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UPDATES.md

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Property16713 Lotus Dr, Cleveland, OH 44128
FolderREADME & Property Snapshot
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Updated2026-07-11
Dropbox path00 - README & Property Snapshot/UPDATES.md

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Property Updates ## 2026-07-09 - Property Update (07/09/2026): - Governance Results for 16713 Lotus Dr: - The Governance Voting results are back for the owner proposed vote. - The winning vote is: - For – Approve 2% Txn fee split between M1 and S&P for Lotus Ave, and approve conversion of 20 Lotus EARLDAO tokens sent to S&P and approve the backdating of interest accrual on the 20 shares w/ 12% APY interest - This option received 964 / 998 votes which is equal to 96.59% of the total votes. - Th

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# Property Updates

## 2026-07-09

- Property Update (07/09/2026):
- Governance Results for 16713 Lotus Dr:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - For – Approve 2% Txn fee split between M1 and S&P for Lotus Ave, and approve conversion of 20 Lotus EARLDAO tokens sent to S&P and approve the backdating of interest accrual on the 20 shares w/ 12% APY interest
    - This option received 964 / 998 votes which is equal to 96.59% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/3632111025) or by searching the application ID: 3632111025

## 2026-07-06

- Property Update (07/06/2026):
- Owner-Proposed Governance Vote for 16713 Lotus Dr:
    - The property manager, M1 Homes LLC with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
    - This owner holds 102 shares in this property.
    - Their reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Coordination of Sale: Lotus Ave Property & Formalization of Property Funds
    - This proposal aims to better facilitate & accelerate the sale of the Lotus Ave property by formalizing coordination between S&P Property Management LLC and M1. After discussion, S&P will work alongside M1 to assist in coordinating the sale. M1 will retain authority to execute the sale of the property, while S&P will support the sale process and be involved in sourcing potential investor buyers within their network who have expressed interest due to the property’s location to current investments.
    - Align incentives and compensate both parties for transaction coordination efforts, this proposal seeks approval to increase the total transaction coordination fee to 2%, to be split between M1 and S&P Property Management LLC, equally. Additionally, this proposal acknowledges that 20 Lotus EARLDAO tokens are owed to S&P and requests formal recognition and settlement of this balance, see continued below.
    - Formalization of Property Funds
    - S&P Property Management needs to formalize the security deposit(s) and stolen DAO funds previously taken from the Operating Reserves of the Lotus property. Unfortunately, Yhome has not released the funds for this property, meaning there is no cash to recover directly from EARLDAO at this time.
    - This proposal also seeks DAO member approval to convert the outstanding amount into 20 EarlDAO shares for the Lotus Ave. Furthermore, we request that accrued interest on these shares be back-dated and payable at 12% APY from May 27, 2025, through the date Yhome makes final payment. A “No Vote” on this item will essentially mean this DAO will not be returned capital or interest in a timely manner.
    - Voting Options:
    - For – Approve 2% Txn fee split between M1 and S&P for Lotus Ave, and approve conversion of 20 Lotus EARLDAO tokens sent to S&P and approve the backdating of interest accrual on the 20 shares w/ 12% APY interest
    - Against – Reject Proposal/ EARLDAO Shares w/ Interest
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Thursday, July 9th, once the voting period ends.

## 2026-05-19

- Property Update (05/19/2026):
- Governance Results for 16713 Lotus Dr:
    - The Governance Voting results are back for the owner proposed vote.
    - The winning vote is:
    - List the property for sale.
    - This option was declared the winner in Round 1 with 1,051 votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3564564407) or by searching the application ID: 3564564407

## 2026-05-13

- Property Update (05/13/2026):
- Owner-Proposed Governance Vote for 16713 Lotus Dr:
    - The property manager, M1 Homes LLC, is proposing a governance vote.
    - Their reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Dear Lofty Token Holders of https://www.lofty.ai/property_deal/16713-Lotus-Dr_Cleveland-OH-44128
    - After extensive consideration, I am proposing two paths forward for this property:
    - List the property for sale
    - Transfer management operations to EcoSystems LLC
    - No change
    - Cleveland has become increasingly difficult for landlords and investors due to excessive bureaucracy, compliance requirements, inspections, and administrative red tape. The amount of time and energy required each month — both from myself and the people I hire — to satisfy the city’s constantly expanding requirements has become unsustainable.
    - At the same time, Cleveland is not functioning as a strong appreciation market. Property taxes continue to rise year after year, while many of the surrounding areas continue to decline in value. From an investment perspective, this is no longer an ideal long-term hold location.
    - Because of these factors, I believe investors should decide whether they would prefer to exit the investment through a sale or continue operations under EcoSystems LLC management moving forward.
    - Thank you for your consideration.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Tuesday, May 19th, once the voting period ends.

## 2025-06-20

- Property Update (06/20/2025):
- Daily rent has been temporarily paused for this performing property because the previous property manager, Evernest, has been withholding rental income. This is due to an outstanding unpaid bill balance across properties on Lofty in Evernest's portfolio.
    - Evernest is holding the funds and will release them once the balance is resolved. We've requested a detailed, itemized breakdown of all unpaid bills they are claiming.
    - Once we receive this breakdown, the new property manager, Whalec Property Management, will work with Evernest and the property owners to determine the appropriate next steps.
    - These properties are occupied with paying tenants, and you can view the property’s generated cash flow for this past month under the “Operating Reserve Replenishment” section in the Financials Tab.
    - Once this is resolved and the withheld rent is released, owners will receive back-pay for the missed rental days.

