KESTREL TERMS OF SERVICE

Last Updated: April 17, 2026

IMPORTANT LEGAL NOTICES

PLEASE READ THESE TERMS CAREFULLY BEFORE USING KESTREL.

These Terms of Service (these "Terms") constitute a legally binding agreement between you, whether personally or on behalf of an entity ("you," "User," or "your") and TALON VENTURES LLC (doing business as Kestrel RMS) ("Kestrel," "we," "us," or "our"), concerning your access to and use of the Kestrel website (www.kestrelrms.com) and related services (collectively, the "Services").

BY CLICKING "I AGREE," REGISTERING FOR AN ACCOUNT, OR ACCESSING THE SERVICES, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THESE TERMS AND OUR PRIVACY POLICY. IF YOU DO NOT AGREE TO THESE TERMS, YOU MUST IMMEDIATELY DISCONTINUE USE OF THE SERVICES.

CRITICAL NOTICE REGARDING DISPUTE RESOLUTION

THESE TERMS CONTAIN A BINDING ARBITRATION PROVISION IN SECTION 13 AND A CLASS ACTION WAIVER IN SECTION 13.2. THESE PROVISIONS AFFECT YOUR LEGAL RIGHTS, INCLUDING YOUR RIGHT TO FILE A LAWSUIT IN COURT AND TO HAVE A JURY HEAR YOUR CLAIMS. PLEASE READ SECTION 13 CAREFULLY.

You have the right to opt out of arbitration within thirty (30) days of first accepting these Terms by following the procedure in Section 13.6.

1. Eligibility and Scope

1.1 Geographic and Age Restrictions

The Services are controlled and operated from the United States and are intended solely for users located within the United States who own or manage real estate properties located within the United States. You must be at least eighteen (18) years of age to use the Services. By using Kestrel, you represent and warrant that you: (a) are at least 18 years old; (b) are located in the United States; (c) have the legal capacity to enter into this binding agreement; and (d) are not prohibited from using the Services under applicable law. We make no representation that the Services are appropriate, available, or legal for use in other locations. By accessing the Services from outside the United States, you do so at your own risk and are responsible for compliance with local laws.

1.2 Entity Users

If you are accessing or using the Services on behalf of a company, partnership, association, government, or other entity, you represent and warrant that you are authorized to bind that entity to these Terms, and references to "you" in these Terms refer to both you individually and that entity.

2. Description of Services

2.1 Services Overview

Kestrel provides a financial technology platform designed to assist real estate property owners and managers with organizing and tracking investment-related information. The Services include: (a) secure document storage and management for real estate-related documents; (b) read-only access to view banking transaction data through third-party integration with Plaid; (c) AI-powered data extraction and categorization from uploaded documents; (d) financial organization tools to track income and expenses; (e) calendar and notifications for important dates; and (f) portfolio analytics and reports based on data you provide.

2.2 Read-Only Banking Data — No Fund Transfers

The Services provide read-only access to your banking data for informational and organizational purposes only. Kestrel does NOT: (a) transfer, move, or handle any funds; (b) process payments or rent collections; (c) initiate any financial transactions; (d) hold, custody, or have access to your money; or (e) act as a money transmitter, payment processor, or financial intermediary. All banking data accessed through Plaid integration is for viewing and categorization purposes only.

2.3 Not a Financial Institution

Kestrel is a software and financial organization tool, not a financial institution. Kestrel is not a bank, credit union, broker-dealer, investment adviser, money services business (MSB), or money transmitter. The Services are not subject to the Gramm-Leach-Bliley Act (GLBA) financial institution provisions, the Bank Secrecy Act, or federal or state money transmission licensing requirements. Your banking data is accessed solely in read-only format through Plaid as your authorized agent and is never held, transferred, or custodied by Kestrel. Nothing in these Terms or the Services creates a depository, lending, or fiduciary relationship between you and Kestrel.

3. Artificial Intelligence and Automated Data Processing

3.1 AI Features and Limitations

Kestrel incorporates artificial intelligence (AI) technologies to enhance functionality and user experience. AI is used for: (a) automated extraction and categorization of data from uploaded documents; (b) recognition of financial transaction details; (c) organization of expense and income data; (d) identification of key dates for notifications; and (e) generation of summaries and insights related to your real estate portfolio.

AI-generated outputs are created by algorithms and machine learning models, which have inherent limitations and may: (a) misinterpret or incorrectly extract data from documents; (b) fail to recognize text or images properly; (c) incorrectly categorize transactions, expenses, or income; (d) produce "hallucinations" (plausible-sounding but factually incorrect outputs); or (e) misidentify dates, amounts, parties, or other critical information. WE DO NOT WARRANT, GUARANTEE, OR REPRESENT THAT ANY AI-GENERATED OUTPUT IS ACCURATE, COMPLETE, RELIABLE, CURRENT, OR ERROR-FREE. AI outputs are provided "as-is" for your convenience only and Kestrel expressly disclaims any and all liability for decisions made based on AI-generated outputs, financial losses, tax liabilities, legal issues, or other damages arising from reliance on AI-processed data.

3.2 User Verification Responsibilities

YOU ARE SOLELY AND ENTIRELY RESPONSIBLE FOR: (a) reviewing all AI-generated outputs for accuracy before relying on them; (b) verifying all extracted data against original source documents; (c) correcting any errors, omissions, or inaccuracies in AI-processed information; (d) making your own independent assessment of all data used for financial decisions, tax filings, legal matters, or business purposes; and (e) not relying solely on AI outputs for any consequential decision. The AI features are provided as assistive tools to help you organize information more efficiently. They are NOT substitutes for your own review, judgment, professional advice, or due diligence.

When you upload documents or provide information to the Services, you represent and warrant that: (a) you have the legal right to provide all information and documents to Kestrel for AI processing; (b) such processing does not violate any third-party rights, confidentiality obligations, or applicable laws; and (c) you have obtained any necessary consents for AI processing of information that includes third-party data. Kestrel does not use your individual User Data to train AI models or improve AI systems that would benefit other users. Your data is processed solely to provide Services to you. However, we may use anonymized, aggregated data that cannot identify you for product improvement purposes.

3.3 Fair Housing Compliance

KESTREL'S AI TOOLS MUST NEVER BE USED TO MAKE TENANT SELECTION, SCREENING, OR RENTAL DECISIONS. The Services are designed exclusively for financial organization and portfolio management—NOT for tenant interactions, applications, or housing decisions. If you are a landlord or property manager, you acknowledge that: (a) you are solely responsible for compliance with all Fair Housing laws (including the federal Fair Housing Act, state fair housing laws, and local anti-discrimination ordinances); (b) Kestrel's AI outputs must not be used as a basis for any housing-related decision that could violate Fair Housing laws; (c) any rental or tenant-related decisions must be made by you independently using lawful, non-discriminatory criteria; and (d) you will not upload tenant applications, screening documents, or similar materials to the Services. Kestrel disclaims all liability for any Fair Housing violations arising from your use of the Services or AI outputs.

3.4 AI Transparency and Interaction Disclosure

(a) Non-Human Interaction: You acknowledge and agree that when you interact with "Kestrel Assistant," or other automated analysis features within the Services, you are interacting with an Artificial Intelligence system and not a human being.

