Document:

LIMITED LIABILITY COMPANY AGREEMENT

    OF

    HOLLYWOOD HILLVIEW OWNER, LLC

    

    

    THIS LIMITED LIABILITY COMPANY AGREEMENT (this “Agreement”) of Hollywood Hillview Owner, LLC (the “Company”), is entered into effective
      as of October 4, 2021 (“Effective Date”), for good and valuable consideration, by True USA, LLC, the Manager and Class A Member, and MacKenzie Realty Operating Partnership, LP, a Delaware limited partnership, as the sole Class B Member of the
      Company.

    

    

    RECITALS

    

    

    A. The Members desire to form a limited liability company under the Act (as hereinafter
        defined) and operate the Company in accordance with the terms of this Agreement.

    

    

    B. The Members enter into this Operating Agreement in order to form and provide for the governance of the Company and the conduct of its business and to specify their relative
        rights and obligations.

    

    

    

    

    AGREEMENT

    

    

    NOW, THEREFORE, for good and valuable consideration, and in consideration of the foregoing recitals and of the mutual promises,
      covenants and conditions herein contained, the receipt and sufficiency of which are hereby acknowledged, the Members and the Manager, each by its execution of this Agreement, hereby agrees to operate the Company as a limited liability company, in
      accordance with the Act, and the Manager and Members agree the Company and their respective rights and obligations with respect to the Company will be governed by this Agreement:

    

    

    ARTICLE 1

    Definitions

    

    

    Whenever used in this Agreement the following terms will have the meanings set forth below:

    

    

    (A) “Act” means the Delaware Limited Liability Company Act (6 Del. C. § 18-101 et seq.), as amended from time to time (or any corresponding
        provisions of succeeding law).

    

    

    (B) “Affiliate” means, with respect to any Person (as hereinafter defined), any other Person directly or indirectly controlling or controlled by or under direct or indirect common
        control with such Person.

    

    

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

    

    

    (D) “Budget” means the initial budget for the operation of the Property attached hereto as Exhibit D, as may be revised from time to time in accordance with this Agreement.

    

    

    (E) “Capital Contributions” is defined in Section 3.1.1 below.

    

    

    (F) “Class A Member” means the True USA, LLC.

    

    

    (G) “Class B Member” means MacKenzie Realty Operating Partnership, LP, a Delaware limited partnership.

    

    

    (H) “Class A Membership Interest” means a Class A limited liability company interest in the Company (including, without limitation, rights to distributions (liquidating or
        otherwise), allocations, and information), the percentage of which is set forth after the Class A Member’s name on the Membership Schedule (as hereinafter defined), as amended from time to time to reflect any transfers permitted under this
        Agreement.  Each Class A Membership Interest in the Company will be personal property for all purposes.

    

    

    (I) “Class B Membership Interest” means a Class B limited liability company interest in the Company (including, without limitation, rights to distributions (liquidating or
        otherwise), allocations, and information), the percentage of which is set forth after the Class B Member’s name on the Membership Schedule (as hereinafter defined), as amended from time to time to reflect any transfers permitted under this
        Agreement.  Each Class B Membership Interest in the Company will be personal property for all purposes.

    

    

    (J) “Code” means the Internal Revenue Code of 1986, enacted by Congress in Title 26 of the United States Code, as may be amended from time to time.

    

    

    (K) "Distributable Cash" means the amount of cash which Manager determines or
        approves as being available for distribution (after repayment of all Deficit Loans, including interest accrued thereon), taking into account the future operating needs, capital requirements of the Company (and its subsidiaries) and any restrictions
        under the Loan Documents.

    

    

    (L) “Guarantor” refers to MacKenzie Realty Capital, Inc., a Maryland corporation, which will be providing certain guaranties to Lender in connection with the Loan on or about the
        Effective Date hereof.

    

    

    (M) “Lender” means Ladder Capital Finance, LLC, and its successors and/or assigns.

    

    

    (N) “Loan” means that certain loan in the principal amount of $17,500,000, made to the Company by Lender prior to the Effective Date hereof and for which the Property is pledged as
        security in Lender’s favor.

    

    

    (O) “Loan Agreement” means that certain Loan Agreement between the Property Owner, as borrower, and Lender, as lender, in connection with the Loan.

    

    

    (P) “Loan Documents” means, collectively, the Loan Agreement, the Note, the Mortgage, the Assignment of Leases, the Cash Management Agreement, the Clearing Account Agreement, the
        Environmental Indemnity, the Assignment of Management Agreement, the Guaranty, Assignment of Interest Rate Protection Agreement, the Pledge and Security Agreement (as all such defined terms are defined in the Loan Agreement) and any other
        documents, agreements, certificates, affidavits and instruments now or hereafter evidencing, securing or delivered to Lender in connection with the Loan, as the same may be amended, restated, replaced, supplemented or otherwise modified from time
        to time.

    

    

    (Q) “Liquidating Event”  means an event that causes the dissolution or
        liquidation of the Company.

    

    

    (R) “Major Capital Event” means any of the following : (1) the sale of all or any portion of the Property or the Property Owner, or any material item of the personal property of the
        Company or the Property Owner; (2) the condemnation of all or any part of (i) the Property or the use thereof, or (ii) purchases or processes in lieu thereof, except for temporary easements and the like; (3) receipt of net recoveries of damage
        awards, termination payments, settlement awards, and insurance proceeds (other than rental interruption insurance proceeds); or (4) receipt of the net proceeds (net of reserves reasonably determined by the Manager) from any mortgages on the
        Property or any other loans or borrowings of the Company or Property Owner, or loans from any Member.

    

    

    (S) “Manager” means True USA, LLC or the successor or replacement manager.

    

    

    (T) “Member” or “Members” refer to Class A or Class B Members as the case may be.

    

    

    (U) “Membership Schedule” means the membership schedule attached to this Agreement as Exhibit A
        (as amended from time to time to reflect any transfers permitted under this Agreement), which sets forth the name, address and percentage of Membership Interest for each Member of the Company.

    

    

    (V) “Operations” shall mean the day to day activities of the Company or the Property Owner.

    

    

    (W) “Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or
        municipal government or any bureau, department or agency thereof, custodian, nominee and any fiduciary acting in such capacity on behalf of any of the foregoing.

    

    

    (X) "Preferred Return" means 12% per annum to accrue on each Member’s then existing Unreturned Capital Contributions balance, as such return is calculated from time to time on the
        basis of the actual number of days in the particular calculation period.

    

    

    (Y) “Property” means that certain real property, together with the improvements thereon and all appurtenances related thereto, that is an approximately 54-unit multifamily building
        commonly known as “Hillview Hollywood,” located at 6533 Hollywood Blvd, Hollywood Blvd, CA.  The Property is legally described as set forth on Exhibit B to
        this Agreement.

    

    

    (Z) “Property Owner” means PT Hillview GP, LLC, a Delaware limited liability company, the special purpose limited liability company formed to acquire, renovate, and own the
        Property.

    

    

    (AA) “Treasury Regulations” means the income tax regulations, including temporary regulations, promulgated under the Code, as such regulations may be amended from time to time
        (including corresponding provisions of succeeding regulations).

    

    

    (BB) "Unpaid Preferred Return" means, with respect to a Member, as of any date of calculation, such Member’s then accrued Preferred Return, less all distributions previously made to
        such Member pursuant to Section 4.1.1.1 and 4.1.2.2.

    

    

    (CC) "Unreturned Capital Contributions" means, with respect to a Member, as of any date of calculation, the aggregate amount of all Capital Contributions previously made by such
        Member under this Agreement, less all distributions previously made to such Member pursuant to Section 4.1.2.3.

    

    

    ARTICLE 2

    Formation; Name and Office; Purpose; Partnership Treatment

    

    

    2.1 Company.   The Company has been formed and is continued hereby as a
        limited liability company pursuant to the Act.  The Members agree that the business and affairs of the Company, the Members’ rights and responsibilities in regard to the Company, and the Members’ interest in the Company, are governed by the terms
        of this Agreement.  To the extent not provided for in this Agreement, the Company and its Members will be governed by the Act.

    

    

    2.2 Filing.  The Manager is hereby designated as an “authorized person” of the
        Company within the meaning of the Act, and has executed, delivered, and filed the Certificate of Formation of the Company (the Company’s “Certificate”)
        with the Secretary of State of the State of Delaware.  The Manager will execute, deliver, and file any other certificates (and any amendments thereto and/or restatements thereof) necessary for the Company to qualify to do business in the State of
        California and in any other jurisdiction in which the Company may wish to conduct business.

    

    

    2.3 Registered Office and Agent; Office and Principal Place of Business.

    
      	
              2.3.1

            	
              Registered
                    Office in Domicile State.  The registered office of the Company in the State of Delaware will be the office of the registered agent named in the Company’s Certificate or such other office as the Manager may designate from
                time to time in the manner provided by law.  The registered agent of the Company in the State of Delaware will be the registered agent named in the Company’s Certificate or such other Person as the Manager may designate from time to time in
                the manner provided by law.

            

    

    
      	
              2.3.2

            	
              Principal
                    Office.  The principal office of the Company in the United States as of the Effective Date is 1301 Dove Street, Suite 960 Newport Beach, CA 92660, or such other place as the Manager may designate from time to time, which need
                not be in the State of Delaware, and the Company will maintain records there as may be required by the Act.  The Company may have such other offices as the Manager may designate from time to time.

            

    

    

    

    2.4 Purpose.  The Company will be permitted to enter into, perform, and carry
        out contracts and agreements which are necessary, appropriate, or incidental to the accomplishment of the business and purposes of the Company set forth in this Section 2.4, and to perform all acts necessary or appropriate in connection therewith
        or reasonably related thereto.  The sole purpose of the Company is to own 100% of the membership interests in the Property Owner pursuant to the terms of this Agreement or otherwise deal with all or any part of the Property Owner.  The Company,
        through its Manager, is authorized to do any and all acts and things necessary, appropriate, advisable, incidental to, or convenient for the furtherance and accomplishment of its purposes, and for the protection and benefit of the Company.

    

    

    2.5 Term and Continuation.  The Company’s existence as a separate legal entity
        commenced on the date of the filing of the Company’s Certificate and will continue until cancellation of the Company’s Certificate in accordance with this Agreement and the Act.  Subject to all of the provisions of this Agreement, the death,
        withdrawal, dissolution, resignation, retirement, expulsion, Bankruptcy, insanity or substitution of the Manager will not, in and of itself, dissolve or terminate the Company.

    

    

    ARTICLE 3

    Capital Contributions

    

    

    3.1 Capital Contributions and Loans.

    

    

    
      	
              3.1.1

            	
              Initial Capital Contributions.  The
                Members have made or will make the contributions to the capital of the Company (“Capital Contributions”) by virtue of depositing such
                funds with the escrow agent for the purchase of the Property by Property Owner, as set forth on the Membership Schedule.

            

    

    

    

    
      	
              3.1.2

            	
              Additional Capital Contributions. 
                The Members will not be required to contribute any additional capital to the Company, and, except as provided by the Act, the Members will not have any personal liability for any obligation of the Company.

            

    

    

    

    
      	
              3.1.3

            	
              Cash Flow Deficits.  The Class A
                Member shall be obligated to lend funds to the Company to the extent there are any cash flow deficits that the Lender and/or Class B Member have not expressly agreed to fund.  If the Class A Member fails to fund any cash flow deficits (a “Funding Failure”), the Class B Member may elect (in its sole determination) to fund all or any portion of such additional capital and treat
                such entire amount as a deficit loan (a “Deficit Loan”), and earn an interest rate of 10% per annum (the “Deficit Loan Interest Rate”).

            

    

    

    

    3.2 Use of Capital Contributions.  
        All Capital Contributions will be expended in furtherance of the business of the Company.  No interest will be paid on Capital Contributions.  Except upon dissolution and liquidation of the Company, no Member will have the right to withdraw all or
        any part of its Capital Contributions.

    

    

    3.3 Capital Account.  An individual capital account will be established on the
        books of the Company and maintained for the Member.

    ARTICLE 4

    Distributions and Allocations

    

    

    4.1 Distributions.  Distributions of Distributable Cash will be made to the
        Members at such times and in such amounts as determined by the Manager.  Notwithstanding any other provision of this Agreement, the Company, and the Manager on behalf of the Company, will not be required to make a distribution to any Member on
        account of its interest in the Company if such distribution would violate the Act or other applicable law. Distributions of Distributable Cash will be made as follows:

    4.1.1 Distributable Cash from Operations.  Any distributions of
        Distributable Cash from Operations (as opposed to Distributable Cash generated by a Major Capital Event or a Liquidating Event) shall be distributed as follows:

    

    

    
      	
              4.1.1.1

            	
              First Level. First,
                to the Members, the Members pro rata in proportion to their then existing Unpaid Preferred Return balances, until there shall have been distributed to each Member from all Distributable Cash under this subsection 4.1.1.1 an amount necessary
                to reduce their respective then existing Unpaid Preferred Return balances to zero; and there shall be no distributions of Distributable Cash under subsections 4.1.1.2, or 4.1.1.3 below at any time when any Member has a positive Unpaid
                Preferred Return balance.

            

    

    
      	
              4.1.1.2

            	
              Second Level.  The
                balance, if any, of Distributable Cash remaining after the distributions pursuant to subsection 4.1.1.1 above (and any distributions under 4.1.2 below) shall be distributed (a) 80% to the Members pro rata in proportion to their then
                existing Unreturned Capital Contributions balances and (b) 20% to the Class A Member, until such time as the Class B Member has achieved an 18% internal rate of return on its Capital Contributions (using the XIRR function in Microsoft Excel
                or comparable program or function), and there shall be no distributions of Distributable Cash under subsections 4.1.1.3 below at any time when the Class B Member has not achieved an  18% internal rate of return on its Capital Contributions
                (using the XIRR function in Microsoft Excel or comparable program or function).

            

    

    
      	
              4.1.1.3

            	
              Third Level. The
                balance, if any, of Distributable Cash remaining after the distributions pursuant to subsection 4.1.1.1 and 4.1.1.2 above shall be distributed (a) 70% to the Members pro rata in proportion to their then existing Unreturned Capital
                Contributions balances and (b) 30% to the Class A Member.

