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2022-09-26_PERMIT FILE - M2022034
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2022-09-26_PERMIT FILE - M2022034
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Last modified
9/27/2022 8:34:37 PM
Creation date
9/27/2022 8:44:46 AM
Metadata
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Template:
DRMS Permit Index
Permit No
M2022034
IBM Index Class Name
Permit File
Doc Date
9/26/2022
Doc Name Note
2nd Incompleteness Response
Doc Name
Completeness Response
From
Korwell Land Holdings
To
DRMS
Email Name
PSH
JLE
Media Type
D
Archive
No
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loan shall bear interest at two (2)points over prime as published in the Wall Street <br /> Journal. <br /> 2.4.1.1.1 As security for the payment of(a)all Capital Contributions <br /> that a Member may be required to make under this Operating Agreement and <br /> (b) for the payment of all loans and interest accrued on them made by <br /> Lending Members to a Delinquent Member pursuant to Section 2.4.1.1,each <br /> Member hereby grants to the Company, and to each Lending Member with <br /> respect to any loans made by the Lending Member to that Member as a <br /> Delinquent Member pursuant to this Section, a security interest in and a <br /> general lien on such Member's Account and the proceeds thereof, all under <br /> the Colorado Uniform Commercial Code. Upon any default in the payment <br /> of a Capital Contribution or in the payment of such a loan or interest accrued <br /> on it, the Company or the Lending Member, as applicable, is entitled to all <br /> the rights and remedies of a secured party under the Colorado Uniform <br /> Commercial Code with respect to the security interest granted in this Section. <br /> Each Member shall execute and deliver to the Company and other Members <br /> all financing statements and other instruments the Manager(s) or Lending <br /> Member,as applicable,may request to effectuate and carry out the preceding <br /> provisions of this Section. This Operating Agreement, or a photographic or <br /> other copy hereof,constitutes a security agreement authorizing the filing of a <br /> UCC Financing Statement to give notice of the Company's and/or Lending <br /> Members'interest in the collateral specified herein without a signature of the <br /> Delinquent Member on said UCC Financing Statement. <br /> The security interest created in this Section shall be superior in right to any other interest in the <br /> Delinquent Member's member account created in violation of Article XI11 of this Operating <br /> Agreement. Additionally, if the loan is not sooner paid, all distributions of assets or income to <br /> which a Delinquent Member may be entitled shall first be paid to the Lending Member to the extent <br /> of any loans made under this Section plus interest or withheld by the Company to the extent of any <br /> Capital Contributions the Delinquent Member has failed to make. <br /> 2.4.1.2. Expulsion of the Delinquent Member pursuant to Article VIII of this <br /> Operating Agreement. <br /> 2.4.1.3. Commencement of legal action as appropriate against the Delinquent <br /> Member. <br /> 2.4.2. Return of Contributions. A Member is not entitled to the return of any part <br /> of a Capital Contribution or to be paid interest in respect of either a Member Account or a <br /> Capital Contribution. An unrepaid Capital Contribution is not a liability of the Company or <br /> of any Member. A Member is not required to contribute or to lend any cash or property to <br /> the Company to enable the Company to return any Capital Contribution. <br /> III <br /> 3 <br />
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