns within 120 days after the end of any Fiscal Year (or as soon as is reasonably practicable thereafter).

**ARTICLE 10**

**DISQUALIFICATION OF MEMBERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1 *Disqualification of Members.*** The disqualification of a Member will not dissolve the Company. Upon the disqualification of a Member, the successor-in-interest of the Member will become a transferee of the Member and be credited or paid, or charged with, as the case may be, all further allocations and distributions on account of the Interest of the Member; provided, no such successor-in- interest will become a substituted Member without first obtaining the written consent of the Manager, whose consent may be withheld for any or no reason, and without complying with the provisions of Section 11.2 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2 *Disqualification.*** For the purposes of this Agreement, a Member will be deemed to be "disqualified" upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member is a natural person, upon his death, his adjudication as an incompetent, his becoming bankrupt or adjudicated insolvent, or his making an assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Member is not a natural person, upon its voluntary dissolution or liquidation, it's becoming bankrupt or adjudicated insolvent, its making an assignment for the benefit of creditors, or its becoming subject to involuntary reorganization or liquidation proceedings and such proceedings not being dismissed within 30 days after filing.

**ARTICLE 11**

**TRANSFER OF UNITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 *General Prohibition.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the limitations in Article VI, and except as set forth in this Section 11.1, no Member will assign, convey, sell, hypothecate, transfer, pledge, encumber, dispose, or in any way alienate all or any part of such Member's Units without the prior written consent of the Manager, which consent may be arbitrarily withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as determined by the Manager in its sole and absolute discretion: (i) any purported transfer of an interest in the Company in violation of this Article XI shall be null and void as against the Company and the other Members and shall not be recognized or duly reflected in the official books and records of the Company; and (ii) no assignment by a Member of its interest in the Company shall be effective or release the assignor from its obligations to the Company except as determined by the Manager in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2 *Requirements upon Transfer.*** No transferee of the Units of a Member will become a substituted Member until the following conditions have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The transferee will have executed a written agreement, in form and substance reasonably satisfactory to the Manager, to assume all of the duties and obligations of the transferor Member under this Agreement and to be bound by and subject to all of the terms and conditions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The transferor Member and the transferee will have executed a written agreement, in form and substance reasonably satisfactory to the Manager, to indemnify and hold the Company and the Members harmless from and against any liabilities, losses, costs, and expenses arising out of the transfer, including, without limitation, any liability arising by reason of the violation of any securities laws of the United States, any state of the United States, or any foreign country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The transferee will have executed a power of attorney substantially identical to that contained in Article XIV, and will execute and swear to such other documents and instruments as the Manager may deem necessary to effect the admission of the transferee as a Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The transferee will have paid the reasonable expenses incurred by the Company in connection with the admission of the transferee to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The transferee is a qualified purchaser (as defined in Regulation A under the Securities Act). ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A transferee who does not become a substituted Member will be entitled to receive only that portion of the distributions or allocations to which its transferor would otherwise be entitled, and such transferee will not be entitled to vote on any question regarding the Company. A Member who has transferred or assigned all or a portion of its Units, whether or not the transferee thereof has become a substituted Member, will have no further rights to vote with regard to that portion of its Units that has been transferred. Any purported transfer of Units not expressly permitted by this Article XI will be null and void and of no effect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3 *Prohibited Transfers.*** Notwithstanding anything to the contrary in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Units will be issued or transferred in a transaction or series of transactions that violate the Securities Act or any state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any admission (or purported admission) of a Member and any transfer or assignment (or purported transfer or assignment) of all or part of a Member's Units (or any interest or right or attribute therein) to another Member or to a third party, will not be effective, and no Person will otherwise become a Member, if the transfer or assignment would or may: (i) cause the Company to be required to register as an "investment company" under the 1940 Act; (ii) cause the Company to be required to register the Units under the Securities Act; or (iii) cause the underlying assets of the Company will be deemed be "plan assets" under ERISA or the Code.

**ARTICLE 12**

**DISSOLUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1 *Dissolution.*** The Company will be dissolved upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The sale or other disposition of all or substantially all of the Company assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The determination by the Manager to terminate the Company.

**ARTICLE 13**

**DISTRIBUTION UPON DISSOLUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1 *Winding Up, Liquidation and Distribution of Assets***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon dissolution of the Company for any reason, the Company immediately will commence to wind up its affairs. During such liquidation, the allocation and distributions will continue pursuant to Article V. Except as otherwise provided in this Section 13.1, the Manager will cause the liquidation and winding up of the Company in accordance with this Section 13.1. Notwithstanding the foregoing sentence, if the Manager so elects, the Manager will designate a liquidating trustee to cause the liquidation and winding up of the Company in accordance with this Agreement. A reasonable period of time will be allowed for the orderly termination of the Company business, discharge of its liabilities and distribution, or liquidation of the remaining assets so as to enable the Company to minimize the normal losses attendant upon the liquidation process. A full accounting of the assets and liabilities of the Company will be taken and the statements thereof will be furnished to each Member within thirty (30) days after the dissolution. Such accounting and statements will be prepared by the Manager or by the liquidating trustee selected in accordance with this Section 13.1. The Company property and assets and/or the proceeds from the liquidation thereof will be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Payment of the debts and liabilities of the Company, in the order of priority provided by law (including, without limitation, fees to the Manager pursuant to Section 7.5(a), but excluding any loans by the Members to the Company) and payment of the expenses of liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Setting up of such reserves as the Manager or liquidating trustee may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company or any obligation or liability not then due and payable; provided, however, that any such reserve will be paid over by the Manager or liquidating trustee to an escrow agent, to be held by such escrow agent for the purpose of disbursing such reserves in payment of such liabilities, and, at the expiration of such escrow period as the Manager or liquidating trustee deems advisable, to distribute the balance thereafter remaining in the manner hereinafter provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Payment of all debts and other liabilities of the Company to any Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Distribution to each Member pursuant to Section 5.7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2 *No Further Claim; No Obligation.*** In the event that the assets of the Company available for distribution are not sufficient to satisfy in full the rights of the Members as hereinabove set forth in this Article XIII, the Members will not have any further right or claim against the Manager or any other Person(s) with respect to such rights.

**ARTICLE 14**

**POWER OF ATTORNEY**

Each Member hereby irrevocably constitutes and appoints the Manager as its true and lawful agent and attorney-in-fact, with full power of substitution, in its name, place, and stead, to make, execute, and acknowledge, swear to, record, publish, and file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any instruments with respect to the Company that may be required to be filed under the laws of any state or of the United States, or that the Manager deems advisable to file to carry out the purposes of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any and all amendments of the foregoing required or permitted by law or the provisions of this Agreement, provided that such amendment will not have a material effect on the rights or obligations of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any and all amendments of this Agreement permitted by the provisions of Section 15.17; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All documents that may be required to effectuate the dissolution and termination of the Company.

The foregoing power of attorney is coupled with an interest, will be irrevocable and will survive the death, incompetency, dissolution, merger, consolidation, bankruptcy, or insolvency of each of the Members. The Members will execute and deliver to the Manager, within 5 days after receipt of the Manager's request therefor, such further designations, powers of attorney, and other instruments as the Manager deems necessary to carry out the purposes of this Agreement.

**ARTICLE 15**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.1 *Additional Documents.*** At any time and from time to time after the date of this Agreement, upon the request of the Manager, the Members will do and perform, or cause to be done and performed, all such additional acts and deeds, and will execute, acknowledge, and deliver, or cause to be executed, acknowledged, and delivered, all such additional instruments and documents, as may be required to best effectuate the purposes and intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.2 *Applicable Law.*** This Agreement will be governed by, construed under, and enforced and interpreted in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3 *Jurisdiction.*** Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement must be brought against any of the parties in the federal or state courts located in Los Angeles, California, and each party consents to the exclusive jurisdiction of such courts in any such action or proceeding and waives any objection to venue laid therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4 *Notices.*** All notices given pursuant to this Agreement, to be effective, must be in writing and, unless otherwise expressly provided herein, will be deemed to have been duly given or made: (a) on the date delivered in person; (b) on the date indicated on the return receipt if mailed postage prepaid, by certified or registered U.S. Mail, with return receipt requested; (c) on the business day transmitted by email, if sent by 5:00 P.M., Eastern Time, and confirmation of receipt thereof is reflected or obtained, or otherwise on the next business day following transmission by email; (d) if sent by Federal Express or other nationally recognized overnight courier service or overnight express U.S. Mail, with service charges or postage prepaid, then on the next business day after delivery to the courier service or U.S. Mail (in time for and specifying next day delivery); or (e) by the Company, by posting such notice or other communication on the Company's web-accessed investor portal or password-protected website and such notice or other communication shall be deemed to have been given on the date an email is sent to the Members in accordance with this Section 15.4 notifying the Member of the posting of the notice or other communication. In each case (except for personal delivery and investor portal or password-protected website), such notices, consents, requests, demands, and other communications will be sent to the Company at the address below or to a Member at its address or email address set forth in the books and records of the Company. Rejection or other refusal to accept, or inability to deliver because of changed address of which no notice was given, will be deemed to be receipt of such notice, request, demand, tender, or other communication. The Company, by written notice to the Members in the manner herein provided, or any Member, by written notice to the Company in the manner herein provided, may designate an address different from that stated above.

If to the Company:

31248 Oak Crest Drive, Suite 100

Westlake Village, California 91361

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.5 *Entire Agreement.*** This Agreement constitutes the entire agreement among the parties and supersedes any prior understanding or agreement among them respecting the subject matter hereof. There are no representations, arrangements, understandings, or agreements, oral or written, among the parties hereto relating to the subject matter of this Agreement, except those fully expressed herein. No waiver of any provision hereof will be valid or binding on the parties hereto, unless waiver is in writing and signed by or on behalf of the parties hereto, and no waiver on one occasion will be deemed to be a waiver of the same or any other provision hereof in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.6 *Extension Not a Waiver.*** No delay or omission in the exercise of any power, remedy, or right herein provided or otherwise available to a Member or the Company will impair or affect the right of such Member or the Company thereafter to exercise the same. Any extension of time or other indulgence granted to a Member hereunder will not otherwise alter or affect any power, remedy, or right of any other Member or of the Company, or the obligations of the Member to whom such extension or indulgence is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.7 *Creditors Not Benefited.*** Nothing contained in this Agreement is intended or will be deemed to benefit any creditor of the Company or of any Member, and no creditor of the Company will be entitled to require the Company or the Members to solicit or accept any Capital Contribution for the Company or to enforce any right that the Company or any Member may have against any Member under this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.8 *Severability.*** If any portion of this Agreement is held illegal or unenforceable, the Members hereby covenant and agree that such portion or portions are absolutely and completely severable from all other provisions of this Agreement and such other provisions will constitute the agreement of the Members with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.9 *Successors.*** Subject to the provisions hereof imposing limitations and conditions upon the transfer, sale, or other disposition of the Units of the Members in the Company, all the provisions hereof will inure to the benefit of and be binding upon the heirs, successors, legal representatives, and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.10 *Counterparts; Signatures.*** This Agreement may be executed in counterparts, each of which, when so executed, will be an original, but all of which together will constitute one and the same agreement. This Agreement may be executed and delivered via facsimile, email, or other form of electronic delivery by the parties, which will be deemed for all purposes as an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.11 *Section Headings and Cross-References.*** Section and other headings contained in this Agreement are for reference purposes only and are in no way intended to define, interpret, describe, or limit the scope, extent, or intent of this Agreement or any provision hereof. Unless otherwise expressly provided herein to the contrary, all references to a "Section" or to "Sections" refers to Section(s) of this Agreement, and all references to an "Article" refers to an Article of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.12 *Time.*** Time is of the essence with respect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.13 *Interpretation.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All pronouns and other words of designation used in this Agreement in reference to any Member include the neuter, masculine, and feminine genders and the singular and the plural, as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "include", "includes" and "including" will be deemed to be followed by the phrase "without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used herein, "discretion" shall have the same meaning as "sole discretion."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the fullest extent permitted by law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement a Person is permitted or required to make a decision: (a) in its "sole discretion" or "discretion", the Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person; or (b) in its "good faith" or under another express standard, the Person shall act under such express standard and shall not be subject to any other or different standard. The term "good faith" as used in this Agreement shall mean subjective good faith as understood under Delaware law. The Manager acknowledges and agrees that no grant of authority in this Agreement permitting the Manager to act in its "sole discretion" or "discretion" shall eliminate the Manager's implied contractual covenant of good faith and fair dealing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Manager acknowledges that in its capacity as manager of the Company, it owes fiduciary duties to the Company and Members under Delaware law as modified in this Agreement. To the fullest extent permitted by law and notwithstanding any other duties at law, in equity or otherwise, it is the intention of the parties hereto when considering actions or inactions with respect to the Company or any alternative investment vehicle, the Manager and its Affiliates may consider the interests of all the equity owners (direct and indirect) of the Company and all the alternative investment vehicle taken as a whole, and will owe no duty (including any fiduciary duty) to consider the interests of any specific equity owner of the Company or any alternative investment vehicle, including any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.14 *Company Property.*** The legal title to the real or personal property or interest therein now or hereafter acquired by the Company will be owned, held, or operated in the name of the Company, and no Member, individually, will have any ownership of such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.15 *Waiver of Action for Partition.*** Each of the Members irrevocably waives any right that it may have to maintain any action for partition with respect to any of the Company property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.16 *Voting.*** In any matter for which the consent of the Members is required, each Member will have votes equal to its Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.17 *Amendments.*** This Agreement may be amended by the consent of a Majority of the Members and the Manager; provided, however, that the Manager may amend the Agreement: (a) pursuant to Section 4.01(b) hereof; and (b) if necessary or desirable to reflect changes in Capital Contributions, additional Capital Contributions and withdrawals, to admit or effect withdrawals of Members, to correct any ambiguous, false or erroneous provision, to reflect changes in applicable federal or state laws and regulations, or otherwise, provided that no such amendment pursuant to this Section 15.17(b) will have a material adverse effect on the rights, privileges, and powers of the Members as a group unless approved by a Majority of such Members as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.18 *Meetings of Members.*** The Manager may convene a meeting of the Members at the principal office of the Company for any purpose, and the Manager will convene a meeting at the principal office of the Company (or elsewhere, as the Members all may agree) upon the receipt of a written request signed by a Majority of the Members. Notice of each meeting of the Members will be given within 10 days prior to the meeting and attendance at such meeting constitutes waiver of the notice requirement of this Section 15.18.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.19 *Actions by Written Consent; Consent by Silence.*** Any action, vote, or consent required or permitted to be taken by the Members may be taken by the written consent of Members holding in aggregate not less than the minimum Units specified herein as to the particular action, vote, or consent. Notwithstanding the foregoing, for purposes of obtaining any such consent as to any matter proposed by the Manager, the Manager may, in the notice seeking consent of the Members, require a response within a specified period (which will not be less than 15 days) and failure to give the Manager written notice of opposition to the proposed action within that period will constitute a vote and consent to approve the proposed action. Except as otherwise expressly provided in the proposal for an action, that action will be effective immediately after the required signatures have been obtained or, if applicable, the expiration of the period within which responses were required, if that requirement was imposed and there were not votes cast against the action in the amount necessary to prevent the action from becoming effective.

**[Signature Page Follows.]**

**In** **Witness Whereof,** the undersigned have signed this Amended and Restated Limited Liability Company Agreement as of the date first written above.

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| | |
|:---|:---|
| **MANAGER:** | **MANAGER:** |
| COMMUNE OMNI FUND MANAGEMENT, LLC | COMMUNE OMNI FUND MANAGEMENT, LLC |
| By: Commune Capital, LLC, its Manager | By: Commune Capital, LLC, its Manager |
| By: | /s/ Jerry V. Sanada |
| Name: | Jerry V. Sanada |
| Title: | President |

---

[Signature Page to

Amended and Restated Limited Liability Company Agreement<br> of Commune Omni Fund, LLC]

**MEMBER COUNTERPART SIGNATURE PAGE**

**to**

**AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT**

**of**

**COMMUNE OMNI FUND, LLC**

[*For Individual Members*]

IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the<u> </u> day of ___________, 202_.

---

| | |
|:---|:---|
| Address: | |
| | Signature: |
| | Print name: |

---

<u>**IMPORTANT DISCLOSURES**</u>

**THE UNITS IN THE COMPANY HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR THE SECURITIES REGULATORY AUTHORITY OF ANY STATE. NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AUTHORITY HAS MADE AN INDEPENDENT ASSESSMENT OF WHETHER THE UNITS OFFERED HEREIN ARE EXEMPT FROM REGISTRATION.**

**THE UNITS IN THE COMPANY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES LAWS OF ANY STATE, BUT ARE BEING OFFERED AND SOLD ON THE BASIS OF ONE OR MORE OF THE STATUTORY EXEMPTIONS AND SAFE HARBORS FROM REGISTRATION FOUND UNDER THE SECURITIES ACT OR STATE SECURITIES LAWS. UNITS MAY NOT BE SOLD, PLEDGED, TRANSFERRED, OR ASSIGNED EXCEPT IN A TRANSACTION WHICH COMPLIES WITH OR IS EXEMPT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT THEREUNDER OR IN A TRANSACTION OTHERWISE IN COMPLIANCE WITH THE SECURITIES ACT, APPLICABLE STATE SECURITIES LAWS AND THIS AGREEMENT.**

[Signature Page to

Amended and Restated Limited Liability Company Agreement<br> of Commune Omni Fund, LLC]

**MEMBER COUNTERPART SIGNATURE PAGE**

**to**

**AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT**

**of**

**COMMUNE OMNI FUND, LLC**

[*For Entity Members*]

IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the<u> </u> day of _________, 202_.

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| | |
|:---|:---|
| Address: |  |
|  | Name of Entity (please print) |
|  | By: |
|  | Print Name: |
|  | Title: |

---

<u>**IMPORTANT DISCLOSURES**</u>

**THE UNITS IN THE COMPANY HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR THE SECURITIES REGULATORY AUTHORITY OF ANY STATE. NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AUTHORITY HAS MADE AN INDEPENDENT ASSESSMENT OF WHETHER THE UNITS OFFERED HEREIN ARE EXEMPT FROM REGISTRATION.**

**THE UNITS IN THE COMPANY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES LAWS OF ANY STATE, BUT ARE BEING OFFERED AND SOLD ON THE BASIS OF ONE OR MORE OF THE STATUTORY EXEMPTIONS AND SAFE HARBORS FROM REGISTRATION FOUND UNDER THE SECURITIES ACT OR STATE SECURITIES LAWS. UNITS MAY NOT BE SOLD, PLEDGED, TRANSFERRED, OR ASSIGNED EXCEPT IN A TRANSACTION WHICH COMPLIES WITH OR IS EXEMPT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT THEREUNDER OR IN A TRANSACTION OTHERWISE IN COMPLIANCE WITH THE SECURITIES ACT, APPLICABLE STATE SECURITIES LAWS AND THIS AGREEMENT.**

[Signature Page to

Amended and Restated Limited Liability Company Agreement<br> of Commune Omni Fund, LLC]

## Ex1A-4

**Exhibit 4.1**

**<u>SUBSCRIPTION AGREEMENT</u>**

**THIS SUBSCRIPTION AGREEMENT** (this "**Agreement**") is by and between Commune Omni Fund, LLC, a Delaware limited liability company (the "**Company**"), and the undersigned (the "**Subscriber**").

**WHEREAS,** pursuant to Regulation A of the Securities Act of 1933, as amended ("**Act**"), the Company is offering (the "**Offering**") to investors up to 75,000,000 units of membership interest in the Company ("**Units**") at the price per Unit set forth in the Offering Circular of the Company, as supplemented and amended from time to time (the "**Offering Circular**");

**WHEREAS**, Subscriber desires to subscribe for the Units on the terms and conditions hereinafter set forth.

**NOW, THEREFORE**, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereby agree as follows:

**I.** **SUBSCRIPTION FOR UNITS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to the terms and conditions set forth in this Agreement, Subscriber hereby subscribes for and agrees to purchase Units in the amount of the aggregate purchase price set forth on the signature page to this Agreement ("**Purchase Price**"). **The Purchase Price is payable by wire, ACH collection, ACH payment, credit card, by check payable to the Company, or other method acceptable by the Company ("Subscription") with the execution and submission of this Agreement.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company has the right to reject this Subscription in whole or in part for any reason or no reason. Subscriber may not cancel, terminate, or revoke this Agreement, which, in the case of an individual, shall survive Subscriber's death or disability and shall be binding upon Subscriber, Subscriber's heirs, trustees, beneficiaries, executors, personal or legal administrators or representatives, successors, transferees, and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. In the event that this Subscription is rejected in full or the Offering is terminated, payment made by Subscriber to the Company for the Units will be refunded to Subscriber without interest and without deduction, and all of the obligations of Subscriber hereunder shall terminate. To the extent that this Subscription is rejected in part, the Company shall refund to Subscriber any payment made by Subscriber to the Company with respect to the rejected portion of this Subscription without interest and without deduction, and all of the obligations of Subscriber hereunder shall remain in full force and effect except for those obligations with respect to the rejected portion of this Subscription, which shall terminate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Subscriber agrees that the execution of this Agreement constitutes Subscriber's consent to the Operating Agreement of the Company ("**Operating Agreement**") and, if this Subscription is accepted by the Company and the Company has received the Purchase Price, Subscriber will become a member of the Company ("**Member**").

**II.** **REPRESENTATIONS AND COVENANTS OF SUBSCRIBER** 

In connection with the purchase of Units, Subscriber hereby represents, warrants, and covenants to the Company and Commune Omni Fund Management, LLC (the "**Manager**") that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subscriber has full power and authority to enter into and deliver this Agreement and to perform Subscriber's obligations hereunder, and the execution, delivery and performance of this Agreement has been duly authorized, if applicable, and this Agreement constitutes a valid and legally binding obligation of Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subscriber represents and warrants that the execution and delivery of this Agreement, the consummation of the transactions contemplated hereby and the performance of the obligations hereunder will not conflict with or result in any violation of or default under any provision of any other agreement or instrument to which the Subscriber is a party or any license, permit, franchise, judgment, order, writ or decree, or any statute, rule or regulation, applicable to Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Subscriber, if an entity, is, and shall at all times while it holds Units remain, duly organized, validly existing and in good standing under the laws of the state or other jurisdiction of the United States of America of its incorporation or organization, having full power and authority to own its properties and to carry on its business as conducted. The Subscriber, if a natural person, is twenty-one (21) years of age or older, competent to enter into a contractual obligation, and a citizen or resident of the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If other than an individual, Subscriber represents it has not been organized solely for the purpose of acquiring the Units and the information set forth on Exhibit A or, if Subscriber is completing the subscription materials through KoreTransfer USA LLC (the Company's transfer agent), the information set forth in the investor profile on the KoreTransfer platform ("**Investor Profile**") is true, correct, and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Subscriber first learned of the offer and sale of the Units in the state set forth in Exhibit A or the Investor Profile, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Subscriber recognizes that the purchase of Units involves a high degree of risk in that: (i) an investment in the Company is highly speculative and only investors who can afford the loss of their entire investment should consider investing in the Company and the Units; (ii) the Units are being sold pursuant to an exemption under Regulation A issued by the Securities and Exchange Commission ("**SEC**") under the Act, but the Units are not registered under the Act or any state securities law; and (iii) there is only a limited trading market for the Units, and there is no assurance that a more active one will ever develop, and therefore, Subscriber may not be able to liquidate Subscriber's investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Subscriber is able to bear the economic risk of this investment and, without limiting the generality of the foregoing, is able to hold this investment for an indefinite period of time or a complete loss of this investment. Subscriber has adequate means to provide for Subscriber's current needs and personal contingencies and has sufficient net worth to sustain the loss of Subscriber's entire investment in the Company. Subscriber has no need for liquidity in Subscriber's investment in the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Subscriber's overall commitment to investments that are not readily marketable is not disproportionate to Subscriber's net worth and Subscriber's investment in the Units will not cause such overall commitment to become excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Either: (i) Subscriber is an "accredited investor," as such term is defined in Rule 501 of Regulation D promulgated under the Act; **OR** (ii) the aggregate purchase price tendered by Subscriber does not exceed, for natural persons, 10% of the greater of Subscriber's annual income or net worth or, for non-natural persons, 10% of the greater of annual revenue or net assets of Subscriber's most recently completed fiscal year. Subscriber agrees to promptly provide the Company with information as may be reasonably requested for the Company to confirm the status of Subscriber. Subscriber confirms that the selection in Exhibit A or the Investor Profile, as applicable, regarding investor eligibility is true, correct, and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. Subscriber confirms that: (i) Subscriber has prior investment experience (including investment in non-listed and non-registered securities); (ii) Subscriber, either alone or with its representative, has read all of the documents furnished or made available by the Company to Subscriber, including, without limitation the Offering Circular and Operating Agreement; (iii) Subscriber has had the opportunity to ask questions about the Company and to obtain (and that Subscriber has received to its satisfaction) such information about the business and financial condition of the Company as Subscriber has reasonably requested; (iv) Subscriber, either alone or with its representative, if any, has such knowledge and experience in financial and business matters that Subscriber is capable of evaluating the merits and risks of the prospective investment in the Units and make an informed investment decision with respect thereto; and (v) all documents, records and books pertaining to the investment in the Company have been made available to Subscriber and/or to Subscriber's personal investment, tax, and legal advisers, if such advisers were utilized by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Subscriber is: (i) subscribing for and purchasing Units: (A) without being furnished any offering literature, other than the Offering Circular, the Operating Agreement, and this Agreement; and (B) without receiving any representations or warranties from the Company or its representatives other than the representations and warranties contained in said documents; and (ii) making this investment decision solely in reliance upon the information contained in said documents and upon any investigation made by Subscriber or Subscriber's advisors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. Subscriber is acquiring Units based only upon its independent examination and judgment as to the prosects of the investment as determined from information obtained directly by Subscriber from the Company or its authorized representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. Subscriber acknowledges that the price of the Units was set by the Company as described in the Offering Circular and no warranties are made as to value. Subscriber further acknowledges that future offerings of securities by the Company may be made at lower valuations, with the result that the Subscription's investment will bear a lower valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. Subscriber acknowledges that any estimates or forward-looking statements or projections included in the Offering Circular were prepared by the management of the Company in good faith based on estimates, assumptions and forecasts that the Company believes to be reasonable, but that may prove to be incorrect. No assurance is given that actual results will correspond with the results contemplated by the various projections, estimates or forward-looking statements and such statements should not be relied upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. Subscriber acknowledges that the Offering Circular and this Offering have not been recommended or approved by the SEC or any state securities commission, and that no federal or state agency has made any finding or determination regarding the fairness or merits of the Offering or confirmed the accuracy or determined the adequacy of the Offering Circular.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. Units are being purchased for Subscriber's own account without the participation of any other person, with the intent of holding Units for investment and without the intent of participating, directly or indirectly, in a distribution of Units and not with a view to, or for resale in connection with, any distribution of Units, nor is Subscriber aware of the existence of any distribution of Units. In making such representation, Subscriber acknowledges that a purchase now with an intent to resell by reason of any foreseeable specific contingency, some predetermined event or an anticipated change in market value, or in the condition of the Company, or that of the real estate industry, or in connection with a contemplated liquidation or settlement of any loan obtained by Subscriber for the acquisition of such Units and for which such Units may be pledged as security, would represent a purchase with an intent inconsistent with the foregoing representation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. Subscriber understands that there are significant restrictions on the transferability of Units under the Operating Agreement and applicable law and Subscriber will not transfer any Units to any other person except in accordance with the Operating Agreement and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;r. Subscriber has taken no action which would give rise to any claim by any person for brokerage commissions, finders, fees or the like relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. Subscriber understands that the Units will be recorded and maintained a transfer agent appointed by the Company and that the Company will not issue physical certificates for the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;t. None of the "Bad Actor" disqualifying events described in Rule 506(d)(1)(i) to (viii) under the Act (each referred to as a "**Disqualification Event**") are applicable to Subscriber. Subscriber shall notify the Manager promptly in writing in the event a Disqualification Event becomes applicable to Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;u. Subscriber is not relying on the Company, or any of its employees, agents or sub-agents with respect to the legal, tax, economic and related considerations of an investment in the Units, and Subscriber has been advised to consult with Subscriber's own attorney regarding legal matters and own tax advisor regarding tax matters concerning an investment in the Company and has done so to the extent Subscriber considers necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Under the penalties of perjury, Subscriber certifies that: (a) the social security or tax ID number listed by Subscriber in Exhibit A or the Investor Profile, as appliable, is true, correct and complete and that Subscriber is not subject to backup withholding under § 3406(a)(l)(c) of the Internal Revenue Code of 1986, as amended (the "**Code**"), either because (i) Subscriber has not been notified that Subscriber is subject to backup withholding as a result of a failure to report all interest or dividends, or (ii) the IRS has notified Subscriber that it is no longer subject to backup withholding; or (b) Subscriber is not a U.S. citizen or resident, is not a dealer in commodities (i.e., regularly engaged as a merchant in buying and selling commodities), and is not engaged in a U.S. trade or business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;w. Anti-Money Laundering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The acceptance of the Subscription together with the appropriate remittance will not violate any applicable
money laundering laws, rules or regulations, Subscriber undertakes to provide to the Manager verification of Subscriber's identity
satisfactory to the Manager promptly on request, and Subscriber will hold the Company, the Manager, and their respective affiliates, agents,
and assigns, harmless and indemnified against any loss arising as a result of a failure to process Subscriber's subscription or
any future redemption request by Subscriber if such information as has been required by the parties referred to has not been provided
by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Subscriber is purchasing Units with lawfully acquired funds for investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Subscriber represents that all evidence of identity provided in connection with this Agreement is complete,
true and correct and all related information furnished is genuine and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Subscriber agrees to provide any information deemed necessary by the Company and the Manager to comply
with the Company's anti-money laundering program and related responsibilities from time to time. In the event of delay or failure
by Subscriber to produce any information requested in this Agreement or required for verification purposes, the Company or the Manager
may refuse to accept the Subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Subscriber represents and covenants that neither it, nor any person controlling, controlled by, or under
common control with it, nor any person having a beneficial interest in it: (i) is a country, territory, individual, organization,
or entity listed on the List of Specially Designated Nationals and Blocked Persons (the "**OFAC Control List**") maintained
by the U.S. Office of Foreign Assets Control ()"**OFAC**") (available at http://www.ustreas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf)
or (ii) is investing or intending to invest in the Company on behalf of or for the benefit of, nor is it directly or indirectly affiliated
with, any country, territory, individual, organization, or entity listed on the OFAC Control List or restricted by any OFAC sanctions
program. Subscriber agrees to promptly notify the Company and the Manager of any change in information affecting this representation and
covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Subscriber represents that: (i) the amounts to be invested by it in the Company are not directly
or indirectly derived from activities that contravene U.S. federal or state laws or regulations and international laws and regulations,
including, without limitation, anti-money laundering laws and regulations; and (ii) the proceeds from the Investor's investment
in the Company will not be used to finance any illegal activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Subscriber acknowledges that: (i) additional subscriptions by Subscriber may be refused; and/or (ii) requests
for withdrawals may be delayed or declined if the Company or the Manager reasonably believes it does not have satisfactory evidence of
Subscriber's identity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Subscriber acknowledges that, if, following the Company's and the Manager's acceptance of
this Agreement, the Company and the Manager reasonably believe that Subscriber is listed on the OFAC Control List or has otherwise breached
its representations and covenants as to its identity, the Company or the Manager may be obligated to block Subscriber's investment
in accordance with applicable law, and Subscriber will have no claim against the Company or the Manager for any form of damages as a result
of blocking the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. If Subscriber is a "fund of funds" or an entity that invests on behalf of others, Subscriber,
in addition to and not by way of limiting the foregoing, represents and certifies that it is aware of the requirements of the USA PATRIOT
Act of 2001 (the "**USA PATRIOT Act** "), and rules and regulations promulgated thereunder and other applicable anti-money
laundering measures in any jurisdiction (collectively, the "**AML Rules**") and that it has adopted anti-money laundering
policies and procedures in place reasonably designed to verify the identity of its beneficial owners or underlying investors, as the case
may be, and their respective sources of funds. Such policies and procedures are properly enforced and are consistent with such AML Rules.
Subscriber represents and certifies that to the best of its knowledge, the beneficial owners or investors, as the case may be, are not
individuals, entities, or countries that may subject the Company, the Manager, or any of their affiliates to criminal or civil violations
of any AML Rules. Subscriber acknowledges that it is to furnish a copy of its anti-money laundering policies and procedures to the Company
when requested. Among its other obligations hereunder, Subscriber agrees to promptly notify the Company and the Manager if the foregoing
representation and certification becomes inaccurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Subscriber represents that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. it is not a Senior Foreign Political Figure, a member of a Senior Foreign Political Figure's Immediate
Family, and/or any Close Associate of a Senior Foreign Political Figure residing in a high-risk or non-cooperative jurisdiction (an "**HNJ** ")
or a jurisdiction that has been designated by the U.S. Treasury as warranting special measures due to money laundering concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. it is not a former Senior Foreign Political Figure residing in an HNJ or a jurisdiction that has been
designated by the U.S. Treasury as warranting special measures due to money laundering concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. it is not resident in, or organized or chartered under the laws of a jurisdiction that has been designated
by the U.S. Secretary of Treasury under Sections 311 and 312 of the USA PATRIOT Act as warranting special measures due to money laundering
concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. it is not a Foreign Shell Bank as the term is defined in the USA PATRIOT Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. its subscription funds do not originate from, nor will they be routed through, an account maintained at
a Foreign Shell Bank, an "offshore bank," or a bank organized or charted under the laws of a jurisdiction deemed to be an
HNJ or a jurisdiction that has been designated by the U.S. Treasury as warranting special measures due to money laundering concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. Subscriber recognizes that non-public information concerning Subscriber set forth in this Agreement or
otherwise disclosed by Subscriber to the Company, or other agents of the Company (the "**Information**") (such as Subscriber's
name, address, social security number, assets and income): (i) may be disclosed to the Company's Manager, attorneys, accountants,
lenders, and third party administrators in furtherance of the Company's business; and (ii) as otherwise required or permitted
by law. The Company and the Manager restrict access to the Information to their employees who need to know the information to provide
services to the Company, and maintain physical, electronic, and procedural safeguards that comply with U.S. federal standards to guard
the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. Subscriber should not construe the contents of the Operating Agreement, or any prior or subsequent communication
from the Manager or any of its respective agents, officers, or representatives, as legal or tax advice; Subscriber has been advised to
consult with Subscriber's own attorney regarding legal matters and own tax advisor regarding tax matters concerning an investment
in the Company and has done so to the extent Subscriber considers necessary; the legal and tax consequences to Subscriber of the investment
in the Company will depend on Subscriber's particular circumstances; and neither the Company nor the Manager makes any representation
or warranty with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. <u>ERISA</u>. If Subscriber is, or is acting on behalf of: (i) an employee benefit plan that is subject to Part 4 of Title I of ERISA (an "**ERISA Plan**"); (ii) a "plan" as defined in Section 4975 of the Code, including, without limitation, an individual retirement account, that is subject to Section 4975 of the Code (an "**IRA**"); (iii) an entity whose underlying assets include assets of such plans by reason of a plan's investment in such entity (a "**Plan Asset Entity**") (ERISA Plans, IRAs, and Plan Asset Entities, and all persons acting on the behalf of or with respect to any of these shall be referred to as "**Benefit Plan Investors**"); or (iv) any benefit plan or entity that is subject to any laws or regulations that are similar to Part 4 of Title I of ERISA or Section 4975 of the Code (such a plan or entity or any person acting on behalf of such a plan or entity shall be referred to as an "**Other Plan Investor**", and the relevant plan or plans underlying each Benefit Plan Investor or Other Plan Investor shall be referred to as the "**Plan**"), Subscriber hereby represents and warrants to the Company and the Manager that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The initial decision to invest assets of the Plan in the Company has been made, and the decision to make
subsequent investments or withdrawals of assets of the Plan in or from the Company will be made, by a fiduciary of the Plan (unrelated
to the Manager) (the "**Plan Investment Fiduciary**") acting in the exercise of its sole discretion to make such investment
decisions, and none of the Manager or any of its affiliates or employees is undertaking to provide impartial investment advice, or to
give advice in a fiduciary capacity, in connection with the subscriber's investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Subscriber acknowledges that it understands (and the Manager agrees) that neither the Manager nor any
person acting on behalf of the Company or the Manager will have any direct contact with any participants or beneficiaries of the Plan
regarding investment of their benefits in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Investment in the Company is permitted by the terms of the Plan, and the execution and delivery of this
Agreement and the acquisition, holding, and withdrawal of a Unit does not result in a non-exempt prohibited transaction under the Section 406(a) of
ERISA, Section 4975 of the Code or Similar Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. If the Plan is an ERISA Plan, (i) Subscriber is a named fiduciary, within the meaning of Section 402(a) of
ERISA, of such Plan, (ii) in accordance with Section 403 of ERISA, at least one signatory for the Plan hereunder is a "trustee"
or "investment manager" of the Plan as defined in ERISA, and (iii) the person executing this Agreement on behalf of Subscriber
represents that he or she and the Plan Investment Fiduciary have been informed of and understand the Company's investment objectives,
policies and strategies and determined that they are appropriate for the ERISA Plan in view of its overall investment policy and composition
and diversification of its portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Subscriber and/or the Plan Investment Fiduciary will provide to the General Partner upon acceptance of
this Agreement and from time-to-time thereafter upon reasonable notice a list of the parties in interest, as defined in ERISA Section 3(14)
or disqualified persons, as defined in Section 4975 of the Code, of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Subscriber hereby: (i) acknowledges that the Company is not a publicly offered security, a registered
investment company security, or an operating company; (ii) acknowledges that the equity participation by Benefit Plan Investors may
be or become "significant" within the meaning of ERISA Section 3(42) and any regulations issued thereunder, and accordingly,
the assets of the Company may be considered ERISA "plan assets"; (iii) acknowledges that, in the event the assets of
the Company are considered "plan assets" under the Plan Asset Rule, the Manager and any other entity with discretion over
the Company may be ERISA "fiduciaries" with respect to any ERISA plan whose assets are invested in the Company; and (iv) acknowledges
that the Manager is not a registered investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Subscriber is aware that if Subscriber is an ERISA plan or other tax-exempt entity, it may be subject
to federal income tax on any unrelated business taxable income from its investment in the Company. Subscriber has consulted counsel to
the extent it deems necessary concerning the propriety of making an investment in the Company and the appropriateness of such an investment
under ERISA and the Code, including, without limitation, with respect to an IRA, the possible risk of loss of the IRA's tax-exempt
status if an investment in the Company is found to violate the requirements of Code section 408(a)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;y. The foregoing representations, warranties and agreements are true, correct, and complete as of the date hereof and the date of the closing of the purchase of Units by Subscriber ("**Closing**") and shall survive the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;z. All information that Subscriber has provided, or will provide, to the Company regarding this Agreement is true, correct, and complete as of the date of execution of this Agreement and as of the date of Closing. Subscriber will promptly provide to the Company written notice of any material changes to information provided to the Company. Subscriber acknowledges and understands the Company will rely on the representations and warranties contained in this Agreement to determine the applicability of certain securities laws, the suitability of Subscriber as an investor in the Company, and for certain other purposes.