            

    

    4.1.2 Distributions of Major Capital Event or a
            Liquidating Event.  Upon a
        Major Capital Event or a Liquidating Event, distribution of Distributable Cash shall be made as follows:

    
      	
              4.1.2.1

            	
              First Level. All
                such Distributable Cash shall be distributed first to the Class B Member until the Class B Member receives $1,500,000 of the Distributable Cash, and then to the Class A Member until the Class A Member receives $166,666 of the Distributable
                Cash; and there shall be no distributions of Distributable Cash under subsections 4.1.2.2, 4.1.2.3, 4.1.2.4, or 4.1.2.5 below at any time when the Class B Member has not received $1,500,000 of the Distributable Cash, and the Class A Member
                has not received $166,666 of the Distributable Cash;

            

    

    
      	
              4.1.2.2

            	
              Second Level.  The
                balance, if any, of Distributable Cash remaining after the distributions pursuant to subsection 4.1.2.1 above, in preference and priority to any other distribution of Distributable Cash, to the Members pro rata in proportion to their then
                existing Unpaid Preferred Return balances, until there shall have been distributed to each Member from all Distributable Cash under this 4.1.2.1 and 4.1.2.2 an amount necessary to reduce their respective then existing Unpaid Preferred
                Return balances to zero; and there shall be no distributions of Distributable Cash under subsections 4.1.2.3, 4.1.2.4, or 4.1.2.5 below at any time when any Member has a positive Unpaid Preferred Return balance.

            

    

    
      	
              4.1.2.3

            	
              Third Level.  The
                balance, if any, of Distributable Cash remaining after the distributions pursuant to subsection 4.1.2.1 and 4.1.2.2 above shall be distributed to the Members pro rata in proportion to their then existing Unreturned Capital Contributions
                balances, until there shall have been distributed to each Member from Distributable Cash under this subsection 4.1.2.3 an amount necessary to reduce their respective then existing Unreturned Capital Contributions balances to zero; and there
                shall be no distributions of Distributable Cash under subsections 4.1.2.4, or 4.1.2.5 below at any time when any Member has a positive Unreturned Capital Contributions balance.

            

    

    
      	
              4.1.2.4

            	
              Fourth Level.  The
                balance, if any, of  Distributable Cash remaining after the distributions pursuant to subsections 4.1.2.1, 4.1.2.2 and 4.1.2.3 above shall be distributed to the Members, as follows: (a) 80% to the Members pro rata in accordance with their
                Percentage Interests, (b) 20% to the Class A Member, until there shall have been distributed to the Class B Member from Distributable Cash under subsections 4.1.1 (and all subsection thereunder), 4.1.2.1, 4.1.2.2 and 4.1.2.3 and this
                subsection 4.1.2.4, the amount necessary to cause Class B Member to have received an IRR of 18% on its Capital Contributions; and there shall be no distributions of Distributable Cash under subsections 4.1.2.5 below at any time when, as of
                the date of calculation, Class B Member has not received an IRR of 18% on its Capital Contributions.

            

    

    
      	
              4.1.2.5

            	
              Fifth Level.  The
                balance, if any, of such Distributable Cash remaining after the distributions pursuant to subsections 4.1.2.1, 4.1.2.2, 4.1.2.3 and 4.1.2.4 above shall be distributed to the Members, as follows: (a) 70% to the to the Members pro rata in
                accordance with their Percentage Interests, (b) 30% to Class A Member.

            

    

    An example of a calculation of the distributions above is attached to this
      Agreement as Exhibit C.

    

    

    4.2 Allocation of Net Income and Net Losses. All
        items of Company income, gain, loss, deduction, or credit (“profits and losses”) shall be the same as the amounts which are reportable by the Company for federal income tax purposes, as generally determined in accordance with I.R.C. Sec. 703 et
        seq.  Profits and losses from Operations shall be determined and allocated at the end of each Company year with respect to that year. Profits and losses from a Major Capital Event and a Liquidating Event shall be determined and allocated as of the
        date of such Event, without regard to allocations of profit or loss occurring after, or distributions of cash occurring after or with respect to, such event. The Company does not intend to make any special allocations of income, gain or losses and
        intends to allocate reportable income, and gains consistent with the actual cash distributions to the Partners. Such shall be allocated among the Members according to their Percentage Interests.

    4.2.1 Allocation of Losses:

    
      	
              4.2.1.1

            	
              Elimination of Undistributed Profits.  First, any net loss of the Company shall be allocated among the Members
                until the Capital Account of each Member is reduced to an amount equal to that Member's aggregate Capital Contributions to the Company.

            

    

    
      	
              4.2.1.2

            	
              Elimination of Contributed Capital Balance.  Second, any remaining net loss of the Company shall thereafter be
                allocated among the Members until the Capital Account of each Member is reduced to zero.

            

    

    
      	
              4.2.1.3

            	
              Allocation of Loss Attributable to Non-Member Debt.  Third, any remaining net loss of the Company shall
                thereafter be allocated to the Members until the deficit in each Member's Capital Account equals his allocable share of Company debt (not including debt to Members, debts guaranteed by Members, debt secured by a Member's property, or other
                debts for which a Member has economic risk). It is understood that recourse debt, if any, owed to persons who are not Members will be allocated entirely to the Manager.

            

    

    
      	
              4.2.1.4

            	
              Allocation of Loss Attributable to Member Debt.  Fourth, any remaining net loss of the Company shall
                thereafter be allocated to the Members until the deficit in each Member's Capital Account equals, in addition to amounts allocated pursuant to the previous sentence, (a) the amount of the Company's outstanding debts (outstanding principal
                and accrued unpaid interest) to that Member, and (b) that Member's share of any Company debt that the Member has guaranteed or pledged collateral for, or with respect to which the Member has otherwise assumed the risk of nonpayment.

            

    

    
      	
              4.2.1.5

            	
              Remaining Net Loss.  Fifth, any remaining net loss of the Company shall be allocated to the Members in
                accordance with their ownership percentage.

            

    

    
      	
              4.2.1.6

            	
              Liquidating Event Loss. Notwithstanding the foregoing, losses arising from a Liquidating Event shall be
                allocated first to those Members with positive Capital Accounts in a manner so as to reduce all positive Capital Accounts to zero, or to equal amounts and as close to zero as the extent of the allocable losses allow. No loss amount shall be
                allocated to a Member with a negative Capital Account balance so long as any Member has a positive Capital Account balance. No additional losses shall be allocated to a Member's Capital Account to cause the Member's Capital Account to be
                reduced below zero. Any losses which are not allocated to the Member's Capital Accounts, or to any of them, shall be allocated in accordance with the Members’ ownership percentages.

            

    

    4.2.2 Allocation of Distributable Cash from Operations:

    
      	
              4.2.2.1

            	
              Elimination of Accumulated Net Loss.  First, any net income from Operations shall be allocated among the
                Members in the inverse of the order and in the amounts in which net losses of the Company have previously been allocated, until the Capital Account of each Member equals the amount of the Member's capital contribution to the Company.

            

    

    
      	
              4.2.2.2

            	
              Preferred Return. Second, any remaining net income from Company Operations shall be allocated 100% to the
                Members until they have been allocated amounts equal to the full amount of the Preferred Return which has been distributed to them.

            

    

    
      	
              4.2.2.3

            	
              Remaining Net Income. Third, any remaining net income from Operations shall be allocated to the Class A and B
                Members, consistent with the distributions made.

            

    

    4.2.3 Net Income and Gain from Liquidating or Capital Events:

    
      	
              4.2.3.1

            	
              Elimination of Accumulated Net Loss.  First, any net income or gain from a Liquidating Event or a Capital
                Event shall be allocated among the Members in the inverse of the order and in the amounts in which net losses of the Company have previously been allocated, until the Capital Account of each Member equals the amount of the Member's Capital
                Contribution to the Company less the amount of distributions previously made to each Member which reduced that Member's capital account balance.

            

    

    
      	
              4.2.3.2

            	
              Make up Return.  Second, net income or gain from a Liquidating Event or a Capital Event shall be allocated to
                the Members in an amount sufficient to ensure that if the Company were to then distribute all of its assets to the Members, the Members would receive total capital distributions, including prior Capital Distributions made, equal to the
                aggregate of their Capital Contributions.

            

    

    
      	
              4.2.3.3

            	
              Preferred Return. Third, net income or gain from a Liquidating Event or a Capital Event shall be allocated to
                the Members in an amount equal to the Preferred Return and Accrued Preferred Return paid to them out of the Liquidating Event or a Capital Event proceeds.

            

    

    
      	
              4.2.3.4

            	
              Remaining Net Income and Gain. Fourth, any remaining net income or gains from a Liquidating Event or a Capital
                Event shall be allocated to the Members based upon their Percentage Interests. The intent is that to the extent that a share of profits is received by the Class A Member, a pro-rata share of profits or gain, as the case may be, in that
                year, shall be allocated to the Class A Member. The amount allocated to the Class A Member in excess of the amount it would receive based on its percentage of Capital Contributions is intended to be treated as a carried interest to the
                Class A Member. When there is a distribution in liquidation of the Company, or when any Member’s interest is liquidated, all items of income and loss first shall be allocated to the Members’ Capital Accounts under this Article IV, and other
                credits and deductions to the Members’ Capital Accounts shall be made before the final distribution is made.

            

    

    4.2.4 Allocations Among Members:

    
      	
              4.2.4.1

            	
              Amounts allocated to the Members collectively shall be allocated pro rata among the Members per their
                Percentage Interests. No Member shall be allocated an amount of losses that would reduce his Capital Account below zero or which would require him to contribute additional funds to the Company if it were dissolved. To the extent consistent
                with Federal tax law, it is intended that allocations of profits shall be made to the Members to the extent of and in accordance with first, prior allocations of loss and second, actual distributions of cash made to them.

            

    

    
      	
              4.2.4.2

            	
              All allocations of profits and losses from Operations shall be made to the persons who were Members during the
                fiscal period for which such allocation is made based upon the number of days in such period during which the person was a Member.

            

    

    
      	
              4.2.4.3

            	
              All allocations of profits and losses from a Major Capital Event or Liquidating Event shall be made to the
                persons who are Members as of the date of such event.

            

    

    
      	
              4.2.4.4

            	
              If profits from a Major Capital Event or Liquidating Event allocated to the Members are less than the deficit
                amounts of the Capital Accounts of all Members whose Capital Accounts are negative, if any, such profits shall be allocated among such Members in the ratio which the deficit amount of each such Member's Capital Account bears to the deficit
                amounts of the Capital Accounts of all such Members whose Capital Accounts have a deficit balance.

            

    

    
      	
              4.2.4.5

            	
              If the character of any profit or loss is in part capital and in part ordinary in the hands of the Company or
                is in part governed by Internal Revenue Code Section 1231 and in part not governed thereby, then all allocations of any such profit or loss shall be made among the Members in a manner such that each Member to whom such profit or loss is
                allocated, is allocated the same proportion of each such separate class of profit or loss as such Member is allocated to the total amount of such profit or loss.

            

    

    
      	
              4.2.4.6

            	
              Any recognition of taxable income or loss arising from the recharacterization of the status or treatment of
                any item, or any recapture of any tax credit on audit or by an amended tax return, shall be allocated in the same manner and ratio as said item or credit was previously allocated to the Members, or as close thereto as the Manager may
                determine, in its sole discretion on competent advice.

            

    

    
      	
              4.2.4.7

            	
              For the purposes of the allocations made upon a liquidation or capital event, the balance in a Member's
                Capital Account shall be determined as if the Company's year had closed immediately prior to the date as of which such allocations are made.

            

    

    
      	
              4.2.4.8

            	
              To the extent that taxable profits equal cash distributions, profit allocations will correspond with the
                actual cash distributions made.

            

    

    4.2.5 Allocations for Capital Account Purposes:

    
      	
              4.2.5.1

            	
              Capital accounts shall be maintained for each Member. For Federal Income Tax purposes and for the purposes of
                maintaining the Capital Accounts and in determining the rights of the Members among themselves, each item of income, gain, loss and deduction (computed in accordance with the above) shall be allocated to the Members pro rata in accordance
                with their respective Percentage Interests, except as otherwise provided in this document or by the Manager to make the allocation equitable.

            

    

    
      	
              4.2.5.2

            	
              If any Member unexpectedly receives any adjustments, allocations or distributions described in Treasury
                Regulations Sections 1.704-1(b)(2)(ii)(d)(4) through (6), inclusive, items of Company income and gain shall be specially allocated to such Member in an amount and manner sufficient to eliminate a deficit in its Capital Account created by
                such adjustments, allocations or distributions as quickly as possible. This Section 4.2.5.2 is intended to constitute a "qualified income offset" within the meaning of Treasury Regulation Section 1.704-1(d)(3).

            

    

    
      	
              4.2.5.3

            	
              If, and to the extent that, any Member is deemed to recognize income as a result of any transaction between
                such Member and the Company pursuant to Sections 1272-1274, Section 7872, Section 483 or Section 482 of the Internal Revenue Code (hereafter referred to as "the Code"), or any similar provision now or hereafter in effect, any corresponding
                resulting loss or deduction of the Company shall be allocated to the Member who was charged with such income.

            

    

    
      	
              4.2.5.4

            	
              If any Member's Capital Account has a deficit balance resulting in whole or in part from allocations of loss
                or deduction attributable to nonrecourse debt which is secured by Company property, which deficit balance exceeds such Member's share of minimum gain (as defined below), then income and gain shall first be allocated to such Member in an
                amount equal to such excess. For purposes of this 4.2.5.4, "minimum gain" means the excess of the outstanding principal balance of nonrecourse debt which is secured by Company property over the Company's adjusted tax basis of such property.
                This Section 4.2.5.4 is intended to comply with the requirements of Treasury Regulation Section 1.704-1(b)(4)(iv), and is to be interpreted, if possible, to comply with the requirements of such regulation. The Manager shall have complete
                discretion to amend the provisions of this Agreement if such amendment would not have a material adverse effect on the Members and if, in the opinion of counsel, such amendment is advisable to reflect or comply with the requirements of
                Treasury Regulation Section 1.704-1(b)(4)(iv).

            

    

    
      	
              4.2.5.5

            	
              To the extent of any recapture income resulting from the sale or other taxable disposition of Company assets,
                the amount of any gain from such disposition allocated to (or recognized by) a Member (or its successor in interest) for federal income tax purposes pursuant to the above provisions shall be deemed to be recapture income to the extent such
                Member has been allocated or has claimed any deduction directly or indirectly giving rise to the treatment of such gain as recapture income.

            

    

    
      	
              4.2.5.6

            	
              All items of income, gain, loss, deduction, credit and basis allocation recognized by the Company for federal
                income tax purposes and allocated to the Members in accordance with the provisions of this Agreement shall be determined without regard to any election under Section 754 of the Code which may be made by the Company; provided, however, such
                allocations, once made, shall be adjusted as necessary or appropriate to take into account those adjustments permitted by Sections 734 and 743 of the Code and, where appropriate, to provide only Members recognizing gain on Company
                distributions covered by Section 734 of the Code with the federal income tax benefits attributable to the increased basis in Company property resulting from any election under Section 754 of the Code.

