Expulsion of a Member. A Member may be expelled from the Company by the Manager if such Member has (a) willfully violated any provision of this Agreement; (b) committed fraud, theft, or gross negligence against the Company or one or more Members of the Company, or (c) engaged in wrongful conduct that adversely and materially affects the business or operation of the Company. Such Member shall immediately be expelled as a Member and deemed an Assignee pursuant to Article 11. For one hundred eighty (180) days following the expulsion, the Company shall have the option, in the sole discretion of the Manager, to purchase the interests of the former Member at Fair Market Value, subject to available cash.
Appears in 4 contracts
Samples: Operating Agreement (Cardone Equal Opportunity Fund 2, LLC), Operating Agreement (Cardone Equal Opportunity Fund 2, LLC), Operating Agreement (Cardone REIT I, LLC)
