UPDATES.md

# Property Updates

## 2025-11-25

- **Property Update (11/25/2025):**
- Net proceeds have been sent to Lofty for disbursement to token holders.
- There was an arithmetic error in the calculations previously sent out via governance vote. The actual total debts listed sum to -$42,257.51. Apologies for my arithmetic error. Trust but verify!
- Below are the corrected values:
- Due TO EARLDAO (includes 5 months interest @ 12%): -$13,401.41
- Due to Evernest: -$5,863.21
- Due to Universal Lending DAO: -$272.07
- Due to 9902 Garfield Lending DAO: -$17,934.45
- Due to Lofty : -$2,570.84
- Due to ECO Systems (Includes 1.5% Transaction Coordination Fee): -$2,215.53
- Total Debts (sum of above): -$42,257.51
- Net Sale Proceeds: +$52,391.50
- Number of Tokens: 1,386
- Final Net Asset Value Per Share: (52391.50-42257.51)/1386 = **$7.312**

## 2025-11-14

- **Property Update (11/14/2025):**
- The Governance Voting results are back for the owner proposed votes.
- The winning vote is:
- Accept the Offer
- This voting option received 264 / 386 token votes which is equal to 68% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3325752622) or by searching the application ID: 3325752622
- The winning vote is:
- Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO
- This voting option was declared the winner in Round 1 with 239 token votes.
- The voting results can be found on chain [here](https://allo.info/application/3325709093) or by searching the application ID: 3325709093

## 2025-11-13

- **Property Update (11/13/2025):**
- Owner-Proposed Governance Vote for 9902 Garfield Ave:
- The property manager, ECO Systems LLC, is proposing a governance vote. The previous governance vote is now void.
- Their reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- Fellow owners,
- The following proposal has been updated after I learned about an outstanding Lending DAO balance.
- We have received a $60,000 cash offer, no contingencies, closing 11/14/2025. Please see [HUD-1 settlement statement](https://www.dropbox.com/scl/fi/ue782ia57l5gpvfoywf8m/HUD-1-Legal-9902-Garfield-Ave-Cleveland-OH-44108.pdf?rlkey=vbd7o6qqfws0824fyvqn9v0ju&e=1&dl=0) in Dropbox.
- Net to the DAO is $52,191.50 at closing which includes all back taxes, before reimbursements due to ECO Systems and Lofty.
- Financial Summary:
- Due TO EARLDAO (includes 5 months interest @ 12%) -$13,401.41
- Due to [Evernest](https://www.dropbox.com/scl/fi/osy5aqhsveyy7ldldk321/Owner-Statement-01-Jan-2024-30-Jun-2025-Properties-LFTY0128-9902-Garfield-Ave-Cleveland-OH.pdf?rlkey=5bvwv2yf5hxjgpx9mt8s2u8pw&e=1&dl=0) -$5,863.21
- Due to [Universal Lending DAO](https://discord.com/channels/847877825373012018/1295493068111347733/1436278573362184214) -$270.07
- Due to 9902 Garfield Lending DAO approved 08/09/2023 (includes 27 months interest @ 8.5%)
- Due to Lofty (Unverified, may include taxes & insurance already paid) -$17,934.45
- -$3,566.64
- Due to [ECO Systems](https://www.dropbox.com/scl/fi/kqmbv0wo51t98lk3w2psz/ECO-Systems-General-Ledger-2025-11-13-9902-Garfield-Ave-Cleveland-OH-44108.csv?rlkey=fvf5ym48jwd8o691hoc89hvfi&e=1&dl=0) (Includes 1.5% Transaction Coordination Fee) -$2,170.53
- Estimated Total Debts -$36,342.64
- Net Sale Proceeds +$52,191.50
- Number of Tokens 1,386
- Estimated Net Asset Value Per Share $11.43
- Owners may now vote by 11/14/2025 at 5 PM EST.
- Vote 1:
- 1) Accept the Offer
- 2) Cancel the sale (I have a BETTER offer)
- Vote 2:
- 1) Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.
- 2) Authorize Lofty AI Inc. to sign closing documents as Authorized Representative on behalf of the DAO, settle all debts, and distribute net proceeds via token redemption.
- 3) Do not authorize either party to sign closing documents, resulting in cancellation of the sale.
- The results will be determined by a 60% Supermajority and sent to all owners on Friday, November 14th once the voting period ends.