(b) No Human Review of Outputs: Unless expressly stated otherwise, the data, summaries, lease abstractions, and insights generated by the Services are not reviewed, verified, or approved by human lawyers, accountants, or real estate professionals prior to being presented to you.

(c) State Law Disclosures (CA, CO, UT): In compliance with applicable state laws regarding artificial intelligence transparency:

• Identity: The "Kestrel Assistant" and related chat interfaces are automated software programs (bots) powered by generative AI.
• Purpose: These systems are intended solely to assist you in organizing data and locating information within your uploaded documents. They are not intended to provide social companionship, mental health support, or professional advice.
• Limitations: AI systems may generate "hallucinations" (false information presented as fact). You must independently verify all AI-generated assertions against your original source documents.

3.5 Security Vulnerability Disclosure

Kestrel is committed to the security of its Services and the protection of user data. If you discover a potential security vulnerability in the Services, we ask that you report it to us responsibly before disclosing it publicly.

To report a security vulnerability, please email security@kestrelrms.com with a description of the issue, steps to reproduce it, and the potential impact. We will acknowledge receipt within five (5) business days and work to investigate and remediate confirmed vulnerabilities in a timely manner.

Provided that you: (a) make a good faith effort to avoid privacy violations, destruction of data, or disruption of Services; (b) do not exploit the vulnerability beyond what is necessary to demonstrate it; and (c) report the vulnerability to us promptly and do not disclose it publicly until we have had a reasonable opportunity to address it, Kestrel will not pursue legal action against you solely for discovering and reporting a security vulnerability in good faith. This policy does not authorize you to access systems or data beyond what is reasonably necessary to identify and report the vulnerability. This policy does not create any obligation on Kestrel to provide compensation for vulnerability reports.

4. Accounts and Acceptable Use

4.1 Account Registration and Security

To access the Services, you must register for an account by providing accurate and complete information, including your name, email address, and password. You agree to: (a) provide true, accurate, current, and complete information during registration; (b) maintain and promptly update your account information; (c) maintain the confidentiality and security of your account credentials; (d) not share your password with any third party; and (e) immediately notify us of any unauthorized access to or use of your account.

You are entirely responsible for all activities that occur under your account, whether or not authorized by you. Kestrel is not liable for any loss, damage, or liability arising from your failure to protect your account credentials or from any unauthorized access to your account. We reserve the right to suspend, disable, or terminate your account for any of the following reasons: (i) breach of these Terms by you; (ii) suspected fraudulent, illegal, or abusive activity; (iii) nonpayment of applicable fees; (iv) compliance with legal process or law-enforcement request; (v) risk to Kestrel, other users, or third parties; (vi) discontinuation of the Services; or (vii) any other material business reason, provided that termination under this subparagraph (vii) shall be accompanied by thirty (30) days' advance notice and a pro-rata refund of prepaid fees for any unused portion of your then-current billing period.

4.2 Prohibited Activities

You may access and use the Services only for lawful purposes and in accordance with these Terms. You agree that you will NOT: (a) share your account credentials with any third party, allow unauthorized access to your account, use another user's account without permission, create accounts using false information, or create multiple accounts to circumvent restrictions; (b) attempt to gain unauthorized access to the Services, other users' accounts, or Kestrel's systems, use any automated systems, bots, scripts, scrapers, or spiders to access or extract data, reverse engineer, decompile, disassemble, or attempt to derive the source code of the Services, circumvent security features or access controls, upload or transmit viruses, malware, or other malicious code, interfere with or disrupt the Services or networks, or use the Services in any manner that could damage or impair Kestrel's servers or infrastructure; (c) upload, input, or transmit false, misleading, or inaccurate data, content that infringes any intellectual property rights, privacy rights, or other rights of third parties, documents or data that you do not own or have legal authority to provide, illegal content or content that violates third-party rights, or excessively large files with the intent to consume storage resources; (d) use the Services for properties located outside the United States or for properties you do not own or lack legal authority to manage, for any illegal or unauthorized purpose, in any manner that violates Fair Housing laws or other anti-discrimination laws, to make tenant selection, rental decisions, or any housing-related determinations using AI outputs, or to engage in fraud, deception, or misrepresentation; (e) use the Services for any commercial purpose not expressly authorized by Kestrel, resell, sublicense, or redistribute access to the Services, use the Services to create a competing product or service, or copy, reproduce, or create derivative works based on the Services; or (f) harass, threaten, intimidate, or harm other users or Kestrel personnel, submit false reports of abuse, impersonate any person or entity, or engage in any conduct that could damage Kestrel's reputation or business.

4.3 Enforcement

Violation of these prohibited activities may result in: (a) immediate suspension or termination of your account; (b) removal of your User Data and documents; (c) reporting to law enforcement authorities; or (d) legal action to recover damages and costs. Kestrel reserves the right to investigate suspected violations and to cooperate with law enforcement authorities.

5. Third-Party Services and Content

5.1 Banking Data Integration (Plaid)

The Services utilize Plaid Technologies, Inc. ("Plaid") to connect to your financial accounts and retrieve your banking transaction data in read-only format. By connecting your financial accounts through the Services, you: (a) grant Kestrel and Plaid the authority to access and retrieve your account information on your behalf for the sole purpose of displaying it to you within the Services; (b) agree to Plaid's End User Privacy Policy (available at https://plaid.com/legal/#end-user-privacy-policy); and (c) understand that your use of Plaid's services is subject to Plaid's terms and policies. Kestrel is not responsible for Plaid's performance, accuracy, availability, data practices, security measures, or any issues arising from Plaid's services. If Plaid experiences an outage, data breach, or service interruption, Kestrel is not liable for any resulting harm or inability to access your banking data.

5.2 Payment Processing (Stripe)

All subscription payment transactions on the Services are processed by Stripe, Inc. ("Stripe"). By providing payment information for your Kestrel subscription, you: (a) agree to Stripe's Services Agreement (available at https://stripe.com/legal/ssa) and Privacy Policy (available at https://stripe.com/privacy); (b) authorize Stripe to charge your designated payment method for all subscription fees; and (c) understand that Kestrel does not store your complete payment card information on our servers. Kestrel is not responsible for Stripe's processing errors, payment failures, security breaches, or unauthorized charges originating from Stripe's systems.

5.3 General Third-Party Services and Content

Your account data, property information, uploaded documents, and User Data are stored using third-party database and cloud storage providers. We implement industry-standard security measures to protect your data, including encryption at rest and in transit. However, no storage system is completely secure. You acknowledge that electronic storage carries inherent risks, including the risk of unauthorized access, data breaches, and data loss.

The Services may contain links to third-party websites, applications, or services ("Third-Party Sites") and may display content, data, information, applications, or materials from third parties ("Third-Party Content"). Kestrel does not: (a) endorse or recommend any Third-Party Sites or Third-Party Content; (b) control the content, privacy policies, or practices of Third-Party Sites; (c) investigate, monitor, or verify the accuracy, completeness, or appropriateness of Third-Party Sites or Third-Party Content; or (d) assume responsibility for Third-Party Sites, Third-Party Content, or any products, services, or practices thereof. Third-Party Content is the sole responsibility of the party that makes it available.

