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LIMITED LIABILITY COMPANYOPERATING AGREEMENTforGSP I, LLCA Delaware Limited Liability CompanyDated as of October 1, 2019THE MEMBERSHIP INTERESTS REPRESENTED BY THIS AGREEMENT HAVE NOTBEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, OR REGISTERED ORQUALIFIED UNDER ANY STATE SECURITIES LAWS. SUCH MEMBERSHIPINTERESTS MAY NOT BE OFFERED FOR SALE, SOLD, DELIVERED AFTER SALE,TRANSFERRED, PLEDGED, OR HYPOTHECATED UNLESS QUALIFIED ANDREGISTERED UNDER APPLICABLE STATE AND FEDERAL SECURITIES LAWS ORUNLESS, IN THE OPINION OF COUNSEL SATISFACTORY TO THE COMPANY, SUCHQUALIFICATION AND REGISTRATION IS NOT REQUIRED. ANY TRANSFER OF THEMEMBERSHIP INTERESTS REPRESENTED BY THIS AGREEMENT IS FURTHERSUBJECT TO OTHER RESTRICTIONS, TERMS, AND CONDITIONS WHICH ARE SETFORTH HEREIN.
This LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this“Agreement”) for GSP I, LLC, a Delaware limited liability company (the “Company”), is madeand entered into effective as of October 1, 2019, by and among the persons set forth on thesignature pages as Members (individually, a “Member,” and collectively, the “Members”).RECITALSWHEREAS, the Company was formed under the Act pursuant to a Certificate of Formation filedon or about October 1, 2019, in the office of the Delaware Department of State, and theMembers entered into a Limited Liability Company Agreement on or about October 1, 2019; andAGREEMENTNOW, THEREFORE, in consideration of the foregoing premises and the mutual agreementscontained herein and other good and valuable consideration, the receipt and sufficiency of whichare hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree asfollows:1. Definitions; Construction.1.1. Definitions. When used in this Agreement, unless the context otherwise requires,the following terms shall have the meanings set forth below:“Act” means the Delaware Limited Liability Company Act, 6 Del. §§ 18101,.et seq., as thesame may be amended from time to time.“Adjusted Capital Contribution” shall be equal to the excess, if any, of (a) the CapitalContributions of each of the Members, over (b) the aggregate distributions to such Memberspursuant to Section 4.2(b) or (c) hereof as of such date.“Agreement” means this Limited Liability Company Operating Agreement, as originallyexecuted and/or restated from time to time.“Bankrupt” means, with respect to any Person: (a) the filing of an application by suchPerson for, or such Person’s consent to, the appointment of a trustee, receiver, or custodian of itsassets; (b) the entry of an order for relief with respect to such Person in proceedings under theUnited States Bankruptcy Code, as amended or superseded from time to time; (c) the making bysuch Person of a general assignment for the benefit of creditors; (d) the entry of an order, judgment,or decree by any court of competent jurisdiction appointing a trustee, receiver, or custodian of theassets of such Person unless the proceedings and the trustee, receiver, or custodian appointed aredismissed within one hundred twenty (120) days; or (e) the failure by such Person generally topay such Person’s debts as the debts become due within the meaning of Section 303(h)(1) of theUnited States Bankruptcy Code, as determined by the Bankruptcy Court, or the admission inwriting of such Person’s inability to pay its debts as they become due.