            

    

    
      	
              4.2.5.7

            	
              Any item of loss, deduction or Nondeductible Expenditure that is attributable to a Member Nonrecourse Debt
                shall be allocated to the Member that bears the economic risk of loss for such debt. If more than one Member bears the economic risk of loss for a Member Nonrecourse Debt, any such item attributable to such debt shall be allocated among
                such Members in accordance with the ratios in which the Members share the economic risk of loss for such debt. The determination of the items of Company loss, deduction and nondeductible expenditure that are attributable to a Member
                Nonrecourse Debt shall be made in accordance with Regulations Section 1.704-2(i)(2).

            

    

    4.2.6 A Member's allocable share of the Company's items of income, gain, deduction and loss for tax purposes shall be determined under the foregoing
        provisions except as follows:

    
      	
              4.2.6.1

            	
              Contributed Property. Income, gain, loss and deduction, as computed for the purpose of determining taxable
                income, with respect to any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company
                for Federal income tax purposes and its initial Gross Asset Value in accordance with Code Section 704(c) and the Regulations thereunder.

            

    

    
      	
              4.2.6.2

            	
              Other Property with Gross Asset Value Different from Tax Basis. In the event that the Gross Asset Value of any
                Company asset is adjusted, subsequent allocations of income, gain, loss and deduction with respect to such asset, as computed for the purpose of determining taxable income, shall take account of any variation between the adjusted basis of
                such asset for Federal income tax purposes and its Gross Asset Value in the manner provided in Regulations Section 1.704-1(b)(4)(i).

            

    

    
      	
              4.2.6.3

            	
              Tax Elections; Effects on Capital Accounts. Any elections or other decisions relating to the allocations
                addressed by this Section shall be made in a manner that reasonably reflects the purposes and intentions of this Agreement. Allocations made pursuant to this Article are solely for purposes of Federal, state and local taxes and shall not
                affect, or be taken into account in computing, any Member's Capital Account, share of Profits and Losses, or distributions pursuant to any provision of this Agreement.

            

    

    
      	
              4.2.6.4

            	
              Compliance with Code and Regulations. The provisions of this Agreement that relate to the allocations for
                Federal income tax purposes of items of Company income (including Exempt Income), gain, loss, deduction and Nondeductible Expenditure (including the allocation of such items with respect to property having a Gross Asset Value different from
                adjusted Federal income tax basis), that relate to the determination and maintenance of Capital Accounts, and that relate to the distribution of Company property upon the liquidation of the Company or a Member's interest therein, are
                intended to comply with Regulations Section 1.704-1(b) (to the extent not superseded by Regulations Section 1.704-2) and Regulations Section 1.704-2, and with Code Section 704(c) and the Regulations promulgated thereunder shall be
                interpreted and applied in a manner consistent with such statutory and regulatory provisions, which statutory and regulatory provisions are expressly incorporated into and made a part of this Agreement. Should such statutory and regulatory
                provisions be amended, to the extent that such amendments are applicable to this Agreement, the affected provisions of this Agreement shall be interpreted and applied in accordance with such amended provisions.

            

    

    
      	
              4.2.6.5

            	
              Allocation in Event of Transfer. If interest(s) in the Company are transferred, in accordance with the
                restrictions of this Agreement, there shall be allocated to each Member who held the transferred interest(s) during the fiscal year of transfer the product of (a) the Company's Profits or Losses allocable to such transferred interest(s) for
                such fiscal year and (b) a fraction, the numerator of which is the number of days the Member has held the interest(s) and the denominator of which is the total number of days in such fiscal year; provided however, that the Manager may, in
                its reasonable discretion, allocate such Profits or Losses by closing the books of the Company immediately after the transfer of such interest(s). Such allocation shall be made without regard to the date, amount or recipient of any
                distributions that may have been made with respect to such transferred interest(s).

            

    

    
      	
              4.2.6.6

            	
              Section 704 Consistency. It is intended that the allocations prescribed above constitute allocations for
                federal income tax purposes that are consistent with Section 704 of the Code and comply with any limitations or restrictions therein, to the extent reasonably possible without causing individual percentage interests ("Interests") to lack
                uniform characteristics for federal income tax purposes. If uniformity of the Interests cannot be preserved by application of the foregoing rules, then the Manager shall have sole discretion to (i) adopt such conventions as the Manager
                deems appropriate in determining the amount of depreciation and cost recovery deductions; (ii) make special allocations of income or deduction; and (iii) amend the provisions of this Agreement as appropriate (a) to reflect the proposal or
                promulgation of Treasury Regulations under Section 704(c) of the Code, or (b) otherwise to preserve the uniformity of Interests issued or sold from time to time; provided, however, that the Manager may adopt such conventions, make such
                allocations and amend this Agreement as provided in this Article only if they would not have a material adverse effect on the  Members and if such allocations are consistent with, and supportable under, the principles of Section 704 of the
                Code.

            

    

    

    

    

    

    ARTICLE 5

    Fiscal, Books, Reports

    

    

    5.1 Accounting Basis.  The Company will use the cash method of accounting or
        such other method as the Manager may determine.

    

    

    5.2 Fiscal Year.  The fiscal year of the Company is the calendar year ending
        December 31st of each year, or such other date as the Manager determines.

    

    

    5.3 Books and Records.  The Company will keep or cause to be kept, at its
        expense, complete and accurate books and records of the Company and supporting documentation of transactions with respect to the conduct of the Company’s business.  The books and records will be kept at the Company’s principal place of business,
        and at a minimum will include:

    

    

    
      	
              5.3.1

            	
              The full name and business, residence, or mailing address of the Members;

            

    

    

    

    
      	
              5.3.2

            	
              A copy of the initial Certificate of Formation and all amendments or restatements thereof;

            

    

    

    

    
      	
              5.3.3

            	
              Copies of the Company’s federal, state, and local income tax returns and reports, if any, for the three most recent fiscal
                years;

            

    

    

    

    
      	
              5.3.4

            	
              Copies of this Agreement and all amendments or restatements hereof, including any prior operating agreements no longer in
                effect;

            

    

    

    

    
      	
              5.3.5

            	
              Copies of any documents relating to the Members’ obligation to contribute cash, property, or services to the Company;

            

    

    

    

    
      	
              5.3.6

            	
              Copies of any financial statements of the Company for the three most recent fiscal years; and

            

    

    

    

    
      	
              5.3.7

            	
              Copies of minutes of all meetings of the Members and all written consents obtained from the Members for actions taken by the
                Members without a meeting.

            

    

    

    

    
      	
              5.1

            	
              Quarterly Reports for the
                    Class B Member.  The Class B Member shall be entitled to receive, and the Company and the Manager agrees to furnish to the Class B Member, any information that is available to the Company or the Manager or its agents, within
                five (5) business days of a written request to the Company by The Class B Member for such information, if such information is reasonably necessary for the Class B Member Entity to determine its compliance with Sections 856-860 of the Code
                and the Treasury Regulations promulgated thereunder.  The Company will also provide to the Class B Member, on a quarterly basis within fifteen days of the end of each quarter, certain financial information and reports of the Company as may
                be produced in the regular course for the other Members.  Furthermore, the Class B Member may need to consolidate the financial statements of the Company into its own, or provide summary financial information with its financial reporting,
                and if such requirements necessitate audited financial statements then the Manager shall cooperate with the Class B Member’s auditors to complete such audits and/or provide the necessary financial information.

            

    

    ARTICLE 6

    Company Property

    

    

    All property now or hereafter owned by the Company will be owned by the Company as an entity and, insofar as permitted by applicable
      law, no member will have any ownership interest in any of such company property in its individual name or right.  Title to the assets and properties, real and personal, now or hereafter owned by or leased to the Company, will be held in the name of
      the Company.

    

    

    ARTICLE 7

    Tax Matters

    

    

    7.1 Tax Treatment.  At any time the Company has only one Member, the Company
        will be disregarded as an entity separate from its Member for federal and state income tax purposes.  If at any time the Company has more than one Member, it will be treated as a partnership for federal and state income tax purposes.

    

    

    7.2 Tax Allocations.  Except as otherwise required by the Code or applicable
        Treasury Regulations, during any period in which the Company is treated as a partnership, any taxable income or loss (and any item thereof) of the Company will be allocated to the Members in accordance with their Membership Interests and the
        Company will maintain capital accounts for each Member in accordance with Treasury Regulations Section 1.704‐1(b)(2).

    

    

    7.3 Designation Of Partnership Representative.

    7.3.1 The partnership representative of the Company pursuant to Internal Revenue Code Section 6223 (as amended by the Revised Partnership Audit Procedures)
        (the “Partnership Representative”) shall be the Manager (or any other person or entity designated in the sole discretion of the Manager and who so qualifies under the Revised Partnership Audit Procedures).

    7.3.2 The Partnership Representative shall keep each Member informed of administrative and judicial proceedings for the adjustment at the Company level of
        any item required to be taken into account by a Member for income tax purposes (such administrative and judicial proceedings referred to hereinafter as “judicial
          review”)

    7.3.3 Any Member who enters into a settlement agreement with respect to any Membership item shall notify the Partnership Representative, as applicable, of
        such settlement agreement and its terms within thirty (30) days after the date of settlement.  Each Member shall provide the Partnership Representative any information reasonably requested in writing by the Partnership Representative and fully
        cooperate in any tax audit or similar proceeding of the Partnership so that the Partnership Representative can (i) implement the provisions set forth in 4.2 (including by making any election permitted thereunder) or (ii) otherwise comply with the
        Code and Treasury Regulations.

    7.3.4 The Company shall indemnify and reimburse the Partnership Representative for all expenses, including legal and accounting fees, claims, liabilities,
        losses and damages incurred in connection with any judicial review, tax audit or similar proceeding with respect to the tax liability of the Members.  Neither the Managers nor any Affiliate nor any other Person shall have any obligation to provide
        funds for such purpose.  The taking of any action and the incurring of any expense by the Partnership Representative in connection with any such proceeding, except to the extent required by law, are matters that are in the sole discretion of the
        Partnership Representative and the provisions on limitations of liability of the Managers and indemnification set forth in this Agreement shall be fully applicable to the Partnership Representative, as applicable, in its capacity as such.

    7.4 Authority Of Partnership Representative.

    7.4.1 The Partnership Representative shall have all the rights, authority and power of a “partnership representative” to the extent provided in the Code and
        the Treasury Regulations.

    7.4.2 The Partnership Representative shall have all rights, power and authority for the making of any election and the conduct of, and the decision to
        initiate (where applicable), any judicial review involving the Company under the Revised Partnership Audit Procedures, including (i) an Internal Revenue Service examination of the Company, (ii) a request for administrative adjustment filed by the
        Company, (iii) the filing of a petition for readjustment (including choice of judicial forum) with respect to a final notice of partnership adjustment, (iv) the appeal of an adverse judicial decision, (v) the compromise, settlement or dismissal of
        any such proceedings on such terms as the Partnership Representative, in consultation with the Company’s tax advisors, deems appropriate, taking into account the collective interests of the Member and former Members affected thereby, (vi) if the
        Company is eligible, electing out of the Revised Partnership Audit Procedures under Code Section 6221(b), and (vii) the making of an election under Code Section 6226(a).  If the consent of agreement of the Members is at any time required in order
        to make effective any of the foregoing elections, each person or entity that is or has been a Member does hereby give its consent to the making of such election for the duration of the term of the Company.  Members shall take such actions requested
        by the Partnership Representative consistent with any such elections made and actions requested by the Partnership Representative, including by filing amended tax returns and paying any tax due in accordance with Code Section 6225(c)(2), as amended
        by the Revised Partnership Audit Procedures.  Each Member, on the Member’s tax return, shall treat each item of income, gain, loss, deduction, or credit attributable to the Company in a manner which is consistent with the treatment of such income,
        gain, loss, deduction, or credit on the Company’s tax return.

    7.4.3 The Members further agree that if the Company receives a final partnership adjustment, to the extent permissible under applicable law, the Partnership
        Representative shall cause the Company to elect under Code Section 6226, as amended by the Revised Partnership Audit Procedures for any adjustments to the Partners’ distributive share of income, gain, loss, deduction or credit to be “pushed-out” to
        the Partners for the reviewed year through the issuance of adjusted Schedule K-1s.  The Partners covenant to take into account and report to the Internal Revenue Service any adjustment to their items for the reviewed year as notified to them by the
        Company in a statement furnished to them pursuant to Code Section 6226(a), as amended by the Revised Partnership Audit Procedures, in the manner provided in Code Section 6226(b), as amended by the Revised Partnership Audit Procedures, whether or
        not any of the Members own any Membership Interest in the year of the Company’s statement.  Any Member which fails to report its share of such adjustments on its tax return for its taxable year including the date of the Company’s statement as
        described immediately above shall indemnify and hold harmless the Company against any tax, interest and penalties collected by the Internal Revenue Service from the Company as a result of such Partner’s failure.

    7.4.4 To the extent that the Partnership Representative does not make the election under Code Section 6226, as amended by the Revised Partnership Audit
        Procedures, with respect to a material imputed underpayment amount (determined in the Partnership Representative’s sole discretion) and the Company pays any imputed adjustment amount (including tax, any penalties, and interest) under Code Section
        6225, as amended by the Revised Partnership Audit Procedures, the Company shall allocate such amount among the Company in a manner it determines to be fair and equitable.  To the extent that a portion of the tax liabilities imposed under Code
        Section 6225, as amended by the Revised Partnership Audit Procedures, for a prior year relates to a former Member, the Partnership Representative may require a former Member to indemnify the Company for its allocable portion of such liability.  The
        Partnership Representative shall seek payment from each Member (including any former Member) for its allocable amount, and each such Member hereby agrees to pay such amount to the Company (such amount shall not be treated as a Capital
        Contribution).  Any such amount not paid by a Member (or former Member) at the time requested by the Partnership Representative shall accrue interest at the “Prime Rate” (as set forth from time to time in the “Interest Rates” section of the Wall
        Street Journal or any successor publication thereto) until paid, and such Member (or former Member) shall also be liable to the Company for any damages resulting from a delay in making such payment beyond the date such payment is requested by the
        Partnership Representative.  Each Member acknowledges that, notwithstanding the Transfer of all or any portion of its Membership Interest in the Company, pursuant to this Section 7.4.3 it may remain liable for tax liabilities with respect to its
        allocable share of income and gain of the Company for the Company’s taxable years (or portions thereof) prior to such Transfer or redemption, as applicable, under Code Section 6225, as amended by the Revised Partnership Audit Procedures.  Without
        reduction in a Member’s (or former Member’s) obligation under the foregoing, any imputed adjustment amount paid by the Company that is attributable to a Member (or former Member), and that is not paid by such Member shall be treated as a
        distribution to such Member (or former Member).  Expense items attributable to any imputed adjustment amount of the Company shall be specially allocated to each Member in proportion to which such Partner bears the cost of such imputed adjustment
        amount.

