Document:

exh10_1.htm

     

     

    
      

      

    

    

      

      ASSET
MANAGEMENT AGREEMENT

      

      

      This
ASSET MANAGEMENT AGREEMENT (this “Agreement”) is dated
as of this _____ day of February, 2008, between ____________, a _____________company
(the “Owner”),
and RESOURCE REAL ESTATE MANAGEMENT, LLC, a Delaware limited liability company
(the “Manager”), with
reference to the following facts:

       

      RECITALS

       

      A.           Owner
is the owner
of                                                      ___________________
(the “Property”) commonly
known as _____________ located at_____________________________.

       

      B.           The
Property is subject to a non-recourse loan (the “Loan”) secured by a
deed of trust (the “Mortgage”) in favor
of ___________________ (together with its successors and assigns, the “Lender”;
and the Mortgage and other documents, agreements and instruments evidencing,
securing or delivered to the Lender in connection with the Loan are collectively
referred to herein as the “Loan
Documents”).

       

      C.           The
Owner desires to engage the Manager to (i) oversee and supervise the Property,
and (ii) oversee the day-to-day management of the Property.  The
Manager may engage a local property manager, which may be an affiliate of the
Manager or a third party, which may further subcontract some or all of these
responsibilities, to directly manage, lease, operate and maintain the Property
on a day-to-day basis.

       

      1.           Exclusive
Agency.  Owner hereby designates Manager to serve as the
"Property Manager" of the Property.  Manager shall have the exclusive
right and duty to rent, lease, operate and manage Property.  Upon the
terms hereinafter set forth for the period of one year beginning on the date
hereof, and thereafter for annual periods unless on or before the sixtieth
(60th) day
prior to the then expiration date of the term hereof, either party hereto shall
notify the other in writing of its intention to terminate this Agreement in
which case this Agreement shall terminate as of the end of the then current
term.

      

      Upon termination of this Agreement,
Manager shall turn over to Owner all books and records and all leases and
contracts pertaining to the Property.

      

      Notwithstanding anything to the
contrary herein, Manager may subcontract with a local property manager to act as
property manager for the Property.

      

      2.           Manager’s
Obligations.  Manager and Owner acknowledge that Manager may
from time to time hereafter act as Manager for competing commercial projects and
is to use its best efforts to locate tenants and manage the Property on a basis
which is competitive with other projects it may hereafter manage in the ___________________
area.  Manager accepts the obligations and provisions of this
Agreement and agrees:

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (a)               Due
Diligence.  To use due diligence in the management of the
Property and performance of all duties and obligations of Manager in a
first-rate manner for the period and upon the terms herein provided, and agrees
to furnish or cause to be furnished the services of its organization for the
complete management of the Property, including but not limited to the renting,
operating, and care of the Property and negotiation of leases related
thereto.

      

      (b)               Vacancies.   To
advise Owner periodically as to vacant space and in reasonable detail as to the
physical condition of the Property, and of its competitive position with other
apartment complexes in the ___________________
region.

      

      (c)               Separate
Fund.  To deposit all receipts collected from the Property in a
trust account in a bank approved by Owner and insured by the Federal Deposit
Insurance Corporation, separate from Manager's personal account and to pay
expenses pursuant to an operating budget approved by Owner and to pay the
balance of such receipts pursuant to the instruments, documents and agreements
evidencing the Loan.  However, Manager will not be held liable in the
event of bankruptcy or failure of a depository.

      

      (d)               Negotiations with Utility
Companies.  To negotiate with utility companies for competitive
treatment with other projects in the respective area, if
applicable.

      

      (e)               Operating Budget and
Marketing.  To prepare on an annual basis for Owner, if
appropriate, annual operating budgets for the Property and a marketing
plan.

      

      (f)               Approval of
Owner.  Anything herein to the contrary notwithstanding, the
following decisions and actions of Manager shall be subject to the prior
approval of Owner:  determination of the amount and type of insurance
coverage and the company issuing the same; independent certified accountants;
settlements with insurance companies or condemning authorities involving amounts
in excess of $5,000 and the granting of any easements.

      

      (g)               Inspection.  To
make periodic inspections of all space at the Property, in order to observe the
maintenance and condition thereof.  Owner shall reimburse Manager for
all travel expenses incurred in connection with such inspections or any other
business related to the management of the Property.

      

      (h)               Personal Property
Inventory.  To maintain an inventory of all personal property
located on the Property.

      

      3.           Owner
hereby gives Manager the following authority and powers.  Owner agrees
to assume the expenses in connection therewith and Manager agrees to assume and
undertake the following responsibilities:

      

      (a)               Rent
Collection.  To collect rents due or to become due; to serve in
the name of the Owner such notices as are deemed necessary by Manager to
institute and prosecute actions, to evict tenants and to recover possession of
said premises; from time to time to make rules and regulations pertaining to
tenants and to enforce the same and all other lease provisions; to advise Owner
of tenant complaints and steps taken to remedy the same; to sue and recover
rents and other sums due; and, when expedient, to settle, compromise and release
such actions or suits or reinstate such tenancies.

