This section gives general powers to the members as a whole. In a manager-managed LLC’s Operating Agreement, these powers would be vested in the Manager/Managers.
7.2 Members Authority. The Members shall have all authority, rights and powers conferred by law and those required or appropriate to the management of the Company’s business, which, by way of illustration but not by way of limitation, shall include the right, authority and power to cause the Company to:
7.2.1 Acquire, hold, develop, lease, rent, operate, sell, exchange, subdivide and otherwise dispose of the Company’s property;
7.2.2 Borrow money on such terms and in such amounts as the Members deems to be in the best interest of the Company;
7.2.3 To pledge or mortgage or subject the Company’s property to any security device, to obtain replacements of any mortgage or other security device and to prepay, in whole or in part, refinance, increase, modify, consolidate, or extend any mortgage or other security device, all on such terms as the Members deems to be in the best interest of the Company;
7.2.4 Enter into such contracts and agreements as the Members determines to be reasonably necessary or appropriate in connection with the Company’s business and purpose (including contracts with Affiliates of the Members), and any contract of insurance that the Members deems necessary or appropriate for the protection of the Company and the Members, including errors and omissions insurance, for the conservation of Company assets, or for any purpose convenient or beneficial to the Company;
7.2.5 Employ persons, who may be Affiliates of the Members, in the operation and management of the business of the Company;