LLC Operating Agreement - College Park LLC

EX-3.33 29 dex333.htm LLC OPERATING AGREEMENT - COLLEGE PARK LLC LLC Operating Agreement - College Park LLC

Exhibit 3.33

LIMITED LIABILITY COMPANY OPERATING AGREEMENT

WELLS REIT II -8909 PURDUE ROAD, LLC

THIS LIMITED LIABILITY COMPANY OPERATING AGREEMENT (this “Agreement”) of Wells REIT II -8909 Purdue Road, LLC (the “Company”), a limited liability company formed under the Delaware Limited Liability Company Act, is entered into the 21st day of June, 2005, effective as of June 21, 2005, between the Company and Wells Real Estate Investment Trust II, Inc., a Maryland corporation, its sole member (the “Member”).

ARTICLE I.

DEFINITIONS

For purposes of this Agreement, the following terms shall have the following meanings:

1.1 Act. The Delaware Limited Liability Company Act, Del. Code Ann. § 18-101 et seq. and all amendments thereto.

1.2 Affiliate. Affiliate of an entity shall mean any other entity controlling, controlled by, or under common control with such entity where “control” means the right to elect a majority of the board of directors or other body controlling such entity.

1.3 Certificate of Formation. The Certificate of Formation of the Company filed with the Secretary of State of Delaware on May 17, 2005 pursuant to § 18-201 of the Act, as amended from time to time by the Member.

1.4 Member. The entity identified in Article VII who has executed this Agreement.

ARTICLE II.

FORMATION

2.1 Name. The name of the Company is Wells REIT II -8909 Purdue Road, LLC.

2.2 Term. The term of the Company shall commence as of the date the Certificate of Formation was filed with the Secretary of State of Delaware and shall continue unless terminated or dissolved in accordance with this Agreement.

2.3 Registered Office and Agent. The Company’s registered office shall be at 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. The name of its registered agent at that address is The Corporation Trust Company.

2.4 Principal Office. The principal office of the Company shall be located at 6200 The Comers Parkway, Suite 250, Norcross, Georgia 30092-2295.

2.5 Changes to Offices and Agent. The Company may change its registered office, registered agent and principal office from time to time.

ARTICLE III.

PURPOSE OF THE COMPANY

The business of the Company shall be to acquire and own property located at 8909 Purdue Road in Indianapolis, Indiana (the “Property”); to finance, mortgage and otherwise encumber personal property, fixtures and real property; to manage, develop or lease (or cause the operation, management, development and leasing by independent contractors which may be the Member or its Affiliates) the Property; and otherwise deal in and with the business and assets of the Company; and to do any and all acts and things which may be necessary or incidental to the foregoing, the promotion or conduct of the business of the Company or the maintenance and improvement of the Property.

ARTICLE IV.

STATUTORY COMPLIANCE

The Company shall exist under and be governed by, and this Agreement shall be construed in accordance with, the applicable laws of the State of Delaware. The Member shall execute and file such documents as may be necessary or appropriate for the conduct of the business of the Company.

ARTICLE V.

ACCOUNTING AND RECORDS

5.1 Accounting Period. The Company’s accounting period shall be the calendar year.

5.2 Records to be Maintained.

(a) The Company shall maintain the following records at its principal office:

(i) A copy of this Agreement and the Certificate of Formation and all amendments thereto, and executed copies of the powers of attorney, if any, pursuant to which this Agreement the Certificate of Formation, or any amendments thereto have been executed;

(ii) Copies of such records as would enable the Member to determine the business and financial condition of the Company, the Member, the date upon which the Member became a Member, the Member’s last known mailing address, and the voting rights of the Member, as applicable;

(iii) Copies of the Company’s federal, foreign, state, and local income tax returns and reports, if any, for each year;

(iv) The financial statements of the Company for each year;

(v) True and full information regarding the amount of cash and other property (including the value thereof) contributed by the Member and what the Member agreed to contribute in the future; and

(vi) Any other information required by § 18-305 of the Act.

