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Lending DAO Agreement - 3139 West Blvd, Cleveland, OH 44111.pdf

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Description

PROMISSORY NOTE Loan Amount: $16,000 Loan Date: January 19th, 2024 For value received, the undersigned Lofty Holding 3139 West Boulevard DAO LLC (the "Borrower"), promises to pay to the order of 3139 West Blvd Lending DAO (the "Lender"), the sum of $16,000 with interest from January 19th, 2024, on the unpaid principal at the rate of thirteen point five percent (13.5%) per annum, compounded monthly. The loan shall be advanced for business purposes in connection with the property located at 3139 W

Extracted Content

PROMISSORY NOTE Loan Amount: $16,000 Loan Date: January 19th, 2024 For value received, the undersigned Lofty Holding 3139 West Boulevard DAO LLC (the "Borrower"), promises to pay to the order of 3139 West Blvd Lending DAO (the "Lender"), the sum of $16,000 with interest from January 19th, 2024, on the unpaid principal at the rate of thirteen point five percent (13.5%) per annum, compounded monthly. The loan shall be advanced for business purposes in connection with the property located at 3139 West Blvd, Cleveland, OH 44111 (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 January 19th, 2024, and continuing until January 19th, 2026, (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