SEC Contract Filing

Filing Date: 2015-03-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.206
<SEQUENCE>65
<FILENAME>v402637_ex10-206.htm
<DESCRIPTION>EXHIBIT 10.206
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 10.206&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIMITED LIABILITY COMPANY AGREEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>OF BR BELLAIRE BLVD, LLC</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">THIS LIMITED LIABILITY
COMPANY AGREEMENT (as amended from time to time, this &ldquo;<U>Agreement</U>&rdquo; or this &ldquo;<U>Limited Liability Company
Agreement</U>&rdquo;) is made and entered into this 9<FONT STYLE="font-size: 10pt">th </FONT>day of January, 2015, by and between
Blaire House, LLC, a Delaware limited liability company (the &ldquo;<U>TCR Member</U>&rdquo;), and BR Southside Member, LLC, a
Delaware limited liability company (the &ldquo;<U>BR Member</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0in"><U>RECITALS</U>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BR
Bellaire Blvd, LLC (the &ldquo;<U>Company</U>&rdquo;) was formed effective as of December 18, 2014 by the filing of its Certificate
of Formation with the Secretary of State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
TCR Member and the BR Member desire to enter into this Agreement to reflect the current business arrangement among the Members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">NOW THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the TCR Member and the BR Member hereby
agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">ARTICLE 1.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><U>DEFINITIONS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">In addition to terms defined
in the body of this Limited Liability Company Agreement, the following terms when used in this Limited Liability Company Agreement
shall have the following meanings (unless otherwise expressly provided herein):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>1933 Act</U>&rdquo;
has the meaning set forth in <U>Section 16.19</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.3pt">&ldquo;<U>Act</U>&rdquo;
means the Delaware Limited Liability Company Act, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 40.3pt">&ldquo;<U>Additional Capital
Contributions</U>&rdquo; means with respect to each Member, all additional Capital Contributions made by such Member pursuant to
<U>Section 8.4</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Additional Contribution
Priority Return</U>&rdquo; means an amount accruing at the rate of ten percent (10%) per annum on a Member's unreturned Additional
Capital Contributions (including all Dilution Contributions, but not Disproportionate Contributions) less all amounts actually
distributed to the Member pursuant to <U>Sections 9.1(b)</U>. The Additional Contribution Priority Return shall be compounded monthly
and calculated on a cumulative basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&ldquo;<U>Adjusted Capital
Account Balance</U>&rdquo; means the balance, if any, in the Member&rsquo;s Capital Account as of the end of the relevant taxable
year, after giving effect to the following adjustments: the Member&rsquo;s Capital Account balance shall be increased by the amounts
which the Member is deemed obligated to restore pursuant to Regulations Section 1.704-1(b)(2)(ii)(c); and (ii) the Member&rsquo;s
Capital Account balance shall be decreased by the items described in Regulations Section 1.704-1(b)(2)(ii)(d)(4), (5), and (6).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; t