Common use of Remedies for Breach Clause in Contracts

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section 13.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 (or Non-Transfer Event that results in a violation of Section 13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.

Appears in 51 contracts

Samples: Operating Agreement (Groundfloor Loans 1, LLC), Operating Agreement (Groundfloor Loans 1, LLC), Operating Agreement (Arrived Debt Fund, LLC)

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Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section Section 13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section Section 13.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Non- Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section Section 13.2 (or Non-Non- Transfer Event that results in a violation of Section 13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-non- action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.

Appears in 7 contracts

Samples: Operating Agreement (REITless Impact Opportunity Zone Strategies LLC), Operating Agreement (REITless Impact Opportunity Zone Strategies LLC), Operating Agreement (REITless Impact Opportunity Zone Strategies LLC)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section Section 13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares Units in violation of ‎Section Section 13.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem sharesunits, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section Section 13.2 (or Non-Transfer Event that results in a violation of Section 13.2) shall automatically result in the transfer to the Trust described abovein Section 13.2(b)(i), and, where applicable, such Transfer (or Non-Transfer Event) shall shall, to the fullest extent permitted by law, be void ab initio as provided above in in Section 13.2(b)(ii) irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.

Appears in 7 contracts

Samples: Limited Liability Company Agreement (Birgo Reiturn Fund LLC), Limited Liability Company Agreement (Birgo Reiturn Fund LLC), Limited Liability Company Agreement (Birgo Reiturn Fund Manager LLC)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section Section 13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section Section 13.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section Section 13.2 (or Non-Transfer Event that results in a violation of Section 13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.

Appears in 6 contracts

Samples: Operating Agreement (Fundrise Growth eREIT III, LLC), Operating Agreement (Fundrise Equity REIT, LLC), Operating Agreement (Fundrise Development eREIT, LLC)

Remedies for Breach. If the Manager Managing Member shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 4.5 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares Interests in a Series in violation of ‎Section 13.2 4.5 (whether or not such violation is intended), the Manager Managing Member shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem sharesinterests, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 4.5 (or Non-Transfer Event that results in a violation of Section 13.24.5) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the ManagerManaging Member. Nothing herein shall limit the ability of the Manager Managing Member to grant a waiver as may be permitted under Section 13.84.5(d).

Appears in 6 contracts

Samples: Limited Liability Company Agreement (Casa Shares Assets, LLC), Limited Liability Company Agreement (Arrived Homes II, LLC), Limited Liability Company Agreement (Arrived Homes 4, LLC)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 4.5 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares Interests in a Series in violation of ‎Section 13.2 4.5 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem sharesinterests, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 4.5 (or Non-Transfer Event that results in a violation of Section 13.24.5) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.84.5(d).

Appears in 4 contracts

Samples: Limited Liability Company Agreement (Compound Projects, LLC), Limited Liability Company Agreement (Compound Projects, LLC), Limited Liability Company Agreement (Compound Projects, LLC)

Remedies for Breach. If the Manager Managing Member shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 Section 4.5 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares Interests in a Series in violation of ‎Section 13.2 Section 4.5 (whether or not such violation is intended), the Manager Managing Member shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem sharesinterests, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 Section 4.5 (or Non-Transfer Event that results in a violation of Section 13.24.5) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the ManagerManaging Member. Nothing herein shall limit the ability of the Manager Managing Member to grant a waiver as may be permitted under Section 13.84.5(d).

Appears in 3 contracts

Samples: Series Limited Liability Company Agreement (Mansion Collection I LLC), Limited Liability Company Agreement (Investment.com Collection LLC), Property Management Agreement (Getaway Collection LLC)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section Section 13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section Section 13.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Non- Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section Section 13.2 (or Non-Transfer Event that results in a violation of Section 13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.

Appears in 3 contracts

Samples: Operating Agreement (GB8 Residential LLC), Operating Agreement (FundRebel Dean, LLC), Operating Agreement (Reitless Impact Income Strategies LLC)

Remedies for Breach. If the Manager Managing Member shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 Exhibit C or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares Interests in a Series in violation of ‎Section 13.2 Exhibit C (whether or not such violation is intended), the Manager Managing Member shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem sharesinterests, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 Section 4.5 (or Non-Transfer Event that results in a violation of Section 13.2Exhibit C) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the ManagerManaging Member. Nothing herein shall limit the ability of the Manager Managing Member to grant a waiver as may be permitted under Section 13.8.Exhibit C.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Tirios Propco Series LLC), Limited Liability Company Agreement (Tirios Propco Series LLC), Series Limited Liability Company Agreement (Tirios Propco Series LLC)

Remedies for Breach. If the Manager Board shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 Section 9.13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section 13.2 Section 9.13.2 (whether or not such violation is intended), the Manager Board shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company Trust to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company Trust or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 Section 9.13.2 (or Non-Transfer Event that results in a violation of Section 13.29.13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the ManagerBoard. Nothing herein shall limit the ability of the Manager Board to grant a waiver as may be permitted under Section 13.89.13.8.

