LIMITED LIABILITY COMPANY AGREEMENT OF SHEA TONNER HILLS, LLC
Exhibit 3.48
LIMITED LIABILITY COMPANY AGREEMENT
OF
XXXX XXXXXX HILLS, LLC
This Limited Liability Company Agreement of Xxxx Xxxxxx Hills, LLC, a Delaware limited liability company (the “Company”), is entered into effective as of the 6th day of November, 2003, by Xxxx Homes Limited Partnership, a California limited partnership (the sole Member of the Company).
RECITALS
The Member desires to form the Company to engage in real estate development.
Therefore, the Member hereby forms a limited liability company under the Delaware Limited Liability Company Act (the “Act”) on the following terms and conditions:
Section 1. FORMATION
1.1 Formation of Company. The Company has been organized as a Delaware limited liability company by the filing of a Certificate of Formation pursuant to the Act with the Delaware Secretary of State.
1.2 Name. The name of the Company is “Xxxx Xxxxxx Hills, LLC” and all Company business shall be conducted under that name or such other names that comply with applicable law as the Member may select from time to time.
1.3 Purpose and Scope. Subject to the provisions of this Agreement and the Certificate, the purposes of the Company are to acquire a membership interest in Tonner Hills SSP, LLC, a Delaware limited liability company formed to acquire and develop certain real property in Brea, California, and to do all other acts or things that may be necessary, appropriate, proper, advisable, incidental to or convenient for the furtherance and accomplishment of the purposes of the Company.
1.4 Term. The Company shall commence on the date the Certificate is filed and shall continue until dissolved pursuant to the terms of this Agreement or the Act.
1.5 Office; Agent. The registered office of the Company required by the Act to be maintained in the State of Delaware shall be located at 0 Xxxx Xxxxxxxxxx Xxxxxx, Xxxxx 0X, Xxxxx, Xxxxxxxx 00000, or such other office (which need not be a place of business of the Company) as the Member may designate from time to time in the manner provided by law. The name and address of the registered agent of the Company shall be National Registered Agents, Inc., 0 Xxxx Xxxxxxxxxx Xxxxxx, Xxxxx 0X, Xxxxx, Xxxxxxxx 00000. The Company may have such other offices as the Member may designate from time to time.
1.6 Defined Terms. As used in this Agreement, the following terms shall have the following meanings:
Act. The Delaware Limited Liability Company Act, as amended from time to time.
Agreement. This Limited Liability Company Agreement, as originally executed and as amended, modified, supplemented or restated from time to time in accordance with its terms.
Certificate. The Certificate of Formation of the Company, as originally filed and as amended or restated from time to time in accordance with this Agreement and the Act.
Company. Xxxx Xxxxxx Hills, LLC, a Delaware limited liability company.
Distributable Cash. Cash from operations of the Company, interest on Company cash, notes receivable and other short term investments, net cash proceeds from a sale, refinancing, or condemnation of Company assets, including casualty insurance proceeds not used to rebuild or replace such assets, less cash expenditures and reasonable working capital reserves.
Fiscal Year. The taxable year of the Company, as determined under Section 706 of the Internal Revenue Code.
Member. Xxxx Homes Limited Partnership, a California limited partnership.
Person. An individual, partnership, limited partnership, trust, estate, association, corporation, limited liability company, or other entity, whether domestic or foreign.
Section 2. CAPITALIZATION OF THE COMPANY
2.1 Initial Contributions. Promptly following the formation of the Company, the Member shall contribute $1,000 in cash to the Company.
2.2 Additional Contributions. The Member shall have no obligation to contribute additional capital to the Company. If the Company does not have sufficient cash to pay its obligations, the Member may advance all or part of the needed funds to or on behalf of the Company. An advance described in this Section may constitute a loan from the Member to the Company and may bear interest at a rate determined by the Member.