    7.4.5 The provisions of Section 7.3.4 shall survive indefinitely, and the foregoing covenants and indemnification obligations of each Member shall not
        terminate, without regard to any Transfer of a Member’s Interest, withdrawal as a Member, or liquidation, dissolution or termination of the Company.

    7.4.6 Elections.  The Managers may make any tax elections for the Company allowed under the Code or the tax laws of any state or other jurisdiction having
        taxing jurisdiction over the Company.

    

    

    ARTICLE 8 

    Management of the Company; Membership

    

    

    8.1 Rights and Duties of the Manager.

    8.1.1 Manager.  The ordinary and usual decisions concerning the business affairs of the Company shall be made by the Manager.  The Manager shall have all of
        the powers to manage and operate the Company that are not expressly reserved for the Members under the Act or in this Agreement. Except as otherwise stated in this Agreement the Manager with the consent of a Class B Member shall also have all
        rights and powers to the to do the following:

    
      	
              8.1.1.1

            	
              The Manager with the consent of a Class B Member shall have the right to cause the Property Owner to sell the
                Property.

            

    

    
      	
              8.1.1.2

            	
              The Manager shall have the right with the consent of the Class B Member to cause the Property Owner to
                refinance the Property at any time.

            

    

    8.1.2 The initial Manager of the Company shall be the Class A Member (referred to in the singular “Manager” for convenience) and shall remain the Manager of the Company until (i) its resignation or (ii) its removal by the Class B Member, subject to the provisions of Section 11.3 below.

    8.1.3 Term of Manager.  Except as otherwise stated in this
        Operating Agreement, no Manager shall have any contractual right to such position.  The Manager shall serve until the earliest of:

    
      	
              8.1.3.1

            	
              The Resignation of such Manager;

            

    

    
      	
              8.1.3.2

            	
              Removal of the Manager with or without cause by the Class B Member;

            

    

    
      	
              8.1.3.3

            	
              Full liquidation of the Company and termination or surrender of its legal charter; or

            

    

    
      	
              8.1.3.4

            	
              In the case of a Manager who is an individual, the death, bankruptcy or legal incapacity of such individual.

            

    

    8.1.4 No Authority of a Member to Bind the Company.  Only the
        Manager and agents of the Company authorized by the Manager shall have the authority to bind the Company.  No Member may or shall take any action to bind the Company, unless that Member is identified as the Manager or otherwise authorized as an
        agent of the Company, in writing. Each Member shall indemnify the Company, the Manager, and the other Members, for any costs or damages incurred by any unauthorized action of such Member attempting to represent the Company or the Property or
        Project.  Subject to the restrictions specified in this Agreement, the Manager has the power, on behalf of the Company, to do all things necessary or convenient to carry out the business and affairs of the Company.

    8.1.5 Actions of the Manager.  The Manager has the power to bind
        the Company as provided in this ARTICLE 8. The act of a Manager for the purpose of apparently carrying on the usual business or affairs of the Company, including the exercise of the authority indicated in this ARTICLE 8, shall bind the Company, and
        no person dealing with the Company shall have any obligation to inquire into the power or authority of the Manager acting on behalf of the Company.

    8.1.6 Certain Actions Requiring Member Vote.  Notwithstanding
        anything to the contrary contained herein, the Manager does not have the authority to cause the Company to do the following activities without first obtaining a vote of the Class B Member.  Either Member may call for a vote of the Class B Member by
        delivering notice to the other Member.  A Vote of the Class B Member is required in order to take any of the following actions:

    
      	
              8.1.6.1

            	
              Authorizing, allowing, or consenting to the sale of the Property by the Property Owner;

            

    

    
      	
              8.1.6.2

            	
              The incurrence of additional debt (other than the initial loans that make up the Loan or any refinancing
                thereof) by the Company in excess of $1,000,000 in the aggregate; or

            

    

    
      	
              8.1.6.3

            	
              Changes to the Budget in excess of ten percent (10%) of any single line item on the Budget or cumulatively in
                excess of $500,000.  The Budget attached hereto is approved by all Members.

            

    

    
      	
              8.1.6.4

            	
              The creation of any parent company, subsidiary company or other entity under common control with the Company;

            

    

    
      	
              8.1.6.5

            	
              Filing a petition or consent to a petition seeking reorganization, arrangement, adjustment, winding-up,
                dissolution, composition, liquidation or other relief on behalf of the Company of its debts under any federal or state law relating to bankruptcy, insolvency, relief from debts or the protection of debtors;

            

    

    
      	
              8.1.6.6

            	
              Seeking or consenting to the appointment of a receiver, liquidator, assignee, trustee, sequestrator, custodian
                or any similar official for the Company or a substantial portion of its Property.

            

    

    
      	
              8.1.6.7

            	
              Making any assignment for the benefit of the Company’s creditors;

            

    

    
      	
              8.1.6.8

            	
              Admitting in writing the Company’s inability to pay its debts generally as they become due;

            

    

    
      	
              8.1.6.9

            	
              The guaranty by the Company of any indebtedness of another;

            

    

    
      	
              8.1.6.10

            	
              The compromise of the obligation of a Member to make a Capital Contribution; or

            

    

    
      	
              8.1.6.11

            	
              Taking any action in furtherance of any of the foregoing.

            

    

    
      	
              8.1.6.12

            	
              Amending this Agreement.

            

    

    
      	
              8.1.6.13

            	
              Removing the Manager with or without cause.

            

    

    

    

    Any action required or permitted to be taken by the Class B Member under this Agreement may be taken without a Meeting if the Class B Member consents in
      writing to such action.

    8.1.7 Compensation.  Except for the fees listed below or other
        fees expressly provided hereunder, no Member or Manager (or their respective affiliates) shall receive any fee or other compensation in connection with the performance by it or them of its obligations under this Agreement.

    
      	
              8.1.7.1

            	
              Each of the Class A Member and the Class B Member shall be paid an acquisition fee equal to 1.25% of the
                purchase price of the Property, to be paid within 10 days of the closing of the purchase of the Property.

            

    

    
      	
              8.1.7.2

            	
              Leasing Commissions. The Company shall pay the Class A Member commissions on leases for the retail component
                of the Property in such amounts and on such terms as are commercially reasonable and standard, as approved by Class B Member is its commercially reasonable discretion, subject to the terms and limitations of the Loan Documents, but only to
                the extent of the difference between the commission paid to third party brokers and a “market” commission for such transaction.

            

    

    8.1.8 Manager’s Duty of Care.  The duty of care in the discharge
        of a Manager’s duties to the Company and the other Members shall be that required under the Act.

    8.1.9 Time Devoted to Company; Other Ventures.  The Manager and
        the individual members of the Manager shall devote so much time to the business of the Company as in their judgment the conduct of the Company’s business reasonably requires.  The Manager and the individual members of the Manager, provided the
        following activities do not materially interfere with the performance of  their duties, may engage in business ventures and activities of any nature and description independently or with others, whether or not in competition with the purpose,
        investments and/or business of the Company and neither the Company nor any of the Members shall have any rights in and to such independent ventures and activities or the income or profits derived from such activities of the Manager and the
        individual members of the Manager

    8.1.10 Indemnification and Limitation of Liability.  The Company
        shall indemnify and hold each Manager, and each of its members, and the Partnership Representative, harmless from any loss or damage (including without limitation environmental indemnification and any other third party or Member claims), including
        reasonable attorneys’ fees actually and reasonably incurred by it, by reason of any act performed by it on behalf of the Company or in furtherance of the Company’s interests.  The foregoing indemnity shall extend only to acts or omissions performed
        or omitted by such Manager, its members, or Partnership Representative which does not constitute fraud, bad faith, gross negligence, willful misconduct, or breach of fiduciary duty on the part of such Manager, member, or Partnership Representative.
        A Member shall not be bound by, or be personally liable for, the expenses, liabilities or obligations of the Company except as otherwise provided in the Act or this Agreement.

    8.2 Prohibited Transactions.   Notwithstanding
        anything to the contrary contained in this Agreement, during the time the Class B Member is a Member of the Company, neither the Company, nor the Manager, nor any other Member of the Company, shall take any of the following actions or permit the
        Property Owner to take any of the following actions:

    8.2.1 Entering into any lease or permitting any sublease that provides for rent based in whole or in part on the income or profits of any person, excluding
        for this purpose a lease that provides for rent based in whole or in part on a fixed percentage or percentages of gross receipts or gross sales of any person without reduction for any sublessor costs;

    8.2.2 Leasing personal property, excluding for this purpose a lease of personal property that is entered into in connection with a lease of real property
        where the rent attributable to the personal property is less than 15% of the total rent provided for under the lease, determined as set forth in Section 856(d)(1) of the Code;

    8.2.3 Acquiring or holding debt unless (a) the amount of interest income received or accrued by the Company under such loan does not, directly or
        indirectly, depend in whole or in part on the income or profits of any person, and (b) the debt is fully secured by mortgages on real property or on interests in real property;

    8.2.4 Acquiring or holding more than 10% of the outstanding voting securities of any one issuer other than a corporation that has properly elected to be a
        “taxable REIT subsidiary” of the Class B Member;

    8.2.5 Acquiring or holding more than 10% of the total value of the outstanding securities (debt or equity) of any one issuer;

    8.2.6 Making an election or taking any action that would cause the Company to be treated as (i) an entity that is not classified as a partnership for
        federal income tax purposes or (ii) a publicly traded partnership as defined in Section 7704 of the Code;

    8.2.7 Entering into any agreement where the Company (or the Property Owner) receives amounts, directly or indirectly, for rendering services to the tenants
        of the properties that are owned, directly or indirectly, by the Company other than (i) amounts received for services that are customarily furnished or rendered in connection with the rental of real property of a similar class in the geographic
        areas in which the properties are located where such services are either provided by (a) an Independent Contractor (as defined in Section 856(d)(3) of the Code) who is adequately compensated for such services and from which the Company does not,
        directly or indirectly, derive revenue or (b) a taxable REIT subsidiary of the Class B Member (as defined in Section 856(1) of the Code) who is adequately compensated for such services or (ii) amounts received for services that are customarily
        furnished or rendered in connection with the rental of space for occupancy only (as opposed to being rendered primarily for the convenience of the Company’s tenants);

    8.2.8 Holding cash of the Company for operations or distribution in any manner other than a traditional bank checking or savings account; or

    8.2.9 Entering into any agreement where income or gain, as applicable, received or accrued by the Company under such agreement, directly or indirectly,
        (a) does not qualify as “rents from real property” within the meaning of Section 856 of the Code, (b) does not qualify as “interest on obligations secured by mortgages on real property or on interests in real property” within the meaning of
        Section 856 of the Code or (c) constitutes income from a sale of “inventory” or “stock in trade” of the Company within the meaning of Section 1221(a)(l) of the Code other than a sale that would qualify under the Section 857(b)(6)(C) “safe harbor”
        with respect to the Class B Member.

    8.2.10 For so long as the Loan to the Lender is outstanding, the Company (and its Members and Managing Member) shall not breach or violate any of the
        convenants attached hereto as Exhibit E.

    

    

    

    

    ARTICLE 9

    Dissolution, Liquidation and Termination of the Company

    

    

    9.1 Dissolution.

    

    

    
      	
              9.1.1

            	
              Events of Dissolution.  The Company
                shall be dissolved, and its affairs shall be wound up upon the first to occur of the following:

            

    

    

    

    (i) the termination of the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates the continued
        membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act; or

    

    

    (ii) the entry of a decree of judicial dissolution of the Company under Section 18-802 of the Act.

    

    

    Upon the occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company or that
      causes the Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon (i) an assignment by the Member of all of its limited liability company interest in the Company and the admission of the
      transferee, or (ii) the resignation of the Member and the admission of an additional member of the Company), to the fullest extent permitted by law, the personal representative of such member is hereby authorized to, and shall, within 90 days after
      the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be,
      as a substitute member of the Company, effective as of the occurrence of the event that terminated the continued membership of such member in the Company.

    

    

    9.2 Continuation.  Notwithstanding any other provision of this Agreement, the
        dissolution or resignation of the Member or the Bankruptcy of the Member will not cause the Member, as the case may be, to cease to be a member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution.

    

    

    9.3 Distributions and Other Matters.  Promptly upon the dissolution of the
        Company, the Member will cause the winding up of the affairs of the Company in accordance with the Act, and will liquidate the assets of the Company and apply and distribute the proceeds of such liquidation, or distribute the Company’s assets in
        kind, as follows and in the following order:

    

    

    
      	
              9.3.1

            	
              Debts.   First, to payment of the
                debts and liabilities of the Company, including debts owed to the Members, in the order of priority provided by law; and

            

    

    

    

    
      	
              9.3.2

            	
              Remainder.   Second, the balance
                will be distributed to the Members in the same proportion as the distributions are made under Section 4.1.2

            

    

    

    

    9.4 Winding-Up and Liquidation.  On dissolution of the Company, the Manager
        will proceed diligently to wind up the affairs of the Company and make final distributions as provided herein and in the Act.  Upon dissolution of the Company, the Company will conduct only such activities as are necessary to wind up its affairs
        (including the sale of the assets of the Company in an orderly manner), and the assets of the Company will be applied in the manner, and in the order of priority, set forth in Section 4.1.2.  The costs of liquidation will be a Company expense.

    

    

    9.5 Termination.  The Company will terminate when (i) all of the assets of the
        Company, after payment of or due provision for all debts, liabilities, and obligations of the Company, will have been distributed to the Members in the manner provided for in this Agreement, and (ii) the Company’s Certificate will have been
        cancelled in the manner required by the Act.

    

    

    ARTICLE 10

    Miscellaneous

    

    

    10.1 Governing Law/Venue.  This Agreement will be governed by and construed in
        accordance with the Act and the laws of the State of Delaware (without regard to the conflict of laws principles thereof), with all rights and remedies to be governed by said laws. State and federal courts sitting in New Castle County, Delaware
        will have jurisdiction over any disputes arising under this Agreement.

    

    

    10.2 Amendment.  This Agreement may only be amended, restated, or revoked by
        the written consent of the Class B Member; provided that any amendment that affects the rights, privileges, or duties of the Class A Member requires the consent of the Class A Member.

    

    

    10.3 Construction.  Paragraph headings and captions contained in this Agreement
        are inserted only as a matter of convenience and for reference and in no way define, limit, extend or described the scope of context thereof.  Whenever required by the context hereof, the singular will include the plural and vice versa, and the
        masculine gender will include the feminine and neuter genders, and vice versa.  Pronouns such as “he,” “his,” “him,” “it,” or “who” will be deemed to refer also to each such Person who is a woman, a partnership, a joint venture, an association, a
        corporation, limited liability company, trust or other legal entity.

