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OPERATING AGREEMENT C-11 OF ELK RIVER LODGE & RESIDENTIAL SUITES, LIMITED LIABILITY COMPANY THIS OPERATING AGREEMENT (the "Agreement") is made and adopted this 22i4 day of Feburary, 2011, by Patrick Briggsc, as the Manager of ELK RIVER LODGE & RESIDENTIAL SUITES, LLC as the sole Member of ELK RIVER LODGE & RESIDENTIAL SUITES, LLC. This Agreement serves as the Company's operating agreement under the limited liability company laws of the State of Minnesota. FORMATION OF COMPANY 1.01 Naive and Principal Place of Business. The name of the Company is ELK C RIVER LODGE &'RESIDENTIAL SUITES, LLC; Single Member Limited Liability Company, and its principal place of busyness shall be at 1902PPreeport St, Suite 500C, Elk River, Minnesota, or such other place or places as the,Manager". may determine from time to time. 1.02 Term of Companv. The Company shall commence operations as of the date of this Agreement and shall dissolve upon such events as set forth.iu} the:Articles of Organization. 1.03 Purpose of Comnany. The purpose of the Company shall be to own and operate residential apartment buildings, and to engage in any lawful investment or business for which a limited liability company may be formed in the State ofMinte ota. 1.04 Registered Office and Agent: Records. The M.apager shall designate and maintain a "Registered Office" and a "Registered Agent" for service of process on the Company, which „n. agent must be an individual resident of the State of Minnesota, or a corporation or a foreign corporation authorized to do business in Minnesota. The Manager shall keep (or cause to be kept) the following records at the principal place of business: ,i (a) a current list in alphabetical order of the full name and last known business, Cresidence or mailing address of each Manager and each Member; r.ns, n r Copyright© 2oo5, The Legal Protection; Pr 1W L L.C.