| Preview
Full Doc
 | 2003 |
Agreement of Limited Partnership
Agreement of Limited Partnership (252K)
Doc #144006: Click preview link for longer preview.
AGREEMENT OF LIMITED PARTNERSHIP
OF
ORION MULTIFAMILY LP
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE 1 DEFINED TERMS..................................................................................1
ARTICLE 2 ORGANIZATIONAL MATTERS........................................................................13
2.1 Formation.............................................................................13
2.2 Name..................................................................................13
2.3 Registered Office and Agent; Principal Office.........................................14
2.4 Power of Attorney.....................................................................14
2.5 Term..................................................................................16
ARTICLE 3 PURPOSE ......................................................................................16
3.1 Purpose and Business..................................................................16
3.2 Powers................................................................................17
ARTICLE 4 CAPITAL CONTRIBUTIONS.........................................................................17
4.1 Capital Contributions of the Partners.................................................17
4.2 Additional Funds; Restrictions on the General Partner.................................18
4.3 Issuance of Additional Partnership Interests; Admission of Additional
Limited Partners......................................................................20
4.4 Contribution of Proceeds of Issuance of REIT Stock....................................20
4.5 Repurchase of REIT Stock; Shares-In-Trust.............................................21
4.6 No Third-Party Beneficiary............................................................22
4.7 No Interest; No Return................................................................22
4.8 No Preemptive Rights..................................................................22
ARTICLE 5 DISTRIBUTIONS.................................................................................22
5.1 Regular Distributions.................................................................22
5.2 Qualification as a REIT...............................................................22
5.3 Withholding...........................................................................23
5.4 Additional Partnership Interests......................................................23
5.5 Distributions Upon Liquidation........................................................23
ARTICLE 6 ALLOCATIONS...................................................................................23
6.1 Allocations...........................................................................23
6.2 Revisions to Allocations to Reflect Issuance of Partnership Interests.................23
ARTICLE 7 MANAGEMENT AND OPERATIONS OF BUSINESS.........................................................24
7.1 Management............................................................................24
7.2 Certificate of Limited Partnership....................................................29
7.3 Reimbursement of the General Partner..................................................29
7.4 Outside Activities of the General Partner.............................................30
7.5 Contracts with Affiliates.............................................................30
7.6 Indemnification.......................................................................31
7.7 Liability of the General Partner......................................................34
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
7.8 Other Matters Concerning the General Partner..........................................35
7.9 Title to Partnership Assets...........................................................36
7.10 Reliance by Third Parties.............................................................36
7.11 Loans By Third Parties................................................................37
ARTICLE 8 RIGHTS AND OBLIGATIONS OF LIMITED PARTNERS....................................................37
8.1 Limitation of Liability...............................................................37
8.2 Management of Business................................................................37
8.3 Outside Activities of Limited Partners................................................37
8.4 Return of Capital.....................................................................38
8.5 Rights of Limited Partners Relating to the Partnership................................38
8.6 Exchange Rights Agreements............................................................39
ARTICLE 9 BOOKS, RECORDS, ACCOUNTING AND REPORTS........................................................39
9.1 Records and Accounting................................................................39
9.2 Fiscal Year...........................................................................40
9.3 Reports...............................................................................40
ARTICLE 10 TAX MATTERS..................................................................................40
10.1 Preparation of Tax Returns............................................................40
10.2 Tax Elections.........................................................................40
10.3 Tax Matters Partner...................................................................41
