Terms of Service
- This document (hereinafter the “Terms of Service”) regulates the legal relations between the registered users (hereinafter the “User”) of the website http://www.crowdestor.com and its subpages (hereinafter the “Portal”) and Crowdestor OÜ (registry code 14388462 located at Roosikrantsi tn 2, Tallinn city, Harju county, 10119, e-mail email@example.com, hereinafter the “Portal Operator”), arising from the usage of the Portal.
- By registering as a user and creating a user account (hereinafter the “User Account”) with the Portal, the User agrees with the Terms of Service and thereby an agreement under these Terms of Service is concluded between the User who registers a user account and the Portal Operator.
- By registering a sub-account in the Portal as defined in Article 1 (hereinafter the “Sub-Account”), the person to whose name the sub-account is registered (hereinafter the “Sub-Account User”), agrees with the Terms of Service and thereby an agreement under these Terms of Service is concluded between the Sub-Account User and the Portal Operator.
- For the purposes of these Terms of Services, a Sub-Account User is also a User, unless expressly stated otherwise.
- The Portal Operator reserves the right to amend or supplement the Terms of Service or lay down additional conditions. These amendments and supplementations shall enter into force from the moment when the User has agreed with the new Terms of Service via the Portal.
- By commencing the use of the Portal, the User confirms to have read the Terms of Service, understood them and agreed to them.
- Services of the Portal Operator
- The Portal Operator shall enable the registered Users of the Portal to use the Portal for its intended purpose, first and foremost enter and/or become acquainted with real estate and energy financing proposals (projects), make declarations of intent, conclude transactions. The Portal Operator has the sole right to change the Portal functionality and Terms of Service without advance notice, including limiting or adding functionality to the Portal.
- The primary purpose of the service provided by the Portal Operator is to introduce Users to each other in order to enable Users, through the Portal, to borrow money from one another, by way of paid loans, in order to assist Users towards the funding of their business. The services provided by the Portal Operator relate to introductory functions only and, among other, the services provided by the Portal Operator and the security agent do not include the following:
- guaranteeing or otherwise underwriting the availability or accessibility of funds to the Users, or ensuring the performance of the financial obligations of the User(s);
- accepting deposits or other refundable instruments or giving of loans or other financings on its own account or behalf;
- providing investment advice or legal advice;
- undertaking real estate and energy sector related transactions or providing advice in respect of the same;
- provision of payment services.
- The Portal Operator performs an administrative function in the execution and performance by the Users of loan documents with the view to facilitating loans between Users and communication between users. When collecting any amounts owed by a borrower, the Portal Operator and/or the security agent acts at its own discretion on the basis of what the Portal Operator considers to be, and in the Portal Operator’s experience is, in the best interests of the lender.
- The portal operator and the security agent are not parties to the loan contract(s) entered into via the Portal but in certain cases the Portal Operator and/or the security agent are entitled to rely on the provisions of the loan contract and demand on their own behalf the performance of certain provisions of the loan contract.
- Among other, the Portal Operator and security agent are not liable for:
- the performance of a User’s (including borrower’s) obligations;
- the trueness or accuracy of information and/or confirmation(s) published or provided by a User (including a borrower) in the portal or any loan document and no warranty or representation is made by either the Portal Operator or the security agent in respect of the same. This exclusion of liability shall also apply to any details and other information published in the Portal in respect of projects and users;
- any disruptions or impediments that may occur in the operation of the credit institution, including any losses which may directly or indirectly be incurred as a result of the insolvency or moratorium of such credit institution or any other similar event;
- losses incurred as a result of any act or failure to act by the third parties whose economic or professional activity includes the collection of debts and the provision of related services;
- the scope, content, suitability and enforceability of contracts and other legal documents used in the Portal, including those used for the carrying out of transactions through the Portal;
- any bugs or disruptions that occur in the Portal or amendments made in the Portal or the consequences of termination of the operation of the Portal;
- the trueness and accuracy of any forecasts, including financial indicators and forecasts of any project, published in the Portal and no warranty or representation is made by neither the Portal Operator nor the security agent in respect of the same;
- any circumstances that derive from or depend on the identity of a User;
- any non-patrimonial damages, loss of profit or other indirect losses, or other damages caused as a result of its conduct other than intentional misconduct.