    

    

    10.4 Severability.  This Agreement is intended to be performed in accordance
        with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations of the jurisdictions in which the Company does business.  If any provision of this Agreement or any application thereof to any Person or circumstances
        will, for any reason and to any extent, be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other Persons or circumstances will not be affected thereby, but will be enforced to the greatest extent
        permitted by law.

    10.5 Organization Expenses.  All legal, filing,
        recording and related expenses in connection with the formation and qualification of this Company will be considered and treated as Company expenses.

    10.6 Copies of Signatures.  Facsimile copies and
        electronic copies (e.g. .PDF file) of executed signatures to the Agreement, as well as electronic signatures made in compliance with the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act
        (UETA) (e.g. DocuSign), will be accepted with the same force and effect as original signatures hereto.

    10.7 Counterparts.  This Agreement may be executed
        in any number of counterparts, each of which will be deemed an original of this Agreement and all of which together will constitute one and the same instrument.

    10.8 Binding Agreement.  Notwithstanding any other
        provision of this Agreement, the Members and the Manager agree that this Agreement constitutes a legal, valid and binding agreement of the Members and Manager, and is enforceable against the Members and Manager.

    ARTICLE 11

    TRANSFERS OF MEMBERSHIP INTERESTS

    11.1 Transfers.  Except as
        otherwise expressly provided in this Agreement, a Member shall not Transfer any part of the Member’s Membership Interest in the Company, whether now owned or hereafter acquired, unless (1) the Manager approves the transferee’s admission to the
        Company as a Member upon such Transfer and (2) the Membership Interest to be transferred, when added to the total of all other Membership Interests transferred in the preceding 12 months, will not cause the termination of the Company under the Code
        and (3) the Membership Interest to be transferred does not cause a transfer tax or property reassessment with respect to the Property.  Any attempted Transfer of a Membership Interest without such approval shall be void.  Any Transfer of a
        Membership Interest which does not result in a change in the beneficial ownership of such Membership Interest shall not be subject to the restrictions set forth in this Section 11.1, and in such case, notwithstanding anything in this Agreement to
        the contrary, the transferee of such Membership Interest shall automatically be admitted to the Company as a Member, subject only to such transferee’s executing a counterpart of this Agreement as a party hereto.

    11.2 Encumbrances.  No Member may
        Encumber or permit or suffer any Encumbrance of all or any part of the Member’s Membership Interest in the Company unless such Encumbrance has been approved in writing by all the other Members.  Any Encumbrance of a Membership Interest without such
        approval shall be void.

    11.3 Purchase of Class A Membership Interests upon Removal of Manager.

    11.3.1 Upon the removal of the Manager pursuant to Section 8.1.3.2, the Manager may require, at its sole election, the Company and/or the Class B Member to
        purchase its Class A Membership Interests according to the terms of this Section 11.3.

    11.3.2 For purposes of establishing the price for the purchase of the Class A Membership Interest in the Company (if the Class A Member determines to do so)
        under any circumstances other than liquidation, the following procedures shall govern:  Within 15 days of the receipt of a Notice of Removal by the Manager as contemplated by Section 8.1.3.2, the Class B Member or its representative shall appoint a
        nationally or regionally recognized appraiser or valuation firm qualified to make a valuation of the Property (having no direct or indirect relationship in or with any parties to this Agreement) and the Manager shall appoint a second appraiser
        (each to notify the other of the same) to determine the net fair market value (the “Fair Market Value”) of the Company  as determined by the following.  In determining the Fair Market Value, the appraisers shall appraise the Property owned by the
        Property Owner, and determine the corresponding distribution (after paying off any loans, closing costs, commissions, accounts payable, wind-down costs, etc.) that would be made by the Property Owner to the Company upon such a sale at that
        appraised value.  No value shall be ascribed to goodwill, and all cash, receivables and liabilities shall be valued as stated on the books of the Company.  Each appraiser shall render its opinion within 30 days following their appointment.  The net
        Fair Market Value of the Class A Member’s Membership Interest shall take into consideration the Unpaid Preferred Return and Unreturned Capital Contributions of such Member.  If the values so determined differ by not more than ten percent of the
        lower value, the two values shall be averaged with the result being conclusive and binding upon all Members or their representatives.  If the values so determined by the two appraisers differ by more than ten percent of the lower value, the two
        appraisers shall jointly appoint a third appraiser or firm, which will shall select one of the two opinions of value as the more accurate opinion of value.  The opinion of value selected by the third appraiser or valuation firm as the more accurate
        opinion of value shall be the final Fair Market Value.  All fees and expenses of each appraiser shall be an expense of the Company after the purchase.  The purchase price shall be paid to the Class A Member within 60 days of determination.

    

    

    Notwithstanding anything to the contrary contained in this Agreement, in the event the Class B Member removes the Class A Member as Manager prior to the date
      that is eighteen (18) full calendar months after the Property Owner acquires the Property, then the Fair Market Value shall not be less than 130% of the purchase price paid by the Property Owner for the Property.

    11.4 Substituted Members.  Any person admitted to
        the Company as a Substituted Member shall be subject to all provisions of this Agreement.

    

    

    

    

    [Signatures appear on the following pages.]

    

    

    IN WITNESS WHEREOF, the undersigned parties executed this Amended and Restated Limited Liability Company Agreement of Hollywood Hillview
      Owner, LLC as of the Effective Date.

    

    

    MEMBER:

    

    

    MacKenzie Realty Operating Partnership,
        LP, a Delaware limited partnership

    

    

    	By:	
            MacKenzie Realty Capital, Inc., a Maryland corporation, its General Partner

          

    

    

    

    

    

    

    By: 

    Chip Patterson, Chairman and General Counsel

    

    

    

    

    

    

    IN WITNESS WHEREOF, the undersigned parties executed this Limited Liability Company Agreement of Hollywood Hillview Owner, LLC as of the
      Effective Date.

    

    

    MANAGER:

    

    

    TRUE USA, LLC,

    a Delaware limited liability company

    its: manager

    

    

    By: JCI Development, Inc,

    a Colorado corporation

    its: manager

    

    

    By: __________________________

    Name: Jeffrey Isenstadt

    Title: President

    

    

    By: Viking Capital LLC,

    a Delaware limited liability company

    its: manager

    

    

    By: __________________________

    Name: William R. Erickson

    Title: Operating Member

    

    

    By: Asaz LTD,

    a Texas limited partnership

    its: manager

    

    

    By: Asaz Interest, Inc.

    a Texas corporation

    its: general partner

    

    

    

    

    By: __________________________

    Name: Ashraful Islam

    Title: President

    

    

    

    

    

    

    

    

    

    

    EXHIBIT A

    TO

    LIMITED LIABILITY COMPANY AGREEMENT

    OF

    HOLLYWOOD HILLVIEW OWNER, LLC

    

    

    

    

    Membership Schedule

    

    

    	
             

            Member

            Name and Address

          	
             

            Type of Membership

            Interest

          	
            Capital Contribution

          	
            Voting Interest

          	
            Economic Interest

          
	
             

            MacKenzie Realty Operating Partnership, LP

            ATTN: Chip Patterson, General Counsel

            89 Davis Road, Suite 100

            Orinda, CA  94563

             

          	
            Class B

          	
             

             

             

            $7,200,000

          	
             

             

             

            100%

          	
             

             

             

            90%

             

          
	
            True USA, LLC

             

          	
            Class A

          	
             

            $800,000

          	
             

            0%

          	
             

            10%

          
	
            TOTAL

          	 	
            $8,000,000

          	
            100%

          	
            100%

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    EXHIBIT B

    TO

    LIMITED LIABILITY COMPANY AGREEMENT

    OF

    HOLLYWOOD HILLVIEW OWNER, LLC

    

    

    

    

    Legal description for the Property

    

    

    THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF LOS ANGELES, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:

    

    

    Lot 9 of H. J. Whitley Tract, being a subdivision of Blocks 17 and 18, Hollywood,
        in the City of Los Angeles, County of Los Angeles, State of California, as shown by map on file in Book 2 Page 90 of Maps, in the office of the County Recorder of said County.

    

    

    Excepting therefrom that portion thereof lying within the lines of Chester Court, now Hudson Avenue, as widened.

    

    

    APN: 5547-008-001

    

    

    

    

    

    

    

    

    EXHIBIT C

    TO

    LIMITED LIABILITY COMPANY AGREEMENT

    OF

    HOLLYWOOD HILLVIEW OWNER, LLC

    

    

    

    

    Sample Distribution Calculation

    

    

    

    

    EXHIBIT D

    TO

    LIMITED LIABILITY COMPANY AGREEMENT

    OF

    HOLLYWOOD HILLVIEW OWNER, LLC

    

    

    

    

    Initial Budget

    EXHIBIT E

    TO

    LIMITED LIABILITY COMPANY AGREEMENT

    OF

    HOLLYWOOD HILLVIEW OWNER, LLC

    

    

    

    

    SPE Provisions

    

    

    SINGLE PURPOSE ENTITY REQUIREMENTS.  Notwithstanding anything to the contrary in this Agreement, for so long as the Loan exists, the following provisions shall control and and supersede all other provisions of the
        Agreement.

    

    

    (a) Definitions.  When used in this Section, the
        following terms not otherwise defined in the Agreement  shall have the meanings set forth below.  Capitalized terms used but not defined in this Section shall have the meanings defined in the Loan Agreement.

    

    

    “Single Purpose Entity” means a
      limited liability company, limited partnership, or corporation which at all times will satisfy each of the following conditions:

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

          	(vi)	
            It will not, without the prior unanimous written consent of all of the Company’s Members or Managing Members take any of the following actions:

          

    

    

    	

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

          

    

    

    	

          	(B)	
            Institute proceedings under any applicable insolvency law.

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

          	(vii)	
            It will not amend or restate its organizational documents if such change would cause
              the provisions set forth in those organizational documents not to comply with the requirements set forth in Section 4.1.15 of the Loan Agreement.

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

          	(x)	
            It will not incur any debt, secured or unsecured, direct or contingent (including guaranteeing any obligation), other than the following:

          

    

    

    	

          	(A)	
            The Indebtedness.

          

    

    

    	

          	(B)	
            Customary unsecured trade payables incurred in the ordinary course of owning and operating the Property provided the same are not evidenced by a promissory note, do not
              exceed, in the aggregate, at any time a maximum amount of 2% of the original principal amount of the Indebtedness and are paid within 60 days of the date incurred.

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

          	(xviii)	
            It will maintain adequate capital for the normal obligations reasonably foreseeable in a business of its size and character and in light of its contemplated business
              operations and will pay its debts and liabilities from its own assets as the same become due; provided, however, nothing in this Section will require any member of Company (as defined in the Loan Agreement) to make any equity contribution to
              Company.

          

    

    

    	

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

          

    

    

    	

          	(xx)	
            It will pay (or cause the Property Manager to pay on behalf of Company from Company’s funds) its own liabilities (including salaries of its own employees) from its own
              funds; provided, however, nothing in this Section will require any member of Company to make any equity contribution to Company.

          

    

    

    	

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

          

    

    

    	

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

          

    

    

    	

          	(xxiii)	
            It will maintain a sufficient number of employees (if any) in light of its contemplated business operations and pay the salaries of its own employees, if any, only from
              its own funds; provided, however, nothing in this Section will require any member of Company to make any equity contribution to Company.

          

    

    

    	

          	 (xxiv)	
            It will be formed and organized under Delaware law.

          

    

    

    

    

     (b) Single Purpose Entity.  In order to preserve
        and ensure its separate and distinct identity, in addition to the other provisions set forth herein, at all times the Company will remain a Single Purpose Entity.

    

    

    (c) Transfers.  No Transfer will be permitted under
        the Agreement  unless such Transfer complies with the terms and conditions of the Loan Documents.

    

    

    (d) Indemnification Obligations.  Any
        indemnification obligation of the Company set forth in the Agreement  shall be subject and fully subordinated to any obligations respecting the Property (including, without limitation, the Loan) and, to the fullest extent permitted by law, such
        indemnification obligation shall not constitute a claim against the Company in the event that the Company’s cash flow in excess of amounts necessary to pay holders of such obligations with respect to the Property is insufficient to pay such
        indemnity obligations.LIMITED LIABILITY COMPANY AGREEMENT

      OF

      PT HILLVIEW GP, LLC

    This Limited Liability Company Agreement (together with the schedules attached hereto, this “Agreement”) of PT HILLVIEW GP, LLC, a Delaware limited
      liability company (the “Company”), is entered into by HOLLYWOOD
        HILLVIEW OWNER, LLC, a Delaware limited liability company, as the sole equity member (the “Member”) and C. ANTHONY SHIPPAM (the “Independent Manager”), as the Special Member and Independent Manager (as
      defined on Schedule A hereto).  Capitalized terms used and not otherwise defined herein have the meanings set forth on Schedule A hereto.

    Member, by execution of this Agreement, hereby forms the Company as a limited liability company pursuant to and in
      accordance with the Delaware Limited Liability Company Act (6 Del. C. § 18‐101 et seq.), as amended from time to time (the “Act”), and this Agreement, and
      the Member and the Special Member and the Independent Manager hereby agree as follows:

    Section 1. Name.

    The name of the limited liability company formed hereby is PT Hillview GP, LLC.

    Section 2. Principal Business Office.

    The principal business office of the Company shall be located at 1301 Dove Street, Suite 960, Newport Beach, CA
      92660 or such other location as may hereafter be determined by the Member.

    Section 3. Registered Office.

    The address of the registered office of the Company in the State of Delaware is 1201 N. Orange Street, Suite 7044
      Wilmington, Delaware.

    Section 4. Registered Agent.

    The name and address of the registered agent of the Company for service of process on the Company in the State of
      Delaware is Sorensen Entity Services LLC, 1201 N. Orange Street, Suite 7044 Wilmington, Delaware.

    Section 5. Member.

    (a) The mailing address of the Member is set forth on Schedule B attached hereto.  The
        Member was admitted to the Company as a member of the Company upon its execution of a counterpart signature page to this Agreement.

    (b) Subject to Section 9(d), the Member may act by written consent.