10.4 Organizational Expenses...............................................................42
10.5 Withholding...........................................................................43
ARTICLE 11 TRANSFERS AND WITHDRAWALS....................................................................44
11.1 Transfer..............................................................................44
11.2 Transfer of the General Partner's General Partner Interest............................44
11.3 Limited Partners' Rights to Transfer..................................................46
11.4 Substituted Limited Partners..........................................................48
11.5 Assignees.............................................................................49
11.6 General Provisions....................................................................49
ARTICLE 12 ADMISSION OF PARTNERS........................................................................51
12.1 Admission of Successor General Partner................................................51
12.2 Admission of Additional Limited Partners..............................................52
12.3 Amendment of Agreement and Certificate of Limited Partnership.........................53
ARTICLE 13 DISSOLUTION, LIQUIDATION AND TERMINATION.....................................................53
13.1 Dissolution...........................................................................54
13.2 Winding Up............................................................................55
13.3 No Obligation to Contribute Deficit...................................................56
13.4 Rights of Limited Partners............................................................57
13.5 Notice of Dissolution.................................................................57
13.6 Termination of Partnership and Cancellation of Certificate of Limited Partnership.....57
13.7 Reasonable Time for Winding-Up........................................................57
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
13.8 Waiver of Partition...................................................................57
ARTICLE 14 AMENDMENT OF PARTNERSHIP AGREEMENT; MEETINGS.................................................57
14.1 Amendments............................................................................57
14.2 Meetings of the Partners..............................................................58
ARTICLE 15 GENERAL PROVISIONS...........................................................................59
15.1 Addresses and Notice..................................................................59
15.2 Titles and Captions...................................................................60
15.3 Pronouns and Plurals..................................................................60
15.4 Further Action........................................................................60
15.5 Binding Effect........................................................................60
15.6 Creditors.............................................................................60
15.7 Waiver................................................................................60
15.8 Counterparts..........................................................................60
15.9 Applicable Law........................................................................61
15.10 Invalidity of Provisions..............................................................61
15.11 Entire Agreement......................................................................61
15.12 Merger................................................................................61
15.13 No Rights as Stockholders.............................................................61
EXHIBITS
Exhibit A - Partner's Contributions and Partnership Interests
Exhibit B - Allocations
Exhibit C - Exchange Rights Agreement for Partnership Units
{/TABLE}
iii
{PAGE}
FOR ALL INVESTORS:
THE PARTNERSHIP UNITS ISSUED UNDER THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR REGISTERED OR
QUALIFIED UNDER THE APPLICABLE STATE SECURITIES LAWS, IN RELIANCE UPON
EXEMPTIONS FROM REGISTRATION AND QUALIFICATION PROVIDED IN THE SECURITIES ACT
AND THE APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN
THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
QUALIFICATION OR REGISTRATION UNDER THE APPLICABLE STATE SECURITIES LAWS, OR AN
OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION OR
QUALIFICATION IS NOT REQUIRED.
IN ADDITION, THE PARTNERSHIP UNITS ISSUED UNDER THIS AGREEMENT MAY BE SOLD OR
TRANSFERRED ONLY IN COMPLIANCE WITH THE RESTRICTIONS ON TRANSFER SET FORTH
HEREIN.
IN MAKING AN INVESTMENT DECISION INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF
THE COMPANY AND THE TERMS OF THIS OFFERING, INCLUDING THE MERITS AND RISKS
INVOLVED. THE PARTNERSHIP UNITS OFFERED HEREBY HAVE NOT BEEN RECOMMENDED BY ANY
FEDERAL OR STATE SECURITIES COMMISSION OR REGULATORY AUTHORITY. FURTHERMORE, THE
FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY
OF THIS MEMORANDUM. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
THE PARTNERSHIP UNITS OFFERED HEREBY ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE
SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS
SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS
INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.
FOR NEW YORK INVESTORS:
THIS AGREEMENT HAS NOT BEEN REVIEWED BY THE ATTORNEY GENERAL PRIOR TO ITS
ISSUANCE AND USE. THE ATTORNEY GENERAL OF THE STATE OF NEW YORK HAS NOT PASSED
ON OR ENDORSED THE MERITS OF THIS OFFERING. ANY REPRESENTATION TO THE CONTRARY
IS UNLAWFUL.
