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Proposal to Approve Mortgage Agreement - 3139 West Blvd, Cleveland, OH 44111.docx

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Description

Organizational Resolution of the Members of Lofty Holding 3139 West Boulevard DAO LLC To Approve Mortgage Agreement Subject Property: 3139 West Blvd , Cleveland, OH 441 11 This Organizational Resolution seeks to settle the dispute between Lofty Holding 3139 West Boulevard DAO LLC and Yhome Nursing LLC c/o Calixte Duffaut , the former P roperty Manager of 3139 West Blvd, Cleveland, OH 44111 (the “Property”). This resolution is presented to Lofty Holding 3139 West Boulevard DAO LLC (the “DAO” or “

Extracted Content

Organizational Resolution of the Members of Lofty Holding 3139 West Boulevard DAO LLC To Approve Mortgage Agreement Subject Property: 3139 West Blvd , Cleveland, OH 441 11 This Organizational Resolution seeks to settle the dispute between Lofty Holding 3139 West Boulevard DAO LLC and Yhome Nursing LLC c/o Calixte Duffaut , the former P roperty Manager of 3139 West Blvd, Cleveland, OH 44111 (the “Property”). This resolution is presented to Lofty Holding 3139 West Boulevard 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 cov er 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 DAO ownership group as t