SERIES #SOV9W DESIGNATION
Exhibit 3.8
SERIES #SOV9W DESIGNATION
In accordance with the Limited Liability Company Agreement (the “Operating Agreement”) of Ark7 Properties Plus LLC (the “Company”) dated March 17, 2022 (the “Agreement”) and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties Plus LLC - Series #SOV9W (“#SOV9W”), this exhibit shall be attached to, and deemed incorporated in its entirety into, the Agreement.
References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.
Name of Series | Ark7 Properties Plus LLC - Series #SOV9W | |
Effective date of establishment | August 10, 2022 | |
Managing Member | Ark7 Inc. was appointed as the Managing Member of #SOV9W with effect from the date of the Agreement and shall continue to act as the Managing Member of #SOV9W until dissolution of #SOV9W pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X. | |
Initial Member | Ark7 Inc. | |
Series Asset | The Series Asset of #SOV9W comprises one residential property acquired by #SOV9W (the “Xxxxxx Property”). The Xxxxxx Property is located at 0000 X Xxxxxx Xxx, Xxxx 0X, Xxxxxxx, XX 00000. | |
Asset Manager | Ark7 Inc. | |
Management Fee | As stated in Section 6.5 of the Operating Agreement. | |
Purpose | As stated in Section 2.4 of the Operating Agreement. | |
Issuance | Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #SOV9W Interests the Company can issue is 22,500. | |
Number of #SOV9W Interests held by the Managing Member and its Affiliates | The Managing Member must purchase a minimum of 10 #SOV9W Interests and may purchase a maximum of 19.9% of #SOV9W Interests through the Offering. | |
Broker | Dalmore Group, LLC | |
Brokerage Fee | Up to1% of the purchase price of the Interests from #SOV9W sold at the Initial Offering of the #SOV9W Interests (excluding the #SOV9W Interests acquired by any Person other than Investor Members) | |
Interest Designation | No Interest Designation shall be required in connection with the issuance of #SOV9W Interests. | |
Voting | Subject to Section 3.5 of the Operating Agreement, the #SOV9W Interests shall entitle the Record Holders thereof to one vote per Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #SOV9W Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement. |
The affirmative vote of the holders of not less than a majority of the #SOV9W Interests then Outstanding shall be required for:
(a) any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #SOV9W Interests;
(b) mergers, consolidations or conversions of #SOV9W or the Company; and
(c) all such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #SOV9W Interests voting as a separate class.
Notwithstanding the foregoing, the separate approval of the holders of Series #SOV9W Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement. | ||
Splits | There shall be no subdivision of the #SOV9W Interests other than in accordance with Section 3.7 of the Operating Agreement. | |
Sourcing Fee | No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion. | |
Other rights | Holders of #SOV9W Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #SOV9W Interests. | |
Officers | There shall initially be no specific officers associated with #SOV9W, although, the Managing Member may appoint Officers of #SOV9W from time to time, in its sole discretion. | |
Aggregate Ownership Limit | As stated in Section 1.1 of the Operating Agreement. | |
Minimum Interests | One (1) Interest per Member | |
Fiscal Year | As stated in Section 8.2 of the Operating Agreement. | |
Information Reporting |
As stated in Section 8.1(c) of the Operating Agreement. | |
Termination | As stated in Section 11.1(b) of the Operating Agreement. | |
Liquidation | As stated in Section 11.3 of the Operating Agreement. | |
Amendments to this Exhibit | As stated in Article XII of the Operating Agreement. |