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Lending DAO Agreement - 1432 Sara Ave, Akron, OH 44305.pdf

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Description

PROMISSORY NOTE Loan Amount: $8,950 Loan Date: March 26th, 2024 For value received, the undersigned Lofty Holding 1432 Sara Avenue DAO LLC (the "Borrower"), promises to pay to the order of 1432 Sara Avenue DAO (the "Lender"), the sum of $8,950 with interest from March 26th, 2024, on the unpaid principal at the rate of fifteen percent (15%) per annum, compounded monthly. The loan shall be advanced for business purposes in connection with the property located at 1432 Sara Ave, Akron, OH 44305 (the

Extracted Content

PROMISSORY NOTE Loan Amount: $8,950 Loan Date: March 26th, 2024 For value received, the undersigned Lofty Holding 1432 Sara Avenue DAO LLC (the "Borrower"), promises to pay to the order of 1432 Sara Avenue DAO (the "Lender"), the sum of $8,950 with interest from March 26th, 2024, on the unpaid principal at the rate of fifteen percent (15%) per annum, compounded monthly. The loan shall be advanced for business purposes in connection with the property located at 1432 Sara Ave, Akron, OH 44305 (the “Property”) and serviced by Lofty AI, Inc (“Servicer”). I. TERMS OF REPAYMENT A. Payments The unpaid principal and accrued interest shall be payable in monthly installments, beginning on March 26th, 2024, and continuing until March 26th, 2027, (the "Due Date"), at which time the remaining unpaid principal and interest shall be due in full. When the Operating Reserve is <50% full, half of all net rental income should go to the Operating Reserve, and half to pay off the loan; when the Operating Reserve is >=50% full, 100% of net rental income should be used to pay off the loan B. Application of Payments All payments on this Note shall be applied first in payment of accrued interest and any re