      

      
        
           

        

        
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      (b)               Repairs.  To
cause the Property to be maintained in a first-rate operating condition and to
assure that all equipment is kept in working order and that all service and
maintenance contracts are in force; to make or cause to be made and to supervise
preventive maintenance and repairs and alterations and to decorate on said
premises; to protect the Property from storms upon public warning; and to
purchase supplies at a reasonable price and pay all bills.  Manager
shall advise Owner of any violations of building codes and governmental
regulations and shall consult with Owner as to actions to be taken pertaining
thereto.  Notwithstanding anything herein to the contrary, Manager
shall not, without prior authority from Owner, make, cause to be made, contract
for, or agree to any one expenditure for repair the total cost of which will
exceed $5,000.  This restriction shall apply to the total cost of any
such repair even though undertaken on a partial completion or other basis, where
individual statements or vouchers would not exceed such sum, but where the
entire expenditures would, when the repair work is completed, exceed such
sum.

      

      (c)               Employees.  On
behalf of Owner, and subject to Owner's direction and approval, on the basis of
a job description and salary schedule, to train and supervise the work of and to
investigate, hire, pay and discharge employees and independent contractors
working on or on behalf of the Property, the cost of whose salaries and benefits
shall be borne by Owner.  Manager agrees to use due care and
businesslike prudence in the hiring of such employees and independent
contractors.

      

      (d)               Insurance.  To
advise Owner as to insurance requirements and coverage and, if requested by
Owner, to procure such insurance coverage as Owner shall
request.  Manager shall promptly investigate and report to Owner all
accidents or claims for damage and shall cooperate with Owner in filing any
claims or defending any suits in connection therewith.  Owner shall
maintain workmen's compensation insurance on personnel employed under paragraph
3(c) and shall also maintain such public liability and other insurance as may be
required by law or this Agreement.  Owner authorizes Manager to
prepare for filing by Owner in the name of Owner, all federal, state and local
tax reports relating to the Property.  Owner reserves the right to
prepare any of such reports itself and shall advise Manager from time to time of
its decision to do so.

      

      (e)               Compliance with Laws,
Regulations.  To be responsible for compliance with all
federal, state and local government laws, ordinances, rules, orders and
regulations pertaining to hiring, payment of wages, job conditions, social
security, taxes and withholdings; to prepare and file all forms, returns or
reports required by law; and to supervise and be responsible for all other
aspects of employee relations.

      

      (f)               Service
Contracts.  To make, at a competitive price, on arm's length
and commercially reasonable terms, and enforce contracts for electricity, gas,
water, telephone, rubbish hauling, security, pest control, landscaping, and
other services or such of them as Manager shall deem advisable and to be
responsible for having such services rendered when needed and performed in an
efficient and proper manner.  Owner shall assume the obligations of
any contract so entered into at the termination of this Agreement.

      

      
        
           

        

        
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      (g)               Professional
Personnel.  To retain, subject to Owner's approval and at
Owner's expense, accountants, attorneys and other professional advisors and
consultants and to authorize such persons to act on behalf of Owner in regard to
activities connected with the Property and Owner's duties with respect
thereto.

      

      (h)               Real Estate
Assessments.  To determine the fairness of all real estate tax
assessments and to make timely recommendations as to appropriate action and,
with Owner's approval, to take such action (including any appeals) at Owner's
cost, in timely fashion; and to advise Owner of the dates all taxes are due, to
cause timely payment to be made of such taxes out of Owner's funds and to give
Owner prompt notice of any need for additional funds.

      

      (i)               Monthly
Statements.  To maintain an adequate system of office records,
books and accounts with respect to Manager's functions and services hereunder in
accordance with generally accepted accounting principles and practices and to
permit examination by or on behalf of Owner, and to render monthly statements of
receipts, expenses and charges including a schedule of accounts receivable and
payable which shall be sufficiently detailed to reflect fairly the operations of
the Property and upon request of Owner shall include a reconciled bank statement
as of the end of each month, and to remit to Owner, on a monthly basis, receipts
less disbursements.  In the event the disbursements shall be in excess
of the rents collected by Manager, Owner hereby agrees to pay such excess
promptly upon demand of Manager, subject to the provisions of paragraph 8
hereof.

      

      4.           Tax
Payments.  Manager is hereby instructed and authorized to pay
property taxes, employee taxes and special assessments from Owner's funds to the
extent available from rental revenues received, except that, with the consent of
Owner, Manager shall not pay any taxes or assessments which Manager recommends
that Owner not pay and except further that Manager shall not pay any taxes or
assessments which Owner directs Manager to contest or refrain from
paying.  Owner reserves the right to pay any of any such taxes
directly and shall notify Manager of its decision to do so from time to
time.

      

      5.           Manager's Authority to
Act.  Manager represents to Owner that it has obtained or will
obtain and will keep in full force and effect during the term hereof any
licenses, permits or other governmental consents required of Manager in order
that Manager may fully perform its duties and obligations
hereunder.

