8. Legal Framework and Operations

8.1 General Provisions Formation:

Glosol OÜ (the "Club") will be established under the laws of Estonia, with its principal office located at Pille tn 7/5-13, 10135 Kesklinna linnaosa, Tallinn, Harju maakond, Estonia. Purpose: The Club will be formed to facilitate real estate opportunities, support transactions using cryptocurrency, and issue NFTs to represent usage rights or member shares, connecting members to property engagements within a private framework.

8.2 Governance Club Structure:

The Club shall operate as a private entity. However, each legal entity holding an asset will be run as a DAO by members who have invested in that specific property, ensuring active member participation.

NFT Usage Rights:

The Club acknowledges that holders of NFTs issued by the respective DAOs possess exclusive usage rights to specific properties. These rights shall be respected and enforced by the managing DAO. The Club and DAOs cannot sell any property associated with an NFT granting 100% usage rights without the explicit consent of the NFT holder. This clause will be recorded in public property records where possible for every asset to grant maximum security to NFT holders. The NFT holder has the right to list the property for sale. Upon listing, the DAO and Club will facilitate the sale process.

Decision-Making for Property Engagements:

Decisions regarding the sale of properties listed on the platform shall be made by the respective DAOs of the legal entities, with proceeds shared among members based on their investment.

Staking and Rewards:

Members who stake their $AAV tokens shall receive voting rights within the club and rewards from our rewards pool.

8.3 Operations and Management Property Management:

Each legal entity, managed by its DAO of actively participating members, shall oversee property maintenance and income generation. Management fees shall vary depending on the asset and will be set by the DAO.

Income Distribution:

Income from rental properties shall be distributed to members holding relevant NFTs, according to terms specified in the smart contracts, derived solely from their investments and participation in assets.

Legal Compliance:

The Club and its legal entities shall comply with all applicable laws and regulations, including those related to property management and transactions.

Public Records:

The Club and DAOs will ensure that usage rights of NFT holders are recorded in public property records where possible, providing maximum security to prevent unauthorized sales without NFT holder consent.

8.4 Financial Provisions Revenue Model:

Income for the Club comes from transaction fees and services. Rewards for staking and engagement are provided by the respective DAOs, funded through member investments.

8.5 Member Rights and Responsibilities Access to Information:

DAO members will have access to private online meetings, records, and reports specific to the legal entity they are part of. Voting on Key Decisions: DAO members will vote on important decisions within their respective legal entities, such as fee structures, operational changes, and property management strategies. This structure ensures the Club operates as a supportive framework, with each asset managed by a member-driven DAO, focusing on rewards and engagement rather than club-level dividends.