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OPERATING AGREEMENT <br /> OF <br /> 36TH STREET PROPERTY, LLC <br /> THIS OPERATING AGREEMENT(the "Agreement") is made and entered into by and between Richard <br /> W. Kraft ("Richard"), Marianne R. Kraft ("Marianne"), Austin W. Kraft ("Austin"), Dallas R. Kraft <br /> ("Dallas"), and Jessica R. Kraft ("Jessica") (the "Member?), and any other persons who are hereafter <br /> admitted as members pursuant to the terms of this Agreement. <br /> RECITALS: <br /> A. 36th Street Property, LLC(the "Company"), was formed on February 8, 2022, by <br /> filing Articles of Organization in accordance with the provisions of the Oregon <br /> Limited Liability Act(the "Act"). <br /> B. Richard held the entire one hundred percent (100%) ownership interest in the <br /> Company and has transferred a fifty percent (50%) ownership interest in the <br /> Company to Marianne. <br /> C. Richard and Marianne_each assigned an eight and one-third percent (8 1/3%) <br /> interest in th company to each of Austin, Dallas,and Jessica, respectively. <br /> AGREEMENT: <br /> 1. The Limited Liability Company <br /> 1.1 Formation <br /> The parties confirm their intention to form the Company upon the terms and conditions <br /> set forth in this Agreement and pursuant to the Act. The rights and obligations of the Company <br /> and its Members shall be as provided in the Act except as otherwise expressly provided in this <br /> Agreement. <br /> 1.2 Purpose <br /> The purpose of the Company is to acquire, own and/or operate real estate for <br /> investment purposes and related activities, and to engage in any lawful business permitted by <br /> the Act(the "Business"). <br /> 1.3 Offices <br /> The principal office of the Company shall initially be 3661 Kashmir Way SE, Salem, <br /> Oregon 97317. The Members of the Company may relocate the principal office or establish <br /> additional offices from time to time. <br /> OPERATING AGREEMENT(36TNSTREET PROPERTY,LLC) 1 <br /> 41613-00001(WAKsmk/cu) <br /> �12022 SGLaw.All Rights Reserved. <br /> 4891-6152-3465,v.2 <br />