Responsibilities of Operating Member. The Operating Member shall be responsible for implementing the decisions of the Management Committee and for regularly reporting to the Management Committee as to the status of the business and affairs of the Company. The Operating Member also shall be responsible for (i) procuring any and all financing required for the Project as approved by the Management Committee, (ii) supervising the management, leasing and operation of the Project in accordance with a Property Management Agreement approved by the Management Committee and entered into, by and between the Company, as owner, and either the Property Manager or such other manager as may be designated by the Management Committee, as manager, (iii) undertaking such other matters as are determined by the Management Committee, (iv) coordinating, supervising and otherwise overseeing any sale of the Project, (v) preparing and, as and when reasonably requested by the Management Committee, updating any applicable Annual Business Plan or Operating Budget for the Company and the Project (provided, that, for the avoidance of any doubt, the foregoing provisions are not intended to permit the Operating Member to amend, modify or deviate from any of the foregoing documents, plans or budgets without the prior consent of the Management Committee (except as otherwise expressly provided therein), (vi) advising the Management Committee on day-to-day matters affecting the business and affairs of the Company, (vii) diligently conducting the day-to-day operations of the Company in accordance with the Annual Business Plan and Operating Budget, (viii) performing the duties assigned to such Member under this Agreement or by the Management Committee, and (ix) diligently endeavoring to carry out all decisions and resolutions of the Management Committee.
Responsibilities of Operating Member. The Operating Member shall be responsible for implementing the decisions of the Management Committee and for regularly reporting to the Management Committee as to the status of the business and affairs of the Company and the Project Owner. The Operating Member also shall be responsible for (i) managing, supervising and overseeing the acquisition and renovation for the Project in accordance with the Project Plan and Project Budget approved by the Management Committee, (ii) procuring any and all financing required for the Project as approved by the Management Committee, (iii) supervising the management, leasing and operation of the Project in accordance with a Property Management Agreement approved by the Management Committee and entered into, by and between the Project Owner, as owner, and either the Property Manager or such other manager as may be designated by the Management Committee, as manager, (iv) undertaking such other matters as are determined by the Management Committee, (v) coordinating, supervising and otherwise overseeing any sale of the Project, (vi) preparing and, as and when reasonably requested by the Management Committee, updating any applicable Annual Business Plan, Project Plan, Project Budget and Operating Budget for the Company, Project Owner and the Project (provided, that, for the avoidance of any doubt, the foregoing provisions are not intended to permit the Operating Member to amend, modify or deviate from any of the foregoing documents, plans or budgets without the prior consent of the Management Committee (except as otherwise expressly provided therein), (vii) advising the Management Committee on day-to-day matters affecting the business and affairs of the Company, the Project Owner and the Project, (viii) diligently conducting the day-to-day operations of the Company and the Project Owner in accordance with the Annual Business Plan, Project Plan, Project Budget and Operating Budget, (ix) performing the duties assigned to such Member under this Agreement and/or by the Management Committee, and (x) diligently endeavoring to carry out all decisions and resolutions of the Management Committee.