5.4 Sub-processors

Kestrel uses third-party service providers ("subprocessors") to provide the Services. The current list of our subprocessors, including the purpose of each engagement and the categories of data processed, is maintained in our Privacy Policy. We will provide at least thirty (30) days' advance notice of material changes to our subprocessor list via email or in-product notice. Your continued use of the Services after the effective date of a subprocessor change constitutes acceptance; if you object to a new subprocessor, you may terminate your account before the change takes effect and export your User Data during the thirty (30) day export window described in Section 15.

5.5 User Responsibilities and Disclaimers

While we strive to accurately display information retrieved from your financial institutions through Plaid, we cannot and do not guarantee the completeness, accuracy, currency, or reliability of such data. YOU ARE SOLELY RESPONSIBLE FOR: (a) reviewing all imported financial data for accuracy and completeness; (b) comparing imported data against your official bank statements; (c) making any necessary corrections to inaccurate or incomplete data; (d) verifying all transaction categorizations before using data for tax or financial purposes; and (e) reviewing the terms of use and privacy policies of any Third-Party Sites you visit. Your interactions with Third-Party Sites, including transactions and data sharing, are solely between you and the third party.

Kestrel relies on third-party services (including Plaid, Stripe, cloud storage providers, and AI providers) to provide the Services. You acknowledge and agree that: (a) interruptions, errors, outages, or failures of these third-party services may temporarily or permanently affect your access to or use of the Services; and (b) Kestrel is not liable for any damages, losses, or harm resulting from third-party service failures, data breaches originating from third-party providers, interruptions in third-party services, or any errors, omissions, or offensive material in Third-Party Content. We will make commercially reasonable efforts to restore Services following third-party outages, but we do not guarantee any specific uptime or availability.

6. Subscription Fees and Billing

6.1 Subscription Plans and Pricing

Kestrel offers subscription-based access to the Services. Current subscription plans, pricing, and features are described on our website at www.kestrelrms.com/pricing. By subscribing to the Services, you agree to pay all applicable fees as described at the time of purchase. We reserve the right to modify subscription pricing, plans, and features at any time. Price changes will not affect your current billing period but will apply upon your next renewal unless you cancel before the renewal date.

6.2 Billing, Payment Authorization, and Automatic Renewal

Subscription fees are billed in advance on a recurring basis (monthly or annually, as selected by you). By subscribing, you authorize Kestrel and our payment processor (Stripe) to automatically charge your designated payment method for: (a) all subscription fees for each billing period; (b) any applicable taxes; and (c) any other fees you incur through use of the Services. You represent and warrant that: (a) you are authorized to use the payment method you provide; (b) all payment information you provide is accurate and current; and (c) you will promptly update payment information if it changes or expires.

YOUR SUBSCRIPTION WILL AUTOMATICALLY RENEW at the end of each billing period (monthly or annual) UNLESS YOU CANCEL PRIOR TO THE RENEWAL DATE. You will be charged the then-current subscription fee for the renewal period. You may cancel your subscription at any time through your account settings or by contacting us at support@kestrelrms.com. Cancellation will be effective at the end of your current billing period, and you will retain access to the Services through that date.

6.3 Payment Issues and Refunds

If we are unable to process payment for your subscription (due to insufficient funds, expired card, or other reasons): (a) we will attempt to notify you via email; (b) we may suspend your access to the Services until payment is successfully processed; and (c) we reserve the right to terminate your account if payment issues remain unresolved for thirty (30) days or more. You remain responsible for any unpaid fees, and we may pursue collection of such fees.

Subscription fees are generally non-refundable. Once charged, fees for a billing period are not refunded if you cancel mid-period, although you will retain access through the end of that period. We may provide refunds on a case-by-case basis at our sole discretion, including in circumstances where: (a) a technical error resulted in duplicate charges; (b) you cancel within 48 hours of initial subscription; or (c) we terminate your account due to our own error or Service failure. Refund requests must be submitted to support@kestrelrms.com within thirty (30) days of the charge.

6.4 Taxes

You are responsible for all applicable federal, state, and local sales, use, value-added (VAT), and other taxes associated with your subscription, except for taxes based on Kestrel's net income. If we are required to collect taxes, they will be added to your subscription fee.

7. User Content and Data Storage

7.1 Your Ownership and License Grant

You retain all ownership rights in and to the property data, financial information, documents, and other content you upload, input, or create using the Services (collectively, "User Data"). Kestrel does not claim ownership of your User Data. By providing User Data to the Services, you grant Kestrel a limited, non-exclusive, worldwide, royalty-free, fully paid-up license to use, store, reproduce, process, modify, display, and transmit your User Data solely for the purposes of: (a) providing the Services to you; (b) improving and developing the Services (using only anonymized, aggregated data that cannot identify you); (c) maintaining backups and disaster recovery systems; and (d) complying with legal obligations and responding to lawful requests from authorities. This license terminates when you delete your User Data or close your account, except for data retained in backups or as required by law.

7.2 User Warranties and Kestrel's Rights

You represent and warrant that: (a) you own or have all necessary rights, permissions, and legal authority to provide all User Data to the Services; (b) your User Data does not and will not infringe, misappropriate, or violate any intellectual property rights, privacy rights, publicity rights, or other rights of any third party; (c) your User Data does not and will not violate any applicable laws, regulations, or contractual obligations; (d) your User Data does not contain any viruses, malware, or malicious code; (e) all financial information, property data, and documents you provide are accurate and complete to the best of your knowledge; and (f) you have obtained all necessary consents and permissions to upload documents containing third-party information (such as tenant names, vendor information, or financial data of co-owners).

We reserve the right to: (a) remove, modify, or refuse to process any User Data that, in our sole discretion, violates these Terms, applicable law, or third-party rights; (b) remove User Data that we suspect is fraudulent, illegal, or poses a security risk to the Services or other users; (c) access and disclose User Data if required by law, court order, or legal process; and (d) access User Data to investigate potential violations of these Terms or to provide customer support (only with your permission or as necessary to resolve issues).

7.3 Document Storage Features and Limits

The Services provide secure cloud storage for your real estate-related documents, including but not limited to: lease agreements, loan and mortgage documents, property deeds, tax records, insurance policies, receipts and invoices, bank statements, property inspection reports, and HOA documents. Your subscription plan includes a specified amount of document storage space. Current storage limits for each plan are available at www.kestrelrms.com/pricing. If you exceed your allocated storage limit, you may be required to upgrade to a higher-tier subscription plan or delete files to free up space before uploading additional documents.

The Services support common document file types as designated within the Services interface. We reserve the right to: (a) restrict certain file types for security reasons; (b) implement file size limits for individual uploads; (c) reject files that contain malware or malicious code; and (d) remove files that violate these Terms or applicable law.

7.4 Data Security, Backup, and Retention

We implement commercially reasonable security measures to protect your stored documents, including encryption of data at rest and in transit, secure access controls and authentication, regular security audits and monitoring, and restricted employee access to user data. However, you acknowledge and agree that: (a) no electronic storage system is completely secure or invulnerable to all threats; (b) you store sensitive documents on the Services at your own risk; (c) Kestrel is not liable for unauthorized access, data breaches, or exposure of documents resulting from security incidents beyond our control; and (d) you should maintain offline backup copies of critical or irreplaceable documents.

