← 8143 S Sangamon St, Chicago, IL 60620 · All properties

ULD_Sangamon_promissory_note - 8143 S Sangamon St, Chicago, IL 60620.pdf

This page is a searchable text preview. Use the Dropbox link for the full original file.

Open full file in Dropbox

What This File Appears To Be

PROMISSORY NOTE Loan Amount: $10,300.00 (Principal: $10,000.00 + 3% Origination Fee: $300) April 8th, 2026 Property: LFTY0059, 8143 S Sangamon St, Chicago, IL 60620 Lender: Universal Lending DAO (ULD), Attn: InvestmentKD Borrower: Lofty Holding 8143 S Sangamon Street DAO LLC Property Manager: ECOSystems LLC FOR VALUE RECEIVED, the Borrower, Lofty Holding 8143 S Sangamon Street DAO LLC, representing the property at 8143 S Sangamon St, Chicago, IL 60620 promises to pay the Lender, Universal Lendin

Text Preview

PROMISSORY NOTE
Loan Amount: $10,300.00 (Principal: $10,000.00 + 3% Origination Fee: $300)
April 8th, 2026
Property: LFTY0059, 8143 S Sangamon St, Chicago, IL 60620
Lender: Universal Lending DAO (ULD), Attn: InvestmentKD
Borrower: Lofty Holding 8143 S Sangamon Street DAO LLC
Property Manager: ECOSystems LLC
FOR VALUE RECEIVED, the Borrower, Lofty Holding 8143 S Sangamon Street DAO LLC,
representing the property at 8143 S Sangamon St, Chicago, IL 60620 promises to pay the Lender,
Universal Lending DAO (ULD), Attn: InvestmentKD, the principal sum of Ten-Thousand
Three-Hundred Dollars ($10,300.00), comprising of a principal loan of Ten-Thousand Dollars
($10,000) and a 3% origination fee of Three-Hundred Dollars ($300), together with interest and
other terms as outlined below.
I. Interest Rate
The principal sum of $10,300.00 shall accrue interest at a rate of 13.5% per annum,
compounded monthly.
II. Loan Terms and Repayment
●​ The initial loan term is three (3) years, not withholding a written and accepted extension
of the loan, commencing on April 8, 2026, and ending on April 8, 2029. At 60 days prior
to the end date, the ULD will vote to extend the loan an additional year, to a 4th year,
based on performance (repayment of the loan).
●​ The Borrower shall make repayments in minimum monthly payments are $75 or
interest-only (whichever is greater) after a 60-day grace period from origination.
●​ The loan is callable if the minimum monthly payments are not paid.
●​ A balloon for the remaining balance of the loan due at the end of terms or if the loan is
called due to missed minimum payments.
​
III. Prepayment​
The Borrower reserves the right to prepay this Note (in whole or in part) prior to the Due Date
with no prepayment penalty. Any such prepayment shall be applied against the installments of
principal due under this note in the inverse order of their maturity and shall be accompanied by
payment of accrued interest on the amount prepaid to the date of prepayment
IV. Acceleration of Debt
If the Borrower is in default under this Note or is in default under the security instrument
securing repayment of this Note, and such default is not cured within 5days after written notice

Doc ID: 8ab6709ffd5eb0a6f3168e188adaac538b009cf3

of such default, then Lender may, at its option, declare all outstanding sums owed on this Note
to be immediately due and payable, in addition to any other rights or remedies that Lender may
have under the security instrument or state and federal law.
V. Lien Rights
The Lender retains lien rights on the Property as collateral. In the event of default (defined
below), the Lender may liquidate the Property to recover the outstanding principal, accrued
interest, and any applicable fees, with liquidation limited to LFTY0059 and not affecting other
outstanding loans on properties.
VI. Default​
If any of the following events of default occur, this Note and any other obligations of the
Borrower to the Lender, shall become due immediately, without demand or notice: 1) the
failure of the Borrower to pay the principal and any accrued interest when due; 2) the
liquidation, dissolution, incompetency or death of the Borrower; 3) the filing of bankruptcy
proceedings involving the Borrower as a debtor; 4) the application for the appointment of a
receiver for the Borrower; 5) the making of a general assignment for the benefit of the
Borrower's creditors; 6) the insolvency of the Borrower; 7) a misrepresentation by the Borrower
to the Lender for the purpose of obtaining or extending credit; or 8) the sale or transfer of a
material portion of the business or assets of the Borrower.
​
VII. Default Interest​
To the extent permitted by law, matured unpaid principal and interest on this Note (whether
maturing at the normal scheduled payment date or maturing by reason of acceleration or
otherwise) will bear interest from the date of maturity until paid at a rate equal to the greater
of: (i) the maximum rate of interest permitted by law, and/or (ii) fifteen percent (15%) per
annum. To the extent permitted by law, three (3) months of default interest must be paid within
sixty (60) days following maturity. All interest calculated under this Note will be computed
based on an assumption of a 30-day and 360-day calendar year.
​
VIII. Liquidation
In the event of a default, Lender shall have the option to force Borrower to liquidate the
Property via sale, whether on-market or otherwise, within a three (3)-month period (the “Sale
Period”). The Sale Period shall commence immediately. If the Property is not sold within the
Sale Period, at Lender's discretion, either 1) dilutive equity shares of the Property shall be
issued and transferred to the Lender at a par value of $30.00 per share, or 2) Lender shall force
a foreclosure through which the property will be auctioned off to the highest bidder, and
proceeds used to repay any unpaid principal balance and accrued interest. Default interest will

Doc ID: 8ab6709ffd5eb0a6f3168e188adaac538b009cf3