Section 3. DISTRIBUTIONS AND ALLOCATIONS
3.1 Distributions. The Company may distribute Distributable Cash to the Member in such amounts and at such times as the Member may determine in its discretion; provided, however, no distribution shall be made by the Company if such distribution is prohibited by Section 18-607 of the Act. If the Member receives a distribution from the Company which is determined to have been prohibited by Section 18-607 of the Act, the Member shall, within thirty (30) days following notice, return such distribution to the Company.
3.2 Allocations. All items of income, gain, loss, deduction and credit of the Company shall be allocated to the Member.
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Section 4. MANAGEMENT
4.1 Management by Member. The business and affairs of the Company shall be managed by the Member. The Member shall have full and complete authority, power, and discretion to manage and control the business, affairs, and properties of the Company.
4.2 Officers. The Member may, from time to time, appoint one or more individuals to be officers of the Company. Any officers so appointed shall have such authority and perform such duties as the Member may, from time to time, delegate to them. Unless the Member decides otherwise, if the title of an officer is one commonly used for an officer of a business corporation formed under the Delaware General Corporation Law, the use of such title shall constitute the delegation to such officer of the authority and duties that are normally associated with that office. Any number of offices may be held by the same individual.
Section 5. INTERESTS OF MEMBERS
5.1 Limited Liability. Subject to the provisions of Section 18-502 of the Act, the Member shall have no personal liability for the expenses, liabilities or obligations of the Company. Subject to the provisions of Section 18-607 of the Act, the Member shall not be required to return any distribution made to it.
5.2 Dissolved Member. If the Member is dissolved or terminated, the powers of the Member may be exercised by its legal representative or successor. Upon the dissolution of the Member, the Company shall not dissolve but shall continue in existence.
Section 6. MEETINGS OF MEMBERS
6.1 Meetings Not Required. The Company shall not be required to hold Member meetings.
Section 7. ACCOUNTING MATTERS
7.1 Maintenance of Records. The Company shall keep books and records of accounts. The books and records shall be maintained on a basis determined by the Member.
7.2 Tax Matters. For federal income tax purposes, the Company shall be disregarded as an entity separate from the Member pursuant to Treasury Regulations Section 301.7701-3(b)(1)(ii). Subject to the preceding sentence, the Member shall cause to be prepared and filed all necessary tax returns for the Company.
Section 8. DISSOLUTION AND LIQUIDATION
8.1 Events of Dissolution. Except as otherwise provided in this Agreement, the Company shall be dissolved and its affairs shall be wound up upon the happening of the first to occur of the following:
(a) Upon the election of the Member to dissolve the Company.
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(b) Upon the sale or other disposition of all or substantially all of the assets and properties of the Company and distribution to the Member of the proceeds of the sale or other disposition.
8.2 Effect of Dissolution. Upon any dissolution of the Company under this Agreement or the Act, except as otherwise provided in this Agreement, the continuing operation of the Company’s business shall be confined to those activities reasonably necessary to wind up the Company’s affairs, discharge its obligations, and liquidate its assets and properties in a businesslike manner.
8.3 Liquidation and Termination.
(a) If the Company is dissolved, then an accounting of the Company’s assets, liabilities and operations through the last day of the month in which the dissolution occurs shall be made, and the affairs of the Company shall thereafter be promptly wound up and terminated. The Member will liquidate the assets of the Company as promptly as is consistent with obtaining the fair market value thereof, and the proceeds therefrom, to the extent sufficient therefor, will be applied and distributed in the following order:
(1) To the payment and discharge of all of the Company’s debts and liabilities to creditors (including the Member) in the order of priority as provided by law, other than liabilities for distributions to the Member; and
(2) The balance, if any, to the Member.
(b) After all of the assets of the Company have been distributed, the Company shall terminate.