- Permission for a User to make a loan request and assigning a risk category to it in the Portal does not constitute any of the following:
- an investment recommendation or other endorsement by the Portal Operator in respect of the relevant loan request;
- the Portal Operator’s confirmation or any other indication that the person making the loan request is creditworthy;
- the Portal Operator’s confirmation that the relevant project is viable;
- the Portal Operator’s confirmation that the investor will get the relevant investment back or make any profit from it.
- The Portal Operator may make changes in the Portal, including expanding, changing or removing its functions, at its own discretion at any time without asking permission of the Users for it or giving prior notice to the Users. Among other, the Portal Operator may terminate the operation of the Portal at its own discretion at any time.
- Fees and expenses
- All expenses and fees related to the use of the Portal shall be paid by the User according to the Portal’s price list accessible at http://www.crowdestor.com/price. The Portal Operator shall automatically debit (without an additional authorization from the User) the expenses and fees from the User’s Sub-Account for the transaction in relation to which the Portal Operator has the right to request reimbursement of expenses or payment of a fee.
- Unless stated otherwise in the principle loan terms, the Borrower undertakes to pay the following fees to the portal operator:
- a success fee (hereinafter the “Success Fee“);
- an administration fee (hereinafter the “Administration Fee“);
- an inactive virtual account fee;
- all costs related to the conclusion of loan and pledge agreements (incl. registration of pledge);
- a security agent fee; and
- other fees agreed on in the principal loan terms. The exact amount of each fee is provided for in a separate pricelist,
- User Account
- In order to use the Portal a person is required to register a User Account in his name.
- Upon registration the Portal Operator will conduct a background check of the private person registering the User Account. A person applying for registration of a User Account is required to submit to the Portal Operator any and all information that the Portal Operator requests. Only private persons who have passed the Portal Operator’s background check to the extent that the Portal Operator deems necessary can register a User Account to their name. The Portal Operator has the unilateral right to refuse to open a User Account.
- Upon registering a User Account, a person enters their contact information and other data required by the Portal Operator into the respective environment and selects a unique username and password.
- The Portal Operator shall have the right to limit the rights of certain groups of Users (e.g. of persons who give loans via the Portal) in terms of specific usage rights, including limiting access and/or usage rights with respect to certain parts of the Portal. The Portal Operator does not have to ask for a separate consent from the User when the Portal Operator wishes to execute the limitation of the rights of certain groups of Users.
- In order to enter the Portal, a User is required to enter their username and password. In order to use the Portal, the Portal Operator may unilaterally request the User to identify him/herself via ID card, Mobile-ID, bank link or any other identification method acceptable to the Portal Operator. In order to submit declarations of intent and give approvals that bear legal consequences, the Portal Operator may request the verification of the User’s signature via ID card, Mobile-ID, bank link or mobile communication or any other authentication method.
- In order to perform transactions via the Portal, a User has to register individual virtual account (or several accounts) (hereinafter the “Sub-Account”). A User can register the Sub-Account by the User as a private person or as the legal entity represented by the User.
- In order to register a Sub-Account, a User shall enter the contact data, bank account number and other data of the potential Sub-Account User into the respective environment of the Portal indicated by the Portal Operator.
- The User shall indicate in the Sub-Account registration application whether they wish to register the Sub-Account on their own name as a private person or on behalf of a legal entity whose legal representative they are.
- In case the representative of a legal entity applies for opening of a Sub-Account on behalf of a legal entity, an agreement under the Terms of Service is concluded between the legal entity and the Portal Operator with the registration of the Sub-Account and the legal entity shall be obliged to follow the Terms of Service.
- The Portal Operator may carry out background checks of a Sub-Account User to the extent that the Portal Operator deems necessary. The Sub-Account User is required to submit to the Portal Operator any and all information that the Portal Operator requests.
- The Portal Operator shall have the right to unilaterally refuse to open a Sub-Account.
- The person to whose name the Sub-Account has been registered (Sub-Account User) shall be responsible for the rights and obligations related to the Sub-Account. Among other, the Sub-Account User shall be a party to the transactions made via the Sub-Account. Terms and conditions of a respective transaction shall apply to transactions made via the Portal, which shall be accepted separately by the Sub-Account User.
- The Sub-Account and the payments
- TheSub-Account is desined for the purpose of performing transactions via the Portal.
- In order to perform transactions via the Portal, the Sub-Account user has to transfer funds to the Portal Operator. The Sub-Account User is required to indicate the individual reference number generated by the Portal for the Sub-Account User in the payment order.