“Capital Account” means with respect to any Member the capital account that theCompany establishes and maintains for such Member pursuant to Exhibit B.“Capital Contribution” means a contribution in cash or property to the capital of theCompany (and if required by the context of this Agreement, “Capital Contribution” shall also referto the total amount of cash and the fair market value of property so contributed).“Certificate” means the Certificate of Organization of the Company originally filed withthe Secretary of State of the State of Delaware, as amended and/or restated from time to time.“Class A Interests” means the Membership Interests owned by the Class A Members.“Class A Member” or “Class A Members” means and refers to the Person or Personsdesignated as a Class A Member or Members on Exhibit A to this Agreement.“Class B Interests” means the Membership Interests owned by the Class B Members.“Class B Member” or “Class B Members” means and refers to the Person or Personsdesignated as a Class B Member or Members on Exhibit A to this Agreement.“Code” means the Internal Revenue Code of 1986, as amended from time to time, and thecorresponding provisions of any succeeding law.“Company” means the limited liability company organized in accordance with thisAgreement.“Employee” means an individual or other Person who performs substantial services to orfor the benefit of the Company, whether as an Employee, officer, Member, independent contractoror in any other capacity.“Guaranteed Payment” means a payment made by the Company to a Class A Member inconsideration for services performed by the Class A Member in accordance with the determinationof the Manager or as provided in this Agreement.“Majority Interest” means, in connection with any vote, approval or consent of theMembers, the affirmative vote, approval or consent of Members that, taken together, hold morethan fifty percent (50%) of the aggregate of all Percentage Interests held by the Class of Membersentitled to act on such matter.“Manager” means the Person designated or appointed from time to time as providedin Section 7.1.“Member” means each Person who (a) is identified as a Member on Exhibit A, has beenadmitted to the Company as a Member in accordance with the Certificate or this Agreement, or is
an assignee who has become a Member in accordance with Section 8.5, and (b) has not withdrawn,been removed or if other than an individual, dissolved.“Membership Interest” means a Member’s entire interest in the Company including theMember’s right to share in income, gains, losses, deductions, credits, or similar items of, and toreceive distributions from, the Company pursuant to this Agreement and the Act, the right to voteor participate in the management of the Company to the extent herein provided or as specificallyrequired by the Act, and the right to receive information concerning the business and affairs of theCompany.“Net Cash From Operations” means, for any fiscal year of the Company, the total cashcollected tributions), including, without limitation, Net Cash from Development Projects, Net Cashfrom Notes, as well as the net amount received from any sale of any part of the Company'sproperty, other than a sale made in connection with the liquidation of the Company or a sale thatgenerates Net Cash from Sales or Refinancings, less all operating expenses actually paid, all loanpayments paid, any cash expenditures for capital improvements, and any reserves which theManager deems necessary or prudent to be set aside to meet working capital requirements, futureliabilities and contingencies of the Company and less Guaranteed Payments to Class A Membersfor the year.“Net Cash from Sales or Refinancing’s” means the total cash received by the Companyfrom any sale or refinancing of all or substantially all of its assets or membership interestsrepresenting greater than a fifty percent (50%) Percentage Interest, less all expenses, including butnot limited to any fees or commissions, named by the Company in connection with suchtransaction.“Notes” means any one or more residential or commercial mortgage or financing notesheld by the Company.“Operating Preferred Return” means for the Class B Members, a cash payment equalto eleven percent (9%) per annum of Adjusted Capital Contributions. All Operating PreferredReturns shall be determined on the basis of a 360 day year, 30 day month, as the case may be, forthe actual number of days occurring in the period for which the Operating Preferred Return isbeing determined, cumulative to the extent not distributed in any given year pursuant to Sections4.1(a) and 4.2 (b) and Sections 4.2(a) and 4.2(c) hereof, of the Adjusted Capital Contribution ofeach Member, payable on a monthly basis.“Partnership Audit Rules” shall have the meaning set forth in Section 9.8.3.“Percentage Interest” means, for each Member, the percentage interest set forth oppositethe name of such Member on Exhibit A, as the same may be adjusted from time to time inaccordance with this Agreement.
