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Investor Portal Privacy Notice
Last Updated: 10/13/2026
IMPORTANT NOTICE - PLEASE READ CAREFULLY. This Investor Portal Privacy Notice (“Notice”) describes how AARO Real Estate LLC and the other AARO entities collect, use, disclose, retain, and protect Personal Information in connection with the AARO investor portal (the “Portal”). It applies to prospective investors, investors, and their authorized representatives, advisors, co-investors, and beneficial owners. This Notice is incorporated into, and is part of, the AARO Investor Portal Terms of Use (the “Terms”), and capitalized terms have the meanings given in Section 1.
This Notice contains provisions that materially affect your legal rights and limit the rights and remedies you may have against AARO and the Covered Persons. Among other things, by accepting this Notice you:
give your express, advance consent to the collection and processing of your Personal Information, including financial and identity information, as described throughout this Notice;
consent to platform cookies, analytics, and interaction-tracking technologies (Section 8);
consent to the monitoring, recording, logging, and retention of your activity and communications on the Portal, and acknowledge that AARO is a party to those communications and that its service providers act on its behalf (Section 9);
consent to identity and accredited investor verification, and to the collection and processing of any Biometric Information involved in that verification by the applicable verification provider (Sections 10 and 11);
consent to electronic, telephone, and text message communications, where you provide a telephone number (Sections 13 and 14);
agree to a binding individual arbitration requirement, a class-action and representative-action waiver, and a jury-trial waiver, incorporated from Section 20 of the Terms (Section 27);
agree to a limitation of liability that caps the aggregate liability of the Covered Persons at one hundred U.S. dollars (Section 28); and
agree to defend and indemnify the Covered Persons in the circumstances described (Section 29).
These provisions are subject to the Reservation of Regulatory and Non-Waivable Rights in Section 30, which provides that nothing in this Notice waives any right or remedy that cannot be waived under applicable law, including the federal securities laws. You accept this Notice, and give the consents and acknowledgments it contains, when you check the acceptance box presented at Portal sign-up together with the Terms, when you electronically sign or accept any document that references it, and each time you access or use the Portal, as described in Section 2. If you do not agree to this Notice, do not check the acceptance box and do not access or use the Portal. We recommend that you read this Notice in full and retain a copy for your records.
1. Definitions; Relationship to the Terms of Use
(a) Incorporation. This Notice is incorporated into, and forms part of, the AARO Investor Portal Terms of Use (the “Terms”). This Notice and the Terms are intended to be read together as a single, integrated agreement, and your acceptance of this Notice constitutes acceptance of the Terms as they relate to Personal Information. The order of precedence between this Notice and the Terms is governed by Section 32.
(b) Terms defined in the Terms. Capitalized terms used but not defined in this Notice have the meanings given to them in Section 1 of the Terms, including “AARO,” “we,” “us,” “our,” “Affiliate,” “Confidential Information,” “Covered Persons,” “Investment Documents,” “Platform Provider,” “Portal,” “you,” and “your.” As provided in Section 1 of the Terms, “AARO,” “we,” “us,” and “our” include AARO Real Estate LLC, doing business as AARO Hospitality, together with its affiliates and subsidiaries, including AARO Hospitality Management, AARO Holdings, and AARO Construction Management, and any other entity now or in the future under common ownership or control with AARO, and “Covered Persons” includes AARO and those entities together with their respective officers, directors, members, managers, principals, partners, employees, contractors, agents, advisors, legal counsel, representatives, service providers acting on their behalf, successors, and assigns. The Covered Persons are intended third-party beneficiaries of this Notice, entitled to enforce and to rely on every right, protection, limitation, disclaimer, release, and indemnity afforded to AARO or to the Covered Persons under this Notice as if named directly, and those protections are independent and cumulative.
(c) Terms defined in this Notice. In this Notice, the following terms have the meanings set forth below, and apply equally to the singular and plural forms:
“Personal Information” means information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular individual or household, in any form or medium, and includes the categories of information described in Section 3. Personal Information does not include information that has been aggregated or de-identified as described in Section 16, or information that is lawfully made available from government records or is otherwise publicly available.