- The Sub-Account shall reflect the sum of funds transferred by the Sub-Account User to the Portal Operator for the purposes of performing transactions via the Portal and the funds received from other Users as a result of transactions concluded by the Sub-Account User via the Portal. The sums payable to other Users as a result of transactions made by the Sub-Account User via the Portal and sums subject to payment or compensation according to the Terms of Service to the Portal Operator, shall be deducted from the Sub-Account.
- The Sub-Account User can make declarations of intent via the Portal, including making offers to execute transactions via the Portal and conclude transactions, only if the Sub-Account has a non-booked positive balance in the amount necessary for the transaction (i.e. a sum that is sufficient for performing the obligations of the Sub-Account User related to the respective transaction to the other party of the transaction and the Portal Operator) at the time of making the offer and concluding a transaction.
- The Sub-Account User may transfer funds to the Portal Operator only from a bank account registered to the name of the Sub-Account User in a licensed credit or payment institution, which is registered or operating in a state which is a Contracting Party to the European Economic Area Agreement or in a state where equivalent money laundering and terrorist financing prevention measures are applied.
- The Portal Operator shall have the right to request documents, which confirm compliance of the bank account with the conditions referred to herein.
- If the bank account from which a transfer was made to the Portal Operator does not belong to the respective Sub-Account User or does not meet any other conditions set forth in Article 6.5, also if the reference number set forth in Article 6.2 is not indicated in the payment order, the Portal Operator shall have the right to transfer the sum back to the person who made the transfer and request from the User compensation of expenses related to returning of the payment (automatically deducting them from the Sub-Account).
- Unless provided otherwise in the Terms of Service, the Sub-Account User may request from the Portal Operator, to the extent of the positive balance of the non-booked funds reflected in the Sub-Account, payment of the funds reflected in the Sub-Account to the Sub-Account User, by giving a payment order to the Portal Operator via the respective application of the Portal. The abovementioned order shall be considered as instructions of the Sub-Account User to the Portal Operator to transfer the sum referred to in the order (to the extent of the non-booked positive balance of the account) via a bank transfer to the bank account of the Sub-Account User.
- The Portal Operator shall make payments to the Sub-Account User only to the bank account disclosed to the Portal Operator by the Sub-Account User. The Sub-Account User has the right to request from the Portal Operator to make the payments only to the bank account registered to the name of the Sub-Account User in a licensed credit or payment institution, which is registered or operating in a state which is a Contracting Party to the European Economic Area Agreement or in a state where equivalent money laundering and terrorist financing prevention measures are applied.
- The Portal Operator shall have the right to refuse to make a payment to the bank account that does not belong to the Sub-Account User or does not meet any other conditions set forth in this Article (the Portal Operator shall have the right to request documents, which confirm compliance of the bank account with the conditions referred to herein).
- If a Sub-Account User wishes to change the Sub-Account User’s bank account number previously provided to the Portal Operator, the Sub-Account User shall inform the Portal Operator of the new bank account number via the respective application of the Portal, thereby confirming that the bank account has been opened in the name of the User and complies with other terms and conditions set forth in Article 6.5.
- The Sub-Account User shall cover the transfer expenses for the transfers made by the Sub-Account User to the Portal Operator. Expenses related to the payments made by the Portal Operator to the Sub-Account User and other expenses related to the payments made for the purposes of execution of transactions and activities by the Sub-Account User shall be reimbursed to the Portal Operator by the Sub-Account User according to the price list established by the Portal Operator. The Portal Operator shall have the unilateral right to change the aforementioned price list by publishing the new price list in the Portal at least 5 (five) working days before its entry into force.
- No other financial obligations can be fulfilled or payments made through the Sub-Account. Among other things, it is forbidden to make payments from one Sub-Account to another Sub-Account, except for the payments made automatically and according to the Terms of Service by the Portal for the purposes of executing the transactions concluded through the Portal.
- Separation of Funds
- As a mandatary, the Portal Operator shall keep the funds transferred to him by the Sub-Account Users in the bank account, which the Portal Operator has opened on its name solely for this purpose in a licensed credit or payment institution, which is registered or operating in state, which is a Contracting Party to the European Economic Area Agreement.
