Manager Fees. The Manager shall be reimbursed for all reasonable expenses incurred in managing the Company and carrying out its duties hereunder. Notwithstanding anything herein to the contrary, the Manager or its Affiliate shall receive compensation in the form of: (i) an acquisition fee in the amount of $125,000, in consideration for the Manager’s or its Affiliate’s services in connection with locating, evaluating, negotiating, structuring and documenting the Company’s investment in PropCo; (ii) a $25,000 per year asset management fee for five years, payable in advance, in consideration for the Manager’s or its Affiliate’s management services in connection with managing the business of the Company and the operation and holding of the Company’s assets; and (iii) up to a $140,000 selling costs fee up for the Manager’s Affiliate’s services as a registered representative of the Company’s placement agent. Except as otherwise provided, the salaries and other compensation of the Manager, if any, shall be fixed from time to time by a Majority Vote of the Members. No Manager shall be prevented from receiving such compensation set forth under this Section 5.11 by reason of the fact that he is also a Member of the Company.
Appears in 7 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
