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beneficiary management agreement - 85-104 alawa pl, waianae, hi 96792.pdf

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BENEFICIARY MANAGEMENT AGREEMENT Background A. The subject property of this agreement is located at 85-104 Alawa Place, Waianae, Hawaii 96792 referred to hereunder as the ‘The Premise’ B. The Premise is currently held in trust as The 85-104 Alawa Pl Trust, No. 2503180214, Dated 3/18/2025 referred to hereunder as ‘The Trust’. C. The Trust’s nominee is Equity Holding Corp. as Trustee of The 85-104 Alawa Pl Trust Dated 3/18/2025, No.2503180214 referred to hereunder as ‘The Trustee’. D. The appointed member of The Trust to serve as managing member according to the terms set out below is Poodle LFTY0452 DAO LLC referred to as ‘The Manager’. E. Collectively, the Trustee and the Manager will be referred to as ‘The Parties’. F. The Manager shall establish or have established a trust account for the purpose of holding, collecting and disbursement of trust funds hereinafter referred to as ‘The Account’. G. This is an agreement (‘The Agreement’) to agree to terms with The Manager to manage The Premise as agreed herein. H. The Date of the Agreement is established upon its execution date. IN CONSIDERATION OF the Trustee appointing the Manager to manage the Premises, both parties agree to keep, perform and fulfil the following promises, conditions and agreements: Appointment of Agent 1. The Trustee hereby appoints and grants the Manager the exclusive right to rent, lease, operate and manage the Premises. Term 2. This Agreement shall run until such time as this agreement has been revoked by the Trustee in accordance with its duties as trustee or such time as The Premise is no longer held in The Trust. Right to Terminate 3. During the Term, the Trustee may terminate this Agreement at any time in accordance with its obligation as the Nominee Trustee. The Manager must satisfy all terms and conditions of this Agreement and the related Trust Agreements. Any default of such terms and conditions may result in the termination of this Agreement by the Trustee. Leasing 4. The Trustee hereby grants the Manager power to create rental agreements related to the Premises. Security Deposits 5. All security deposits collected must be deposited and held in accordance with the laws of the state in which the property is located. Returning said security deposit shall be the responsibility of the Manager upon vacating tenants. Monthly Lease Payments 6. The Parties agree that the Manager shall manage all lease payments. Any amount owed to the Trust shall be deposited monthly in the Account. Any default in monies owed by Manager in the related Trust Agreements shall be considered a default in this Agreement. Repairs/ Maintenance 7. The Trustee hereby gives power to the Manager to supervise repairs, improvements, alterations, and decorations to the Property as well as purchase and pay bills for services and supplies. Any funds expensed which shall require reimbursement from the trust must be approved by beneficiaries in writing prior to such expenditures. Accordance with Federal and State Law 8. All services provided by The Manager shall comply with federal, State, or local law. To include but not limited to Fair Housing obligation, signage, financial reporting, zoning, and all enacted laws governing its role as The Manager. Evictions 9. The Trustee hereby gives power to the Manager to sign and serve notices on the Trustee’s behalf and prosecute actions to evict tenants; recover possession of the Premises; recover rents and other sums due; and, when expedient, settle, compromise and release claims, actions, and suits and/or reinstate tenancies. Lease Alterations 10. The Trustee hereby gives power to the Manager to initiate, sign, renew, modify, or cancel rental agreements and leases for the Premises, or any part thereof and collect and give receipts for rents, other fees, charges, and security deposits. 11. Permitted rental agreements could include: Fixed- Term arrangements not exceeding 2 years and 11 months, month to month rental arrangements in accordance with the Governing Law, vacation rentals or other rental periods so long as they do not exceed the herein established limit. Due Diligence 12. The Manager accepts the appointment of the Trustee and agrees to use due diligence in the performance of this Agreement while furnishing their services to properly lease, maintain, and continue the operation and management of the Premises. Funds 13. All funds shall be held in the Account and be the responsibility of the Manager. All funds managed under this section must be done so in accordance with applicable law. The Manager upon request shall be obligated to provide full reports of all funds being managed and access to the Account. Advertising 14. The Trustee grants the Manager the right to display "For Rent / Lease" and similar signage on the Premises and