      

      6.           Manager's
Compensation.   Owner shall pay Manager for its services
in performing its asset management responsibilities with respect to the Property
in accordance with the terms of this Agreement, an annual asset management fee,
payable monthly, equal to five percent (5%) of the Gross Revenue from the
Property (the “"Compensation").  Any
management fee due to any sub-property manager shall be paid by deducting such
amount from the Compensation.  As used herein, "Gross Revenue" shall
mean the entire amount of all revenue, determined on an accrual basis, from (a)
tenant rentals collected pursuant to tenant leases of apartment units, for each
month during the term hereof; provided that there shall be excluded from tenant
rentals any tenant security deposits (except as provided below); (b) cleaning,
tenant security and damage deposits forfeited by tenants in such period; (c)
laundry and vending machines income; (d) any and all other receipts from the
operation of the Property received and relating to the period in question; (e)
proceeds from rental interruption insurance, but not any other insurance
proceeds or proceeds from third-party damage claims, and (f) any other sums and
charges collected in connection with termination of the tenant
leases.  Gross Revenue does not include the proceeds of (i) any sale,
exchange, refinancing, condemnation, or other disposition of all or any part of
the Property, (ii) any loans to Owner whether or not secured by all or any part
of the Property, (iii) any capital expenditures or funds deposited to cover
costs of operations made by Owner, and (iv) any insurance policy (other than
rental interruption insurance or proceeds from third-party damage
claims).  Such compensation shall be in addition to all costs and
expenses for which Manager is to be reimbursed related to Manager's performance
of the obligations set forth in Section 3(a) through 3(i) of this Management
Agreement.  Any or all of the Compensation may be accrued until the
sale of the Property.  Notwithstanding the foregoing, Owner shall also
be responsible for paying any construction management fees that Manager is
obligated to pay to any sub-property mangers for the Property.

      

      
        
           

        

        
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      7.           Notices.  Any
statement, notice, recommendation, request, demand, consent, or approval under
this Agreement shall be in writing and deemed delivered (a) if to Manager, when
delivered to Manager by personal receipted delivery, by United States certified
mail/return receipt requested, or by a recognized overnight courier properly
addressed to Manager (as set forth below), and, (b) if to Owner, when delivered
to Owner by personal receipted delivery, by United States certified mail/return
receipt requested, or by a recognized overnight courier properly addressed to
Owner (as set forth below).  Either party may, by written notice,
designate a different address.

      

      
        	
                     To
      Owner:

              	
                 

              

      

      
        	
                 
      

              	
                Attn:

              

      

      

      
        	
                     To
      Manager:

              	
                Resource
      Real Estate Management, LLC.

              

      

      
        	
                 
      

              	
                One
      Crescent Drive, Suite 203

              

      

      
        	
                 
      

              	
                Navy
      Yard Corporate Center

              

      

      
        	
                 
      

              	
                Philadelphia,
      PA  19112

              

      

      
        	
                 
      

              	
                Attn:  Alan
      Feldman

              

      

      

      8.           Indemnity.  Owner
shall (1) indemnify Manager and save Manager harmless from and against claims,
losses, expenses or liabilities by reason of any cause whatsoever either in and
about the Property or elsewhere resulting from Manager carrying out the
provisions of this Agreement or acting under the direction of Owner, unless such
damages or injuries result from the negligence or willful misconduct of Manager
or its employees; (2) reimburse Manager on demand for any monies which Manager
is required to pay out for any reason whatsoever, either in connection with or
as an expense in defense of any claim, civil or criminal action, proceeding,
charge or prosecution made, instituted or maintained against Manager or Owner,
jointly or severally, resulting from Manager carrying out the provisions of this
Agreement, or which affects or is due to the condition or use of the Property
except for any of the aforesaid resulting from the negligence and/or willful
misconduct of Manager or its employees; and (3) defend promptly and diligently,
at Owner's sole expense, any claim, action or proceeding brought against
Manager, or Manager and Owner jointly or severally, arising out of or in
connection with any of the foregoing; and to hold harmless and fully indemnify
Manager from any judgment, loss or settlement on account thereof, except for any
claim, action or proceeding resulting from the negligence or willful misconduct
of Manager or its employees or agents.  It is expressly understood and
agreed that the foregoing provisions of this paragraph shall survive the
termination of this Agreement.  As used in this paragraph, Manager
shall be deemed to include Manager’s officers, directors, shareholders and
employees.

      

      
        
           

        

        
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      9.           Insurance.  Owner
shall include in each of its fire and extended coverage insurance policies
covering the Property a waiver of the insured's right of subrogation against
Manager.  Owner shall list Manager as an additional insured, but not a
party to whom any loss shall be payable, in any policy of general liability
insurance in connection with the Property.  Owner shall furnish
Manager with a copy of any such policy within thirty (30) days of assumption by
Manager of its duties hereunder.  It is further understood and agreed
that thirty (30) days written notice be given Manager in the event of
cancellation or reduction in coverage of said policies.