While we perform regular backups of Services data, you are solely responsible for maintaining your own backup copies of important documents and information stored on the Services. We are not liable for any loss, corruption, deletion, or inaccessibility of User Data, whether caused by: (a) technical failures or system errors; (b) third-party service provider failures; (c) user error or accidental deletion; (d) security breaches or unauthorized access; (e) natural disasters or force majeure events; or (f) account termination or suspension.

We will retain your documents for as long as your account remains active and in good standing. Following termination or cancellation of your account: (a) you will have thirty (30) days to download and export your documents; (b) after this 30-day period, all documents may be permanently and irreversibly deleted from our systems; (c) we are not responsible for documents lost due to failure to download them during the 30-day window; and (d) Kestrel shall have no obligation to retain User Data after this period. Notwithstanding the above, we may retain documents if required by law, court order, or legal hold, or if necessary to resolve disputes. We may retain anonymized data or data required by law for longer periods.

7.5 Security Incident Notification

In the event of a confirmed security incident affecting your personal information, we will notify you without undue delay, and in any event consistent with applicable state breach-notification laws. Notification will be provided via the email address associated with your account and will describe, to the extent known: the nature of the incident, the categories of information involved, the steps we have taken in response, and recommended steps you can take to protect yourself.

8. No Professional Advice

8.1 General Disclaimer

KESTREL IS A FINANCIAL ORGANIZATION AND PORTFOLIO MANAGEMENT TOOL, NOT A PROFESSIONAL SERVICE PROVIDER. We are not a financial planner, investment advisor, tax preparer (CPA), attorney, or real estate broker. You acknowledge that: (a) Kestrel does not provide financial, tax, legal, or real estate advice; (b) AI-generated categorizations and reports are for informational purposes only and must be verified by you; (c) you should consult with qualified professionals before making decisions based on data organized by the Services; and (d) any estimated property values, return on investment (ROI) calculations, cap rates, cash-on-cash returns, internal rate of return (IRR), or other performance metrics displayed on the Services are approximations based on data you provide and general calculation methodologies, not professional appraisals or broker price opinions (BPOs), not suitable for use in purchase, sale, refinancing, or lending decisions, and potentially inaccurate due to incomplete data, market changes, or calculation errors. You should obtain a professional appraisal from a licensed appraiser for any purpose requiring an official property valuation. KESTREL EXPRESSLY DISCLAIMS LIABILITY FOR ANY PENALTIES, TAX LIABILITIES, OR LOSSES RESULTING FROM YOUR RELIANCE ON THE SERVICES WITHOUT INDEPENDENT PROFESSIONAL VERIFICATION.

8.2 Regulatory Compliance

The Services do not ensure or monitor your compliance with: (a) Federal Fair Housing Act or state/local fair housing laws; (b) Americans with Disabilities Act (ADA) requirements; (c) lead-based paint disclosure requirements; (d) landlord-tenant laws and eviction procedures; (e) rent control or rent stabilization ordinances; (f) business licensing or registration requirements; (g) securities laws (if properties are held in syndications or REITs); (h) environmental regulations; or (i) zoning and land use regulations. YOU ARE SOLELY RESPONSIBLE FOR ENSURING YOUR REAL ESTATE ACTIVITIES COMPLY WITH ALL APPLICABLE FEDERAL, STATE, AND LOCAL LAWS AND REGULATIONS. Failure to comply with applicable laws may result in civil penalties, criminal liability, lawsuits, or other consequences for which Kestrel has no responsibility.

9. Intellectual Property Rights

9.1 Kestrel's Proprietary Rights

The Services and all elements thereof, including but not limited to the website, mobile applications, software, source code, databases, functionality, designs, interfaces, text, graphics, logos, icons, images, audio, video, and all Content (other than User Data) (collectively, the "Kestrel Content"), are owned by Kestrel or our licensors and are protected by United States and international copyright, trademark, patent, trade secret, and other intellectual property laws. The Kestrel name, logo, and all related names, logos, product and service names, designs, and slogans (the "Marks") are trademarks of Kestrel or our affiliates or licensors. You may not use the Marks without our prior written permission.

9.2 Limited License to Use Services

Subject to your compliance with these Terms, Kestrel grants you a limited, non-exclusive, non-transferable, non-sublicensable, revocable license to: (a) access and use the Services for use in connection with managing your real estate portfolio; and (b) download and print limited portions of Kestrel Content for your personal, non-commercial use. This license does not include any right to: (a) reproduce, distribute, modify, create derivative works of, publicly display, publicly perform, republish, download (except as expressly permitted), store, or transmit any Kestrel Content except as expressly authorized; (b) use the Services or Kestrel Content for any commercial purpose or for the benefit of any third party; or (c) access or use the Services through automated means (bots, scrapers, scripts) except as expressly authorized by Kestrel.

9.3 Restrictions and Feedback

You may not: (a) copy, modify, or create derivative works of the Services or Kestrel Content; (b) distribute, license, lease, sell, resell, transfer, publicly display, publicly perform, transmit, stream, broadcast, or otherwise exploit the Services; (c) decompile, reverse engineer, or disassemble the Services or attempt to derive source code; (d) remove, alter, or obscure any copyright, trademark, or other proprietary rights notices; (e) frame or mirror any part of the Services without our express written permission; or (f) use any meta tags or other hidden text utilizing Kestrel's name or Marks.

If you provide Kestrel with any suggestions, ideas, enhancement requests, feedback, recommendations, or other comments specifically in connection with, and relating to the functionality, features, or user experience of, the Services ("Feedback"), you grant Kestrel a non-exclusive, irrevocable, perpetual, sublicensable, transferable, royalty-free license to use such Feedback to improve the Services, without compensation or attribution to you. This license does not extend to your independent business concepts, proprietary information, or ideas unrelated to the functionality of the Services.

9.4 Digital Millennium Copyright Act ("DMCA") Notice and Policy

Kestrel respects the intellectual property rights of others and expects its users to do the same. In accordance with the Digital Millennium Copyright Act of 1998, we will respond expeditiously to claims of copyright infringement committed using the Services that are reported to our Designated Copyright Agent.

(a) Takedown Notice: If you are a copyright owner (or authorized to act on behalf of one) and believe that your work has been copied and posted on the Services in a way that constitutes copyright infringement, please submit a written notice to our Copyright Agent that includes:

• A physical or electronic signature of the person authorized to act on behalf of the copyright owner;
• Identification of the copyrighted work claimed to have been infringed;
• Identification of the material that is claimed to be infringing and that is to be removed (please provide the URL or specific document name to help us locate it);
• Your contact information, including address, telephone number, and email address;
• A statement that you have a good faith belief that use of the material is not authorized by the copyright owner, its agent, or the law; and
• A statement that the information in the notification is accurate, and under penalty of perjury, that you are authorized to act on behalf of the copyright owner.

(b) Counter-Notice: If you believe your content was removed by mistake or misidentification, you may submit a counter-notification to our Copyright Agent containing the information required by the DMCA.

(c) Repeat Infringers: It is Kestrel's policy, in appropriate circumstances, to terminate the accounts of users who are repeat infringers or who are repeatedly charged with infringement.

