0000819551-05-000039 Sample Contracts

Preamble
Operating Agreement • October 4th, 2005 • Ilx Resorts Inc • Real estate dealers (for their own account) • Arizona

THIS OPERATING AGREEMENT is made and entered into effective as of the _____ day of August, 2005, by and among ILX Resorts Incorporated, an Arizona corporation as the Manager,

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RESTATED FIRST AMENDMENT TO THE OPERATING AGREEMENT OF ILX-BRUNO L.L.C. an Arizona limited liability company
Operating Agreement • October 4th, 2005 • Ilx Resorts Inc • Real estate dealers (for their own account)

This Restated First Amendment to the Operating Agreement of ILX-Bruno LLC, an Arizona limited liability company (First Amendment) is entered into effective as of the 27th day of September, 2005, by and among ILX Resorts Incorporated, an Arizona corporation as a Member and as the Manager and James Bruno Enterprises LLC, an Arizona limited liability company as a Member (Bruno) and replaces in full the first Amendment to the Operating Agreement dated September 23, 2005.

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