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Operating Agreement - 7542 & 7656 S Colfax Ave, Chicago, IL 60649 - 7542 and 7656 S Colfax Ave, Chicago, IL 60649.pdf

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LIMITED LIABILITY COMPANY AGREEMENT Lofty Holding 7542 & 7656 S Colfax Avenue LLC A Delaware Limited Liability Company THE UNITS REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES ACTS OR LAWS OF ANY STATE IN RELIANCE UPON EXEMPTIONS UNDER THOSE ACTS AND LAWS. THE SALE OR OTHER DISPOSITION OF SUCH UNITS IS RESTRICTED AS STATED IN THIS AGREEMENT, AND IN ANY EVENT IS PROHIBITED UNL

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LIMITED LIABILITY COMPANY AGREEMENT
Lofty Holding 7542 & 7656 S Colfax Avenue LLC

A Delaware Limited Liability Company

THE UNITS REPRESENTED BY THIS AGREEMENT HAVE NOT BEEN
REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES ACTS
OR LAWS OF ANY STATE IN RELIANCE UPON EXEMPTIONS UNDER THOSE ACTS
AND LAWS. THE SALE OR OTHER DISPOSITION OF SUCH UNITS IS RESTRICTED
AS STATED IN THIS AGREEMENT, AND IN ANY EVENT IS PROHIBITED UNLESS
THE COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO IT AND
ITS COUNSEL THAT SUCH SALE OR OTHER DISPOSITION CAN BE MADE
WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
AND ANY APPLICABLE STATE SECURITIES ACTS AND LAWS. BY ACQUIRING
UNITS REPRESENTED BY THIS AGREEMENT, EACH MEMBER REPRESENTS
THAT IT WILL NOT SELL OR OTHERWISE DISPOSE OF ITS UNITS WITHOUT
COMPLIANCE WITH THE PROVISIONS OF THIS AGREEMENT AND
REGISTRATION OR OTHER COMPLIANCE WITH THE AFORESAID ACTS AND
LAWS AND THE RULES AND REGULATIONS ISSUED THEREUNDER.

LIMITED LIABILITY COMPANY AGREEMENT
OF
Lofty Holding 7542 & 7656 S Colfax Avenue LLC
A Delaware Limited Liability Company
This Limited Liability Company Agreement (collectively with all exhibits hereto, as amended
and/or restated from time to time, this “Agreement”) of Lofty Holding 7542 & 7656 S Colfax Avenue LLC,
a Delaware limited liability company agreement (the “Company”) is made and entered into as of December
3, 2021 (the “Effective Date”) by and among the Persons who hold Units as set forth in the Company’s
books and records (the “Schedule of Members”). Unless otherwise indicated, capitalized words and phrases
in this Agreement shall have the meanings set forth in the Glossary of Terms attached hereto as Exhibit A.
ARTICLE I
FORMATION
1.1
Formation; General Terms; Effective Date. The Company was formed on
December 3, 2021 as a Delaware limited liability company by the filing of a Certificate of Formation with
the Secretary of State of the State of Delaware. The Persons listed on the Schedule of Members are the
Members of the Company. The rights and obligations of the Members and the terms and conditions of the
Company shall be governed by the Act and this Agreement. To the extent the Act and this Agreement are
inconsistent with respect to any subject matter covered in this Agreement, this Agreement shall govern to
the extent permitted by law. The name of the Company shall be “Lofty Holding 7542 & 7656 S Colfax
Avenue LLC”. The name of the Company shall be the exclusive property of the Company, and no Member
shall have any rights, commercial or otherwise, in the Company’s name or any derivation thereof. The
Company’s name may be changed only by an amendment to the Certificate of Formation of the Company.
1.2
Purposes. The principal business activity and purposes of the Company initially
shall be to engage in any lawful act or activity for which limited liability companies may be formed under
the Act and engaging in any and all activities necessary, advisable or incidental to the foregoing. The
business and purposes of the Company shall not be limited to its initial principal business activity and,
unless the Majority Members otherwise determine, it shall have authority to engage in any other lawful
business, purpose or activity permitted by the Act, and it shall possess and may exercise all of the powers
and privileges granted by the Act or which may be exercised by any person, together with any powers
incidental thereto, so far as such powers or privileges are necessary or convenient to the conduct, promotion
or attainment of the business purposes or activities of the Company.
1.3
Principal Place of Business. The principal place of business of the Company shall
be at such place as the Majority Members may designate from time to time, which need not be in the State
of Delaware. The Company may have such other offices (within or without the State of Delaware) as the
Majority Members may designate from time to time.
1.4
Registered Agent; Registered Office. The Company’s registered agent and
registered office are set forth in the Certificate of Formation and may be changed from time to time only
by the Majority Members pursuant to the provisions of the Act.
1.5
Commencement and Term. The Company commenced at the time and on the date
appearing in the Certificate of Formation and shall continue until it is dissolved, its affairs are wound up
and final liquidating distributions are made pursuant to this Agreement and in compliance with the Act.