Common use of Company Operating Agreement Clause in Contracts

Company Operating Agreement. The Manager may: * Capitalize the Company via the sale of Units or Interests in the Company as described in Article 2 hereof; * Acquire by purchase or otherwise, any real or personal property which may be necessary convenient, or incidental to the accomplishments of the business of the Company; * Borrow money and issuing of evidences of indebtedness necessary, convenient, or incidental to the accomplishments of the purposes of the Company and securing the same by mortgage, loan, venture, revenue bond, crowdfund, or any other appertaining to our development projects and properties, including the right (but not the obligation) to personally and voluntarily guarantee such obligations; * Open, maintain (and close, as appropriate), all Company bank accounts and (subject to any limitations set forth herein) drawing checks and other instrument for the payment of funds associated with acquiring raw land, acquiring land in case of old and abandon residential and commercial properties occupied on the land (all tear downs), designing, developing and distributing our new real estate properties and businesses; * Make all decisions relating to lending and borrowing of the Company and its capital, management of development properties, management of our business startups, subsidiaries and companies; * Employ such relevant agents, employees, managers, architects, general contractors, independent contractors and attorneys, auditors, etc., as may be reasonably necessary to carry out the purpose of this Agreement; * Obtain, negotiate and execute all documents and/or contracts necessary or appropriate to accomplish any development improvements, our Business Plan, real estate objectives and transactions, the acquisition and development of properties here in Atlanta, Georgia and across the United States; * Establish a reasonable Reserve fund for operations of the Company and potential future or contingent Company liabilities; * Pay, collect, compromise, arbitrate or otherwise adjust any and all claims or demands of or against the Company to the extent that any settlement of a claim does not exceed available insurance proceeds; * Work with a CPA firm in is preparation of Company budgets and financial reports, when necessary or appropriate to the Company operations, including but not limited to, all federal and state tax returns, reports and periodic financial statements including independent audits Xxxxxxx Homes Xxxxxxx Loans | 20 Company Operating Agreement submitted to the SEC, for ongoing financial reports; * Execute and deliver bonds and/or conveyances in the name of the Company provided same are done in the ordinary course of the Company business; and * Make an annual calculation of the Estimated Market Value of the Company and report it to the Members using any commercially acceptable method for doing so.