aa. Subscriber will complete an IRS Form W-9 or the appropriate Form W-8, which should be returned directly to the Company. Subscriber certifies that the information contained in the executed copy (or copies) of IRS Form W-9 or appropriate IRS Form W-8 (and any accompanying required documentation), as applicable, when submitted to the Company will be true, correct and complete. Subscriber will (i) promptly inform the Company of any change in such information, and (ii) furnish to the Company a new properly completed and executed form, certificate or attachment, as applicable, as may be required under the Internal Revenue Service instructions to such forms, the Code or any applicable Treasury Regulations or as may be requested from time to time by the Company.

**III. INDEMNIFICATION.** Subscriber will indemnify and hold harmless the Company, the Manager, any director, manager, trustee, officer, equity holder, employee, agent, affiliate or representative of the foregoing (each, an "**Indemnified Person**") against any losses, claims, suits, damages, awards, judgments, settlements, costs, expenses or liabilities (including attorneys, accountants and advisors fees and expenses) to which any of them may become subject arising out of or based upon: (i) any breach of any representation or warranty or any breach of or failure to comply with any covenant or agreement made by Subscriber in this Agreement or in any other document furnished by Subscriber or its representatives to the Company or to the Manager in connection with the Offering or subscription of Units; (ii) any disposition by Subscriber of any Units in violation of this Agreement, the Operating Agreement, or any applicable law; or (iii) any fraud, gross negligence, willful misconduct, bad faith or unlawful activity by or on behalf of Subscriber affecting any Indemnified Person. Subscriber will reimburse each Indemnified Person for their legal and other expenses (including the cost of any investigating, preparing or defending any such loss or threatened loss), as and when they are incurred, in connection with any action, proceeding or investigation arising out of or based upon the foregoing. Subscriber's indemnity and reimbursement obligations under this Section shall survive Subscriber's admission to the Company as a Member and shall be in addition to any liability which Subscriber may otherwise have (including, without limitation, liability under the Operating Agreement), and shall be binding upon and inure to the benefit of any successors, assigns, heirs, estates, executors, administrators and personal representatives of each Indemnified Person. If Subscriber is a Plan, the foregoing indemnification obligation in this Section 5 applies to the Plan's sponsor.

**IV. ELECTRONIC COMMUNICATIONS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subscriber consents to receiving statements, reports, and other communications, relating to the Company and Subscriber's investment in the Company via email from the Manager and the Company (without necessity of confirmation of receipt) or on a web portal for the Company (which will be protected by password access to the extent such communication contains information that is personal to Subscriber) ("**Web Portal**"). Subscriber acknowledges that while the Company and the Manager will take reasonable precautions to ensure the integrity, confidentiality and security of the documents, they will not be liable for any interception, computer viruses or any other defects associated with the electronic communications nor will they be liable for any failure of Subscriber to successfully receive such electronic communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company will send Members certain tax documents, including, without limitation, Form 1099 and/or Form K-1 ("**Tax Documents**"). The Company is required to send Tax Documents to Members in writing, which means in paper form. By executing this Agreement, Subscriber consents to receiving Tax Documents electronically and acknowledges that Subscriber is able to access Tax Documents via email or Web Portal. Subscriber's consent to receive the Tax Documents electronically continues for every tax year until Subscriber withdraws its consent. Subscriber can withdraw its consent before the Tax Documents are furnished by contacting the Manager.

**V. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Power of Attorney</u>. By executing this Agreement, Subscriber irrevocably appoints the Manager and each officer of the Company, and the liquidating trustee, if any, for the Company acting in such capacity (each such person is referred to as the "**Attorney**"), as Subscriber's lawful agent and attorney-in-fact, with full power of substitution, and with full power and authority to act in Subscriber's name, place and stead, and on Subscriber's behalf, to make, execute, deliver, swear to, acknowledge, file and record: (i) the Operating Agreement on the date Subscriber is admitted as a Member of the Company; (ii) any documents, instruments and conveyances as may be necessary or appropriate to carry out the provisions of the Operating Agreement; (iii) all other agreements and instruments deemed necessary by the Manager to consummate any investment pursuant to the Operating Agreement; (iv) any business certificate, fictitious name certificate, amendment thereto, or other comparable instrument or document of any kind necessary or desirable to accomplish the business, purpose and objectives of the Company, or required by any applicable federal, state or local law; (v) all instruments or documents required to effect a transfer of Units; (vi) all filings, if any, which require the signature of one or more Members, including, without limitation, any such filing for the purpose of admitting Subscriber and others as Members of the Company and describing their initial or any increased capital contributions; (vii) all conveyances and other instruments or documents deemed necessary by the Manager or any liquidating trustee to effect the dissolution or termination of the Company; and (viii) such other certificates or instruments as may be required under the laws of the State of Delaware or any other jurisdiction, or by any regulatory agency, as the Manager or any liquidating trustee may deem necessary or advisable. Such representative and attorney-in-fact will not have any right, power or authority to amend or modify the Operating Agreement when acting in such capacity, except as otherwise set forth in the Operating Agreement. The power of attorney granted hereby (x) is coupled with an interest, shall be irrevocable and shall survive and not be affected by the subsequent death, disability, incapacity, dissolution, termination or bankruptcy of Subscriber; (y) may be exercised by the Attorney, either by signing separately as attorney-in-fact for Subscriber or by a single signature of the Attorney, acting as attorney-in-fact for all Subscribers in the Company; and (z) shall survive the assignment by Subscriber of the whole or any fraction of Subscriber's Units, except that, where the assignee of the whole of Subscriber's Units in the Company has been approved by the Manager for admission to the Company as a substituted member, the power of attorney shall survive the delivery of such assignment for the sole purpose of enabling the Attorney to execute, swear to, acknowledge and file any instrument necessary or appropriate to effect such substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Governing Law</u>. This Agreement and all amendments hereto will be governed by and construed in accordance with the laws of the State of California and, together with the rights and obligations of the parties hereunder, will be construed under and governed by the laws of such state without giving effect to any choice or conflict of law provisions or rules that would cause the application of the domestic substantive laws of any other jurisdiction. Notwithstanding the foregoing, the parties agree that any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement may be brought against any of the parties in any appropriate state or federal court located in the State of California, and each of the parties consents to the jurisdiction of such courts in any such action or proceeding and waives any objection to venue laid therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Notice</u>. Any notice or other communication given hereunder shall be deemed sufficient if in writing and sent by electronic mail, reputable overnight courier, facsimile (with receipt of confirmation) or registered or certified mail, return receipt requested, addressed to the Company, at the address set forth in the Offering Circular, Attention: MANAGER and to Subscriber at the email address or address indicated in Exhibit A or the Investor Profile, as applicable, or by posting the communication on a Web Portal. Notices shall be deemed to have been given on the date when mailed or sent by e-mail or overnight courier or posted, except notices of change of address, which shall be deemed to have been given when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Assignment</u>. This Agreement, or the rights, obligations or interests of Subscriber hereunder, may not be assigned, transferred or delegated without the prior written consent of the Company. Any such assignment, transfer or delegation in violation of this section shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Entire Agreement</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, legal representatives, successors and assigns. This Agreement sets forth the entire agreement and understanding between the parties as to the subject matter hereof and merges and supersedes all prior discussions, agreements and understandings of any and every nature among them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Amendment</u>. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of each of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Severability</u>. Each provision of this Agreement is intended to be severable. If any term or provision is held to be invalid, void, or unenforceable by a court of competent jurisdiction for any reason whatsoever, such ruling will not affect the validity of the remainder of this Agreement, unless to do so would defeat an essential purpose of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Waiver</u>. It is agreed that a waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach by that same party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, or facsimile counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION, OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (A) NO REPRESENTATIVE OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A SUIT, ACTION, OR PROCEEDING, (B) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

***[Signature Pages Follow]***

**IN WITNESS WHEREOF**, the parties have executed this Agreement as of the day and year written below.

  <br> *Name of Investor*

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| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

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| |
|:---|
| AGREED AND ACCEPTED: |
| COMMUNE OMNI FUND, LLC |
| By: Commune Omni Fund Management, LLC, its manager |
| By: Commune Capital, LLC, its sole member |
| By: |
| Name: |
| Title: |

---

Date Accepted:  

**EXHIBIT A**

**INSTRUCTIONS**

<u>Subscriber's Subscribing via the Kore Platform</u>: Ensure Investor Profile on Kore Platform is complete. If complete, Subscriber is not required to complete this Exhibit A.

<u>Subscriber's Subscribing via Other Methods</u>: Please review and complete this Exhibit A.

**INVESTOR INFORMATION**

**Investor Name:** 

**Investor Account Name:** 

*(This is the name under which the Units will be recorded, if using a custodian please discuss the name under which the investment will be recorded)*

**Subscription Amount:** 

**Investment Account Type**

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| |
|:---|
| ◻ Individual |
| ◻ Joint Tenants with Right of Survivorship (JTWROS) |
| ◻ Tenants in Common |
| ◻ Revocable Trust |
| ◻ Irrevocable Trust |
| ◻ Corporation |
| ◻ Partnership |
| ◻ Limited Liability Company |
| ◻ 401k |
| ◻ IRA |
| ◻ Other: |

---

**State **of Residence/Incorporation**:** 

**Address**:

**Social Security Number/Tax Identification Number:** 

**Subscriber Eligibility**

THE FOLLOWING INFORMATION IS TO BE PROVIDED SO THAT THE COMPANY CAN DETERMINE IF THE PURCHASER IS AN ELIGIBLE INVESTOR.

Please select one:

◻ I am a natural person and the aggregate purchase price listed on the signature page to my Subscription Agreement does not exceed 10% of the greater of my annual income or net worth.

◻ I am not a natural person and the aggregate purchase price listed on the signature page to my Subscription Agreement does not exceed 10% of the greater of my annual revenue or net assets of the most recently completed fiscal year.

◻ I am an accredited investor as that term is defined in Rule 501(a) of Regulation D promulgated pursuant to the Securities Act of 1933, as amended ("**Act**"). Please select one of the options below.

◻ Any natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent (i.e., a cohabitant occupying a relationship generally equivalent to that of a spouse), at the time of such Investor's purchase, exceeds $1,000,000 (not including the value of the primary residence of such natural person, but including as a liability against such individual or joint net worth any indebtedness at the time of investment that is secured by such person's primary residence to the extent such indebtedness (i) exceeds the fair market value of such primary residence or (ii) was incurred during the 60 days prior to investment and not used to purchase such primary residence).

◻ Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent (i.e., a cohabitant occupying a relationship generally equivalent to that of a spouse) in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year.

◻ Any entity in which all of the equity owners are accredited investors.

◻ Any bank as defined in Section 3(a)(2) of the Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Act, whether acting in its individual or fiduciary capacity; any broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended (the "**1934 Act**"); any investment adviser registered pursuant to Section 203 of the Investment Advisers Act of 1940, as amended (the "**Advisers Act**"), or registered pursuant to the laws of a state; any investment adviser relying on the exemption from registering with the SEC under Section 203(l) or (m) of the Advisers Act; any insurance company as defined in Section 2(a)(13) of the Act; any investment company registered under the 1940 Act or business development company as defined in Section 2(a)(48) of the 1940 Act; any Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; any Rural Business Investment Company as defined in Section 384A of the Consolidated Farm and Rural Development Act.

◻ Any employee benefit plan if the investment decision is made by a plan fiduciary, as defined in Section 3(21) of the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), which is either a bank, savings and loan association, insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000, or, if a self-directed plan, with investment decisions made solely by persons that are accredited investors.

◻ Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000.

◻ Any private business development company as defined in Section 202(a)(22) of the Advisers Act.

◻ Any corporation, Massachusetts or similar business trust, partnership (which may include endowments or foundations), limited liability company, or organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "**Code**"), not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000.

◻ Any trust (which may include endowments or foundations), with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii) under the Act.

◻ Any entity, of a type not listed in paragraphs (c) through (i), not formed for the specific purpose of acquiring the securities offered, owning investments (as defined in Rule 2a51-1(b) of the 1940 Act) in excess of $5,000,000.

◻ Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the SEC has designated as qualifying the individual for accredited investor status. Please indicate applicable professional certification, designation, or credential: __________________________

◻ Any natural person who is a "knowledgeable employee," as defined in Rule 3c-5(a)(4) under the 1940 Act, of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in Section 3 of the 1940 Act, but for the exclusion provided by either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act.

◻ Any "family office," as defined in Rule 202(a)(11)(G)-1 under the Advisers Act, with assets under management in excess of $5,000,000, that is not formed for the specific purpose of acquiring the securities offered, and whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment.

◻ Any "family client," as defined in Rule 202(a)(11)(G)-1 under the Advisers Act, of a family office meeting the requirements of paragraph (m) above and whose prospective investment in the issuer is directed by such family office and a person who has such knowledge and experience in financial and business matters that such family client is capable of evaluating the merits and risks of the prospective investment.

**Contact Information**

<u>Primary Contact</u>

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| |
|:---|
| Name: |
| Title: |
| Address: |
| Phone: |
| Email: |

---

Social Security Number:  

Date of Birth:  

<u>Additional Contact</u>

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| |
|:---|
| Name: |
| Title: |
| Address: |
| Phone: |
| Email: |

---

Social Security Number:  

Date of Birth:  

**SUPPLEMENTAL INFORMATION FOR NON-NATURAL PERSONS**

As a REIT, the Company is required to collect information on all the potential beneficial or constructive owners. All Subscribers that are non-natural persons (LLCs, Partnerships, Corporations, Foundations, Trusts, etc.) need to fill out the questions below.

Please provide the name and state of residence for each equity holder, director, manager, officer, trustee, principle beneficiary, and/or other entities which owns or controls directly or indirectly, over 10% of Subscriber:

Please provide a breakdown of the number of each of the following types of beneficial owners in Subscriber, and, if a beneficial owner is a corporation, limited liability company, partnership, trust, or other entity type, provide the number of equity owners, beneficiaries, and/or other beneficial holders of each such beneficial owner.

---

| | | |
|:---|:---|:---|
| **Type of Beneficial Owner** | **# of Beneficial Owners** | **If Beneficial Owners Are Entities, #<br> of Their Beneficial Owners** |
| Individual | | Not Applicable |
| Corporation | | |
| Partnership | | |
| Trust | | |
| Other | | |

---

Is the prospective investor a corporate pension, stock bonus or profit-sharing plan, "simplified employee pension plan," so-called "Keogh" plan for self-employed individuals, individual retirement account, welfare benefit plan (such as a medical plan, death benefit plan or prepaid legal services plan), governmental plan, church plan, or any entity whose underlying assets are considered to be plan assets by reason of any investment in the entity, or otherwise a "benefit plan investor" within the meaning of Section 2510.3101(h)(2) of title 29 of the Code of Federal Regulations (Department of Labor plan assets regulations)?

---

| | |
|:---|:---|
| ☐ Yes | ☐ No |

---

*Subscriber represents and warrants* that *the corporation, partnership, limited liability company or similar entity, as the case may be, has been duly organized or formed, validly exists, and is in good standing under the laws of the jurisdiction of its organization or formation. The entity represents and warrants that it has full power and authority* to *enter into the transactions contemplated by this Agreement.*

## Ex1A-6

**Exhibit 6.1**

**COMMUNE OMNI FUND OC, LLC**

**AMENDED AND RESTATED**

**LIMITED LIABILITY COMPANY AGREEMENT**

**DATED EFFECTIVE AS OF**

**JUNE 16, 2025**

**<u>**TABLE OF CONTENTS**</u>**

---

| | | |
|:---|:---|:---|
|  |  | **<u>Page</u>** |
| ARTICLE I | DEFINITIONS | 1 |
| ARTICLE II | FORMATION AND PURPOSE | 7 |
| 2.01 | Formation | 7 |
| 2.02 | Name | 7 |
| 2.03 | Registered Office; Other Offices | 7 |
| 2.04 | Term | 8 |
| 2.05 | Purpose of Company | 8 |
| ARTICLE III | ADMISSION OF MEMBERS TO THE COMPANY | 8 |
| 3.01 | Admission of Members | 8 |
| 3.02 | Amendments upon Admission of Additional Members | 8 |
| ARTICLE IV | CAPITALIZATION | 8 |
| 4.01 | Initial Capital Contributions | 8 |
| 4.02 | Additional Capital Contributions | 9 |
| 4.03 | No Interest on Contributions | 9 |
| 4.04 | No Withdrawal | 9 |
| 4.05 | Interests Held by the Manager | 9 |
| ARTICLE V | PROFITS AND LOSSES | 9 |
| 5.01 | Allocation of Net Profits and Net Losses | 9 |
| 5.02 | Limitation on Allocations | 9 |
| 5.03 | Nonrecourse Deductions | 9 |
| 5.04 | Member Nonrecourse Deductions | 9 |
| 5.05 | Qualified Income Offset | 10 |
| 5.06 | Minimum Gain Chargeback | 10 |
| 5.07 | Member Nonrecourse Debt Minimum Gain Chargeback | 10 |
| 5.08 | Section 754 Adjustments | 10 |
| 5.09 | Curative Allocations | 10 |
| 5.10 | Contributed and Revalued Property | 11 |
| 5.11 | Varying Interest | 11 |
| 5.12 | Tax Items | 11 |
| ARTICLE VI | DISTRIBUTIONS | 11 |
| 6.01 | Cash Flow and Distributable Sales Proceeds | 11 |
| 6.02 | Withholding from Distributions | 12 |

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i

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| | | |
|:---|:---|:---|
| 6.03 | Liability of Manager | 12.0 |
| 6.04 | In-Cash or In-Kind Distributions | 12.0 |
| 6.05 | Members' Obligation to Repay or Restore | 12.0 |
| 6.06 | Record Holder | 12.0 |
| ARTICLE VII | POWERS AND DUTIES OF THE MANAGER | 13.0 |
| 7.01 | Management of Company | 13.0 |
| 7.02 | Powers of Manager | 13.0 |
| 7.03 | Duties of Manager | 13.0 |
| 7.04 | Resignation; Removal of Manager | 14.0 |
| 7.05 | Fees and Expenses | 14.0 |
| 7.06 | Reliance on Authority of Manager | 15.0 |
| 7.07 | Limitations on Authority of Manager | 16.0 |
| 7.08 | Liability of Manager | 16.0 |
| 7.09 | Continuing Rights of Manager | 17.0 |
| 7.10 | Co-Investments | 17.0 |
| 7.11 | Borrowing | 17.0 |
| ARTICLE VIII | POWERS, RIGHTS AND OBLIGATIONS OF MEMBERS | 17.0 |
| 8.01 | Powers and Rights | 17.0 |
| 8.02 | Limitation of Liability | 18.0 |
| 8.03 | Confidentiality of Company Information | 18.0 |
| ARTICLE IX | ACCOUNTING, BOOKS AND RECORDS | 18.0 |
| 9.01 | Accounting Methods | 18.0 |
| 9.02 | Books and Records | 19.0 |
| 9.03 | Financial Reports and Tax Information | 19.0 |
| 9.04 | Adjustment of Tax Basis | 19.0 |
| 9.05 | Controversies with Internal Revenue Service | 19.0 |
| 9.06 | Tax Elections | 20.0 |
| ARTICLE X | DISQUALIFICATION OF MEMBERS | 21.0 |
| 10.01 | Disqualification of Members | 21.0 |
| 10.02 | Disqualification | 21.0 |
| ARTICLE XI | TRANSFER AND ASSIGNMENT OF INTEREST | 21.0 |
| 11.01 | General Prohibition | 21.0 |

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ii

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| | | |
|:---|:---|:---|
| 11.02 | Requirements upon Transfer | 21.0 |
| 11.03 | Prohibited Transfers | 22.0 |
| ARTICLE XII | DISSOLUTION OF COMPANY | 22.0 |
| ARTICLE XIII | DISTRIBUTION UPON DISSOLUTION | 23.0 |
| 13.01 | Liquidation | 23.0 |
| 13.02 | No Further Claim; No Obligation | 23.0 |
| ARTICLE XIV | POWER OF ATTORNEY | 24.0 |
| ARTICLE XV | MISCELLANEOUS | 24.0 |
| 15.01 | Additional Documents | 24.0 |
| 15.02 | Applicable Law | 24.0 |
| 15.03 | Jurisdiction | 25.0 |
| 15.04 | Notices | 25.0 |
| 15.05 | Entire Agreement | 25.0 |
| 15.06 | Extension Not a Waiver | 25.0 |
| 15.07 | Creditors Not Benefited | 26.0 |
| 15.08 | Severability | 26.0 |
| 15.09 | Successors | 26.0 |
| 15.10 | Counterparts; Signatures | 26.0 |
| 15.11 | Section Headings and Cross-References | 26.0 |
| 15.12 | Time | 26.0 |
| 15.13 | Interpretation | 26.0 |
| 15.14 | Company Property | 27.0 |
| 15.15 | Waiver of Action for Partition | 27.0 |
| 15.16 | Voting | 27.0 |
| 15.17 | Amendments | 27.0 |
| 15.18 | Meetings of Members | 28.0 |
| 15.19 | Actions by Written Consent; Consent by Silence | 28.0 |

---

iii

**<u>COMMUNE OMNI FUND OC, LLC</u>**

**<u>AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT</u>**

**THIS AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT** (this "***Agreement***") of Commune Omni Fund OC, LLC, a Delaware limited liability company (the "***Company***"), is made and entered into effective as of the 16th day of June, 2025, by and among Commune Omni Fund Management, LLC, a Delaware limited liability company, as Manager, and the other Persons executing this Agreement as Members from time to time.

**ARTICLE I <br> DEFINITIONS**

For purposes of this Agreement, the capitalized terms used herein without definition have the following meanings:

"***1940 Act***" means the Investment Company Act of 1940, as amended.

"***Act***" means the Delaware Limited Liability Company Act, as it may be hereafter amended.

"***Affiliate***" of a Person (the "***Subject Person***") means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Subject Person is an Entity, any Person that owns or controls the Subject Person, or any Person that owns or controls such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Subject Person is an Entity, any subsidiary owned or controlled by the Subject Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any husband, wife, child, grandchild, father, mother, brother or sister of the Subject Person, or an inter-vivos trust for the sole benefit of one or more of such Persons (each a *"**Relative**"*);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other Entity owned or controlled, directly or indirectly, by the Person or a Relative of the Subject Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if the Subject Person is a trust, the settlor or any beneficiary of the Subject Person.

For purposes of this definition, a Person "owns" an Entity when it owns, directly or indirectly, more than fifty percent (50%) of the outstanding voting shares, beneficial partnership interest, or membership interest of such corporation, partnership, or limited liability company, as the case may be, with the full right to vote such stock, partnership interest, or membership interest. In determining "indirect" ownership for purposes of this definition, the rules of Code section 318 will apply. For purposes of this definition, a Person "controls" an Entity when it is a manager, managing member, director, executive officer, or general partner of the Entity or if it has the right, by way of equity ownership, contractual agreement, or otherwise, to direct or materially influence the business decisions of the Entity.

"***Agreement***" has the meaning set forth in the preamble.

"***Capital Account***" means, with respect to any Member, the account maintained by the Company for the Member in accordance with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will credit to each Member's Capital Account: (i) the Member's Capital Contributions; (ii) the Member's distributive share of Net Profits and any items in the nature of income or gain that the Company specially allocates pursuant to <u>Article V</u>; and (iii) the amount of any Company liabilities that the Member assumes or that any Company property distributed to the Member secures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will debit to each Member's Capital Account: (i) the amount of cash and the Gross Asset Value of property other than cash distributed to the Member pursuant to <u>Article VI</u> or <u>Article XIII</u>; (ii) the Member's distributive share of Losses and any items in the nature of expenses or losses that the Company specially allocates pursuant to <u>Article V</u>; and (iii) the amount of the Member's liabilities that the Company assumes or that any property contributed by the Member to the Company secures.

"***Capital Contribution***" means a contribution to the capital of the Company.

"***Cash Flow***" means all cash received by the Company (other than Members' Capital Contributions and Distributable Sale Proceeds), *plus* any cash that becomes available from reserves, after deducting therefrom the following items:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The sum of all cash operating expenses of the Company, as determined in accordance with sound accounting principles and procedures, including, without limitation, interest on all Company indebtedness and amounts due the Manager as payment of the Management Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All amounts paid by the Company for capital expenditures that are not deductible on a current basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All payments of principal on indebtedness of the Company for borrowed money; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) An amount that the Manager determines to be a reasonable reserve for needs not otherwise provided for, including, without limitation, expenses incurred that are not paid or presently payable and working capital.

"***Class A Member***" means each Member who holds Class A Interests and is designated as a Class A Member of the Company in the books and records of the Company, or any additional Member admitted as a Class A Member of the Company. "***Class A Members***" refers to such Persons as a group.

"***Class B Member***" means Commune Equity Participation Program, LLC, a Delaware limited liability company, and any additional Member admitted as a Class B Member of the Company. "***Class B Members***" refers to such Persons as a group.

"***Certificate***" means the Certificate of Formation filed with the Delaware Secretary of State on February 22, 2024, pursuant to which the Company was formed.

"***Code***" means the Internal Revenue Code of 1986, as amended.

"***Company***" has the meaning set forth in the preamble.

"***Depreciation***" means for each Fiscal Year, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable for federal income tax purposes with respect to an asset for the Fiscal Year or other period; *provided, however*, that if the Gross Asset Value of an asset differs from that asset's adjusted basis for federal income tax purposes at the beginning of a Fiscal Year or other period, Depreciation will be an amount that bears the same ratio to the beginning Gross Asset Value of such asset as the federal income tax depreciation, amortization, or other cost recovery deduction for such Fiscal Year bears to the beginning adjusted tax basis of such year; *provided further, however*, that if the federal income tax depreciation, amortization, or other cost recovery deduction for such year is zero, Depreciation will be determined with reference to such beginning Gross Asset Value using a reasonable method selected by the Manager.

"***Distributable Sales Proceeds***" means the amount of cash received by the Company arising from any Non-Qualifying Refinancing (but excluding any Qualifying Refinancing), sale, or other disposition, not in the ordinary course of the Company's business, of all or any part of the assets of the Company held for investment (including interest income) remaining after:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Payment, to the extent applicable, of all amounts required to be disbursed in connection with such Non-Qualifying Refinancing, sale, or other disposition, which will include, but not be limited to, the related sales or other commissions payable to any Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment of all debts and obligations of the Company then due related to the particular Non-Qualifying Refinancing sale, or other disposition, or required by any agreement to which the Company is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Creation of reasonable cash reserves considered appropriate by the Manager to provide for payment of taxes, debt service, insurance, repairs, replacements or renewals, and/or other obligations, costs, expenses, and liabilities, contingent or otherwise anticipated by the Manager;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Payment of all other debts and obligations of the Company then due, other than to any Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Payment of all debts and other liabilities of the Company to any Member.

For clarity, when determining the nature of cash received for purposes of this definition, the nature of the cash received will be determined at the entity level at which the Property is held.

"***Entity***" means any Person that is not a natural person.

"***ERISA***" means the Employee Retirement Income Security Act of 1974, as amended.

"***Excludable Person***" means the Manager and any Member determined by the Manager.

"***Fiscal Year***" of the Company will be the calendar year; *provided, however*, that the first Fiscal Year will commence on the date upon which the Certificate is filed and will end on the December 31 next following the date of such filing.

"***Gross Asset Value***" means, with respect to any Company asset, the value placed on such asset in connection with the maintenance of Capital Accounts and will be that asset's adjusted basis for federal income tax purposes except as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The initial Gross Asset Value of assets contributed to the capital of the Company by a Member will be the gross fair market value of the contributed assets on the date of contribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will increase or decrease the Gross Asset Value of Company assets to reflect any adjustments to the adjusted basis of the assets pursuant to Code section 734(b) or 743(b), but only to the extent that the Company must take the adjustments into account in determining Capital Accounts pursuant to Treasury Regulations section 1.704- 1(b)(2)(iv)(m); *provided, however*, that the Company will not adjust the Gross Asset Values of Company assets pursuant to this sub-section (b) to the extent that the Manager determines that an adjustment pursuant to sub-section (c) below is appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this sub-section (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as provided in this Agreement, the Company may adjust the Gross Asset Value of all Company assets to equal their respective gross fair market values upon the occurrence of any of the following events: (i) the acquisition of an additional Interest by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the distribution by the Company to a Member of more than a de minimis amount of Company assets as consideration for all or a portion of a Member's Interest; or (iii) the liquidation of the Company within the meaning of Treasury Regulations section 1.704-1(b)(2)(ii)(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Company will adjust the Gross Asset Value of any Company asset by any Depreciation with respect to such Company asset for purposes of computing Net Profits and Net Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Company will adjust the Gross Asset Value of any Company asset distributed to any Member to equal the gross fair market value of the asset on the date of distribution.