(b) The Member may, at the Member’s own expense, inspect and copy any Company record upon reasonable request during ordinary business hours.

ARTICLE VI.

MANAGEMENT

6.1 Management and Authority. The business, affairs and operations of the Company shall be managed by its Member. Except as otherwise provided by applicable law and this Agreement, the Member shall have the sole, exclusive, full and complete right, authority, power and discretion to control, direct, manage and administer the business and affairs of the Company and to do all things necessary to Carry on the business and purposes of the Company, including, without limitation, the right and power to appoint individuals to serve as officers of the Company and to delegate such authority to such officers.

6.2 Liability of Member. The Member shall not be liable for the obligations of the Company. The failure of the Company to observe any formalities or requirements relating to the exercise of its powers or management of its business or affairs under this Agreement or the Act shall not be grounds for imposing personal liability on the Member for liabilities of the Company. The Member’s liability shall be limited as set forth in the Act and other applicable law.

6.3 Indemnification. To the fullest extent permitted by applicable law, the Company shall indemnify the Member and each manager or officer of the Company for all costs and expenses (including attorneys’ fees and disbursements), losses, liabilities, and damages paid or accrued by such Member, manager or officer in connection with any act or omission performed by such person in good faith on behalf of the Company. To the fullest extent not prohibited by applicable law, expenses (including attorneys’ fees and disbursements) incurred by any such Member, manager or officer in defending any claim, demand, action, suit or proceeding may, from time to time, upon approval by the Member be advanced by the Company prior to the final disposition of such claim, demand, action, suit or proceeding, subject to recapture by the Company following a later determination that such Member, manager or officer was not entitled to indemnification hereunder. Notwithstanding the foregoing, no Member, manager or officer shall be indemnified against liability for any intentional misconduct, any knowing violation of law or any transaction in which such Member, manager or officer receives a personal benefit in violation or breach of the Act or this Agreement.

ARTICLE VII.

MEMBER; CONTRIBUTIONS

7.1 Member. The sole Member of the Company is Wells Real Estate Investment Trust II, Inc., a Maryland corporation, with its principal place of business at 6200 The Comers Parkway, Suite 250, Norcross, Georgia 30092-2295.

7.2 Capital Contributions. The Member shall contribute the amounts or property set forth on the books and records of the Company as such Member’s initial capital contribution.

The Member may, but is not required to, contribute such other amounts or property as it may from time to time deem necessary or appropriate.

7.3 Loans. The Member or any Affiliate of the Member may lend money to the Company as approved by the Member. If the Member lends money to the Company, the amount of any such loan shall be a debt due from the Company to the Member, at such rates and on such terms as determined reasonable by the Member.

ARTICLE VIII.

ALLOCATIONS AND DISTRIBUTIONS

8.1 Distributions. Except as provided in Section 8.2, the Company may make distributions as determined by the Member from time to time in accordance with this Agreement.

8.2 Limitations on Distributions. No distribution shall be declared and paid unless, after the distribution is made, the assets of the Company are in excess of all liabilities of the Company. No distribution shall be made to the Member if such distribution is prohibited by the Act.

8.3 Distribution Upon Sale of Assets. Upon a sale of all, or substantially all, of the assets of the Company, the net proceeds thereof shall be distributed to the Member.

ARTICLE IX.

MEMBERSHIP INTERESTS

9.1 Membership Interest. The Member shall have one hundred percent (100%) ownership of the Company.

ARTICLE X.

ADMISSION OF ADDITIONAL MEMBERS

10.1 New Members. In the event that the Member desires to admit any new Members to the Company, the Member shall amend and restate this Agreement in its entirety to reflect the management, business and affairs of the Company after the admission of any such new Member.

ARTICLE XI.

DISSOLUTION AND WINDING UP

11.1 Dissolution. The Company shall be dissolved and its affairs wound up or shall be terminated only upon the occurrence of any of the following events:

(a) the Member elects to dissolve the Company;

(b) there are no members; or

11.2 Effect of Dissolution. Upon dissolution, the Company shall cease to carry on its business, and its affairs shall be wound up in accordance with this Article XI and the Act.

