I see in the documents provided by Hamstreet, Exhibit C Limited Liability
Company Agreement, of which I never received a copy of when I purchased
contracts states in Article 3 under Members there is a 2/3 of owners required
for terminating Management agreement as I understand it. Also in reading
through this there are requirements for holding a meeting to notify everyone.
If one of the attorneys involved could help facilitate the meeting and
requirements that would be a good idea. Sounds like the meeting needs to be in
Portland, Or.
Article 16 Miscellaneous Has some interesting points. 16.9 Severablitiy. (If
a provision is invalid, illegal or unenforceable to any extent, and shall be
enforceable to the fullest extent permitted by law) 16.11 Arbitration.
(Controversy or claim shall be settled out of Arbitration Service of Portland,
Inc and judgement may be entered into the court) 16.12 Attorney Fees.
(Prevailing part shall reover from losing party reasonable attorney fees)
Is there a law that Members should have all received this Exhibit C on the set
up of the LLC. I also did not receive a disclosure document that is mentioned
in the agreements.
I am going to call Hamstreet and find out if management fees are still being
paid to American Equities and who is handling the incoming payments form
existing contacts. We have not received many details on what is really going
on.
I hope this info can be helpful for setting up a meeting. Is anyone working on
the motion that needs to be made in 30 days or setting up a meeting?
Thanks. Belinda
From: aem-vanc-bounce@xxxxxxxxxxxxx [mailto:aem-vanc-bounce@xxxxxxxxxxxxx] On ;
Behalf Of Robert Johnson
Sent: Thursday, June 27, 2019 2:48 PM
To: aem-vanc@xxxxxxxxxxxxx
Subject: [aem-vanc] Another option- Remove AE as manager and appoint another
manager
If the mortgages in the pools still exist, and the owners are still paying
them, then according to my contract we, as pool owners, have the option of
simply removing AE and appointing a new manager. Please check your contracts
and prospecti to see if you also have this provision.
Sent from Rob's iPad Pro