FIRST AMENDMENT TO NINTH AMENDED AND RESTATED LIMITED LIABILITY COMPANY OPERATING AGREEMENT OF
Exhibit 3.2
FIRST AMENDMENT TO
NINTH AMENDED AND RESTATED
LIMITED LIABILITY COMPANY OPERATING AGREEMENT
OF
REDWOOD MORTGAGE INVESTORS IX, LLC
a Delaware Limited Liability Company
This First Amendment (the “Amendment”) to the Ninth Amended and Restated Limited Liability Company Operating Agreement of Redwood Mortgage Investors IX, LLC, dated March 25, 2016 (the “Operating Agreement”), amends the Operating Agreement of Redwood Mortgage Investors IX, LLC, a Delaware limited liability company (the “Company”), effective as of June 7, 2018. Capitalized terms that are used but not defined herein shall have the meanings set forth in the Operating Agreement.
NOW THEREFORE, the Manager hereby amends the Operating Agreement as follows:
Section 1. Amendments to the Operating Agreement. In connection with the Department’s requirement, Section 7.4(c) of the Operating Agreement is deleted. It provided that:
(c) Instruments evidencing a Membership Interest (if any) shall bear and be subject to legend conditions in substantially the following forms:
IT IS UNLAWFUL TO CONSUMMATE A SALE OR TRANSFER OF THIS SECURITY, OR ANY INTEREST THEREIN OR TO RECEIVE ANY CONSIDERATION THEREFOR, WITHOUT THE PRIOR WRITTEN CONSENT OF THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA, EXCEPT AS PERMITTED IN THE COMMISSIONER’S RULES.
As amended, Section 7.4(c) of the Operating Agreement is hereby replaced in its entirety with the following:
(c) [Reserved.]
Section 2. Miscellaneous.
By: | Redwood Mortgage Corp., Manager | |||||
By: /s/ Xxxxxxx X. Xxxxxxx | ||||||
Name: Xxxxxxx X. Xxxxxxx | ||||||
Title: President, Secretary and Treasurer |