advertise the availability of space through publications and online marketing methods. Hiring Contractors 15. The Trustee hereby gives power to the Manager to contract, hire, supervise and/or discharge firms and persons, including utilities, required for the operation and maintenance of the Premises. The Manager may perform any of the Manager’s duties through attorneys, agents, employees, or independent contractors. Expense Payments 16. Any reimbursement to be paid by Trustee, in its role as Nominee, to Manager must be approved by the beneficiaries of The Trust. Such expenses and costs may include, but are not limited to, property management compensation, fees and charges, expenses for goods and services, property taxes and other taxes, association or condominium dues, assessments, loan payments, and insurance premiums. Notices 17. Any written notice to the Trustee or the Manager required under this Agreement shall be served by sending such notice by Certified Mail with return receipt. Such notice shall be sent to the respective address found within the related Trust Agreements and held on account by the Trustee. Non-Interference with Tenants 18. All beneficiary in the Trust signing herein shall not directly contact, visit, communicate with, or interfere with any tenant(s), occupant(s), or applicant(s) residing at or applying to lease the Premises, without the prior written consent of the Manager. 19. All communications regarding tenancy, lease terms, maintenance, payment, notices, or legal processes shall be conducted exclusively through the Manager, who serves as the sole authorized liaison for the Premises. 20. Any violation of this provision shall constitute a material breach of this Agreement. 21. As agreed by the Parties, due to the sensitive nature of tenant relationships and the difficulty in quantifying disruption, liquidated damages in the amount of $5,000.00 per occurrence shall be assessed for each violation of this section, in addition to any injunctive or equitable relief to which the Manager may be entitled. This remedy is not exclusive and is intended to supplement the Manager’s right to actual damages, attorneys’ fees, and any other relief available at law or in equity. Arbitration 22. All disputes arising under this agreement shall be governed by and interpreted in accordance with the Governing Law, without regard to principles of conflict of laws. The Parties to this agreement will submit all disputes arising under this agreement to arbitration before a single arbitrator of the American Arbitration Association (“AAA”). The arbitrator shall be selected by application of the rules of the AAA, or by mutual agreement of the Parties, except that such arbitrator shall be an attorney admitted to practice under the State of Governing Law. No Party to this agreement will challenge the jurisdiction or venue provisions as provided in this section. Nothing contained herein shall prevent the Party from obtaining an injunction. 23. The following matters shall be excluded from arbitration hereunder: a. A judicial or non-judicial foreclosure or other action proceeding to enforce a deed of trust or mortgage; b. An unlawful detainer action; c. The filing or enforcement of a mechanic’s lien; d. Any matter that is within the jurisdiction of a court of probate, small claims, and/or bankruptcy; and e. Any other matter that cannot be arbitrated under Federal, State or local law. 24. The filing of a court action to enable the recording of a notice of pending action for an order of attachment, receivership, injunction, or other provisional remedies shall not constitute a waiver of Clauses 38 and 39. Attorney Fees 25. In any action, proceeding, or arbitration between the Parties regarding the obligation to pay compensation under this Agreement, the Trustee shall be entitled to reasonable attorneys’ fees and costs from the Manager. Governing Law 26. This Agreement shall be governed by the law of the State of Jurisdiction of the related Trust Agreement. 27. If there is uncertainty as to the State of Jurisdiction, the Governing Law will be that of the State in which the Premises stand. Entire Agreement 28. This Agreement contains all the terms agreed to by the Parties relating to its subject matter including any attachments or addendums. This Agreement replaces all previous discussions, understandings, and oral agreements. The Trustee and Manager agree to the terms and conditions and shall be bound until the end of the Term. IN WITNESS WHEREOF the Parties have duly affixed their signatures under hand and seal on the Agreement Date as upon execution date. Trustee Equity Holding Corp. as Trustee of The 85-104 Alawa Pl Trust Dated 3/18/2025 Date , No.2503180214 By: Jeffrey W Hatcher AS President Manager Poodle LFTY0452 DAO LLC (Managing Beneficiary) By: Earl Vanze Co AS Member Date Co-Beneficiary Acceptance (Assignor) Date (Assignor) Date Poodle LFTY0452 DAO LLC (Assignee) By: Earl Vanze Co AS Member Date By: By: