Orange County NC Website
ARTICLE VII-DISTRIBUTIONS 7 <br /> 7.1 Distributable Cash From Operations 7 <br /> 7.2 Liquidating Distributions 8 <br /> 7.3 Limitations Upon Distributions 8 <br /> 7.4 Sale of Ownership Interests 8 <br /> ARTICLE VIII-RECORDS AND REPORTS 8 <br /> 8.1 Records and Reports 8 <br /> 8.2 Books of Account 8 <br /> 8.3 Company Tax Return and Quarterly Statements 8 <br /> 8.4 Bank Accounts 9 <br /> ARTICLE IX-TRANSFERABILITY OF OWNERSHIP INTERESTS;ADMISSION OF <br /> MEMBERS 9 <br /> 9.1 Transferability of Ownership Interests 9 <br /> 9.2 Restrictions on Transfers of Ownership Interests 9 <br /> 9.3 Right of First Refusal 9 <br /> 9.4 Co-Sale Provision 10 <br /> 9.5 Permitted Transfers 10 <br /> 9.6 Rights of Transferee 10 <br /> 9.7 Admission of Transferees as Members 10 <br /> ARTICLE X-BUY-SELL PROVISIONS 11 <br /> 10.1 Buy-Sell 11 <br /> 10.2 Purchase Option 11 <br /> 10.3 Purchase Price 12 <br /> 10.4 Closing;Payment Terms 12 <br /> 10.5 Failure to Exercise Purchase Option 13 <br /> 10.6 Death of an Interest Owner 13 <br /> ARTICLE XI-DISSOLUTION AND TERMINATION 14 <br /> 11.1 Dissolution 14 <br /> 11.2 Articles of Dissolution 14 <br /> 11.3 Liquidation of Assets Upon Dissolution 15 <br /> 11.4 Liquidating Distributions 15 <br /> 11.5 Distributions in Kind 15 <br /> ARTICLE XII-MISCELLANEOUS PROVISIONS 15 <br /> 12.1 Notice 15 <br /> 12.2 No Right to Partition 16 <br /> 12.3 Amendments 16 <br /> 12.4 Governing Law 16 <br /> 12.5 Entire Agreement 16 <br /> 12.6 Waiver 16 <br /> 12.7 Severability 16 <br /> 12.8 Binding Agreement 16 <br /> 12.9 Tense and Gender 16 <br /> 12.10 Captions 16 <br /> 12.11 Benefits of Agreement 16 <br /> 12.12 Agreement in Counterparts 16 <br /> 12.13 Competing Business 17 <br /> ii <br />