Common use of Management by Manager Clause in Contracts

Management by Manager. The Company shall be managed by RSI Communities LLC, a Delaware limited liability company (and each successor as manager appointed in accordance with this Agreement, being referred to herein as a “Manager”), which shall have the power and authority to: (i) make all decisions on behalf of the Company and all actions to be taken on behalf of the Company shall be made or taken by the Manager and no other person shall have the power or authority under this Agreement to make any decisions or take any actions on behalf of the Company; and (ii) execute and/or deliver, in furtherance of the Company business, any deed of trust, promissory note, xxxx of sale, contract or other instrument purporting to convey, exchange or encumber any Company asset, provided that the Manager may appoint one or more individuals as officers of the Company. Any number of offices may be held by the same person. Each officer shall hold office at the pleasure of the Manager until his or her successor is appointed. Any officer may be removed, with or without cause, at any time by the Manager. The Manager shall not be removed and its duties shall not be limited by any action taken by or on behalf of any other Member, other than upon the written vote of the Member. Upon any such removal of the Manager, upon the resignation of the Manager or upon a Manager’s ceasing to act as a Manager for any other reason, a successor Manager shall be appointed by the Members, including any successor trustee who has become a member pursuant to Article V below.

Management by Manager. The Company shall be managed by RSI Communities – Texas LLC, a Delaware limited liability company (and each successor as manager appointed in accordance with this Agreement, being referred to herein as a “Manager”), which shall have the power and authority to: (i) make all decisions on behalf of the Company and all actions to be taken on behalf of the Company shall be made or taken by the Manager and no other person shall have the power or authority under this Agreement to make any decisions or take any actions on behalf of the Company; and (ii) execute and/or deliver, in furtherance of the Company business, any deed of trust, promissory note, xxxx of sale, contract or other instrument purporting to convey, exchange or encumber any Company asset, provided that the Manager may appoint one or more individuals as officers of the Company. Any number of offices may be held by the same person. Each officer shall hold office at the pleasure of the Manager until his or her successor is appointed. Any officer may be removed, with or without cause, at any time by the Manager. The Manager shall not be removed and its duties shall not be limited by any action taken by or on behalf of any other Member, other than upon the written vote of the Member. Upon any such removal of the Manager, upon the resignation of the Manager or upon a Manager’s ceasing to act as a Manager for any other reason, a successor Manager shall be appointed by the Members, including any successor trustee who has become a member pursuant to Article V below.

Management by Manager. The Company shall be managed by RSI Communities – California LLC, a Delaware limited liability company (and each successor as manager appointed in accordance with this Agreement, being referred to herein as a “Manager”), which shall have the power and authority to: (i) make all decisions on behalf of the Company and all actions to be taken on behalf of the Company shall be made or taken by the Manager and no other person shall have the power or authority under this Agreement to make any decisions or take any actions on behalf of the Company; and (ii) execute and/or deliver, in furtherance of the Company business, any deed of trust, promissory note, xxxx of sale, contract or other instrument purporting to convey, exchange or encumber any Company asset, provided that the Manager may appoint one or more individuals as officers of the Company. Any number of offices may be held by the same person. Each officer shall hold office at the pleasure of the Manager until his or her successor is appointed. Any officer may be removed, with or without cause, at any time by the Manager. The Manager shall not be removed and its duties shall not be limited by any action taken by or on behalf of any other Member, other than upon the written vote of the Member. Upon any such removal of the Manager, upon the resignation of the Manager or upon a Manager’s ceasing to act as a Manager for any other reason, a successor Manager shall be appointed by the Members, including any successor trustee who has become a member pursuant to Article V below.