- **Property Update (11/13/2025):**
- Owner-Proposed Governance Vote for 9902 Garfield Ave:
- The property manager, ECO Systems LLC, is proposing a governance vote.
- Their reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- They already voted to sell but sure I’ll separate the votes below:
- Fellow owners,
- We have received a $60,000 cash offer, no contingencies, closing 11/14/2025. Please see [HUD-1 settlement statement](https://www.dropbox.com/scl/fi/ue782ia57l5gpvfoywf8m/HUD-1-Legal-9902-Garfield-Ave-Cleveland-OH-44108.pdf?rlkey=vbd7o6qqfws0824fyvqn9v0ju&e=1&dl=0) in Dropbox. Net to the DAO is $52,191.50 at closing which includes all back taxes, before reimbursements due to ECO Systems and Lofty.
- Financial Summary:
- Due TO EARLDAO (includes 5 months interest @ 12%) -$13,401.41
- Due to [Evernest](https://www.dropbox.com/scl/fi/osy5aqhsveyy7ldldk321/Owner-Statement-01-Jan-2024-30-Jun-2025-Properties-LFTY0128-9902-Garfield-Ave-Cleveland-OH.pdf?rlkey=5bvwv2yf5hxjgpx9mt8s2u8pw&e=1&dl=0) -$5,863.21
- Due to [Universal Lending DAO](https://discord.com/channels/847877825373012018/1295493068111347733/1436278573362184214) -$270.07
- Due to Lofty (Unverified, may include taxes & insurance already paid) -$3,566.64
- Due to [ECO Systems](https://www.dropbox.com/scl/fi/kqmbv0wo51t98lk3w2psz/ECO-Systems-General-Ledger-2025-11-13-9902-Garfield-Ave-Cleveland-OH-44108.csv?rlkey=fvf5ym48jwd8o691hoc89hvfi&e=1&dl=0) (Includes 1.5% Transaction Coordination Fee) -$2,170.53
- Estimated Total Debts -$17,487.69
- Net Sale Proceeds +$52,191.50
- Number of Tokens 1,386
- Estimated Net Asset Value Per Share $24.57
- Owners may now vote by 11/14/2025 at 5 PM EST.
- Vote 1:
- 1) Accept the Offer
- 2) Cancel the sale (I have a BETTER offer)
- Vote 2:
- 1) Authorize Earl Vanze Co to sign closing documents as Authorized Member on behalf of the DAO, settle all debts, and send net proceeds to Lofty for distribution via token redemption.
- 2) Authorize Lofty AI Inc. to sign closing documents as Authorized Representative on behalf of the DAO, settle all debts, and distribute net proceeds via token redemption.
- The results will be determined by a 60% Supermajority and sent to all owners on Friday, November 14th once the voting period ends.


- **Property Update (11/13/2025):**
- Correction to the Financial Summary previously provided:
- Due TO EARLDAO (includes 5 months interest @ 12%) -$13,401.41
- Due to [Evernest](https://www.dropbox.com/scl/fi/osy5aqhsveyy7ldldk321/Owner-Statement-01-Jan-2024-30-Jun-2025-Properties-LFTY0128-9902-Garfield-Ave-Cleveland-OH.pdf?rlkey=5bvwv2yf5hxjgpx9mt8s2u8pw&e=1&dl=0) -$5,863.21
- Due to [Universal Lending DAO](https://discord.com/channels/847877825373012018/1295493068111347733/1436278573362184214) -$270.07
- Due to [9902 Garfield Lending DAO](https://allo.info/asset/1167169305/token) approved 08/09/2023 (includes [27 months interest @ 8.5%](https://www.dropbox.com/scl/fi/1g8llm23rpux1gdma06q4/Simple-Interest-Loan-15050-2023-08-23-9902-Garfield-Ave-Cleveland-OH-44108.xlsx?rlkey=phzoaxmvv2htb1x4jmytyg13u&dl=0)) -$17,934.45
- Due to Lofty (Unverified, may include taxes & insurance already paid) -$3,566.64
- Due to [ECO Systems](https://www.dropbox.com/scl/fi/kqmbv0wo51t98lk3w2psz/ECO-Systems-General-Ledger-2025-11-13-9902-Garfield-Ave-Cleveland-OH-44108.csv?rlkey=fvf5ym48jwd8o691hoc89hvfi&e=1&dl=0) (Includes 1.5% Transaction Coordination Fee) -$2,170.53
- Estimated Total Debts -$36,342.64
- Net Sale Proceeds +$52,191.50
- Number of Tokens 1,386
- Estimated Net Asset Value Per Share $11.43