“Permitted Transferee” means (i) another Member, and (ii) a descendant of a Member.“Permitted Trust” means a trust whose only beneficiaries, to the extent of any interestwhatsoever, are Permitted Transferees (excluding Permitted Trusts for purposes of this definition).“Person” means any individual, general partnership, limited partnership, Limited LiabilityCompany, limited liability partnership, corporation, trust, estate, real estate investment trust,association, or other entity.“Redemption Date” shall have the meaning set forth in Section 4.3.“Redemption Notice” shall have the meaning set forth in Section 4.3.“Transfer” shall mean any sale, transfer, assignment, hypothecation, encumbrance orother disposition, whether voluntary or involuntary, whether by gift, bequest or otherwise. In thecase of a hypothecation, the Transfer shall be deemed to occur both at the time of the initial pledgeand at any pledgee’s sale or a sale by any secured creditor.1.2. Rules of Construction. The following rules of construction shall apply to thisAgreement:1.2.1. This Agreement shall be interpreted and construed in accordance with the lawsof the State of Delaware without regard to its conflicts of laws provisions, but shall not beconstrued against the drafter of this Agreement.1.2.2. The titles of the Sections herein have been inserted as a matter of convenience ofreference only and shall not control or affect the meaning or construction of any of the terms orprovisions hereof.1.2.3. All personal pronouns used in this Agreement, whether used in the masculine,feminine or neuter gender, shall include all other genders, the singular shall include the plural, andvice versa, as the context may require.1.2.4. The term “including” shall in all cases be interpreted as “including, but notlimited to.”1.2.5. Each provision of this Agreement shall be considered severable from the rest,and if any provision of this Agreement or its application to any person or circumstances shall beheld invalid and contrary to any existing or future law or unenforceable to any extent, theremainder of this Agreement and the application of any other provision to any person orcircumstances shall not be affected thereby and shall be interpreted and enforced to the greatestextent permitted by law so as to give effect to the original intent of the parties hereto.1.2.6. Unless the context clearly requires otherwise, words such as “herein” shall referto this entire Agreement and not to a particular Section or provision, and references to particular“Sections” shall refer to the Sections of this Agreement.2. Organizational Matters.
2.1. Formation. The Members have formed a Delaware limited liability company underthe Act through the filing of the Certificate with the Delaware Secretary of State and by enteringinto this Agreement. The rights and liabilities of the Members shall be determined pursuant tothe Act and this Agreement.2.2. Name. The name of the Company is “GSP I, LLC.” The business and affairs of theCompany may be conducted under that name or, upon compliance with applicable laws, anyother name that the Manager may deem appropriate or advisable. The Manager shall file anyfictitious name certificates and similar filings, and any amendments thereto, that may beappropriate or advisable.2.3. Term. The existence of the Company commenced on the date of the filing of theCertificate with the Secretary of State of the State of Delaware, and shall continue until theCompany is dissolved in accordance with the provisions of this Agreement.2.4. Principal Office; Registered Agent. The principal office of the Company shall be asdetermined by the Manager from time to time. The Company shall continuously maintain aregistered agent and office in the State of Delaware as required by the Act. The registered agentshall be as stated in the Certificate or as otherwise determined by the Manager.2.5. Purpose. The purpose of the Company is to purchase, manage, improve, lease andsell real estate properties and any ancillary businesses. The Company may carry on any otherlawful business, purpose, or activity incidental or related to the foregoing that may be carried onby a limited liability company under applicable law.3. Percentage Interests; Provisions Related to Capital3.1. Percentage Interests. The name and Percentage Interest of each Member as of thedate hereof is set forth on Exhibit A attached to this Agreement.3.2. Capital Contributions. As of the date of this Agreement, each Member has madeCapital Contributions in the amount set forth opposite the name of such Member on ExhibitA. No Member shall be required at any time to make any additional contributions to the capitalof the Company, or be obligated or required under any circumstances to restore any negativebalance in his, her or its Capital Account. Exhibit A shall be amended from time to time toreflect any Capital Contributions made by the Members after the date of this Agreement.3.3. Additional Capital Contributions.3.3.1. No Member shall be obligated to make any additional capital contributions to theCompany. If the Company requires additional capital for its operations the Manager may, in hissole discretion, issue a call for additional capital contributions to the Class A Members, in whichcase the Class A Members will have the opportunity, but shall in no event be obligated, to makeadditional contributions to the Company in proportion to their Percentage Interests. If any ClassA Member shall fail to make his proportionate share of any such additional capital contribution,any other Class A Member may make such contribution, and the Percentage Interests of the ClassA Members shall be adjusted as set forth in Section 3.3.2 below.3.3.2. If one or more Class A Members shall fail to contribute his or her proportionateshare of any additional capital contributions under Section 3.3.1, the Capital Accounts of the Class