For purposes of this definition, the Manager will determine the gross fair market value of Company assets.

"***Incentive Interest***" has the meaning set forth in <u>Section 6.01(b)</u>.

"***Indemnitee***" has the meaning set forth in <u>Section 7.08</u>.

"***Interest***" means all of a Member's rights in the Company, including without limitation, the Member's share of the Net Profits and Net Losses of the Company, the right to receive distributions of the Company's assets, any right to vote, and any right to participate in the management of the Company as provided in the Act or this Agreement. As to any Member, "***Interest***" means the percentage equal to the Interests owned by such Member *divided by* the aggregate Interests owned by all Members. The Company has two classes of Interests, "***Class A Interests***" (held by Class A Members) and "***Class B Interests***" (held by Class B Members). Class A Interests are quantified by "***Units***". Notwithstanding the foregoing, for the purposes of any provision in this Agreement related to Members' voting rights, a Member's Interest means a Member's percentage interest and, if the voting is within a class of Interests, the relative percentage interest within such class.

"***Losses***" has the meaning set forth in <u>Section 7.08</u>.

"***Majority***" means as to any matter requiring or permitting a vote or other action of all of the Members or any subset thereof, the affirmative vote of Members who, in aggregate, own at least a majority of all of the Interests or the applicable subset thereof, as applicable, entitled to vote on such matter.

"***Manager***" means Commune Omni Fund Management, LLC, a Delaware limited liability company, or any successor thereto who becomes Manager in accordance with the provisions of <u>Article VII</u>.

"***Member***" means any Person who is admitted by the Manager as a Member pursuant to <u>Section 3.01</u>, and also means any Person to whom all or any portion of the Interest of any Member is transferred or assigned or who succeeds in any manner to any such Member's Interest, and who becomes a substituted Member, in accordance with the terms and conditions of this Agreement.

"***Members***" refers to such Persons as a group, and, unless otherwise designated, includes both Class A Members and the Class B Members, collectively.

"***Member Nonrecourse Debt***" has the meaning set forth in <u>Section 5.07</u>.

"***Minimum Gain***" has the meaning set forth in <u>Section 5.02</u>.

"***Net Profits***" or "***Net Losses***" means the Company's taxable income or loss determined in accordance with Code section 703(a) (*provided* that items required to be stated separately will be included in such taxable income or loss) for each of its Fiscal Years or other periods, with the following adjustments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Such Net Profits or Net Losses will be computed as if items of tax-exempt income and nondeductible, noncapital expenditures under Code sections 705(a)(1)(B) and 705(a)(2)(B) were included in the computation of taxable income or loss. For purposes of calculating Net Profits or Net Losses: (i) amounts paid or incurred to organize the Company, except for amounts with respect to which an election is properly made under Code section 709(b); and (ii) any deduction for a loss on a sale or exchange of Company property that is disallowed to the Company under Code sections 267(a)(1) or 707(b), will be treated as Code section 705(a)(2)(B) expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the Gross Asset Value of any Company asset is adjusted pursuant to subsections (b), (c), or (d) of the definition of Gross Asset Value, the amount of such adjustment will be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Profits or Net Losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Gain or loss resulting from any disposition of any Company asset with respect to which gain or loss is recognized for federal income tax purposes will be computed by reference to the Gross Asset Value of the Company asset disposed of, notwithstanding that the adjusted tax basis of such Company asset differs from its Gross Asset Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There will be a deduction for Depreciation in lieu of any depreciation, amortization, or other cost recovery deduction allowed for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this definition, any items specially allocated pursuant to <u>Article V</u> will not be taken into account in computing Net Profits or Net Losses.

"***Non-Qualifying Refinancing***" means any refinancing of a Property other than a Qualifying Refinancing.

"***Organizational Expenses***" has the meaning set forth in <u>Section 7.05(b)</u>.

"***Operating Expenses***" has the meaning set forth in <u>Section 7.05(c)</u>.

"***Partially Adjusted Capital Account***" means, with respect to any Member or the Manager for any Fiscal Year, the Capital Account balance of such Member or Manager at the beginning of such Fiscal Year, adjusted for all contributions and distributions made by or to such Member or Manager during such Fiscal Year and all special allocations pursuant to Article V with respect to such Fiscal Year but before giving effect to any allocations pursuant to <u>Section 5.01</u>.

"***Person***" means an individual, partnership, joint venture, limited liability company, association, corporation, trust, or any other Entity.

"***Post-Refinancing Property Equity***" means, with respect to a Property, an amount equal to: (a) the independent, third party valuation of such Property obtained in connection with a refinancing of the Property; less (b) the total amount of indebtedness on the Property following the refinancing. Notwithstanding the foregoing, if the Company contributed only a portion of the capital used the acquisition or development of the Property (e.g., as the result of a co-investment), then the Post-Refinancing Property Equity will be adjusted downward to be proportionate to the Company's capital contributed to the Property as a fraction of all capital contributed to the Property.

"***Property Entity***" means an Entity formed for the purpose of directly or indirectly owning or controlling a Property and "***Property Entities***" means all such Entities as a group.

"***Qualifying Refinancing***" means: (i) any refinancing of a Property where the Post- Refinancing Property Equity is equal to or greater than the product of: (a) the total Capital Contributions that the Company has invested in such Property; multiplied by (b) 1.25; or (ii) any initial financing or refinancing of a Property where 70% or more of the acquisition, development, and/or improvement costs were funded through cash assets of the Company (as opposed to borrowed funds).

"***REIT***" means Commune Omni Fund LLC.

"***Regulatory Allocations***" has the meaning set forth in <u>Section 5.09</u>.

"***Revised Partnership Audit Procedures***" means the provisions of Subchapter C of Subtitle A, Chapter 63 of the Code, as amended by the Bipartisan Budget Act of 2015, P.L. 114-74, together with any subsequent amendments thereto, regulations promulgated thereunder or administrative interpretations thereof.

"***Securities Act***" means the Securities Act of 1933, as amended.

"***Target Account***" means, with respect to each Member or Manager for any Fiscal Year, the excess of: (a) an amount (which may be either a positive balance or a negative balance) equal to the hypothetical distribution (or contribution) such Member or Manager would receive (or contribute) if all assets of the Company, including cash, were sold for cash equal to their respective Gross Asset Values (taking into account any adjustments to such Gross Asset Values for such Fiscal Year), all liabilities were then satisfied according to their terms (except that if the nonrecourse liabilities secured by an asset exceed the Gross Asset Value of such asset, such calculation will be made assuming that the asset were transferred to the lender in satisfaction of the debt) and all remaining proceeds from such sale were distributed pursuant to Section 6.01; over (b) such Member's or Manager's share of Minimum Gain and Minimum Gain attributable to Member Nonrecourse Debt immediately prior to such sale.

"***Treasury Regulations***" means the income tax regulations promulgated under the Code, as such regulations may be amended from time to time (including corresponding provisions of succeeding regulations).

**ARTICLE II <br> FORMATION AND PURPOSE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.01 <u>Formation</u>.** The Company was formed upon the filing of the Certificate. The Members hereby agree to continue the Company as a limited liability company pursuant to the Act and other relevant laws of the State of Delaware, for the purposes enumerated in <u>Section 2.05</u> and upon the terms and conditions set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.02 <u>Name</u>.** The name of the Company will be, and the business of the Company will be conducted under, the firm name and style: Commune Omni Fund OC, LLC. The Company may adopt and conduct its business under such other name or names as the Manager may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.03 <u>Registered Office; Other Offices</u>.** The initial registered agent and registered office for service of process of the Company will be as set forth in the Certificate. The initial principal office of the Company, at which the books and records of the Company will be maintained, is 31248 Oak Crest Drive, Suite 100, Westlake Village, California 91361. The Manager may designate a different principal office, registered office, or registered agent for the Company by giving written notice to the Members. The Company may have such additional offices at such other places as the Manager deems advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.04 <u>Term</u>.** The Company commenced upon the filing of the Certificate and will continue perpetually until terminated by the Manager, unless sooner terminated as hereinafter provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.05 <u>Purpose of Company</u>.** The purpose of the Company is to, directly or indirectly: (i) purchase, develop, hold, manage, and dispose of investments in real property selected by the Manager (each such property a "***Property***" and collectively, the "***Properties***"); and (ii) engage in such activities necessary, incidental or ancillary thereto and any other lawful act or activity for which limited liability companies may be organized under the Act in furtherance of the foregoing. Notwithstanding any other provision of this Agreement, the Company, and the Manager on behalf of the Company, may execute, deliver and perform such agreements and documents as the Manager determines are necessary or desirable for the formation and organization of the Company. Any provision herein regarding the purpose and power of the Company and the authorization (or limitation on authorization thereof) of actions hereunder shall also apply to, and may be done through, a direct or indirect subsidiary of the Company. In furtherance of this purpose, the Company shall have all powers necessary, suitable or convenient for the accomplishment of the aforesaid purpose, subject to the limitations and restrictions set forth in this Agreement, as principal or agent, including, without limitation, all of the powers that may be exercised by the Manager on behalf of and, except as specifically provided herein, at the expense of the Company pursuant to this Agreement or the Act.

**ARTICLE III**

**ADMISSION OF MEMBERS TO THE COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.01 <u>Admission of Members</u>.** The Manager will have the authority to admit Persons as Members from time to time. Each subscriber whose subscription for Units in the Company has been accepted by the Manager will become a Member and will be designated as such on the books and records of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.02 <u>Amendments upon Admission of Additional Members</u>.** Upon the admission of each Member to the Company, the Manager will update the books and records of the Company to reflect the admission of such Member.

**ARTICLE IV <br> CAPITALIZATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.01 <u>Initial Capital Contributions</u>.** Each Class A Member shall, upon admission, make a Capital Contribution to the Company in the amount shown on the Member's subscription agreement, which will be modified upon admission of new Members. The Manager will reflect the Capital Contributions made in the books and records of the Company, which will be modified upon admission of new Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.02 <u>Additional Capital Contributions</u>.** No Member shall be required to contribute additional capital to the Company at any time during the term of the Company, and no Member shall suffer any penalty for failure to make voluntary contributions to the capital of the Company, except in each case as otherwise required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.03 <u>No Interest on Contributions</u>.** Except as otherwise provided in this Agreement, no Member will be entitled to receive interest on its Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.04 <u>No Withdrawal</u>**. After a Member has made a contribution to the capital of the Company and has become a Member, said Member shall have no right to withdraw their Capital Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.05 <u>Interests Held by the Manager</u>**. For clarity, to the extent the Manager or any Affiliate of the Manager has subscribed for and holds Class A Interests, then the Manager (or such Affiliate of the Manager, as applicable) will be deemed a Class A Member with respect to such Interests for all purposes of this Agreement including, without limitation, for purposes of <u>Section 6.01</u> hereunder.

**ARTICLE V <br> PROFITS AND LOSSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.01 <u>Allocation of Net Profits and Net Losses</u>.** Subject to the other provisions of this <u>Article V</u>, the Net Profits or Net Losses will be allocated among the Members in such a manner so as to cause the Partially Adjusted Capital Accounts of the Members to equal, as nearly as possible, their respective Target Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.02 <u>Limitation on Allocations</u>.** The Net Losses allocated pursuant to <u>Section 5.01</u> will not exceed the maximum amount of Net Losses that can be allocated without causing a Member to have a negative Capital Account balance, after reduction of such balance to reflect any items described in Treasury Regulations sections 1.704-1(b)(2)(iv)(d)(4), (5), and (6), in excess of the amount of such Member's share of "minimum gain" (as that term is defined in Treasury Regulations section 1.704-2(d)) determined pursuant to Treasury Regulations section 1.704- 2(g)(1) ("***Minimum Gain***"). The Company will allocate all Net Losses or items of loss or deduction in excess of the limitations set forth in this <u>Section 5.02</u> to the Members in proportion to their respective "interests" in the Company as determined in accordance with Treasury Regulations section 1.704-1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.03 <u>Nonrecourse Deductions</u>.** Notwithstanding any other provisions of this <u>Article V</u>, all "nonrecourse deductions" (as that term is defined in Treasury Regulations section 1.704- 2(b)(1)), will be allocated in accordance with the Members' Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.04 <u>Member Nonrecourse Deductions</u>.** The Company will allocate any "partner nonrecourse deductions" (as that term is defined in Treasury Regulations section 1.704-2(i)(2)) to the Member who bears the risk of loss with respect to the loan to which the deductions are attributable, pursuant to the provisions of Treasury Regulations section 1.704-2(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.05 <u>Qualified Income Offset</u>.** Except as provided in <u>Section 5.03</u> or <u>Section 5.04</u>, in the event that a Member unexpectedly receives any adjustments, allocations, or distributions described in Treasury Regulations sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6) that cause a deficit balance in such Member's Capital Account, in excess of that Member's share of minimum gain determined pursuant to Treasury Regulations section 1.704-2(g)(1), items of Company income and gain will be allocated to that Member in an amount and manner sufficient to eliminate such deficit as quickly as possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.06 <u>Minimum Gain Chargeback</u>.** If there is a net decrease in the Company's Minimum Gain during a Fiscal Year, the Members will be allocated items of "income" and "gain" (as those terms are defined in Treasury Regulations section 1.704-2(j)(2)(i)) for such Fiscal Year (and, if necessary, subsequent Fiscal Years) in the amounts and in the manner determined in accordance with Treasury Regulations section 1.704-2(f). This <u>Section 5.06</u> is intended to comply with the minimum gain chargeback requirement in Treasury Regulations section 1.704-2(f) and will be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.07 <u>Member Nonrecourse Debt Minimum Gain Chargeback</u>.** If, during a Fiscal Year, there is a net decrease in "minimum gain" (as that term is defined in Treasury Regulations section 1.704-2) attributable to a "partner nonrecourse debt" (as that term is defined in Treasury Regulations section 1.704-2(b)(4)), determined pursuant to Treasury Regulations section 1.704- 2(i)(3) ("***Member Nonrecourse Debt***"), the Company will allocate items of Company "income" and "gain" (as those terms are defined in Treasury Regulations section 1.704-2(j)(2)(i)) to the Members for the Fiscal Year (and, if necessary, subsequent Fiscal Years) in an amount and in the manner determined in accordance with Treasury Regulations section 1.704-2(i). The Members intend that this <u>Section 5.07</u> comply with the minimum gain chargeback requirement in Treasury Regulations section 1.704-2(i) and that it will be interpreted consistently therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.08 <u>Section 754 Adjustments</u>.** To the extent that the Company is deemed to have made an election or the Manager causes the Company to make an election pursuant to Code section 754, the amount of any adjustment to the adjusted tax basis of any Company asset pursuant to Code section 734(b) or 743(b) that is required, pursuant to Treasury Regulations section 1.704- 1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, will be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases the basis of the asset), and the gain or loss will be specially allocated to the Members in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Treasury Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.09 <u>Curative Allocations</u>.** The allocations set forth in <u>Sections 5.02</u>, <u>5.03</u>, <u>5.04</u>, <u>5.05</u>, <u>5.06</u>, and <u>5.07</u> (collectively, the "***Regulatory Allocations***") are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members and Manager that, to the extent possible, all Regulatory Allocations that are made be offset either with other Regulatory Allocations or with special allocations pursuant to this <u>Section 5.09</u>. Therefore, notwithstanding any other provisions of this <u>Article V</u> (other than the Regulatory Allocations), the Manager will make such offsetting special allocations in whatever manner it determines to be appropriate so that, after such offsetting allocations are made, each Member's Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement and all Company items were allocated pursuant to the remaining Sections of this <u>Article V</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.10 <u>Contributed and Revalued Property</u>.** For federal income tax purposes, the Company will allocate any income, gain, loss, or deduction with respect to property contributed by a Member to the Company that has a fair market value different from its adjusted basis for federal income tax purposes among the Members in accordance with Code section 704(c) and the Treasury Regulations thereunder. With respect to any Company asset revalued pursuant to sub- sections (b), (c) or (d) of the definition of Gross Asset Value, subsequent allocations of income, gain, loss, and deduction with respect to the asset will take into account any variation between the adjusted basis of such asset for federal income tax purposes and its fair market value at the time of revaluation in the same manner as under Code section 704(c) and the Treasury Regulations thereunder. The Manager will determine the method of making allocations pursuant to this <u>Section 5.10</u>, *provided* that such method will be a reasonable method authorized by Treasury Regulations section 1.704-3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.11 <u>Varying Interest</u>.** In the event of the transfer of all or any portion of an Interest or in the event that a Member's Interest changes during a Fiscal Year, the Net Profits, Net Losses, or items of income, gain, loss, or deduction allocated to such Interest for the Fiscal Year during which the transfer occurs will be: (a) prorated between the transferor and transferee as of the date of the transfer; or (b) prorated between the portion of such Fiscal Year prior to such change in Interest and the portion of such Fiscal Year after such change, using any method that the Manager determines in good faith reasonably and fairly represents the portion of such Net Profits, Net Losses, or items of income, gain, loss, and deduction properly allocable to such Interest. In the event that a buyout of any Member takes place other than as of the end of a Fiscal Year, the Company will determine the Members' distributive shares of Net Profits or Net Losses for the Fiscal Year ending with such buyout by an interim closing of the books as of the date of such buyout.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.12 <u>Tax Items</u>.** Except as otherwise provided herein, any allocation to a Member of a portion of the Net Profits or Net Losses for a Fiscal Year will be deemed to be an allocation to that Member of the same proportionate part of each item of income, gain, loss, deduction, or credit that is earned, realized, or available by or to the Company for federal income tax purposes.

**ARTICLE VI <br> DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.01 <u>Cash Flow and Distributable Sales Proceeds</u>.** Distributions from the Company will be made on a Property-by-Property basis at such times as determined by the Manager in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Distributions of Cash Flow will be made: (1) seventy percent (70%) to the Class A Members, *pro rata* in proportion to their respective Units; and (2) thirty percent (30%) to the Class B Members, *pro rata* in accordance with their respective Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions of Distributable Sales Proceeds will be made in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) First, to the Class A Members, *pro rata* in proportion to their relative aggregate Capital Contributions, until such Class A Members have received aggregate distributions equal to their aggregate unreturned Capital Contributions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Thereafter: (A) 70% to the Class A Members, *pro rata* in proportion to their respective Units; and (B) 30% to the Class B Members, *pro rata* in accordance with their respective Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Amounts distributed to the Class B Members under <u>Sections 6.01(a)(2)</u> and <u>(b)(ii)(B)</u> are referred to as the "***Incentive Interest***". Notwithstanding anything herein to the contrary, with respect to any Excludable Person, the Class B Member may: (i) waive or reduce payment of all or part of the Incentive Interest; or (ii) defer payment of the Incentive Interest to a later date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.02 <u>Withholding from Distributions</u>**. The Manager is authorized to cause the Company to withhold from distributions to any Member and to pay over to any federal, state, or local government any amount required to be withheld pursuant to the Code or any provisions of any other federal, state, or local law from such Member. All amounts withheld from any Member in accordance with this <u>Section 6.02</u> will be treated as amounts distributed to such Member pursuant to this <u>Article VI</u> for all purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.03 <u>Liability of Manager</u>.** Upon the determination in good faith to pay and distribute Cash Flow or Distributable Sale Proceeds in the manner herein provided, the Manager will incur no liability on account of such distribution, even though such distribution may result in the Company's retaining insufficient funds for the operation of its business, which insufficiency results in loss to the Company or the borrowing of funds by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.04 <u>In-Cash or In-Kind Distributions</u>.** Notwithstanding anything in this Agreement to the contrary, distributions, if any, may be made in-kind or in-cash or a combination thereof, as determined by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.05 <u>Members' Obligation to Repay or Restore</u>.** Except as otherwise required by the Act or the terms of this Agreement, no Member will be obligated at any time to repay or restore to the Company all or any part of any distributions to it from the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.06 <u>Record Holder</u>.** Any distribution by the Company pursuant to this Agreement to the Person shown in the Company's records as a Member or to such Person's legal representatives, or to the transferee of such Person's right to receive such distributions as provided herein, will, to the maximum extent not prohibited by applicable law, acquit the Company and the Manager of all liability to any other Person that may be or may purport to be interested in such distributions by reason of an actual or purported Transfer of such Person's interest in the Company for any reason (including a Transfer of such interest by reason of death, incompetency, bankruptcy, or liquidation of such Person).

**ARTICLE VII**

**POWERS AND DUTIES OF THE MANAGER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.01 <u>Management of Company</u>.** Subject to <u>Section 7.07</u> and <u>Section 7.08</u>, the management and operation of the Company, including the day-to-day activities of the Company (including, without limitation, investment and disposition decisions and decisions regarding encumbering the Company's property pursuant to loans or other types of encumbrances or restrictions), will be vested in the Manager; and except as expressly otherwise provided in this Agreement, the Manager is hereby authorized, on behalf and in the name of the Company, to carry out any and all of the objects and purposes of the Company and enter into and perform all contracts and other undertakings that the Manager may deem necessary or advisable or incidental thereto, solely to the extent consistent with the terms and conditions of this Agreement. The Manager will exercise such power and take such actions through such officers, employees, and other agents or representatives as the Manager will designate from time to time, including, without limitation, the Manager, to the extent set forth in this Agreement. The Manager is hereby designated as a "manager" of the Company for purposes of the Act and, subject to the terms and conditions of this Agreement, will be authorized to sign agreements, documents, and other instruments on behalf of the Company. The designation, appointment, election, removal, and replacement of the Manager as a manager of the Company will be governed solely by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.02 <u>Powers of Manager</u>.** Except as otherwise expressly provided herein, all references herein to any action to be taken by the Company means action taken in the name of the Company and on its behalf by the Manager or its delegates. With respect to the Company business and property, but subject to the express provisions of this Agreement requiring the consent of the Members, the Manager will have all of the rights, powers, privileges, and authority of a manager as set forth in the Act, as in effect on the date of this Agreement, and this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.03 <u>Duties of Manager</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager will be charged with the full responsibility for managing and promoting the Company's purpose and business. The Manager will devote its diligent efforts to the business and affairs of the Company, including such time as will be required for the proper conduct of the business of the Company. The Members acknowledge, however, that the Manager, its members, and its Affiliates are or may become in the future associated in some other manner with other businesses, any or all of which may be engaged in a business that is the same as or similar to the business of the Company. The Manager, its members, and its Affiliates may engage in all such other business ventures, any other business of any nature or description, independently or with others, without regard to whether such business will be competitive with the business of the Company. Neither the Company nor any of the Members will have any rights by virtue of this Agreement in or to such independent ventures or to the income or profits derived therefrom. Except as specifically set forth in this Agreement, the Manager, its Affiliates, equityholders, and other related Persons, and their respective clients shall have no duty or obligation to make any reports to the Members or the Company with respect to any such ventures or activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager's fiduciary duty, duty of loyalty, or similar duty will not be deemed to prevent or restrict any activity described in the foregoing provisions of this <u>Section 7.03</u>, and the foregoing described activities will be deemed outside of the scope of all such duties; provided, however, the foregoing acknowledgments of the activities of the Manager, its members, and its Affiliates and the conflicts of interest such activities may create will not relieve the Manager of any fiduciary obligation, at law or in equity, that the Manager may have to the Company and to the Members to act reasonably and in good faith with respect to the Company and the Members in connection with such other activities and conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.04 <u>Resignation; Removal of Manager</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager will serve until the first to occur of the death, dissolution, resignation, or removal of such Manager, or until a successor Manager has been elected. The Manager agrees that it will not resign or withdraw as a manager of the Company except upon 30 days' prior written notice to the Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the full prior satisfaction of the requirements of Section 7.04(c), the Manager may be removed as manager of the Company by the affirmative vote of Members holding 75% of the Class A Units in the Company. Upon the removal of the Manager pursuant to this <u>Section 7.04(b)</u>: (i) with respect to all Properties that were acquired prior to the removal of the Manager, the Class B Member will continue to be entitled to receive all distributions designated for the Class B Member under <u>Section 6.01</u>; and (ii) with respect all Properties that were acquired after to the removal of the Manager, the Class B Member will be entitled to receive 50% of all distributions designated for the Class B Member under <u>Section 6.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As a prerequisite condition to any removal of the Manager pursuant to <u>Section 7.04(b)</u>, to the extent that the Manager, or any Affiliate of the Manager, has provided any guarantees of indebtedness to any lender for the benefit of the Company, the applicable guarantor(s) (the Manager or Affiliate of the Manager, as applicable) must be removed from the guarantee(s) with the written approval of the applicable lender(s) and, to the extent that the Manager or Affiliate of the Manager is or was due to be paid any compensation with respect to such guarantee, such guarantee compensation shall have been paid in full to the Manager or Affiliate of Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event of the resignation, removal, or other withdrawal of the Manager, a successor Manager will be appointed by a Majority of the Class A Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.05 <u>Fees and Expenses</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company will (directly or through subsidiaries) pay, or reimburse the Manager for, all organizational expenses ("***Organizational Expenses***") of the Company. Organizational Expenses will include any and all expenses incurred in the formation of the Company, the formation of the Manager, and for expenses relating thereto, including, without limitation, federal, state or local registration or filing fees, legal fees, consulting fees, accounting fees, and any other fees and expenses incurred by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company will (directly or through subsidiaries) pay, or reimburse the Manager for, all costs and expenses incurred in the operation of the Company, including but not limited to preparation of tax returns, any state and federal income tax, legal fees and expenses, accounting fees, filing fees, any required independent audit reports required by agencies governing the business activities of the Company, the offering of Units (including, without limitation, federal, state or local registration or filing fees, legal fees, consulting fees, printing fees, travel and related expenses, and any other fees and expenses related thereto), management fees, legal and accounting expenses, software, fees for outside services, the costs of any audit, financial statements, tax preparation, insurance, litigation expenses, taxes (including property taxes on Properties, as applicable), bank service fees, annual governmental fees and charges, travel, salaries and benefits for on-site Property personnel (e.g., front-desk workers and facilities crews located at a Property), acquisition expenses and fees, disposition fees, capital expenses, due diligence costs and expenses, maintenance, repair, and construction expenses, if any, the expenses described herein, and all other non-recurring or extraordinary expenses properly chargeable to the Company (the "**Operating Expenses**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Members each acknowledge and agree that the Manager or Affiliates of the Manager will receive the following fees and such fees are Operating Expenses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company, the REIT, or a Property Entity will pay the Manager or Affiliates of the Manager certain real estate transaction fees, including, without limitation, an acquisition and development fee equal to 1% of the sum of the purchase price and the budgeted cost of any planned improvements of the applicable Property and a disposition fee equal to 1% of the sales price of the applicable Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) When the Company or a Property Entity secures financing or refinances a Property, the Company, the REIT, or a Property Entity will pay the Manager or an affiliate a financing fee equal to 1% of the amount financed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If a lender for a Property requires the Manager or an Affiliate of the Manager to provide a guarantee, then the Company, the REIT, or a Property Entity will pay compensation to the Manager or Affiliate of the Manager, as applicable. Notwithstanding the foregoing, any compensation to the Manager or an Affiliate of the Manager in exchange for a guarantee of indebtedness will not exceed 2% of the amount guaranteed per annum, unless otherwise approved by a Majority of the Members

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Members each acknowledge and agree that certain Operating Expenses may be paid to the Manager or an Affiliate of the Manager in exchange for services (including, without limitation, brokerage, construction, management, operational, maintenance, and repair services, and other service fees) that the Manager or an Affiliate of the Manager has provided to the Company, the REIT, a Property Entity, subsidiary, or an asset of the foregoing. Fees for such services may be paid by the Company, the REIT, a Property Entity, or subsidiary in the Manager's discretion. Fees for services will be based on the assessment of prevailing market rates for the size, scope and other characteristics of the applicable services, as determined by the Manager and such service provider's manager (which may also be the Manager).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.06 <u>Reliance on Authority of Manager</u>.** No Person dealing with the Manager will be required to determine its authority to make any undertaking on behalf of the Company or to determine any fact or circumstance bearing upon the existence of such authority. No purchaser of any property or interest owned by the Company will be required to determine the sole and exclusive authority of the Manager to execute and deliver, on behalf of the Company, any and all documents and instruments in connection therewith or to see to the application or distribution of revenues or proceeds paid or credited in connection therewith, unless such purchaser will have received written notice affecting the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.07 <u>Limitations on Authority of Manager</u>.** Notwithstanding anything to the contrary set forth in this Agreement (other than the provisions of <u>Section 7.05</u>), without the approval or written consent of the specific act by a Majority of the Members, the Manager will have no authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Do any act in contravention of the provisions of this Agreement or of the Certificate, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Do any act (other than to sell, exchange, or otherwise dispose of Properties) that would make it impossible to carry on the ordinary business of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Possess Company property, or assign rights in specific Company property, for other than a Company purpose; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Do any act, except as set forth in this Agreement, that it is prohibited from doing under the Act without such consent or ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.08 <u>Liability of Manager</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Indemnitee shall be liable to the Company or any Member for (i) any action or inaction not finally determined by a court of competent jurisdiction to constitute willful misconduct, (ii) losses due to such mistakes, action, or inaction, or (iii) the gross negligence, dishonesty, or bad faith of any employee, broker or other agent of the Company. The Manager may consult with reputable legal counsel and accountants of nationally- recognized standing in respect of Company affairs and be fully protected and justified in any reasonable action or inaction that is taken in accordance with the advice or opinion of such counsel or accountants, provided that they shall have been selected with reasonable care. Notwithstanding any of the foregoing to the contrary, the provisions of this <u>Section 7.08</u> shall not be construed so as to relieve (or attempt to relieve) any Person of any liability to the extent (but only to the extent) that such liability may not be waived, modified, or limited under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, the Company will indemnify and hold harmless the Manager, its Affiliates, and their respective officers, managers, employees, directors, agents, investment committee members, stockholders, members, and partners and any other person who serves at the request of the Manager on behalf of the Company as an officer, manager, director, partner, member, advisor, employee, or agent of any of such Entities, (each such Person, an "***Indemnitee***"), from and against any and all losses, claims, damages, expenses, liabilities, and actions in respect thereof, joint or several, to which an Indemnitee may be subject by reason such Indemnitee's activities on behalf of the Company or in furtherance of the interest of the Company or otherwise arising out of or in connection with the Company or any Property, business or affairs or concerning the performance or actions taken by the Company, the Manager, or any Affiliate or agent thereof, to the interpretation, effect, termination, validity, and/or breach of this Agreement (collectively, "***Losses***"), and will reimburse each such Indemnitee for any legal or other expenses reasonably incurred by such Indemnitee in connection with investigating, defending, or preparing to defend any such Losses; *provided, however*, that the Company will not indemnify in any such case to the extent that, in the final judgment of a court of competent jurisdiction, such Losses are found to have arisen from an Indemnitee's own fraud, willful misconduct, gross negligence, bad faith, or intentional and material breach of this Agreement. Expenses incurred in defending a civil or criminal action, suit, or proceeding, if requested by an Indemnitee, will be paid by the Company in advance of the final disposition of such action, suit, or proceeding upon receipt of an undertaking by such Indemnitee to repay such amount plus reasonable interest in the event that, in the final judgment of a court of competent jurisdiction, such Indemnitee is found to have committed fraud, willful misconduct, gross negligence, bad faith, or an intentional and material breach of this Agreement, and such Losses have resulted therefrom. For clarity, the Company will have no obligation to indemnify any Indemnitee for: (i) economic losses incurred by such Indemnitee as a result of such Indemnitee's investment in the Company; or (ii) expenses of the Company that an Indemnitee has agreed to bear.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.09 <u>Continuing Rights of Manager</u>.** Neither the removal of the Manager nor the retirement or withdrawal of the Manager in accordance with the terms and provisions of this Agreement will relieve or release the Company from any responsibility that the Company has to the Manager pursuant to the indemnification provisions set forth in <u>Section 7.08</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10 <u>Co-Investments</u>.** The Company may offer to one or more other Persons determined by the Manager in its discretion (including, without limitation, the Manager, Affiliates of the Manager, and any or all of the Members and their respective Affiliates) the right to participate in investment opportunities made available to the Company whenever the Manager so determines in its discretion (each a "**Co-Investment**"). Notwithstanding the foregoing, the Manager has no obligation to make any Co-Investment opportunity available to any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11 <u>Borrowing</u>.** The Company shall be entitled to borrow funds in connection with any Property, which will involve entering into secured senior credit facilities or other borrowing arrangements with one or more lenders on such terms as the Manager may negotiate in its sole and absolute discretion ("**Borrowing Lines**"). Each Member hereby agrees that: (i) the Company may pledge interests in a subsidiary and any Property in connection with such Borrowing Lines; and (ii) such Member will pledge its own membership interest in the Company to one or more providers of Borrowing Lines if the Manager determines in its sole and absolute discretion that such a pledge is necessary in order to permit the Company to enter into the Borrowing Lines on commercially advantageous terms. The Company will not, without the consent of the Members, incur leverage exceeding 75% of the asset value of the Company as determined at the time of borrowing.

