OPERATING AGREEMENT FOROperating Agreement • July 20th, 2011 • California
Contract Type FiledJuly 20th, 2011 JurisdictionTHIS OPERATING AGREEMENT (“Agreement”) is made and entered into effective as of March , 2011, by and among Olympia Mortgage & Investment Company, Inc., a California corporation (“Manager”); Olympia Mortgage Fund, LLC, a California limited liability company (the “Class A Member”) and such Persons as may be admitted as Class B Members pursuant to the terms of this Agreement.