      

      10.           Defaults.  The
occurrence of any one or more of the following acts or events with respect to
either party, which act or event shall continue for 15 days after written notice
from the other party, shall be a violation of this Agreement which shall entitle
the other party to immediately terminate this Agreement by notice to such
defaulting party, whereupon, after giving of such notice, this Agreement shall
terminate without further liability on the part of either party (except Owner's
obligation to pay to Manager its Compensation and reimbursement of expenses
incurred by Manager, for which documentation has been submitted, up to the date
of termination) and Manager shall forthwith turn over all books, records, leases
and contracts relating to the property to Owner:  (1) an admission in
writing by either party of its inability to pay its debts generally as they
become due; (2) the filing by or against either party (and if against either
party, if the same is not withdrawn, discharged or otherwise terminated within
sixty (60) days), of a petition in bankruptcy for reorganization or to take
advantage of an insolvency statute; (3) an assignment for the benefit of either
party's creditors; (4) a consent by either party to the appointment of a
receiver of itself or of the whole or any substantial part of its property; or
(5) the failure to comply with any of the terms and/or conditions contained in
this Agreement.

      

      11.           Independent
Contractor.  Notwithstanding anything herein to the contrary,
the relationship of Manager (and any and all employees or persons utilized) and
Owner shall be that of independent contractor and in no event shall the
relationship between Owner and Manager be deemed to be that of
employer-employee, joint venture or partnership.

      

      Nothing in this Agreement or in any
other instrument shall cause Manager in any way to be construed as a partner,
joint venturer or associated in any way with Owner in the ownership of the
Property or subject Manager to any obligation, loss, charge or expense connected
with or arising from the ownership of said Property or part
thereof.

      

      12.           Miscellaneous.

      

      
        
           

        

        
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      (a)               Each
provision of this Agreement is intended to be severable.  If any term
or provision hereof shall be determined by a court of competent jurisdiction to
be illegal or invalid for any reason whatsoever, such provision shall be severed
from this Agreement and shall not affect the validity of the remainder of this
Agreement.

      

      (b)               In
the event either of the parties to this Agreement shall institute any action or
proceeding against the other party relating to this Agreement, the unsuccessful
party in such action or proceeding shall reimburse the successful party for its
disbursements incurred in connection therewith and for its reasonable attorney’s
fees.  If not paid when due, any unpaid amounts due under this
Agreement shall accrue interest at a rate of one percent (1%) per month, or the
maximum interest rate as then permitted by applicable law, if
lesser.

      

      (c)               No
consent or waiver, express or implied, by either party hereto of any breach or
default by the other party in the performance by the other of its obligations
hereunder shall be valid unless in writing, and no such consent or waiver shall
be deemed or construed to be a consent or waiver to or of any other breach or
default in the performance by such other party of the same or any other
obligations of such party hereunder.  Failure on the part of either
party to give notice of any act or failure to act of the other party or to
declare the other party in default, regardless of how long such failure
continues, shall not constitute a waiver by such party of its rights
hereunder.  The granting of any consent or approval in any one
instance by or on behalf of Owner shall not be construed to waive or limit the
need for such consent in any other or subsequent instance.

      

      (d)               The
venue of any action or proceeding brought by either party against the other
arising out of this Agreement shall, to the extent legally permissible, be in
Philadelphia, Pennsylvania.

      

      (e)               Owner
and Manager agree that the Property will be offered for lease in compliance with
all applicable federal, state, and local anti-discrimination laws and
regulations.

      

      (f)               Owner
agrees (i) that Manager shall have no responsibility or liability to any person
or entity (including any governmental authority) arising out of the presence of
any adverse physical or environmental conditions affecting the Property
including, but not limited to (a) structural, mechanical, and soil conditions,
and (b) the presence and location of asbestos, if any, PCB transformers, if any,
and other hazardous substances or underground storage tanks on or about the
Property, (unless the condition is caused by Manager, its agents or employees),
or out of any non-disclosure thereof by Manager pursuant to Owner’s
requirements, and (ii) to indemnify and hold harmless Manager from and against
all claims, damages, liabilities and expenses made or incurred by lessees,
leasing prospects and/or others claiming damage or loss as a result of (A) the
presence of any such physical or environmental conditions; (B) Owner’s failure
to disclose same to Manager; and/or (C) any requirement of Owner which has the
effect of prohibiting Manager from disclosing to any leasing prospect the
existence of any such physical  or environmental conditions affecting
the Property where the failure to make such disclosure gives rise to a claim of
liability for damage or loss by such lessee or leasing prospect, provided the
indemnity under the preceding clause (A) shall not apply to any claim asserted
against Manager arising out of Manager’s failure to disclose any such matter to
a leasing prospect where the matter at issue was in fact disclosed by Owner to
Manager Agent and where Owner authorized Manager to disclose such matter to such
leasing prospect, but Manager, nevertheless, failed to make such disclosure to
such leasing prospect.

      

      
        
           

        

        
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      (g)               This
Agreement embodies the entire agreement between Owner and Manager as to the
subject matter herein contained and any amendment, modification or supplement to
this Agreement must be in writing and signed by all of the parties
hereto.

      

      (h)               This
Agreement shall be binding upon the successors and assigns of Manager and Owner,
and shall be governed by the law of the Commonwealth of
Pennsylvania.

      

      (i)               Captions
and paragraph headings used herein are for convenience only and are not part of
this Agreement and shall not be used in construing it.