A Members shall be adjusted to reflect (i) the additional capital contributions and (ii) the net gainor loss that would have been allocated to each Class A Member under this Agreement if all of theassets of the Company (other than the newly contributed assets) had been sold for their fair marketvalues, and the resulting gain or loss (determined by reference to the prior Gross Asset Value ofsuch assets) had been allocated to the Class A Members in accordance with the terms of thisAgreement. Such adjustments to the Capital Accounts shall be made in accordance withRegulation §1.704-(1)(b)(2)(iv)(f). For this purpose, the fair market value of the assets of theCompany shall be determined by the Manager. After the Capital Accounts have been adjusted asprovided in this Section 3.3.2, the Percentage Interest of each Class A Member shall be adjustedto equal that percentage obtained by dividing the positive balance in such Class A Member’sCapital Account by the sum of the positive Capital Account balances of all the Class A Members.3.4. Advances. If the Company requires additional funds for the fulfillment of itspurposes, the Company may borrow funds from one or more Members, or from Persons relatedto one or more Members, on such terms as the Manager and the party or parties making suchloans may agree. Unless otherwise agreed by the party or parties making such loans, all loansmade under this Section 3.4 shall be repaid in full, with interest, before any distributions aremade to the Members under this Agreement.3.5. Capital Accounts. The Company shall maintain an individual Capital Account foreach Member in accordance with the provisions set forth in Exhibit B attached hereto.3.6. No Interest. No Member shall be entitled to receive any interest on such Member’sCapital Contributions.3.7. No Withdrawal. No Member shall have the right to withdraw such Member’s CapitalContributions or to demand and receive property of the Company or any distribution in returnfor such Member’s Capital Contributions, except as may be specifically provided in thisAgreement or required by the Act.4. Distributions to Members.4.1. Net Cash From Operations. Except as otherwise provided in Article 10 hereof, NetCash From Operations, if any, shall, if practicable, be distributed monthly, or at such times asthe Manager may determine, in the following order and priority:(a) First, to each Class B Member, on a pari passu basis, to the extent of the excess, ifany, of (i) the cumulative Operating Preferred Return for such Class B Member forwhich the payment due date has occurred from the inception of the Company to the endof such month, over (ii) the sum of all prior distributions to such Member pursuant tothis Section 4.1(a) and Section 4.2(a); and(b) Second, the balance, if any, to the Class A Members in proportion to theirMembership Interests.4.2. Net Cash From Sales or Refinancing’s. Except as otherwise provided in Article10 hereof, Net Cash From Sales or Refinancing’s shall, if practicable, be distributed monthly, orat such times as the Manager may determine, in the following order and priority:
(a) First, to each Class B Member, on a pari passu basis, to the extent of the excess, ifany, of (i) the cumulative Operating Preferred Return for such Class B Member forwhich the payment due date has occurred from the inception of the Company to the endof such year, over (ii) the sum of all prior distributions to such Member pursuant toSection 4.1(a) and this Section 4.2(a);(b) Second, to the Class B Members, on a pari passu basis, in proportion to and to theextent of their Adjusted Capital Contributions;(c) Third, to the Class A Members in proportion to and to the extent of their AdjustedCapital Contributions; and(d) The balance, if any, to the Class A Members in proportion to their MembershipInterests.4.3. Redemption of Class B Membership Interests. The Company has the option bydelivering written notice to a Class B Member at any time (the “Redemption Notice”) to forcethe redemption of the Class B Interest. At any time subsequent to the first anniversary of thedate of this Agreement, any Class B Member, each at their own option, shall have the right toredeem all, but not less than all, of the Class B Member’s Membership Interest by delivering aRedemption Notice to the Company. The Company shall fix a date for the redemption whichshall not be more than ninety (90) days after the date of the Redemption Notice (the“Redemption Date”). On the Redemption Date, the Company shall pay the Class B Memberthe amount of its accrued but unpaid Operating Preferred Return plus its Adjusted CapitalContributions as of the Redemption Date out of Net Cash from Operations.5. Allocation of Profit and Loss. After giving effect to the special allocations set forth in ExhibitB, Profits and Losses (or items thereof) shall be allocated to the Members in a manner that willresult in the Capital Account balance for each Member (which balance may be negative orpositive), after adjusting the Capital Account for all Capital Contributions