(c) Notwithstanding anything to the contrary in this Agreement, upon liquidation of the Company, if the Member has a deficit or negative balance in the Member’s capital account (after giving effect to all contributions, distributions, allocations, and other capital account adjustments for all taxable years, including the year during which such liquidation occurs), the Member shall have no obligation to make any capital contribution to the Company, and the negative balance of the Member’s capital account shall not be considered a debt owed by the Member to the Company or to any other Person for any purpose whatsoever.
8.4 Certificate of Cancellation. Upon the completion of the winding up of the affairs of the Company, the Member shall prepare, execute and deliver to the Delaware Secretary of State a certificate of cancellation in accordance with Section 18-203 of the Act.
Section 9. GENERAL PROVISIONS
9.1 Governing Law. This Agreement and the rights of the parties hereunder will be governed by, interpreted, and enforced in accordance with the laws of the State of Delaware.
9.2 Binding Effect. This Agreement will be binding upon and inure to the benefit of the Member, and its distributees, successors and assigns.
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9.3 Headings. All headings are inserted only for convenience and ease of reference and are not to be considered in the construction or interpretation of any provision of this Agreement.
9.4 Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable under the present or future laws effective during the term of this Agreement, the provision will be fully severable; this Agreement will be construed and enforced as if the illegal, invalid, or unenforceable provision had never comprised a part of this Agreement; and the remaining provisions of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. Furthermore, in lieu of the illegal, invalid or unenforceable provision, there will be added automatically as a part of this Agreement a provision as similar in terms to the illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.
9.5 No Third Party Beneficiary. This Agreement is made solely and specifically for the benefit of the Member, and its successors and assigns, and no other Person will have any rights, interest or claims or be entitled to any benefits under or on account of this Agreement as a third party beneficiary or otherwise.
9.6 Amendments. Any amendment to this Agreement shall be in writing, dated and signed by the Member. If any conflict arises between the provisions of the amendment, or amendments, and the terms hereof, the most recent provisions shall govern and control.
The Member has executed this Agreement as of the date set forth above.
| XXXX HOMES LIMITED PARTNERSHIP, a California limited partnership | ||
| By X.X. Xxxx LLC, a Delaware limited liability company, Its General Partner | ||
| By |
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| Title | Xxxxxx X. Xxxxx, Vice President | |||
| By |
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| Title | Xxx X. Xxxxxxx, Vice President | |||
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OMNIBUS AMENDMENT TO THE
LIMITED LIABILITY COMPANY AGREEMENT/OPERATING AGREEMENT
OF EACH OF
215 BAYVIEW APARTMENTS, LLC,
COAST CABLE PARTNERS,
HAWKERBLUE, LLC,
XXXXX XXXXX HOLDINGS, LLC,
SERENADE AT NATOMAS, LLC,
SH CASCADES, LLC,
SH JUBILEE, LLC,
SH JUBILEE MANAGEMENT, LLC,
XXXX XXXXX RANCH, LLC
XXXX XXXX DEVELOPMENT, LLC,
XXXX CAPITAL II, LLC,
XXXX GSW HOLDINGS, LLC,
XXXX GSW INVESTMENTS, LLC,
XXXX OTAY VILLAGE 11, LLC,
XXXX XXXXXXX VALLEY, LLC,
XXXX RIVERMARK VILLAGE, LLC,
XXXX LA QUINTA LLC,
XXXX NINTH AND COLORADO, LLC,
XXXX XXXXXX HILLS, LLC,
XXXX XXXXXXXX GARDENS, LLC,
TRILOGY ANTIOCH, LLC,
TOWER 104 GATHERING, LLC,
TOWER 104 OIL, LLC,
TRW BTS ONE, LLC,
AND
XXXXXX VILLAGE PARTNERS, LLC
November 5, 2010