Appears in 2 contracts

Samples: Agreement and Declaration of Trust (Pender Real Estate Credit Fund), Agreement and Declaration (Redwood Real Estate Income Fund)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Nonnon-Transfer Event has taken place that results in a violation of ‎Section 13.2 Section 3.11 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares Membership Interests in a Series in violation of ‎Section 13.2 Section 3.11 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-non- Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company Series to redeem sharesinterests, refusing to give effect to such Transfer or Nonnon-Transfer Event on the books of the Company Series or instituting proceedings to enjoin such Transfer or Nonnon-Transfer EventTransfer; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 Section 3.11 (or Nonnon-Transfer Event that results in a violation of Section 13.23.11) shall automatically result in the transfer to the Trust described aboveTrust, and, where applicable, such Transfer (or Non-Non- Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.83.11.

Appears in 2 contracts

Samples: Limited Liability Company Operating Agreement (Concreit Series LLC), Limited Liability Company Operating Agreement (Concreit Series LLC)

Remedies for Breach. If the Manager Board shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 Section 14.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section 13.2 Section 14.2 (whether or not such violation is intended), the Manager Board shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 Section 14.2 (or Non-Transfer Event that results in a violation of Section 13.214.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the ManagerBoard. Nothing herein shall limit the ability of the Manager Board to grant a waiver as may be permitted under Section 13.814.8.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Fundrise Income Real Estate Fund, LLC), Limited Liability Company Agreement (Fundrise Income Real Estate Fund, LLC)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section Section 13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section Section 13.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section Section 13.2 (or Non-Transfer Event that results in a violation of Section 13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall shall, to the fullest extent permitted by law, be void ab initio as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (MogulREIT I, LLC), Limited Liability Company Agreement (MogulREIT I, LLC)

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Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 Section 8.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section 13.2 Section 8.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem sharesShares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 Section 8.2 (or Non-Transfer Event that results in a violation of Section 13.28.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.88.8.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Concreit Fund I LLC), Limited Liability Company Agreement (Concreit Fund I LLC)

Remedies for Breach. If the Manager Board shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 9.13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section 13.2 Section 9.13.2 (whether or not such violation is intended), the Manager Board shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company Trust to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company Trust or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 Section 9.13.2 (or Non-Transfer Event that results in a violation of Section 13.29.13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the ManagerBoard. Nothing herein shall limit the ability of the Manager Board to grant a waiver as may be permitted under Section 13.89.13.8.

Appears in 1 contract

Samples: Agreement and Declaration (Pender Real Estate Credit Fund)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 Exhibit C or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares Interests in a Series in violation of ‎Section 13.2 Exhibit C (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem sharesinterests, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 Section 4.5 (or Non-Transfer Event that results in a violation of Section 13.2Exhibit C) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.Exhibit C.

Appears in 1 contract

Samples: Series Limited Liability Company Agreement (Emporium Realty Fund I, LLC)

Remedies for Breach. If the Manager Board shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 14.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section 13.2 14.2 (whether or not such violation is intended), the Manager Board shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 14.2 (or Non-Transfer Event that results in a violation of Section 13.214.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the ManagerBoard. Nothing herein shall limit the ability of the Manager Board to grant a waiver as may be permitted under Section 13.814.8.

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (Fundrise Real Estate Interval Fund, LLC)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Transfer Non­Transfer Event has taken place that results in a violation of ‎Section Section 13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section Section 13.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Non­ Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Non­Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; Non­Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section Section 13.2 (or Non-Non­ Transfer Event that results in a violation of Section 13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Non­Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-non­ action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.

Appears in 1 contract

Samples: Operating Agreement

Remedies for Breach. If the Administrative Manager shall at any time determine in good faith that a Transfer or Non-Transfer Event has taken place that results in a violation of ‎Section 13.2 12.1 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section 13.2 12.1 (whether or not such violation is intended), the Administrative Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section 13.2 12.1 (or Non-Transfer Event that results in a violation of Section 13.212.1) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Administrative Manager. Nothing herein shall limit the ability of the Administrative Manager to grant a waiver as may be permitted under Section 13.812.7.

Appears in 1 contract

Samples: Operating Agreement (StartEngine Real Estate REIT 1 LLC)

Remedies for Breach. If the Manager shall at any time determine in good faith that a Transfer or Non-Non- Transfer Event has taken place that results in a violation of ‎Section Section 13.2 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of ‎Section Section 13.2 (whether or not such violation is intended), the Manager shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or Non-Non- Transfer Event or otherwise prevent such violation, including, without limitation, causing the Company to redeem shares, refusing to give effect to such Transfer or Non-Transfer Event on the books of the Company or instituting proceedings to enjoin such Transfer or Non-Transfer Event; provided, however, that any Transfer or attempted Transfer or other event in violation of ‎Section Section 13.2 (or Non-Non- Transfer Event that results in a violation of Section 13.2) shall automatically result in the transfer to the Trust described above, and, where applicable, such Transfer (or Non-Transfer Event) shall be void ab initio as provided above irrespective of any action (or non-non- action) by the Manager. Nothing herein shall limit the ability of the Manager to grant a waiver as may be permitted under Section 13.8.

Appears in 1 contract

Samples: Operating Agreement

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