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Lending DAO Agreement - 614 E 97th St, Cleveland, OH 44108.pdf

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Description

PROMISSORY NOTE Loan Amount: $10,500 Loan Date: May 17th, 2024 For value received, the undersigned Lofty Holding 614 E 97th Street DAO LLC (the "Borrower"), promises to pay to the order of Universal Lending DAO (the "Lender"), the sum of $10,500 with interest from May 17th, 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 614 E 97th St Clevela

Extracted Content

PROMISSORY NOTE Loan Amount: $10,500 Loan Date: May 17th, 2024 For value received, the undersigned Lofty Holding 614 E 97th Street DAO LLC (the "Borrower"), promises to pay to the order of Universal Lending DAO (the "Lender"), the sum of $10,500 with interest from May 17th, 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 614 E 97th St Cleveland, Ohio 44108 (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 May 17th, 2024, and continuing until May 17th, 2028, (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 inte