- The funds on the Portal Operator’s respective bank account are excluded from the Portal Operator’s assets. The Portal Operator shall keep the funds of the Sub-Account Users separately from its own funds. The funds transferred by the Sub-Account User to the bank account of the Portal Operator shall belong to the Sub-Account User to the extent of the positive balance of the Sub-Account. The Portal Operator shall not calculate interest on the funds of the Sub-Account User kept with the Portal Operator and no such interest shall be payable to the Sub-Account User.
- Loan Agreements
- Conclusion of Loan Agreements
- If a User wishes to borrow funds from other Users for acquiring real estate, financing a real estate development project or an energy related project or for any other similar purposes, they will use the respective application of the Portal for borrowing the funds and shall submit any and all data required by the application, including data concerning the User, maximum amount of loan, minimum amount of loan, interest, loan period and data concerning the real estate property or the project. Upon submitting an offer for borrowing funds, the User shall approve the conditions of the loan agreements to be concluded with the Users who wish to lend funds.
- The information prepared by a User for borrowing funds is published to other Users in the Portal in its full extent along with the data on the borrower and any other additional data the Portal Operator considers necessary and which the Portal Operator at their own discretion has verified. Publication of information shall mean a binding offer for borrowing funds.
- Lending Funds
- A User who wishes to lend funds selects a Sub-Account through which the loan agreement is concluded. A Sub-Account User can lend funds only from the non-booked funds that are displayed as a positive balance on the User’s Sub-Account. A Sub-Account User cannot lend funds if the amount of loan to be lent and the sum paid to the Portal Operator upon executing the transaction exceed the non-booked positive balance on their Sub-Account.
- In order to lend funds, a Sub-Account User shall submit, through the respective application of the Portal, a declaration of intent to lend funds (i.e. an acceptance to lend funds). The Sub-Account User specifies the amount of loan offered and approves the conditions for the loan (lending funds according to the offer submitted by the borrowing User and terms and conditions of a loan agreement established by the Portal Operator). The terms and conditions of the loan that are not specified in the acceptance to lend funds or the offer submitted by the borrowing User shall be governed by the terms and conditions of a loan agreement established by the Portal Operator. The acceptance to lend to the Borrowing User shall be binding to the lending Sub-Account User. The lending Sub-Account User cannot unilaterally withdraw or cancel the confirmed acceptance, unless provided differently by imperative legal provisions or the loan agreement.
- By confirming the acceptance to lend, the Sub-Account User shall authorise the Portal Operator to book the positive balance on the lending User’s Sub-Account in the extent of the loan amount indicated in the acceptance and the sum payable to the Portal Operator upon the execution of the transaction (i.e. the respective sum cannot be used for making other transactions or no requests can be made to have it transferred to the User’s bank account). If the borrowing User withdraws from the loan agreement, the Portal Operator shall automatically release the booked sum.
- With the confirmation of the acceptance to lend, a loan agreement is concluded between the lending Sub-Account User and the borrowing User. Such agreement shall be considered as concluded from the moment when the lending Sub-Account User accepts the offer. The loan agreement shall become effective with the confirmation of the acceptance to lend. The confirmation has to be confirmed with the digital signature or an equal means for identification and signing.
- If loan agreements in at least the minimum total loan amount have been concluded with the borrowing User, the Portal Operator shall settle the amounts booked on User’s Sub-Account after the submission of acceptance as follows. The Portal Operator shall automatically debit the lending User’s Sub-Account by the loan amount and credit the borrowing User’s Sub-Account by the loan amount. The Portal Operator shall automatically debit both parties’ Sub-Accounts in the extent of the sum payable to the Portal Operator for the execution of this transaction.
- The borrowing User has the unilateral right to withdraw from the loan agreement. In such case the Portal Operator shall automatically refund the lending User the funds debited from or booked on their Sub-Account.
- Conclusion of Loan Agreements
- Borrowing Funds
- If not stated otherwise in these Terms of Service or in the principal loan terms, the success fee and security agent fee, as well as the costs related to the conclusion of loan and pledge agreements (incl. registration of pledge) shall be paid to the Portal Operator from the loan amount immediately before the transfer of the loan amount to the borrower. The Portal Operator may withhold the success fee and security agent fee from the loan amount by transferring the loan amount to the borrower only in the amount it exceeds the success fee. Other fees (except administration fee) shall be paid to the Portal Operator as stated in the principal loan terms.
