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OPERATING AGREEMENT <br />OF <br />ELK RIVER LODGE & RESIDENTIAL SUITES, LIMITED LIABILITY <br />COMPANY <br />O <br />Copyright © 2005, The Legal Protection Group, L.L.C. <br />TABLE OF CONTENTS <br />PAGE <br />I <br />FORMATION OF COMPANY..........................................................................................................1 <br />1.01 Name and Principal Place of Business...................................................................................1 <br />1.02 Term of Company..................................................................................................................1 <br />1.03 Purpose of Company..............................................................................................................1 <br />1.04 Designated and Registered Offices; Records.........................................................................1 <br />II <br />FINANCING OF THE COMPANY...................................................................................................2 <br />.'' <br />2.01 Capital......................................................................:::..:...................................................... <br />2 <br />2.02 Loans to Company.................................................................................................................2 <br />2.03 Reimbursement......................................................................................................................2 <br />2.04 Waiver of Liability for Return of Certain Distributions ...... <br />:.............................. :...... :.:.......... 3 <br />III <br />MANAGEMENT OF THE COMPANY............................................................................................ <br />3 <br />3.01 Designation of Managers....................................................................................................... <br />3 <br />3.02 Limited Powers of the Managers ......................... :........ ........................................................... <br />3 <br />O <br />3.03 Conveyances and Contracts .......................... ............................... <br />.. ......... .............................. : 3 <br />3.04 Distributions to Member........................................................................................................3 <br />N <br />COMPANY ACCOUNTING, BOOKS AND RECORDS.. ...............................................................4 <br />4.01 General Provisions................................................::::::::.:.......................................................4 <br />4.02 Income Tax Information..........................................:::...:.::.....................................................4 <br />V <br />INVOLUNTARY ASSIGNMENTS OR TRANSFERS.....................................................................4 <br />VI <br />DEATH, DISSOLUTION, INCAPACITY......................:....:::...:.....................................................:.4 <br />VII <br />DISTRIBUTIONS UPON TERMINATION OF THE COMPANY <br />.................................................. 5 <br />VIII <br />GENERAL PROVISIONS ................................................: :::..:.:. <br />.........................I........................ 5 <br />8.01 Captions.................................................................:.:..:..........................................................5 <br />8.02 Binding Effect........................................................................................................................5 <br />8.03 Applicable Law ......................................................... :............................................................ <br />6 <br />8.04 Successor In Interest ............................................... :..:...... :.................................................... <br />6 <br />SCHEDULEA.................................................................................:::.::..........................................................7 <br />O <br />Copyright © 2005, The Legal Protection Group, L.L.C. <br />