LLC Consent for Manager-Managed Company (Property Financing) (Illinois)

This legal template is a document that outlines the consent required from a manager for a manager-managed limited liability company (LLC) in the state of Illinois relating to property financing.

In a manager-managed LLC, the management and decision-making authority is vested in the hands of designated managers rather than all members of the company. This template specifically focuses on the context of property financing, implying that the LLC is involved in property-related transactions, such as buying, selling, leasing, or mortgaging real estate assets.

The consent obtained through this template would pertain to any financial transactions related to property, including securing loans, refinancing existing mortgages, granting liens, negotiating terms with lenders, or entering into any financial agreements that impact the LLC's properties or operations.

This legal document acts as a formal authorization by the manager or managers, granting permission for the LLC to initiate property financing activities on behalf of the company. It ensures compliance with the company's internal operating agreement and legal requirements specific to manager-managed LLCs in Illinois.

The template might include sections such as:
1. Parties involved: Identifies the LLC, its members, and the manager(s) providing consent.
2. Property description: Details the specific property or properties that are subject to financing.
3. Financing purpose: Discloses the intended use of the funds acquired through financing, be it for property acquisition, improvement, development, or other related purposes.
4. Manager's authorization: Contains an explicit statement by the manager(s), consenting to the LLC engaging in property financing activities and making financial decisions on their behalf.
5. Additional conditions: Allows for any additional terms or conditions specific to consent for property financing to be outlined.
6. Effective period: Specifies the duration during which the manager's consent remains valid, whether it is a one-time authorization or for a specific period or transaction.
7. Governing law and jurisdiction: Determines the governing law and jurisdiction to be followed in case of any disputes or legal concerns.

Overall, this legal template serves to ensure that the necessary approvals are obtained before an LLC engages in property financing activities, granting legal rights and responsibilities to the manager(s) involved while safeguarding the interests of the LLC and its members.