EX1A-3 HLDRS RTS 3 ark7properties_ex3-8.htm EXHIBIT 3.8

 

Exhibit 3.8

 

SERIES #SOV9W 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 #SOV9W (“#SOV9W”), 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 #SOV9W
     
Effective date of establishment   August 10, 2022
     
Managing Member   Ark7 Inc. was appointed as the Managing Member of #SOV9W with effect from the date of the Agreement and shall continue to act as the Managing Member of #SOV9W until dissolution of #SOV9W 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 #SOV9W comprises one residential property acquired by #SOV9W (the “Gladys Property”). The Gladys Property is located at 2113 W Gladys Ave, Unit 3S, Chicago, IL 60612.
     
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 #SOV9W Interests the Company can issue is 22,500.
     
Number of #SOV9W Interests held by the Managing Member and its Affiliates   The Managing Member must purchase a minimum of 10 #SOV9W Interests and may purchase a maximum of 19.9% of #SOV9W Interests through the Offering.
     
Broker   Dalmore Group, LLC
     
Brokerage Fee   Up to1% of the purchase price of the Interests from #SOV9W sold at the Initial Offering of the #SOV9W Interests (excluding the #SOV9W Interests acquired by any Person other than Investor Members)
     
Interest Designation   No Interest Designation shall be required in connection with the issuance of #SOV9W Interests.
     
Voting  

Subject to Section 3.5 of the Operating Agreement, the #SOV9W 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 #SOV9W 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 #SOV9W 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 #SOV9W Interests;

 

(b) mergers, consolidations or conversions of #SOV9W 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 #SOV9W Interests voting as a separate class.

 

Notwithstanding the foregoing, the separate approval of the holders of Series #SOV9W 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 #SOV9W 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 #SOV9W 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 #SOV9W Interests.
     
Officers   There shall initially be no specific officers associated with #SOV9W, although, the Managing Member may appoint Officers of #SOV9W 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.