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Proposal to Approve Property Manager Transition and Mortgage Agreement - 122 Florida Park, Palm Coast, FL 32137 (signed) - 122 Florida Park Dr, Palm Coast, FL 32137.pdf

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Property	122 Florida Park Dr, Palm Coast, FL 32137
Folder	Property Management
Kind	PDF
Updated	2025-09-17
Dropbox path	`06 - Property Management/Proposal to Approve Property Manager Transition and Mortgage Agreement - 122 Florida Park, Palm Coast, FL 32137 (signed) - 122 Florida Park Dr, Palm Coast, FL 32137.pdf`

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Organizational Resolution of the Members of
Goose LFTY0320 DAO LLC
To Approve Property Manager Transition and Mortgage Agreement
Subject Property: 122 Florida Park, Palm Coast, FL 32137 (Parcel ID 07-11-31-7007-00220-0110)
This Organizational Resolution seeks to settle the dispute between Goose LFTY0320 DAO LLC
and Yhome Nursing LLC c/o Calixte Duffaut, the former owner and PM of 122 Florida Park, Palm
Coast, FL 32137 (the “Property”). This proposal is presented to Goose LFTY0320 DAO LLC (the
“DAO” or “Seller”) to address ongoing challenges the Property, approve a transition of the
Property Manager (PM) role from Whalec Property Management to ECO Systems LLC, and
authorize a mortgage agreement with Calixte Duffaut (the “Buyer”), including a $5,000 capital
call to cover up-front expenses.
Background:
The Property has faced significant obstacles to typical transition and rental operations due to
unauthorized activities by the occupant, Calixte Duffaut (representing Yhome Nursing LLC),
including withheld rents and trespass violations. These issues have delayed financial recovery for
DAO investors. The Buyer has expressed interest in signing a mortgage for the DAO’s equity to
resolve these challenges and regain control of the Property.
Proposed Actions:
1. Property Manager Transition: Alec VanBeek has confirmed he needs to remove
this Property from his management portfolio and relinquish operational control.
Upon approval, the DAO shall transition the PM role from Whalec Property
Management c/o Alec VanBeek to ECO Systems LLC c/o Earl Vanze Co, effective
upon completion of a successful DAO vote. ECO Systems LLC will oversee
payment collection, bookkeeping, and property management functions to ensure
accountability for the DAO’s financial obligations and provide progress reports to
the DAO every two weeks until the Property generates expected monthly income.
The Management Fee will be included as part of the approval of Earl Vanze Co as
“Authorized Representative” and funding of the capital call.
2. Earl Vanze Co has agreed to represent the DAO ownership group as the
“Authorized Representative” with fiduciary duties to support the DAO’s goal of
effective property oversight and financial transparency, contingent on approval and
funding of a sufficient capital call. The Authorized Representative is granted full
managerial authority to sign agreements and legal documents on behalf of the DAO.
The Management Fee for this service is a fixed amount of $5,400 (median market
rate of 1.5% of the asset value), payable as 50% ($2,700) upon funding of the capital
call, and 50% ($2,700) upon collection of the first payment from the Buyer. The
term of the Management Agreement is perpetual until the DAO is formally
terminated, or upon super majority vote of the Members of the DAO to remove the
Authorized Representative, whichever is sooner.

Doc ID: ea3262185dd033f6743ebf6d92d5a17aab37d472

3. Mortgage Agreement: Authorize a mortgage agreement for the Buyer to purchase
the DAO’s equity across 2702 floating equity shares via a mortgage lien. The
agreement will include:
 An initial lump sum payment of three months up front to cover back rents
withheld by the former PM, Yhome Nursing LLC, with the amount to be
determined by ECO Systems LLC based on records from Whalec or ECO
Systems LLC.
 Monthly installment payments for the equity portion, with terms to be
finalized by the Authorized Representative.
 A retroactive Purchase Agreement designating Yhome Nursing LLC as
legal owner of the property, subject to foreclosure non-payment of the
mortgage to recover any funds owed.
 Rationale: The mortgage provides a structured payout for DAO investors,
recovering back rents and aligning with the goal of financial recovery
through securing the property as collateral, ensuring repayment and
protecting the DAO from further losses.
4. Capital Call: Approve a $5,000 capital call as a loan with a 30-year amortization
and 3-year balloon at 18% interest rate compounded annually to fund expenses,
including title attorney, recording fees for both the 1) capital call loan and 2)
mortgage lien at the county level, $5,400 Management Fee, and outside consultant
fees. The capital call ensures the Authorized Representative can cover necessary
costs to execute the mortgage agreement and service the note effectively.
o Lien-rights to the capital call investors to be paid immediately upon balloon
payment for the remaining equity.
Voting Options:
1. Approve Proposal as outlined.
o Approve the transition of the PM role to ECO Systems LLC.
o Approve full managerial authority to Earl Vanze Co as Authorized Representative
of the DAO.
o Approve a retroactive Purchase Agreement and Mortgage Lien with the Buyer, with
terms negotiated by the Authorized Representative and reviewed by a Florida title
company’s attorney for compliance and recording.
o Approve a $5,000 capital call backed by a DAO member.
o Ensure a smooth handover of PM responsibilities via Lofty’s platform.
2. Decline Proposal.
o Property and DAO remain in legal limbo. Title remains vested in Yhome Nursing
LLC, and Calixte Duffaut continues to retain possession and operational control of
the property and all its revenue without any compensation or remedy to the DAO.

Doc ID: ea3262185dd033f6743ebf6d92d5a17aab37d472