and distributions andany special allocations required pursuant to this Agreement for the current and prior fiscal year,being, as nearly as possible) equal to (i) the amount that would be distributed to the Member if theCompany were to sell all its assets at their current Gross Asset Value, pay all liabilities of theCompany (limited, with respect to any nonrecourse liabilities, to the value reflected in theMember’s Capital Accounts for the assets securing such nonrecourse liabilities), and distribute theproceeds thereof in accordance with Section 10.5, minus (ii) the Member’s Share of CompanyMinimum Gain and member Nonrecourse Debt Minimum Gain.6. Members.6.1. Limited Liability. Except as required under the Act or as expressly set forth in thisAgreement, no Member shall be personally liable for any debt, obligation, or liability of theCompany, whether that debt, obligation, or liability arises in contract, tort or otherwise.6.2. Authority of Members.6.2.1. The Members, acting solely in their capacities as Members, shall have the rightto vote on, consent to, or otherwise approve only those matters as to which this Agreementspecifically requires such approval. The Class A Members shall be entitled to vote on all matterspresented to the Members. The Class B Members shall only be entitled to vote on matters related
to the execution of collateral of the Company held with regard to real estate mortgage notes or realestate that occur during any period in which the Company has not paid an Operating PreferredReturn to a Class B Member after its due date. Upon the vote or approval by written consent of aMajority in Interest of the Class B Members upon a default by the Company of a payment owedto a Class B Member, the Manager and the Class A Members shall be obligated to take appropriatelegal action as requested by the Class B Members solely with respect to such collateral.6.2.2. No Member acting solely in the capacity of a Member is an agent of theCompany, nor can any Member acting solely in the capacity of a Member bind the Company orexecute any instrument on behalf of the Company.6.3. No Dissociation. A Member may not resign, withdraw or otherwise dissociate fromthe Company prior to the dissolution and winding up of the Company. Nothing in thisAgreement shall be interpreted as giving a Member the right to withdraw from the Company.6.4. Meetings of Members; Action by Consent.6.4.1. Meetings of the Members may be called by the Manager. Written notice of thetime and place of a meeting shall be given to each Member at least two (2) business days in advanceof the date of the meeting. Meetings shall be held at the principal office of the Company or at suchother location as specified in the notice. A Member may attend either in person or by proxy. Thepresence in person or by proxy of Members holding at least a Majority Interest shall constitute aquorum at any meeting.6.4.2. Meetings of the Class B Members may be called by any Class BMember. Written notice of the time and place of a meeting shall be given to each Class B Memberat least two (2) business days in advance of the date of the meeting. Meetings shall be held at theprincipal office of the Company or at such other location as specified in the notice. A Class BMember may attend either in person or by proxy. The presence in person or by proxy of Class BMembers holding at least a Majority Interest of the Class B Membership Interests, calculatedtogether as a class, shall constitute a quorum at any meeting. The vote or approval of a majorityof the Class B Members in attendance at any meeting of the Class B Members shall decide anymatter presented for a vote or consent of the Class B Members.6.4.3. Any action or decision required or permitted to be taken by the Members or aclass of Members under this Agreement may be taken without a meeting if consent in writingsetting forth the action so taken is signed and delivered to the Company by Members representingnot less than the minimum Percentage Interest necessary under this Agreement to approve theaction. The Manager shall notify the Members or class of Members of all actions taken by suchconsents.6.4.4. The Class A Members shall be the only Members entitled to vote on matterspresented to the Members. Except as set forth in Section 6.2.1, the Class B Members shall nothave any voting rights with respect to matters presented to the Members.6.5. Admission of Additional Members. The Manager may admit additional Membersto the Company in exchange for such additional Capital Contributions as the Manager maydetermine. No additional Member shall become a Member until such additional Member hasmade any required Capital Contribution and has become a party to this Agreement, and upon the