(d) Designated Copyright Agent: TALON VENTURES LLC, Attn: Copyright Agent, PO Box 4811, Fayetteville, AR 72702. Email: legal@kestrelrms.com

10. Disclaimers of Warranties

10.1 "As Is" and "As Available" Basis

THE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, KESTREL DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO: (a) implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement; (b) warranties that the Services will be uninterrupted, error-free, secure, or free from viruses or other harmful components; (c) warranties regarding the accuracy, reliability, completeness, or timeliness of any content, data, or information provided through the Services; (d) warranties that defects or errors will be corrected; and (e) warranties regarding the results obtained from use of the Services.

10.2 Specific Service Disclaimers

We do not warrant that: (a) banking data retrieved through Plaid will be accurate, complete, current, or continuously available, and we are not responsible for errors in data provided by your financial institutions or Plaid; (b) document storage will be error-free, secure from all threats, or continuously available, and we are not responsible for document loss, corruption, or unauthorized access; (c) the performance, availability, or security of third-party services (Plaid, Stripe, cloud storage providers, AI providers) integrated with the Services will meet any particular standard; or (d) the Services will be available at all times or that access will be uninterrupted. We may suspend, modify, or discontinue the Services at any time without notice.

No oral or written information, advice, or statement obtained by you from Kestrel or through the Services creates any warranty not expressly stated in these Terms. Some jurisdictions do not allow the exclusion of certain warranties. In such jurisdictions, some of the above exclusions may not apply to you, and you may have additional rights.

11. Limitation of Liability

11.1 Exclusion of Certain Damages

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL KESTREL, ITS AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SUPPLIERS, OR LICENSORS (COLLECTIVELY, THE "KESTREL PARTIES") BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY: (a) indirect, incidental, special, consequential, punitive, or exemplary damages; (b) damages for loss of profits, revenue, business opportunities, goodwill, use, or data; (c) damages resulting from unauthorized access to or use of our servers or any User Data or documents stored therein, errors, mistakes, or inaccuracies in any content or data, interruption or cessation of the Services, reliance on AI-generated outputs, data extraction errors, or incorrect categorizations, tax liabilities, penalties, or interest arising from use of the Services, third-party service failures (including Plaid, Stripe, cloud storage providers, AI providers), data breaches, security incidents, or unauthorized access to your account or data, or loss or deletion of User Data or documents; WHETHER BASED ON WARRANTY, CONTRACT, TORT (INCLUDING NEGLIGENCE), STATUTE, OR ANY OTHER LEGAL THEORY, AND WHETHER OR NOT THE KESTREL PARTIES HAVE BEEN INFORMED OF THE POSSIBILITY OF SUCH DAMAGE.

11.2 Cap on Direct Damages and Basis of Bargain

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE TOTAL LIABILITY OF THE KESTREL PARTIES TO YOU FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THESE TERMS OR THE SERVICES, WHETHER IN CONTRACT, TORT, OR OTHERWISE, SHALL NOT EXCEED THE TOTAL AMOUNT YOU PAID TO KESTREL IN SUBSCRIPTION FEES DURING THE TWELVE (12) MONTHS PRECEDING THE EVENT GIVING RISE TO LIABILITY.

The limitations in this Section 11 apply to all claims in the aggregate, not per incident. Multiple claims will not expand this limitation.

You acknowledge and agree that the disclaimer of warranties and limitation of liability set forth in these Terms reflect a reasonable and fair allocation of risk between you and Kestrel, and that these limitations are an essential basis of Kestrel's ability to make the Services available to you on an economically reasonable basis. These limitations will apply even if any limited remedy fails of its essential purpose. Some jurisdictions do not allow the exclusion or limitation of certain damages. In such jurisdictions, some of the above limitations may not apply to you, and you may have additional rights. In such cases, the Kestrel Parties' liability shall be limited to the fullest extent permitted by applicable law.

12. Indemnification

12.1 Your Indemnification Obligations

You agree to defend, indemnify, and hold harmless the Kestrel Parties from and against any and all claims, damages, obligations, losses, liabilities, costs, debts, and expenses (including but not limited to reasonable attorneys' fees and court costs) arising from or relating to: (a) your access to or use of the Services; (b) your violation of these Terms; (c) your violation of any rights of any third party, including intellectual property rights, privacy rights, or property rights; (d) your violation of any applicable laws, regulations, or ordinances; (e) any claims arising from your real estate activities, including Fair Housing violations, landlord-tenant disputes, or property management issues; (f) your User Data or documents you upload to the Services, including claims that such User Data or documents infringe or violate any third-party rights or applicable laws; (g) any tax liabilities, penalties, or disputes arising from your use of the Services; (h) your willful misconduct, fraud, or material breach of these Terms in connection with your use of the Services; or (i) any unauthorized access to your account resulting from your failure to protect your credentials.

12.2 Defense and Notice

Kestrel reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you. In such cases, you agree to cooperate with Kestrel's defense of such claims. You may not settle any claim subject to this indemnification without Kestrel's prior written consent. If you become aware of any claim subject to this indemnification, you must promptly notify Kestrel in writing.

13. Dispute Resolution and Arbitration

IMPORTANT: PLEASE READ THIS SECTION CAREFULLY. IT AFFECTS YOUR LEGAL RIGHTS, INCLUDING YOUR RIGHT TO FILE A LAWSUIT IN COURT.

13.1 Binding Arbitration

You and Kestrel agree that any dispute, claim, or controversy arising out of or relating to these Terms, your use of the Services, or the relationship between you and Kestrel (collectively, "Disputes"), including disputes regarding the validity, enforceability, or scope of this arbitration provision, shall be resolved exclusively through final and binding arbitration, rather than in court. This arbitration agreement applies to all Disputes, including but not limited to claims arising from or relating to any aspect of the relationship between you and Kestrel, claims that arose before these Terms or any prior agreement, claims for breach of contract, tort, fraud, misrepresentation, or violation of statute, claims regarding the Services, User Data, billing, or account termination, claims regarding data breaches, privacy violations, or security incidents, and disputes about the interpretation or application of these Terms.

Exceptions: Notwithstanding the above, the following Disputes are NOT subject to arbitration: (a) small claims court actions brought in the small claims court of the county in which you reside, provided your claim qualifies for and remains in small claims court; (b) claims for injunctive or equitable relief to protect intellectual property rights; (c) claims that cannot be arbitrated as a matter of applicable law; and (d) claims for public injunctive relief under California law, which may be brought in court; provided that all other claims, including claims for damages or restitution, remain subject to arbitration under this Section 13.

13.2 Class Action and Jury Trial Waiver

YOU AND KESTREL AGREE THAT EACH PARTY MAY BRING DISPUTES AGAINST THE OTHER PARTY ONLY IN AN INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, CONSOLIDATED, OR REPRESENTATIVE PROCEEDING. TO THE FULLEST EXTENT PERMITTED BY LAW, ANY INDIVIDUAL CLAIM YOU MAY HAVE UNDER A REPRESENTATIVE-ACTION STATUTE (INCLUDING THE CALIFORNIA PRIVATE ATTORNEYS GENERAL ACT, TO THE EXTENT APPLICABLE) SHALL BE BROUGHT IN YOUR INDIVIDUAL CAPACITY IN ARBITRATION UNDER THIS SECTION 13. YOU WAIVE THE RIGHT TO BRING THE REPRESENTATIVE PORTION OF ANY SUCH CLAIM IN ARBITRATION. NOTHING IN THIS SECTION PROHIBITS THE REPRESENTATIVE PORTION OF SUCH A CLAIM FROM PROCEEDING IN COURT AFTER THE INDIVIDUAL PORTION HAS BEEN RESOLVED, TO THE EXTENT REQUIRED BY APPLICABLE LAW YOU AND KESTREL ARE EACH WAIVING THE RIGHT TO TRIAL BY JURY AND THE RIGHT TO PARTICIPATE IN A CLASS ACTION. Unless both you and Kestrel agree otherwise in writing, the arbitrator may not consolidate more than one person's claims and may not preside over any form of representative or class proceeding.

