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Updated over 7 years ago,
Operating Agreement - Right To Enter Loan
Greetings,
I got the following feedback from underwriting:
DOCUMENTS DUE AT CLOSING AND FOR SIGNING:
- *Amended Operating Agreement to reflect Member-Managed signature block is needed. There has to be an area regarding the authority for you to give you the right to enter into a loan
My operating agreement is quite standard, so I am not sure what exact verbiage the above requires. Is that a 1 line quick sentence, or a full broken down chapter to be added in the operating agreement (I guess in the General Provisions section)?