EX1A-3 HLDRS RTS 3 ark7properties_ex3-2.htm EXHIBIT 3.2

 

Exhibit 3.2

 

SERIES #0XYT6 DESIGNATION 

 

In accordance with the Limited Liability Company Agreement (the “Operating Agreement”) of Ark7 Properties Plus LLC (the “Company”) dated March 17, 2022 (the “Agreement”) and upon the execution of this designation by the Company and Ark7 Inc. in its capacity as Managing Member of the Company and Initial Member of Ark7 Properties Plus LLC - Series #0XYT6 (“#0XYT6”), this exhibit shall be attached to, and deemed incorporated in its entirety into, the Agreement.

 

References to Sections and Articles set forth herein are references to Sections and Articles of the Agreement, as in effect as of the effective date of establishment set forth below.

 

Name of Series   Ark7 Properties Plus LLC - Series #0XYT6
     
Effective date of establishment   June 30, 2022
     
Managing Member   Ark7 Inc. was appointed as the Managing Member of #0XYT6 with effect from the date of the Agreement and shall continue to act as the Managing Member of #0XYT6 until dissolution of #0XYT6 pursuant to Section 11.1(b) or its removal and replacement pursuant to Section 4.3 or ARTICLE X.
     
Initial Member   Ark7 Inc.
     
Series Asset   The Series Asset of #0XYT6 comprises one residential property acquired by #0XYT6 (the “Silver Leaf Property”). The Silver Leaf Property is located at 2105 Silver Leaf Dr, Mesquite, TX 75181.
     
Asset Manager   Ark7 Inc.
     
Management Fee   As stated in Section 6.5 of the Operating Agreement.
     
Purpose   As stated in Section 2.4 of the Operating Agreement.
     
Issuance   Subject to Section 6.3(a)(i) of the Operating Agreement, the maximum number of #0XYT6 Interests the Company can issue is 23,750.
     
Number of #0XYT6 Interests held by the Managing Member and its Affiliates   The Managing Member must purchase a minimum of 10 #0XYT6 Interests and may purchase a maximum of 19.9% of #0XYT6 Interests through the Offering.
     
Broker   Dalmore Group, LLC
     
Brokerage Fee   Up to1% of the purchase price of the Interests from #0XYT6 sold at the Initial Offering of the #0XYT6 Interests (excluding the #0XYT6 Interests acquired by any Person other than Investor Members)
     
Interest Designation   No Interest Designation shall be required in connection with the issuance of #0XYT6 Interests.
     
Voting   Subject to Section 3.5 of the Operating Agreement, the #0XYT6 Interests shall entitle the Record Holders thereof to one vote per Interest on any and all matters submitted to the consent or approval of Members generally. No separate vote or consent of the Record Holders of #0XYT6 Interests shall be required for the approval of any matter, except as required by the Delaware Act or except as provided elsewhere in this Agreement.

 

 

 

 

    The affirmative vote of the holders of not less than a majority of the #0XYT6 Interests then Outstanding shall be required for:
     
    (a) any amendment to this Agreement (including this Series Designation) that would adversely change the rights of the #0XYT6 Interests;
     
    (b) mergers, consolidations or conversions of #0XYT6 or the Company; and
     
    (c) all such other matters as the Managing Member, in its sole discretion, determines shall require the approval of the holders of the Outstanding #0XYT6 Interests voting as a separate class.
     
    Notwithstanding the foregoing, the separate approval of the holders of Series #0XYT6 Interests shall not be required for any of the other matters specified under Section 12.1 of the Operating Agreement.
     
Splits   There shall be no subdivision of the #0XYT6 Interests other than in accordance with Section 3.7 of the Operating Agreement.
     
Sourcing Fee   No greater than 3% of the maximum offering size, which may be waived by the Managing Member in its sole discretion.
     
Other rights   Holders of #0XYT6 Interests shall have no conversion, exchange, sinking fund, appraisal rights, no preemptive rights to subscribe for any securities of the Company and no preferential rights to distributions of #0XYT6 Interests.
     
Officers   There shall initially be no specific officers associated with#0XYT6, although, the Managing Member may appoint Officers of#0XYT6 from time to time, in its sole discretion.
     
Aggregate Ownership Limit   As stated in Section 1.1 of the Operating Agreement.
     
Minimum Interests   One (1) Interest per Member
     
Fiscal Year   As stated in Section 8.2 of the Operating Agreement.
     
Information Reporting   As stated in Section 8.1(c) of the Operating Agreement.
     
Termination   As stated in Section 11.1(b) of the Operating Agreement.
     
Liquidation   As stated in Section 11.3 of the Operating Agreement.
     
Amendments to this Exhibit   As stated in Article XII of the Operating Agreement.