13.3 Arbitration Procedures and Fees

Arbitration will be conducted by the American Arbitration Association (AAA) under its Consumer Arbitration Rules (the "AAA Rules"), as modified by these Terms. The AAA Rules and information about arbitration and fees are available at www.adr.org or by calling 1-800-778-7879. Disputes will be resolved by a single neutral arbitrator selected in accordance with the AAA Rules. Arbitration will take place in Washington County, Arkansas, or at another location mutually agreed upon by the parties. The arbitrator shall apply Arkansas law consistent with the Federal Arbitration Act (FAA). Discovery shall be limited as set forth in the AAA Consumer Arbitration Rules. Either party may disclose the existence, content, or results of any arbitration, except to the extent required to comply with applicable laws governing personal information, trade secrets, or privilege..

If your claim seeks less than $10,000, Kestrel will pay all AAA filing, administration, and arbitrator fees, unless the arbitrator determines your claim is frivolous. If your claim seeks $10,000 or more, fees will be allocated according to the AAA Rules. If the arbitrator issues an award in your favor that is greater than the value of Kestrel's last written settlement offer (or if Kestrel made no settlement offer), Kestrel will reimburse you for your reasonable arbitration fees and costs. The arbitrator may award declaratory or injunctive relief only in favor of the individual party seeking relief and only to the extent necessary to provide relief warranted by that party's individual claim. The arbitrator's decision will be final and binding, except for any right of appeal provided by the FAA. Judgment on the arbitration award may be entered in any court having jurisdiction.

13.4 Informal Dispute Resolution Requirement

Before initiating arbitration, you and Kestrel agree to attempt to resolve the Dispute informally for at least sixty (60) days. To initiate informal dispute resolution, you must send written notice to: TALON VENTURES LLC, Attention: Legal Department – Dispute Resolution, PO Box 4811, Fayetteville, AR 72702. Email: legal@kestrelrms.com. The notice must include: (a) your name and contact information; (b) your Kestrel account email address; (c) a description of the Dispute; and (d) the relief you seek. If we are unable to resolve the Dispute within sixty (60) days, either party may commence arbitration.

13.5 Governing Law and Venue for Non-Arbitrable Claims

For any Disputes that are not subject to arbitration (as specified in Section 13.1): (a) these Terms and any Disputes shall be governed by the laws of the State of Arkansas, without regard to conflict of law principles; (b) you agree to submit to the personal and exclusive jurisdiction of the state and federal courts located in Washington County, Arkansas; and (c) YOU WAIVE ANY OBJECTION TO VENUE IN ARKANSAS COURTS AND ANY CLAIM THAT ARKANSAS COURTS ARE AN INCONVENIENT FORUM.

13.6 Opt-Out of Arbitration

You have the right to opt out of this arbitration provision within thirty (30) days of first accepting these Terms (i.e., first registering your account or first using the Services after these Terms become effective). To opt out, you must send written notice to: TALON VENTURES LLC, Attention: Legal Department – Arbitration Opt-Out, PO Box 4811, Fayetteville, AR 72702. Email: legal@kestrelrms.com. The opt-out notice must include: (a) your name; (b) your email address associated with your Kestrel account; (c) your mailing address; and (d) a clear statement that you wish to opt out of this arbitration provision. If you opt out, all other terms of these Terms will continue to apply, but Disputes will be resolved in Arkansas courts as specified in Section 13.5.

13.7 Severability and Survival

If any portion of this Section 13 is found to be unenforceable or unlawful for any reason: (a) the unenforceable provision will be severed from these Terms; (b) severance of the unenforceable provision will have no impact on the remainder of this arbitration provision or the parties' ability to compel arbitration of any remaining claims; and (c) if the class action waiver in Section 13.2 is found to be unenforceable, this entire Section 13 (arbitration provision) will be deemed void, and Disputes will be resolved in court as specified in Section 13.5. This Section 13 shall survive termination of these Terms or your use of the Services.

14. Changes to Terms and Services

14.1 Modifications to Terms and Your Acceptance

We reserve the right, at our sole discretion, to modify, amend, or replace these Terms at any time. If we make material changes to these Terms, we will provide notice by: (a) updating the "Last Updated" date at the top of these Terms; (b) posting a notice on the Services; (c) sending notice to the email address associated with your account; or (d) displaying a prominent notice when you log in to your account. For material changes, we will provide at least thirty (30) days' advance notice before the new terms take effect. What constitutes a "material change" will be determined at our sole discretion, but generally includes changes that reduce your rights, increase your obligations, modify dispute resolution or arbitration provisions, change fee structures or introduce new fees, or limit our liability in new ways.

For material changes to (i) Section 13 (Dispute Resolution and Arbitration, including the class-action waiver and opt-out), (ii) Section 6 (Subscription Fees and Billing, including any fee increases or new fee categories), or (iii) Section 11 (Limitation of Liability), Kestrel will require your affirmative consent before the revised Terms apply to you. You will be presented with the revised Terms in-product and must click "I Agree" to continue using the Services. If you decline, you may continue to use the Services under the prior version of these Terms until the end of your then-current billing period, after which your account will be closed and you will be given the 30-day data-export window described in Section 15.

For all other modifications, we will provide at least thirty (30) days' advance notice, and your continued use after the effective date will constitute acceptance.

14.2 Changes to Services

We reserve the right to: (a) modify, suspend, or discontinue the Services (or any part thereof) at any time, with or without notice; (b) change features, functionality, or availability of the Services; (c) impose new limits on certain features or restrict access to parts of the Services; and (d) remove or modify User Data storage limits, AI processing capabilities, or other features. We will make reasonable efforts to notify you of significant changes that negatively affect your use of the Services, but we are not obligated to do so. We are not liable to you or any third party for any modification, suspension, or discontinuation of the Services.

15. Term and Termination

15.1 Termination by Either Party

These Terms commence when you first access the Services or create an account and continue until terminated as provided herein. You may terminate these Terms and close your account at any time by accessing your account settings and following the account closure process, or by sending a termination request to support@kestrelrms.com. Upon your termination: (a) your subscription will be canceled, but you will not receive a refund for any prepaid fees (except as provided in Section 6.3); (b) you will retain access to the Services through the end of your current billing period; and (c) after your billing period ends, your access will be terminated and you will have thirty (30) days to download your User Data.