“Nonpublic Personal Information” means personally identifiable financial information, and any list, description, or grouping derived using such information that is not publicly available, within the meaning of the Gramm-Leach-Bliley Act and Regulation S-P (“GLBA”), as further described in Section 6.
“Biometric Information” means “biometric identifiers,” such as a scan of facial geometry, and any information, regardless of how it is captured, converted, stored, or shared, that is based on a biometric identifier, in each case as those terms are defined under applicable biometric privacy laws, including the Illinois Biometric Information Privacy Act and the Texas Capture or Use of Biometric Identifier Act, and as further described in Section 10.
“Sensitive Information” means the subset of Personal Information that applicable privacy law treats as sensitive and subject to heightened protection, which may include government identification numbers, financial account information, and precise identity or verification data, and which we handle as described in this Notice and use only for the purposes permitted by applicable law.
(d) Interpretation. The words “including,” “includes,” and “such as” are deemed to be followed by “without limitation.” Section headings are for convenience only and do not affect interpretation. References to a Section are to a Section of this Notice unless the reference is to the Terms or another document. This Notice shall be construed according to its fair meaning and not strictly for or against any party, consistent with Section 31.
2. Scope; Acceptance; Other Privacy Documents
This Notice applies to Personal Information that AARO and its service providers collect, receive, generate, use, disclose, or maintain through or in connection with the Portal, including through the investor onboarding, identity and accreditation verification, subscription, funding, data room, reporting, distribution, tax, communication, and account-administration activities conducted through it, in each case whether you access the Portal by website, mobile application, email, or any other means, and whether you are a prospective investor, an investor, or an authorized representative, advisor, co-investor, joint holder, or beneficial owner acting in connection with an account or investment. This Notice does not apply to: information collected through AARO’s public marketing website, which is governed by the separate website Privacy Policy posted there; information collected offline or outside the Portal except where this Notice expressly applies; information that a Platform Provider, verification provider, payment provider, or other third party collects directly from you under its own privacy notice, which is governed by that third party’s practices as described in Section 24; or information once it has been aggregated or de-identified as described in Section 16.
You accept this Notice, and you provide the consents and acknowledgments it contains, in each of the following ways, any one of which is sufficient: by checking the acceptance box presented at Portal sign-up by which you accept this Notice together with the Terms; by electronically signing, clicking to accept, or otherwise assenting to any document, screen, or prompt that references or incorporates this Notice; and by accessing or using the Portal. If you do not agree to this Notice, you must not access or use the Portal. If you accept this Notice on behalf of an entity, trust, retirement account, or other person, you represent that you are authorized to do so and to bind that person, consistent with Section 1 of the Terms, and “you” refers to both you individually and that person. AARO may record and retain evidence of your acceptance, including the version accepted and the date, time, and account associated with acceptance, and you agree that such records are valid and admissible evidence of your acceptance and consent.
This Notice forms part of, and is governed and reinforced by, AARO’s broader legal framework. It is incorporated into the Terms as provided in Section 1, and nothing in this Notice limits, waives, or reduces any right, protection, limitation of liability, release, indemnity, disclaimer, or remedy that AARO or any Covered Person enjoys under this Notice, the Terms, any non-disclosure agreement you accept through the Portal, the website Privacy Policy, the website Terms and Conditions, or the website Disclaimer, all of which are cumulative and independent. In the event of a conflict, the order of precedence in Section 32 applies. With respect to any investment, the Investment Documents control as provided in Section 2 of the Terms. Nothing in this Notice constitutes, or is intended to constitute, an offer to sell or a solicitation of an offer to buy any security or investment, which may be made only through definitive Investment Documents furnished to eligible investors as described in the Terms, and nothing in this Notice modifies, supplements, or supersedes any Investment Document.
