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Lending DAO Agreement - 5401 Odom Ave, Fort Worth, TX 76114.pdf

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Description

PROMISSORY NOTE Loan Amount: $5,600 Loan Date: March 7th, 2024 For value received, the undersigned Lofty Holding 5401 Odom Avenue DAO LLC (the "Borrower"), promises to pay to the order of 5401 Odom Ave DAO (the "Lender"), the sum of $5,600 with interest from March 7th, 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 5401 Odom Ave Fort Worth,

Extracted Content

PROMISSORY NOTE Loan Amount: $5,600 Loan Date: March 7th, 2024 For value received, the undersigned Lofty Holding 5401 Odom Avenue DAO LLC (the "Borrower"), promises to pay to the order of 5401 Odom Ave DAO (the "Lender"), the sum of $5,600 with interest from March 7th, 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 5401 Odom Ave Fort Worth, TX 76114 (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 March 7th, 2024, and continuing until March 7th, 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 payment of accrued interest