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Lending DAO Agreement - 4318 Clybourne Ave Cleveland, OH 44109.pdf

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Description

PROMISSORY NOTE Loan Amount: $12,500 Loan Date: January 19th, 2024 For value received, the undersigned Lofty Holding 4318 Clybourne Ave DAO LLC (the "Borrower"), promises to pay to the order of 4318 Clybourne Ave DAO (the "Lender"), the sum of $12,500 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 4318 Clybou

Extracted Content

PROMISSORY NOTE Loan Amount: $12,500 Loan Date: January 19th, 2024 For value received, the undersigned Lofty Holding 4318 Clybourne Ave DAO LLC (the "Borrower"), promises to pay to the order of 4318 Clybourne Ave DAO (the "Lender"), the sum of $12,500 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 4318 Clybourne Ave Cleveland, OH 44109 (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 pa