- Fees provided for in clause 8.3.1. of these Terms of Services do not include value added tax (VAT) and if according to the law the relevant fee is taxed with value added tax (VAT) or other similar tax, the relevant tax is added to the success fee and/or the administration fee.
- The borrower must pay the fees in euros in full and the borrower may not perform the obligation to pay the relevant fee by way of set off or make any withholdings or other deductions from the amount to be paid without the consent of the portal operator in a format which can be reproduced in writing, unless stated otherwise in these Terms of Services or principal loan terms.
- If a price list in respect of certain actions to be performed and services to be provided by the portal operator and/or the security agent is published in the portal, the user referred to in the price list must pay, immediately upon the first request of the portal operator and/or the security agent and in addition to any other fees referred to in the Terms of Services, for the relevant actions and/or services, to the portal operator and/or the security agent in an amount shown in the price list. Inter alia, the relevant price list may prescribe the fees to be paid to the portal operator and/or the security agent for other actions and services.
- The portal operator may at its own discretion unilaterally waive any fees to be paid to the portal operator and/or the security agent based on these Terms of Services and/or loan documents or decrease the amount of the relevant fees unilaterally.
- General Rights and Obligations of the User
- In addition to other obligations set forth in the Terms of Service, a User shall be obliged:
- not to use the Portal for illegal transactions or activities, including fraud, money laundering, terrorist financing or other similar activities;
- to use the Portal through web browsers intended for general purposes. It is forbidden to use, including but not limited to, robots, spiders, scrapers and other automatic data entry and processing devices;
- to submit only truthful data and information upon registering the User Account and Sub-Account(s). The User shall be liable for the damages caused by the violation of the obligation set forth in this article with respect to the Portal Operator and other Users. The Portal Operator does not verify the correctness of the information submitted by the Users and shall not take any responsibility for the correctness and truthfulness of the data submitted by the Users;
- to safeguard the data and devices necessary for logging in to the User Account of the Portal, including the ID card, respective passwords and user IDs and authentication devices in a manner that prevents third parties from gaining possession of them. However, if a third party enters the Portal through User’s Account, any and all provisions arising from the Terms of Service shall apply;
- to inform the Portal Operator immediately about the risk of unauthorised use of the User Account and Sub-Account(s) that may occur;
- to inform the Portal Operator as soon as possible of any changes in the data submitted upon opening the User Account or Sub-Account.
- In addition to other rights set forth in the Terms of Service, a registered User shall have the right to:
- enter the Portal by using logging in functionality, which is secured by the necessary measures determined at the Portal Operator’s discretion;
- use the functionalities of the Portal if the User complies with the requirements established for using the specific functionality;
- review the User data saved by the Portal Operator, amend such data and request the Portal Operator to cease processing;
- with prior consent of the Portal Operator, authorise User’s representative to use User’s User Account and register him/her as the authorised User of the User Account;
- provide feedback regarding the services offered by the Portal and respond to the surveys, including the service quality assessments, carried out by the Portal Operator.
- In addition to other obligations set forth in the Terms of Service, a User shall be obliged:
- Processing of User Data
- For the purposes of these Terms of Service, personal data shall be any and all data and information on a User who is a private person, which the User has disclosed upon registering their User Account or Sub-Account, using the Portal and making declarations of intent via the Portal. The personal data that the Portal Operator has learned about such User from third parties and stores or processes, is considered personal data.
- By registering a User Account and/or disclosing data, the User shall confirm that they are aware of and consent to the fact that any and all legally collected data regarding the User (including Sub-Account User(s)) which are in the possession of the Portal Operator, regardless of their origin, shall be processed by the Portal Operator for the purposes related to the possibilities of use of the Portal and to the extent necessary for it.
- A User, who is a private person, has the right to withdraw their consent for processing personal data at any time. The person may request the cease of processing the personal data, terminate the access to the data and request deletion or closing the collected personal data. This is possible if the User or any of the Sub-Account Users related to them have no on-going process of concluding an agreement via the Portal and no valid agreement concluded via the Portal, and provided that the legal acts do not oblige the Portal Operator to save data. Upon withdrawing the consent to process personal data the User’s User Account shall be closed.
- The Portal Operator shall be obliged to keep the Users’ data confidential and follow any and all rules arising from the Personal Data Protection Act of the Republic of Estonia.
- The Portal Operator shall have the right to disclose User’s personal data to third parties, including other Users, only in cases set forth in the law and Terms of Service.
