Agreement
Responsibilities, Obligations, Non-Compete and Non-Ownership Agreement This agreement covers the Responsibilities, Obligations, Non-Compete and Non-Ownership Agreement ("Agreement"), Governing the financial Backing (referred to as Backing) of any stated project for a financial reward (referred to as Reward) and is made and entered into between The Backer [Legal Name](referred to as Backer) , The Project Owner [Individual/Legal Entity/Corporation/Group Name](referred to as Project Owner) and Realstarter Inc. (referred to as Realstarter). 1. Background Backer has agreed to provide financial backing or pledge support to Owner's real estate project known as [Project Name], located at [Project Address] ("Project") through the Realstarter platform for a reward. 2. Non-Transferable Backer agrees that their backing pledge is non-transferable and cannot be assigned, sold, or transferred to any other party. 3. Consideration In consideration of the financial backing or pledge support provided by Backer, Owner agrees to provide the agreed-upon rewards or benefits outlined in the crowdfunding campaign or agreement. 4. Realstarter's Obligations to Backer The Realstarter team spends a great amount of time and resources to properly vet projects they list on the platform and present the most profitable projects to backers. The Realstarter team understands that their reputation is on the line, so they are motivated to be transparent in all dealings regarding backers' funds and the project, to the extent permitted under the privacy laws protecting project owners and their business dealings. This includes providing regular updates on the progress of funded projects, disclosing relevant financial information, and ensuring that backers are informed about any material development that may affect their investments. The Realstarter team will use all the rules laid out in the terms and agreement they have with project owners to ensure backers' funds are protected to the very best of their ability and will communicate all steps taken to ensure funds are secured. 5. Project Owner's Obligations to The Backer and Realstarter The Project Owner is bound by agreement to provide regular updates to Realstarter and Backers about the project. The Project Owner is obligated to utilize the backers’ funds properly and in accordance with the draws stated in the project detail document. The Project Owner agrees to be liable for any losses to backers’ funds as a result of their personal negligence only. The Project Owner is not liable when losses are caused by unforeseen market changes or acts of God, provided that the Project Owner supplies a detailed report of the causes and the steps taken to try to mitigate the issue. The Project Owner is bound by agreement to allow Realstarter to conduct site inspections at any time during the project. 6. Backer’s Responsibilities It is the backer’s responsibility to read all communication from Realstarter about project updates and to respond in a timely fashion where required, to any questions or request for information. 7. Acknowledgment Backer acknowledges and agrees that their backing on the Project does not confer any direct ownership rights, equity interest, or title to the real estate property or any part thereof. Backer acknowledges and agrees that they are only entitled to the guaranteed reward plus their backing amount, less any applicable transaction fees that may apply. Backer acknowledges and agrees that Realstarter is not a securities crowdfunding platform, and therefore, their backing does not entail any securities in the traditional sense. 8. Timeline, Disbursement and Termination Backer acknowledges and agrees that the lifetime of this project begins from immediately after the project’s fund raising is complete until the successful sale and possession of the project to a new owner. Backer acknowledges and agrees that the proposed duration for this project is as stated in the project detail document, starting after fund raising is completed. However, timelines may be pushed due to inevitable construction delays and market change, where a proper explanation is provided. Backer acknowledges and agrees that rewards plus backing funds will only be disbursed upon the end of the lifetime of the project (which is the successful sale and possession of the project to a new owner). Backer acknowledges and agrees that they cannot terminate their backing or pull out any funds during the lifetime of this project for any reason. 9. Ownership Rights Backer acknowledges and agrees that the ownership rights to the real estate property remain solely with the Project Owner or any other designated entity or individual. 10. Non-Compete Obligation for Users, Backers, Project owners and Realstarter During the lifetime of any project on the Realstarter platform, All users, The Backer, The Project owner and Realstarter agree not to directly or indirectly engage or participate in any action that competes with the collective interest and benefit of the project for The Backer, The Project owner and Realstarter in any way, shape, or form. 11. Governing Law This Agreement shall be governed by and construed in accordance with the laws of the Province of Manitoba. 12. Entire Agreement This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements and understandings, whether written or oral. 13. Modification No modification or amendment to this Agreement shall be valid unless in writing and signed by both parties. 14. Severability If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect. Anyone who backs a project or pledges to back a project on the Realstarter platfrom or any user on the Realstarter platfrom is bound by these agreement.