3. Personal Information We Collect
Depending on how you use the Portal, we may collect: (a) identity and contact information, including full legal name, entity or trust name, email address, telephone number, mailing address, and date of birth; (b) investor qualification information, including your representations and supporting documentation regarding accredited investor status, income, net worth, licenses, investment experience, and investment objectives; (c) identity verification information, including images of government-issued identification, taxpayer identification numbers, and, where a verification provider uses photographic comparison, selfie images and any Biometric Information derived from them as described in Section 10; (d) financial and transactional information, including bank account and routing details, ACH and wire instructions, subscription amounts, capital contributions, distributions, account balances, and transaction history; (e) tax information, including IRS forms, withholding certifications, and Schedule K-1 data; (f) documents and signatures, including subscription agreements, questionnaires, acknowledgments, consents, and the associated electronic signature records described in Section 7 of the Terms; (g) communications, including messages, requests, and correspondence sent through or in connection with the Portal; (h) technical and usage information, including IP address, device and browser type, operating system, log-in records, pages viewed, documents accessed, time stamps, and interactions with Portal features; and (i) information about other people that you provide, as described in Section 12. We collect only what is reasonably necessary for the purposes described in this Notice and to administer your relationship with AARO.
4. Sources of Personal Information
We collect Personal Information: directly from you, when you register, complete forms, upload documents, execute documents electronically, communicate with us, or fund or receive payments; from your authorized representatives, advisors, co-investors, or agents acting on your behalf; from the Platform Provider and other service providers that operate Portal features; from identity and accreditation verification providers engaged as described in Section 11; from banks and payment providers in connection with funding and distributions; from publicly available sources and government watchlists used for sanctions and anti-money-laundering screening; and automatically through the technologies described in Section 8. We do not purchase investor Personal Information from data brokers.
5. How and Why We Use Personal Information
We, and our service providers acting on our behalf, use Personal Information for the following purposes, in each case to the extent permitted by applicable law:
Operating the Portal: to provide, operate, host, maintain, secure, test, troubleshoot, and improve the Portal and its features; to create, authenticate, and administer your account and credentials; to remember your preferences; and to develop new features and services.
Onboarding and verification: to evaluate your eligibility; to verify your identity and your accredited investor or other qualification status; to conduct sanctions, anti-money-laundering, know-your-customer, and fraud screening; and to carry out the verification processes described in Sections 10 and 11.
Transactions and administration: to process and administer subscriptions, capital contributions, capital calls, distributions, withholding, transfers, and related transactions; to maintain your holdings and account records; and to administer any investment in accordance with the Investment Documents.
Reporting, tax, and communications: to prepare and deliver account statements, investor reports, capital and legal notices, and tax documents including IRS Schedule K-1; to respond to your inquiries and requests; and to send you transactional, relationship, service, security, and, where permitted, informational communications as described in Sections 13 and 14.
Compliance and recordkeeping: to comply with our legal, regulatory, tax, audit, and recordkeeping obligations, including under the securities laws, the Gramm-Leach-Bliley Act, anti-money-laundering and sanctions laws, and applicable retention requirements; to respond to lawful requests, subpoenas, and legal process; and to cooperate with regulators and authorities.
Security and integrity: to monitor, detect, investigate, and prevent fraud, unauthorized access, security incidents, and misuse; to protect the Portal, our systems, and the rights, property, and safety of AARO, the Covered Persons, our investors, and others; and to enforce our acceptable-use and security requirements.
Legal and enforcement: to establish, exercise, enforce, and defend our legal rights and claims; to enforce the Terms, this Notice, any applicable non-disclosure agreement, and our other agreements; to conduct and respond to disputes, arbitrations, and investigations; and to effect, evaluate, or complete any merger, acquisition, financing, reorganization, or sale of assets as described in Section 7.
Analytics and improvement: to understand how the Portal is used, to perform analytics and reporting, and to create and use aggregated or de-identified information as described in Section 16.
Other purposes with notice: for any additional purpose disclosed to you at the time of collection or otherwise with your consent, or as otherwise permitted or required by law.
We will use Personal Information only for purposes compatible with those described above and with the purpose for which it was collected, or as otherwise permitted or required by law. We do not use Personal Information collected through the Portal for third-party advertising or cross-context behavioral advertising, and we do not sell Personal Information or share it for such advertising. Where applicable law requires a lawful basis or your consent for a particular use, we rely on the basis or consent described in this Notice or obtained at the time of collection. Our use of Nonpublic Personal Information is further described in Section 6, and our use of any Biometric Information is limited as described in Section 10.
