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Lending DAO Agreement - 783 Leonard St, Akron, OH 44307.pdf

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Description

PROMISSORY NOTE Loan Amount: $7,900 Loan Date: March 12th, 2024 For value received, the undersigned Lofty Holding 783 Leonard St DAO LLC (the "Borrower"), promises to pay to the order of 783 Leonard Street DAO (the "Lender"), the sum of $7,900 with interest from March 12th, 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 783 Leonard St Akron,

Extracted Content

PROMISSORY NOTE Loan Amount: $7,900 Loan Date: March 12th, 2024 For value received, the undersigned Lofty Holding 783 Leonard St DAO LLC (the "Borrower"), promises to pay to the order of 783 Leonard Street DAO (the "Lender"), the sum of $7,900 with interest from March 12th, 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 783 Leonard St Akron, OH 44307 (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 12th, 2024, and continuing until March 12th, 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 inter