      

      (j)               This
Agreement may be executed in one or more counterparts, all of which, taken
together, shall constitute a complete original Agreement.

      

      13.           Lender
Provisions.  For so long as the Loan is held by Federal Home
Loan Mortgage Corporation, the following provisions shall apply to the “Excess
Management Fee” which is the portion of the Compensation in excess of the “Base
Management Fee” of four percent (4%).

      

      (a) Owner
shall not pay, and Manager shall neither receive nor collect, the Excess
Management Fee for any given month until all operating expenses of the Property
for such month (including the Base Management Fee) and monthly principal and
interest payments, imposition deposits, reserves, and all other required items
or charges due under any of the Loan Documents have been paid in
full.

      

      (b) After
Manager has notice of or acquires actual knowledge (a "Default Notice") of an
"Event of Default" under the Mortgage, Manager will not be entitled to receive
payment of the Excess Management Fee.

      

      (c) If
payment of the Excess Management Fee is included with payment of the Base
Management Fee, after a Default Notice, Manager will be entitled to retain only
the Base Management Fee.

      

      (d) If
Manager receives payment of the Excess Management Fee after the Default Notice,
it agrees that such payment will be received and held in trust for Lender, to be
applied to amounts due under or secured by the Mortgage.

      

      (e) Nothing
in this Section is intended to suggest that this Agreement is not otherwise
fully subject and subordinate to the Mortgage.

      

      The Owner and Manager understand that
the Lender is relying on the terms of this Agreement, including without
limitation this Section, in making the Loan, and no material modification of
this Agreement may be made without the prior written consent of the
Lender.

       

      
        
           

        

        
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      [SIGNATURES
CONTAINED ON FOLLOWING PAGE]

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      IN WITNESS WHEREOF, each party has
caused its duly authorized representatives to execute and deliver this Asset
Management Agreement as of the date first above written.

       

      
        
          
            
              
                
                  
                    
                      	 	OWNER:	 
	 	 	 	 
	 	 	 ___________________________________,	 
	 	 	 a
      Delaware limited liability company	 
	 	 	 	 
	
                               

                            	
                              By:
      

                            	___________________________________, it
      manager                                                                                   
      	 
	 	 	 	 
	 	By	___________________________________ 	 
	 	 	 	 
	 	 	     Name:______________________________	 
	 	 	            
      Title: ______________________________	 

                    

                  

                

              

            

          

        

      

       

       

       

      
         

        
          
            
              
                
                  
                    
                      
                        
                          	 	MANAGER:	 
	 	 	 	 
	 	 	RESOURCE
      REAL ESTATE MANAGEMENT, LLC, 	 
	 	 	 a
      Delaware limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By	___________________________________ 	 
	 	 	 	 
	 	 	     Name:______________________________	 
	 	 	            
      Title: ______________________________	 

                        

                      

                    

                  

                

              

            

          

        

         

         

         

        10exh10_2.htm

     

     

    
      

      

    

    
 

    LIMITED
LIABILITY COMPANY AGREEMENT

     

    OF

     

    _________________________________

     

    This
Limited Liability Company Agreement (together with the schedules attached
hereto, this "Agreement") of
_____________________ (the "Company"), is entered
into by RESOURCE REAL ESTATE INVESTORS 6, L.P., a Delaware limited partnership,
as the initial equity member (the "Member") and
_____________________, a Delaware limited liability company, as the Manager and
the Special Member (as defined on Schedule A hereto).  Capitalized
terms used and not otherwise defined herein have the meanings set forth on Schedule A
hereto.

     

    The
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, the Manager and Special Member hereby agree as
follows:

     

    Section
1.     Name.

     

    The name
of the limited liability company formed hereby is
_____________________.

     

    Section
2.     Principal Business
Office.

     

    The
principal business office of the Company shall be located at One Crescent Drive,
Suite 203, Navy Yard Corporate Center, Philadelphia, Pennsylvania 19112, 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 110
S. Poplar Street, Suite 101, in the City of Wilmington, County of New Castle,
Delaware 19801.

     

    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 Andrew Lubin, 110 S. Poplar Street, Suite
101, in the City of Wilmington, County of New Castle,
Delaware 19801.

     

    Section
5.     Members.

     

    (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(f), the Member may act by written consent.

     

    (c) Upon the
occurrence of any event that causes the Member to cease to be a member of the
Company (other than (i) upon an assignment by the 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 the Member and the admission of an
additional member of the Company pursuant to Sections 22 and 23),
the Manager shall, without any action of 

     

    
      
         

      

      
         

        
          

        

      

      
         
any
Person and simultaneously with the Member ceasing to be a member of the Company,
automatically be admitted to the Company as a Special Member and shall continue
the Company without dissolution.  It is the intent of these provisions
that the Company never have more than one Special Member at any particular point
in time.  No Special Member may resign from the Company or transfer
its rights as Special Member unless a successor Special Member has been admitted
to the Company as Special Member by executing a counterpart to this Agreement;
provided, however, the Special Member shall automatically cease to be a member
of the Company upon the admission to the Company of a substitute Member
appointed by the personal representative (as defined in the Act) of the Person
that was the last remaining Member.  The 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, the 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,
the Special Member, in its capacity as Special Member, shall have no right to
vote on, approve or otherwise consent to any action by, or matter relating to,
the Company, including, without limitation, the merger, consolidation or
conversion of the Company.  In order to implement the admission to the
Company of the Special Member, the Manager shall execute a counterpart to this
Agreement.  Prior to its admission to the Company as Special Member,
the Manager shall not be a member of the Company.

