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Promissory Note - Daniel Murrey - 2025-06-17 - 85-104 Alawa Pl, Waianae, HI 96792.pdf

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PROMISSORY NOTE Loan Amount: $7,000 Loan Date: June 17, 2025 For value received, the undersigned Poodle LFTY0452 DAO LLC (the "Borrower"), promises to pay to the order of Daniel Murrey (the "Lender"), the sum of seven thousand dollars ($7,000) with interest from June 10, 2025, on the unpaid principal at the rate of fifteen percent (15%) per annum, compounded annually. The loan shall be advanced for business purposes in connection with the property located at 85-104 Alawa Place, Waianae, HI 96792

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PROMISSORY NOTE
Loan Amount: $7,000

Loan Date: June 17, 2025

For value received, the undersigned Poodle LFTY0452 DAO LLC (the "Borrower"), promises to
pay to the order of Daniel Murrey (the "Lender"), the sum of seven thousand dollars ($7,000) with
interest from June 10, 2025, on the unpaid principal at the rate of fifteen percent (15%) per annum,
compounded annually. The loan shall be advanced for business purposes in connection with the
property located at 85-104 Alawa Place, Waianae, HI 96792 (the “Property”) and jointly serviced by
Lofty AI, Inc. and ECO Systems, LLC (“Servicer”).
I. TERMS OF REPAYMENT
A. Payments
The unpaid principal and accrued interest shall be payable in monthly installments, beginning on
July 17, 2025, and continuing until June 17, 2026, (the "Due Date"), at which time the remaining
unpaid principal and interest shall be due in full. The monthly installment payments of principal and
interest shall be six hundred seventy dollars and eighty-three cents ($670.83).
B. 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 5 days after written notice 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.
II. 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.
III. COLLECTION COSTS
Borrower shall pay all costs incurred by Lender in collecting sums due under this Note after a
default, including reasonable attorneys’ fees. If Lender or Borrower sues to enforce this Note or
obtain a declaration of its rights hereunder, the prevailing party in any such proceeding shall be
entitled to recover its reasonable attorneys’ fees and costs incurred in the proceeding (including
those incurred in any bankruptcy proceeding or appeal) from the non-prevailing party.

Doc ID: a35706bb5c732c4f4ad0ab77611b9f11ab325c99

IV. 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.
V. 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 lesser of: (i) the maximum
rate of interest permitted by law, and (ii) twelve percent (12%) 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 month
and 360-day calendar year.
VI. 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 six (6)-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 $50.00 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 continue to accrue on the unpaid principal balance
and accrued interest throughout the cure periods and the Sale Period.
VII. NOTE EXTENSION
Provided that no default then exists under this Note, Borrower, at Lender’s sole discretion, shall have

Doc ID: a35706bb5c732c4f4ad0ab77611b9f11ab325c99