    (c) The Member shall at all times cause there to be at least one Person bound by this Agreement as an Independent Manager.  Upon the occurrence of any event that causes Member to
        cease to be a member of the Company (other than upon continuation of the Company without dissolution upon (i) an assignment by Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to Sections 21 and 23, or (ii) the resignation of Member and the admission of an additional member of the Company pursuant to Sections 22 and 23), each Person acting as an Independent Manager pursuant to Section 10
        shall, without any action of any Person and simultaneously with Member ceasing to be a member of the Company, automatically be admitted to the Company as a Special Member and shall preserve and continue the Company without dissolution.  No Special
        Member may resign from the Company or transfer its rights as Special Member unless (i) a successor Special Member has been admitted to the Company as Special Member by executing a counterpart to this Agreement, and (ii) such successor has also
        accepted its appointment as an Independent Manager pursuant to Section 10; provided, however, Special Member shall automatically cease to be a member of the
        Company upon the admission to the Company of a substitute Member.  Each Special Member shall be a member of the Company that has no interest in the profits, losses and capital of the Company and has no right to receive any distributions of Company
        assets.  Pursuant to Section 18-301 of the Act, a Special Member shall not be required to make any capital contributions to the Company and shall not receive a limited liability company interest in the Company.  A Special Member, in its capacity as
        Special Member, may not bind the Company.  Except as required by any mandatory provision of the Act, Special Member, in its capacity as Special Member, shall have no right to vote on, approve or otherwise consent to any action by, or matter
        relating to, the Company, including, without limitation, the merger, consolidation or conversion of the Company; provided, however, such prohibition shall not limit the obligations of the Special Member, in its capacity as an Independent Manager, to vote on such matters required by this Agreement.  In order
        to implement the admission to the Company of Special Member, each Person acting as an Independent Manager pursuant to Section 10 shall execute a counterpart
        to this Agreement.  Prior to its admission to the Company as Special Member, each Person acting as an Independent Manager pursuant to Section 10 shall not
        be a member of the Company.

    Section 6. Certificates.

    Chris Sorensen is hereby designated as an “authorized person” within the meaning of the Act, and has executed,
      delivered and filed the Certificate of Formation of the Company with the Secretary of State of the State of Delaware.  Upon the filing of the Certificate of Formation with the Secretary of State of the State of Delaware, his powers as an “authorized
      person” ceased, and Member thereupon became the designated “authorized person” and shall continue as the designated “authorized person” within the meaning of the Act.  Member or an Officer shall execute, deliver and file any other certificates (and
      any amendments and/or restatements thereof) necessary for the Company to qualify to do business in California and in any other jurisdiction in which the Company may wish to conduct business.

    The existence of the Company as a separate legal entity shall continue until cancellation of the Certificate of
      Formation as provided in the Act.

    Section 7. Purpose.

    (a) The purpose to be conducted or promoted by the Company is to engage in the following activities:

    
      	
              (i)

            	
              to acquire, own, lease, maintain, manage and operate the Property;

            

    

    
      	
              (ii)

            	
              to enter into and perform its obligations under the Loan Documents;

            

    

    
      	
              (iii)

            	
              to refinance the Property in connection with a permitted repayment of the Loan; and

            

    

    
      	
              (iv)

            	
              to engage in any lawful act or activity and to exercise any powers permitted to limited liability companies organized under
                the laws of the State of Delaware that are related or incidental to and necessary, convenient or advisable for the accomplishment of the above‐mentioned purposes.

            

    

    (b) The Company is hereby authorized to execute, deliver and perform, and the Member or any Officer on behalf of the Company are hereby authorized to execute and deliver, the Basic
        Documents and all documents, agreements, certificates, or financing statements contemplated thereby or related thereto, all without any further act, vote or approval of any Member, Officer or other Person notwithstanding any other provision of this
        Agreement, the Act or applicable law, rule or regulation.  The foregoing authorization shall not be deemed a restriction on the powers of Member or any Officer to enter into other agreements on behalf of the Company.

    Section 8. Powers.

    Subject to Section 9(d),
      the Company, and Member and the Officers on behalf of the Company, (i) shall have and exercise all powers necessary, convenient or incidental to accomplish its purposes as set forth in Section 7 and (ii) shall have and exercise all of the powers and rights conferred upon limited liability companies formed pursuant to the Act.

    Section 9. Management.

    (a) Subject to Section 9(d), the business and affairs of the Company shall be managed by
        or under the direction of Member.  Subject to Section 10, the Member may determine at any time in its sole and absolute discretion the number of Independent
        Managers.  The initial number of Independent Managers shall be one.  The initial Independent Manager designated by the Member is C. Anthony Shippam.

    (b) Powers.  Subject to Section 9(d), Member shall have the power to do any and all acts necessary, convenient or incidental to or for the furtherance of the purposes described herein, including all powers, statutory or otherwise.  Subject
        to Sections 7 and 9, Member has the authority to bind the
        Company.

    (c) Member as Agent.  To the extent of its powers set forth in this Agreement and subject
        to Section 9(d), Member is an agent of the Company for the purpose of the Company’s business, and the actions of Member taken in accordance with such powers
        set forth in this Agreement shall bind the Company.

    (d) Limitations on the Company’s Activities.

    
      	
              (i)

            	
              This Section 9(d) is being
                adopted in order to comply with certain provisions required in order to qualify the Company as a “special purpose” entity.

            

    

    
      	
              (ii)

            	
              Member shall not, so long as any Obligation is outstanding, amend, alter, change or repeal the definition of “Independent
                Manager” or Sections 5(c), 7, 8, 9,
                10, 16, 20, 21, 22,
                23, 24, 25, 26, 29,
                31, 35, 36 or 37 or Schedule
                    A of this Agreement without the unanimous written consent of Member, Independent Manger and Lender.  Subject to this Section 9(d),
                Member reserves the right to amend, alter, change or repeal any provisions contained in this Agreement in accordance with Section 31.

            

    

    
      	
              (iii)

            	
              Notwithstanding any other provision of this Agreement and any provision of law that otherwise so empowers the Company, the
                Member, any Officer or any other Person, so long as any Obligation is outstanding, neither Member nor any Officer nor any other Person shall be authorized or empowered, nor shall they permit the Company to, and the Company shall not,
                without the prior written consent of the Member and the Independent Manager, take any Material Action; provided, however, that, so long as any Obligation is outstanding, the Member shall not authorize the taking of any Material Action unless there
                is at least one Independent Manager then serving in such capacity and such Independent Manager consents thereto.

            

    

    
      	
              (iv)

            	
              Member shall cause the Company to do or cause to be done all things necessary to preserve and keep in full force and effect
                its existence, rights (charter and statutory) and franchises.  The Company represents, warrants and covenants that the Company:

            

    

    
      	
              (A)

            	
              maintain its own separate books and records and bank accounts;

            

    

    
      	
              (B)

            	
              at all times hold itself out to the public and all other Persons as a legal entity separate from Member and any other
                Person;

            

    

    
      	
              (C)

            	
              file its own tax returns, if any, as may be required under applicable law, to the extent (1) not part of a consolidated
                group filing a consolidated return or returns or (2) not treated as a division for tax purposes of another taxpayer, and pay any taxes so required to be paid under applicable law;

            

    

    
      	
              (D)

            	
              except as contemplated by the Basic Documents, not commingle its assets with assets of any other Person;

            

    

    
      	
              (E)

            	
              conduct its business in its own name and strictly comply with all organizational formalities to maintain its separate
                existence;

            

    

    
      	
              (F)

            	
              maintain separate financial statements;

            

    

    
      	
              (G)

            	
              pay its own liabilities only out of its own funds;

            

    

    
      	
              (H)

            	
              maintain an arm’s length relationship with its Affiliates and Member;

            

    

    
      	
              (I)

            	
              pay the salaries of its own employees, if any;

            

    

    
      	
              (J)

            	
              not hold out its credit or assets as being available to satisfy the obligations of others;

            

    

    
      	
              (K)

            	
              allocate fairly and reasonably any overhead for shared office space;

            

    

    
      	
              (L)

            	
              use separate stationery, invoices and checks;

            

    

    
      	
              (M)

            	
              except as contemplated by the Basic Documents, not pledge its assets for the benefit of any other Person;

            

    

    
      	
              (N)

            	
              correct any known misunderstanding regarding its separate identity;

            

    

    
      	
              (O)

            	
              maintain adequate capital in light of its contemplated business purpose, transactions and liabilities;

            

    

    
      	
              (P)

            	
              not acquire any securities of Member;

            

    

    
      	
              (Q)

            	
              cause the Officers, agents and other representatives of the Company to act at all times with respect to the Company
                consistently and in furtherance of the foregoing and in the best interests of the Company; and;

            

    

    
      	
              (R)

            	
              otherwise comply with the provisions set forth in Section 3.1.24, Section 4.1.15 and Schedule III of the Loan Agreement.

            

    

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

    
      	
              (v)

            	
              So long as any Obligation is outstanding, Member shall not cause or permit the Company to:

            

    

    
      	
              (A)

            	
              except as contemplated by the Basic Documents, guarantee any obligation of any Person, including any Affiliate;

            

    

    
      	
              (B)

            	
              engage, directly or indirectly, in any business other than the actions required or permitted to be performed under Section 7, the Basic Documents or this Section 9(d);

            

    

    
      	
              (C)

            	
              incur, create or assume any indebtedness other than as expressly permitted under the Basic Documents;

            

    

    
      	
              (D)

            	
              make or permit to remain outstanding any loan or advance to, or own or acquire any stock or securities of, any Person,
                except that the Company may invest in those investments permitted under the Basic Documents and may make any advance required or expressly permitted to be made pursuant to any provisions of the Basic Documents and permit the same to remain
                outstanding in accordance with such provisions;

            

    

    
      	
              (E)

            	
              (1) to the fullest extent permitted by law, divide, dissolve, merge, liquidate, consolidate; (2) sell, transfer, dispose, or
                encumber (except in accordance with the Loan Documents) all or substantially all of its assets or properties or acquire all or substantially all of the assets or properties of any other Person; or (3) engage in any other business activity,
                or amend this Agreement or any of the Company’s other organizational or governing documents with respect to any of the matters set forth in Section 3.1.24, Section 4.1.15 and Schedule III of the Loan Agreement, without the prior consent of
                Lender; or

            

    

    
      	
              (F)

            	
              form, acquire or hold any subsidiary (whether corporate, partnership, limited liability company or other).

            

    

    Section 10. Independent Manager.

    As long as any Obligation is outstanding, the Member shall cause the Company at all times to have at least one
      Independent Manager who will be appointed by the Member.  To the fullest extent permitted by law, including Section 18-1101(c) of the Act, and notwithstanding any duty otherwise existing at law or in equity, the Independent Manager shall consider
      only the interests of the Company, including its creditors, in acting or otherwise voting on the matters referred to in Sections 9(d)(ii) and Section 9(d)(iii).  Except for duties to the Company as set forth in the immediately preceding sentence (including duties to the Member and the Company’s creditors
      solely to the extent of their respective economic interests in the Company but excluding (i) all other interests of the Member, (ii) the interests of other Affiliates of the Company, and (iii) the interests of any group of Affiliates of which the
      Company is a part), the Independent Manager shall not have any fiduciary duties to the Member, any Officer or any other Person bound by this Agreement; provided, however, the foregoing shall not eliminate the implied contractual covenant of good
      faith and fair dealing.  To the fullest extent permitted by law, including Section 18-1101(e) of the Act, an Independent Manager shall not be liable to the Company, the Member or any other Person bound by this Agreement for breach of contract or
      breach of duties (including fiduciary duties), unless the Independent Manager acted in bad faith or engaged in willful misconduct.  No resignation or removal of an Independent Manager, and no appointment of a successor Independent Manager, shall be
      effective until such successor (i) shall have accepted his or her appointment as an Independent Manager by a written instrument, which may be a counterpart signature page to this Agreement, and (ii) shall have executed a counterpart to this Agreement
      as required by Section 5(c).  In the event of a vacancy in the position of Independent Manager, the Member shall, as soon as practicable, appoint a successor
      Independent Manager.  Notwithstanding anything to the contrary contained in this Agreement, no Independent Manager shall be removed or replaced, nor shall any such removal or replacement become effective, unless the Company provides the Lender with
      no less than three (3) business days’ prior written notice of (a) any proposed removal of such Independent Manager, together with a statement as to the reasons for such removal, and (b) the identity of the proposed replacement Independent Manager,
      together with a certification that such replacement satisfies the requirements for an Independent Manager set forth in this Agreement.  All right, power and authority of the Independent Manager shall be limited to the extent necessary to exercise
      those rights and perform those duties specifically set forth in this Agreement.  No Independent Manager shall at any time serve as trustee in bankruptcy for any Affiliate of the Company.  An Independent Manager is hereby designated as a “manager”
      within the meaning of Section 18-101(12) of the Act.

    Section 11. Officers.

    Member may, from time to time as it deems advisable, appoint officers of the Company (the “Officers”) and assign in writing titles (including, without limitation, President, Vice President, Secretary, and Treasurer) to any such person.  Unless Member decides otherwise, if
      the title is one commonly used for officers of a business corporation formed under the Delaware General Corporation Law, the assignment of such title shall constitute the delegation to such person of the authorities and duties that are normally
      associated with that office.  Any delegation pursuant to this Section 11 may be revoked at any time by Member.  The initial Officers are listed on Schedule C attached hereto.  Member may revise Schedule C in its sole
      discretion at any time.

    Section 12. Limited Liability.

    Except as otherwise expressly provided by the Act, the debts, obligations and liabilities of the Company, whether
      arising in contract, tort or otherwise, shall be the debts, obligations and liabilities solely of the Company, and none of the Member, the Special Member, the Independent Manager, and any Officer shall be obligated personally for any such debt,
      obligation or liability of the Company solely by reason of being a Member, Special Member, Independent Manager or Officer of the Company.

    Section 13. Capital Contributions.

    Member has contributed to the Company property of an agreed value as listed on Schedule B attached hereto.  In accordance with Section 5(c), the Special Member shall not be required to make any capital contributions to the Company.

    Section 14. Additional Contributions.

    Member is not required to make any additional capital contribution to the Company. However, Member may make
      additional capital contributions to the Company at any time upon the written consent of such Member.  To the extent that Member makes an additional capital contribution to the Company, Member shall revise Schedule B of this Agreement.  The provisions of this Agreement, including this Section 14, are intended to
      benefit Member and Special Member and, to the fullest extent permitted by law, except as expressly set forth in Section 26(b) of this Agreement, shall not be
      construed as conferring any benefit upon any creditor of the Company (other than a Covered Person) (and no such creditor of the Company shall be a third-party beneficiary of this Agreement) and Member and Special Member shall not have any duty or
      obligation to any creditor of the Company to make any contribution to the Company or to issue any call for capital pursuant to this Agreement.

    Section 15. Allocation of Profits and Losses.

    The Company’s profits and losses shall be allocated to Member.

    Section 16. Distributions.

    Distributions shall be made to Member at the times and in the aggregate amounts determined by Member. 
      Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a distribution to Member on account of its interest in the Company if such distribution would violate the Act or any other applicable
      law or any Basic Document.

    Section 17. Books and Records.

    Member shall keep or cause to be kept complete and accurate books of account and records with respect to the
      Company’s business.  Member and its duly authorized representatives shall have the right to examine the Company books, records and documents during normal business hours.  The Company’s books of account shall be kept using the method of accounting
      determined by Member.  The Company’s independent auditor, if any, shall be an independent public accounting firm selected by Member.

