Capital Transaction Proceeds. Upon the sale, disposition, and/or refinance of a Property, Capital Transaction Proceeds shall be distributed to the Series’ Members in the following manner: (1) First, to pay for the Series’ expenses, costs and fees (including, without limitation, payment of outstanding debt (if any), administrative costs, legal expenses accounting fees) and any allocation of Capital Expenditure Reserve (as applicable) for the Series; (2) Second, to pay the Asset Management Fee to the Manager; (3) Third, to return any unreturned Contributions until the Member’s Contributions to the Series has been fully repaid; and
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Forte Investment Fund, LLC), Limited Liability Company Operating Agreement (Concreit Series LLC), Limited Liability Company Operating Agreement (Concreit Series LLC)
