Drag-Along and Tag-Along Clause
(Joint Venture Agreement)

Summary

This drag-along and tag-along clause may be used in a limited liability company operating agreement of a real estate joint venture where there is a clear minority member and majority member. This clause includes practical guidance and drafting notes. The capitalized terms and section references used in this clause should be conformed to the relevant real estate joint venture agreement. See Joint Venture Agreement for additional clauses and definitions to be contained in a joint venture agreement. For a discussion of exit provisions in a real estate joint venture agreement see Exit Provisions in Limited Liability Company Operating Agreements. For a full listing of key content covering commercial real estate, see First Year Associate Resource Kit: Real Estate.