- The Portal Operator shall have the right to disclose (personal) data of a User to persons belonging to the same group as the Portal Operator and persons who provide the Portal Operator with legal assistance, accounting, auditing or any other services, which presume processing of Users’ personal data, provided that the respective service provider has undertaken the obligation towards the Portal Operator not to disclose the respective personal data to third parties.
- 8. The Portal Operator shall have the right to use the e-mail address and mobile phone number of a User (including Sub-Account User(s)) for the purposes of forwarding to the User information, advertising and offers from the Portal Operator or its cooperation partners. The User shall have the right to choose, which notifications and offers they wish to receive through the Portal and refuse to receive offers from the Portal Operator and their cooperation partners, without their respective query through the Portal.
- Intellectual Property
- Any and all intellectual property rights to the Portal, including the structure, web design elements, texts and other components of the Portal, and the intellectual property rights related to them (including the intellectual property rights to trademarks, logos, brands, software, databases, news, messages, texts, graphic, musical and other design) belong to the Portal Operator, unless the rights of another person are referred to with regard to a component, or information has been entered by the Users of the Portal. Users (including Sub-Account Users) shall not be allowed to change, reproduce, disseminate, process, translate, make extracts from, forward, include in other databases or make public the Portal or any of its contents or components or use it in any other manner that is beyond the intended purposes of the Portal without the prior written consent of the Portal Operator.
- The User shall not be allowed to grant sub-licences for using the Portal or any of its contents or components or create new objects of intellectual property based on them.
- The Users (including Sub-Account Users) are allowed to publish only such material in the Portal for which they have intellectual property rights to the extent that is necessary for publishing the respective materials in the Portal. A User shall be fully responsible for the materials published in the Portal by them.
- With publishing of any material in the Portal by the User (including Sub-Account User), the User shall give their unconditional and free consent to the Portal Operator to store, disseminate and publish such material in accordance with the Terms of Service and to change or process in any other manner to the extent that is necessary for the intended use of the Portal.
- Although the Portal Operator shall take all measures to ensure correctness and reliability of information published in the Portal, the Portal Operator shall not be liable for publishing incorrect or misleading information in the Portal, or for a violation committed or being continuously committed through the Portal, or consequences thereof, of which the Portal Operator is not aware or for which it has taken measures for correcting the information, ending a violation or eliminating consequences thereof.
- The Portal Operator shall not be liable for the correctness and completeness of information received from third parties if the Portal Operator forwards or discloses it in the Portal in the same format as it was forwarded or made available to the Portal Operator. If a User discovers incorrectness of information contained in the Portal, they shall be obliged to inform the Portal Operator as soon as possible.
- The Portal Operator shall not be liable to other Users or third parties if a User (including Sub-Account User) violates an obligation set forth in the Terms of Service, any other agreement concluded with the Portal Operator, legal act or agreement concluded between Users.
- The Portal Operator shall be liable for the obligations arising from a transaction concluded through the Portal only if the Portal Operator is a party to a specific transaction.
- If a User (including Sub-Account User) causes damages to the Portal Operator by violating any of the obligations, the User (including Sub-Account User) shall be obliged to fully compensate the respective damages to the Portal Operator at first request.
- The Portal Operator shall not be liable for the damages that were caused to a User (including Sub-Account User) or third parties in relation to the fact that the Portal Operator used their legal remedies (e.g. removed information from the Portal or limited access to it, limited or restricted User’s access to their User Account or Portal).
- The Portal Operator shall not be liable for temporary interruption in the access to the Portal or its functionality.
- The Portal Operator shall be liable only for the direct patrimonial damages to the User caused by violation of the obligations of the Portal Operator’s due to gross negligence or intent. Other damages or loss of profit shall not be subject to compensation. The Portal Operator shall not be liable if a service provider or any other third party used by the Portal Operator causes the violation of obligations.
- Duration of Use of the Portal and Termination of Use
- User Accounts in the Portal are opened without term. If a User and related Sub-Account User have no valid agreements concluded via the Portal and they no longer wish to use the Portal, they can close the User Account and related Sub-Accounts and terminate the agreement concluded with the Portal Operator without advance notice.