admission of an additional Member the Percentage Interests of all existing Members shall bediluted proportionately.6.6. Compensation of Members. Class A Members who perform services for theCompany shall be entitled to receive Guaranteed Payments as determined by the Manager. Forthe initial fiscal year that the Company is in existence, the Class A Members shall be entitled toreceive the Guaranteed Payments set forth on Schedule 6.6.7. Manager7.1. Designation of Manager. L2L Investments, LLC DBA GSP REI is presentlydesignated as the Manager of the Company, to serve until, resignation, incapacity or removal. Ifthe Manager shall cease to serve as Manager due to death, resignation, incapacity or removal, areplacement Manager shall be designated by the Class A Members. The Manager need not be aMember of the Company or a resident of the State of Delaware.7.2. Duties and Authority of Manager7.2.1. Subject to Section 6.7, the Manager shall have full, exclusive and completediscretion, power and authority, subject to the provisions of this Agreement, to manage, control,administer and operate the business and affairs of the Company, including the power to (i) acquire,lease, sell or trade real and personal property on behalf of the Company, (ii) to borrow money foror otherwise incur obligations for the Company and execute and deliver notes and mortgagesconsenting to the confession of judgment against the Company, (iii) to lend money to any thirdparty, including affiliates of the Class A Members, solely for the purpose of acquiring performingor nonperforming mortgage notes, and (iv) make any expenditures necessary or appropriate inconnection with the management of the affairs of the Company.7.2.2. The Manager shall not do any act in contravention of this Agreement, or possessCompany property or assign rights in Company property other than for Company purposes. TheManager shall have no authority to create any note, mortgage, pledge or other obligation, or enterinto any guarantee or suretyship agreement, which provides that any Member shall be personallyliable for the payment of all or any part thereof, without the express written consent of eachMember who will be held personally liable thereunder.7.2.3. The Manager shall devote only as much time to the business and affairs of theCompany as necessary for the proper performance of his or her duties.7.2.4. The Manager shall perform his or her duties in good faith, in a manner he or shereasonably believes to be in the best interests of the Company and with the care that an ordinarilyprudent person in a like position would use under similar circumstances.7.3. Reimbursement of Expenses; Fees. The Company shall reimburse the Manager forthe actual cost paid or incurred by him for goods, materials, and services used by or for theCompany. The Manager may be paid such fees as approved from time to time by the Class AMembers.7.4. Liability; Indemnification.
7.4.1. Liability of Member or Manager. No Member or Manager shall be personallyliable for any debt, obligation, or liability of the Company, whether that debt, obligation, or liabilityarises in contract, tort, or otherwise, solely by reason of participating in the management of theCompany. No Member or Manager shall be liable to the Company or to any Member for any lossor damage sustained by the Company or any Member in his capacity as such, unless the act givingrise to the claim for indemnification is determined by a court to have constituted fraud, willfulmisconduct or recklessness on the part of the Member or Manager.7.4.2. Indemnification. A Member or Manager shall be entitled to indemnificationfrom the Company for any loss, damage, expense or claim incurred by such Person by reason ofany act or omission performed or omitted by such Person in good faith on behalf of the Companyand in a manner reasonably believed to be within the scope of authority conferred on such Personby this Agreement, unless the act or omission giving rise to the claim for indemnification isdetermined by a court to have constituted fraud, willful misconduct or recklessness on the part ofsuch Person; provided, however, that any indemnity under this Section 7.4.2 shall be provided outof and to the extent of Company assets only, no debt shall be incurred by the Members in order toprovide a source of funds for any indemnity, and no Member shall have any personal liability (orany liability to make any additional Capital Contributions) on account thereof.7.4.3. Expenses. Expenses (including reasonable legal fees) incurred by a Member orManager in such Person’s capacity as such in defending any claim, demand, action, suit, orproceeding shall, from time to time, be advanced by the Company prior to the final disposition ofsuch claim, demand, action, suit, or proceeding upon receipt by the Company of an undertakingby or on behalf of such Person to repay such amount if it shall be determined that such Person isnot entitled to be indemnified as authorized in this Section 7.4.3.7.5. Designation of Officers. The Manager hereby designates Brian Campbell as VicePresident. Vice Presidents shall have the authority to attend all meetings, real estate closings,legal proceedings and auctions, and to participate in all bidding processes, whether formal orinformal, on behalf of the Company and to sign all documents, including but not limited to,Deeds, Mortgages, Notes, Affidavits and HUD-1 settlement statements, on behalf of theCompany at such meetings, real estate closings, legal proceedings, auctions or biddingprocesses, or in preparation for or anticipation of such real estate closings, legal proceedings,auctions or bidding processes. Vice Presidents shall also have the authority to sign checks onbehalf of the Company.7.6. Competing Activities. The Manager and Class A Members
This LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this "Agreement") for GSP I, LLC, a Delaware limited liability company (the "Company"), is made and entered into effective as of October 1, 2019, by and among the persons set forth on the signature pages as Members (individually, a "Member," and collectively, the "Members"). .
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