Common use of Ambiguity Clause in Contracts

Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Article XIII, the Manager shall have the power to determine the application of the provisions of this Article XIII with respect to any situation based on the facts known to it. In the event Article XIII requires an action by the Manager and this Agreement fails to provide specific guidance with respect to such action, the Manager shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article XIII. Absent a decision to the contrary by the Manager (which the Manager may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in ‎Section 13.3) acquired or retained Beneficial Ownership or Constructive Ownership of Shares in violation of Section 13.2, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Appears in 51 contracts

Samples: Operating Agreement (Groundfloor Loans 1, LLC), Operating Agreement (Groundfloor Loans 1, LLC), Operating Agreement (Arrived Debt Fund, LLC)

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Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Article XIII, the Manager shall have the power to determine the application of the provisions of this Article XIII with respect to any situation based on the facts known to it. In the event Article XIII requires an action by the Manager and this Agreement fails to provide specific guidance with respect to such action, the Manager shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article XIII. Absent a decision to the contrary by the Manager (which the Manager may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in ‎Section Section 13.3) acquired or retained Beneficial Ownership or Constructive Ownership of Shares in violation of Section 13.2, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Appears in 20 contracts

Samples: Operating Agreement (Fundrise Growth eREIT III, LLC), Operating Agreement (Fundrise Equity REIT, LLC), Operating Agreement (Fundrise Development eREIT, LLC)

Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Article XIII, the Manager shall have the power to determine the application of the provisions of this Article XIII with respect to any situation based on the facts known to it. In the event Article XIII requires an action by the Manager and this Agreement fails to provide specific guidance with respect to such action, the Manager shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article XIII. Absent a decision to the contrary by the Manager (which the Manager may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in ‎Section Section 13.3) acquired or retained Beneficial Ownership or Constructive Ownership of Shares Units in violation of Section 13.2, such remedies (as applicable) shall apply first to the Shares Units which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares Units based upon the relative number of the Shares Units held by each such Person.

Appears in 7 contracts

Samples: Limited Liability Company Agreement (Birgo Reiturn Fund LLC), Limited Liability Company Agreement (Birgo Reiturn Fund LLC), Limited Liability Company Agreement (Birgo Reiturn Fund Manager LLC)

Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Article XIIIXII, the Manager shall have the power to determine the application of the provisions of this Article XIII XII with respect to any situation based on the facts known to it. In the event Article XIII XII requires an action by the Manager and this Agreement fails to provide specific guidance with respect to such action, the Manager shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article XIIIXII. Absent a decision to the contrary by the Manager (which the Manager may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in ‎Section 13.312.3) acquired or retained Beneficial Ownership or Constructive Ownership of Shares in violation of Section 13.212.2, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Appears in 6 contracts

Samples: Operating Agreement (Fundrise eFund, LLC), Operating Agreement (Fundrise National for-Sale Housing eFund, LLC), Operating Agreement (Fundrise for-Sale Housing eFUND - Los Angeles CA, LLC)

Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Article XIIIXIV, the Manager Board shall have the power to determine the application of the provisions of this Article XIII XIV with respect to any situation based on the facts known to it. In the event Article XIII XIV requires an action by the Manager Board and this Agreement fails to provide specific guidance with respect to such action, the Manager Board shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article XIIIXIV. Absent a decision to the contrary by the Manager Board (which the Manager Board may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in ‎Section 13.3Section 14.3) acquired or retained Beneficial Ownership or Constructive Ownership of Shares in violation of Section 13.214.2, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Fundrise Income Real Estate Fund, LLC), Limited Liability Company Agreement (Fundrise Income Real Estate Fund, LLC)

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Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Article XIIIVIII, the Manager shall have the power to determine the application of the provisions of this Article XIII VIII with respect to any situation based on the facts known to it. In the event Article XIII VIII requires an action by the Manager and this Agreement fails to provide specific guidance with respect to such action, the Manager shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article XIIIVIII. Absent a decision to the contrary by the Manager (which the Manager may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in ‎Section 13.3Section 8.3) acquired or retained Beneficial Ownership or Constructive Ownership of Shares in violation of Section 13.28.2, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Concreit Fund I LLC), Limited Liability Company Agreement (Concreit Fund I LLC)

Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Article XIIIXIV, the Manager Board shall have the power to determine the application of the provisions of this Article XIII XIV with respect to any situation based on the facts known to it. In the event Article XIII XIV requires an action by the Manager Board and this Agreement fails to provide specific guidance with respect to such action, the Manager Board shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article XIIIXIV. Absent a decision to the contrary by the Manager Board (which the Manager Board may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in ‎Section 13.314.3) acquired or retained Beneficial Ownership or Constructive Ownership of Shares in violation of Section 13.214.2, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Fundrise Real Estate Interval Fund, LLC)

Ambiguity. In the case of an ambiguity in the application of any of the provisions of this Article XIIIXII, the Manager shall have the power to determine the application of the provisions of this Article XIII XII with respect to any situation based on the facts known to it. In the event Article XIII XII requires an action by the Manager and this Agreement fails to provide specific guidance with respect to such action, the Manager shall have the power to determine the action to be taken so long as such action is not contrary to the provisions of this Article XIIIXII. Absent a decision to the contrary by the Manager (which the Manager may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in ‎Section 13.3Section 12.3) acquired or retained Beneficial Ownership or Constructive Ownership of Shares in violation of Section 13.212.2, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Appears in 1 contract

Samples: Operating Agreement (Fundrise eFund, LLC)

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