Real Estate Operating Agreement

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}}

Email: {{email}}

Website: {{website}}

Preamble

This Operating Agreement (the 'Agreement') of {{llc_name}} LLC (the 'Company') is made and entered into as of {{effective_date}} by and among the undersigned Members (as defined herein).

Formation

The Company was formed on {{formation_date}} by filing Articles of Organization with the relevant authority in {{jurisdiction}}. The name of the Company is {{llc_name}} LLC. The principal place of business of the Company is {{principal_address}}.

Purposes and Powers of the Company

The purpose of the Company is to acquire, own, operate, manage, lease, sell, and otherwise deal with real estate properties, and to engage in any and all activities necessary, customary, convenient, or advisable to accomplish these purposes. The Company shall have all powers necessary or convenient to effectuate its purposes as provided by the laws of {{jurisdiction}}.

Membership Interests and Capital Contributions

The initial Members of the Company and their respective Membership Interests are set forth in Schedule A attached hereto. Each Member shall make an initial capital contribution to the Company as set forth in Schedule A. Additional capital contributions may be required from time to time as determined by the Members.

Management Structure

The Company shall be managed by its Members, unless otherwise specified in this Agreement. Decisions requiring Member approval shall be made by {{majority_vote_percentage}}% of the Membership Interests, unless a higher percentage is explicitly required by this Agreement or applicable law. The Members may appoint one or more managers (the 'Managers') who shall have the authority to manage the day-to-day operations of the Company as delegated by the Members.

Allocations and Distributions

Net profits and net losses of the Company shall be allocated to the Members in proportion to their respective Membership Interests. Distributions of available cash flow shall be made to the Members at such times and in such amounts as determined by the Members, generally in proportion to their Membership Interests.

Transfers of Membership Interests

No Member shall transfer, assign, pledge, or otherwise dispose of all or any part of their Membership Interest without the prior written consent of {{consent_percentage}}% of the remaining Members. Any attempted transfer without such consent shall be null and void.

Dissolution of the Company

The Company shall dissolve upon the occurrence of any of the following events: (a) the written agreement of all Members; (b) the sale or disposition of all or substantially all of the Company's assets; or (c) any other event requiring dissolution under the laws of {{jurisdiction}}.

Governing Law

This Agreement shall be governed by and construed in accordance with the internal laws of {{jurisdiction}}.

Signature Block

IN WITNESS WHEREOF, the undersigned have executed this Operating Agreement as of the date first above written.

___________________________

{{member_name_1}}

___________________________

{{member_name_2}}

___________________________

{{member_name_3}}