This Omnibus Amendment (this “Amendment”) to the Operating Agreement of 000 XXXXXXX XXXXXXXXXX, XXX, a California limited liability company; the Agreement of Partnership of COAST CABLE PARTNERS, a California general partnership; the Operating Agreement of HAWKERBLUE, LLC, a California limited liability company; the First Amended and Restated Operating Agreement of XXXXX XXXXX HOLDINGS, LLC, a Delaware limited liability company; the Operating Agreement of SERENADE AT NATOMAS, LLC, a California limited liability company; the Limited Liability Company Agreement of SH CASCADES, LLC, a Florida limited liability company; the Limited Liability Company Agreement of SH JUBILEE, LLC, a Delaware limited liability company; the Limited Liability Company Agreement of SH JUBILEE MANAGEMENT, LLC, a Delaware limited liability company; the Operating Agreement of XXXX XXXXX RANCH, LLC, a California limited liability company; the Limited Liability Company Agreement of XXXX XXXX DEVELOPMENT, LLC, a Delaware limited liability company; the Amended and Restated Limited Liability Company Agreement of XXXX CAPITAL II, LLC, a Delaware limited liability company; the Operating Agreement of XXXX GSW HOLDINGS, LLC, a Colorado limited liability company; the Operating Agreement of XXXX GSW INVESTMENTS, LLC, a Colorado limited liability company; the Operating Agreement of XXXX LA QUINTA LLC, a California limited liability company; the Limited Liability Company Agreement of XXXX NINTH AND COLORADO, LLC, a Colorado limited liability company; the Operating
Agreement of XXXX OTAY VILLAGE 11, LLC, a California limited liability company; the Limited Liability Company Agreement of XXXX XXXXXXX VALLEY, LLC, a California limited liability company; the Amended and Restated Operating Agreement of XXXX RIVERMARK VILLAGE, LLC, a California limited liability company; the Limited Liability Company Agreement of XXXX XXXXXX HILLS, LLC, a Delaware limited liability company; the Limited Liability Company Agreement of XXXX XXXXXXXX GARDENS, LLC a Florida limited liability company; the Operating Agreement of TOWER 104 GATHERING, LLC, a Colorado limited liability company; the Operating Agreement of TOWER 104 OIL, LLC, a Colorado limited liability company; the Amended and Restated Operating Agreement of TRILOGY ANTIOCH, LLC, a California limited liability company; the Operating Agreement of TRW BTS ONE, LLC, a Colorado limited liability company; and the Operating Agreement of XXXXXX VILLAGE PARTNERS, LLC, a California limited liability company (collectively, such limited liability companies, the “Companies”, and such operating agreements and limited liability company agreements, the “Agreements”) is made and entered into the date first written above by the undersigned, constituting all of the members of the Companies (collectively, the “Members”).
RECITALS
A. The Members have previously entered into the respective Agreements.
B. The Members now desire to amend the respective Agreements, in accordance with the terms thereof, to provide for the equity interests in each Company to be certificated.
AGREEMENT
NOW THEREFORE, in consideration of their mutual promises, covenants and agreements, and notwithstanding anything to the contrary in the Agreements, the parties hereto do hereby promise, covenant and agree as follows:
1. Recitals and Capitalized Terms. The Recitals set forth hereinabove are hereby incorporated for reference as though fully rewritten herein. Unless otherwise set forth herein, all capitalized terms shall have the same meaning as set forth in the respective Agreements. All references to “Agreement” in each of the Agreements shall be deemed to refer to such Agreement as modified by this Amendment.
2. Certificate of Limited Liability Company Interests. Each of the Agreements shall be amended by inserting a new article in the appropriate numerical order at the end of each Agreement as follows:
“ARTICLE [ ]
RIGHTS OF SECURED PARTY
“Section [ ] Notwithstanding anything to the contrary contained in this Agreement, if any interests in the Company (the “Membership Interests”) have been pledged or are subject to the granting of a security interest or other encumbrance therein (a “Pledge”) by the holder thereof (the beneficiary of a Pledge being referred to herein as a “Secured Party”), (a) all rights and remedies of such Secured Party (including but not limited to voting rights) with respect to the Membership Interests contained in any document, agreement or instrument giving effect to or governing such Pledge and the rights and remedies associated therewith (a “Security Document”) shall be given effect by the Company and the Members, (b) the Company and the Members shall take all such action and shall execute and deliver all such agreements, documents or instruments
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as may be required by the terms and conditions of the Security Document and (c) if the Secured Party becomes the holder of such Membership Interests, then, at such time, the Secured Party shall have all of the rights associated with such Membership Interests under this Agreement and applicable law.