    Section 18. Intentionally Omitted.

    Section 19. Other Business.

    Notwithstanding any duty otherwise existing at law or in equity, the Member, the Special Member, the Independent
      Manager, and any Officer and any Affiliate of the Member or the Special Member, the Independent Manager or any Officer may engage in or possess an interest in other business ventures (unconnected with the Company) of every kind and description,
      independently or with others.  The Company shall not have any rights in or to such independent ventures or the income or profits therefrom by virtue of this Agreement.

    Section 20. Exculpation and Indemnification.

    (a) To the fullest extent permitted by applicable law, neither the Member nor the Special Member nor the Independent Manager nor any Officer, director, employee, agent of the
        Company nor any employee, representative, agent or Affiliate of Member, Special Member, Independent Manager or any Officer (collectively, the “Covered
            Persons”) shall, to the fullest extent permitted by law, be liable to the Company or any other Person that is a party to or is otherwise bound by this Agreement for any loss, damage or claim incurred by reason of any act or omission
        performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this Agreement, except that a Covered Person shall be
        liable for any such loss, damage or claim incurred by reason of such Covered Person’s gross negligence (or, in the case of the Independent Manager, bad faith) or willful misconduct.

    (b) To the fullest extent permitted by applicable law, a Covered Person shall be entitled to indemnification from the Company for any loss, damage or claim incurred by such Covered
        Person by reason of any act or omission performed or omitted by such Covered Person in good faith on behalf of the Company and in a manner reasonably believed to be within the scope of the authority conferred on such Covered Person by this
        Agreement, except that no Covered Person shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Covered Person by reason of such Covered Person’s gross negligence (or, in the case of the Independent Manager,
        bad faith) or willful misconduct with respect to such acts or omissions; provided, however, that any indemnity under this Section 20 by the Company shall be provided out of and to the extent of Company assets only,
        and the Member and the Special Member and the Independent Manager and any Officer shall not have personal liability on account thereof; and provided further, that so long as any Obligation is outstanding, no indemnity payment from funds of the Company (as distinct from funds from other sources, such as
        insurance) of any indemnity under this Section 20 shall be payable from amounts allocable to any other Person pursuant to the Basic Documents.

    (c) To the fullest extent permitted by applicable law, expenses (including legal fees) incurred by a Covered Person defending any claim, demand, action, suit or proceeding shall,
        from time to time, be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding upon receipt by the Company of an undertaking by or on behalf of the Covered Person to repay such amount if it shall be
        determined that the Covered Person is not entitled to be indemnified as authorized in this Section 20.

    (d) A Covered Person shall be fully protected in relying in good faith upon the records of the Company and upon such information, opinions, reports or statements presented to the
        Company by any Person as to matters the Covered Person reasonably believes are within such other Person’s professional or expert competence and who has been selected with reasonable care by or on behalf of the Company, including information,
        opinions, reports or statements as to the value and amount of the assets, liabilities, or any other facts pertinent to the existence and amount of assets from which distributions to Member might properly be paid.

    (e) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to the Company or to any other Covered Person,
        a Covered Person acting under this Agreement shall not be liable to the Company or to any other Covered Person for its good faith reliance on the provisions of this Agreement or any approval or authorization granted by the Company or any other
        Covered Person.  The provisions of this Agreement, to the extent that they restrict or eliminate the duties and liabilities of a Covered Person to the Company or its members otherwise existing at law or in equity, are agreed by the parties hereto
        to replace such other duties and liabilities of such Covered Person.

    (f) Notwithstanding anything in this Agreement to the contrary, unless Lender (for so long as any Obligation is outstanding) agrees in writing otherwise, any indemnity of any
        Covered Person under this Section 20 or otherwise shall be fully subordinated to any Obligations, shall not constitute a claim against the Company in the
        event that the Company’s cash flow is insufficient to pay such Obligations and shall not be paid whenever any amount is past due under the Loan Documents.

    (g) The foregoing provisions of this Section 20 shall survive any termination of this
        Agreement.

    Section 21. Assignments.

    Member may assign in whole or in part its limited liability company interest in the Company.  Subject to Section 23, the transferee of a limited liability company interest in the Company shall be admitted to the Company as a member of the Company upon its execution of
      an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement.  If Member transfers all of its limited liability company interest in the
      Company pursuant to this Section 21, such admission shall be deemed effective immediately prior to the transfer and, immediately following such admission, the
      transferor Member shall cease to be a member of the Company.  Notwithstanding anything in this Agreement to the contrary, any successor to Member by merger or consolidation in compliance with the Basic Documents shall, without further act, be Member
      hereunder, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.

    Section 22. Resignation.

    Notwithstanding anything in this Agreement to the contrary, so long as any Obligation is outstanding, Member may
      not resign, except as permitted under the Basic Documents and if the Rating Agency Condition is satisfied.  If Member is permitted to resign pursuant to this Section 22,
      an additional member of the Company shall be admitted to the Company, subject to Section 23, upon its execution of an instrument signifying its agreement to
      be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement.  Such admission shall be deemed effective immediately prior to the resignation and, immediately following such admission,
      the resigning Member shall cease to be a member of the Company.

    Section 23. Admission of Additional Members.

    One or more additional Members of the Company may be admitted to the Company with the written consent of Member; provided, however, that, notwithstanding the foregoing, so long as any
      Obligation remains outstanding, no additional Member may be admitted to the Company, other than pursuant to Section 24(a), unless the Rating Agency Condition
      is satisfied.

    Section 24. Dissolution.

    (a) Subject to Section 9(d), the Company shall be dissolved, and its affairs shall be
        wound up upon the first to occur of the following:  (i) the termination of the legal existence of the last remaining member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining member
        of the Company in the Company unless the Company is continued without dissolution in a manner permitted by this Agreement or the Act or (ii) the entry of a decree of judicial dissolution of the Company under Section 18‐802 of the Act.  Upon the
        occurrence of any event that causes the last remaining member of the Company to cease to be a member of the Company or that causes Member to cease to be a member of the Company (other than upon continuation of the Company without dissolution upon
        (i) an assignment by Member of all of its limited liability company interest in the Company and the admission of the transferee pursuant to Sections 21 and
        23, or (ii) the resignation of Member and the admission of an additional member of the Company pursuant to Sections 22 and 23), to the fullest extent permitted by law, the personal representative of such member is hereby
        authorized to, and shall, within ninety (90) days after the occurrence of the event that terminated the continued membership of such member in the Company, agree in writing (i) to continue the existence of the Company and (ii) to the admission of
        the personal representative or its nominee or designee, as the case may be, as a substitute member of the Company, effective as of the occurrence of the event that terminated the continued membership of the last remaining member of the Company or
        Member in the Company.

    (b) Notwithstanding any other provision of this Agreement, the Bankruptcy of Member or a Special Member shall not cause Member or Special Member, respectively, to cease to be a
        member of the Company and upon the occurrence of such an event, the Company shall continue without dissolution.

    (c) Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law, each of Member and Special Member waives any right or power that it
        might have to cause the Company or any of its assets or properties to be partitioned, to cause the appointment of a receiver for all or any portion of the assets or property of the Company, to compel any sale of all or any portion of the assets or
        property of the Company pursuant to any applicable law or to file a complaint or to institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company.

    (d) In the event of dissolution, the Company shall conduct only such activities as are necessary to wind up its affairs (including the sale of the assets and property of the Company
        in an orderly manner), and the assets and property of the Company shall be applied in the manner, and in the order of priority, set forth in Section 18‐804 of the Act.

    (e) The Company shall terminate when (i) all of the assets of the Company, after payment of or due provision for all debts, liabilities and obligations of the Company shall have
        been distributed to Member in the manner provided for in this Agreement and (ii) the Certificate of Formation shall have been canceled in the manner required by the Act.

    Section 25. Waiver of Partition; Nature of Interest.

    Except as otherwise expressly provided in this Agreement, to the fullest extent permitted by law, each of Member,
      Special Member and Independent Manager hereby irrevocably waives any right or power that such Person might have to cause the Company or any of its
      assets to be partitioned, to cause the appointment of a receiver for all or any portion of the assets of the Company, to compel any sale of all or any portion of the assets of the Company pursuant to any applicable law or to file a complaint or to
      institute any proceeding at law or in equity to cause the dissolution, liquidation, winding up or termination of the Company.  Member shall not have any interest in any specific assets of the Company, and Member shall not have the status of a
      creditor with respect to any distribution pursuant to Section 16 hereof.  The interest of Member in the Company is personal property.

    Section 26. Benefits of Agreement; No Third‐Party Rights.

    (a) Except as expressly set forth in clause (b) below, none of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor of the Company or by any
        creditor of Member or a Special Member.  Except as expressly set forth in clause (b) below, nothing in this Agreement shall be deemed to create any right in any Person (other than Covered Persons) not a party hereto, and this Agreement shall not be
        construed in any respect to be a contract in whole or in part for the benefit of any third Person (except as provided in Section 29).

    (b) The parties acknowledge that Lender is an intended third-party beneficiary of this Agreement.

    Section 27. Severability of Provisions.

    Each provision of this Agreement shall be considered severable and if for any reason any provision or provisions
      herein are determined to be invalid, unenforceable or illegal under any existing or future law, such invalidity, unenforceability or illegality shall not impair the operation of or affect those portions of this Agreement which are valid, enforceable
      and legal.

    Section 28. Entire Agreement.

    This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof.

    Section 29. Binding Agreement.

    Notwithstanding any other provision of this Agreement, Member agrees that this Agreement, including, without
      limitation, Sections 7, 8, 9, 10, 20, 21, 22, 23, 24, 26, 29, 31 and 35, constitutes a legal, valid and binding agreement of Member, and is enforceable against Member by the Independent
      Manager in accordance with its terms. In addition, the Independent Managers shall be intended beneficiaries of this Agreement

    Section 30. Governing Law.

    This Agreement shall be governed by and construed under the laws of the State of Delaware (without regard to
      conflict of laws principles), all rights and remedies being governed by said laws.

    Section 31. Amendments.

    Subject to Section 9(d),
      this Agreement may be modified, altered, supplemented or amended pursuant to a written agreement executed and delivered by Member.  Notwithstanding anything to the contrary in this Agreement, so long as any Obligation is outstanding, this Agreement
      may not be modified, altered, supplemented or amended unless the Rating Agency Condition is satisfied and Lender has provided its prior written consent to such modification, alteration, supplement or amendment.

    Section 32. Counterparts.

    This Agreement may be executed in any number of counterparts, each of which shall be deemed an original of this
      Agreement and all of which together shall constitute one and the same instrument.

    Section 33. Notices.

    Any notices required to be delivered hereunder shall be in writing and personally delivered, mailed or sent by
      telecopy, electronic mail or other similar form of rapid transmission, and shall be deemed to have been duly given upon receipt (a) in the case of the Company, to the Company at its address in Section 2, (b) in the case of Member, to Member at its address as listed on Schedule B attached hereto and (c) in the
      case of either of the foregoing, at such other address as may be designated by written notice to the other party.

    Section 34. Effectiveness.

    Pursuant to Section 18‐201(d) of the Act, this Agreement shall be effective as of the time of the filing of the
      Certificate of Formation with the Office of the Delaware Secretary of State on July 19, 2021.

    Section 35. Certificated Limited Liability Company Interests.

    (a) Each limited liability company interest in the Company shall constitute a “security” within the meaning of, and be governed by, (i) Article 8 of the Uniform Commercial Code
        (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, and (ii) Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions
        to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995 and the Company hereby “opts-in” to such provisions
        for the purpose of the Uniform Commercial Code.  The Company shall maintain books for the purpose of registering the transfer of limited liability company interests, and, upon any transfer of limited liability company interests in the Company, the
        Company shall notify the registered owner of any applicable restrictions on the transfer of limited liability company interests.

    (b) The limited liability company interest in the Company shall be evidenced by certificates in the form of Exhibit 1 hereto.  Each such certificate shall be executed by manual or facsimile signature of an Officer on behalf of the Company.  The Company shall maintain books for the purpose of registering the transfer of limited
        liability company interests.  In connection with a transfer in accordance with this Agreement of any limited liability company interest in the Company, the certificate(s) evidencing the limited liability company interests shall be delivered to the
        Company for cancellation, and the Company shall thereupon issue a new certificate to the transferee evidencing the limited liability company interests that were transferred and, if applicable, the Company shall issue a new certificate to the
        transferor evidencing any limited liability company interests registered in the name of the transferor that were not transferred.

    (c) Notwithstanding any other provisions of this Agreement to the contrary, for so long as the Total Loan remains outstanding, no certificates (other than the certificate and any
        new certificate issued in accordance with the foregoing subsection (b)) shall be issued by the Company without the prior written consent of Lender (and
        Lender may condition any such consent upon the compliance by the Person to which such certificate is issued with such restrictions as Lender may reasonably request).

    Section 36. Additional Limited Liability Company Interests Provisions.

    Notwithstanding any other provision of this Agreement, as long as the Loan remains outstanding:

    (a) Upon a foreclosure, sale or other transfer of all of the limited liability company interests in the Company pursuant to the Pledge and Security Agreement by Member in favor of
        Lender (any such foreclosure, sale or other transfer, a “Foreclosure Sale”), the holder of such limited liability company interests (the “Holder”) shall automatically be admitted as a member of Company with all the rights and obligations of a Member hereunder upon the execution of a counterpart
        signature page to this Agreement.  Such admission shall be deemed effective immediately prior to such transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company.  To the fullest extent
        permitted by law, the pledge of the limited liability company interests in the Company made by Member in connection with the Pledge and Security Agreement shall be a pledge not only of profits and losses of the Company, but also a pledge of all
        rights and obligations of Member.  Upon a Foreclosure Sale and the admission of the Holder as a member of the Company in accordance with this Section 36,
        such Holder may transfer its limited liability company interests in the Company;

    (b) To the fullest extent permitted by applicable law, Member shall be permitted to pledge and transfer to Lender its rights and power to manage and control the affairs of the
        Company pursuant to the terms of the Pledge and Security Agreement and this Agreement.  Upon the admission of the Holder as a member of the Company in accordance with subsection (a) hereof, such Holder shall have, among its other powers as Member
        of the Company pursuant to this Agreement and the Act, the right to substitute Member.

    Section 37. Division.

    Member agrees that the Company shall not have the power to divide as set forth in Section 217(k) of the Act. In
      furtherance of the foregoing, the Company shall not enter into a “plan of division” or file a “certificate of division”, and the company may not become a “dividing company” or effect a “division” (as such terms are defined in Section 217 of the Act).

    [SIGNATURE PAGE FOLLOWS]

    IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Limited
      Liability Company Agreement as of the fourth day of October, 2021.