THIS AGREEMENT DOES NOT CONTAIN AN UNTRUE STATEMENT OF A MATERIAL FACT OR OMIT
TO STATE A MATERIAL FACT NECESSARY TO MAKE THE STATEMENTS MADE, IN LIGHT OF THE
CIRCUMSTANCES UNDER WHICH THEY ARE MADE, NOT MISLEADING. STATEMENTS CONTAINED
HEREIN AS TO THE CONTENTS OF DOCUMENTS GOVERNING THIS INVESTMENT ARE SUMMARIES
144006
|
 Chase Manhattan
As referenced in this Agreement of Limited Partnership:
Chase Manhattan Bank, – of interest published
from time to time by any of Citibank, N.A., Chemical Bank, Morgan
Guaranty Trust Company of New York and Chase Manhattan Bank, N.A.,
plus four (4) percentage points, but in no event higher than the
maximum lawful rate of interest on such obligation,
_____________
dt 101737
;
Citibank
As referenced in this Agreement of Limited Partnership:
Citibank, N.A. – Limited Partner hereunder shall
bear interest at the highest base or prime rate of interest published
from time to time by any of Citibank, N.A. , Chemical Bank, Morgan
Guaranty Trust Company of New York and Chase Manhattan Bank, N.A.,
plus four (4) percentage points, but in
_____________
dt 145904
;
Citibank
As referenced in this Agreement of Limited Partnership:
Citibank, N.A. – Limited Partner hereunder shall
bear interest at the highest base or prime rate of interest published
from time to time by any of Citibank, N.A. , Chemical Bank, Morgan
Guaranty Trust Company of New York and Chase Manhattan Bank, N.A.,
plus four (4) percentage points, but in
_____________
dt 145904
;
| Orion Multifamily LP;
Orion Multifamily Investment Fund Inc.
|
| Preview
Full Doc
| 2006 |
Bylaws
Bylaws (59K)
Doc #934617: Click preview link for longer preview.
PPL 8k exhibit 3.2
Exhibit
3.2
Bylaws
of
PPL
Electric Utilities Corporation
Table
of Contents
934617
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan
Bank
– and other
business forms.
(l)
Until
one year and one day after all of the securities outstanding under the
corporation's Indenture dated as of August 1, 2001, to the Chase Manhattan
Bank
as Trustee, have been paid in full, the officers and directors shall make all
decisions with respect to the business and daily operations of the corporation
independent of, and
_____________
dt 1426139
| |
| Preview
Full Doc
| 2004 |
Bylaws
Bylaws (57K)
Doc #935135: Click preview link for longer preview.
EXHIBIT 3
Exhibit 3
Exhibit 3
Bylaws of
PPL Electric Utilities Corporation
7/16/04
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
Section 2.01.
Place of Meeting
1
. . .
935135
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities
outstanding under the corporation's Indenture dated as of August 1, 2001, to
the Chase Manhattan Bank as Trustee, have been paid in full, the officers and
directors shall make all decisions with respect to the business and daily operations
of the corporation independent of, and not
_____________
dt 1426141
| |
| Preview
Full Doc
| 2002 |
Bylaws
Bylaws (56K)
Doc #936078: Click preview link for longer preview.
BYLAWS OF PPL ELECTRIC UTILITIES
Exhibit 3(b)-2
Exhibit 3(b)-2
Bylaws of
PPL Electric Utilities Corporation
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
. . .
936078
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities
outstanding under the corporation's Indenture dated as of August 1, 2001,
to the Chase Manhattan Bank as Trustee, have been paid in full, the officers
and directors shall make all decisions with respect to the business and daily
operations of the corporation independent of, and not
_____________
dt 1426147
| |
| Preview
Full Doc
| 2002 |
Bylaws
Bylaws (56K)
Doc #1396375: Click preview link for longer preview.
Bylaws of
PPL Electric Utilities Corporation
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
Section 2.01.
Place of Meeting
1
Section 2.02.
Annual Meeting
1
Section 2.03.
Special Meetings
1
Section 2.04.
Notice of Meetings
. . .
1396375
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities outstanding under the corporation's Indenture dated as of August 1, 2001, to the Chase Manhattan Bank as Trustee, have been paid in full, the officers and directors shall make all decisions with respect to the business and daily operations of the corporation independent of, and not
_____________
dt 1426872
;
| |
| Preview
Full Doc
| 2006 |
Bylaws
Bylaws (59K)
Doc #1396500: Click preview link for longer preview.
Bylaws of
PPL Electric Utilities Corporation
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
Section 2.01.
Place of Meeting
1
Section 2. . . .
1396500
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities outstanding under the corporation's Indenture dated as of August 1, 2001, to the Chase Manhattan Bank as Trustee, have been paid in full, the officers and directors shall make all decisions with respect to the business and daily operations of the corporation independent of, and not
_____________
dt 1426879
;
| |
| Preview
Full Doc
| 2004 |
Bylaws
Bylaws (57K)
Doc #1396672: Click preview link for longer preview.
Bylaws of
PPL Electric Utilities Corporation
7/16/04
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
Section 2.01.
Place of Meeting
1
Section 2.02.
Annual Meeting
1
Section 2.03.
Special Meetings
. . .
1396672
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities outstanding under the corporation's Indenture dated as of August 1, 2001, to the Chase Manhattan Bank as Trustee, have been paid in full, the officers and directors shall make all decisions with respect to the business and daily operations of the corporation independent of, and not
_____________
dt 1426883
;
| |
| Preview
Full Doc
| 2002 |
Bylaws
Bylaws (56K)
Doc #1396818: Click preview link for longer preview.
Bylaws of
PPL Electric Utilities Corporation
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
Section 2.01.
Place of Meeting
1
Section 2.02.
Annual Meeting
1
Section 2.03.
Special Meetings
1
Section 2.04.
Notice of Meetings
. . .
1396818
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities outstanding under the corporation's Indenture dated as of August 1, 2001, to the Chase Manhattan Bank as Trustee, have been paid in full, the officers and directors shall make all decisions with respect to the business and daily operations of the corporation independent of, and not
_____________
dt 1426884
;
| |
| Preview
Full Doc
| 2006 |
Bylaws
Bylaws (59K)
Doc #1396902: Click preview link for longer preview.
Bylaws of
PPL Electric Utilities Corporation
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
Section 2.01.
Place of Meeting
1
Section 2. . . .
1396902
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities outstanding under the corporation's Indenture dated as of August 1, 2001, to the Chase Manhattan Bank as Trustee, have been paid in full, the officers and directors shall make all decisions with respect to the business and daily operations of the corporation independent of, and not
_____________
dt 1426886
;
| |
| Preview
Full Doc
| 2004 |
Bylaws
Bylaws (57K)
Doc #1397054: Click preview link for longer preview.
Bylaws of
PPL Electric Utilities Corporation
7/16/04
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
Section 2.01.
Place of Meeting
1
Section 2.02.
Annual Meeting
1
Section 2.03.
Special Meetings
. . .
1397054
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities outstanding under the corporation's Indenture dated as of August 1, 2001, to the Chase Manhattan Bank as Trustee, have been paid in full, the officers and directors shall make all decisions with respect to the business and daily operations of the corporation independent of, and not
_____________
dt 1426888
;
| |
| Preview
Full Doc
| 2002 |
Bylaws
Bylaws (56K)
Doc #1397145: Click preview link for longer preview.
Bylaws of
PPL Electric Utilities Corporation
Table of Contents
Section
Page
ARTICLE I: Offices and Fiscal Year
Section 1.01.
Registered Office
1
Section 1.02.
Fiscal Year
1
Section 1.03.
Corporate Seal
1
ARTICLE II: Meetings of Shareholders
Section 2.01.
Place of Meeting
1
Section 2.02.
Annual Meeting
1
Section 2.03.
Special Meetings
1
Section 2.04.
Notice of Meetings
. . .
1397145
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank – and other business forms.
(l) Until one year and one day after all of the securities outstanding under the corporation's Indenture dated as of August 1, 2001, to the Chase Manhattan Bank as Trustee, have been paid in full, the officers and directors shall make all decisions with respect to the business and daily operations of the corporation independent of, and not
_____________
dt 1426889
;
| |
| Preview
Full Doc
| 2002 |
Bylaws
Bylaws (30K)
Doc #1480181: Click preview link for longer preview.
BY-LAWS
JPMorgan Chase Bank
(Name change effective November 10, 2001 upon the merger of
Morgan Guaranty Trust Company of New York into The Chase Manhattan Bank)
As Amended by the Board of Directors effective June 1, 1999
Office of the Secretary
270 Park Avenue, 35th floor
New York, NY 10017
SUBJECT
Article
I
Meetings of Stockholders
Section 1. . . .