“Section [ ] Notwithstanding anything to the contrary contained in this Agreement, all restrictions on transfer and assignability of any Membership Interests shall be inapplicable, and of no force and effect, as to any transfer of any Membership Interest to a Secured Party in connection with any exercise of rights or remedies by the Secured Party in accordance with the Security Document or as may be permitted by applicable law. Contemporaneously with any transfer of any Member’s Membership Interests to the Secured Party, the transferor Member shall cease to be a member of the Company.
“Section [ ] All of the Membership Interests shall be evidenced by a certificate showing the name of the Member and the percentage of Membership Interests held by that Member. Each Membership Interest certificate shall be signed by an officer of the Company or of its manager or managing member, as the case may be, and such certificates may be signed in counterparts.
“Section [ ] Each of the Membership Interest certificates representing the Members’ interest in the Company shall constitute a “security” within the meaning of (A) Article 8 of the Uniform Commercial Code (including Section 8-102(a) thereof) as in effect from time to time in the state of organization of the Company and (B) the Uniform Commercial Code of any other applicable jurisdiction that now or hereafter substantially includes the 1994 revisions to Article 8 thereof as adopted by the American Law Institute and the National Conference of Commissioners on Uniform State Laws and approved by the American Bar Association on February 14, 1995. Each Member hereby agrees that its interest in the Company and in its Membership Interests for all purposes shall be personal property. The Members have no interest in specific Company property.
“Section [ ] At all times prior to the termination of any Pledge of the Membership Interests in accordance with the Security Document (the date of such termination, the “Termination Date”), neither the Members nor [Managers/Directors] will, without the prior written consent of the Secured Party, (i) amend this Agreement to provide that any Membership Interests (x) shall not be evidenced by a certificate or (y) shall not be securities governed by Article 8 of the Uniform Commercial Code or (ii) otherwise “opt out” of Article 8 of the Uniform Commercial Code.
“Section [ ] The provisions of this Article [ ] shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns and any future Members [or Managers/Directors] and their respective successors and assigns.
“Section [ ] At all times prior the Termination Date, none of the provisions of this Article [ ] or any other provision of this Agreement may be amended in any way which alters, limits, restricts or adversely affects a Secured Party’s ability to exercise its rights with respect to the Membership Interests, without the prior written consent of such Secured Party.”
3. Miscellaneous. All other terms and provisions of each Agreement which are not expressly amended hereby are hereby ratified, affirmed and approved. This Amendment may be executed in counterparts, each of which shall be deemed an original and all of which taken together shall constitute but one and the same instruments. Facsimile signatures shall be valid as if manually signed.
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IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed this Amendment as of the date first set forth above.
Signature Page to Omnibus Amendment to LLC Agreements
| XXXX PROPERTIES MANAGEMENT COMPANY, INC., as Manager of 000 Xxxxxxx Xxxxxxxxxx, XXX, Xxxx Xxxxx Ranch, LLC and Xxxx Rivermark Village, LLC | X.X. XXXX CO., INC., as Manager of Coast Cable Partners | |||||||
| By: |
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By: |
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| By: | Xxxxxx X. Xxxxx | Name: | Xxxxx X. Xxxxxxxx | |||||
| Its: | Vice President | Title: | Secretary | |||||
| By: |
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By: |
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| By: | Xxxxx X. Xxxxxxxx | Name: | Xxxxxx O’Dell | |||||
| Its: | Secretary | Title: | Treasurer | |||||
Signature Page to Omnibus Amendment to LLC Agreements
