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Exhibit E OPERATING AGREEMENT OF 1103 DAMS STREET, LLC, a California limited liability company ~, ~~ This Operating Agreement (Agreement) of 1103 DAMS STREET, LLC, a California limited liability company ("Company"), is made and entered into effective as of Apri125, 2005, by LANGON HOMES, LLC, a California limited liability company, as the sole member ("Member"). The Company is a limited liability company under the laws of the State of California, including without limitation the Beverly-Killea Limited Liability Company Act set forth in California Corporations Code Sections 17000 et. seq., as amended from time to time (the "Act"), and the Member hereby agrees as follows: 1. Name. The name of the limited liability company is 1103 DAMS STREET, LLC. 2. Articles of Organization. On April 6, 2005, Articles of Organization ("Articles") for the Company were filed with the California Secretary of State. The Member or the Manager (as defined in Section 9 of this Agreement) shall execute, deliver and file any and all documents necessary for the Company to remain in good standing in the State of California and to qualify to do business in any and all other jurisdictions in which the Company may wish to conduct business. 3. Purpose and Powers. The purpose of the Company shall be real property investment and all activities incidental or ancillary thereto deemed appropriate by the Manager. The Company shall have those powers which are provided to California limited liability companies under the Act. 4. Office and Agent. The Company shall continuously maintain a principal office and registered agent in the State of California. The principal office shall be initially located at 291 Joaquin Avenue, San Leandro, California 94577 and maybe changed from time to time as determined by the Manager. The Company may also have additional offices within or outside the State of California as determined by the Manager. The registered agent shall be as stated in the Articles or as otherwise determined by the Manager. 5. Limited Liability. Except as otherwise provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the debts, obligations and liabilities of the Company, and neither the Member, the Manager, nor any Officer (as defined in Section 10(a) of this Agreement) shall be obligated or C:\DOCL7MENT5 AND SETTINGSIDAVID LANGON\LOCAL SETT[NGS\TEMPORARY iMERNET FILES\CONTENT.IES~FOSMST2EGSINGLEMEMBEROPERATINGAGT4-22- OS[2].DOC April 27, 2005 1