6. Gramm-Leach-Bliley Act Financial Privacy Notice
AARO may be treated as a financial institution with respect to the Nonpublic Personal Information of investors and prospective investors, and this Section serves as our financial privacy notice. We collect Nonpublic Personal Information from the sources described in Section 4, including information you provide in subscription packages, questionnaires, agreements, and funding instructions, and information about your transactions with us and our Affiliates. We do not disclose Nonpublic Personal Information to nonaffiliated third parties except as permitted or required by law, including disclosures to service providers that perform services for us under restrictions on use, disclosures necessary to effect, administer, or enforce transactions you request or authorize, disclosures to our professional advisors, auditors, and counsel, disclosures to regulators, self-regulatory organizations, and pursuant to legal process, and disclosures in connection with a business transfer as described in Section 7. We restrict access to Nonpublic Personal Information to persons who need it to provide services to you or to AARO, and we maintain safeguards as described in Section 18. Because our sharing is limited to these permitted purposes, no opt-out is required or offered except where a specific legal right applies, and we will provide any initial, annual, or revised financial privacy notices required by applicable law.
7. How We Share Personal Information
We do not sell Personal Information and have not sold it in the preceding twelve months, and we do not share it for cross-context behavioral advertising. We share Personal Information only with: our Affiliates, for the purposes described in this Notice; the Platform Provider and other service providers that host, operate, or support the Portal and our operations, including identity and accreditation verification providers, electronic signature providers, payment, banking, and fund administration providers, accountants and tax preparers who prepare investor tax documents, and communications, data storage, and recordkeeping providers, in each case under contractual restrictions prohibiting use of your Personal Information for their own independent purposes except as required by law or as separately disclosed; our legal counsel, auditors, and professional advisors; regulators, self-regulatory organizations, taxing authorities, and other governmental bodies where required or permitted by law, subpoena, or legal process, or to protect the rights, property, or safety of AARO, the Covered Persons, or others; counterparties to transactions you request or authorize, including banks effecting ACH or wire transfers; and an actual or prospective successor, acquirer, lender, or investor in connection with any merger, acquisition, financing, reorganization, or sale of assets, subject to customary confidentiality protections. If you invest alongside co-investors or through an entity, information reasonably necessary to administer the investment may be visible to persons authorized on the same account or investment as provided in the Terms.
8. Cookies, Analytics, and Platform Technologies; Consent to Interaction Data
The Portal is operated on the Platform Provider’s systems, which use cookies, software development kits, log files, and similar technologies that are necessary to operate the Portal, keep sessions secure, remember preferences, measure performance, and diagnose and improve functionality. These technologies may automatically collect the technical and usage information described in Section 3(h), including records of the pages, documents, and features you interact with, and some of this collection is performed by or shared with the Platform Provider and its subprocessors as service providers acting in connection with the Portal. By accepting this Notice at sign-up and by using the Portal, you expressly consent, in advance, to this collection of interaction and usage data by AARO, the Platform Provider, and their service providers. We do not use Portal data for third-party behavioral advertising. You can manage cookies through your browser settings, and we honor Global Privacy Control signals where legally required, but disabling necessary cookies may prevent the Portal from functioning. The Platform Provider’s own technologies are also subject to its privacy practices as described in Section 13 of the Terms.
9. Consent to Monitoring and Recording of Communications
As provided in Section 42 of the Terms, AARO and the Platform Provider, and other service providers acting on AARO’s behalf, may access, monitor, record, capture, log, store, and retain activity on the Portal and communications and interactions made through or in connection with it, including messages and correspondence, chat or support interactions, document uploads, views, and downloads, electronic signature and acceptance events, log-in and account activity, and the technical and usage information described in Section 3(h). We may do so for security, authentication, fraud prevention, compliance, verification, recordkeeping, quality assurance, service improvement, training, and dispute-resolution purposes, and to establish, exercise, or defend legal claims.
By checking the acceptance box at sign-up, by accepting this Notice, and by accessing, communicating through, or otherwise using the Portal, you expressly consent, in advance, to the access, interception, monitoring, recording, capture, logging, storage, and retention described in this Section by AARO and by its service providers acting on its behalf. You acknowledge and agree that AARO is a party to each communication and interaction you make through or in connection with the Portal, and that any Platform Provider or other service provider that enables, processes, or records such communication does so solely as a provider of tools and services to AARO and as AARO’s agent or extension, and not as an independent third party intercepting or eavesdropping on the communication for its own purposes. You further consent, to the extent your consent is required, to any recording or monitoring in which more than one party’s consent may be required under applicable law, and this consent applies in all jurisdictions, including those requiring the consent of all parties to a communication.
