Common use of MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES 16 Clause in Contracts

MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES 16. Section 5.1 Power and Authority of Managing Member. 16 Section 5.2 Determinations by the Managing Member. 18 Section 5.3 Delegation. 18 Section 5.4 Advisory Board. 18 Section 5.5 Exculpation, Indemnification, Advances and Insurance. 19 Section 5.6 Duties of Officers. 21 Section 5.7 Standards of Conduct and Modification of Duties of the Managing Member. 21 Section 5.8 Reliance by Third Parties. 21 Section 5.9 Certain Conflicts of Interest. 22 Section 5.10 Appointment of the Property Manager. 22

MANAGEMENT AND OPERATION OF THE COMPANY AND EACH SERIES 16. Section 5.1 Power and Authority of Managing Member. 16 16 Section 5.2 Determinations by the Managing Member. 18 17 Section 5.3 Delegation. 18 Section 5.4 Advisory Board. 18 Section 5.5 Exculpation, Indemnification, Advances and Insurance. 19 Section 5.6 Duties of Officers. 21 Section 5.7 Standards of Conduct and Modification of Duties of the Managing Member. 21 Section 5.8 Reliance by Third Parties. 21 Section 5.9 Certain Conflicts of Interest. 22 Section 5.10 Appointment of the Property Manager. 2219