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Property Management Agreement - 9 Country Club Ln N, Briarcliff Manor, NY 10510.pdf

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PROPERTY MANAGEMENT AGREEMENT Background A. The subject property of this agreement is located at 9 Country Club Lane North, Briarcliff Manor, NY 10510 referred to hereunder as the ‘The Premises’. B. The Premises is currently held in a Wyoming Decentralized Organization Limited Liability Company known as Zebra LFTY0476 DAO LLC, referred to hereunder as ‘The DAO’. C. The DAO’s nominee is Lofty AI Inc. as Authorized Officer of Zebra LFTY0476 DAO LLC, referred to hereunder as ‘The DAO Officer’. D. T

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PROPERTY MANAGEMENT AGREEMENT
Background
A. The subject property of this agreement is located at 9 Country Club Lane North,
Briarcliff Manor, NY 10510 referred to hereunder as the ‘The Premises’.
B. The Premises is currently held in a Wyoming Decentralized Organization Limited
Liability Company known as Zebra LFTY0476 DAO LLC, referred to hereunder
as ‘The DAO’.
C. The DAO’s nominee is Lofty AI Inc. as Authorized Officer of Zebra LFTY0476 DAO
LLC, referred to hereunder as ‘The DAO Officer’.
D. The appointed member of The DAO to serve as managing member according to the terms
set out below is ECO Systems LLC and/or its vendors and assignees, referred to as
‘The Manager’.
E. Collectively, the DAO Officer and the Manager will be referred to as ‘The Parties’.
F. The Manager shall establish or have established trust accounts for the purpose of
holding, collecting and disbursement of the DAO’s funds and Operating Reserves,
hereinafter referred to as ‘The Account’.
G. This is an agreement (‘The Agreement’) to agree to terms with The Manager to manage
The Premises as agreed herein.
H. The Date of the Agreement is established upon its execution date.
IN CONSIDERATION OF the DAO Officer appointing the Manager to manage the Premises, both
parties agree to keep, perform and fulfill the following promises, conditions and agreements:
Appointment of Agent
1. The DAO Officer hereby appoints and grants the Manager the exclusive right to rent, lease,
operate and manage the Premises.
Term
2. This Agreement shall run for a period of 5 years. After the initial term, this Agreement shall
automatically renew for successive periods of 5 years until such time as this agreement has
been revoked by either party with 60 days’ written notice or such time as the Premises is no
longer held in the DAO.
Right to Terminate
3. During the Term, the DAO Officer may terminate this Agreement at any time with 60 days’
written notice in accordance with its obligation as the Nominee DAO Officer. The Manager
must satisfy all terms and conditions of this Agreement and the related DAO Operating
Agreement. Any default of such terms and conditions may result in the termination of this
Agreement by the DAO Officer.
4. The Landlord, through its DAO Officer or a supermajority vote of DAO members, may
terminate the Agreements with thirty (30) days' written notice for cause, defined as:
(a) Manager's failure to meet any performance metrics outlined in Section 19 of the
Property Management Agreement or the 4.7-star average rating target in the Short-Term

Doc ID: 8d8f1ac2b7ed7cb272202158383e2ca1b25658f3

Rental Co-Host Addendum for two consecutive quarters;
(b) gross negligence or willful misconduct by the Manager; or
(c) material breach of any provision of the Agreements, uncured within fourteen (14)
days of written notice.
Termination for cause shall not require supermajority DAO approval beyond the initial notice,
provided the cause is documented and shared with all DAO members.
Fees
5. In consideration for the services provided, the DAO agrees to pay the Manager the
following fees:
Management Fee: 20% of monthly gross revenue net of any booking platform fees
Leasing Fee for New Tenancies – None
Lease Renewal Fee – None
Maintenance and Repairs Margin – None
Leasing
6. The DAO Officer hereby grants the Manager power to create rental agreements related to
the Premises.
Security Deposits
7. 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 and guests.
Monthly Lease Payments
8. The Parties agree that the Manager shall manage all lease payments. Any amount owed to
the DAO shall be deposited monthly in the Account. Any default in monies owed by
Manager in the related DAO Operating Agreement shall be considered a default in this
Agreement.
Repairs/ Maintenance
9. The DAO Officer 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. The Manager may hire contractors to repair, maintain, or alter the Premise. Any
funds expensed greater than $1000 for any single repair, improvement, or alteration which
shall require reimbursement from the DAO must be approved by members of the DAO prior
to such expenditures, unless the repair is deemed immediate and necessary by the Manager.
10. The Manager shall notify the Landlord in writing of all repairs or maintenance expenses
exceeding $500, even if below the $1,000 approval threshold, within twenty-four (24) hours
of identifying the need. Total unapproved repair and maintenance expenses shall not exceed
$2,000 per calendar quarter. If the Operating Reserve is insufficient to cover repair costs, the
Manager shall propose a replenishment plan, subject to DAO approval, with contributions
proportional to ownership. The Manager shall provide monthly reports on the Operating
Reserve balance and usage, accessible to all DAO members via a secure online platform.

Doc ID: 8d8f1ac2b7ed7cb272202158383e2ca1b25658f3