We may suspend or terminate your account and access to the Services for any of the following reasons: (a) your material breach of these Terms; (b) failure to pay applicable subscription fees, where the failure remains unresolved for thirty (30) days after we provide notice; (c) activity that we reasonably suspect to be fraudulent, illegal, or abusive, or that violates the rights of Kestrel, other users, or third parties; (d) activity that disrupts or materially degrades the Services for other users, or that creates a security or operational risk to the Services or our infrastructure; (e) as required by applicable law, court order, subpoena, or other valid legal process; (f) discontinuation of the Services generally, or of the subscription plan to which you are subscribed; or (g) any other material business reason, provided that termination under this subparagraph (g) shall be accompanied by at least thirty (30) days' advance notice to you and, for paying subscribers, a pro-rata refund of any prepaid subscription fees covering the unused portion of your then-current billing period.

The form of termination action we may take is proportionate to the reason. For reasons (a) through (e) above, we may suspend or terminate your account immediately, with or without prior notice, where immediate action is reasonably necessary to protect the Services, other users, Kestrel, or third parties. For reasons (f) and (g), we will provide advance notice as described. Nothing in this Section 15.1 limits your rights under Section 13 (Dispute Resolution) to contest a termination decision.

Upon termination of your account by Kestrel: (a) your access to the Services will cease, either immediately (for reasons (a) through (e)) or at the end of the notice period (for reasons (f) and (g)); (b) you will have thirty (30) days from the date your access ceases to download and export your User Data through our account-export function, as further described in Sections 7.4 and 16.1; (c) if termination is for a reason under subparagraphs (a), (b), or (c) attributable to your conduct, you will not receive a refund of prepaid fees; (d) if termination is under subparagraph (f) (Kestrel's discontinuation), you will receive a pro-rata refund of any prepaid subscription fees covering the period after termination; and (e) if termination is under any other subparagraph, we will provide refunds on a case-by-case basis consistent with Section 6.3.

15.2 Effect of Termination and Data Deletion

Upon any termination: (a) all licenses and rights granted to you under these Terms will immediately cease; (b) you must immediately discontinue use of the Services; and (c) Sections of these Terms that by their nature should survive termination shall survive, including but not limited to Sections 7.1, 7.2 (User Data – license grant and warranties), 8 (No Professional Advice), 9 (Intellectual Property), 10 (Disclaimers), 11 (Limitation of Liability), 12 (Indemnification), 13 (Dispute Resolution), and 16 (General Provisions).

After the thirty (30) day post-termination window: (a) all your User Data, including documents and financial information, may be permanently deleted from our systems; (b) deleted data cannot be recovered; and (c) we may retain anonymized, aggregated data or data required by law for longer periods.

16. General Provisions

16.1 Force Majeure

Kestrel shall not be liable for any failure or delay in performing its obligations under these Terms due to causes beyond its reasonable control, including but not limited to: acts of God, natural disasters, pandemics, epidemics, war, terrorism, civil unrest, government action, labor disputes, strikes, Internet, telecommunications, or utility failures, third-party service provider failures or outages (including Plaid, Stripe, cloud storage providers, AI providers), cyberattacks, hacking, or data breaches originating from external sources, or changes in laws or regulations that make providing the Services illegal or impractical. During any force majeure event, Kestrel's performance obligations will be suspended for the duration of the event. If the event continues for more than thirty (30) days, either party may terminate these Terms without liability.

Notwithstanding the foregoing, force-majeure protection under this Section 16.1 does not apply to: (a) Kestrel's obligation to provide users with a meaningful opportunity to export their User Data following termination or account closure as described in Sections 7.4 and 15.1; or (b) Kestrel's security-incident notification obligations under Section 7.5. If a third-party outage prevents user data export, Kestrel will extend the applicable export window by an equivalent duration and will provide an alternative export mechanism where commercially feasible.

16.2 Export Control and Government Users

The Services and related technology may be subject to U.S. export control laws and regulations. You agree to comply with all applicable export and import control laws and regulations. You represent that you are not (a) located in a country subject to U.S. government embargo or designated as a "terrorist supporting" country, or (b) listed on any U.S. government list of prohibited or restricted parties. If you are a U.S. federal, state, or local government entity, the Services constitute "Commercial Items" as defined at 48 C.F.R. §2.101, and are provided with only those rights as are granted to all other users under these Terms.

16.3 Electronic Communications and Signatures

By using the Services, you consent to receive electronic communications from Kestrel, including emails, notifications, and postings on the Services. You agree that all agreements, notices, disclosures, and other communications that we provide to you electronically satisfy any legal requirement that such communications be in writing. You agree that any electronic signature, contract, or agreement executed through the Services has the same legal effect as a handwritten signature and paper-based contract under the Electronic Signatures in Global and National Commerce Act (E-SIGN Act), the Uniform Electronic Transactions Act (UETA), and any other applicable law. You have the right to receive paper copies of electronic communications. To request a paper copy, contact us at legal@kestrelrms.com. We may charge a reasonable fee for paper copies. To withdraw consent to electronic communications, contact us at legal@kestrelrms.com. Withdrawal of consent may result in termination of your account if electronic communication is necessary to provide the Services.

Hardware and Software Requirements. To access and retain electronic records from Kestrel, you need: (a) a computer or mobile device with internet access; (b) a current version of a major web browser (Chrome, Firefox, Safari, or Edge, updated within the past 12 months); (c) the ability to receive email at the address you provide to us; (d) a PDF reader capable of opening documents in PDF format; and (e) sufficient storage capacity to save or print records you wish to retain.

Reasonable Demonstration of Access. By continuing to access these Terms and clicking "I Agree" electronically, you reasonably demonstrate that you can access and retain the electronic records Kestrel will provide under these Terms.

Scope of Consent. Your consent to electronic communications applies to all notices, disclosures, agreements, and other communications we provide to you in connection with your Kestrel account, including changes to these Terms, billing notices, security notices, and any other legally-required disclosures.

Fees for Paper Copies. If you request a paper copy of an electronic record, we may charge a reasonable fee

16.4 Entire Agreement and Assignment

These Terms, together with our Privacy Policy and any other written agreements or policies expressly incorporated by reference, constitute the entire agreement between you and Kestrel regarding the Services and supersede all prior or contemporaneous understandings, agreements, representations, and warranties, whether written or oral. You may not assign, transfer, or delegate these Terms or your rights or obligations hereunder without Kestrel's prior written consent. Any attempted assignment in violation of this provision is void. Kestrel may freely assign, transfer, or delegate these Terms and our rights and obligations hereunder to any third party without restriction, including in connection with a merger, acquisition, reorganization, sale of assets, or by operation of law.

16.5 Severability, Waiver, and Relationship

If any provision of these Terms is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction: (a) the invalid provision will be deemed modified to the minimum extent necessary to make it valid and enforceable; (b) if modification is not possible, the invalid provision will be severed from these Terms; and (c) the invalidity of any provision shall not affect the validity or enforceability of the remaining provisions. Special Severability for Arbitration Provision: If the class action waiver in Section 13.2 is found to be unenforceable, the entire Section 13 (arbitration provision) will be deemed void, and disputes will be resolved in court as described in Section 13.5.

No waiver by Kestrel of any term or condition of these Terms shall be deemed a continuing waiver of such term or condition or a waiver of any other term or condition. Any failure by Kestrel to enforce a right or provision of these Terms will not constitute a waiver of that right or provision. Waivers must be in writing and signed by an authorized representative of Kestrel to be effective. You and Kestrel are independent contractors. These Terms do not create any agency, partnership, joint venture, employment, or franchisee relationship between you and Kestrel. Neither party has authority to bind the other or incur obligations on the other's behalf.