11.3 Winding Up, Liquidation and Distribution of Assets.

Upon the winding up of the Company, the Company property shall be distributed:

(a) to creditors, including the Member if it is a creditor, to the extent permitted by law, in satisfaction of Company liabilities;

(b) to the Member.

Any such distributions shall be in cash or property or partly in both, as determined by the Member.

11.4 Certificate of Cancellation. When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made therefor and all of the remaining property and assets have been distributed to the Member, a Certificate of Cancellation shall be executed and filed with the Secretary of State of Delaware in accordance with Section 18-203 of the Act.

ARTICLE XII.

DISPOSITION OF MEMBERSHIP INTEREST

12.1 Disposition. The Member shall have the right to assign, transfer, sell, or convey any of its interest in the Company.

12.2 Pledge. The Member shall have the right to grant security interests in, pledge or otherwise encumber any or all of its interest in the Company as security for any obligations of the Member.”

ARTICLE XIII.

AMENDMENT

13.1 Amendment. This Agreement may be amended or modified from time to time only by a written instrument signed by the Member.

ARTICLE XIV.

MISCELLANEOUS PROVISIONS

14.1 Entire Agreement. This Agreement represents the entire Agreement between the Member and the Company.

14.2 No Conflict of Interest. The Member shall not be required to act hereunder as its sole and exclusive business activity and may have other business interests and engage in other activities in addition to those relating to the Company. Neither the Company nor the Member shall have any right by virtue of this Agreement in or to any other interests or activities or to the income or proceeds derived therefrom. The Member may transact business with the Company

and, subject to applicable laws, has the same rights and obligations with respect thereto as any other person. No transaction between the Member and the Company shall be voidable solely because the Member has a direct or indirect interest in the transaction if either the transaction is fair and reasonable to the Company or the Member authorizes, approves or ratifies the transaction in accordance with this Agreement or the Act.

14.3 Application of Delaware Law. This Agreement and the application and interpretation hereof shall be governed exclusively by its terms and the laws of the State of Delaware and specifically the Act.

14.4 Execution of Additional Instruments. The Member hereby agrees to execute such other and further statements of interest and holdings, designations, powers of attorney and other instruments necessary to comply with any laws, rules or regulations.

14.5 Construction. Whenever the singular form is used in this Agreement, and when required by the context, the same shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa.

14.6 Headings. The headings in this Agreement are inserted for convenience only and are in no way intended to describe, interpret, define, or limit the scope, extent or intent of the Agreement or any provision hereof.

14.7 Waivers. The failure of any party to seek redress for violation of or to insist upon the strict performance of any covenant or condition of this Agreement shall not prevent a subsequent act, which would have originally constituted a violation, from having the effect of an original violation.

14.8 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original but all of which shall constitute one and the same instrument. Any signature page of any such counterpart, or any electronic facsimile thereof, may be attached or appended to any other counterpart to complete a fully executed counterpart to this Agreement, and any telecopy or other facsimile transmission of any signature shall be deemed an original and shall bind such party.

14.9 Banking. All funds of the Company shall be deposited in its name in an account or accounts as shall be designated from time to time by the Member.

14.10 Further Assurances. The Member agrees to cooperate, and to execute and deliver in a timely fashion any and all additional documents necessary to effectuate the purposes of the Company and this Agreement.

IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed on the date first above written.


“MEMBER”

WELLS REAL ESTATE INVESTMENT TRUST II, INC., a Maryland corporation as the sole Member

By:		/s/ Randy Fretz
Name:		Randy Fretz
Title:		Senior Vice President

“COMPANY”

WELLS REIT II -8909 PURDUE ROAD, LLC

	By:	Wells Real Estate Investment Trust II, Inc., a Maryland corporation its sole member

		By:	/s/ Randy Fretz
		Name:	Randy Fretz
		Title:	Senior Vice President