Distributed Property. Notwithstanding the foregoing provisions of Article 9, upon the distribution of property to a Member, for the purposes of computing Profits and Losses, such property shall be treated as if it had been sold for its fair market value on the date of such distribution.
Appears in 1 contract
Distributed Property. Notwithstanding the foregoing provisions of Article 910, upon the distribution of property to a Member, Member for the purposes of computing Profits and Losses, such property shall be treated as if it had been sold for its fair market value on the date of such distribution.
Appears in 1 contract
Sources: Operating Agreement (Bluerock Enhanced Multifamily Trust, Inc.)
Distributed Property. Notwithstanding the foregoing provisions of Article 9, upon the distribution of property to a Member, or adjustment in the Book Value of property pursuant to Section 4.7, for the purposes of computing Profits and Losses, such property shall be treated as if it had been sold for its fair market value on the date of such distribution.
Appears in 1 contract
Sources: Operating Agreement (Bluerock Residential Growth REIT, Inc.)