16.6 Third-Party Beneficiaries and Interpretation

These Terms do not confer any third-party beneficiary rights. No third party (including third-party service providers like Plaid, Stripe, or AI providers) may enforce any provision of these Terms. Section headings in these Terms are for convenience only and do not affect the interpretation of these Terms. In interpreting these Terms: (a) "including" means "including without limitation"; (b) singular terms include the plural and vice versa; (c) "or" is not exclusive unless the context requires otherwise; and (d) references to "days" mean calendar days unless otherwise specified. These Terms are written in English. Any translations are provided for convenience only, and the English version shall prevail in case of conflict.

16.7 No Guarantees of Business Success

NOTHING IN THESE TERMS GUARANTEES OR WARRANTS THAT: (a) your real estate investments will be profitable; (b) your properties will appreciate in value; (c) you will achieve any particular return on investment; (d) your use of the Services will result in any financial benefit; (e) your tax liability will be minimized; or (f) you will avoid legal issues or disputes. Real estate investment involves substantial risk, including risk of loss. Past performance does not predict future results.

16.8 Death, Incapacity, and Succession

(a) Non-Transferability: Your account is personal to you (or the specific legal entity you represent). You may not assign or transfer your account rights to any other person.

(b) Access upon Death or Incapacity: In the event of your death or incapacitated state, Kestrel is authorized to suspend the account and preserve User Data until we receive instructions from a verified executor, administrator, or personal representative of your estate. To access or transfer the account, the successor must provide:

• A certified copy of the Death Certificate;
• Court-issued Letters Testamentary, Letters of Administration, or other valid court order appointing the representative; and
• Compliance with our standard identity verification procedures.

(c) Dispute Resolution: If multiple parties claim ownership of an account following a user's death (e.g., competing family members or business partners), Kestrel reserves the right, in its sole discretion, to: (i) suspend access to the account for all parties; and (ii) require the parties to resolve the dispute in a court of competent jurisdiction before restoring access. We will not arbitrate disputes between third parties claiming rights to a deceased user's account.

17. Beta Testing Addendum

17.1 Applicability

This Section 17 applies to any user who accesses the Services during a designated beta testing period, including pre-launch access, early access programs, and any access that Kestrel expressly designates as "beta," "early access," or "pre-release" ("Beta Access"). Beta Access is offered at Kestrel's sole discretion and may be provided free of charge or at a reduced subscription rate. In the event of any conflict between this Section 17 and other provisions of these Terms, this Section 17 shall control with respect to Beta Access.

17.2 No Commitment to Continuity

BETA ACCESS IS PROVIDED SOLELY FOR TESTING AND EVALUATION PURPOSES AND CARRIES NO GUARANTEE OF CONTINUITY, STABILITY, OR FUTURE AVAILABILITY. Kestrel expressly reserves the right to: (a) terminate Beta Access for any user or all users at any time, with or without notice, for any reason or no reason; (b) modify, suspend, limit, or discontinue any beta feature at any time; (c) alter the scope, functionality, or availability of the Services during or after the beta period without liability; and (d) transition Beta Access to a paid subscription or other arrangement at any time upon reasonable notice.

17.3 Data Persistence Disclaimer

YOU EXPRESSLY ACKNOWLEDGE AND AGREE THAT KESTREL DOES NOT GUARANTEE DATA PERSISTENCE DURING THE BETA PERIOD. Kestrel reserves the right to: (a) reset, wipe, or purge all user data, uploaded documents, and account information at any time during or at the conclusion of the beta period, with at least seven (7) days' advance notice where reasonably practicable; (b) migrate or restructure data in ways that may result in data loss or corruption; and (c) permanently delete all beta user data at the conclusion of the beta period. YOU ARE STRONGLY ADVISED NOT TO STORE ANY DOCUMENTS, FINANCIAL DATA, OR OTHER INFORMATION DURING THE BETA PERIOD THAT YOU DO NOT HAVE BACKED UP INDEPENDENTLY. Kestrel is not liable for any loss of data, documents, or information during or at the conclusion of the beta period.

17.4 Heightened "As-Is" Disclaimer for Beta

BETA FEATURES ARE PROVIDED STRICTLY "AS IS" AND "AS AVAILABLE" WITH NO WARRANTIES WHATSOEVER. Beta software is inherently unstable, incomplete, and subject to change. Kestrel makes no representations that beta features will function as described, will be available at any given time, or will be included in any future version of the Services. In addition to all other disclaimers in Section 10, Kestrel specifically disclaims any warranty that beta features are fit for any purpose, that they will not cause data loss, system errors, or other adverse effects, or that they will be free of security vulnerabilities. Your use of beta features is entirely at your own risk.

17.5 Beta Feedback and Usage Data

By participating in Beta Access, you agree that: (a) you may be asked to provide feedback on your experience with the Services ("Beta Feedback"); (b) all Beta Feedback is subject to the license granted to Kestrel under Section 9.3 and may be used by Kestrel without restriction or compensation; (c) Kestrel may collect and use your usage data, interaction logs, error reports, and diagnostic information arising from your Beta Access to improve the Services, identify defects, and develop new features; and (d) such usage data may be used even if it is derived from your User Data, provided it is anonymized or aggregated such that it cannot reasonably identify you. You will not receive any compensation for participation in Beta Access or for any Beta Feedback provided.

17.6 No SLA During Beta

Kestrel does not provide any service level agreement (SLA), uptime guarantee, support response time commitment, or performance standard during the beta period. Customer support during Beta Access is provided on a best-efforts basis only and is not subject to any guaranteed response time. Kestrel reserves the right to deprioritize beta user support requests in favor of production user support.

17.7 Transition to Paid Service

At the conclusion of the beta period, continued access to the Services will require a paid subscription. Kestrel will provide at least thirty (30) days' advance notice of the beta period end date and the then-current subscription pricing. Beta users who elect to subscribe to a paid plan at the conclusion of the beta period will be subject to the standard Terms applicable to paying subscribers, including all billing, refund, and auto-renewal provisions in Section 6.

18. Contact Information

If you have any questions, concerns, or complaints about these Terms or the Services, please contact us:

TALON VENTURES LLC. (d/b/a Kestrel RMS) PO Box 4811, Fayetteville, AR 72702 Email: legal@kestrelrms.com Support Email: support@kestrelrms.com Website: www.kestrelrms.com

For Arbitration Opt-Out or Dispute Resolution: TALON VENTURES LLC Attention: Legal Department PO Box 4811, Fayetteville, AR 72702 Email: legal@kestrelrms.com

For Security Vulnerability Reports: Email: security@kestrelrms.com

Acknowledgment

BY CLICKING "I AGREE," CREATING AN ACCOUNT, OR USING THE SERVICES, YOU ACKNOWLEDGE THAT:

• You have read and understood these Terms in their entirety
• You agree to be bound by these Terms
• You understand that these Terms include a binding arbitration provision and class action waiver that affect your legal rights
• You have had the opportunity to seek independent legal advice regarding these Terms
• You understand that Kestrel does not provide financial, legal, or tax advice
• You are solely responsible for verifying all AI-generated outputs and data before relying on them
• You acknowledge the limitations and disclaimers set forth herein

END OF TERMS OF SERVICE