## 2025-05-27

- Property Update (05/27/2025):
- Governance Results for 16713 Lotus Dr:
    - The Governance Voting results are back for the owner-proposed vote.
    - The winning vote is:
    - Option 1 - Contribute 100% of Suggested Cash to Lend: Authorize the DAO to contribute its eligible surplus funds to EARLDAO for use as a lending pool, supporting repairs, insurance, and delinquent tax payments for eligible DAOs. 12% APR & 1-year maturity.
    - This option was declared the winner in Round 3 with 518 token votes via the Ranked Choice Voting method.
    - The voting results can be found on chain [here](https://allo.info/application/3020348623) or by searching the application ID: 3020348623

## 2025-05-21

- Property Update (05/21/2025):
- Owner-Proposed Governance Vote for 16713 Lotus Dr:
    - Earl Co with ECO Systems LLC, who has the following [wallet address](https://allo.info/account/YILY2YPFH2HODAZSMVJ6C2URUTBJSEPB3377SIKHFCFMGQEEFAJ3E5TYDM), has proposed a governance vote.
    - The owner proposing this vote holds 1 token in this property.
    - The owner's reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - Subject: Contribution of Surplus Funds to EARLDAO for Lending to DAO LLCs in Need of Short - Term Capital
    - [View Governance Proposal](https://www.dropbox.com/scl/fi/aqgqlo1vobeprfrl1nr07/EARLDAO_Lender_DAO_Proposal.docx?rlkey=n3gm38rxstyafyakm13dafpr0&e=2&dl=0)
    - [View Summary](https://www.dropbox.com/scl/fi/878plu5tzeb4f1rmgrzxs/EARLDAO-Lender-DAO-Proposal.png?rlkey=krhvm6eyj2ih96yl4094j1z32&e=2&dl=0)
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to all owners on Tuesday, May 27th once the voting period ends.

## 2025-04-28

- Property Update (04/28/2025):
- *Governance Results:*
    - The Governance Voting results are back for the owner proposed vote to change property managers to M1 Homes LLC.
    - The winning vote is:
    - Yes [switch property managers to M1 Homes LLC]
    - This voting option received 704 / 762 token votes, which is equal to 92.3% of the total votes.
    - The voting results can be found on chain [here](https://allo.info/application/2960153771) or by searching the application ID: 2960153771

## 2025-04-22

- Property Update (04/22/2025):
- *Owner-Proposed Governance Vote:*
    - An Owner with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI) is proposing a governance vote.
    - This owner holds 100 tokens in this property.
    - The owner's reasoning is below, word-for-word:
    - *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
    - I recommend that we transition management of 16713 Lotus Dr, Cleveland, OH 44128 to M1 Homes LLC, effective April 30th. M1 Homes is a reputable property management company that owns and manages 36 homes and 3 commercial units in Ohio, as well as 17 homes in Illinois. M1 Homes also manages 8 properties in the Quad City area, as well as another 2 Cleveland homes on Lofty.
    - This home is currently being managed by Yhome Nursing LLC. If there are any outstanding or unknown loans to Yhome Nursing LLC or Calixte Duffaut, M1 Homes will have the choice to accept management, propose another vote, or withdraw. I am not going to go into detail on why changing Property Management from Yhome Nursing LLC to M1 Homes would be beneficial to owners. M1 Homes already has current management in place who reside in the Cleveland Area.
    - M1 Homes is an active participant on Lofty and in the Lofty Discord (M1), offering consistent communication and being readily available to answer any questions from investors. M1 Homes' management fees are 10% of gross rent. First month rent to place a tenant. No fees for re-lease and no maintenance upcharge.
    - The owner making the proposal is the owner of M1 Homes, the property management company being proposed for the transition.
    - The winning vote will be determined by a Supermajority of 60%+ and the results will be sent to owners on Monday, April 28th, once the voting period ends.

## 2025-02-18

- Property Update (02/18/2025):
- *Governance Results:*
    - The Governance Voting results are back to determine the percentage of the Operating Reserve balance that will be paid to owners starting on March 16th.
    - The winning vote is:
    - Pay out 30% of the Operating Reserve as daily rent starting March 16th (Cal's recommendation)
    - This voting option was declared the winner in Round 8 with 921 token votes.
    - The voting results can be found on chain [here](https://allo.info/application/2781226565) or by searching the application ID: 2781226565

## 2025-02-14

- Property Update (02/14/2025):
- *Governance Vote:*
    - Calixte Duffaut, the owner of the new owner-elected property manager for this property, Yhome Nursing LLC, is proposing a governance vote to disburse funds from the reserve to owners.
    - Cal's proposal is as follows:
    - Dear Investors,
    - We are delighted to share that this property is performing exceptionally well this quarter.
    - To maintain the property’s condition, we will conduct a comprehensive inspection in the next quarter.
    - I recommend a reserve distribution