This consent is knowing, voluntary, and given in advance of any such monitoring or recording, and it remains in effect for the duration of your use of the Portal and your relationship with AARO. Records created under this Section may be used and retained as described in Section 17, may be used as evidence in any proceeding as provided in Section 42 of the Terms, and are subject to the protections of Sections 18 and 19. This Section applies to AARO’s own monitoring and recording and to that of its service providers acting on its behalf; it does not govern a third party’s independent collection under its own notice, which is addressed in Section 24. If you do not consent to the monitoring and recording described in this Section, you must not access, communicate through, or use the Portal or its communication features.
10. Biometric Information from Identity Verification
Identity verification for the Portal may be performed by third-party verification providers whose processes can include comparing a selfie image you submit to the photograph on your government-issued identification. That process may involve the creation and brief processing of Biometric Information, such as a scan of facial geometry, by the verification provider. Where Biometric Information is collected, it is collected and processed by the verification provider under its own privacy notice and consent process, for the sole purpose of verifying your identity, and is retained and destroyed in accordance with applicable law, including the Illinois Biometric Information Privacy Act and the Texas Capture or Use of Biometric Identifier Act where they apply, and the provider’s published retention schedule. AARO does not itself use facial recognition technology, does not sell Biometric Information, and does not seek to receive or store biometric identifiers; AARO receives verification results. By proceeding with a verification flow that requests an identification image or selfie, you consent to the collection and processing of any resulting Biometric Information by the applicable verification provider for identity verification purposes, and you should review that provider’s biometric notice presented at collection. If you do not consent, do not proceed with that verification method and contact us to ask about any available alternative.
11. Identity and Accredited Investor Verification
As provided in Sections 3 and 34 of the Terms, access to and participation in investments through the Portal is conditioned on verification, which may include verification of your identity, verification of your accredited investor or other eligibility status, screening against government sanctions and watchlists administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control and others, anti-money-laundering and know-your-customer checks, and, for entity, trust, or retirement-account investors, verification of authority, good standing, and beneficial ownership. This verification may be performed by AARO, by the Platform Provider, or by one or more third-party verification providers engaged for these purposes, including the accreditation verification provider integrated with the Portal.
For these purposes, you consent to the collection, use, processing, and disclosure of your Personal Information, including your full legal name, date of birth, taxpayer identification number, government-issued identification and images of it, and income, net worth, licensing, and other financial documentation, by AARO and by such verification providers. You authorize AARO to transmit your Personal Information to such providers, you authorize such providers to collect and process it and to obtain and verify information from consumer reporting agencies, financial institutions, government databases, and other lawful sources as part of verification, and you authorize such providers to prepare, and to share with AARO, their verification determinations and supporting records, including any accredited investor verification letter. AARO is entitled to rely on a verification provider’s determination of your identity or status as provided in Section 34 of the Terms, and any Biometric Information involved in a verification process is governed by Section 10. AARO’s use and disclosure of Personal Information in connection with verification is otherwise subject to this Notice, including the financial privacy provisions of Section 6 and the sharing provisions of Section 7.
You represent that all information and documentation you provide for verification is true, accurate, current, complete, and your own or that you are authorized to provide it, consistent with Sections 10 and 12 of this Notice and Section 10 of the Terms, and you agree to provide additional information or documentation AARO or a verification provider reasonably requests and to promptly update any information that changes. Verification is an ongoing condition, and AARO may require re-verification from time to time, including when your information changes, when an accreditation or verification letter expires, or as required by law or the Investment Documents. AARO does not control, and is not responsible for, the acts, omissions, systems, determinations, retention, or security of any third-party verification provider beyond its contractual arrangements with that provider, and a provider’s own collection is governed by its privacy notice as described in Section 24. Verification records are retained as part of AARO’s compliance files as described in Section 17. The initiation, completion, or failure of any verification does not constitute acceptance of any subscription or a commitment by AARO to accept any investment, which in all cases remains subject to the Investment Documents, and AARO may decline, condition, suspend, or revoke access or participation based on verification results as provided in Section 3 of the Terms.