## 2025-08-05

- **Property Update (08/05/2025):**
- Governance Results for 9902 Garfield Ave:
- The Governance Voting results are back for the owner proposed votes.
- The winning vote is:
- List for sale
- This voting option received 463 / 493 token votes which is equal to 93% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3157914961) or by searching the application ID: 3157914961

## 2025-07-28

- **Property Update (07/28/2025):**
- Owner-Proposed Governance Vote for 9902 Garfield Ave:
- An owner with the following [wallet address](https://allo.info/account/XNOBCIR3APDNVJZOKVPFDF2RMVI2TWZEFYNX7GOSJ3JXQ5SZAPZY7GM2XA), is proposing a governance vote.
- This owner holds 32 tokens in this property.
- Their reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- I would like to propose this property be listed for sale as it’s been vacant and Earl cannot facilitate renting it.
- Options:
- A. List for sale
- B. Do nothing and leave vacant/open to squatters
- The results will be determined by a 60% Supermajority and sent to all owners on Tuesday, August 5th once the voting period ends.

## 2025-06-24

- **Property Update (06/24/2025):**
- Governance Results for 9902 Garfield Ave:
- The Governance Voting results are back for the owner proposed votes.
- The first winning vote is:
- Option 2 – Approve capital call of $21,000 via EARLDAO Covers only outstanding balances. Repairs not funded. Non-dilutive. May result in asset depreciation if not improved.
- This voting option was declared the winner in Round 2 with 214 token votes.
- The voting results can be found on chain [here](https://allo.info/application/3090616908) or by searching the application ID: 3090616908
- The second winning vote is:
- Option 1 – Migrate to ECO Systems LLC as PM w/ Hemlane as Sub-PM (10% PM Fee)PM Fee: 10% ECO only
- This voting option received 343 / 348 token votes, which is equal to 98.5% of the total votes.
- The voting results can be found on chain [here](https://allo.info/application/3090635391) or by searching the application ID: 3090635391

## 2025-06-20

- **Property Update (06/20/2025):**
- Owner-Proposed Governance Vote for 9902 Garfield Ave:
- The property manager, M1 Homes LLC, with the following [wallet address](https://allo.info/account/PRLPPSU53SGKIK5Y7L2LAZPRJHDRO35FHXPFZQCQAWLOBCRKVGX5B7T6XI), is proposing a governance vote.
- M1 Homes holds 0 tokens in this property.
- Their reasoning is below, word-for-word:
- *Because this is an owner proposed vote, Lofty cannot change the content. It’s up to owners to verify the accuracy of the claims below.
- VOTE #1 – CAPITAL CALL Yhome has billed the DAO $28,473.85, including $14,000 in repair costs based on the provided estimate from AAPK Construction. The DAO may choose to move forward with the repair plan or do nothing. Outstanding Financials:
- Balance due to Yhome: $11,480.45 (payment frozen pending legal resolution)
- Balance due to OR: $8,130.40
- Capital Call due to Universal Lending DAO: $255.19
- Unpaid Taxes Due: $491.68
- DAO Net Cash (Deficit): $(20,392.27)
- Repair Estimate (AAPK Construction): $14,000
- Total Capital Call (if approving full bill): $35,000 Option 1 – Approve full capital call of $35,000 via EARLDAO Funds used to pay Yhome and complete $14,000 in repairs. EARLDAO terms: 12% APR, interest-only, balloon in 1 year. Non-dilutive. Option 2 – Approve capital call of $21,000 via EARLDAO Covers only outstanding balances. Repairs not funded. Non-dilutive. May result in asset depreciation if not improved. Option 3 – Approve capital call of $15,000 via equity issuance. Dilutive issuance of 1000 tokens at $15/share to pay for repairs only. Yhome balance remains unsettled. Option 4 – Reject Proposal No funds raised. Yhome remains unpaid. Repairs will not be completed, and property remains vacant.
- VOTE #2 – PM & SUB-PM STRUCTURE (If Property is Retained) Only vote on this if DAO does