    

     

    Section
6.     Certificates.

     

    Diane
Townsend 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, her powers as an "authorized
person" ceased, and the Manager thereupon became the designated "authorized
person" and shall continue as the designated "authorized person" within the
meaning of the Act.  The Manager 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 Texas 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.     Purposes.

     

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

     

    
      	
              (i)  

            	
              to
      acquire and hold title to the real property and improvements located
      thereon situate at _______________________________, commonly known as the
      _____________________;

            

    

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    
      	
              (ii)  

            	
              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, the Member and/or the Manager may, on behalf of the Company, enter
into, execute, deliver and perform the Company’s obligations under the Loan
Documents and all documents, agreements, certificates, or financing statements
contemplated thereby or related thereto, all without any further act, vote or
approval of the Member, Manager 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 the Member or the Manager to enter into other
agreements on behalf of the Company.

     

    Section
8. Powers.

     

    Subject
to Section
9(f), the Company, and the Manager 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)     Management by
Manager.  The management of the business and affairs of the
Company shall be the sole and complete responsibility of the
Manager.  The Members, as such, shall not take part in, or interfere
in any manner with, the management, conduct or control of the business and
affairs of the Company, and shall not have any right or authority to act for or
bind the Company.  The Company may act only by actions taken by or
under the direction of the Manager in accordance with this
Agreement.

     

    (b)     Manager. _____________________, a
Delaware limited liability company, is hereby designated as the Manager of the
Company.  The Manager, and any additional or substitute manager of the
Company, may not be an individual and shall at all times have as its sole
purpose to act as the Manager and Special Member of the Company, and shall be
engaged in no other business or have any other purpose.

     

    (c)     Powers of the
Manager.  Subject to Section 9(f), the
Manager shall have the power to do any and all acts necessary or convenient to
or for the furtherance of the purposes described herein, including all powers,
statutory or otherwise, possessed by the Manager under the laws of the State of
Delaware.  The Manager shall have the authority to bind the
Company.

     

    (d)     Intentionally
Omitted.

     

    (e)     Limitation of
Liability.  To the fullest extent permitted by law, the Manager
shall not be personally liable, as such, for monetary damages (other than under
criminal statutes and under Federal, state and local laws imposing liability on
managers for the payment of taxes) for any action taken, or any failure to take
any action, unless the person’s conduct constitutes self-dealing, willful
misconduct or recklessness.  No amendment or repeal of this Section
shall apply to or have any effect on the liability or alleged liability of any
person who is or was the Manager of the Company for or with respect to any acts
or omissions of the Manager occurring prior to the effective date of such
amendment or repeal.  If the Act is amended to permit a Delaware
limited liability company to provide greater protection from personal liability
for its managers than the express terms of this Section provides, then this
Section shall be construed to provide for such greater protection.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (f)     Limitations on the Company's
Activities.

     

    The Manager 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; provided, however, that the
Company shall not be required to preserve any such right or franchise if the
Manager shall determine
that the preservation thereof is no longer desirable for the conduct of its
business and that the loss thereof is not disadvantageous in any material
respect to the Company.  The Manager also shall cause the
Company to and the Company shall:

     

    
      	
              (i)  

            	
              maintain
      its own separate books, records and bank
  accounts;

            

    

     

    
      	
              (ii)  

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

            

    

     

    
      	
              (iii)  

            	
              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;

            

    

     

    
      	
              (iv)  

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

            

    

     

    
      	
              (v)  

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

            

    

     

    
      	
              (vi)  

            	
              maintain
      separate financial statements;

            

    

     

    
      	
              (vii)  

            	
              pay
      its own liabilities only out of its own
funds;

            

    

     

    
      	
              (viii)  

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

            

    

     

    
      	
              (ix)  

            	
              pay
      the salaries of its own employees, if
any;

            

    

     

    
      	
              (x)  

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

            

    

     

    
      	
              (xi)  

            	
              allocate
      fairly and reasonably any overhead for shared expenses, including, without
      limitation, shared office space;

            

    

     

    
      	
              (xii)  

            	
              use
      separate stationery, invoices and
checks;

            

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    
      	
              (xiii)  

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

            

    

     

    
      	
              (xiv)  

            	
              correct
      any known misunderstanding regarding its separate identity and not
      identify itself as a department or division of another
    Person;

            

    

     

    
      	
              (xv)  

            	
              be
      solvent and maintain adequate capital and a sufficient number of employees
      in light of its contemplated business purpose, transactions and
      liabilities;

            

    

     

    
      	
              (xvi)  

            	
              observe
      all Delaware limited liability company
  formalities;

            

    

     

    
      	
              (xvii)  

            	
              not
      acquire any obligation or securities of the Member or of any Affiliate of
      the Company;

            

    

     

    
      	
              (xviii)  

            	
              cause
      the Manager, 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;

            

    

     

    
      	
              (xix)  

            	
              not
      enter into or be a party to any transaction with its Affiliates except in
      the ordinary course of business and on terms which are intrinsically fair
      and are no less favorable to it than would be obtained in a comparable
      arm’s length transaction with an unrelated third party;
  and

            

    

     

    
      	
              (xx)  

            	
              maintain its assets in such a manner that is not
      costly or difficult to segregate or identify its individual assets from
      those of any Person.

