Become the Co-Owner of an Original Chagall

We are auctioning off 20 Art Shares of 'Untitled' (1967) by Marc Chagall. Together, they represent a percentage of the artwork, offering fractional ownership of the original piece. Using blockchain technology, each Art Share is linked to a smart contract, legally certifying the authenticity and co-ownership of the artwork.

Terms and Conditions are below:

Joint ownership agreement

1. Joint ownership and appointment of the manager of the Artwork

1.1 London Trade Art Ltd., with registered offices at 169 Piccadilly, W1J 9EH, London, UK (hereinafter, the

"Manager") is a company providing, inter alia, services of management of the co-ownership and temporary

holding of parcelled artworks.

1.2 The present agreement (the "Agreement") governs the management of the artwork [Untitled. Marc

Chagall, 1967. Gouache, ink and pencil. Cm 24,1x32,3] (hereinafter, the "Artwork"), jointly owned by the

co-owners who purchased and/or will purchase in the future a certain share of the same pursuant to the

attached purchase agreement ("the Co-Owners").

1.3 By purchasing the share of the Artwork, each of the Co-Owners agrees and accepts this Agreement and

the appointment of the Manager, as the entity exclusively in charge of the management, administration and

maintenance of the Artwork (the "Manager Office").

1.4 For the sake of clarity, the Manager Office shall be extended to each and every act related and/or

functional to the constitution, management and dissolution (as the case may be) of the co-ownership of the

Artwork by the Co-Owners.

1.5 The minting of the shares of the Artwork, will be executed in the form of unique NFTs by LTArt’s

proprietary wallet, which has the following details:

Chain: Polygon

Medium: NFT

Minting Wallet: 0xe162b01fFc1ac50b503aE956868B1dCef14cb941

2. Term of the Manager Office

2.1 The Manager Office lasts for 5 years (the "Term"), renewable for subsequent periods of 5 years, unless

either the Manager or the simple majority of the Co-Owners notifies the other of its intention not to renew

the Manager's appointment no later than 30 days prior to the expiry of the Term. In case the Manager

Office terminates, the Co-Owners will meet and agree the appointment of a new manager.

3. Management of the Artwork

3.1 The Co-Owners waive any rights or powers in connection with the management of the Artwork, for

which the Manager has fully discretion, without need of any previous approval. The Manager will act in the

Co-Owners' best interests in order to promote the Artwork and enhance its cultural and financial value. By

way of example, the Artwork may be loaned to any private or public entity, as well as publicly displayed or

exhibited at such exhibitions that the Manager deems fit for the above purposes.

3.2 The Manager will have the legal power to represent the Co-Owners in relation to the Artwork, to enter

into agreements with third parties on their behalf and to represent the Co-Owners in any court proceedings

for the protection of the Artwork.

3.3 The Manager may also take any action for the Artwork restoration or extraordinary maintenance, as the

Manager deems appropriate. The Manager shall notify any of these actions in advance to the Co-owners

with the indication of the relevant costs, and the Co- Owners shall issue their consent or refusal within 30

days from the date of receipt of the relevant notice. The consent shall be deemed as granted by each

Co-owner also upon failure to issue any response to the relevant notice by the Manager within the above

mentioned term. For the sake of clarity, the authorization to the Manager to adopt the measures set forth

by the present clause shall be deemed as granted through its approval by the simple majority of the

Co-owners upon the modalities listed herein.

3.4 The Artwork shall be covered by a specific all-risks insurance. The Manager shall enter into an insurance

policy agreement with a primary art insurance company, as the Manager deems fit and upon adequate

survey of the available insurance policies on the market for the coverage of the risks herein.

3.5 The Manager shall report to the Co-Owners, on a quarterly basis, all the actions, initiatives and liabilities

taken on account of the management of the Artwork.

3.6 Within 30 days from the end of each year of the Term, the Manager shall submit to the Co-Owners an

annual financial statement for their approval regarding the management of the Artwork with any cost

documentation. The Co-Owners shall meet no later than 30 days from the submission of the relevant

financial statement for its approval upon simple majority vote. In case of failure to timely meet for the

approval of the financial statement, or in case of failure to issue any approval/denial to the financial

statement following the relevant meeting due to the lack of necessary attendance by the Co-Owners, the

relevant financial statement shall be considered as approved by the Co-Owners.

3.7. In the case the entire amount of available shares of the Artwork will not be sold within 18 months since

the public launch of the shares on the website, or in the case of the Manager’s bankruptcy, the Artwork

will be entirely sold offline and the Co-owners will be refunded of the purchasing price of the shares

acquired.

4. Temporary Holding

4.1 Each of the Co-owners shall have the right to request and obtain for the temporary holding of the

Artwork for public/private display/initiatives, upon prior in-writing notice to the Manager. To this purpose,

the Manager shall issue within 30 days from the beginning of each year of the Term the calendar of

availability of the Artwork for its temporary holding by the Co-owners. In case of multiple request by

different Co-owners for the same period of availability of the Artwork for its temporary holding, this shall be

assigned to the earlier request.

4.2 During the temporary holding period, each of the Co-owners guarantees and warrants that will not carry

out any action which could be, either actually or potentially, detrimental or harmful of the value (both

economic and artistic) of the Artwork. Each and every Co-Owner of the Artwork during its temporary

holding period shall be considered as guardian and holder of the Artwork according to the applicable law

for the jurisdiction on which the temporary holding is performed, i.e. the jurisdiction of the territory (or the

territories, as the case may be) where the Artwork is located by the relevant Co-Owner during the

temporary holding period.

4.3 The Co-owner shall temporarily hold the Artwork at his own complete care, costs and expenses for the

entire relevant period of time. In particular, the Co-Owner shall bear each and every relevant

transport/holding/caretaking/surveillance cost, liability, expense, disbursement arising and/or deriving, in

any manner whatsoever, from the temporary holding and/or management of the Artwork (this including,

for the sake of clarity, also any cost related to any damage suffered by the Artwork during the temporary

holding period, as well the correspondent restoration expenses, if any).

4.4 It is understood and agreed that, without prejudice to clause 3.4 above, the Manager shall not be liable

for any damage, loss (this including any loss of profits), cost, expense, disbursement arising and/or deriving,

in any manner whatsoever, from the temporary holding and/or management of the Artwork by each of the

Co-Owners.

5. Manager fees and expenses

5.1 Without prejudice to clause 4.3 above, the fees and expenses for the ordinary and extraordinary

management, conservation, repair, insurance, transport, as well as restoration of the Artwork are divided

amongst the Co-Owners, according to their respective shares of joint ownership.

5.2 The Co-Owners shall also reimburse the Manager, on a separate basis, any reasonable costs (including

cost of maintenance of the Artwork as per clause 3.3 and insurance cost as per clause 3.4 above),

out-of-pocket expenses and other expenditures related to the carrying out of the Manager Office.

6. Revenues

6.1 Any revenues that may arise from or in connection to the management, loan, display or exhibition of the

Artwork shall be divided amongst the Co-Owners, according to their respective shares of joint ownership.

The revenues shall be paid pro quota by the Manager to the Co-Owners upon issuance of the relevant

invoice by each Co-Owners, within 30 days from the approval of the financial statement over the

Management of the Artwork for the relevant year of the Term (as per clause 3.6 above).

7. Governing Law and Jurisdiction

7.1 This Agreement is governed by the Laws of England.

7.2 Any disputes arising from or in connection with this Agreement shall be subject to the

exclusive jurisdiction of the Courts of England and Wales