**ARTICLE VIII**

**POWERS, RIGHTS AND OBLIGATIONS OF MEMBERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.01 <u>Powers and Rights</u>.** The Members hereby waive, and specifically acknowledge and agree, that the Members will have no voting rights under the terms of this Agreement except as expressly set forth herein. Except as expressly set forth herein, no Member in its capacity as a Member will take part in, or interfere in any manner with, the conduct or control of the Company business and no Member in its capacity as a Member will have any right or authority to act or sign for, or to obligate the Company. No Member will at any time be entitled to withdraw all or any part of such Member's Capital Contributions. The Members will have no right to demand and receive any property other than cash in return for their contributions, and prior to the dissolution and liquidation of the Company pursuant to <u>Article XII</u> and <u>Article XIII</u>, their right to cash will be limited to the rights set forth in <u>Article VI</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.02 <u>Limitation of Liability</u>.** Notwithstanding anything to the contrary contained in this Agreement, no Member will be liable for any liabilities, indebtedness, duties or obligations of the Company in excess of the sum of: (i) the Member's Capital Contributions actually made to the Company that have not been returned; (ii) all amounts to which the Member is entitled to distribution pursuant to <u>Article VI</u> that have not yet been distributed to the Member; and (iii) amounts distributed to the Member as to which, by the terms of the Act, the Member may remain liable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.03 <u>Confidentiality of Company Information</u>.** Each Member acknowledges that from time to time, the Members may receive information from or regarding the Company and its Affiliates (including, without limitation, regarding any Property) that is confidential, the release of which may be damaging to the Company, the Company's Affiliates, or Persons with which they do business. Each Member will hold in strict confidence any information it receives regarding the Company and its Affiliates and may not, without the consent of the Manager, disclose it to any Person other than another Member, except for disclosures: (a) compelled by law (but the Member must notify the Manager promptly of any request for that information before disclosing it, if legally permissible); provided, that the Member will furnish only that portion of the information that is legally required to be disclosed and that any information so disclosed shall maintain its confidentiality protection for all purposes other than such legally compelled disclosure; (b) to advisors or representatives of the Member, but only if the recipients have agreed to be bound by the provisions of this <u>Section 8.03</u> or are otherwise bound by similar confidentiality obligations; or (c) of information that the Member also has received from a source independent of the Company and its Affiliates that the Member reasonably believes obtained that information without breach of any obligation of confidentiality. The Members acknowledge that breach of the provisions of this <u>Section 8.03</u> may cause irreparable injury to the Company or its Affiliates for which monetary damages are inadequate, difficult to compute, or both. Accordingly, the Members agree that the provisions of this <u>Section 8.03</u> may be enforced by specific performance or other equitable remedy. For the avoidance of doubt, any information in reports filed by the Company or the Manager with the Securities and Exchange Commission will not be considered confidential information and is not subject to this <u>Section 8.03</u>.

**ARTICLE IX <br> ACCOUNTING, BOOKS AND RECORDS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.01 <u>Accounting Methods</u>.** The Manager will maintain the Company's books and records and will determine in its discretion all items of income, loss, Net Profits, and Net Losses in accordance with the method of accounting selected by the Manager, consistently applied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.02 <u>Books and Records</u>.** The Manager will keep or cause to be kept, as an Operating Expense, such books and records of the Company as required by the Act. The books and records will be the property of the Company and will be open to reasonable inspection by the Members and their authorized representatives to the extent required by the Act; provided, however, that any such inspection will be subject to the following limitations, in addition to any requirements under the Act and any other reasonable requirements that may be imposed by the Manager from time to time: (a) the Member seeking inspection of the books and records must provide the Company with reasonable prior written notice (not less than 5 business days prior to the requested inspection date); (b) the books and records will made available for inspection only during normal business hours; (c) inspection will be at the expense of the Member seeking inspection; (d) any inspection will be subject to the Member seeking inspection (and its representatives) executing such confidentiality agreements as the Manager may request; and (e) the Manager may redact any information from the books and records concerning any Member seeking the inspection that the Manager determines in its discretion is inappropriate to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.03 <u>Financial Reports and Tax Information</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager will provide Members with financial statements as of the end of each Fiscal Year, which will be distributed to the Members within 120 days after the end of any Fiscal Year (or as soon as is reasonably practicable thereafter). The financial statements of the Company need not be audited by an independent certified public accounting firm unless the Manager elects or as required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager will cause to be prepared and distributed, at the expense of the Company, appropriate forms or other applicable income tax information necessary for the Members to prepare their tax returns within 120 days after the end of any Fiscal Year (or as soon as is reasonably practicable thereafter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.04 <u>Adjustment of Tax Basis</u>.** In the event of a transfer of Units in accordance with the terms of this Agreement, the Company will make an election pursuant to section 754 of the Code to adjust the basis of the Company property: (a) if required by the Code; or (b) at the request of the transferee of such Units, when the result will be an increase in the tax basis of the Company property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.05 <u>Controversies with Internal Revenue Service</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any controversy with the Internal Revenue Service or any other taxing authority involving the Company or any Member the outcome of which may adversely affect the Company, directly or indirectly, or the amount of the allocation of income, gain, loss, deduction, or credit of the Company to a Member, the Manager will have the authority to cause the Company to incur expenses it deems necessary or advisable in the interest of the Company in connection with any such controversy, including, without limitation, attorneys' and accountants' fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager shall designate from time to time one of its officers or members to act as the "Partnership Representative" (as defined in Code section 6223(a)) under the Revised Partnership Audit Procedures and shall promptly notify the Internal Revenue Service of any change in such designation. The Partnership Representative will have all of the powers and responsibilities of such position as provided in the Code, including, without limitation, the authority to cause the Company to elect out of the application of the Revised Partnership Audit Procedures if the Company is otherwise eligible for such election pursuant to Code section 6221(b), and to make any elections permitted by the partnership representative under the Revised Partnership Audit Procedures. Each Member shall reasonably cooperate with the Partnership Representative and provide the Partnership Representative any tax information reasonably requested so that the Partnership Representative can implement the provisions of this Section 9.05 (including by making any election permitted hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event that the Company is required to make any payment pursuant to the Revised Partnership Audit Procedures with respect to any "reviewed year," the Partnership Representative will allocate such payment to the Members for such reviewed year in such a manner that reflects their distributive share of income, gain, loss, or deduction for such reviewed year. Any such payment allocated to a Member for such reviewed year will as determined by the Partnership Representative in its discretion, be: (i) treated as an advance towards and credited against future distributions of the Company; or (ii) payable by such Member, and if, applicable, a former Member to the Company within 10 days after the receipt of notice from the Partnership Representative. Each Member acknowledges that, notwithstanding the removal, transfer, or withdrawal of all or any portion of its Interest in the Company, it shall remain liable for its allocable share of any imputed underpayment as determined pursuant to Code section 6225. This <u>Section 9.05(c)</u> will survive the termination of the Company and the obligation to make a payment to the Company with respect to any reviewed year for which such Member was a member in the Company will survive the termination of a Member's Interest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any Member that is in dispute with any tax authority in relation to any Company matter shall notify the Manager within thirty (30) calendar days of such dispute, and if the Manager reasonably determine that the matter is of material relevance to the any tax position of the Company, such Member shall consult with the Manager (or any advisor appointed by the Manager for the purpose) as to how that dispute shall be handled. Any Member who enters into a settlement agreement with respect to any Company item shall notify the Partnership Representative of such settlement agreement and its terms within thirty (30) calendar days after the date of settlement. This <u>Section 9.05(d)</u> will survive the termination of the Company and the Member's obligation to notify the Company of any tax dispute with respect to any Company matter will survive the termination of a Member's interest in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.06 <u>Tax Elections</u>.** Exception as provided in <u>Section 5.08</u>, the Manager has the right to make such elections for tax purposes as it may deem appropriate and in the best interests of the Members. The Members hereby agree to cooperate with the Manager and/or the Partnership Representative by providing such information as may be reasonably be requested by the Manager and/or the Partnership Representative in order to carry out the purpose and intent of such elections.

**ARTICLE X <br> DISQUALIFICATION OF MEMBERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.01 <u>Disqualification of Members</u>.** The disqualification of a Member will not dissolve the Company. Upon the disqualification of a Member, the successor-in-interest of the Member will become a transferee of the Member and be credited or paid, or charged with, as the case may be, all further allocations and distributions on account of the Interest of the Member; *provided*, no such successor-in-interest will become a substituted Member without first obtaining the written consent of the Manager, whose consent may be withheld for any or no reason, and without complying with the provisions of <u>Section 11.02</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.02 <u>Disqualification</u>.** For the purposes of this Agreement, a Member will be deemed to be "disqualified" upon the occurrence of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if the Member is a natural person, upon his death, his adjudication as an incompetent, his becoming bankrupt or adjudicated insolvent, or his making an assignment for the benefit of creditors; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if the Member is not a natural person, upon its voluntary dissolution or liquidation, it's becoming bankrupt or adjudicated insolvent, its making an assignment for the benefit of creditors, or its becoming subject to involuntary reorganization or liquidation proceedings and such proceedings not being dismissed within thirty (30) days after filing.

**ARTICLE XI**

**TRANSFER AND ASSIGNMENT OF INTEREST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.01 <u>General Prohibition</u>.** Except as set forth in this <u>Section 11.01</u>, no Member will assign, convey, sell, hypothecate, transfer, pledge, encumber, dispose, or in any way alienate all or any part of such Member's Interest without the prior written consent of the Manager, which consent may be arbitrarily withheld. Except as determined by the Manager in its sole and absolute discretion: (i) any purported transfer of an interest in the Company in violation of this Article XI shall be null and void as against the Company and the other Members and shall not be recognized or duly reflected in the official books and records of the Company; and (ii) no assignment by a Member of its interest in the Company shall be effective or release the assignor from its obligations to the Company except as determined by the Manager in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.02 <u>Requirements upon Transfer</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) No transferee of the Units of a Member will become a substituted Member until the following conditions have been satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The transferee will have executed a written agreement, in form and substance reasonably satisfactory to the Manager, to assume all of the duties and obligations of the transferor Member under this Agreement and to be bound by and subject to all of the terms and conditions of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) The transferor Member and the transferee will have executed a written agreement, in form and substance reasonably satisfactory to the Manager, to indemnify and hold the Company and the Members harmless from and against any liabilities, losses, costs, and expenses arising out of the transfer, including, without limitation, any liability arising by reason of the violation of any securities laws of the United States, any state of the United States, or any foreign country;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) The transferee will have executed a power of attorney substantially identical to that contained in <u>Article XIV</u>, and will execute and swear to such other documents and instruments as the Manager may deem necessary to effect the admission of the transferee as a Member;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The transferee will have paid the reasonable expenses incurred by the Company in connection with the admission of the transferee to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;(v) The Transfer to the transferee will have been approved by prior written consent of the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) A transferee who does not become a substituted Member will be entitled to receive only that portion of the distributions or allocations to which its transferor would otherwise be entitled, and such transferee will not be entitled to vote on any question regarding the Company. A Member who has transferred or assigned all or a portion of its Interest, whether or not the transferee thereof has become a substituted Member, will have no further rights to vote with regard to that portion of its Interest that has been transferred. Any purported transfer of Interest not expressly permitted by this <u>Article XII</u> will be null and void and of no effect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.03 <u>Prohibited Transfers</u>.** Notwithstanding anything to the contrary in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) No Units will be issued or transferred in a transaction or series of transactions that violate the Securities Act or any state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any admission (or purported admission) of a Member and any transfer or assignment (or purported transfer or assignment) of all or part of a Member's Interest (or any interest or right or attribute therein) to another Member or to a third party, will not be effective, and no Person will otherwise become a Member, if the transfer or assignment would or may: (i) cause the Company to be required to register as an "investment company" under the 1940 Act; (ii) cause the Company to be required to register the Units under the Securities Act; or (iii) cause the underlying assets of the Company to be deemed be "plan assets" under ERISA or the Code.

**ARTICLE XII<br> DISSOLUTION OF COMPANY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company will be dissolved upon the happening of any of the following events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The sale or other disposition of all or substantially all of the Company assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) The determination by the Manager to terminate the Company.

**ARTICLE XIII <br> DISTRIBUTION UPON DISSOLUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.01 <u>Liquidation</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Upon dissolution of the Company for any reason, the Company immediately will commence to wind up its affairs. During such liquidation, the allocation of Net Profits, Net Losses, and other items and distributions of Cash Flow will continue pursuant to <u>Article V</u> and <u>Section 6.01</u>, respectively. Except as otherwise provided in this <u>Section 13.01</u>, the Manager will cause the liquidation and winding up of the Company in accordance with this <u>Section 13.01</u>. Notwithstanding the foregoing sentence, if the Manager so elects, the Manager will designate a liquidating trustee to cause the liquidation and winding up of the Company in accordance with this Agreement. A reasonable period of time will be allowed for the orderly termination of the Company business, discharge of its liabilities and distribution, or liquidation of the remaining assets so as to enable the Company to minimize the normal losses attendant upon the liquidation process. A full accounting of the assets and liabilities of the Company will be taken and the statements thereof will be furnished to each Member within thirty (30) days after the dissolution. Such accounting and statements will be prepared by the Manager or by the liquidating trustee selected in accordance with this <u>Section 13.01</u>. The Company property and assets and/or the proceeds from the liquidation thereof will be applied in the following order of priority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Payment of the debts and liabilities of the Company, in the order of priority provided by law (excluding any loans by the Members to the Company) and payment of the expenses of liquidation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) Setting up of such reserves as the Manager or liquidating trustee may deem reasonably necessary for any contingent or unforeseen liabilities or obligations of the Company or any obligation or liability not then due and payable; *provided, however*, that any such reserve will be paid over by the Manager or liquidating trustee to an escrow agent, to be held by such escrow agent for the purpose of disbursing such reserves in payment of such liabilities, and, at the expiration of such escrow period as the Manager or liquidating trustee deems advisable, to distribute the balance thereafter remaining in the manner hereinafter provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) Payment of all debts and other liabilities of the Company to any Member; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) Distribution to each Member pursuant to <u>Section 6.01</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.02 <u>No Further Claim; No Obligation</u>.** In the event that the assets of the Company available for distribution are not sufficient to satisfy in full the rights of the Members as hereinabove set forth in this <u>Article XIII</u>, the Members will not have any further right or claim against the Manager or any other Person(s) with respect to such rights. In the event of the liquidation of the Company within the meaning of Treasury Regulations section 1.704-1(b)(2)(ii)(g), the Company will make the distributions pursuant to this <u>Article XIII</u> in compliance with Treasury Regulations section 1.704-1(b)(2)(ii)(b)(2), *provided* that if any Member has a deficit Capital Account balance (after giving effect to all contributions, distributions, and allocations for all Fiscal Years, including such Fiscal Year in which such liquidation occurs), such Member will have no obligation to make any contribution to the capital of the Company to restore such deficit Capital Account balance to zero in compliance with Treasury Regulations section 1.704-1(b)(2)(ii)(b)(3).

**ARTICLE XIV<br> POWER OF ATTORNEY**

Each Member hereby irrevocably constitutes and appoints the Manager as its true and lawful agent and attorney-in-fact, with full power of substitution, in its name, place, and stead, to make, execute, and acknowledge, swear to, record, publish, and file:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Any instruments with respect to the Company that may be required to be filed under the laws of any state or of the United States, or that the Manager deems advisable to file to carry out the purposes of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Any and all amendments of the foregoing required or permitted by law or the provisions of this Agreement, *provided* that such amendment will not have a material effect on the rights or obligations of the Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) Any and all amendments of this Agreement permitted by the provisions of <u>Section 15.17</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) All documents that may be required to effectuate the dissolution and termination of the Company.

The foregoing power of attorney is coupled with an interest, will be irrevocable and will survive the death, incompetency, dissolution, merger, consolidation, bankruptcy, or insolvency of each of the Members. The Members will execute and deliver to the Manager, within five (5) days after receipt of the Manager's request therefor, such further designations, powers of attorney, and other instruments as the Manager deems necessary to carry out the purposes of this Agreement.

**ARTICLE XV<br> MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.01 <u>Additional Documents</u>.** At any time and from time to time after the date of this Agreement, upon the request of the Manager, the Members will do and perform, or cause to be done and performed, all such additional acts and deeds, and will execute, acknowledge, and deliver, or cause to be executed, acknowledged, and delivered, all such additional instruments and documents, as may be required to best effectuate the purposes and intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.02 <u>Applicable Law</u>.** This Agreement will be governed by, construed under, and enforced and interpreted in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.03 <u>Jurisdiction</u>.** Any action or proceeding seeking to enforce any provision of, or based on any right arising out of, this Agreement must be brought against any of the parties in the federal or state courts located in Los Angeles, California, and each party consents to the exclusive jurisdiction of such courts in any such action or proceeding and waives any objection to venue laid therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.04 <u>Notices</u>.** All notices given pursuant to this Agreement, to be effective, must be in writing and, unless otherwise expressly provided herein, will be deemed to have been duly given or made: (a) on the date delivered in person; (b) on the date indicated on the return receipt if mailed postage prepaid, by certified or registered U.S. Mail, with return receipt requested; (c) on the business day transmitted by email, if sent by 5:00 P.M., Eastern Time, and confirmation of receipt thereof is reflected or obtained, or otherwise on the next business day following transmission by email; (d) if sent by Federal Express or other nationally recognized overnight courier service or overnight express U.S. Mail, with service charges or postage prepaid, then on the next business day after delivery to the courier service or U.S. Mail (in time for and specifying next day delivery); or (e) by the Company, by posting such notice or other communication on the Company's web-accessed investor portal or password-protected website and such notice or other communication shall be deemed to have been given on the date an email is sent to the Members in accordance with this <u>Section 15.04</u> notifying the Member of the posting of the notice or other communication. In each case (except for personal delivery and investor portal or password- protected website), such notices, consents, requests, demands, and other communications will be sent to the Company at the address below or to a Member at its address or email address set forth in the books and records of the Company. Rejection or other refusal to accept, or inability to deliver because of changed address of which no notice was given, will be deemed to be receipt of such notice, request, demand, tender, or other communication. The Company, by written notice to the Members in the manner herein provided, or any Member, by written notice to the Company in the manner herein provided, may designate an address different from that stated above.

If to the Company:

31248 Oak Crest Drive, Suite 100 <br> Westlake Village, California 91361

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.05 <u>Entire Agreement</u>.** This Agreement constitutes the entire agreement among the parties and supersedes any prior understanding or agreement among them respecting the subject matter hereof. There are no representations, arrangements, understandings, or agreements, oral or written, among the parties hereto relating to the subject matter of this Agreement, except those fully expressed herein. No waiver of any provision hereof will be valid or binding on the parties hereto, unless waiver is in writing and signed by or on behalf of the parties hereto, and no waiver on one occasion will be deemed to be a waiver of the same or any other provision hereof in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.06 <u>Extension Not a Waiver</u>.** No delay or omission in the exercise of any power, remedy, or right herein provided or otherwise available to a Member or the Company will impair or affect the right of such Member or the Company thereafter to exercise the same. Any extension of time or other indulgence granted to a Member hereunder will not otherwise alter or affect any power, remedy, or right of any other Member or of the Company, or the obligations of the Member to whom such extension or indulgence is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.07 <u>Creditors Not Benefited</u>.** Nothing contained in this Agreement is intended or will be deemed to benefit any creditor of the Company or of any Member, and no creditor of the Company will be entitled to require the Company or the Members to solicit or accept any Capital Contribution for the Company or to enforce any right that the Company or any Member may have against any Member under this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.08 <u>Severability</u>.** If any portion of this Agreement is held illegal or unenforceable, the Members hereby covenant and agree that such portion or portions are absolutely and completely severable from all other provisions of this Agreement and such other provisions will constitute the agreement of the Members with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.09 <u>Successors</u>.** Subject to the provisions hereof imposing limitations and conditions upon the transfer, sale, or other disposition of the Units of the Members in the Company, all the provisions hereof will inure to the benefit of and be binding upon the heirs, successors, legal representatives, and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.10 <u>Counterparts; Signatures</u>.** This Agreement may be executed in counterparts, each of which, when so executed, will be an original, but all of which together will constitute one and the same agreement. This Agreement may be executed and delivered via facsimile, email, or other form of electronic delivery by the parties, which will be deemed for all purposes as an original.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.11 <u>Section Headings and Cross-References</u>.** Section and other headings contained in this Agreement are for reference purposes only and are in no way intended to define, interpret, describe, or limit the scope, extent, or intent of this Agreement or any provision hereof. Unless otherwise expressly provided herein to the contrary, all references to a "Section" or to "Sections" refers to Section(s) of this Agreement, and all references to an "Article" refers to an Article of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.12 <u>Time</u>.** Time is of the essence with respect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.13 <u>Interpretation</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All pronouns and other words of designation used in this Agreement in reference to any Member include the neuter, masculine, and feminine genders and the singular and the plural, as the context requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The words "include", "includes" and "including" will be deemed to be followed by the phrase "without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used herein, "discretion" shall have the same meaning as "sole discretion."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The words "hereof", "herein" and "hereunder" and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the fullest extent permitted by law and notwithstanding any other provision of this Agreement or in any agreement contemplated herein or applicable provisions of law or equity or otherwise, whenever in this Agreement a Person is permitted or required to make a decision: (i) in its "sole discretion" or "discretion", the Person shall be entitled to consider only such interests and factors as it desires, including its own interests, and shall have no duty or obligation to give any consideration to any interest of or factors affecting the Company or any other Person; or (ii) in its "good faith" or under another express standard, the Person shall act under such express standard and shall not be subject to any other or different standard. The term "good faith" as used in this Agreement shall mean subjective good faith, as understood under Delaware law. The Manager acknowledges and agrees that no grant of authority in this Agreement permitting the Manager to act in its "sole discretion" or "discretion" shall eliminate the Manager's implied contractual covenant of good faith and fair dealing, to the extent that the same applies under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Manager acknowledges that in its capacity as manager of the Company, it owes fiduciary duties to the Company and Members under Delaware law as modified in this Agreement. To the fullest extent permitted by law and notwithstanding any other duties at law, in equity or otherwise, it is the intention of the parties hereto when considering actions or inactions with respect to the Company or any alternative investment vehicle, the Manager and its Affiliates may consider the interests of all the equity owners (direct and indirect) of the Company and all the alternative investment vehicle taken as a whole, and will owe no duty (including any fiduciary duty) to consider the interests of any specific equity owner of the Company or any alternative investment vehicle, including any Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.14 <u>Company Property</u>.** The legal title to the real or personal property or interest therein now or hereafter acquired by the Company will be owned, held, or operated in the name of the Company, and no Member, individually, will have any ownership of such property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.15 <u>Waiver of Action for Partition</u>.** Each of the Members irrevocably waives any right that it may have to maintain any action for partition with respect to any of the Company property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.16 <u>Voting</u>.** In any matter for which the consent of the Members is required, each Member will have votes equal to its Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.17 <u>Amendments</u>.** This Agreement may be amended by the consent of a Majority of the Class A Members and the Class B Member; *provided, however*, that the Manager may amend the Agreement if necessary or desirable to reflect changes in Capital Contributions and withdrawals, to admit or effect withdrawals of Members, to correct any ambiguous, false or erroneous provision, to reflect changes in applicable federal or state laws and regulations, or otherwise without the approval of a Majority of the Class A Members, *provided* that no such amendment pursuant to this <u>Section 15.17</u> will have a material adverse effect on the rights, privileges, and powers of the Members, or a class of Members, as a whole unless approved by a Majority of such Members (or class thereof) as a group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.18 <u>Meetings of Members</u>.** The Manager may convene a meeting of the Members at the principal office of the Company for any purpose, and the Manager will convene a meeting at the principal office of the Company (or elsewhere, as a Majority of the Members may agree) upon the receipt of a written request signed by a Majority of the Members. Notice of each meeting of the Members will be given within 10 days prior to the meeting and attendance at such meeting constitutes wavier of the notice requirement of this <u>Section 15.18</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.19 <u>Actions by Written Consent; Consent by Silence</u>.** Any action, vote, or consent required or permitted to be taken by the Members may be taken by the written consent of Members holding in aggregate not less than the minimum Units specified herein as to the particular action, vote, or consent. Notwithstanding the foregoing, for purposes of obtaining any such consent as to any matter proposed by the Manager, the Manager may, in the notice seeking consent of the Members, require a response within a specified period (which will not be less than 15 days) and failure to give the Manager written notice of opposition to the proposed action within that period will constitute a vote and consent to approve the proposed action. Except as otherwise expressly provided in the proposal for an action, that action will be effective immediately after the required signatures have been obtained or, if applicable, the expiration of the period within which responses were required, if that requirement was imposed and there were not votes cast against the action in the amount necessary to prevent the action from becoming effective.

*(Signature pages follow)*

**IN WITNESS WHEREOF,** the undersigned have executed this Agreement as of the date first above-written.

---

| | |
|:---|:---|
| **MANAGER:** | **MANAGER:** |
| COMMUNE OMNI FUND MANAGEMENT, LLC | COMMUNE OMNI FUND MANAGEMENT, LLC |
| By: | Commune Capital, LLC, its manager |
| By: | /s/ Jerry V. Sanada |
| Name: Jerry V. Sanada | Name: Jerry V. Sanada |
| Title: President | Title: President |
| **CLASS A MEMBER:** | **CLASS A MEMBER:** |
| COMMUNE OMNI FUND, LLC | COMMUNE OMNI FUND, LLC |
| By: | Commune Omni Fund Management, LLC, its manager |
| By: | Commune Capital, LLC, its manager |
| By: | /s/ Jerry V. Sanada |
| Name: Jerry V. Sanada | Name: Jerry V. Sanada |
| Title: President | Title: President |
| **CLASS B MEMBER:** | **CLASS B MEMBER:** |
| COMMUNE EQUITY PARTICIPATION PROGRAM, LLC | COMMUNE EQUITY PARTICIPATION PROGRAM, LLC |
| By: | Commune Capital, LLC, its manager |
| By: | /s/ Jerry V. Sanada |
| Name: Jerry V. Sanada | Name: Jerry V. Sanada |
| Title: President | Title: President |

---

[Signature Page to Commune Omni Fund OC, LLC to<br> Amended and Restated Limited Liability Company Agreement]

**SCHEDULE I**

**<u>Members</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Address** | **Capital <br> Contribution** | **Units** | **Class A <br> Percentage <br> Interest** | **Class B<br> Percentage <br> Interest** |
| Commune Omni Fund, LLC |  | [___] Class A Units | 100% | 0% |
| Commune Equity Participation Program, LLC |  | [___] Class B Units | 0% | 100% |
| **Total** | $**[**<u> </u>**]** |  | **100%** | **100%** |

---

## Ex1A-6

**Exhibit 6.2**

**Broker-Dealer Engagement Agreement - Reg A+ Tier 2**

**Amended and restated as of October 25, 2024**

This Broker-Dealer Engagement Agreement (together with exhibits and schedules, this "Agreement") is entered into by and between Commune Omni Fund, LLC ("Client"), a Delaware Limited Liability Company, and Andes Capital Group, an Illinois Limited Liability Company ("Andes"), a FINRA registered Broker Dealer in all 50 states and Puerto Rico. Client and Andes agree to be bound by the terms of this Agreement, effective as of October 25. 2024 (the "Effective Date"):

**Whereas,** Andes is a registered broker-dealer providing services in the equity and debt securities market, including offerings conducted via SEC approved exemptions such as Reg D 506(b), 506(c), Regulation A+, Reg CF and others;

**Whereas,** Client is offering securities directly to the public in an offering exempt from registration under Regulation A Tier 2 (the "Offering") for **$75,000,000;** and

**Whereas,** Client and Andes entered into the Broker-Dealer Engagement Agreement dated as of August 2, 2024 (the "Original Agreement"), and wish to replace that agreement in its entirety with this Agreement.

**Now, Therefore,** in consideration of the mutual promises and covenants contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

**1.** **Appointment, Services, Term, and Termination** 

Client hereby engages and retains Andes to provide operations and compliance services as listed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. act as the Broker of Record for lA (SEC), 5110 (FINRA) and Blue-Sky (States & Territories) filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. find and introduce eligible investors from Andes network to the interests offered
through the Offering ("Investor Outreach Services");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. provide introductions and coordination with engaging additional parties and service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. assist with use of an "Issuer Reg A Raise" website where potential and current
investors begin the process of onboarding/investing by entering their interest, required personal information and review and sign all
offering related documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. performing AML/KYC on all investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. coordination with Registered Transfer Agent of the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. coordination with the escrow agent of the Client for funds raised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. coordination with the Client's legal partners; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. providing other financial advisory services normal and customary for similar transactions
and as may be mutually agreed upon by Andes and the Client (collectively, the "Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. "Payment Rails" for the
use of providing investors with the ability to invest in the offering using credit cards and/or ACH.

This Agreement will commence on the Effective Date and will remain in effect for a period of twelve (12) months and will renew automatically for successive renewal terms for a period of twelve (12) months, unless any party provides notice to the other party of non-renewal at least sixty (60) days prior to the expiration of the current term or the Agreement is otherwise terminated as provided in this Agreement (the "Term").

Either party may terminate this Agreement: (i) upon a material breach by the other party of this Agreement and such breach is not cured within 30 days after written notice from the non-breaching party; (ii) upon written notice, if any material representation or warranty made by the other party proves to be incorrect at any time in any material respect, (iii) in order to comply with any federal or state statue, rules, or regulations, if compliance cannot be timely achieved using commercially reasonable efforts, after providing as much notice as practicable, (iv) upon material violation or breach of any federal or state securities law or regulation or FINRA rule; (v) upon the denial, revocation or other failure to obtain and maintain any license, consent, or authorization necessary for a party to conduct its business as presently conducted or to perform its obligations under this Agreement; or (vi) upon thirty (30) days' written notice if either party commences a voluntary proceeding seeking liquidation, reorganization or other relief, or is adjudged bankrupt or insolvent or has entered against it a final and unappealable order for relief, under any bankruptcy, insolvency or other similar law, or either party executes and delivers a general assignment for the benefit of its creditors.

**2.** **Offering.** 

Andes shall deliver to each person to whom Andes makes an offer of membership interest in the Client ("Interest"), the offering circular, subscription agreement, and other investor materials approved for use by the Client (collectively, the "Offering Documents") as amended as of such time.

Andes shall not make any offer of Interests on the basis of any communications or documents relating to the Client or the Interests, except the Offering Documents, any other documents supplied or prepared by the Client and delivered to Andes for use in making an offer of Interests, or any other materials expressly approved for such use by the Client in writing.

Andes will not given any information to any person or make any representations in connection with the Offering other than those in the offering materials or any that are not based upon and consistent with the Offering Documents.

Andes acknowledges that the ultimate discretion about accepting an investor will be the sole decision of the Client.

Andes will conduct the activities in conformity with any written instructions given by the Client.

Andes shall, in accordance with requirements the Securities Act, reasonably believe immediately prior to making any offer or sale of Interests that any prospective investor solicited by Andes is an eligible investor and meets such other eligibility criteria as are set forth in the Offering Documents.

Andes shall not engage in any activities in connection with the sale of Interests in any jurisdiction outside of the United States without the Client's prior written consent. When engaging in activities in any jurisdiction outside of the United States, Andes shall be responsible for ensuring that any activities taken in connection with the sale of Interests in any jurisdiction outside of the United States shall be conducted in compliance the applicable offering rules of such jurisdiction. Andes shall make no offer or sale of any Interest in any foreign jurisdiction, or to any prospective investor located in any foreign jurisdiction, where there is a prohibition on the sale of securities such as the Interests.

**3.** **Compensation.** 

As compensation for the Services, Client shall pay to Andes fees equal to 1.0% on the aggregate amount raised by the Client during the Term. This will only start after FINRA Corporate Finance issues a No Objection Letter for the offering. At 1.0%, the Maximum compensation is $750,000.

As compensation for Investor Outreach Services, Client will pay Andes 1.5% of the capital contributed by an investor initially introduced to the Client by Andes and that executes a subscription agreement for interests in the Client that is accepted by the manager of the Client. For the avoidance of doubt, Andes is not entitled to the Investor Outreach Services for any investor introduced by another broker-dealer. For purposes of this section, "initially introduced" does not include sending information on the Client or the Offering Documents to a contact list. On a quarterly basis, Andes will provide Client a list of persons Andes introduced to Client.

At 1.5%, the Maximum compensation is $1,125,000.

The compensation for Services will be paid at the closing of the applicable investor's contribution or as soon as practicable after such closing. The compensation for Investor Outreach Services will be paid as follows: an initial payment of 0.5% at the closing of the applicable investor's contribution or as soon as practicable after such closing, a second payment of 0.5% six months after the initial payment, a third payment of 0.25% twelve months after the initial payment, and a final payment of 0.25% eighteen months after the initial payment.

Client agrees to compensate Andes with a one-time onboarding and consulting fee amounting to $5,000. This fee pertains to services provided by Andes in connection with the Offering, including but not limited to coordination with third-party vendors and providing general guidance regarding the Offering. The aforementioned fee shall become due and payable in full immediately upon the execution of this Agreement.

Client agrees to minimum monthly compensation to Andes during the term of the Offering of $5,555 per month, which shall be treated as an advance on the compensation for Investor Outreach Services.

FINRA Corporate Filing Fee for this $75,000,000 best-efforts offering is $11,750 and will be a pass-through fee payable to Andes, from the Client, who will then forward it to FINRA as payment for the filing. This fee is due and payable prior to any submission by Andes to FINRA. The FINRA Fee is .00015 of total offering amount+ $500.

The Maximum Expenses are $11,750 for FINRA and the Maximum Compensation for Andes is $1,880,000 ($750,000 for Broker of Record, plus $1,125,000 for Investor Outreach, plus $5,000 for onboarding).

Andes does not and will not receive any remuneration of any kind, directly or indirectly, in respect of any investment by a Andes investor in the Client from any third party other than the fees payable under this Agreement.

**4.** **Regulatory Compliance** 

Each of Client and Andes shall at all times (i) comply with reasonable requests of the other party for purpose of complying with federal and state securities laws and regulations; and (ii) maintain all required registrations and licenses, including foreign qualification, if necessary.