            

    

     

    Failure
of the Company, or the Member or Manager 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 the Member or Manager.  The
foregoing notwithstanding, none of the terms or provisions of this Section 9(f) shall
cause, require or be construed to cause or require the Member to make any
additional capital contributions to the Company.

     

    Section
10.   Intentionally
Omitted.

     

    Section
11.   Intentionally
Omitted.

     

    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 or Manager shall be obligated personally for any such
debt, obligation or liability of the Company solely by reason of being a member,
Special Member or manager of the Company.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    Section
13.   Capital
Contributions.

     

    The
Member has contributed to the Company cash in the amount 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.

     

    The
Member is not required to make any additional capital contribution to the
Company. However, the Member may make additional capital contributions to the
Company at any time upon the written consent of such Member.  To the
extent that the Member makes an additional capital contribution to the Company,
the Member shall revise Schedule B of this
Agreement.  The provisions of this Agreement, including this Section 14, are
intended to benefit the Member and the Special Member and, to the fullest extent
permitted by law, shall not be construed as conferring any benefit upon any
creditor of the Company (and no such creditor of the Company shall be a
third-party beneficiary of this Agreement) and the Member and the 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 the Member.

     

    Section
16.   Distributions.

     

    Distributions
shall be made to the Member at the times and in the aggregate amounts determined
by the Manager.  Notwithstanding any provision to the contrary
contained in this Agreement, the Company shall not be required to make a
distribution to the Member on account of its interest in the Company if such
distribution would violate Section 18-607 of the Act or any other applicable
law.

     

    Section
17.   Books and
Records.

     

    The
Manager shall keep, or cause to be kept, complete and accurate books of account
and records with respect to the Company's business.  The books of the
Company shall at all times be maintained by the Manager.  The Member
and its duly authorized representatives shall have the right to examine the
Company books, records and documents during normal business
hours.  The Company, and the Manager on behalf of the Company, shall
not have the right to keep confidential from the Member any information that the
Manager would otherwise be permitted to keep confidential from the Member
pursuant to Section 18-305(c) of the Act.  The Company's books of
account shall be kept using the method of accounting determined by the
Member.  The Company's independent auditor, if any, shall be an
independent public accounting firm selected by the Member.

     

    Section
18.   Reports.

     

    (a) Within 60
days after the end of each fiscal quarter, the Manager shall cause to be
prepared an unaudited report setting forth as of the end of such fiscal
quarter:

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
              (i)  

            	
              unless
      such quarter is the last fiscal quarter, a balance sheet of the Company;
      and

            

    

     

    
      	
              (ii)  

            	
              unless
      such quarter is the last fiscal quarter, an income statement of the
      Company for such fiscal quarter.

            

    

     

    (b) The
Manager shall use diligent efforts to cause to be prepared and mailed to the
Member, within 90 days after the end of each fiscal year, an audited or
unaudited report setting forth as of the end of such fiscal year:

     

    
      	
              (i)  

            	
              a
      balance sheet of the Company;

            

    

     

    
      	
              (ii)  

            	
              an
      income statement of the Company for such fiscal year;
  and

            

    

     

    
      	
              (iii)  

            	
              a
      statement of the Member's capital
account.

            

    

     

    (c)  The
Manager shall, after the end of each fiscal year, use reasonable efforts to
cause the Company's independent accountants, if any, to prepare and transmit to
the Member as promptly as possible any such tax information as may be reasonably
necessary to enable the Member to prepare its federal, state and local income
tax returns relating to such fiscal year.

     

    Section
19.   Other
Business.

     

    The
Member, the Special Member and any Affiliate of the Member or the Special Member
may engage in or possess an interest in other business ventures (unconnected
with the Company) of every kind and description, independently or with others
notwithstanding any provision to the contrary at law or in
equity.  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)  None of
the Member, the Special Member or any Manager, employee or agent of the Company
or any employee, representative, agent or Affiliate of the Member, Manager or
the Special Member (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 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
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 shall not have personal liability on account
thereof.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    (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 the 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 the duties and liabilities of a
Covered Person otherwise existing at law or in equity, are agreed by the Member
and the Special Member to replace such other duties and liabilities of such
Covered Person.

     

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

     

    Section
21.   Assignments.

     

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

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Section
22.   Resignation.

     

    So long
as any Obligation is outstanding, the Member may not resign, except as permitted
under the Loan Documents and if an additional member is admitted to the Company
pursuant to Section
23.  If the 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 the 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 in accordance with
the Loan Documents.

     

    Section
24.   Dissolution.

