Expense Responsibility

With great power comes great responsibility

Property Expenses

Every property incurs expenses in some shape or forms. The standard expenses incurred could include:

• Levies

• Insurance

• Utilities

• Rates and Taxes

• Management Fees

Coverage of Expenses

Open Earth Labs will publish the expenses to the Smart Contract on a monthly basis. The contract will make use of funds allocated to each Property Governance NFT holder to offset the incurred expense. The NFT holder would need to fund the smart contract with an amount equal to their share of the incurred expense within 90 days of posting. Should the NFT holder not fund the contract then their NFT is placed in a revoked state and they will be afforded a further 90 days to fund the contract. After 180 days from the initial posting the NFT will be placed in a blacklist state and a new NFT will be minted equal to that of the blacklisted NFT. This NFT will be placed on auction for the reserve price equal to the amount outstanding and the blacklisted NFT holder will have their wallet blacklisted from all Open Earth Labs projects. The holder of a blacklisted NFT will have no legal recourse and will have lost their share of ownership to this property.