Exhibit 10.20
OPERATING AGREEMENT
OF
LIGHTSTONE MEMBER III, LLC
Dated as of June 30, 2005
OPERATING AGREEMENT
OF
LIGHTSTONE MEMBER III, LLC
This Operating Agreement is entered into this 30th day of June, 2005, by and among DAVID
LICHTENSTEIN , an individual (“Managing Member”), with an address c/o The Lightstone Group LLC, 326
Third Street, Lakewood, New Jersey 08701; PRESIDENTIAL REALTY CORPORATION , a Delaware
corporation, with an address at 180 South Broadway, White Plains, New York 10605 (“PRC”); ROBERT
BRVENIK , an individual, (“Brvenik”) with an address at 11410 Seymour Lane, Spotsylvania, Virginia 22553 and
NICHOLAS KING , an individual (“King”), with an address at 217 E. Redwood, Suite 20, Baltimore, Maryland
21202.
WHEREAS, David Lichtenstein, as the sole member, formed the Company by the filing of a
Certificate of Formation with the Delaware Secretary of State on June 16, 2005, and
WHEREAS, on June 30, 2005, the Property Owners, each of which is wholly owned by the
Macon Burlington Owner, LLC, acquired the Properties, subject to the Mortgage Loan; and
WHEREAS, on the date hereof, the Mezzanine Lender is making the Mezzanine Loan to the
Company; and
WHEREAS, David Lichtenstein desires to admit PRC, Brvenik and King as members of the
Company.
NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the Agreement is hereby amended and restated in its entirety to read as follows:
EXPLANATORY STATEMENT
The parties have agreed to organize and operate a Delaware limited liability company, which
limited liability company shall henceforth be organized and operated in accordance with the terms and subject to
the conditions set forth in this Agreement.