12. Information You Provide About Other People
With respect to any Personal Information about another person that you provide to or through the Portal, you represent and warrant, consistent with Sections 10, 39, and 40 of the Terms, that: (a) you have the authority to provide that information to us; (b) you have provided that person with any notice, and have obtained from that person any consent, authorization, or permission, required under applicable law for us and our service providers to collect, use, disclose, and retain that information for the purposes and in the manner described in this Notice, including the verification, monitoring, biometric, communications, and sharing provisions; (c) the information is true, accurate, current, and complete; and (d) your provision of the information does not violate any law or any obligation you owe to that person. You agree to make a copy of this Notice available to any such person on request and to direct any such person who has questions about how we handle their Personal Information to contact us as described in Section 33.
We process Personal Information about other people for the same purposes, on the same lawful bases, and under the same protections, limitations, and retention practices described in this Notice as apply to your own Personal Information. Where another person about whom you provide information has rights under applicable privacy law, we will honor those rights as described in Section 20, and we may direct requests concerning that person’s information to, or verify them through, you or that person as appropriate. Your obligations in this Section are in addition to your representations in Section 11 regarding verification information, and your breach of this Section is subject to the indemnification obligation in Section 29.
13. Telephone and Text Message Communications
As provided in Section 29 of the Terms, by providing a telephone number you consent to receive calls and text messages from AARO and its Affiliates and service providers at that number, including by automated means, regarding your account, investments, and relationship with us. Consent is not a condition of any investment, message and data rates may apply, you may opt out of text messages by replying STOP, and you may revoke consent by contacting us, which we will honor as required by law. Call and message records may be retained as described in Sections 9 and 17.
14. Email Communications and Marketing Preferences
We send transactional and relationship communications, including account, security, legal, tax, and investment administration messages, which are necessary to the Portal and cannot be opted out of while you maintain an account or investment. If we send marketing or informational communications, they will identify AARO and include a means to unsubscribe, and we will honor unsubscribe requests as required by the CAN-SPAM Act and other applicable law. Opting out of marketing does not affect transactional and relationship communications. Email is not a secure medium, and anything you choose to send by email is transmitted at your own risk as described in Section 18.
15. Automated Processing and Artificial Intelligence
We and our service providers may use automated tools, including machine-assisted document processing, screening, fraud detection, and analytics, to support the operations described in this Notice. We do not use automated processing, including artificial intelligence, to make decisions that produce legal or similarly significant effects about you without human involvement. If that practice changes, we will update this Notice and provide any notice and choices required by applicable law.
16. Aggregated and De-Identified Information
We may create and use aggregated or de-identified information that does not identify you, including for analytics, reporting, benchmarking, and improving the Portal and our business, and we may retain and use such information for any lawful purpose. Where we maintain de-identified information, we will maintain it in de-identified form and not attempt to re-identify it, except as permitted by law to test the sufficiency of de-identification.
17. Data Retention
We retain Personal Information for as long as reasonably necessary to administer your account, investments, and relationship with AARO and to satisfy legal, tax, accounting, securities, anti-money-laundering, audit, and recordkeeping obligations, which may require retention for multiple years after your relationship ends, including records relating to offerings conducted under Regulation D, verification files, transaction records, and tax filings. We may also retain Personal Information as necessary to enforce agreements, resolve disputes, and comply with legal holds. When retention is no longer required, Personal Information is deleted or de-identified in accordance with our practices and applicable law. Retention periods vary with the type of information and the applicable requirement.
18. Data Security
We maintain administrative, technical, and physical safeguards appropriate to the sensitivity of the Personal Information we handle, consistent with applicable law including the GLBA safeguards requirements, and we require service providers that process Personal Information for us to maintain appropriate safeguards. You are responsible for safeguarding your credentials and devices as provided in Section 4 of the Terms, for using a secure connection, and for notifying us immediately of any suspected unauthorized access. No method of transmission or storage is completely secure, and while we work to protect Personal Information, we do not and cannot warrant or guarantee its absolute security, and you transmit information through or in connection with the Portal, including by email, at your own discretion and risk.
