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Beneficial Interest Resolution for 122 Florida Park Drive - 122 Florida Park Dr, Palm Coast, FL 32137.docx
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| Property | 122 Florida Park Dr, Palm Coast, FL 32137 |
|---|---|
| Folder | LLC Documents |
| Kind | Office |
| Updated | 2026-05-30 |
| Dropbox path | 03 - LLC Documents/Beneficial Interest Resolution for 122 Florida Park Drive - 122 Florida Park Dr, Palm Coast, FL 32137.docx |
What This File Appears To Be
Fellow owners, Thank you for your trust in allowing me to serve you and restore beneficial interest of 122 Florida Park Drive to Goose LFTY0320 DAO LLC (the “Florida Park DAO” or “DAO”). A tentative mutual agreement has been reached to restore beneficial interest to the DAO while maintaining the refinanced loan without triggering due on sale with the lender. The structure will be multiple layers wherein EquityHoldingCorp.com will create a title-holding trust whose initial 100% beneficiary will
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Fellow owners, Thank you for your trust in allowing me to serve you and restore beneficial interest of 122 Florida Park Drive to Goose LFTY0320 DAO LLC (the “Florida Park DAO” or “DAO”). A tentative mutual agreement has been reached to restore beneficial interest to the DAO while maintaining the refinanced loan without triggering due on sale with the lender. The structure will be multiple layers wherein EquityHoldingCorp.com will create a title-holding trust whose initial 100% beneficiary will be Yhome Nursing LLC (“ Yhome ”). Separately and concurrently, 89.33% of the beneficial interest shall be assigned to the DAO via separate Assignment of Beneficial Interest and Beneficiary Agreement between Yhome and the DAO, reflecting shares originally sold by Yhome . Trust formation will cost no more than $2,000 – $3,500, to be paid by Yhome . Rent collection and DAO treasury management will transfer to Earl via Hemlane , and neither Calixte Duffaut nor Y home shall handle or custody DAO funds. PITI, solar, and roof loans will be paid out of the rents, resulting in a monthly cashflow of $77 that will be kept in reserve. Tenant is responsible for utilities and most repairs. No property management fee will be collected out of the rents. The 5037 shares currently in escrow secures $280k in principal . No new shares will be issued out of escrow, including for prior mortgage principal payments made by Cal/Yhome. This leaves 2702 shares as floating equity in circulation, of which Cal owns 268 + 22 + 1 = 291 (10.77%). These shares will be returned to escrow, as Cal's 10.77% will be recorded as beneficial interest directly in the trust, outside of the DAO. This number may change if Cal’s ownership percentage changes prior to closing. The trust may assume the loan from LendingOne , replacing Y home as the borrower. Personal guarantee may remain with Cal, but payments will be the DAO's responsibility. Distributions to members will remain at $0 as this investment will become an appreciation play, with an expected future Net Asset Value of $51-61/share depending on the sale price negotiated with the tenant-buyer. Cal will retain communications with the tenant for the sole purpose of negotiating the purchase option . Cal and Earl will work together to secure a new LOI for the purchase option agreement from the tenant. Earl will execute the LOI and collect the option consideration fee over a period of time . Upon tenant's complete funding of the option agreement, funds will be added to reserves and held in DAO treasury custodied by Earl. At any time before the option expiration , tenant/buyer may execute the option at the agreed-upon price. The DAO and Yhome may then re-assign 100% of the beneficial interest of the title-holding trust to the buyer and/or close the trust. Only Equity Holding Corp. as trustee may transfer title to the end buyer. At no point shall the deed transfer again prior to assignment of 100% of beneficial interest to the buyer. We will explore a homestead exemption to reduce taxes following the deed transfer to the trust. Any tax savings may be kept in reserves or distributed. Once the deed has been transferred to the trust and the tenant's rents are collected in Hemlane , the matter will be deemed settled out of court and K&L Gates can request the complaint to be dismissed. Full 3.5-hour recording of our discussion is available here: https://youtube.com/live/AV8vANSyeN0 Sincerely, Earl V. Co, Member and Authorized Representative Goose LFTY0320 DAO LLC Transaction Structure and Summary of Agreements Title to the Property shall be conveyed by Special Warranty Deed from Cal/ Yhome to a Title-Holding Trust created by Equity Holding Corp. Beneficial Interests: Goose LFTY0320 DAO LLC (89.23%), Yhome Nursing LLC (10.77%) Trustee shall have no discretionary authority except as expressly authorized by DAO governance. Trust agreement shall: Prohibit sale, refinance, or encumbrance without DAO written consent Require dual-signature or DAO resolution for material actions Closing Mechanics (Simultaneous Performance Required) This is an all-or-nothing closing . No phased performance. At closing: Deed recorded transferring title to Trust Rent arrears wired to DAO Repair reimbursement escrow released Operational control transferred Mutual releases executed (conditioned on performance) Failure of any item = no closing. Mortgage & Debt Assumption DAO agrees to take over ongoing mortgage payments . No assumption of liability for: Pre-closing defaults Penalties caused by Cal/ Yhome’s conduct If lender consent required : Parties cooperate in good faith If lender calls loan due as a result, Yhome and DAO agree to cooperate to resolve Rent Arrears Cal/ Yhome shall repay all unremitted rents net of PITI, solar, and roof payments to DAO Amount to be verified via bank statements and tenant ledgers Payment required at closing , not over time. Repair Reimbursement DAO shall reimburse Cal/ Yhome only for provable, necessary repairs : Invoices + proof of payment required No management fees, markups, or undocumented labor Funds disbursed at closing Operational Control Effectiv e immedi ately upon transfer of title: DAO assumes exclusive operational control Cal/ Yhome shall: Transfer rent collection and property management responsibilities to Earl and Hemlane team Represent to tenants and vendors that DAO is the sole operator Negotiate purchase option agreement ONLY with explicit authorization of DAO Representative Any violation constitutes material breach Non-Interference & Injunction-Style Covenants Cal/Yhome agrees: No representations of ownership or authority No filings, recordings, or notices affecting title Breach triggers: Liquidated damages Immediate injunctive relief Reinstatement of litigation claims Releases Mutual releases effective only upon: Recorded deed Full rent repayment Completed transition Carve-outs: Fraud in inducement Post-closing breaches Unknown liens or encumbrances Default Automatic reversion to litigation posture Fee-shifting in DAO’s favor IN WITNESS WHEREOF, each of the undersigned has executed this resolution on the respective dates set forth below, to be effective as of January 29, 2026. BENEFICIARIES Goose LFTY0320 DAO LLC ______________________________ _______________ Earl Vanze Co, Authorized Representative Date Yhome Nursing LLC ______________________________ _______________ Calixte Duffaut, Managing Member Date Agreement for Transfer of Title via Title-Holding Trust