Client and Andes will each be responsible for supervising the activities and training of their respective sales employees, as well as all of their other respective employees in the performance of functions specifically allocated to them pursuant to the terms of this Agreement.

Client and Andes agree to promptly notify the other in writing concerning any material communications from or with any governmental authority or self-regulatory organization with respect to this Agreement or the performance of its obligations, unless such notification is expressly prohibited by the applicable governmental authority.

Andes shall promptly notify the Client in writing of any legal action filed against Andes, Andes' employees or Andes' principals (including any administrative proceeding) or the commencement of any governmental, regulatory or self-regulatory organizations investigation of Andes, Andes' employees or Andes' principals (other than regular compliance exams by Andes regulatory supervisory bodies).

Pursuant to the requirements of the USA Patriot Act (the "Act") and other applicable laws, rules and regulations, Andes is required to obtain, verify and record information that identifies the Client, which information includes the name and address of the Client and other information that will allow Andes to identify the Client in accordance with the Act and such other laws, rules and regulations.

**5.** **Role of Andes.** 

Client acknowledges and agrees that Client will rely on Client's own judgment in using Andes' Services. Andes (i) makes no representations with respect to the quality of any investment opportunity or of any issuer; (ii) does not guarantee the performance to and of any investor; (iii) will make commercially reasonable efforts to perform the Services in accordance with the Client's specifications; (iv) does not guarantee the performance of any party or facility which provides connectivity to Andes; and (v) is not an investment adviser, does not provide investment advice and does not recommend securities transactions and any display of data or other information about an investment opportunity, does not constitute a recommendation as to the appropriateness, suitability, legality, validity or profitability of any transaction. Nothing in this Agreement should be construed to create a partnership, joint venture, or employer-employee relationship of any kind.

In performing Andes' duties under this Agreement, Andes will, and will take reasonable measure to ensure it principals, employees, representatives, and agents: (i) act at all times in a professional manner; (ii) perform its duties consistent with each and every reasonable instruction received from the Client and the terms of the Offering Materials; (iii) reasonably comply with the policies, procedures, guidelines, or requirements communicated to Andes by or at the direction of the Client; and (iv) comply with any and all applicable federal and state laws, rules and regulations, the rules of the SEC and FINRA, any other governmental and/or self-regulatory organization, and the terms of the Offering Documents.

Andes will maintain, consistent with Andes' business practices, reasonably complete and accurate records of Andes' activities in the performance of its duties and obligations pursuant to this Agreement.

Andes will notify the Client within four (4) business days after the discovery of a security incident or breach involving information or data related to the Client or any investor in the Client ("Security Breach"). Promptly following notification of a Security Breach, the parties will coordinate with one another on appropriate next steps to address the Security Breach. This provision will survive termination of this Agreement.

Andes agrees to notify each of Client promptly in writing if at any time during the term of this Agreement, any representation or warranty becomes materially inaccurate or untrue and of the facts related thereto.

Client acknowledges and agrees that Andes was not made aware of any, nor was Andes part of the production or distribution or use of any "Testing The Waters" materials.

**6.** **Representations and Warranties.** 

Andes represents and warrants to the Client as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Andes is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and Andes has
full power and authority under applicable laws, rules or regulations to engage in the activities contemplated under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The execution, delivery and performance of this Agreement has been duly authorized by all necessary action
of Andes, and upon the execution and delivery hereof, this Agreement shall constitute a valid, binding and enforceable obligation of Andes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution, delivery and performance of this Agreement, the incurrence of the obligations set forth
herein and the consummation of the transactions contemplated herein shall not constitute a breach of or default under any agreement or
instrument by which Andes is bound, or to which any of its assets is subject, or any order, rule or regulation applicable to it or of
any court or any governmental body or administrative agency having jurisdiction over it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Andes is registered as a broker-dealer registered with the SEC and a member in good standing of the Financial Industry Regulatory
Authority ("FINRA") and has full power and authority to act in the manner contemplated by this Agreement. Andes is in good standing
and, to the knowledge of Andes, in compliance with all applicable anti-money-laundering, anti-terrorism, pay-to-play and broker-dealer
laws, regulations and requirements in all jurisdictions where the Interests will be offered or sold by Andes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Andes and its agents, employees, and representatives have and shall maintain all licenses and registrations
necessary under applicable federal and state laws, rules and regulations, including the rules and regulation of any self-regulatory organization
with competent jurisdiction, to provide the services required to be provided by Andes hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) There is no legal, administrative, arbitration, or other actions or proceedings or governmental investigations
or inquiries pending or, to the knowledge of Andes, threatened against Andes or its principals, employees, representatives, or agents
and there is no reasonable basis for such action, suit, arbitration, investigation, inquiry, or proceeding against Andes or its principals,
employees, representatives, or agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Andes has established a cybersecurity policies and procedures reasonably designed
to protect and safeguard information regarding the Client and its investors and such policies and procedures are reasonably aligned with
industry best practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Andes represents and warrants that it has policies and procedures reasonably designed
to comply with applicable anti-money laundering and anti-terrorist financing laws, rules and regulations.

**7.** **Indemnification** 

Client agrees to indemnify and hold Andes and each registered person of Andes harmless against any and all loss, liability, claim, damage and expense (including reasonable attorneys' and accountants' fees and including the costs of investigating any event related to any action or proceeding between the parties or otherwise) arising out of or based upon Client's bad faith, gross negligence or willful misconduct.

Andes agrees to indemnify and hold Client and its principals, shareholders, members, directors, officers, employees, affiliates and agents harmless against any and all loss, liability, claim, damage and expense whatsoever (including attorneys' and accountants' fees and including the costs of investigating any event related to any action or proceeding between the parties or otherwise) based upon Andes' bad faith, fraud, negligence, willful misconduct or breach of this Agreement.

The indemnities in this Section 7 shall survive the termination of this Agreement.

**8.** **Confidentiality** 

"Confidential Information" means any information disclosed to Andes by Client, either directly or indirectly in writing, orally or by inspection of tangible objects, including without limitation announced and unannounced products, disclosed and undisclosed business plans and strategies, financial data and analysis, customer names and lists, customer data, funding sources and strategies, and strategies involving strategic business combinations which are conspicuously labeled and/or marked as being confidential or otherwise proprietary to the disclosing party.

Andes agrees not to disclose any Confidential Information. Andes shall maintain the confidentiality of Client's Confidential Information in its possession or control. Andes agrees not to disclose any Confidential Information to third parties or to employees of Andes, except to its officers, directors, employees, partners, and advisors (including, but not limited to legal counsel, consultants, accountants and financial advisors) (collectively, "Representatives") that are required to have the Confidential Information in order to perform the Services. Andes will only release the Confidential Information to Representatives after first apprising such Representatives of their obligation to treat such disclosed information as Confidential Information of Client. Andes and its Representatives shall use reasonable care to prevent their respective employees and agents from violating the foregoing restrictions.

On written request or on the expiration or termination of this Agreement, Andes shall return to Client or destroy all Confidential Information in Andes' possession or control, provided that Andes may retain a single archival copy of any document or information that Andes is obligated to maintain pursuant to record keeping requirements to which it is subject under applicable laws, rules or regulations, but for only so long as such records are required to be maintained.

This provision shall survive termination of this Agreement.

**9.** **Miscellaneous** 

Any notice required or desired to be delivered under this Agreement shall be effective on actual receipt and shall be in writing and (i) delivered personally; (ii) sent by first class mail or overnight delivery, postage prepaid; (iii) transmitted by electronic mail (with confirmation of delivery and receipt); or (iv) transmitted by fax (with confirmation by first class mail, postage prepaid) to the parties at the address set forth on the signature page or such other address as the parties from time to time specify in writing.

ANY DISPUTE OR CONTROVERSY BETWEEN THE CLIENT AND PROVIDER RELATING TO OR ARISING OUT OF THIS AGREEMENT WILL BE SETTLED BY ARBITRATION BEFORE AND UNDER THE RULES OF THE ARBITRATION COMMITIEE OF FINRA.

The costs and expenses (including reasonable attorney's fees of the prevailing party) shall be borne and paid by the party that the arbitrator, or arbitrators, determines is the non-prevailing party. Client agrees and consents to personal jurisdiction, service of process and venue in any federal or state court within the State of Illinois in connection with any action brought to enforce an award in arbitration and in connection with any action to compel arbitration.

This Agreement is non-exclusive and shall not be construed to prevent either party from engaging in any other business activities.

This Agreement will be binding upon all successors, assigns or transferees of Client. No assignment of this Agreement by either party will be valid unless the other party consents to such an assignment in writing. Either party may freely assign this Agreement to any person or entity that acquires all or substantially all of its business or assets. Any assignment by either party to any subsidiary that it may create or to a company affiliated with or controlled directly or indirectly by the party will be deemed valid and enforceable in the absence of any consent from the other party; provided that the assigning party will notify the other party prior to any such assignment; and provided further, that any assignment by Andes to an affiliate will only be to an affiliate registered with FINRA.

Neither party will, without prior written approval of the other party, place or agree to place any advertisement in any website, newspaper, publication, periodical or any other media or communicate with the public in any manner whatsoever if such advertisement or communication in any manner makes reference to the other party, to any person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control, with the other party and to the clearing arrangements and/or any of the Services embodied in this Agreement. Client and Andes will work together to authorize and approve co-branded notifications and client facing communication materials regarding the representations in this Agreement.

Notwithstanding any provisions to the contrary within this Agreement, subject to Client's prior written approval, Andes may make reference in marketing or other materials to any transactions completed during the term of this Agreement. Any such reference will not include any personal data or Confidential Information is disclosed in such materials.

THE CONSTRUCTION AND EFFECT OF EVERY PROVISION OF THIS AGREEMENT, THE RIGHTS OF THE PARTIES UNDER THIS AGREEMENT AND ANY QUESTIONS ARISING OUT OF THE AGREEMENT, WILL BE SUBJECT TO THE LAWS OF THE STATE OF ILLINOIS, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.

If any provision or condition of this Agreement will be held to be invalid or unenforceable by any court, or regulatory or self-regulatory agency or body, the validity of the remaining provisions and conditions will not be affected and this Agreement will be carried out as if any such invalid or unenforceable provision or condition were not included in the Agreement.

This Agreement sets forth the entire agreement between the parties with respect to the subject matter hereof and supersedes any prior agreement relating to the subject matter herein. The Agreement may not be modified or amended except by written agreement signed by the parties hereto.

Any delay or failure by Client to exercise any right, power, remedy or privilege will not be construed to be a waiver of such right, power, remedy or privilege or to limit the exercise of such right, power, remedy or privilege. No single, partial or other exercise of any such right, power, remedy or privilege will preclude the further exercise thereof or the exercise of any other right, power, remedy or privilege.

This Agreement may be executed in multiple counterparts and by facsimile or electronic means, each of which shall be deemed an original but all of which together shall constitute one and the same agreement.

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| Client: | <u>Commune Omni Fund. LLC</u> | <u>Andes Capital Group LLC</u> |
| Signature: | /s/ Jerry Sanada | /s/ Curtis Spears |
| Print Name: | Jerry Sanada | Curtis Spears |
| Title: | President | President/CEO |
| Date: | 10/30/24 | 10/30/2024 |

---

## Ex1A-6

**Exhibit 6.3**

**Welcome to KoreConX**

**2/26/2024**

**Dear Jerry Sanada:**

We are delighted you have selected us as your partner for your company's upcoming **RegA+ issuance offering**. The journey you are embarking on will require a team effort.

At KoreConX, our goal is and always will be to bring you the most cost-effective way to raise capital and manage the ongoing corporate needs of your business. We bring you the complete solution with our all-in-one platform and extensive ecosystem of like minded partners.

Our unique All-in-One Platform, that is provided to your company private labelled to Issuers website, includes (see agreement and appendices for more details):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· KoreID Mobile App

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private Label Invest button on your URL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuance Platform (RegCF, RegA+, RegD, RegS)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cap Table Platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shareholder Communications Platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio Platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Minute Book Platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· DealRoom Platform

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compliance Platform that is provided to your FINRA Broker-Dealer for your (RegCF, RegA+, RegD, RegS) offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· KoreID Verified Seal

The All-in-One Platform is supported by our SEC-Registered Transfer Agent "KoreTransfer USA". The role of your SEC-Registered Transfer Agent is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintain your cap table

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintain all your securities (shares, options, warrants, loans, SAFE, etc <u>.</u>)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Manage all your trades

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Manage all transfers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Support all your corporate actions (mergers, name changes, stock
splits, etc <u>.</u>)

We do more than just manage securities. Our All-in-One platform and transfer agent team can manage all securities types, including: shares, digital securities, options, warrants, debt instruments, promissory notes, SAFEs, SAFT, security tokens, NFT, etc. The features of the platform assist you in managing your compliance, governance, capital raising, board of director activities, and ongoing corporate securities-related activities. Another goal of ours is to deliver a host of solutions that will bring all your shareholders/brand ambassadors, stakeholders, and partners together to operate more efficiently.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #1**

To ensure the effective setup and smooth operation of your account in the All-in-One Platform, we request your assistance in completing and returning the attached documents.

Since our business is regulated by the Securities Exchange Commission (SEC), we have taken the liberty of providing some basic guidelines that will facilitate a smooth and efficient working relationship:

1. All requests for securities services, such as treasury issuances or securities holders' lists, must be sent to your assigned transfer agent representative.

2. We can only communicate with directors on company business unless we receive written authority to communicate with other parties.

3. If there is a change to the company that we need to know (e.g., new director, new officer, stock splits, business name, or address). Your securities holders are required to know of these changes as well. Ask us about the rules surrounding shareholder disclosure and how you can use KoreConX's All-in-One Platform to keep things organized and updated.

4. Finally, if you are ever unclear or need assistance, we are always happy to talk!

**Please sign on page #13**

Thank you for allowing us to be part of this amazing journey.

**Sincerely Yours,**

---

| | |
|:---|:---|
| /s/ Oscar A Jofre | /s/ Jason Futko |
| Oscar A Jofre | Jason Futko |
| Co-Founder, CEO | Co-Founder, CFO |

---

© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #2**

**Master Services Agreement**

This Master Services Agreement ("Agreement"), is effective beginning on 6/6/2024 (the "Effective Date"), by and between **KoreConX Inc. (and its affiliated companies) a Alberta, Canada company**, with offices located at Suite 8500, 1 World Trade Center, New York, NY 10007, **KoreTransfer USA LLC**, a Nevada Limited Liability Company with offices located at Suite 8500, 1 World Trade Center, New York, NY 10007 (collectively referred to in this Agreement as "KoreConX" or "KoreTransfer") and **Commune Omni Fund LLC**, 31248 Oak Crest Drive, Suite 100, Westlake Village, CA, 91361, United States (the "Issuer") (each a "Party" and together, the "Parties"). This Agreement will remain in effect until terminated by either Party under Section 11 of this Agreement.

**Engagement;** Issuer hereby engages KoreConX and KoreTransfer to provide the services as further described in this Agreement. KoreConX and KoreTransfer will provide the Services in a professional manner, using personnel whom KoreConX have determined to have appropriate skill and experience for the Services. Issuer will provide KoreConX and KoreTransfer with reasonable cooperation and perform Issuer responsibilities as expressly stated in this Agreement and as otherwise reasonably necessary to permit KoreConX and KoreTransfer to provide the Services in a timely and efficient manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Grant of License.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 In General. Subject to the covenants, representations, warranties, and obligations set forth in this Agreement, KoreConX hereby grants to the Issuer a limited, non-exclusive, non-transferable license (the "License") to use the Issuance Platform and All-in-One Platform on an ongoing basis until a Termination is triggered (as defined in Section 11 of this Agreement), solely for the operation of the Issuance Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Private Label Branding. The Issuance Platform and All-in-One platform shall be branded under the name of the Issuer (or its affiliate) and, subject to limitations designated at the sole discretion of the Issuer, shall be accessible to the public under a URL designated by the Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Restrictions. Subject to the express terms and conditions of this Agreement, Issuer shall not (i) decompile or reverse engineer the Issuance Platform or otherwise attempt to obtain the source code for the Issuance Platform and All-in-One Platform; (ii) sublicense or allow any other person to use the Issuance Platform, (iii) use the name or proprietary logo(s) of KoreConX without KoreConX's prior written consent; or (iv) use the Issuance Platform and All-in-One Platform for any purpose other than the operation of the Issuance Platform and All-in-One Platform.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #3**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Services.

KoreConX and KoreTransfer shall provide the following services in connection with the creation, operation, and maintenance of the Issuance Platform and All-in-One Platform (collectively, the **"Services"**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Customization. KoreConX shall make commercially reasonable efforts to customize the Issuance Platform and All-in-One Platform Private Label with the name, logos, and branding of the Issuer, with the appearance, features and details desired and agreed by the Issuer for the launch of the Issuance Platform and All-in-One Platform. However, such customization shall not include the addition or change to the functionality, or the incorporation of new software, or changes to the branding or appearance unless mutually agreed in writing by KoreConX and Issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 KoreConX has fully integrated the KoreConX All-in-One Platform into the Issuance Platform, to provide the Compliance Platform, Digital Securities Protocol, Cap Table Platform, Portfolio Platform, Shareholder Communications Platform, DealRoom Platform, SEC-Registered Transfer Agent services (KoreTransfer), and access to a third party secondary market platform; many of which will be required during the broker-dealers process of KYC, KYP, and post-transaction for data to be shared and sent (see **"Appendix 3"**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 KoreID Verified is a certification mark for Issuers who are raising capital to place on their website to display alongside their other certifications to give investors confidence that the Issuer's site is trustworthy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 KoreConX shall make commercially reasonable efforts to provide the KoreID Mobile App (a mobile application) to all registered users within the Issuance and All-in-One Platform. The KoreID Mobile App is provided with limited functionality. It will allow users to manage their investment, pending investment, personal profile and to re-invest in issuers that are currently using KoreConX Issuance Platform with a live offering. KoreID Mobile App is available for iOS and Android only at this time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Integration with Other Services. KoreConX shall make commercially reasonable efforts to integrate the Issuance Platform and All-in-One Platform, when available, with third party services such as: identification verification, anti-money laundering checks, investor verification for accredited investor checks, IRA, TFSA, and RRSP, K1, 409a, Due Diligence, Bad Actor providers, and payment solutions for Crypto Currencies, ACH, EFT, Mastercard, VISA, AMEX, and debit card. Each of these integrations requires data to be shared or sent to the parties who provide these services. Each integration will require the final approval of the Issuer and/or the broker-dealer of record (the "Broker-Dealer" of "FINRA Broker-Dealer")(see **Schedule "A"** for more details). These integrations change from time to time and some may not be available or applicable to the Issuer.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Technical Support. KoreConX will use commercially reasonable efforts to provide ongoing and prompt technical support, training and maintenance services to ensure that the Issuance Platform and All-in-One Platform performs as intended by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Covenant to Update. At all times during the Term, KoreConX shall make commercially reasonable efforts to promptly and in good faith notify the Issuer of additions or updates made to the software or other aspects of the Issuance Platform and All-in-One Platform that may improve the effectiveness, functionality or efficiency of the Platforms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Transfer Agent. The All-in-One Platform is fully integrated with an SEC-Registered Transfer Agent, KoreTransfer. KoreTransfer will comply with the regulatory requirements during and once the Issuers offering(s) has been completed, the Issuer has access 24 hours a day 7 days a week to their information on the KoreConX All-in-One Platform. For more information on the transfer agent services please see the Transfer Agent Agreement in **"Schedule B"**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Escrow: KoreConX will make commercially reasonable efforts to provide fully integrated solutions for Escrow if the entity holding the escrow account makes such integration available. This third party service is connected to KoreConX, however KoreConX does not have any access to the Escrow accounts. Escrow accounts are managed by the Issuer and Broker-Dealer. Escrow services are provided by third party providers ("Escrow Agent(s)" or "Escrow Provider") that KoreConX has integrated into the Compliance Desk via an API (when available) and are utilized by the Broker-Dealers. Escrow is managed and administered by the Broker-Dealer. Any requests for refunds or requests for debit must be approved by the Broker-Dealer before they can be transacted on the Compliance Platform.

1) The Issuer authorizes KoreConX to use the API integration of the Escrow services by the Escrow Provider to allow Broker-Dealer to access Escrow account information.

2) The Issuer authorizes KoreConX and Broker-Dealer to access Escrow account information from the Escrow Provider in mutually acceptable electronic or otherwise reasonable means.

3) KoreConX and KoreTransfer are only responsible for the implementation of the API integration with the Escrow Provider and for providing the information to the Broker-Dealer via the Compliance Platform.

4) All Fees related to Escrow Agent and Broker-Dealer are the responsibility of the Issuer. The Issuer will be required to sign agreements with both parties regarding such fees.

5) The Broker-Dealer may, as needed, authorize the Escrow Agent to disclose account information to affiliates and vendors of the Broker-Dealer who are under a similar obligation of confidentiality. The Broker-Dealer is responsible for ensuring that such disclosures will be limited to only such information as is needed for such third parties to perform services in furtherance of Broker-dealer's services to the Issuer.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #5**

6) Issuer, KoreConX and Broker-Dealer will at all times while in possession of Escrow account Information be, legally bound by confidentiality obligations as to said Escrow account Information at least as protective of all such information as the provisions contained in this Agreement and the Confidentiality Agreement (defined hereafter); and shall remain liable for any unauthorized access, use or disclosure of the Escrow account information, Confidential Information and any and all other information relating to a Issuer or Escrow account by the Issuer, KoreConX, Broker-Dealer or its respective employees, officers or agents as if such Issuer, KoreConX and Broker-Dealer, and/or its respective employees, officers or agents were a party to this Agreement<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 KoreConX will implement, maintain and adhere to reasonably designed policies and procedures regarding the protection of any and all nonpublic personal information of members of Issuer, including, without limitation, such members' names, addresses, email addresses, telephone numbers and financial information (collectively, "NPI"). KoreConX will disclose NPI with third-party vendors as necessary for purposes of providing the services to the Issuer under this Agreement, including but not limited to facilitating new investors and investor transactions, in compliance with applicable law and KoreCoxX's policies. KoreConX will not, during the term of this Agreement or at any time thereafter sell or use, or permit any third party to use, any NPI for any purposes other than to perform services to Issuer under this Agreement. At all times during the term of this Agreement, KoreConX will implement, maintain and adhere to reasonably designed cybersecurity measures to prevent the loss or misuse of any NPI. KoreConX will indemnify and hold harmless Issuer from any damages arising from KoreConX's breach of this Section 2.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 KoreConX shall act in good faith and to exercise commercially reasonable care and diligence in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 In General. The non-refundable fees and other charges payable by Issuer to KoreConX and KoreTransfer in exchange for the Services in accordance with Section 2 above, and in the attached KoreTransfer Transfer Agent Agreement in **"Schedule B"**, are set forth on **"Schedule A"** attached to and made a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Taxes. The fees set forth on **"Schedule A"** are exclusive of all federal, provincial, municipal, or other government excise, sales, use, value-added, gross receipts, personal property, occupational, or other taxes now in force or enacted in the future that are required to be paid by the Issuer, and Issuer shall pay any such tax (excluding taxes on KoreConX and KoreTransfer net income) that Issuer is required under applicable law to pay now or at any time in the future with respect to such fees.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #6**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Payment. Payment of the amounts due to KoreConX shall be made in accordance with the payment schedule set forth on **"Schedule A"** by credit card. Any amount not paid within thirty (30) calendar days following receipt by the Issuer of the KoreConX written invoice shall bear interest at the **rate of 1 ½%** per month and result in interruption of support of the Issuance Platform and Transfer Agent services provided by the KoreConX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Overdue Payments. If Issuer is past due 60 days, KoreConX will send Issuer a notice that KoreConX will be sending instructions, 30 days after notice to Issuer, to the Issuers Broker-Dealer to send funds from Issuers escrow account to cover any outstanding KoreConX invoices. Issuer hereby authorizes the Broker-Dealer and Escrow provider to send funds directly to KoreConX on the next closing of investor funds (in an active fund raise), to settle the outstanding amount owed by the Issuer to KoreConX at the time of the closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Functionality of Issuance Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 Initial Functionality. KoreConX has demonstrated the Issuance Platform and All-in-One Platform to the Issuer and delivered to the Issuer a list of all the features of (the "Demonstration Version"). At the time of delivery to the Issuer, the Issuance Platform and All-in-One Platform will have substantially the same appearance, features, details, and functionality as the Demonstration Version.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 At all times during the Term of this Agreement, the Issuance Platform and All-in-One Platform will be capable of performing the functions described in this Agreement or demonstrated to Issuer. KoreConX represents and warrants to Issuer that, at all times during the term of this Agreement, the Issuance Platform and All-in-One Platform will be reasonably designed to provide the services contemplated to be performed by KoreConX under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Technical Specifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Specifications. KoreConX has provided the Issuer with the feature specifications of the Issuance Platform and All-In-One Platform (to the extent relevant to the operation of the Issuance Platform and All-in-One Platform).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 Modification. Should KoreConX wish to make any material modification of such feature specifications it shall use reasonable efforts to notify the Issuer no less than seven (7) calendar days in advance; provided, however, that KoreConX shall not implement any modification to such feature specifications that have a material effect on any aspect of the Issuance Platform or All-in-One Platform without the prior written consent of the Issuer.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #7**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Delivery of Issuance Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Timetable. KoreConX shall use commercially reasonable efforts to develop and deliver the customized Issuance Platform to Issuer no later than thirty (30) calendar days from the date of signing this Agreement. However, Issuer understands that the ability of KoreConX to meet this deadline depends on a number of factors beyond the control of KoreConX, specifically, the timely cooperation of Issuer and its employees, the Issuer providing all necessary documents for digital payments approval, SSL (secure socket layer) approval, content for the Issuance Platform, and the Issuer has received approval from third party service providers as necessary to transact on the Issuance Platform. KoreConX shall notify the Issuer when and if it believes the deadline should be extended. Notwithstanding the foregoing, KoreConX shall deliver a reasonable working version of the Issuance Platform no later than sixty (60) days' after delivery of all design collateral by Issuer to the reasonable satisfaction of KoreConX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 KoreConX shall notify Issuer when KoreConX believes the customized Issuance Platform is ready for use by Issuer. Upon receipt of such notice, Issuer shall have fifteen (15) days in which to test the Issuance Platform. If the Issuer believes there are defects in the Issuance Platform it shall so notify KoreConX in writing and the parties shall cooperate in fixing any such defects. Issuer shall be deemed to have accepted the customized Issuance Platform if it does not notify KoreConX of defects within such fifteen (15) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Delivery of Private Label All-in-One Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 Timetable. KoreConX shall use commercially reasonable efforts to develop and deliver the Private Label All-in-One Platform to Issuer no later than thirty (30) calendar days from the date of signing this Agreement. However, Issuer understands that the ability of KoreConX to meet this deadline depends on a number of factors beyond the control of KoreConX, specifically, the timely cooperation of Issuer and its employees, the Issuer providing all necessary documents for branding, Issuer logo, and content for the All-in-One Platform. KoreConX shall notify the Issuer when and if it believes the deadline should be extended. Notwithstanding the foregoing, KoreConX shall deliver a reasonable working version of the Issuance Platform no later than sixty (60) days' after delivery of all design collateral by Issuer to the reasonable satisfaction of KoreConX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 KoreConX shall notify Issuer when KoreConX believes the Private Label All-in-One Platform is ready for use by Issuer. Upon receipt of such notice, the Issuer shall have fifteen (15) days in which to test the Private Label All-in-One Platform. If the Issuer believes there are defects in the Private Label All-in-One Platform it shall so notify KoreConX in writing and the parties shall cooperate in fixing any such defects. Issuer shall be deemed to have accepted the customized Issuance Platform if it does not notify KoreConX of defects within such fifteen (15) day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Issuer's Obligations.

Issuer shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Provide KoreConX with accurate and complete regulatory and payment information for the Issuance Platform;© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #8**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 Cooperate with KoreConX in the development and installation of the private label Issuance Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 Use the Issuance Platform only in an operating environment (e.g., hardware and software) approved by KoreConX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 Notify KoreConX any defects in the Issuance Platform or All-in-One Platform;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 Give KoreConX electronic access to the Issuance Platform to troubleshoot and correct any material defects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 Use commercially reasonable efforts to operate the Issuance Platform in accordance with all applicable laws and regulations, including but not limited to securities and consumer protection laws. KoreConX shall cooperate with Issuer in connection with all of the foregoing obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 Issuer shall allow KoreConX to post Issuer logo on KoreConX website and marketing materials, provided KoreConX provides Issuer with a copy of how the Issuer logo will be presented and obtains Issuer's written consent prior to any such use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8 Issuer shall use reasonable efforts to work with KoreConX to do news releases and social media announcements of the relationship; provided, that Issuer is not required to make any releases or social media announcements of the relationship;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9 Issuer shall make mention of and display the KoreConX's logo, KoreTransfer USA, and KoreID Verified Seal description and URL on the Issuer's website as a partner.<u>;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10 Comply with Issuer Obligations in Section 5 of the Transfer Agent Agreement in **"Schedule B"** of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 Pay all fees on time according to **"Schedule A"** of this Agreement.

9. Representations and Warranties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Representations and Warranties of the Issuer. The Issuer represents and warrants to KoreConX that:

1) it is duly incorporated under the laws of its jurisdiction of incorporation and has all necessary corporate power and capacity to enter into and perform its obligations under this Agreement;

2) it has taken all necessary corporate actions to authorize the execution and delivery by it of its obligations under this Agreement;

3) it has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms, subject only to bankruptcy, insolvency, liquidation, reorganization, moratorium and other similar laws generally affecting the enforcement of creditors' rights, and to the fact that equitable remedies, such as specific performance and injunction, are discretionary remedies;© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #9**

4) no authorization, consent, permit, exemption, approval or other action by, or filing with, or notice to, any governmental authority is required in connection with the execution and delivery by it of this Agreement or the performance of its obligations under this Agreement; and

5) the execution and delivery by it of this Agreement, and the performance of its obligations under this Agreement, do and will not breach or result in a default under (a) any of its constituting documents; or (b) any contract or covenant by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Representations and Warranties of KoreConX and KoreTransfer. KoreConX and KoreTransfer represents and warrants to the Issuer that:

1) it is duly incorporated under the laws of its jurisdiction of incorporated and has all necessary corporate power and capacity to enter into and perform its obligations under this Agreement;

2) it has taken all necessary corporate actions to authorize the execution and delivery by it of its obligations under this Agreement;

3) it has duly executed and delivered this Agreement and this Agreement constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms, subject only to bankruptcy, insolvency, liquidation, reorganization, moratorium and other similar laws generally affecting the enforcement of creditors' rights, and to the fact that equitable remedies, such as specific performance and injunction, are discretionary remedies;

4) no authorization, consent, permit, exemption, approval or other action by, or filing with, or notice to, any governmental authority is required in connection with the execution and delivery by it of this Agreement or the performance of its obligations under this Agreement;

5) the execution and delivery by it of this Agreement, and the performance of its obligations under this Agreement, do and will not breach or result in a default under (a) any of its constating documents; or (b) any contract or covenant by which it is bound;

6) it has not granted, assigned, licensed, in any manner encumbered, committed or omitted to perform any act by which the rights granted herein and to be granted herein to Issuer could or will be encumbered, diminished, or impaired; and© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #10**

7) the Issuance Platform, the All-in-One Platform, and any other intellectual property or other materials furnished by KoreConX to Issuer in connection with this Agreement, does not infringe upon or violate any copyright, trademark, or any common law or any other intellectual property rights of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Responsibility for Fees and Costs.

KoreConX and KoreTransfer and the Issuer shall each be responsible for their own costs, including legal, accounting and other professional fees, incurred in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 Issuer has the right to terminate this Agreement by providing KoreConX and KoreTransfer with 120 days (at the end of which is the "Termination Date") written notice of their intent to terminate. The Issuer will be responsible for payment of all fees under this contract up to the termination date and any reasonable costs associated with shutting down the Issuance Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 KoreConX and KoreTransfer have the right to terminate this Agreement if the monthly subscription fees are 90 days in arrears. Issuer will be responsible for all reasonable costs to shut down the Issuance Platform and all unpaid fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 Either Party may terminate this Agreement: (i) upon a material breach by the other Party of this Agreement and such breach is not cured within 30 days after written notice from the non-breaching Party; (ii) upon material violation or breach of any federal or state securities law or regulation; (iii) upon the denial, revocation or other failure to obtain and maintain any license, consent, or authorization necessary for a Party to conduct its business as presently conducted or to perform its obligations under this Agreement; or (iv) upon thirty (30) days' written notice if either Party commences a voluntary proceeding seeking liquidation, reorganization or other relief, or is adjudged bankrupt or insolvent or has entered against it a final and unappealable order for relief, under any bankruptcy, insolvency or other similar law, or either Party executes and delivers a general assignment for the benefit of its creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Ownership of Intellectual Property.

