This form is used by Owner to serve as notice that any proposed assignment by another owner of its interest in the Leases will be made subject to the terms of the Operating Agreement and that Owner intends to exercise the preferential purchase right provided in the Operating Agreement.
Cook Illinois Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement is a legal document that outlines the process and conditions under which a member of Cook Illinois can exercise their preferential purchase rights as stated in the operating agreement. This notice serves as a formal communication to the other members of Cook Illinois, informing them of the intention to exercise such rights. The purpose of this notice is to assert the member's right to purchase additional shares or membership interests in the company, on the same terms and conditions as a proposed third-party buyer. By exercising these preferential purchase rights, the member can protect their ownership stake in Cook Illinois and prevent dilution of their holdings. It is important to note that the Cook Illinois Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement may have different types or variations based on specific provisions outlined in the operating agreement. Some possible types or variations could include: 1. Percentage-Based Preference: This type of notice refers to the purchase of additional shares or membership interests in Cook Illinois based on a percentage formula. The operating agreement may specify how this calculation is made, typically in relation to the total number of outstanding shares or membership interests. 2. Time-Limited Preference: This variant of the notice could specify a limited timeframe within which the member must exercise their preferential purchase rights. Failing to do so within the prescribed period may result in the forfeiture of these rights. 3. Unit-Based Preference: In some cases, Cook Illinois may use units instead of shares or membership interests. This type of notice would outline the member's right to purchase additional units, ensuring their proportional ownership remains intact. Regardless of the specific type or variation, the Cook Illinois Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement serves as a crucial mechanism for members to safeguard their ownership interests in the company. It promotes transparency and fairness within Cook Illinois, ensuring that all members are afforded equal opportunities to maintain ownership stakes and participate in future growth and decision-making processes.Cook Illinois Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement is a legal document that outlines the process and conditions under which a member of Cook Illinois can exercise their preferential purchase rights as stated in the operating agreement. This notice serves as a formal communication to the other members of Cook Illinois, informing them of the intention to exercise such rights. The purpose of this notice is to assert the member's right to purchase additional shares or membership interests in the company, on the same terms and conditions as a proposed third-party buyer. By exercising these preferential purchase rights, the member can protect their ownership stake in Cook Illinois and prevent dilution of their holdings. It is important to note that the Cook Illinois Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement may have different types or variations based on specific provisions outlined in the operating agreement. Some possible types or variations could include: 1. Percentage-Based Preference: This type of notice refers to the purchase of additional shares or membership interests in Cook Illinois based on a percentage formula. The operating agreement may specify how this calculation is made, typically in relation to the total number of outstanding shares or membership interests. 2. Time-Limited Preference: This variant of the notice could specify a limited timeframe within which the member must exercise their preferential purchase rights. Failing to do so within the prescribed period may result in the forfeiture of these rights. 3. Unit-Based Preference: In some cases, Cook Illinois may use units instead of shares or membership interests. This type of notice would outline the member's right to purchase additional units, ensuring their proportional ownership remains intact. Regardless of the specific type or variation, the Cook Illinois Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement serves as a crucial mechanism for members to safeguard their ownership interests in the company. It promotes transparency and fairness within Cook Illinois, ensuring that all members are afforded equal opportunities to maintain ownership stakes and participate in future growth and decision-making processes.