    MEMBER:

    HOLLYWOOD HILLVIEW OWNER, LLC,

    a Delaware limited liability company

    

    

    By: True USA, LLC,

    a Delaware limited liability company

    Its: Manager

    

    

    By: JCI Development, Inc,

    a Colorado corporation

    its: manager

    

    

    By: __________________________

    Name: Jeffrey Isenstadt

    Title: President

    

    

    By: Viking Capital LLC,

    a California limited liability company

    its: manager

    

    

    By: __________________________

    Name: William R. Erickson

    Title: Operating Member

    

    

    By: Asaz LTD,

    a Texas limited partnership

    its: manager

    

    

    By: Asaz Interest, Inc.

    a Texas corporation

    its: general partner

    

    

    

    

    By: __________________________

    Name: Ashraful Islam

    Title: President

    IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Limited Liability Company Agreement as
      of the fourth day of October, 2021.

    

    

    SPECIAL MEMBER / INDEPENDENT MANAGER:

    

    

    ___________________________________

      Name: C. Anthony Shippam

    SCHEDULE A

    Definitions

    A. Definitions

    When used in this Agreement, the following terms not otherwise defined herein have the following meanings:

    “Act” has the meaning
      set forth in the preamble to this Agreement.

    “Affiliate” means, with
      respect to any Person, any other Person directly or indirectly Controlling or Controlled by or under direct or indirect common Control with such Person.

    “Agreement” means this
      Limited Liability Company Agreement of the Company, together with the schedules attached hereto, as amended, restated or supplemented or otherwise modified from time to time.

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

    “Basic Documents” means
      this Agreement, the Loan Documents and all other documents and certificates contemplated thereby or delivered in connection therewith.

    “Certificate of Formation”
      means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware on July, 19 2021, as amended or amended and restated from time to time.

    “Company” means PT
      Hillview, GP LLC, a Delaware limited liability company.

    “Control” means the
      possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of voting securities or general partnership or managing member interests, by contract or
      otherwise. "Controlling" and "Controlled" shall have correlative meanings. Without limiting the generality of the foregoing, a Person shall be deemed to Control any other Person in which it owns, directly or indirectly, a majority of the ownership
      interests.

    “Covered Persons” has
      the meaning set forth in Section 20(a).

    “Foreclosure Sale” has
      the meaning set forth in Section 36(a).

    “Holder” has the meaning
      set forth in Section 36(a).

    “Independent Manager”
      shall mean an individual who (i) has at least three (3) years prior employment experience and continues to be employed as an Independent Manager, independent manager or independent member by CT Corporation, Corporation Service Company, National
      Registered Agents, Inc., Wilmington Trust Company, Stewart Management Company, Lord Securities Corporation or, if none of those companies is then providing professional Independent Managers, independent managers and independent members, another
      nationally-recognized company that provides such services and which is reasonably approved by Lender; (ii) is not an Independent Manager or independent manager of more than two (2) Affiliates of the Company and is not the Independent Manager or
      independent director of the Member; and (iii) is not, and has never been, and will not, while serving as an Independent Manager be, any of the following:

    (A) a stockholder, director, manager (other than as an Independent Manager), manager, officer, employee, partner, member, attorney or
        counsel of the Company, any Affiliate of the Company or any direct or indirect equity holder of any of them;

    (B) a creditor, customer, supplier, service provider (including provider of professional services) or other Person who derives any of
        its purchases or revenues from its activities with the Company or any Affiliate of the Company (other than a nationally-recognized company that routinely provides professional Independent Managers, independent managers or independent members and
        other corporate services to the Company or any Affiliate of the Company in the ordinary course of its business);

    (C) a member of the immediate family of any such stockholder, director, manager, officer, employee, partner, member, creditor,
        customer, supplier, service provider or other Person; or

    (D) a Person Controlling or under common Control with any of (A), (B) or (C) above.

    A natural person who satisfies the foregoing definition shall not be disqualified as a result of clause (A) by
      reason of (I) being, having been or becoming an Independent Manager of an Affiliate of the Company that is not in the direct chain of ownership of the Company or the Member and that is required by a creditor to be a "single purpose entity"; provided
      that such Independent Manager is, was or will be employed by a company that routinely provides professional Independent Managers, independent managers or independent members, or (II) being, having been or becoming a member of the Company pursuant to
      an express provision in this Agreement providing for the appointment of such Independent Manager as a member of the Company upon the occurrence of any event pursuant to which Member ceases to be a member of the Company (including the withdrawal,
      resignation or dissolution of Member). A natural person who satisfies the foregoing definition shall not be disqualified as a result of clause (A) or (B) by reason of being, having been or becoming an Independent Manager of a "single purpose entity"
      affiliated with the Company; provided that the fees or other compensation that such individual earns by serving as an Independent Manager of one or more Affiliates of the Company in any given year constitute, in the aggregate, less than five percent
      (5%) of Such individual's income for such year. As used in this definition, the term "single purpose entity" shall mean a Person whose organizational or governing documents contain, and who covenants that such Person shall comply or cause compliance
      with, provisions substantially similar to the foregoing.

    “Lender” means Ladder
      Capital Finance LLC, a Delaware limited liability company, and its successors and/or assigns.

    “Loan” has the meaning
      assigned to that term in the Loan Agreement.

    “Loan Agreement” means
      that certain Loan Agreement, dated as of October 4, 2021, executed by and between the Company and Lender, as amended, restated, supplemented or otherwise modified from time to time.

    “Loan Documents” has the
      meaning assigned to that term in the Loan Agreement.

    “Material Action” means
      to (A) file or consent to the filing of any petition, either voluntary or involuntary, to take advantage of any applicable insolvency, bankruptcy, liquidation or reorganization statute, (B) seek or consent to the appointment of a receiver, liquidator
      or any similar official for such entity or a substantial portion of its assets or properties, (C) take any action that might cause such entity to become insolvent, (D) make an assignment for the benefit of creditors, (E) admit in writing such
      entity's inability to pay its debts generally as they become due, (F) declare or effectuate a moratorium on the payment of any obligations, or (G) take any action in furtherance of any of the foregoing.

    “Member” means Hollywood
      Hillview Owner, LLC, a Delaware limited liability company, as the initial member of the Company, and includes any Person admitted as an additional member of the Company or a substitute member of the Company pursuant to the provisions of this
      Agreement, each in its capacity as a member of the Company; provided, however, the term “Member” shall not include Special Member.

    “Obligation” shall mean
      the indebtedness, liabilities and obligations of the Company under or in connection with this Agreement, the other Basic Documents or any related document in effect as of any date of determination.

    “Officer” means an
      officer of the Company as described in Section 11.

    “Person” means any
      individual, corporation, partnership, joint venture, limited liability company, limited liability partnership, association, joint stock company, trust, unincorporated organization, or other organization, whether or not a legal entity, and any
      governmental authority.

    “Pledge and Security Agreement”
      means that certain Pledge and Security Agreement dated as even date with the Loan Agreement executed by Member in favor of Lender.

    “Property” has the
      meaning assigned to that term in the Loan Agreement.

    “Rating Agency” has the
      meaning assigned to that term in the Basic Documents.

    “Rating Agency Condition”
      means (i) with respect to any action taken at any time before the loan evidenced and secured by the Basic Documents has been sold or assigned to a securitization trust, that the lender thereunder has consented in writing to such action, and (ii) with
      respect to any action taken at any time after such loan has been sold or assigned to a securitization trust, that each Rating Agency shall have been given ten days prior notice thereof and that each of the Rating Agencies shall have notified the
      Company in writing that such action will not result in a reduction or withdrawal of the then current rating by such Rating Agency of any of securities issued by such securitization trust.

    “Special Member” means,
      upon such person’s admission to the Company as a member of the Company pursuant to Section 5(c), a person acting as Independent Manager, in such person’s
      capacity as a member of the Company.  A Special Member shall only have the rights and duties expressly set forth in this Agreement.

    B. Rules of Construction

    Definitions in this Agreement apply equally to both the singular and plural forms of the defined terms.  The words
      “include” and “including” shall be deemed to be followed by the phrase “without limitation.”  The terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular Section,
      paragraph or subdivision.  The Section titles appear as a matter of convenience only and shall not affect the interpretation of this Agreement.  All Section, paragraph, clause, Exhibit or Schedule references not attributed to a particular document
      shall be references to such parts of this Agreement.

    SCHEDULE B

    Member

    	
            Name

          	
            Mailing Address

          	
            Agreed Value of

            Capital Contribution

          	
            Limited Liability Company Interest

          
	
            HOLLYWOOD HILLVIEW OWNER, LLC

          	
            1301 Dove Street, Suite 960, Newport Beach, CA 92660

          	
            $______________

          	
            100%

          

    SCHEDULE C

    Officers

    NONE

    

    

    EXHIBIT 1

    

    

    Form of Certificate

    

    

    CERTIFICATE FOR LIMITED LIABILITY COMPANY INTERESTS IN

    PT HILLVIEW GP, LLC

    THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OR BLUE SKY
      LAWS OF ANY STATE.  THE HOLDER OF THIS CERTIFICATE, BY ITS ACCEPTANCE HEREOF, REPRESENTS THAT IT IS ACQUIRING THIS SECURITY FOR INVESTMENT AND NOT WITH A VIEW TO ANY SALE OR DISTRIBUTION HEREOF.  ANY TRANSFER OF THIS CERTIFICATE OR ANY LIMITED
      LIABILITY COMPANY INTEREST REPRESENTED HEREBY IS SUBJECT TO THE TERMS, CONDITIONS AND RESTRICTIONS OF THE LIMITED LIABILITY COMPANY AGREEMENT (AS DEFINED BELOW).

    Certificate Number 001 100% Percentage Interest

    PT HILLVIEW GP, LLC,
      a Delaware limited liability company (the “Company”), hereby certifies that HOLLYWOOD HILLVIEW OWNER, LLC, a Delaware limited liability company (the “Holder”) is the registered owner of
      one hundred percent (100%) of the limited liability company interests in the Company.  The rights, powers, preferences, restrictions and limitations of such limited liability company interests in the Company are set forth in, and this Certificate and
      the limited liability company interests in the Company represented hereby are issued and shall in all respects be subject to the terms and provisions of, the Limited Liability Company Agreement of the Company dated as of October 4, 2021, as the same
      may be further amended or restated from time to time (the “Limited Liability Company Agreement”).  By acceptance of this Certificate, and as a
      condition to being entitled to any rights and/or benefits with respect to the limited liability company interests evidenced hereby, the Holder is deemed to have agreed to comply with and be bound by all the terms and conditions of the Limited
      Liability Company Agreement.  The Company will furnish a copy of the Limited Liability Company Agreement to the Holder without charge upon written request to the Company at its principal place of business.  Transfer of any or all of the limited
      liability company interests in the Company evidenced by this Certificate is subject to certain restrictions in the Limited Liability Company Agreement and can be effected only after compliance with all of those restrictions and the presentation to
      the Company of this Certificate, accompanied by an assignment in the form appearing on the reverse side of this Certificate, duly completed and executed by and on behalf of the transferor in such Transfer, and an application for transfer in the form
      appearing on the reverse side of this Certificate, duly completed and executed by and on behalf of the transferee in such Transfer.

    Each limited liability company interest in the Company shall constitute a “security” within the meaning of, and
      governed by Article 8 of the Uniform Commercial Code (including Section 8-102(a)(15) thereof) as in effect from time to time in the State of Delaware, Article 8 of the Uniform Commercial Code as in effect in the State of New York (the “Code”) and Article 8 of the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994
      revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995.

    This Certificate and the limited liability company interests evidenced hereby shall be governed by and construed in
      accordance with the laws of the State of Delaware without regard to principles of conflicts of laws.

    

    

    Dated: [_______________], 202[__].

    

    

    PT HILLVIEW GP, LLC,

    a Delaware limited liability company

    

    

    

    

    

    

    By: __________________________

    Name:

    Title:

    

    

    

    

     

    

    REVERSE SIDE OF CERTIFICATE

    REPRESENTED INTERESTS OF

    PT HILLVIEW GP, LLC

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
      _________________________________________ (print or typewrite name of transferee), __________________ (insert Social Security or other taxpayer identification number of transferee), the following specified percentage of limited liability company
      interests in the Company: ______________ (identify the percentage interest being transferred) effective as of the date specified in the Application for Transfer of Interests below, and irrevocably constitutes and appoints __________________________
      and its authorized officers, as attorney-in-fact, to transfer the same on the books and records of the Company, with full power of substitution in the premises.

    

    

    Dated: [_______________], 202[__].

    

    

    

    

    HOLLYWOOD HILLVIEW OWNER, LLC,

    a Delaware limited liability company

    

    

    

    

    

    

    By: __________________________

    Name:

    Title:

    

    

    

    

    

    

    APPLICATION FOR TRANSFER OF INTERESTS

    

    

    The undersigned applicant (the “Applicant”) hereby
      (a) applies for a transfer of the percentage of limited liability company interests in the Company described above (the “Transfer”) and applies to
      be admitted to the Company as a substitute member of the Company, (b) agrees to comply with and be bound by all of the terms and provisions of the Limited Liability Company Agreement, (c) represents that the Transfer complies with the terms and
      conditions of the Limited Liability Company Agreement, (d) represents that the Transfer does not violate any applicable laws and regulations, and (e) agrees to execute and acknowledge such instruments (including, without limitation, a counterpart of
      the Limited Liability Company Agreement), in form and substance satisfactory to the Company, as the Company reasonably deems necessary or desirable to effect the Applicant’s admission to the Company as a substitute member of the Company and to
      confirm the agreement of the Applicant to be bound by all the terms and provisions of the Limited Liability Company Agreement with respect to the limited liability company interests in the Company described above.  Initially capitalized terms used
      herein and not otherwise defined herein are used as defined in the Limited Liability Company Agreement.

    

    

    The Applicant directs that the foregoing Transfer and the Applicant’s admission to the Company as a Substitute Member shall be effective as of
      ______________________________.

    

    

    Name of Transferee (Print)

    

    

    ____________________________________

    

    

    Dated: _______________ Signature: ________________________

    (Transferee)

    

    

    Address: ________________________________________________________

    

    

    

    

    The Company (a) has determined that the Transfer described above is permitted by the Limited Liability Company Agreement, (b) hereby agrees to effect such
      Transfer and the admission of the Applicant as a substitute member of the Company effective as of the date and time directed above, and (c) agrees to record, as promptly as possible, in the books and records of the Company the admission of the
      Applicant as a substitute member.

    

    

    

    

    

    

    

    

    

    

    PT HILLVIEW GP, LLC,

    a Delaware limited liability company

    

    

    

    

    

    

    By: __________________________

    Name:

    Title:

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