Each Party will retain ownership of all intellectual property owned by it prior to and created during this Agreement and the other Party shall acquire no rights to such intellectual property by reason of this Agreement.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #11**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. General

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 Governing Law. This Agreement shall be interpreted and enforced in accordance with the laws of the state of New York and the federal laws of the United States of America applicable therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 Confidentiality. The parties acknowledge that this Agreement and the transactions contemplated hereby shall be kept confidential except with the consent of the other Party or as may otherwise be required by law. The parties hereto will in good faith attempt to agree, prior to disclosure, on any public announcements or statements related hereto. To the extent the Parties exchange any confidential information, each Party agrees not to disclose such confidential information without the consent of the disclosing Party; provided, that if a Party becomes legally compelled to disclose any confidential information to the Securities and Exchange Commission, Financial Industry Regulatory Authority, or any other governmental authority, such Party will (i) provide the other Party prompt written notice, if legally permissible, and will use its best efforts to assist the disclosing Party in seeking a protective order or another appropriate remedy and (ii) furnish only that portion of the confidential information that is legally required to be disclosed; provided further, that any confidential information so disclosed shall maintain its confidentiality protection for all purposes other than such legally compelled disclosure. Each Party agrees to protect that information by deploying commercially reasonable efforts. Upon the expiration of the Term or termination of this Agreement, Parties agree to return or destroy (and provide a certificate of destruction) of any confidential information belonging to the other Party, except those records required to be maintained by KoreTransfer as part of regulatory requirements. See **"Schedule B"** for further clarity on Confidentiality Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 Further Assurances. KoreConX and KoreTransfer and Issuer agree to enter into such documents and do all acts and things as are reasonably required to give effect to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 Entire Agreement/Amendments. This Agreement and the attached Schedules and Appendices constitute the entire agreement among the parties and sets out all the covenants, promises, warranties, representations, conditions, understandings and agreements among the parties concerning the subject matter of this agreement and supersedes all prior agreements, understandings, negotiations and discussions, whether oral or written, including all term sheets between the parties and/or affiliates or associates of the parties. There are no covenants, promises, warranties, representations, conditions, understandings or other agreements, oral or written, expressed, implied or collateral between or among the parties and/or affiliates or associates of the parties in connection with the subject matter of this Agreement. Except as otherwise provided in this Agreement, this Agreement may be modified, amended, or any provision waived only by a written instrument signed by an authorized officer of each Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 No partnership etc. Each Party will act all times as an independent contractor and will have no right or authority to act on behalf of, create any obligation for, or bind the other Party in any way. Nothing in this Agreement will be deemed to create a partnership or joint venture between the Parties.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #12**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 No assignment. Except as provided herein, this Agreement may not be assigned or otherwise transferred, nor may any right or obligation hereunder be assigned or transferred by either Party without the express written consent of the other Party, which consent shall not be unreasonably withheld; provided, however, that either Party may, without such consent, assign this Agreement and its rights and obligations under this Agreement in connection with the transfer or sale of all or substantially all of its assets in the event of a merger, consolidation, change in control or similar transaction. Any purported assignment in violation of this section shall be void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 All notices to be provided pursuant to this Agreement shall be in writing, shall be effective upon receipt, and shall be sent by hand, email or courier, as follows:

If to the KoreConX:

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| | |
|:---|:---|
| Attention: | **Jason Futko, CFO** |
|  | KoreConX Inc. |
|  | Suite 8500, 1 World Trade Center |
|  | New York, NY |
|  | 10007 |
| E-mail: | jason@koreconx.com |

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If to the Issuer:

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| | |
|:---|:---|
| Attention: | **Jerry Sanada** |
|  | Commune Omni Fund LLC |
|  | 31248 Oak Crest Drive, Suite 100 |
|  | Westlake Village, CA |
|  | 91361 |
|  | United States |
| E-mail: | jvs@communecapital.com |

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or to such other address as a Party may specify by notice from time to time in writing to the other parties in the manner specified in this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 Severability. In the event any one or more of the provisions of this Agreement are unenforceable, it will be stricken from this Agreement, but the remainder of this Agreement will be unimpaired. The headings in this Agreement are for purposes of reference only.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #13**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 Currency. All currencies noted in this Agreement shall be that of the lawful currency of the United States (US dollar).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 The attached Schedules and Appendices form part of this agreement and include: "Schedule A": Pricing and Fees

**"Schedule B"**: KoreTransfer Agreement

**"Schedule C"**: Confidentiality Agreement

**"Appendix 1"**: Checklist to Upload

**"Appendix 2"**: Sample Board Resolution

**"Appendix 3"**: KoreConX All-in-one Platform Features

**[Signature Page to Follow]**© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #14**

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

**KORECONX INC.**

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| |
|:---|
| /s/ Jason Futko |
| Jason Futko, CA, CPA |
| Co-Founder and CFO |

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**KORETRANSER USA LLC.**

---

| |
|:---|
| /s/ Jason Futko |
| Jason Futko, CA CPA |
| President |

---

**Commune Omni Fund LLC**

---

| | |
|:---|:---|
| /s/ Jerry Sanada | /s/ Jerry Sanada |
| Name: | Jerry Sanada |
| Title: | President/CEO |

---

© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #15**

**"Schedule A" Pricing and Fees**

**RegA+ End to End Pricing Schedule**

**Non-Refundable Service Fees:** The service fees include all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An upfront
 payment of **$3,500.00**, plus applicable sales taxes on both due on signing of this Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **A monthly fee of $2,500.00**, plus applicable sales taxes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· KoreTransfer USA, Transfer Agent services\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o unlimited shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o unlimited transfers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o unlimited reports

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o unlimited trades (provided Issuer has TradeCheck report)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o unlimited on-line evoting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o unlimited support and training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o unlimited news release and reports to shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o dividend, revenue share distribution (extra costs for third party banking and ACH fees)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuance Platform for your offering, private labelled to Issuer's
offering website

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All-in-One Platform, private labelled to Issuer website which allows Issuer to manage shareholders, communicate with shareholders, and a portfolio section for the shareholders to view their investment, pending investments and re-invest in Issuer

**Optional Services:** For any technical or business development consultation work beyond the work stated in the scope of this Agreement, such work will be performed for a fee or at an hourly rate mutually agreed by the parties before any such work is performed.

**\*Please note:** KoreTransfer uses the KoreConX All-in-One platform to automate many processes and to be able to offer transfer agent services at a low cost to Issuer. KoreTransfer has provided the Issuer with a captable template in CSV format (the "prescribed format") to enable easy upload of Issuer Data (the CSV file and all agreements associated with the transaction) into KoreConX All-in-One platform. **<u>If the Issuer does not provide the data in the prescribed format, requiring KoreTransfer to manually clean, correct, obtain missing required information or otherwise intervene to prepare the data for upload, a data preparation fee will be assessed based on an estimate of time required at a rate of $150 per hour. The Issuer will be updated in advance of any charges and given the option to put the data into the prescribed format or agree to pay for KoreTransfer to undertake to clean the data and put it in the prescribed format.</u>**© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #16**

---

| | |
|:---|:---|
| **Other Fees (NOT included in the monthly fee):** |  |
| **Redemptions** | **$1.00 per shareholder** |
| KoreConX charges $1 per shareholder for any redemption of shares. | KoreConX charges $1 per shareholder for any redemption of shares. |
| **Dividends** | **$1.00 per shareholder** |

---

In addition to the charges from the bank for the monthly maintenance of the dividend paying account and the ACH or wire transfer charges from the third party banking service provider, KoreConX will charge $1 per shareholder per dividend payment.

**\*Dividend fees:** capped at $1500 once client goes over 1499 shareholders.

---

| | |
|:---|:---|
| **Reorganization** | **$750.00** |

---

KoreConX charges a one time fee for business reorganizations.

**Identification (ID) Verification, AML, Bad Actor Checks\*\***

KoreConX has partnered with the world's leading ID/AML verification provider to automate into our KYC/Suitability process. This process covers over 192 countries around the globe, the pricing for each verification varies per country. This service API is built into the KoreConX platform and as such are charged to KoreConX and will be charged back to the Issuer based on Issuers usage of such services. These services are used by the Issuer during their fund raise process using the Issuance Platform. The Issuers Broker/Dealer uses these to perform KYC on potential investors.

---

| | |
|:---|:---|
| Fee per investor verified | $1.50 to $10.00 |

---

**Investor Accreditation (USA only)\*\***

---

| | |
|:---|:---|
| Investor Accreditation for Accredited Investor | $37.00 |

---

This service API is built into the KoreConX platform and as such are charged to KoreConX and will be charged back to the Issuer based on Issuers usage of such services. These services are used by the Issuer during their fund raise process using the Issuance Platform. The Issuers Broker-Dealers use these to perform KYC on potential investors. If the Issuer fails to pay the fees for ID Verification, AML, Bad Actor Checks or Investor Accreditation outlined above within 30 days of receipt of the invoice, then these services will be terminated 45 days after invoice date.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #17**

**Digital Payments\*\***

KoreConX offers the following payment options for you to include in your Issuance Platform, you will have agreements with each of them for the services:

---

| | |
|:---|:---|
| Credit Cards (VISA, Mastercard) | fees are provided by Payment Processor |
| ACH | fees are provided by Payment Processor |
| Crypto to Fiat | fees are provided by Payment Processor |
| eDebit | fees are provided by Payment Processor |
| IRA | fees are provided by IRA Processor |

---

Escrow fees are provided by Escrow Provider

**SSL Annual fee:** Issuer shall be responsible for acquiring a Secure Site Pro EV on an annual basis to secure the Issuance Platform on Issuer URL.

**Transactional API usage:** Usage and integration of any transactional API services requested by the Issuer will be paid by Issuer when applicable. The Issuer by signing this Agreement is also accepting all the third party API fees as outlined under Other Fees on "Schedule A" of this Agreement. Please note that providers of these services change on occasion so this list is not exhaustive. We do our best to find inexpensive, but effective, solutions for these features, however, we are not responsible for the services they provide.

**\*\*All these are fees provided** by third party providers, these are pass-through fees to the Issuer and Broker-Dealer and as such will be paid directly by the Issuer from monies received during a fund raise. These are mentioned only for informational purposes as these services are built into the KoreConX Issuance Platform for convenience and to reduce costs.

**KoreConX and KoreTransfer will not be held responsible for any third party integrations related to escrow and payment providers. All services provided by third parties escrow and payment providers to the Issuer are not a Party to this Agreement. KoreConX does not have access to or influence over the results of these services. Any issues as a result of third party services escrow and payment providers are the responsibility of the third party provider and the Issuer.**

**<u>Payment of Fees, Late Payment Penalties and Price Changes:</u>**

**Payments:**

All payments of KoreConX invoices will be made using credit cards that the Issuer will provide upon receipt of the first invoice. All invoices that remain unpaid after 30 days will be hereby authorized for automatic payment on the Issuer provided credit card. We do not accept checks. If payment is sent by check KoreConX will apply a charge of $75 for administration to Issuers account.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #18**

**Late Fees and Penalties:**

If the Issuer is late in paying the invoices provided by KoreConX due to rejected credit cards, the Issuer will be charged 1.5% interest per month outstanding.

**Price Changes:**

All prices in this Agreement are subject to change by KoreConX and/or KoreTransfer upon 150 days written notice (email acceptable) to the Issuer. Please note, that there will be no changes to the fees for the first 12 months, unless agreed by both parties or if other services are agreed to by both parties.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #19**

**"Schedule B" KoreTransfer Agreement ("Transfer Agent Agreement")**

**TRANSFER AGENCY AND REGISTRARSHIP AGREEMENT USA MARKET**

THIS TRANSFER AGENT AGREEMENT made as of 2/26/2024

BETWEEN:

Commune Omni Fund LLC

**Registered Office: 31248 Oak Crest Drive, Suite 100, Westlake Village, CA, 91361, United States**

(hereinafter referred to as the "Issuer")

AND:

KoreTransfer USA LLC

**One World Trade Center, 8500-285 Fulton St., New York, NY, 10007, USA**

(hereinafter referred to as "KoreTransfer" or Transfer Agent and Registrar)

(Together referred to as the "Parties")

WITNESSES THAT the parties hereto agree and covenant with each other as follows:

**1.** **Corporate Authority and Appointment** 

a) The Issuer, having taken all necessary corporate action to authorize the execution, delivery, and performance by it of this Transfer Agent Agreement, has appointed KoreTransfer as Transfer Agent and Registrar ('shares' are herein defined as common shares, preferred shares, options, warrants, digital securities/security tokens, trust units and like securities evidenced by a book entry on the issuer's security register) and KoreTransfer accepts such appointment, upon the terms set out in this Transfer Agent Agreement.

b) KoreTransfer agrees to carry out and perform its duties hereunder, and upon the termination hereof, to deliver over to the Issuer the books and any documents and papers connected therewith or with the business of the Issuer transacted hereunder, against a receipt executed by the Issuer.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #20**

**2.** **Duty to Keep and Provide Records** 

KoreTransfer shall keep on its secure online platform the Issuer's share ledger, register and branch registers of transfers, digital securities/security tokens, and electronic certificates (eCerts as defined below), and subject to such general and particular instructions as may from time to time be given to it by or under the authority of the manager of the Issuer or any applicable law, KoreTransfer shall, in accordance with this Transfer Agent Agreement:

a) make such entries from time to time in the books as may be necessary in order that the accounts of each shareholder or token holder of the Issuer may be properly and accurately kept and transfers of shares properly recorded;

b) upon payment of any applicable transfer taxes, countersign, register and issue share eCerts (as defined below) or digital securities/security tokens to the shareholders or token holders entitled thereto representing the shares/digital securities/security tokens held or transferred to them respectively;

c) furnish to the Issuer statements, lists, entries, information and material, concerning transfers and other matters, as are maintained or prepared by it as transfer agent, registrar and disbursing agent, of the Issuer;

d) engage any independent third party contractors necessary to provide Services supplemental to and monitored by KoreTransfer, including but not exclusive to regulation verification of stakeholder Identification, anti-money laundering ("AML") checks, and stakeholder verification; provided KoreTransfer notifies Issuer of any engagement of a third party contractor at least 30 days prior to such engagement; and

e) treat all information and content arising from and related to the Issuer and its stakeholders as confidential and private, except where disclosure of the content is necessary to KoreTransfer's provision of the Services described herein, and to disclose then only to those persons authorized to receive the same.

The accounts and records maintained by KoreTransfer shall be the property of the Issuer. KoreTransfer shall prepare, maintain and preserve such accounts and records as required by the applicable securities laws, rules and regulations. KoreTransfer shall surrender such accounts and records to the Issuer, in the form in which such accounts and records have been maintained or preserved, promptly upon receipt of instructions from the Issuer; provided, that KoreTransfer may retain copies of any records to the extent required by securities laws; provided, further that KoreTransfer is not required to surrender the records if the Issuer has reach 400 investors in the offering at which time KoreTransfer can only surrender the books of records to another SEC registered transfer agent. Issuer shall have access to such accounts and records at all times during KoreTransfer's normal business hours. Upon the reasonable request of the Issuer, copies of any such books and records shall be provided by KoreTransfer to the Issuer. KoreTransfer shall assist the Issuer, the Issuer's independent auditors, or, upon approval of the Issuer (to the extent notice is permitted by applicable law), any regulatory body, in any requested review of (i) the Issuer's accounts and records and (ii) reports by KoreTransfer or its independent accountants concerning its accounting system and internal auditing controls will be open to such entities for audit or inspection upon reasonable request. In the event KoreTransfer receives a request or demand for the inspection of records relating specifically to the Issuer, KoreTransfer will promptly notify the Issuer of such request in writing and obtain instructions from the Issuer as to the handling of such request, to the extent such notice is not prohibited by law; provided, notice shall not be required for annual audits of KoreTransfer.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #21**

**3.** **Dividend Disbursement** 

a) KoreTransfer shall disburse dividends and other distributions which may be declared from time to time on the shares of the Issuer, and KoreTransfer is hereby authorized and directed to pay such dividends and other distributions
after receipt at its principal office of: i. a certified copy of the resolution of the manager of the Issuer declaring such dividends
or other distributions or similar documentation that is acceptable to KoreTransfer, and ii. funds in an amount sufficient for the payment
of such dividends and any cost associated with delivery of funds.

b) If any funds are received by KoreTransfer in the form other than wire transfer, KoreTransfer shall be entitled to delay the time for release of such funds until such funds shall be determined to have cleared the financial institution upon which the same are drawn.

c) If KoreTransfer shall hold any amount on account of distributions which are unclaimed or which cannot be paid for any reason, KoreTransfer shall be under no obligation to invest or reinvest the same but shall only be obligated to hold the same in a current or other non-interest bearing account pending appropriate dispersal of the funds in consideration of any legal requirements, and in accordance with this Transfer Agent Agreement or by mutual arrangement of the parties. KoreTransfer shall notify Issuer of the details of any unclaimed or unpaid amounts and work with Issuer to resolve any issues.

d) All costs related to the disbursement of funds for dividends or otherwise will be the responsibility of the Issuer, including but not limited to ACH fees, wire transfer fees, and credit card fees.

**4.** **Authority to Act and Reliance** 

a) KoreTransfer will act on instructions from the Issuer and only those individuals who are authorized by a resolution of the manager. The Issuer shall also update KoreTransfer with any changes to its manager, officers and authorized personnel as such changes occur and annually pursuant to the requirements detailed under Issuer Obligations in Section 5 of this Transfer Agent Agreement.

b) Issuer acknowledges that KoreTransfer may be required to follow various identification and verification procedures in accordance with state and federal legislation as may be enacted from time to time. Issuer therefore agrees to provide, upon the reasonable request of KoreTransfer, copies of any corporate records, including but not limited to appropriate identification for each of the said directors and officers, as may be required by law.

c) KoreTransfer may act upon any signature, certificate or other document believed by it to be genuine and to have been signed by the proper person or persons, or refuse to transfer a share certificate/eCert/digital securities/security tokens if it is not satisfied as to the propriety of the requested transfer. KoreTransfer will notify the Issuer in the event a transfer is refused. KoreTransfer may also act on the receipt
of facsimile and similar electronic instructions that it believes to be genuine and to have been signed or initiated by the proper person
or persons.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #22**

d) From time-to-time requests or questions which
may arise in connection with the performance of KoreTransfer's duties hereunder, may require that the Issuer refer such relevant
documents, requests or questions which underlie the concern or to the Issuer's legal counsel for an opinion, at the Issuer's
expense. In extreme situations where the Issuer or Issuer's legal counsel are unwilling or unable to provide satisfactory resolution
KoreTransfer may request an opinion from KoreTransfer's legal counsel, at the Issuer's expense. KoreTransfer shall be entitled
to rely absolutely on such opinion; provided, if counsel selected by KoreTransfer, such counsel was selected in good faith, and shall
be indemnified and held harmless by the Issuer against and from any liability, cost and expense for any action taken by KoreTransfer or
not taken by KoreTransfer in accordance with Issuer's instructions or the advice of legal counsel as provided in this section. All
such requests will first be made to the Issuer to see if there are ways to resolve such issues or concerns before requests to any legal
counsel are made.

e) The Issuer represents and warrants that all shares issued and outstanding on the date of this Transfer Agent Agreement are issued as fully paid and non-assessable and agrees that with respect to future allotments and issuances of shares, KoreTransfer shall issue and regard such shares as fully-paid and non-assessable. KoreTransfer shall be entitled to treat as valid any certificate for shares purporting to have been issued by or on behalf of the Issuer prior to the date of this Transfer Agent Agreement.

f) KoreTransfer shall comply with all applicable requirements of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended (the "1934 Act"), and other applicable laws, rules, regulations, orders.

**5.** **Issuer's Obligations** 

The transfer agent business is an SEC-regulated activity and as such KoreTransfer has processes in place to meet their obligations. In order to maintain compliance, KoreTransfer will only take direction from the manager of the Issuer unless instructed by the Issuer to take direction from another individual at the Issuer's business. It is the Issuer's obligation to inform KoreTransfer immediately of any changes in authorized individuals.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #23**

In addition to complying with all other sections of this Transfer Agent Agreement and the Master Services Agreement, there are events or changes to the Issuer's business that we must be made aware of to properly perform our duties as your transfer agent. The Issuer is required to inform us immediately of any changes to:

a) The Issuer's manager or officers at least on an annual basis. In connection with the foregoing, Issuer is required to provide KoreTransfer with an annual certification of the manager and officers;

b) Issuers securities (shares, options, warrants, debentures, loans, SAFEs, etc.), any new issuance, or changes to an existing issuance;

c) The Issuer's address or phone number;

d) Issuer's year-end date;

e) Manager contact details, email address, and/or mobile number;

f) Issuer's legal counsel, contact details, email address, or mobile number;

g) The authorized personnel including their address, phone number, or email addresses;

h) Any broker-dealers that the Issuer is using to raise capital or transact any of Issuer's securities;

i) Any ATS (Alternative Trading Systems) or registered secondary markets the Issuer is using to transact any of their securities; and

j) Issuer must notify KoreTransfer 30 days prior to any annual member meeting or 10 days prior to any special member meeting to be held by the Issuer.

**6.** **Representations and Warranties of KoreTransfer.** KoreTransfer represents and warrants to Issuer that:

a) It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Transfer Agent Agreement in accordance with industry standards.

b) It is, and will continue to be, registered as a transfer agent under the 1934 Act.

c) It has adopted and implemented written policies and procedures reasonably designed to prevent violations of the securities laws related to the services provided by KoreTransfer to the Issuer. KoreTransfer will notify Issuer of any material changes to its policies and procedures that relate to the services provided under this Agreement or the Master Services Agreement or the investor experience with respect to such services.

d) It does not keep check forms or facsimile signature imprinting devices. If it does in the future, then it will establish and maintain facilities and procedures reasonably acceptable to the Issuer for safekeeping of check forms and facsimile signature imprinting devices, if any; and for the preparation or use, and for keeping account of, such certificates, forms and devices.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #24**

e) It will maintain insurance which covers such risks and is in such amounts, with such deductibles and exclusions, as is customary and sufficient for compliance by KoreTransfer with all requirements of law and sufficient for KoreTransfer to perform its obligations under this Transfer Agent Agreement; and all such policies are in full force and effect and are with financially sound and reputable insurance companies, funds or underwriters. KoreTransfer shall furnish the Issuer with pertinent information concerning the insurance it maintains and notify the Issuer of any cancellation or reduction in amounts.

f) It will notify the Issuer of any examination of KoreTransfer, unless prohibited by law or regulation, by any regulatory or administrative body having jurisdiction over the services provided by KoreTransfer under this Transfer Agent Agreement, if such examination will, or is reasonably likely to have, an effect on KoreTransfer ability to perform its services under this Transfer Agent Agreement.

g) It will notify the Issuer of any material claims against KoreTransfer with respect to services performed under this Transfer Agent Agreement.

**7.** **Issue, Transfer, and Cancellation of Certificates** 

a) KoreTransfer manages the Issuer's certificates in electronic form; such certificates will be called ecertificates ("eCerts") or digital securities/security tokens for the purposes of this document or any correspondence. Issuer confirms, in a manager's resolution, that it agrees to manage all their securities in electronic form, see sample board of director's resolution in "Appendix 2" of this Transfer Agent Agreement.

b) The Issuer agrees that it will promptly furnish to KoreTransfer from time to time:

i. copies of all governing documents and amendments thereto and of all relevant resolutions relating to the creation, amendment, allotment and issuance of shares of the Issuer; and <br>

ii. copies of all relevant documents and proceedings relating to increases and reductions in the Issuer's capitalization, the reorganization of or change in its structure or the bankruptcy, insolvency, winding-up or dissolution of the Issuer.

c) Upon receipt of a certified copy of a resolution of the manager of the Issuer authorizing the issuance of shares, together with written instructions from an authorized officer or manager of the Issuer giving particulars of the registered owners of such shares, KoreTransfer shall register such shareholders and deliver eCerts representing such shares in accordance with such instructions and KoreTransfer can rely that such instructions are in compliance with exchange or regulatory requirements as promulgated from time to time.

d) After the issuance of eCerts, the Issuer shall provide KoreTransfer with a copy of a Manager's Resolution directing and authorizing the Issuer to collect, document and destroy all pre-existing paper share certificates, and confirmation of completion of the same.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #25**

e) The Issuer agrees that, so long as this Transfer Agent Agreement is in force, it shall issue no share certificates or digital securities/security tokens or any securities without such eCerts or digital securities/security tokens being created and delivered by KoreTransfer in its capacity as transfer agent and registrar.

f) When an eCert is presented to KoreTransfer for the purpose of transfer, transfer of any of the shares in respect of which such certificate was issued will be refused by KoreTransfer unless the following is applicable: transfers will only be performed between registered eCert holders of the Issuer to a qualified individual or entity upon approval by the Issuer, review of the Issuer's governing documents, and acceptance of the qualified individual or entity who is registered in the KoreConX All-in-One Platform. In the absence of bad faith, gross negligence, willful misconduct, or fraud, KoreTransfer shall not incur any liability in refusing to affect any transfer which in its judgment is improper or unauthorized, or in carrying out any transfer which in its judgment is proper or authorized.

g) Except as specifically provided below, it shall not be the duty of KoreTransfer to pass on the validity of transfers of shares owing to death, transfers by parents or guardians, powers of attorney. KoreTransfer is hereby authorized, after notice to the Issuer, to refer all documents relating to such transfers to the legal counsel of the Issuer, at the expense of the Issuer, and KoreTransfer shall be entitled to rely absolutely upon the opinion of such legal counsel.

h) Upon receipt of notice from the Issuer or from any shareholder/token holder that an eCert or digital securities/security tokens is missing from the Issuer's register, KoreTransfer agrees to place an appropriate notation on the register of shareholders/token holders. KoreTransfer shall not be required to issue an eCert based on a claim from any potential owner of a security for any eCert that has not been recorded in the Issuer's register unless:

i. neither the Issuer nor KoreTransfer has received notice that the security represented by the eCert has been acquired by a good faith purchaser (as that term is used in the applicable corporate statute);

ii. the owner has filed with KoreTransfer an indemnity bond sufficient in KoreTransfer's opinion to protect the Issuer and KoreTransfer from any loss that either of the Issuer or KoreTransfer may suffer by complying with the request to issue a new certificate; and

iii. the owner has satisfied all other requirements as KoreTransfer may from time to time impose, acting reasonably, including without limitation the delivery by the owner to the Issuer and KoreTransfer of a written indemnity together with a statutory declaration that the eCert was not properly recorded in the Issuer's register of securities.

For this purpose and for the purposes of the applicable corporate statute, the Issuer hereby irrevocably delegates to KoreTransfer the power to determine the sufficiency of the indemnity bond so posted and to impose all such other reasonable requirements as KoreTransfer may from time to time require in this regard.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #26**

k) In the case of a registered shareholder who dies where no administration is contemplated, KoreTransfer may register the transfer of shares registered in the name of the deceased shareholder upon receipt of an indemnity agreement, a waiver of probate or similar bond and any other documents satisfactory to KoreTransfer.

**8.** **Access to Information** 

The Transfer Agent services are delivered through an online All-in-One Platform allowing the Issuer and its designated authorities and stakeholders access 24 hours a day, 7 days a week (except during maintenance on the All-in-One Platform or unexpected downtime of the hosting provider). The All-in-One Platform gives the stakeholders the ability to manage their holdings through the Portfolio section, and gives the Issuer complete transparency on the status of the Issuer's corporate records, trades, transfers, shareholder communications, etc.

**9.** **Indemnity** 

a) In addition to and without limiting any other indemnity specifically provided herein, the Issuer agrees to defend, indemnify and hold harmless KoreTransfer, its successors and assigns, and its and each of their respective directors, officers, employees and agents (the "KoreTransfer Indemnified Parties") against and from any demands, claims, assessments, proceedings, suits, actions, costs, judgments, penalties, interest, liabilities, losses, damages, debts, expenses and disbursements (including reasonable legal fees) (collectively, the "Claims") that the KoreTransfer Indemnified Parties, or any of them, may suffer or incur or that may be asserted against them, or any of them, in consequence of, arising from or relating to any action or omissions to act which KoreTransfer properly takes in connection with the provision of services pursuant to this Transfer Agent Agreement (as the same may be amended, modified or supplemented from time to time), except that no individual KoreTransfer Indemnified Party shall be entitled to indemnification in the event such Indemnified Party is found to have acted in bad faith, engaged in willful misconduct, been grossly negligent, or committed fraud. For greater certainty, the Issuer agrees to indemnify and save harmless the Indemnified Parties against and from any present and future taxes (other than income taxes), duties, assessments or other charges imposed or levied on behalf of any governmental authority having the power to tax in connection with KoreTransfer's duties hereunder. In addition, the Issuer agrees to reimburse, indemnify and save harmless the KoreTransfer Indemnified Parties for, against and from all legal fees and disbursements (on a substantial indemnity, or solicitor and client, basis) incurred by a KoreTransfer Indemnified Party if the Issuer commences an action, or cross claims or counterclaims, against the KoreTransfer Indemnified Party and the KoreTransfer Indemnified Party is successful in defending such claim.

b) KoreTransfer
 shall indemnify and hold harmless Issuer, and its respective officers, directors, trustees, agents, and employees from any Claims
 arising directly or indirectly from a KoreTransfer Indemnified Person's bad faith, gross negligence, willful misconduct, fraud, or reckless disregard in the performance of its duties obligations,
or responsibilities set forth in this Transfer Agent Agreement.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #27**

c) In any case in which either Party (the "Indemnifying Party") may be asked to indemnify or hold the other Party (the "Indemnified Party") harmless, the Indemnified Party will notify the Indemnifying Party promptly after identifying any situation which it believes presents or appears likely to present a claim for indemnification against the Indemnifying Party although the failure to do so shall not prevent recovery by the Indemnified Party and shall keep the Indemnifying Party advised with respect to all developments concerning such situation. The Indemnifying Party shall have the option to defend the Indemnified Party against any claim which may be the subject of this indemnification, and, in the event that the Indemnifying Party so elects, such defense shall be conducted by counsel chosen by the Indemnifying Party and reasonably satisfactory to the Indemnified Party, and thereupon the Indemnifying Party shall take over complete defense of the claim and the Indemnified Party shall sustain no further legal or other expenses in respect of such claim; provided, however, the Indemnified Party shall have the right to retain its own counsel at its expense. The Indemnified Party will not confess any claim or make any compromise in any case in which the Indemnifying Party will be asked to provide indemnification, except with the Indemnifying Party's prior written consent,

d) The Issuer agrees that its liability hereunder shall be absolute and unconditional regardless of the correctness of any representations of any third parties and regardless of any liability of third parties to the Indemnified Parties and shall accrue and become enforceable without prior demand or any other precedent action or proceeding and shall survive the resignation or removal of KoreTransfer or the termination of this Transfer Agent Agreement.

e) KoreTransfer shall be under no obligation to prosecute or defend any action or suit in respect of its agency relationship under this Transfer Agent Agreement but will do so at the request of the Issuer provided that the Issuer furnishes an indemnity satisfactory to KoreTransfer against any liability, cost or expense which might be incurred.

f) In addition to the remedies provided herein, KoreTransfer shall be entitled to any other rights and recourses it may have against the Issuer.

**10.** **Standard of Care; Limitation on Liability** 

a) KoreTransfer shall be obligated to act in good faith and to exercise commercially reasonable care and diligence in the performance of its duties under this Transfer Agent Agreement.

b) KoreTransfer shall not be liable for any error in judgment, for any act done or step taken or omitted by it in good faith, for any mistake, of fact or law, or for anything which it may do or refrain from doing in connection herewith except arising out of its bad faith, gross negligence or willful misconduct. In particular, but without limiting the generality of the foregoing, KoreTransfer shall, with respect to meetings of shareholders, not be liable for having relied upon or deferred to the instructions or decisions of the Issuer, its legal counsel, or the chairman of the meeting.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #28**

c) In the event either Party is in breach of this Transfer Agent Agreement, their respective duties hereunder or any Transfer Agent Agreement, or any other services that such Party may provide in connection with or in any way relating to this Transfer Agent Agreement or such Party's duties hereunder, such Party shall be liable for claims or damages only to an aggregate maximum amount equal to the amount of fees paid by the Issuer to KoreTransfer hereunder, except to the extent that either Party has acted in bad faith, with gross negligence, has engaged in willful misconduct, or fraud. In no event shall either Party be liable for indirect or consequential damages.

**11.** **Amendment, Assignment and Termination** 

a) Except as specifically provided herein, this Transfer Agent Agreement may only be amended or assigned by a written agreement of the parties.

b) Any entity resulting from the merger, amalgamation or continuation of KoreTransfer or succeeding to all or substantially all of its transfer agency business (by sale of such business or otherwise), shall thereupon automatically become the dividend disbursing agent, transfer agent and registrar hereunder without further act or formality; provided, that KoreTransfer will provide Issuer at least 60 days notice prior to any such transaction.

c) This
 Transfer Agent Agreement may be terminated by either Party on 120 days' notice in writing being given to the other at the
 address set out above or at such other address of which notice has been given. This Transfer Agent Agreement may be terminated by
 Issuer: (i) upon
 willful misfeasance, bad faith, gross negligence, or reckless disregarding on the part of KoreTransfer in the performance of its
 duties, obligations, and responsibilities set forth in this Transfer Agent Agreement; (ii) immediately in the event KoreTransfer is
 no longer permitted to perform its duties, obligations, or responsibilities hereunder pursuant to applicable law or regulatory,
 administrative or judicial proceedings against KoreTransfer; or (iii) upon
 a material breach by KoreTransfer of the representation, warranties, covenants, or agreements of this Transfer Agent Agreement that
 has not been cured within thirty days following written notice of such breach.

d) This Transfer Agent Agreement may be terminated by KoreTransfer on 60 days notice in writing to the Issuer in the event the Issuer refuses or fails to pay an invoice for fees and expenses, or other demand for payment issued or made pursuant to this Transfer Agent Agreement by KoreTransfer, within 30 days of the original invoice or demand.

e) The provisions of Section 9 shall survive termination of this Transfer Agent Agreement.

f) Upon termination of this Transfer Agent Agreement, and upon written instruction from the authorized individuals of the Issuer, KoreTransfer will send a copy of the Issuer's records to a new transfer agent designated by the issuer, or in absence of a new transfer agent, to the Issuer directly.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #29**

g) Upon termination, the Issuer will be billed a termination fee of $550 plus the monthly charges set forth on Schedule A to the end of the 120 day notice period for the administration of moving the Issuer records to the new transfer agent.

h) The termination process starts upon completion of the Offboarding form. A link to this form will be provided upon request.

**12.** **Pricing and Fees** 

Pricing, fees, payments, and taxes are all addressed on "Schedule A" of the Master Services Agreement.

