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Proposal to Approve Mortgage Agreement - 1845 W 48th St, Cleveland, OH 44102.docx

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Description

Organizational Resolution of the Members of Lofty Holding 1845 W 48 th Street DAO LLC To Approve Mortgage Agreement Subject Property: 1845 W 48 th Street, Cleveland, OH 44102 This Organizational R esolution seeks to settle the dispute between Lofty Holding 1845 W 48 th Street DAO LLC and Yhome Nursing LLC c/o Calixte Duffaut , the former P roperty M anager of 1845 W 48 th Street, Cleveland, OH 44102 (the “Property”). This organizational resolution is presented to Lofty Holding 1845 W 48 th Stree

Extracted Content

Organizational Resolution of the Members of Lofty Holding 1845 W 48 th Street DAO LLC To Approve Mortgage Agreement Subject Property: 1845 W 48 th Street, Cleveland, OH 44102 This Organizational R esolution seeks to settle the dispute between Lofty Holding 1845 W 48 th Street DAO LLC and Yhome Nursing LLC c/o Calixte Duffaut , the former P roperty M anager of 1845 W 48 th Street, Cleveland, OH 44102 (the “Property”). This organizational resolution is presented to Lofty Holding 1845 W 48 th Street DAO LLC (the “DAO” or “Seller”) to address ongoing challenges the Property 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 . 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: Earl Vanze Co has agreed to represent the