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Governance Proposal - Eric LeMunyan Buyout and Earl Vanze Co Closing Authorization - 8708 Willard Avenue DAO LLC.docx

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Description

GOVERNANCE PROPOSAL TO APPROVE MEMBERSHIP BUYOUT, PROPERTY PURCHASE, AND AUTHORIZED CLOSING REPRESENTATIVE Lofty Holding 8708 Willard Avenue DAO LLC Proposal Summary Eric LeMunyan proposes that the members of Lofty Holding 8708 Willard Avenue DAO LLC (the "DAO") approve the membership buyout and as-is property purchase transaction for the property located at 8708 Willard Avenue, Cleveland, OH 44102 (the "Property"), authorize execution and performance of the associated Membership Buyout and Prop

Extracted Content

GOVERNANCE PROPOSAL TO APPROVE MEMBERSHIP BUYOUT, PROPERTY PURCHASE, AND AUTHORIZED CLOSING REPRESENTATIVE Lofty Holding 8708 Willard Avenue DAO LLC Proposal Summary Eric LeMunyan proposes that the members of Lofty Holding 8708 Willard Avenue DAO LLC (the "DAO") approve the membership buyout and as-is property purchase transaction for the property located at 8708 Willard Avenue, Cleveland, OH 44102 (the "Property"), authorize execution and performance of the associated Membership Buyout and Property Purchase Agreement between the DAO and Eric LeMunyan (the "Purchase Agreement"), and authorize Earl Vanze Co to act as the DAO's Authorized Member and Authorized Representative for closing, settlement, escrow, title, and related transaction purposes. Background Eric LeMunyan has proposed to purchase the Property from the DAO on an as-is basis pursuant to the Purchase Agreement. The proposed transaction is intended to provide a net redemption value of $34.00 per DAO share/token to all DAO members other than Eric LeMunyan. Eric LeMunyan will not receive a redemption payment for his own DAO shares/tokens and will burn, surrender, cancel, or otherwise retire his DAO shares/tokens before red