Additional Managers. At any time, the Manager, in its sole discretion, may designate any Person (regardless of whether a Member) a Manager. If all of the Managers withdraw, are removed, or otherwise cannot serve as Managers for any reason, a Required Interest shall, within ninety (90) days after the date the last remaining Manager has ceased to serve, designate one or more new Managers effective as of the date of such withdrawal, removal, or inability to serve. Any Person becoming a Manager may automatically have the rights, authorities, duties, and obligations of a Manager under the Agreement.
Appears in 6 contracts
Samples: Operating Agreement (Central Park Fund 1, LLC), Operating Agreement (Central Park Fund I, LLC), Operating Agreement (Aurora Fund I, LLC)
Additional Managers. At any time, the Manager, in its sole discretion, may designate any Person (regardless of whether a Member) a Manager. If all of the Managers withdraw, are removed, or otherwise cannot serve as Managers for any reason, a Required Interest majority of Class B Units shall, within ninety (90) days after the date the last remaining Manager has ceased to serve, designate one or more new Managers (a “Successor Manager”) effective as of the date of such withdrawal, removal, or inability to serve. Any Person becoming a Manager may will automatically have the rights, authorities, duties, and obligations of a Manager under the Agreement.
Appears in 5 contracts
Samples: Operating Agreement (Cardone Equal Opportunity Fund 2, LLC), Operating Agreement (Cardone Equal Opportunity Fund 2, LLC), Operating Agreement (Cardone REIT I, LLC)
Additional Managers. At any time, the Manager, in its sole discretion, may designate any Person (regardless of whether a Member) a Manager. If all of the Managers withdraw, are removed, or otherwise cannot serve as Managers for any reason, a Required Interest majority of voting Membership Interests shall, within ninety (90) days after the date the last remaining Manager has ceased to serve, designate one or more new Managers effective as of the date of such withdrawal, removal, or inability to serve. Any Person becoming a Manager may will automatically have the rights, authorities, duties, and obligations of a Manager under the Agreement.
Appears in 1 contract
Samples: Operating Agreement (Strata Capital Real Estate Opportunity Fund I LLC)
Additional Managers. At any time, the Manager, in its sole discretion, may designate any Person (regardless of whether a Member) a Manager. If all of the Managers withdraw, are removed, or otherwise cannot serve as Managers for any reason, a Required Interest majority of voting Membership Interests shall, within ninety (90) days after the date the last remaining Manager has ceased to serve, designate one or more new Managers effective as of the date of such withdrawal, removal, or inability to serve. Any Person becoming a Manager may will automatically have the rights, authorities, duties, and obligations of a Manager under the Agreement.
Appears in 1 contract
Samples: Operating Agreement