1480181
|
Chase Manhattan
As referenced in this Bylaws:
Chase Manhattan Bank) – htm BY-LAWS
Table of Contents
BY-LAWS
JPMorgan Chase Bank
(Name change effective November 10, 2001 upon the merger of
Morgan Guaranty Trust Company of New York into The Chase Manhattan Bank)
As Amended by the Board of Directors effective June 1, 1999
Office of the Secretary
270 Park Avenue, 35th floor
New York, NY 10017
Table of Contents
CONTENTS
SUBJECT
_____________
dt 1427141
;
|
JPMorgan Chase
As referenced in this Bylaws:
JPMorgan Chase Bank – Prepared by R.R. Donnelley Financial -- BY-LAWS
EX-99.4 4 dex994.htm BY-LAWS
Table of Contents
BY-LAWS
JPMorgan Chase Bank
(Name change effective November 10, 2001 upon the merger of
Morgan Guaranty Trust Company of New York into The Chase Manhattan Bank)
As Amended by the Board of Directors
_____________
JPMORGAN CHASE BANK – Exclusive Right
Section 7.05
Advancement of Expenses; Procedures
VIII
By-laws
Section 8.01
Inspection
Section 8.02
Amendments
Section 8.03
Construction
Table of Contents
BY-LAWS
OF
JPMORGAN CHASE BANK
ARTICLE I
Meetings of Stockholders
Section 1.01. Annual Meeting. The annual meeting of stockholders of JPMorgan Chase Bank (herein called the Bank), shall be held in the Borough
_____________
JPMorgan Chase Bank – Amendments
Section 8.03
Construction
Table of Contents
BY-LAWS
OF
JPMORGAN CHASE BANK
ARTICLE I
Meetings of Stockholders
Section 1.01. Annual Meeting. The annual meeting of stockholders of JPMorgan Chase Bank (herein called the Bank), shall be held in the Borough of Manhattan, City of New York, State of New York, within the first four months of each calendar year,
_____________
dt 1407284
|
| Preview
Full Doc
| 2003 |
Limited Liability Company Agreement
Limited Liability Company Agreement (784K)
Doc #267076: Click preview link for longer preview.
________________________________________________________________________________
BUNKER HILL EQUITY, LLC
A Delaware Limited Liability Company
LIMITED LIABILITY COMPANY AGREEMENT
Dated as of March 27, 2002
________________________________________________________________________________
THE LIMITED LIABILITY COMPANY INTERESTS CREATED BY THIS LIMITED LIABILITY
COMPANY AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER ANY OTHER APPLICABLE
SECURITIES LAWS, AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER
THE SECURITIES ACT AND SUCH OTHER APPLICABLE SECURITIES LAWS PURSUANT TO
EFFECTIVE REGISTRATION OR AN EXEMPTION THEREFROM. IN ADDITION, SUCH INTERESTS
MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED, IN WHOLE OR IN PART,
EXCEPT AS PROVIDED IN ARTICLE XI OF THIS AGREEMENT. ACCORDINGLY, THE HOLDERS OF
SUCH INTERESTS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE RISKS OF
THEIR RESPECTIVE INVESTMENTS IN SUCH INTERESTS FOR AN INDEFINITE PERIOD OF TIME.
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
{S} {C}
Page
----
ARTICLE 1 DEFINITIONS.................................................................. 3
1.1 Definitions................................................................... 3
1.2 Terms Generally............................................................... 17
ARTICLE 2 ORGANIZATION................................................................. 18
2.1 Formation..................................................................... 18
2.2 The Name...................................................................... 18
2.3 Registered Office; Registered Agent; Principal Office; Other Offices.......... 18
2.4 Purposes...................................................................... 18
2.5 Powers of the Company......................................................... 18
2.6 Foreign Qualification......................................................... 19
2.7 Term.......................................................................... 19
2.8 No State-Law Company.......................................................... 19
ARTICLE 3 MEMBERSHIP INTERESTS......................................................... 19
3.1 Classes of Members............................................................ 19
3.2 Managing Member Interests..................................................... 20
3.3 Members....................................................................... 21
3.4 Representations and Warranties of Members..................................... 21
3.5 Material Actions.............................................................. 22
3.6 Additional Membership Interests; Additional Members........................... 22
ARTICLE 4 MANAGEMENT OF THE COMPANY'S BUSINESS; POWERS AND DUTIES OF THE MEMBERS....... 23
4.1 Management of the Company's Business.......................................... 23
4.2 Appointment of Managing Member................................................ 26
4.3 RECP's Rights Following an Trigger Event and During a Suspension Period....... 26
4.4 Representatives of the Parties................................................ 28
4.5 Property Management/Leasing Services.......................................... 28
4.6 Financial Advisor............................................................. 28
ARTICLE 5 RIGHTS AND DUTIES OF MEMBERS................................................. 29
5.1 Duties and Obligations of the Maguire Members................................. 29
5.2 No Conflicts of Interests..................................................... 29
5.3 Limitations on Member Liability; Indemnification.............................. 32
5.4 Compensation of Members and their Affiliates.................................. 33
5.5 Dealing with Members.......................................................... 33
5.6 Use of Company Property....................................................... 33
5.7 Designation of Tax Matters Member............................................. 33
{/TABLE}
i
{PAGE}
{TABLE}
{S} {C}
5.8 RECP as Lender................................................................ 34
5.9 RECP Exclusivity Period....................................................... 34
5.10 Character of Managing Member's Investment.................................... 35
5.11 Latham & Watkins LLP......................................................... 36
5.12 Management of Subsidiaries................................................... 36
ARTICLE 6 BOOKS AND RECORDS: ANNUAL REPORTS; EXPENSES AND OTHER MATTERS................ 36
6.1 Books of Account.............................................................. 36
6.2 Availability of Books of Account.............................................. 36
6.3 Annual Reports and Statements; Annual Budgets and Annual Business Plans....... 36
6.4 Accounting Expenses........................................................... 38
6.5 Casualty/Condemnation......................................................... 38
6.6 Litigation.................................................................... 39
6.7 Notice of Trigger Event....................................................... 39
6.8 Conduct of Business........................................................... 39
6.9 Membership Restrictions....................................................... 39
ARTICLE 7 CAPITAL CONTRIBUTIONS........................................................ 40
7.1 Initial Cash Equity Contributions of the Members.............................. 40
7.2 No Obligation................................................................. 40
7.3 Additional Capital Contributions.............................................. 40
7.4 Capital of the Company........................................................ 41
ARTICLE 8 CAPITAL ACCOUNTS............................................................. 41
8.1 Establishment and Determination of Capital Accounts........................... 41
8.2 Negative Capital Accounts..................................................... 42
8.3 Company Capital............................................................... 42
ARTICLE 9 ALLOCATIONS.................................................................. 42
9.1 Allocations of Income and Loss................................................ 42
9.2 Regulatory Allocations........................................................ 43
9.3 Deficits...................................................................... 43
9.4 Certain Tax Matters........................................................... 43
9.5 Special Allocations........................................................... 43
9.6 Excess Nonrecourse Liabilities................................................ 45
ARTICLE 10 DISTRIBUTIONS............................................................... 45
10.1 Distributions of Available Cash............................................ 45
10.2 Sale and Refinancing Proceeds.............................................. 45
10.3 Distribution of Sale, Disposition or Refinancing Proceeds.................. 45
10.4 BGHS Note.................................................................. 46
{/TABLE}
ii
{PAGE}
{TABLE}
{S} {C}
ARTICLE 11 TRANSFER OF MEMBER INTERESTS................................................ 46
11.1 Restrictions on Transfers by Maguire Members............................... 46
11.2 Transfers by RECP.......................................................... 47
11.3 Assignment Binding on Company.............................................. 47
11.4 Limitation on Distributions................................................ 48
11.5 Bankruptcy of a Member..................................................... 48
11.6 Substituted Members........................................................ 48
11.7 Acceptance of Prior Acts................................................... 48
11.8 Additional Limitations..................................................... 48
11.9 Waiver of Withdrawal and Fair Value........................................ 49
ARTICLE 12 DISSOLUTION OF THE COMPANY; WINDING UP AND DISTRIBUTION OF ASSETS........... 49
12.1 Dissolution................................................................ 49
12.2 Winding Up................................................................. 50
12.3 Distribution of Assets..................................................... 50
ARTICLE 13 AMENDMENTS.................................................................. 51
13.1 Amendments................................................................. 51
13.2 Additional Members......................................................... 51
ARTICLE 14 MISCELLANEOUS............................................................... 51
14.1 Further Assurances......................................................... 51