     

    (a)  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 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 (i) upon an assignment by the 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 the 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 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 the last remaining member of
the Company or the Member in the Company.

     

    (b)  Notwithstanding
any other provision of this Agreement, the Bankruptcy of the Member or a Special
Member shall not cause the 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, each of the Member and the Special Member
waives any right it might have to agree in writing to dissolve the Company upon
the Bankruptcy of the Member or a Special Member, or the occurrence of an event
that causes the Member or a Special Member to cease to be a member of the
Company.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (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 of the
Company in an orderly manner), and the assets 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 the Member in the manner provided for in this
Agreement and (ii) the Certificate of Formation shall have been canceled in the
manner required by the Act.

     

    Section
25.   Right to Partition; Nature
of Interest.

     

    To the
fullest extent permitted by law, each of the Member and the Special Member shall
have a right or power to cause the Company or any of its assets to be
partitioned, subject to all prohibitions and limitations with respect to such
right contained in any of the Loan Documents.  The Member shall not
have any interest in any specific assets of the Company, and the Member shall
not have the status of a creditor with respect to any distribution pursuant to
Section 16
hereof.  The interest of the Member in the Company is personal
property.

     

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

     

    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 the Member or a Special
Member.  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.

     

    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, the Member agrees that this Agreement
constitutes a legal, valid and binding agreement of the Member, and is
enforceable against the Member by the Manager, in accordance with its
terms.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    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.

     

    This
Agreement may be modified, altered, supplemented or amended pursuant to a
written agreement executed and delivered by the Member.

     

    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 the Member, to the 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 December 10, 2007.

     

    [SIGNATURE
PAGE FOLLOWS]

     

     

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    IN
WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly
executed this Limited Liability Company Agreement as of the ____ day of
February, 2008.

     

    MEMBER:

    

    RESOURCE
REAL ESTATE INVESTORS 6, L.P., a Delaware limited partnership

    

    
      	
               
      

            	
              By:   Resource
      Capital Partners, Inc., its general
partner

            

    

    

    

    By:______________________________

    
      	
               
      

            	
              Name:

            

    

    
      	
               
      

            	
              Title:

            

    

    

    

    

    

    

    MANAGER AND SPECIAL
MEMBER:

    

    _________________________________,

    a Delaware limited liability
company

    

    

    

    By:__________________________

    Name:

    Title:

    

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

    

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

     

    "Bankruptcy
Action" means to institute
proceedings to have the Company be adjudicated bankrupt or insolvent, or consent
to the institution of bankruptcy or insolvency proceedings against the Company
or 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 consent to the appointment of a receiver, liquidator, assignee, trustee,
sequestrator (or other similar official) of the Company or a substantial part of
its property, or make any assignment for the benefit of creditors of the
Company, or admit in writing the Company's inability to pay its debts generally
as they become due, or declare or effectuate a moratorium on the payment of any
obligation, or take action in furtherance of any such action.

     

    "Certificate of
Formation" means the Certificate of Formation of the Company filed with
the Secretary of State of the State of Delaware on December 10, 2007, as amended
or amended and restated from time to time.

     

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

    "Company" means
_____________________, 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 10% or more of the ownership
interests.

     

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

     

    "Lender" means
Grandbridge Real Estate Capital LLC, a North Carolina limited liability company,
and its successors and/or assigns.

    

    "Loan" means that
certain $10,430,000.00 loan from Lender.

    

    "Loan Documents" means
the Multifamily Note, Multifamily Deed of Trust, Assignment of Rents and
Security Agreement and Fixture Filing, Borrower’s Certificate and Agreement,
Replacement Reserve Agreement, Repair Escrow Agreement, Replacement Reserve
Agreement, Repair Agreement, UCC Financing Statements, and all documents and
certificates contemplated thereby or delivered in connection
therewith.

     

    “Manager” means the
Person designated by the Member as the Manager from time to time in accordance
with this Agreement, in its capacity as a manager of the Company.  The
Manager is hereby designated as a “manager” within the meaning of Section
18-101(10) of the Act.

     

    "Member" means
Resource Real Estate Investors 6, L.P. 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 the Special Member.

     

    "Obligation" shall
mean the indebtedness, liabilities and obligations of the Company under or in
connection with the Loan Documents.

     

    "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.

     

    "Special Member"
means, upon such person's admission to the Company as a member of the Company
pursuant to Section
5(c), the Manager of the Company, 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.

     

    
      
         

      

      
        A-2

        
          

        

      

      
         

      

    

    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.

     

     

    
      
         

      

      
        A-3

        
          

        

      

      
         

      

    

    

    SCHEDULE
B

     

    Member

    

    
      
        
          
            
              
                
                  
                    
                      	
                               

                              Name

                            	
                               

                              Mailing Address

                            	
                              Agreed
      Value of

                              Capital Contribution

                            	
                              Membership

                              Interest

                            
	
                              Resource
      Real Estate Investors 6, L.P.

                            	
                              712
      Fifth Avenue, 10th Floor, 

                              New
      York, NY  10019

                            	
                              $______________

                            	
                              100%

                            

                    

                  

                

              

            

          

        

      

    

    

     

    B-1

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