**13.** **Advertising and Marketing** 

Both Parties to this Transfer Agent Agreement agree to allow the other Party to:

a) Use the logo and name of the other Party on their website, marketing material, social media, and brochures; provided KoreTransfer provides Issuer with a copy of how the Issuer logo will be presented and obtains Issuer's written consent prior to any such use;

b) Make use of the logo and name in press releases highlighting the relationship, as long as the content of such press release is approved by the other Party;

c) All mentions of the other Party must make use of publicly available information, except where the other Party has approved the content.

**14.** **General** 

a) This Transfer Agent Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable therein and the parties hereby attorn to the jurisdiction of the courts of the State of New York.

b) This Transfer Agent Agreement shall ensure to the benefit of and be binding upon the parties hereto and their successors and assigns.

c) This Transfer Agent Agreement may be executed in counterparts and may be delivered by facsimile machine or e-mail.

d) The paragraph headings in this Transfer Agent Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision herein.

e) If any term or provision in this Transfer Agent Agreement is considered legally invalid or unenforceable, such determination shall not affect the validity or enforceability of the remainder of this Transfer Agent Agreement.

f) No waiver by either Party of any default of breach shall be deemed as a waiver of prior or subsequent defaults or breaches.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #30**

**"Schedule C" CONFIDENTIALITY AGREEMENT**

IN CONTEMPLATION OF business discussions and transactions ("Proposed Transactions") between **KoreConX Inc. (and all affiliated businesses)**, incorporated in the State of Nevada, USA, and any affiliated companies (the "KoreConX"), and **Commune Omni Fund LLC** ("Commune" and together with the KoreConX, the "Parties," and each, a "Party"), and the possible dissemination by each of the Parties to the other of certain information concerning such Party which is either non-public, confidential or proprietary in nature (the "Confidential Information"), for the purpose of provision of Services by KoreConX, and in consideration of the Parties furnishing the Confidential Information to each other, and the other mutual promises contained herein, the Parties hereby agree as follows:

1. The term "Confidential Information" shall not include any information which a Party hereto can prove:

(a) has become generally available to the public through no fault or action of such Party or any affiliates, agents, advisors, managers, directors, officers or employees of such Party (each, and "Affiliate"); or

(b) is in the possession of such Party or any Affiliate thereof prior to the date hereof, provided that such information is not known by such Party to be subject to another confidentiality agreement with or other obligation of secrecy to the other Party, and further provided that such information was obtained independently and without the assistance of the other Party;

(c) is or becomes available to such Party or any Affiliate thereof on a non-confidential basis from any third party, the disclosure of which to such Party or any Affiliate thereof does not violate any contractual, legal or fiduciary obligation such third party has to the other Party; or

2. Except as provided in paragraph 1 above, the "Confidential Information" shall include, without limitation: (i) with respect to KoreConX, all product information on KoreConX, KorePlatforms, KoreChain, KoreContract, KoreProtocol, KoreCoin, KoreAPI, KoreOracle, KoreTransfer, KoreID, KoreID Verified, KoreData product features, Escrow, KYP, KYC and Suitability online; and (ii) with respect to both parties, financial information, business plans, summaries, proposals, trade secrets, notes, memoranda, drawings, specifications, programs, electronic mail, marketing plans, ideas, data or other materials of any nature, whether written or oral and whether prepared by a Party, any Affiliate thereof or otherwise, relating to any matter within the scope of the business of each of the Parties, or concerning any of such Party's dealings or affairs, regardless of whether such information was disseminated to the other Party prior to or following the signing of this Confidentiality Agreement.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #31**

3. The receiving Party expressly covenants and agrees that during the term of this Confidentiality Agreement, and for a period of three years immediately following the termination of this Confidentiality Agreement for any reason, at any time, for himself or herself, or on behalf of any other person, company, partnership or entity<u>,</u> Commune will not offer for sale, or solicit the sale of products or services similar to those provided by KoreConX under the Master Services Agreement or Transfer Agent Agreement [in or within the territory in which KoreConX is operating or has clients or partners or advisors or shareholders (hereinafter called the "restricted area")].

4. Commune will not will not during the term of this Confidentiality Agreement hereunder, and for a three year period following the termination of this Confidentiality Agreement, either for himself or herself or on behalf of any other person, company, partnership or entity: (i) solicit, divert, take away, or attempt to solicit, divert or take away any of KoreConX's customers or the business or patronage of any such customer for the purpose of providing services provided by KoreConX under the Master Service Agreement (which includes the Transfer Agent Agreement); or (ii) decompile or reverse engineer KoreConX's All-in-one Platform or otherwise attempt to obtain the source code for the All-in-one Platform or attempt to recreate the KoreConX's All-in-one Platform in order to start a similar business.

5. KoreConX will not during the term of this Confidentiality Agreement hereunder, and for a one year period following the termination of this Confidentiality Agreement, either for himself or herself or on behalf of any other person, company, partnership or entity solicit, divert, take away, or attempt to solicit, divert or take away any of the Commune's customers or the business or patronage of any such customer for the purpose of providing real estate investment opportunities.

6. Neither Party will, for a period of one year, either for himself or herself, or on behalf of any other person, company, partnership or entity whatsoever, solicit, recruit or hire, or attempt to solicit, recruit or hire any employee or independent contractor of the other Party.

7. The Confidential Information will be kept confidential by each Party and any Affiliate thereof and, without the prior written consent of the other Party, each Party and any Affiliate thereof shall not (i) distribute or disclose any of the Confidential Information in any manner, (ii) permit any third party access to the Confidential Information, or (iii) use the Confidential Information for any purpose other than as agreed in writing by the other Party. As permitted by the other Party, however, either Party may disclose the Confidential Information to their attorneys, accountants, agents, managers, directors and officers who need to know the Confidential Information for the purpose of performing such Party's obligations under the Master Services Agreement and Transfer Agent Agreement, provided such persons are informed of the terms of this Confidentiality Agreement and agree to be bound by the terms of this Confidentiality Agreement. The disclosing Party shall be responsible for any breach of this Confidentiality Agreement by any of such persons. The receiving Party shall use reasonable care to protect the secrecy of and avoid disclosure and unauthorized use of the Confidential Information of disclosing Party. Without limiting the foregoing, the receiving Party shall take at least those measures that it employs and use the same level of care to protect its own confidential information of a similar nature.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #32**

8. In the event that a Party or any Affiliate thereof receives a request to disclose all or any part of the Confidential Information under the terms of a valid and effective subpoena or order issued by a court of competent jurisdiction or by a governmental body, such Party agrees to immediately notify the other Party in writing (unless prohibited by applicable law) of the existence, terms and circumstances surrounding such a request so that the other Party may seek an appropriate protective order and/or waive compliance by the Party or any Affiliate thereof with the appropriate provisions of this Confidentiality Agreement. If such Party or any Affiliate thereof is compelled to disclose any of the Confidential Information, it will disclose only that portion thereof which it is compelled to disclose and shall use its best efforts to obtain an order or other reliable assurance that confidential treatment will be accorded to the Confidential Information so disclosed.

9. Except as required by applicable law, regulation or stock exchange rule, without the prior written consent of the other Party, neither Party will disclose to any third party the fact that the Confidential Information exists or has been made available to such Party, that discussions are taking place between the parties or the status of such discussions, or any of the terms or conditions discussed in connection with the Proposed Transactions.

10. Neither Party shall be deemed to make any representation or warranty as to the accuracy or completeness of the Confidential Information.

11. Each Party and any Affiliate thereof, when requested by the other Party, shall promptly and at the requesting Party's option, either return or destroy all written Confidential Information, including all copies thereof, as is then in such Party or Affiliate's possession.

12. It is understood and agreed that neither Party shall hereby receive any license or ownership rights in any Confidential Information supplied to such Party by the other Party.

13. This Confidentiality Agreement shall be effective as of the date of execution by the Parties and shall continue in effect for a period of one (1) year after the termination of this Confidentiality Agreement. This Confidentiality Agreement shall terminate upon termination of the Master Services Agreement.

14. It is understood and agreed that during the term of this Confidentiality Agreement neither Party will solicit for employment any officer or employee, contractor, consultant or agent of the other Party with whom it had direct contact with.

15. The Parties hereto acknowledge that, in view of the uniqueness of the business of both Parties, a Party may not have adequate remedies at law for monetary damages in the event that this Confidentiality Agreement has not been performed in accordance with its terms by the other Party, and therefore each of the Parties agrees that the other shall be entitled to specific performance of the terms hereof and such equitable and injunctive relief as may be available to restrain the other from the violation of the provisions of this Confidentiality Agreement, in addition to any other remedy to which the non-breaching Party may be entitled, at law or in equity, for such breach or threatened breach.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #33**

16. It is further agreed that no failure or delay by either Party in exercising any right, power or privilege hereunder will operate as a waiver thereof nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder.

17. This Confidentiality Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.

18. This Confidentiality Agreement contains the entire agreement between the Parties concerning the subject matter hereof and no modification of this Confidentiality Agreement or waiver of the terms and conditions hereof will be binding upon either Party, unless approved in writing by each Party.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #34**

**Appendix 1**

**Checklist to Upload**

We require that you upload the following information and invite the key members of the Issuer's management team, corporate secretary, board directors, and legal counsel to the KoreConX all-in-one business platform. This is a mandatory requirement.

KoreConX's All-in-One platform will be your central point for viewing your information on securities holders and your corporate records, thus reducing your ongoing manual cost associated with transfer services.

A. Board Resolution Appointing Transfer Agent and Registrar;

B. Corporate Information Section on the KoreConX All-in-one Platform;

C. Issuer Officers and Directors (on Google Form and in KoreConX All-in-one Platform);

D. Director KYC Form (including proof of ID), through their Personal Profile online in KoreConX All-in-one Platform

E. Non-Director Communication Authority Letter from CEO (email acceptable);

F. Articles of Incorporation;

G. Issuer Bylaws;

H. List of securities holders provided in Excel CSV file format (we require names, complete mailing address date of issue, number of securities issued, securities class, series rounds if there are any restrictions attached to those securities, etc.) with all the information listed on the CSV template file provided to Issuer;

I. Digital copies of all documents related to a sale or transfer of securities (including board resolutions authorizing it, subscription agreements, etc.)

***If Issuer is transferring its business from another "Transfer Agent" we will require that the following information be uploaded in KoreConX all-in-one Platform:***

1. Certified list of shareholders by previous transfer agent

2. Certificate history report by account

3. List of stop transfers - including backup documents

4. Transfer journals

5. Pending lost/estate transfer files

6. Issuer history summary and exchange rates, if any

7. Certification of the number of shares issued and outstanding - and your indemnity if there are any outstanding discrepancies© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #35**

8. Policy #41 Mailing List (beneficial shareholders for shares held by DTCC, CDS or other settlement agency)

9. Electronic copies provided in "Excel Spreadsheet File Format" of all other relevant reports/old records and paper transaction files

10. List of Capital changes for the 12 months preceding

***Please note that after reviewing the documentation, upon notice to the Issuer, KoreTransfer may request an Opinion of the Issuer's Legal Counsel addressed to KoreTransfer stating that:***

a) the Issuer has been duly incorporated;

b) that all necessary and proper steps have been taken to make the issue of shares valid;

and

c) that it has, at the date of opinion, a stated capital position with respect to:

(i) authorized shares

(ii) issued and outstanding shares

(iii) the shares are fully paid and non-assessable, and the form of the ecertificates to be recorded by KoreTransfer as transfer agent and registrar has been approved as required by Law and is currently in effect.

***Please complete the attached sample board resolution, or similar, as it relates to Issuer and return it with the list of Directors and Officers (see "Appendix 2").***© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #36**

**Appendix 2**

**Sample Board Resolution**

**Below is a sample Board Resolution Appointing KoreTransfer Transfer Agency as "Transfer Agent and Registrar". Please cut and paste to a new document, complete the highlighted sections once your board has had the board meeting, and return the signed resolution to us.**

**BE IT RESOLVED THAT:**

1. KORETRANSFER USA LLC transfer agency hereinafter referred to as KoreTransfer, with offices located in New York, NY be and it is hereby appointed Transfer Agent and Registrar for the shares (common or preferred) in the stock of the Commune Omni Fund LLC (the "Company");

2. The
 Transfer Agency and Registrarship Agreement (the "Agreement") made as of ___________________ (date) between KoreTransfer and Company under which KoreTransfer will
provide Issuer with the transfer agent and registrar services be hereby approved;

3. The Directors and/or proper Officers of Issuer be and they are hereby authorized to execute the Agreement and are authorized to do all acts and things and to execute and deliver all documents or instruments in writing as may be considered necessary or desirable to carry out the terms of these resolutions;

4. The Issuer hereby agrees to use ecertificates instead of paper certificates for securities and will make all adjustments necessary to the Issuer Bylaws to reflect this change; and,

5. The Directors and/or proper Officers of Issuer hereby certify the following shares have been authorized and issued as of the date of this resolution:

Class   Authorized   Issued   <br> Class   Authorized   Issued   <br> Class   Authorized   Issued  

CERTIFIED to be a true copy of a Resolution passed by the Board of Directors of Issuer and which Resolution is in full force and effect as of the date hereof.

**Signed and dated by Corporate Secretary**© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #37**

**Appendix 3**

**KoreConX All-in-One Platform Features and Definitions**

**All-in-One Platform**

The Services are delivered through the KoreConX all-in-one platform as part of your monthly subscription, which includes the following features to help Issuer.

**AML**

AML = Anti Money Laundering, a regulatory requirement by broker-dealers and KoreTransfer to perform on investors.

**Board Room/Minutebook Platform**

Effective Board Room management with a secure and centralized minute book, meeting scheduler, document storage, and ability to organize committees.

**Cap Table Platform**

A simple, accurate and comprehensive platform solution centralized in one location. Users can manage all the shares and the KoreConX platform is completely aligned with regulatory, investor data, and performance power for reporting and disclosure of data. Its design matches all the criteria to support Information, securities management, and simplify compliance.

**Compliance Platform**

This is an integral part of the all-in-one solution and facilitates efficient compliance with regulatory requirements built-in. This is provided to Issuers Broker-Dealer to perform the compliance requirements for the offering.

**DealRoom Platform**

Manage the processes of fundraising, merger and acquisition, bank loans, and IPO activity located alongside due diligence and compliance processes in a secure and integrated platform. While raising capital, issuers can count on a structure integrated to centralize all the documents, as long as the entire process: setting up the offering, selecting your partners, due diligence, and monitoring your live offering.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #38**

**Digital Securities Protocol**

Shall mean digitized representation of securities of the issuer, which can be security token, stable coin, or non-fungible token (NFT).

**Issuance Platform**

Manage RegCF, RegA+, RegS and RegD fund raises from beginning to end. With compliance simplified, issuers can more efficiently meet obligations during their raise and have full lifecycle shareholder management capability.

**KoreID Mobile App**

The KoreID Mobile App is provided to all stakeholders of Issuer. The KoreID App has limited functionality and is provided as is. The KoreID App re-invest feature is only available for live RegCF, RegA+, RegD, and RegS offerings.

**KoreID Verified**

KoreID Verified is a certification mark for Issuers who are raising capital to place on their website to display alongside their other certifications to give investors confidence that the Issuer's site is trustworthy.

**KYC**

KYC = Know Your Client, a regulatory requirement by broker-dealers and KoreTransfer to perform on investors and potential clients.

**KYP**

KYP= Know Your Product, a regulatory requirement by broker-dealers to perform on issuers such as bad actor reports.

**Private Label**

This feature, <u>if selected</u>, provides our platform and email notifications with your logo, brand, look and feel. Your stakeholders can login directly at Issuer's website.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #39**

**Portfolio Platform**

This feature allows shareholders to manage their investment in the Issuer, receive any communications, transfer and do secondary market trading when available.

**SEC-Transfer Agent Platform**

SEC registered Transfer Agent services is the register, recording transactions, cancelling and issuing e-certificates, with added capability to manage options, warrants and even distribution payments to shareholders.

**Shareholder Communications Platform**

With all information stored in one place, KoreConX platform eliminates the need for multiple, out of sync programs like Excel, CRM, or email programs. It is a new standard for shareholder management through transparency, compliance, and shareholder confidence.© 2016-2024 KoreConX Inc. and KoreTransfer USA LLC \| Private and Confidential \| Not for Distribution \| **Page #40**

## Ex1A-8

**Exhibit 8.1**

**TRI-PARTY ESCROW AGREEMENT**

This ESCROW AGREEMENT ("<u>Agreement</u>") is made and entered into as of January 10, 2025, by and among COMMUNE OMNI FUND, LLC, a Delaware limited liability company (the "<u>Company</u>"), Andes Capital Group, LLC, an Illinois limited liability company the "<u>Managing Broker-Dealer</u>") and ENTERPRISE BANK & TRUST, a Missouri chartered trust company with banking powers (in its capacity as escrow holder, the "<u>Escrow Agent</u>").

<u>RECITALS</u>

This Agreement is being entered into in reference to the following facts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company intends to offer and sell to prospective investors ("<u>Investors</u>"), as disclosed in its offering materials, in a registered offering pursuant to the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or as exemption from registration thereunder (the "<u>Offering</u>"), the equity, debt, or other securities of the Company (the "<u>Securities</u>") with no minimum (the "<u>Minimum</u>") and a maximum of $75,000.00 (Seventy Five Million) (the "<u>Maximum</u>") as described in the Company's disclosure materials and the Subscription Agreement (the "<u>Subscription Agreement</u>") applicable to the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Offering, the Company and Managing Broker-Dealer desire to establish an Escrow Account (as defined herein) on the terms and subject to the conditions set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Agreement, the term "<u>Soliciting Dealer</u>" refers to the Managing Broker-Dealer and any other securities dealer that may be retained by the Managing Broker-Dealer in connection with the Managing Broker-Dealer's services to the Company.

<u>ARTICLE 1-ESCROW FUNDS</u>

1.1 <u>Appointment of Escrow Agent</u>. The Company hereby appoints the Escrow Agent to act as escrow holder for the Escrow Funds (as defined below) under the terms of this Agreement. The Escrow Agent hereby accepts such appointment, subject to the terms, conditions, and limitations hereof.

1.2 <u>Establishment of Escrow</u>. Immediately following the Escrow Agent's execution of this Agreement, the Escrow Agent will open a non-interest bearing bank checking account with Escrow Agent (the "<u>Escrow Account</u>") for the purpose of receiving and holding Cash Deposits (as defined below) and the remaining portion of the Total Purchase Price (as defined below) payable by each Investor (as defined below) in connection with the Offering (the "<u>Escrow Funds</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Escrow Funds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Investor or Soliciting Dealer will be instructed by the Company or its Intermediary (as defined herein) to remit to the Company, a predetermined cash deposit (the "<u>Cash Deposit</u>"), as indicated on the applicable Subscription Agreement (as defined below), in the form of a check, draft, wire or ACH payable to the order of "Enterprise Bank & Trust, as Escrow Agent for "COMMUNE OMNI FUND, LLC". Following receipt by the Company of an Investor's Cash Deposit, the Company or its Intermediary will promptly: (i) send to the Escrow Agent the Investor's name, address, executed IRS Form W-9 and total purchase price to be remitted for the Securities to be purchased by the Investor (the "<u>Total Purchase Price</u>"), and (ii) remit to the Escrow Agent the Cash Deposit. Escrow Agent shall promptly deposit the Cash Deposit into the Escrow Account, which deposit shall occur within two (2) business days after the Escrow Agent's receipt of the Cash Deposit. For purposes of this Agreement, "<u>Intermediary</u>" shall mean a broker registered under Section 15(b) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or a funding portal registered under Regulation CF, 17 C.F.R. Part 227, and includes, where relevant, an associated person of the registered broker or registered funding portal. Notwithstanding the above, if the Company has retained an Intermediary, the Intermediary may instruct an Investor or Soliciting Dealer to remit the Cash Deposit amount in a method authorized by such Intermediary's portal or other website hosted by the Company or Intermediary in connection with the Offering, which may be remitted in the form of a credit card, wire, ACH payment, or other method, payable to the order of "Enterprise Bank & Trust, as Escrow Agent for "COMMUNE OMNI FUND, LLC" as applicable. Such Cash Deposit amounts shall be paid into the Escrow Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On or prior to the consummation of the Offering, each Investor or Soliciting Dealer may be further instructed by the Company or its Intermediary to remit directly to the Escrow Agent an amount equal to the difference between such Investor's Total Purchase Price and the amount of such Investor's Cash Deposit, in a form of payment as described in Section 1.3(a), payable to the order of "Enterprise Bank & Trust, as Escrow Agent for "COMMUNE OMNI FUND, LLC" as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Escrow Agent shall have no obligation to accept Escrow Funds or documents from any party other than the Investors, the Soliciting Dealers or the Company. Any checks that are made payable to a party other than the Escrow Agent shall be returned to the party submitting the check, and if received by the Company shall not be remitted to the Escrow Agent. Proceeds in the form of wire or other electronic funds transfers are deemed deposited into the Escrow Account and considered "<u>Collected Funds</u>" when received by the Escrow Agent. Any Proceeds deposited in the form of a check, draft or similar instrument are deemed deposited when the collectability thereof has been confirmed; after such time, such Proceeds are considered "<u>Collected Funds</u>." The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the Escrow Account. Should any check be deemed uncollectible for any reason, the Escrow Agent will notify the Company of the amount of such return check, the name of the Investor and the reason for return and return the check to the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Escrow Agent will hold all Escrow Funds in escrow, free from any liens, claims or offsets, and such monies shall not become the property of the Company, the Investor or any Soliciting Dealer, nor shall such monies become subject to the debts thereof or the debts of the Escrow Agent, unless and until the conditions set forth in these instructions to disbursement of such monies have been fully satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Escrow Funds shall be disbursed by the Escrow Agent from the Escrow Account by wire transfer or by a check payable to the appropriate payee(s) in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Escrow Agent shall not be required to take any action under this <u>Section 1.3</u> or any other section hereof until it has received proper written instruction from both (i) an Authorized Representative of the Company or authorized representative of its Intermediary and (ii) an Authorized Representative of the Managing Broker-Dealer, delivered in compliance with all applicable laws and pursuant to the terms of this Agreement. Such written instructions shall be in the form prescribed by the applicable Exhibit and signed by all required parties. Except as otherwise expressly contemplated herein, all parties hereby direct and instruct Escrow Agent to accept any payment or other instructions provided by both (i) an Authorized Representative of the Company or authorized representative of its Intermediary and (ii) an Authorized Representative of the Managing Broker-Dealer, and Escrow Agent shall have no duty or obligation to authenticate such payment or other instructions or the authorization thereof. The Escrow Agent shall not be required to release any funds that constitute Escrow Funds unless the funds represented thereby are Collected Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Company, any Intermediary, and the Managing Broker-Dealer shall conduct all aspects of the Offering in full compliance with all applicable law, including all federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Investments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All funds in the Escrow Account will be held by Escrow Agent in a non-interest bearing bank account at Escrow Agent. The Escrow Funds will not earn interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Cancellation of Subscriptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may reject or cancel any Investor's offer to purchase Securities (the "<u>Subscription</u>"), in whole or in part. If all or any portion of the Total Purchase Price for such rejected or canceled Subscription has been delivered to the Escrow Agent, then the Company or its Intermediary will inform Escrow Agent in writing of the rejection or cancellation, and instruct Escrow Agent in writing in the form of <u>Exhibit "C"</u> attached hereto to refund some or all of the Escrow Funds. Such instruction must be made and delivered in compliance with all applicable state and federal rules and regulations, including, but not limited to, the Securities Act and signed by an Authorized Representative of the Company or authorized representative of the Intermediary.

<u>ARTICLE 2-DISBURSEMENT PROCEDURES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Disbursement of Proceeds</u>. Escrow Agent shall hold and disburse the Escrow Funds in accordance with the following procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of <u>Section 2.1(b)</u> through <u>Section 2.1(g)</u>, in the event Escrow Agent receives Collected Funds for the Minimum Offering prior to the termination of this Agreement, and for any point thereafter, and from time to time, promptly after the Escrow Agent's receipt of written instructions from both (i) an Authorized Representative of the Company or authorized representative of its Intermediary and (ii) an Authorized Representative of the Managing Broker-Dealer in the form of <u>Exhibit "A"</u> attached hereto, the Escrow Agent shall disburse (by wire transfer or by a check payable to the appropriate payee(s)) the principal amount of all Escrow Funds then held by Escrow Agent, or such lesser amount as may be specified in such written instructions (but not less than the amount covered by the Minimum Offering) in accordance with such written instructions, as provided from time to time. Escrow Funds shall be distributed within one (1) business day of the Escrow Agent's receipt of such written instructions, which must be received by the Escrow Agent no later than 1:00 p.m. Central Standard time on a business day for the Escrow Agent to process such instructions that business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Escrow Agent shall continue to accept deposits of additional Escrow Funds until a date (the "<u>Final Closing Date</u>") which is the earlier of (i) the date on which the Escrow Agent receives written notification, signed by both (A) an Authorized Representative of the Company or an authorized representative of the Intermediary and (B) an Authorized Representative of the Managing Broker-Dealer, that the Company has accepted Subscriptions for the Maximum Offering, or (ii) the date on which the Escrow Agent receives written notification, signed by both (A) an Authorized Representative of the Company or an authorized representative of the Intermediary and (B) an Authorized Representative of the Managing Broker-Dealer, of a final closing date for receipt of Escrow Funds. Promptly from and after the Final Closing Date, the Escrow Agent shall return directly to the Investor, the principal amount of any Escrow Funds received by the Escrow Agent after the Final Closing Date and shall cease to accept any additional Escrow Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If both (i) an Authorized Representative of the Company or authorized representative of its Intermediary and (ii) an Authorized Representative of the Managing Broker-Dealer give written notice to the Escrow Agent of the termination or withdrawal of the Offering, in the form of <u>Exhibit "B"</u> attached hereto, then promptly after such notification, the Escrow Agent shall return, as a complete distribution, each Investor's Escrow Funds, without deduction, penalty, or expense, to such Investor in the same method as the Investor caused payment pursuant to <u>Section 1.3(a)</u>; provided, however, that to the extent an Investor's Escrow Funds were received by Escrow Agent from a qualified intermediary, such funds shall be returned to such qualified intermediary. In the event of the termination of the Offering pursuant to this <u>Section 2.1(c)</u>, the Escrow Funds shall not under any circumstance be returned to the Soliciting Dealers or the Company. The Company represents, warrants, and agrees that the Escrow Funds returned to each Investor (or to such Investor's qualified intermediary) are and shall be free and clear of any and all claims of the Company and its creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If an Investor is entitled to terminate its Subscription, or the Company rejects such Subscription in whole or in part, for which the Escrow Agent has received Escrow Funds, the Escrow Agent shall, upon a written instruction signed by both (i) an Authorized Representative of the Company or authorized representative of its Intermediary and (ii) an Authorized Representative of the Managing Broker-Dealer, in the form of <u>Exhibit "C"</u> attached hereto, promptly return directly to such Investor that portion of the Escrow Funds associated with such Investor and specified in the written instruction in the same method as the Investor caused payment pursuant to <u>Section 1.3(a)</u>. If the Escrow Agent has not yet collected funds but has submitted the Investor's check for collection, the Escrow Agent shall promptly return the funds in the amount of the Investor's check to such Investor after such funds have been collected. If the Escrow Agent has not yet submitted such Investor's check for collection, the Escrow Agent shall promptly remit the Investor's check directly to the Investor. If applicable, any disbursement instructions shall be delivered in compliance with Regulation CF, 17 C.F.R. 227.304.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If an Investor elects to remit the Total Purchase Price for such Investor's purchase of the Securities in lieu of applying the Investor's Cash Deposit to the Purchase Price, the Escrow Agent shall, upon the written request of both (i) an Authorized Representative of the Company or authorized representative of its Intermediary and (ii) an Authorized Representative of the Managing Broker-Dealer, promptly return directly to such Investor, in the same method as the Investor caused payment pursuant to <u>Section 1.3(a)</u>, the Cash Deposit deposited in the Escrow Account on behalf of such Investor. If the Escrow Agent has not yet collected funds but has submitted the Investor's check for the Cash Deposit for collection, the Escrow Agent shall promptly return the funds in the amount of the Investor's check to such Investor after such funds have been collected. If the Escrow Agent has not yet submitted such Investor's check for collection, the Escrow Agent shall promptly remit the Investor's check directly to the Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or for the Escrow Agent to take action is not a business day, then such date shall be the business day that immediately precedes such date. A "<u>business day</u>" is any day other than a Saturday, Sunday or any other day on which banking institutions located in the state of Missouri, are authorized or obligated by law or executive order to close.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Any delivery of written disbursement and other instructions by an Authorized Representative of the Company, Authorized Representative of the Managing Broker-Dealer, or an authorized representative of an Intermediary pursuant to this Article 2 shall be made in compliance with all applicable state and federal rules and regulations, including, but not limited to, the Securities Act and the Exchange Act.

<u>ARTICLE 3- GENERAL ESCROW PROCEDURES</u>

3.1 <u>Accounts and Records</u>. Escrow Agent shall keep accurate books and records of all transactions hereunder. The Company shall be responsible for maintaining accurate books and records as to owners of the beneficial interest in the Escrow. The Company and Escrow Agent shall each have reasonable access to one another's books and records concerning the Offering and the Escrow Account. Upon final disbursement of the Escrow Funds, the Escrow Agent shall deliver to the Company a complete accounting of all transactions relating to the Escrow Account.

3.2 <u>Duties</u>. Escrow Agent's duties and obligations hereunder shall be determined solely by the express provisions of this Agreement. Escrow Agent's duties and obligations are purely ministerial in nature, and nothing in this Agreement shall be construed to give rise to any fiduciary obligations of the Escrow Agent with respect to the Investors or to the other parties to this Agreement. Without limiting the generality of the foregoing, the Escrow Agent is not charged with any duties or responsibilities with respect to any documentation associated with the Offering and shall not otherwise be concerned with the terms thereof. For purposes of communications and directives, the Escrow Agent shall not accept any instructions from a Soliciting Dealer participating in the Offering. The Escrow Agent shall not be required to notify or obtain the consent, approval, authorization, or order of court or governmental body to perform its obligations under this Agreement, except as expressly provided herein. The parties agree that Escrow Agent shall not be required to expend or risk any of its own funds or otherwise incur any liability, financial or otherwise, in the performance of any of its duties hereunder.

3.3 <u>Liability Limited</u>. Escrow Agent shall not be liable to anyone whatsoever by any reason of error of judgment or for any act done or step taken or omitted by them in good faith or for any mistake of fact or law or for anything which they may do or refrain from doing in connection herewith unless caused by or arising out of their own gross negligence or willful misconduct. In no event shall the Escrow Agent be liable for any indirect, special, consequential damages, or punitive damages. Escrow Agent shall have no responsibility to ensure anyone's compliance with any securities laws in connection with the Offering, and Escrow Agent shall not be required to inquire as to the performance or observation of any obligation, term or condition under any other agreements or arrangements.

3.4 <u>Fees</u>. The Company shall pay the Escrow Agent the fees based on the fee schedule attached hereto as <u>Exhibit "D"</u>. In addition, the Company shall be obligated to reimburse the Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account, including reasonable attorneys' fees. Neither the modification, cancellation, termination or rescission of this Agreement nor the resignation or termination of the Escrow Agent shall affect the right of the Escrow Agent to retain the amount of any fee which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date of any such modification, cancellation, termination, resignation or rescission. Escrow Agent is hereby authorized by the Company to deduct from the Escrow Fund any fees not timely paid, and any unpaid fees before final distribution of the Escrow Fund to the Company in accordance with this Agreement; provided, however, that no fees shall be deducted from any amount of Escrow Funds to be returned to Investors. To the extent the Escrow Agent has incurred any such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall direct all such amounts to be paid directly at any such closing.

3.5 <u>Exculpation</u>. Escrow Agent's duties hereunder shall be strictly limited to the safekeeping of monies, instruments or other documents received by the Escrow Agent and any further responsibilities expressly provided in this Agreement. The Escrow Agent will not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the genuineness, sufficiency, correctness as to form, manner or execution or validity of any instrument deposited in the Escrow, nor the identity, authority or rights of any person executing the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any misrepresentation or omission in any documentation associated with the Offering or any failure to keep or comply with any of the provisions of any agreement, contract, or other instrument referred to therein; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the failure of any Soliciting Dealer or Investor to transmit, or any delay in transmitting, any Investor's Purchase Price to the Company or Escrow Agent.

3.6 <u>Interpleader</u>. If (i) conflicting demands are made or notice served upon the Escrow Agent with respect to the escrow or (ii) the Escrow Agent is otherwise uncertain as to its duties or rights hereunder, then the Escrow Agent shall have the absolute right at its election to do either or both of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) withhold and stop all further proceedings in, and performance of, this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) file a suit in interpleader and obtain an order from the court requiring the parties to litigate their several claims and rights among themselves. In the event such interpleader suit is brought, the Escrow Agent shall be fully released from any obligation to perform any further duties imposed upon it hereunder, and the Company shall pay the Escrow Agent actual costs, expenses and reasonable attorney's fees expended or incurred by Escrow Agent, the amount thereof to be fixed and a judgment thereof to be rendered by the court in such suit.

3.7 <u>Indemnification and Contribution</u>. The Company and the Managing Broker-Dealer (each, an "<u>Indemnifying Party</u>") jointly and severally agree to defend, indemnify and hold Escrow Agent and its affiliates and their respective directors, officers, agents ("<u>Indemnified Parties</u>") harmless from and against all costs, damages, judgments, attorneys' fees, expenses, obligations and liabilities of any kind or nature ("<u>Damages</u>") to the fullest extent permitted by law, from and against any Damages or liabilities related to or arising out of this Agreement which the Indemnified Parties may reasonably incur or sustain in connection with or arising out of the escrow or this Agreement and will reimburse the Indemnified Parties for all expenses (including attorneys' fees) as they are incurred by the Indemnified Parties in connection with investigating, preparing or defending any such action or claim whether or not in connection with pending or threatened litigation in which the Indemnified Parties is or are a party; <u>provided</u>, however, the Indemnifying Party will not be responsible for Damages or expenses which are finally judicially determined to have resulted from an Indemnified Party's gross negligence or willful misconduct. The provisions of this section shall survive the termination of this Agreement and any resignation of the Escrow Agent.

