Owners of PZL Tokens must know certain rules about how PZL will respond to specific circumstances:

• Under what conditions will PuzzleHousing sell a property?

  PuzzleHousing will automatically sell a property if it receives an offer that is 30% higher plus inflaction than its purchase price.

• Leverage Level and Puzzle-Housing Behavior:

  The maximum leverage level that Puzzle-Housing will support is 33%. Once 10 properties or multiples of 10 properties are reached, Puzzle-Housing will calculate its leverage level, and if it is below 33%, Puzzle-Housing will acquire properties until reaching the maximum leverage limit.
  hese properties will be subject to a vote, and users holding PLZ will be able to vote on which properties to acquire. Properties acquired through credit will be amortized normally with the income they generate themselves plus 10% of all the income from all other properties. This will gradually reduce the leverage level. When Puzzle-Housing reaches the next multiple of 10 properties, leverage will be recalculated to decide whether to acquire more properties.

  After 5 years of production, a vote will be proposed among the owners of GUT tokens to extend this period. In the case of a negative vote, the proceeds from sales will go directly towards rewards in the form of dividends. In this case, properties already acquired by PuzzleHousing will continue to distribute dividends through the GUT token, but new properties will be funded with a new token called GUTv2 that will start a new 5-year cycle.

If Puzzle-Housing receives an offer 30% higher plus inflation than what was paid for the property, Puzzle-Housing will sell it. The proceeds from the sale will be used to finance the next property. Puzzle-Housing will act in this manner for 5 years, after which a vote will be held to continue acting in the same way or to distribute the proceeds from the sales as dividends to the PLZ holders.