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Proposal to Approve Mortgage Agreement - 4318 Clybourne Ave, Cleveland, OH 44109.docx

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Description

Organizational Resolution of the Members of Lofty Holding 4318 Clybourne Avenue DAO LLC To Approve Refinance or Mortgage Agreement Subject Property: 4318 Clybourne Ave, Cleveland, OH 44109 Background The Property at 4318 Clybourne Ave has faced significant obstacles to 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

Extracted Content

Organizational Resolution of the Members of Lofty Holding 4318 Clybourne Avenue DAO LLC To Approve Refinance or Mortgage Agreement Subject Property: 4318 Clybourne Ave, Cleveland, OH 44109 Background The Property at 4318 Clybourne Ave has faced significant obstacles to 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. Cal’s Misleading Claims 5% “Relaunch Fee” : Cal requested a 5% fee on the appraised value, citing “YM protocol” or a “newer vote.” Loan Fees : He requested unspecified “loan fees.” Interest Claim : He demanded 6% interest on $8,901.89 allegedly fronted for three months. Refinance Amount : Claimed proceeds were $117,312.19 , not $129,350. Loan Payment Reserve : Stated funds must be held to pay the loan, citing a vote to reserve one year of payments. DAO Position & Resolution Relaunch Fee Rejected : The DAO rejected the 5% fee as it was not part of any agreement or