EXHIBIT 10.24
AMENDMENT TO MEMBER CONTROL AGREEMENT
OF LAKERIDGE COMMUNITY CENTER, LLC
THIS AMENDMENT ("AMENDMENT") to the Member Control Agreement of
Lakeridge Community Center, LLC, a Minnesota limited liability company (the
"COMPANY") is made effective as of May 31, 2002, by and among Xxxxxx Investment
Corporation, a Minnesota corporation ("TIC") and * ("*") (TIC and * are
collectively the "MEMBERS").
RECITALS:
1. On or about April 1, 2002, the Members organized the Company
and, in connection therewith, entered into that certain Member
Control Agreement of the Company dated April 25, 2002 (the
"AGREEMENT").
2. The Members desire to amend the Agreement to correctly recite
the initial capital contributions and Percentage Interests (as
defined in the Agreement of the Members).
NOW, THEREFORE, in consideration of the foregoing, the Members hereby
amend the Agreement, as follows:
1. INCORPORATION OF RECITALS; DEFINITIONS. The foregoing Recitals
are incorporated as part of this Amendment as though fully set
forth herein. The define terms utilized herein shall have the
meanings ascribed to them in the Agreement, unless otherwise
herein defined.
2. RESTATEMENT OF SECTION 5.1. Section 5.1 of the Agreement is
hereby deleted and replaced in its entirety with the
following:
5.1 Initial Capital Contributions; Percentage Interests.
Each Member has contributed to the capital of the
Company the amounts specified below as the Member's
initial capital contribution, and shall be credited
with the following Percentage Interests and other
rights:
a. TIC has contributed $200,000.00 in cash. TIC
shall be credited with a Percentage Interest
of 66.67%.
b. * has contributed $100,000.00 in cash.
* shall be credited with a Percentage
Interest of 33.33%.
3. NO FURTHER AMENDMENT. Except as amended hereby, the Agreement
remains in full force and effect.
IN WITNESS WHEREOF, the undersigned hereby make this Amendment
effective as of the date first written above.
XXXXXX INVESTMENT CORPORATION, a
Minnesota corporation
By: /s/ Xxxxxx X. Xxxxxx
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Xxxxxx X. Xxxxxx, Its President
*
By:
-------------------------------------
*
Its Partner
And By:
---------------------------------
*
Its Partner