14.2 Notices.................................................................... 51
14.3 Headings and Captions...................................................... 52
14.4 Variance of Pronouns....................................................... 52
14.5 Counterparts............................................................... 52
14.6 Governing Law.............................................................. 52
14.7 Consent to Jurisdiction.................................................... 52
14.8 Partition.................................................................. 52
14.9 Validity................................................................... 53
14.10 Successors and Assigns..................................................... 53
14.11 Entire Agreement........................................................... 53
14.12 Waivers.................................................................... 53
14.13 No Brokers................................................................. 53
14.14 Maintenance as a Separate Entity........................................... 53
14.15 Confidentiality............................................................ 53
14.16 In the event that a Member receives a request to disclose any Confidential
Information under a subpoena or order, such Member shall (i) promptly notify
the other Members thereof, (ii) consult with the other Members on the
advisability of taking steps to resist or narrow such request and (iii) if
disclosure is required or deemed advisable, cooperate with each other
Member in any attempt it may make to obtain an order or other assurance
that confidential treatment will be accorded the Confidential Information
that is disclosed.......................................................... 54
14.17 No Third Party Beneficiaries............................................... 54
{/TABLE}
iii
{PAGE}
{TABLE}
{S} {C}
14.18 Construction of Documents.................................................. 54
14.19 Time is of the Essence..................................................... 54
14.20 Modification to Structure.................................................. 54
14.21 Waiver of Jury Trial....................................................... 55
14.22 Recalculation of Interest/Returns.......................................... 55
{/TABLE}
iv
{PAGE}
LIST OF EXHIBITS
{TABLE}
{S} {C}
A. Consulting Agreement
B. Contribution Agreement
C. Environmental Indemnity Agreement
D. Indemnity Agreement
E. Joinder Agreement
F. Leasing Agreement
G. Option Agreement
H. Description of Property
I. Property Management Agreement
{/TABLE}
LIST OF SCHEDULES
{TABLE}
{S} {C}
3.3 Membership Interests, Capital Contributions, Percentage Interests
4.4(a) Representatives of the Maguire Members
4.4(b) Representatives of RECP
6.3(a) Financial and Operating Information
6.3(b) Approved Budget and Approved Business Plan for the Remainder of 2002
Budget Year
6.8 Company Covenants and Restrictions
6.9 Maguire Member Covenants and Restrictions
14.13 Fees Owed to Secured Capital Corp.
{/TABLE}
i
{PAGE}
LIMITED LIABILITY COMPANY AGREEMENT of Bunker Hill Equity, LLC, a Delaware
limited liability company (the "Company"), dated and effective as of March 27,
2002, by and among Maguire Partners-Hope Place, Ltd., a California limited
partnership ("MP"), Maguire Partners BGHS, LLC, a California limited liability
company ("BGHS" and together with MP, in their capacity as members of the
Company, the "Maguire Members"), RECP Library LLC, a Delaware limited liability
company (together with its successors and assigns, "RECP") and Kim E. Lutthans
(the "Special Member"). Any reference in this Agreement to MP, BGHS or RECP
shall include such Members' successors to the extent such successors have
become Substituted Members in accordance with the provisions of this Agreement.
Pursuant to Section 18-201(d) of the Act, the Agreement shall be effective as
of March 27, 2002.
WITNESSETH:
WHEREAS, the Company was formed by the filing of a Certificate of
Formation with the Secretary of the State of Delaware on March 13, 2002;
WHEREAS, MP and Delacourt Properties, Inc. were the owners of all of the
equity interests of Library Square, Ltd., a California limited liability
company (the "Prior Company");
WHEREAS, BGHS acquired all of the equity interests of Delacourt
Properties, Inc. in the Prior Company (the "Delacourt Buy-Out");
WHEREAS, the Prior Company owned 100% of the equity interests of the
Property Owner;
WHEREAS, after the Delacourt Buy-Out, the Prior Company contributed all of
its assets (including, without limitation, 100% of the equity interests of the
Property Owner) to the Junior Mezzanine Borrower, in consideration for 100% of
the equity interests of the Junior Mezzanine Borrower (the "Prior Company
Contribution");
WHEREAS, immediately after the Prior Company Contribution, the Junior
Mezzanine Borrower contributed all of its assets (including, without
limitation, 100% of the equity interests of the Property Owner) to the Senior
Mezzanine Borrower, in consideration for 100% of the equity interests of the
Senior Mezzanine Borrower (the "Junior Mezzanine Contribution");
WHEREAS, immediately after the Junior Mezzanine Contribution, the Prior
Company distribution all of its ass |