3.8 <u>Compliance with Orders</u>. If at any time Escrow Agent is served with any judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process which in any way affects the Escrow Funds (including but not limited to orders of attachment or any other forms of levies or injunctions or stays relating to the transfer of the Escrow Funds), Escrow Agent is authorized to comply therewith in any manner as it or its legal counsel of its own choosing deems appropriate; and if Escrow Agent complies with any such judicial or administrative order, judgment, decree, writ or other form of judicial or administrative process, Escrow Agent shall not be liable to any of the parties hereto or to any other person or entity even though such order, judgment, decree, writ or process may be subsequently modified or vacated or otherwise determined to have been without legal force or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Resignation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Escrow Agent may resign as escrow holder hereunder upon fourteen (14) days prior written notice to the Company and shall thereupon be fully released from any obligation to perform any further duties imposed upon it hereunder. The Company and Managing Broker-Dealer shall promptly appoint a successor escrow agent. The Escrow Agent will transfer all files and records relating to the Escrow and Escrow Account to any successor escrow holder mutually agreed to in writing by the Company and Managing Broker-Dealer upon receipt of a copy of the executed escrow instructions designating such successor. If the Company and Managing Broker-Dealer have failed to appoint a successor escrow agent prior to the expiration of fourteen (14) calendar days following the delivery of such notice of resignation from Escrow Agent, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor escrow agent or for other appropriate relief, and any such resulting appointment shall be binding upon the Company and Managing Broker-Dealer. The Company and Managing Broker-Dealer shall be jointly and severally liable for Escrow Agent's costs and expenses including attorneys incurred in such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a resignation of the Escrow Agent, the Escrow Agent shall have no responsibility for the appointment of a successor escrow agent hereunder. The successor escrow agent appointed by the Company and Managing Broker-Dealer shall execute, acknowledge and deliver to the Escrow Agent and the other parties an instrument in writing accepting its appointment hereunder. Thereafter, the Escrow Agent shall deliver all of the then-remaining balance of the Escrow Funds, less any expenses then incurred by and unpaid to the Escrow Agent, to such successor escrow agent in accordance with the joint written direction of the Company and Managing Broker-Dealer and upon receipt of the Escrow Funds, the successor escrow agent shall be bound by all of the provisions of this Agreement.

3.10 <u>Filings and Resolution</u>. Concurrently or prior to the execution and delivery of this Agreement, the Company shall deliver to the Escrow Agent a copy of its certificate of formation or other charter documents, resolutions, and any other account agreements requested by Escrow Agent.

3.11 <u>Authorized Representatives</u>. The Company hereby identifies to Escrow Agent the officers, employees or agents designated on Schedule I attached hereto as an authorized representative (each, an "<u>Authorized Representative</u>") with respect to any notice, certificate, instrument, demand, request, direction, instruction, waiver, receipt, consent or other document or communication required or permitted to be furnished to Escrow Agent. Schedule I may be amended and updated by written notice to Escrow Agent. Escrow Agent shall be entitled to rely on such original or amended Schedule I with respect to any party until a new Schedule I is furnished by such party to Escrow Agent. The Managing Broker-Dealer hereby agrees that any of its officers, employees or agents shall have authority to sign any notice, certificate, instrument, demand, request, direction, instruction, waiver, receipt, consent or other document or communication required or permitted to be furnished to Escrow Agent. If applicable, the Company hereby identifies to Escrow Agent the officers, employees or agents of any Intermediary designated on Schedule I attached hereto as an authorized representative of the Intermediary with respect to any instruction or notice that such Intermediary is required or eligible to give pursuant to this Agreement, including with respect to the disbursement of Escrow Funds and other cash.

3.12 <u>Term</u>. The term of this Agreement shall commence as of the date first above written and shall end on the date that all funds in the Escrow Account are disbursed pursuant to this Agreement and all reporting obligations specified herein have been satisfied.

3.13 <u>Identification Number</u>. The Company represents and warrants that (a) its Federal tax identification number ("TIN") specified on the signature page of this Agreement underneath its signature is correct and is to be used for 1099 tax reporting purposes, and (b) it is not subject to backup withholding. The Company shall provide the Escrow Agent with the TIN and verification that the person or entity is not subject to backup withholding for any person or entity to whom interest is paid on any of the Proceeds, if applicable. Such verification may be evidenced by providing the Escrow Agent a Subscription Agreement containing appropriate language or a copy of a W-9.

3.14 <u>Reliance</u>. When Escrow Agent acts on any communication (including, but not limited to, communication with respect to the transfer of funds) sent by electronic transmission, Escrow Agent, absent gross negligence or willful misconduct, shall not be responsible or liable in the event such communication is not an authorized or authentic communication of the party involved or is not in the form the party involved sent or intended to send (whether due to fraud, distortion or otherwise). Escrow Agent shall not be liable for any losses, costs or expenses arising directly or indirectly from Escrow Agent's reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Company and the Managing Broker-Dealer agree to assume all risks arising out of the use of such electronic transmission to submit instructions and directions to Escrow Agent, including without limitation the risk of Escrow Agent acting on unauthorized instructions, and the risk or interception and misuse by third parties.

3.15 <u>Force Majeure</u>. Escrow Agent shall not incur liability for not performing any act or not fulfilling any duty, obligation or responsibility hereunder by reason of any occurrence beyond the control of Escrow Agent (including but not limited to any act or provision of any present or future law or regulation or governmental authority, pandemic or public health emergency, any act of God or war, terrorism or the unavailability of the Federal Reserve Bank or other wire or communication facility).

<u>ARTICLE 4- GENERAL PROVISIONS</u>

4.1 <u>Notice</u>. Any notice, request, demand or other communication provided for hereunder to be given shall be in writing and shall be delivered personally, by certified mail, return receipt requested, postage prepaid, or by transmission by a telecommunications device, and shall be effective (a) on the day when personally served, including delivery by overnight mail and courier service, (b) on the third business day after its deposit in the United States mail, and (c) on the business day of confirmed transmission by telecommunications device. The addresses of the parties hereto (until notice of a change thereof is served as provided in this <u>Section 4.1</u>) shall be as follows:

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| | |
|:---|:---|
| To the Managing Broker-Dealer: | To the Company: |
| Andes Capital Group, LLC | Commune Omni Fund, LLC |
| 205 W. Wacker Drive, Suite 610 | 31248 Oak Crest Drive, Ste. 100 |
| Chicago, IL 60606 | Westlake Village, CA 91361 |
| Attn: Curtis Spears | Attn: Jerry Sanada |
| 312-925-2498 | 805-300-5383 |
| cspears@andescap.com | jvs@communecapital.com |

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| |
|:---|
| To the Escrow Agent: |
| Enterprise Bank & Trust |
| Attn: Specialty Banking Group, Escrow<br> 1281 N. Warson |
| St. Louis, Missouri 63132 <br> sbg@enterprisebank.com |
| with a copy to: Legal Department via email<br> legaltracking@enterprisebank.com |

---

4.2 <u>Amendments</u>. Except as otherwise permitted herein, this Agreement may be modified only by a written amendment signed by the parties hereto, and no waiver of any provision hereof will be effective unless expressed in a writing signed by the parties hereto.

4.3 <u>Wiring Instructions</u>. In the event fund transfer instructions are given, such instructions must be communicated to Escrow Agent in writing delivered pursuant to <u>Section 4.1</u>. Escrow Agent shall seek confirmation of such instructions by telephone call-back to an Authorized Representative (in the case of the Company), authorized representative of the Intermediary, or other authorized person, and Escrow Agent may rely upon the confirmations of anyone purporting to be the Authorized Representative of the Company, authorized representative of the Intermediary, or other authorized person so designated. Escrow Agent and the beneficiary's bank in any funds transfer may rely solely upon any account numbers or similar identifying numbers provided by the Company or the Intermediary to identify (i) the beneficiary, (ii) the beneficiary's bank, or (iii) an intermediary bank. Escrow Agent may apply any of the Escrow Funds for any payment order it executes using any such identifying number, even when its use may result in a person other than the beneficiary being paid, or the transfer of funds to a bank other than the beneficiary's bank or an intermediary bank designated. The parties to this Agreement acknowledge that such security procedure is commercially reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Notifications</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Escrow Agent may, but need not, honor and follow instructions, amendments or other orders ("orders") which shall be provided by telephone facsimile transmission ("faxed") to the Escrow Agent in connection with this Agreement and may act thereon without further inquiry and regardless of whom or by what means the actual or purported signature of the Company may have been affixed thereto if such signature in Escrow Agent's sole judgment resembles the signature of the Company. The Company indemnifies and holds the Escrow Agent free and harmless from any and all liability, suits, claims or causes of action which may arise from loss or claim of loss resulting from any forged, improper, wrongful or unauthorized faxed order. The Company shall pay all actual attorney fees and costs reasonably incurred by the Escrow Agent (or allocable to its in-house counsel), in connection with said claim(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Furthermore, all parties hereby agree that all current and future notices, confirmations and other communications regarding this Agreement specifically, and future communications in general between the parties, may be made by email, sent to the email address of record as set forth above or, solely with regards to business in the normal course, as otherwise from time to time changed or updated, directly by the party changing such information, without necessity of confirmation of receipt, delivery or reading, and such form of electronic communication is sufficient for all matters regarding the relationship between the parties. If any such electronically-sent communication fails to be received for any reason, including but not limited to such communications being diverted to the recipients' spam filters by the recipients email service provider or technology, or due to a recipients' change of address, or due to technology issues by the recipients' service provider, the parties agree that the burden of such failure to receive is on the recipient and not the sender, and that the sender is under no obligation to resend communications via any other means, including but not limited to postal service or overnight courier, and that such communications shall for all purposes, including legal and regulatory, be deemed to have been delivered and received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company is responsible for the accuracy and completeness of all communications given by it including those given pursuant to electronic means, including but not limited to email, internet, facsimile or text. Escrow Agent shall not be responsible for any interruption in such communication services and the Company shall be responsible for security of all such services.

4.5 <u>Assignment</u>. Except as permitted in this Section 4.5, neither this Agreement nor any rights or obligations hereunder may be assigned by any party hereto without the express written consent of each of the other parties hereto. This Agreement shall inure to and be binding upon the parties hereto and their respective successors, heirs and permitted assigns. Any corporation into which Escrow Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which Escrow Agent will be a party, or any corporation succeeding to all or substantially all the business of Escrow Agent will be the successor of Escrow Agent hereunder without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding.

4.6 <u>USA PATRIOT Act</u>. The Company shall provide to Escrow Agent such information as Escrow Agent may reasonably require to permit Escrow Agent to comply with its obligations under the federal USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001). Escrow Agent shall not make any payment of all or a portion of the Escrow Fund, to any person unless and until such person has provided to Escrow Agent such documents as Escrow Agent may require to permit Escrow Agent to comply with its obligations under such Act. Further, Company represents and warrants to Escrow Agent that if it is a hedge fund, it will promptly notify Escrow Agent and enter into any agreement or provide any documentation requested by Escrow Agent.

4.7 <u>Termination</u>. This Agreement shall terminate when all the Escrow Funds have been disbursed or returned in accordance with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8 <u>Time of Essence</u>. Time is of the essence of these and all additional or changed instructions.

4.9 <u>Counterparts</u>. This Agreement may be executed in counterparts, each of which so executed shall, irrespective of the date of its execution and delivery, be deemed an original, and said counterparts together shall constitute one and the same instrument.

4.10 <u>Governing Law and Jurisdiction</u>. This Agreement shall be governed by, and shall be construed according to, the laws of the State of Missouri. The parties hereby irrevocably submit to the exclusive jurisdiction of the state courts of St. Louis County, Missouri or, if proper subject matter jurisdiction exists, the United States District Court for the Eastern District of Missouri, in any action or proceeding arising out of or relating to this Agreement. Each party hereto further irrevocably consents to the service of any complaint, summons, notice or other process relating to any such action or proceeding by delivery thereof to it by hand or by registered or certified mail, return receipt requested, in the manner provided for herein. Each party hereto hereby expressly and irrevocably waives any claim or defense in any such action or proceeding based on improper venue or *forum non conveniens* or any similar basis.

4.11 <u>Waiver of Jury Trial</u>. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, EACH PARTY HEREBY EXPRESSLY, INTENTIONALLY, AND DELIBERATELY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING IN WHOLE OR IN PART UNDER, RELATED TO, BASED ON OR IN CONNECTION WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF, WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER SOUNDING IN TORT OR CONTRACT OR OTHERWISE (EACH, A "CLAIM"). ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 4.11 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. In the event that the waiver of jury trial set forth in the previous sentence is not enforceable under the law applicable to this Agreement, the parties to this Agreement agree that any Claim, including any question of law or fact relating thereto, shall, at the written request of any party, be determined by judicial reference pursuant to Missouri law. The parties shall select a single neutral referee, who shall be a retired state or federal judge. In the event that the parties cannot agree upon a referee, the court shall appoint the referee. The referee shall report a statement of decision to the court. Nothing in this paragraph shall limit the right of any party at any time to exercise self-help remedies, foreclose against collateral or obtain provisional remedies. The parties shall bear the fees and expenses of the referee equally, unless the referee orders otherwise. The referee shall also determine all issues relating to the applicability, interpretation, and enforceability of this paragraph. The parties acknowledge that if a referee is selected to determine the Claims, then the Claims will not be decided by a jury.

4.12 <u>Use of Name</u>. The Company and the Managing Broker-Dealer will not make any reference to Enterprise Bank & Trust in connection with the Offering except with respect to its role as Escrow Agent hereunder, and in no event will the Company or the Managing Broker-Dealer state or imply the Escrow Agent has investigated or endorsed the Offering in any manner whatsoever.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties have executed this Agreement pursuant to due authority as of the date set forth above.

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| | |
|:---|:---|
| **Company:** | **Company:** |
| COMMUNE OMNI FUND, LLC, | COMMUNE OMNI FUND, LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| EIN; 99-1550010 | EIN; 99-1550010 |
| By: | /s/ Jerry Sanada |
| Name: | Jerry Sanada |
| Its: | CEO |
| **Managing Broker-Dealer:** | **Managing Broker-Dealer:** |
| Andes Capital Group, LLC, | Andes Capital Group, LLC, |
| an Illinois limited liability company | an Illinois limited liability company |
| EIN; 20-1450663 | EIN; 20-1450663 |
| By: | /s/ Curtis Spears |
| Name: | Curtis Spears |
| Its: | CEO |
| **Escrow Agent:** | **Escrow Agent:** |
| Enterprise Bank & Trust | Enterprise Bank & Trust |
| By: | /s/ Ernesto Maldonado |
| Name: | Ernesto Maldonado |
| Its: | SVP, Specialty Escrow Officer |

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**EXHIBIT A**

**DISBURSEMENT NOTICE**

**DISBURSEMENT OF OFFERING PROCEEDS**

To the Escrow Agent:

Enterprise Bank & Trust

Attn: Specialty Banking Group, Escrow

1281 N. Warson

St. Louis, Missouri 63132

[DATE]

Re: Escrow Account No. CO-50010

Dear Escrow Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reference is made to that certain Escrow Agreement dated as of January 10, 2025 (the "<u>Escrow Agreement</u>") by and among COMMUNE OMNI FUND, LLC, a Delaware limited liability company (the "<u>Company</u>"), Andes Capital Group, LLC, an Illinois limited liability company (the "<u>Managing Broker-Dealer</u>") and ENTERPRISE BANK & TRUST (in its capacity as escrow holder, the "<u>Escrow Agent</u>"). All terms used but not defined herein shall have the respective meanings given such terms in the Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company hereby certifies that the Company has received and accepted subscriptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You are hereby directed to disburse Escrow Funds in the amount of $_____________ to the Company as follows: ________________________________________________

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned has executed this statement as of the date first hereinabove set forth.

---

| | |
|:---|:---|
| **Company:** | **Company:** |
| COMMUNE OMNI FUND, LLC, | COMMUNE OMNI FUND, LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| EIN; 99-1550010 | EIN; 99-1550010 |
| By: |  |
| Name: | Jerry Sanada |
| Its: | CEO |
| **Managing Broker-Dealer:** | **Managing Broker-Dealer:** |
| Andes Capital Group, LLC, | Andes Capital Group, LLC, |
| an Illinois limited liability company | an Illinois limited liability company |
| EIN; 20-1450663 | EIN; 20-1450663 |
| By: |  |
| Name: | Curtis Spears |
| Its: | CEO |
| **Escrow Agent:** | **Escrow Agent:** |
| Enterprise Bank & Trust | Enterprise Bank & Trust |
| By: |  |
| Name: | Ernesto Maldonado |
| Its: | SVP, Specialty Escrow Officer |

---

**EXHIBIT B**

**DISBURSEMENT NOTICE TERMINATION**

To the Escrow Agent:

Enterprise Bank & Trust

Attn: Specialty Banking Group, Escrow

1281 N. Warson

St. Louis, Missouri 63132

[DATE]

Re: Escrow Account No. CO-50010

Dear Escrow Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reference is made to that certain Escrow Agreement dated as of January 10, 2025 (the "<u>Escrow Agreement</u>") by and among COMMUNE OMNI FUND, LLC, a Delaware limited liability company (the "<u>Company</u>"), Andes Capital Group, LLC, an Illinois limited liability company (the "<u>Managing Broker-Dealer</u>") and ENTERPRISE BANK & TRUST (in its capacity as escrow holder, the " <u>Escrow Agent</u>"). All terms used but not defined herein shall have the respective meanings given such terms in the Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company has terminated the Offering prior to the disbursement of offering proceeds pursuant to Section 2.1(c) of the Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You are hereby directed to disburse the Escrow Funds to Investors as follows:

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned has executed this statement as of the date first hereinabove set forth.

---

| | |
|:---|:---|
| **Company:** | **Company:** |
| COMMUNE OMNI FUND, LLC, | COMMUNE OMNI FUND, LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| EIN; 99-1550010 | EIN; 99-1550010 |
| By: |  |
| Name: | Jerry Sanada |
| Its: | CEO |
| **Managing Broker-Dealer:** | **Managing Broker-Dealer:** |
| Andes Capital Group, LLC, | Andes Capital Group, LLC, |
| an Illinois limited liability company | an Illinois limited liability company |
| EIN; 20-1450663 | EIN; 20-1450663 |
| By: |  |
| Name: | Curtis Spears |
| Its: | CEO |
| **Escrow Agent:** | **Escrow Agent:** |
| Enterprise Bank & Trust | Enterprise Bank & Trust |
| By: |  |
| Name: | Ernesto Maldonado |
| Its: | SVP, Specialty Escrow Officer |

---

**EXHIBIT C**

**DISBURSEMENT NOTICE CANCELLATION OF SUBSCRIPTION**

To the Escrow Agent:

Enterprise Bank & Trust

Attn: Specialty Banking Group, Escrow

1281 N. Warson

St. Louis, Missouri 63132

[DATE]

Re: Escrow Account No. CO-50010

Dear Escrow Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 1. Reference is made to that certain Escrow Agreement dated as of January 10, 2025 (the "<u>Escrow Agreement</u>") by and among COMMUNE OMNI FUND, LLC, a Delaware limited liability company (the "<u>Company</u>"), Andes Capital Group, LLC, an Illinois limited liability company (the "<u>Managing Broker-Dealer</u>") and ENTERPRISE BANK & TRUST (in its capacity as escrow holder, the "<u>Escrow Agent</u>"). All terms used but not defined herein shall have the respective meanings given such terms in the Escrow Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Investor has terminated Investor's Subscription or the Company has rejected Investor's Subscription, in whole or in part, prior to the disbursement of offering proceeds pursuant to Section 2.1(d) of the Escrow Agreement and, if applicable, in compliance with Regulation CF, 17 C.F.R. 227.304.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. You are hereby directed to disburse the Escrow Funds to the Investor as follows:_______________________

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the undersigned has executed this statement as of the date first hereinabove set forth.

---

| | |
|:---|:---|
| **Company:** | **Company:** |
| COMMUNE OMNI FUND, LLC, | COMMUNE OMNI FUND, LLC, |
| a Delaware limited liability company | a Delaware limited liability company |
| EIN; 99-1550010 | EIN; 99-1550010 |
| By: |  |
| Name: | Jerry Sanada |
| Its: | CEO |
| **Managing Broker-Dealer:** | **Managing Broker-Dealer:** |
| Andes Capital Group, LLC, | Andes Capital Group, LLC, |
| an Illinois limited liability company | an Illinois limited liability company |
| EIN; 20-1450663 | EIN; 20-1450663 |
| By: |  |
| Name: | Curtis Spears |
| Its: | CEO |
| **Escrow Agent:** | **Escrow Agent:** |
| Enterprise Bank & Trust | Enterprise Bank & Trust |
| By: |  |
| Name: | Ernesto Maldonado |
| Its: | SVP, Specialty Escrow Officer |

---

**EXHIBIT D**

**ESCROW AGENT SCHEDULE OF FEES**

---

| | |
|:---|:---|
| Escrow Account Servicing Fee (Annually): | $1000.00 |
| Tax Reporting: | $10.00/per 1099 filing |
| Outgoing Domestic Wire | $25.00 per wire |
| Incoming Domestic Wire | $12.50 per wire |
| International Wire | $40.00 per wire |
| Escrow Repaper | $500.00 |
| Additional Disbursements | $100.00 per disbursement |
| Demand Statements | $6.00 per statement |

---

\*Escrow fees due upon account opening. Disbursement fees may apply

**The Escrow Account Servicing Fee, if not paid at the time of final disbursement of the funds, may debited by Escrow Agent from the balance remaining in the Escrow Account upon final disbursement of the funds to the Company in accordance with the Agreement.**

**SCHEDULE I**

**ESCROW ACCOUNT SIGNING AUTHORITY**

**Authorized Representative(s) of Company**

The undersigned certifies that each of the individuals listed below is an authorized representative of the Company with respect to any instruction or other action to be taken in connection with the Escrow Agreement and Enterprise Bank & Trust shall be entitled to rely on such list until a new list is furnished to Enterprise Bank & Trust.

---

| | |
|:---|:---|
| Signature: | Signature: |
| Print Name: | Print Name: |
| Title: | Title: |
| Phone: | Phone: |
| Email: | Email: |

---

The undersigned further certifies that he or she is duly authorized to sign this Escrow Account Signing Authority.

---

| | |
|:---|:---|
| Signature: | _________________________ \*\* |
| Name: | [_________] |
| Its: | [_________] |
| Date: | [_________] |

---

\*\*To be signed by corporate secretary/assistant secretary. When the secretary is among those authorized above, the president must sign in the additional signature space provided below. For entities other than corporations, an authorized signatory not signing above should sign this Escrow Account Signing Authority.

(Additional signature, if required)`

---

| |
|:---|
| Signature: |
| Name: |
| Its: |
| Date: |

---

If Company is using an Intermediary, (as defined by Regulation CF, 17 C.F.R. Part 227), the following shall be authorized representatives of the Intermediary:

---

| | |
|:---|:---|
| Signature: | Signature: |
| Print Name: | Print Name: |
| Title: | Title: |
| Phone: | Phone: |
| Email: | Email: |

---

## Ex1A-11

**Exhibit 11.1**

![](tm2519245d2_ex11-1img001.jpg)

**CONSENT OF INDEPENDENT AUDITOR**

We consent to the use in the Offering Circular constituting a part of this Offering Statement on Form 1-A, as it may be amended, of our Independent Auditor's Report dated February 25, 2025 relating to the consolidated financial statements of Commune Omni Fund, LLC, which comprise the consolidated balance sheet as of December 31, 2024, the related consolidated statement of operations, changes in members' equity/(deficit), and cash flows for the period from February 22, 2024 (inception) to December 31, 2024, and the related notes to the consolidated financial statements.

**/s/ Artesian CPA, LLC**

Denver, CO

June 27, 2025

**Artesian CPA, LLC**

1312 17<sup>th</sup> Street, #462 \| Denver, CO 80202

p: 877.968.3330 f: 720.634.0905

info@ArtesianCPA.com \| www.ArtesianCPA.com

## Ex1A-12

**Exhibit 12.1**

---

| | |
|:---|:---|
| ![](tm2519245d2_ex12-2img001.jpg) | **Kilpatrick Townsend & Stockton LLP**<br> ktslaw.com |
| ![](tm2519245d2_ex12-2img001.jpg) |  |

---

July 2, 2025

Commune Omni Fund, LLC

31248 Oak Crest Drive, Suite 100

Westlake Village, California 91361

Ladies and Gentlemen:

We have acted as counsel to Commune Omni Fund, LLC, a Delaware limited liability company (the "***Company***"), in connection with the preparation of the Offering Statement on Form 1-A (the "***Offering Statement***") relating to the issuance of membership interest in the Company ("***Units***").

We have made such legal and factual examinations and inquiries as we have deemed advisable or necessary for the purpose of rendering the opinions and statements set forth below. In addition, we have reviewed originals or copies of such corporate records of the Company, certificates of public officials, a certificate of an officer of the Company as to factual matters (the "***Officer's Certificate***"), and such other documents that we consider necessary or advisable for the purpose of rendering the opinions and statements set forth below. We have not independently established the facts stated therein. In such examination, we have assumed the genuineness of all signatures, the authenticity and completeness of all documents submitted to us as originals, and the conformity to original documents of all copies submitted to us. Except to the extent expressly set forth herein, we have not undertaken any independent investigation to determine the existence or absence of any fact, and no inference as to our knowledge of the existence or absence of any fact should be drawn from our representation of the Company or the rendering of the opinions or statements set forth below. We have assumed that the representations and warranties made by officers of the Company as to factual matters made in the Officer's Certificate and other certificates delivered in connection with the Offering Circular are correct.

We do not express an opinion with respect to any laws other than the laws of the State of Delaware applicable to the issuance of membership interest in a limited liability company. Accordingly, our opinion does not extend to, among other laws, the federal securities laws or the securities or "blue sky" laws of Delaware or any other jurisdiction.

We express no opinion with respect to compliance with any law, rule or regulation that as a matter of customary practice is understood to be covered only when an opinion refers to it expressly. Without limiting the generality of the foregoing, we express no opinion on local or municipal law, antitrust, unfair competition, environmental, land use, antifraud, tax, pension, labor, employee benefit, health care, margin, privacy, insolvency, fraudulent transfer, antiterrorism, money laundering, racketeering, criminal and civil forfeiture, foreign corrupt practices, fiduciary duty law (including of any majority shareholder), foreign asset or trading controls, securities or investment company laws.

The opinions hereinafter expressed are subject to the following additional qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) We express no opinion as to the effect of applicable bankruptcy, insolvency, reorganization, moratorium or other similar federal or state laws affecting the rights of creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) We express no opinion as to the effect of general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing, and the possible unavailability of specific performance or injunctive relief, regardless of whether considered in a proceeding in equity or at law;

Page 2 of 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) We express no opinion as to the enforceability of any provision of the Company's governing documents to the extent that such provision: (i) purports to waive broadly or vaguely stated rights, unknown future defenses, rights to damages, rights to jury trials, or the benefits of other statutory, regulatory, or constitutional rights, in each case, that cannot be waived under applicable statutes and rules of law or, if they can be waived, cannot be waived prospectively; (ii) provides for a choice of governing law, venue, or forum, or consent to the jurisdiction of courts, venue of actions, waiver of jury trial, consent to exclusive arbitration, or means of service of process; (iii) imposes penalties, forfeitures, or liquidated damages, or providing for the payment of another party's legal fees and costs; (iv) prescribes or varies rules of evidence, method or quantum of proof, or other legal standards in a manner contrary to applicable statutes and rules of law; (v) purports to require a party thereto to pay or reimburse attorneys' fees incurred by another party, or to indemnify another party therefor; (vi) requires waivers or amendments only to be in writing; or (vii) is regarding the severability of provisions of the Company's governing documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) We express no opinion as to the enforceability of indemnification and contribution provisions to the extent they may be subject to limitations of public policy and the effect of applicable statutes and rules of law.

Based upon the foregoing and subject to the additional qualifications set forth below, and assuming that (a) the Offering Statement and any amendments thereto are effective and comply with all applicable laws and (b) all Units are issued and sold in compliance with applicable federal and state securities laws, we are of the opinion that the Units have been duly authorized, and when issued, delivered, and paid for in accordance with the terms of the Subscription Agreement (attached to the Offering Statement), will be validly issued, fully paid, and non-assessable.

This opinion is intended only for your use in connection with the offering of Units pursuant to the Offering Statement and may not be relied upon by any person other than the Company. We hereby consent to the filing of this opinion letter as an exhibit to the Offering Statement.

This opinion letter is given as of the date hereof, and we express no opinion as to the effect of subsequent events or changes in law occurring or becoming effective after the date hereof. We assume no obligation to update this opinion letter or otherwise advise you with respect to any facts, circumstances, events or changes in the law that may arise or be brought to our attention after the date of this opinion letter that may alter, affect or modify the opinions or statements expressed herein.

\* \* \*

---

| |
|:---|
| Respectfully submitted, |
| KILPATRICK TOWNSEND & STOCKTON LLP |
| /s/ KILPATRICK TOWNSEND & STOCKTON LLP |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 1-A

### REGULATION A OFFERING STATEMENT
### UNDER THE SECURITIES ACT OF 1933

### Item 1. Issuer Information

**Exact name of issuer:** Commune Omni Fund, LLC

**Jurisdiction of Incorporation/Organization:** DE

**Year of Incorporation:** 2024

**CIK:** 0002046788

**I.R.S. Employer Identification Number:** 99-1550010

**Primary Standard Industrial Classification Code:** 6500

**Total number of full-time employees:** 0

**Total number of part-time employees:** 0

**Address of Principal Executive Offices:** 31248 OAK CREST DRIVE, SUITE 100, WESTLAKE VILLAGE, CA 91361

**Company Phone:** 805-367-3246

**Person to contact:** Douglas Laabs

### Financial Statements

**Balance Sheet Information**

| Metric                                   | Amount     |
|:---|:---|
| Cash and Cash Equivalents                | $0.00      |
| Investment Securities                    | $0.00      |
| Accounts and Notes Receivable            | $0.00      |
| Property, Plant and Equipment (PP&E)     | $0.00      |
| Total Assets                             | $156634.00 |
| Accounts Payable and Accrued Liabilities | $223559.00 |
| Long-Term Debt                           | $0.00      |
| Total Liabilities                        | $223559.00 |
| Total Stockholders' Equity               | $-66925.00 |
| Total Liabilities and Equity             | $156634.00 |

**Statement of Comprehensive Income Information**

| Metric                                    | Amount     |
|:---|:---|
| Total Revenues                            | $0.00      |
| Costs and Expenses Applicable to Revenues | $-66925.00 |
| Depreciation and Amortization             | $0.00      |
| Net Income                                | $-66925.00 |
| Earnings Per Share - Basic                | 0.00       |
| Earnings Per Share - Diluted              | 0.00       |

**Auditor Information**

| Metric          | Amount            |
|:---|:---|
| Name of Auditor | Artesian CPA, LLC |

### Outstanding Securities

| Class        |   Outstanding | CUSIP     | Publicly Traded   |
|:---|---:|:---|:---|
| Common Units |         10000 | 000000N/A | N/A               |
| N/A          |             0 | 000000N/A | N/A               |
| N/A          |             0 | 000000N/A | N/A               |

### Item 2. Issuer Eligibility
- [x] The issuer certifies that all of the statements in this part are true.

### Item 3. Application of Rule 262
- [x] The issuer certifies that it is not disqualified and has not been involved in any disqualifying event.

### Item 4. Summary Information Regarding the Offering

**Tier:** Tier2

**Financial Statement Status:** Audited

**Type of Securities Offered:** Equity (common or preferred stock)

**Is this a delayed or continuous offering?** Yes

**Was or is the offering to take place within one year after qualification?** Yes

**Was or is the offering to commence within two days after qualification?** Yes

**Is this a best efforts offering?** Yes

**Was there any solicitation of interest?** No

**Are there any resale securities by affiliates of the issuer?** No

**Offering Amounts**

| Description                                                     | Amount       |
|:---|:---|
| Number of securities offered                                    | 7500000      |
| Number of securities outstanding                                | 10000        |
| Price per security                                              | $10.00       |
| Issuer's aggregate offering price                               | $75000000.00 |
| Aggregate offering price of securities held by security holders | $0.00        |
| Aggregate price of securities offered concurrently              | $0.00        |
| Total aggregate offering price                                  | $75000000.00 |

**Anticipated Fees**

| Service Provider   | Name                               | Fees       |
|:---|:---|:---|
| Auditor            | Artesian CPA                       | $7500.00   |
| Legal              | Kilpatrick Townsend & Stockton LLP | $142996.50 |
| Promoters          |  |  |

**Estimated Net Proceeds to the Issuer:** $70947054.00

### Item 5. Jurisdictions in Which Securities are to be Offered

AL, AK, AZ, AR, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY, DC

### Item 6. Unregistered Securities Issued or Sold Within One Year

**Name of Such Issuer:** Commune Omni Fund, LLC

**Title of Securities Issued:** Common Units

**Total Amount of Securities Issued:** 10000

**Amount of such securities sold by principal security holders:** 0

**Aggregate consideration:** $100,000 - 10,000 shares at $10/share

**Basis for aggregate consideration:** —

**Securities Act Exemption:** 10,000 units were issued to the Issuer's Manager (Commune Omni Fund Management, LLC) under Section 4(a)(2).