- The Portal Operator shall have the right to limit or cancel a User’s right to use the Portal and close a User Account and related Sub-Accounts, as well as to terminate an agreement concluded with a User at any time without advance notice if it appears that:
- the User violates or has violated the Terms of Service or any other User obligations;
- the User does not accept new Terms of Service upon first logging in to the Portal after the new Terms of Service have been made available in the Portal;
- the User has submitted to the Portal Operator or other Users data and/or information that is incorrect, misleading and/or inaccurate;
- upon using the Portal the User behaves in bad faith, without dignity, illegally or in contradiction with the moral standards recognised in the society;
- the Portal Operator has discovered a circumstance based on which there may be a suspicion that third parties have gained possession of the data and devices allowing logging in to the User’s Account and the Portal and the User Account could be used by an unauthorized person.
- The Portal Operator shall have the right to close the Portal.
- Upon closing the Portal or if the User can no longer use the Portal:
- the transactions made through the Portal shall remain in force under the terms and conditions set forth therein and
- the settlements arising from transactions made between the respective User and other Users shall thereafter take place through the bank accounts of the respective User and other Users on the basis of the payment orders given by such Users. After the expiry of the right to use the Portal, the Portal Operator shall not be responsible for making or receiving payments on behalf of the Users).; and
- The Portal Operator shall pay the positive balance registered in the Sub-Account (as of the moment of expiry of the right to use the Portal), deducting the sums payable to the Portal Operator, to the bank account of the Sub-Account User within 10 (ten) working days from the expiry of the right to use the Portal.
- Sending Notices
- The notices sent to the User’s mailbox (an e-mail address that the User has provided to the Portal Operator) shall be considered as received within 24 hours of sending, including they shall be considered as received by all Users of the Sub-Accounts related to the respective User Account.
- Other Conditions
- Legislation of the Republic of Estonia shall be applicable to the use of the Portal in issues not regulated in the Terms of Service. If an article of the Terms of Service proves to be void due to contradicting the law, it shall not influence the validity of other articles.
- Disagreements and disputes arising from the fulfilment of the Terms of Service shall be settled by the parties primarily through negotiations. The Portal Operator shall have the unilateral right to establish a procedure for extrajudicial settling of disputes.
- If settling of disagreements through negotiations is impossible, the dispute shall be settled in Harju County Court.
The purpose of this document is to warn you about some risks involved when lending funds via this website. The list of risks and warnings are definitely non-exhaustive and there could be other matters that you would need to be aware of when deciding to use this website and make investment decisions. This document should not be viewed as an investment advice or guidance of any kind. It is written in order to remind you that there are risks involved with investing in loans.
The risks involved with investment decisions might affect investment returns and as there are no guarantees you might incur losses. You should endeavor to balance your different investments (different regions, industries, asset classes) and we suggest that you seek professional investment advice and also legal and tax advice if necessary, when investing through this website.
Please consider your available funds and act reasonably when investing. As you might incur losses you should analyze and evaluate the investment risks and the projects that you want to invest in.
We might publish some forecasts or analyses on our website, but these cannot be regarded as commitments or future events. We do our best to provide and publish accurate and complete information, but we do not warrant the completeness, accuracy, correctness, relevance and timeliness of such information. Some of the information may be from the reliable third parties, but we cannot take any responsibility for the actual correctness of information received from third parties.
Please note that due to market events, political of social circumstances, change in the legal acts et the situation on the market can change and bring about negative influences on your investment. The real estate prices may change (both increase and decrease) and thus have a negative influence on your investment. The market risk can reduce but not eliminated by diversifying your investments.
When specifically real estate is concerned, the real estate might lack tenants, the tenants may violate the lease terms (for example non-payment, vandalism etc), there might be technical or construction problems etc.
The legislative acts, administrative practice and other factors may contribute to the legal risk. The legislative acts and administrative practice regarding state supervision, assets, ownership, investment activities and taxation may change and influence your investment and the outcome of your investment.
The situation when investing and when exiting can be very different. With real estate projects, it might happen that the prices for the real estate change and the seller of the real estate cannot get the real estate sold in a set timeframe or a set monetary timeframe. You could also be required to make additional payments and incur additional costs in relation to the realization of the liquidity risk.
Investing in a foreign country
Please be aware that when investing in a foreign you may encounter different and non-familiar economic, political, social and legal environment.
Please bear in mind that the investment opportunities presented on http://www.crowdestor.com website do not fall under the supervision of any Financial Supervisory Authority and the presented information is not verified or approved by supervisory authorities.
Last update: 14.02.2018