19. Security Incidents
We maintain the safeguards described in Section 18 and procedures intended to detect and respond to security incidents. If a security incident affects, or is reasonably likely to have affected, your Personal Information, we will investigate the incident, take steps we consider appropriate to contain and remediate it, and provide notice to you, to regulators, and to any other persons as, when, in the form, and to the extent required by applicable law. Any notice to you will be provided using the email or other contact information associated with your account, which you are responsible for keeping current as provided in Sections 14 and 18; notice sent to that contact information is effective when sent, and you acknowledge that an inaccurate or outdated contact on file may delay or prevent your receipt of notice. We may delay, limit, or withhold notice where permitted or required by law, including at the request of law enforcement or during an active investigation.
You agree to cooperate reasonably with any investigation and to notify us promptly, as provided in Sections 4 and 18, of any suspected security incident, unauthorized access, lost or compromised credentials, or suspected fraud affecting your account. You are responsible for safeguarding your credentials and devices, and, as provided in Section 32 of the Terms, for independently verifying payment and wire instructions, and AARO is not responsible for a security incident caused by your failure to do so or by a compromise of your own systems, devices, email, or credentials.
Our investigation of, response to, or notification regarding any security incident, and any assistance, credit monitoring, or other remediation we may elect to offer, are undertaken in good faith, do not constitute and shall not be construed as an admission of fault, negligence, breach, or liability by AARO or any Covered Person, and are without prejudice to any right or defense of AARO or any Covered Person. No duty, standard of care, or liability beyond what applicable law requires is created by this Section or by any voluntary act we take in connection with a security incident. This Section is subject to, and does not limit, the disclaimers and risk allocation in Section 18, the Limitation of Liability in Section 28, the Reservation of Regulatory and Non-Waivable Rights in Section 30, and the dispute-resolution and liability provisions incorporated from the Terms, and nothing in this Section waives, expands, or modifies any of them.
20. Your Privacy Rights and State-Specific Disclosures
Much of the Personal Information we collect through the Portal is Nonpublic Personal Information subject to the GLBA and is therefore exempt from certain state consumer privacy laws, including the Texas Data Privacy and Security Act and the California Consumer Privacy Act as amended. To the extent an applicable state privacy law grants you rights with respect to Personal Information not so exempt, and subject to applicable exceptions, you may have rights to know, access, correct, delete, or obtain a copy of Personal Information, and to opt out of sale, sharing, targeted advertising, or certain profiling, none of which we conduct. Texas residents may appeal a declined request by contacting us as described in Section 33, and if the appeal is denied we will provide a means to contact the Texas Attorney General. California residents may have rights under the CCPA, including the right to limit use of sensitive personal information, which we use only for the permitted purposes described in this Notice; California’s “Shine the Light” law permits requests regarding disclosures to third parties for their direct marketing, which we do not make. Residents of other states with comprehensive privacy laws may have comparable rights as those laws take effect. To exercise any available right, contact us as described in Section 33. We will verify your identity before acting on a request, may accept requests from an authorized agent with proof of authorization, will not discriminate against you for exercising your rights, and may decline requests where permitted by law, including where a request is manifestly unfounded, excessive, repetitive, cannot be verified, or conflicts with a retention obligation described in Section 17.
21. Do Not Track and Global Privacy Control
Because no uniform industry standard exists for browser “Do Not Track” signals, we do not currently respond to them. We honor Global Privacy Control signals as a valid opt-out where applicable law requires, recognizing that the opt-outs such signals govern, such as sale and targeted advertising, involve practices we do not engage in for Portal data.
22. International Users; Processing in the United States
The Portal is operated from, and your Personal Information is processed and stored in, the United States, and the Portal is intended for persons eligible to invest under United States law. If you access the Portal from outside the United States, you do so on your own initiative, you are responsible for compliance with local law, and you consent to the transfer of your Personal Information to, and its processing in, the United States, where privacy laws may differ from those of your jurisdiction. Nothing in this Notice confers rights under the laws of any non-U.S. jurisdiction except to the extent such rights apply by law and cannot be limited, in which case Section 30 governs.
23. Children’s Privacy
The Portal is a financial services platform intended solely for accredited investors and other eligible persons who are at least 18 years of age and capable of entering binding contracts, as provided in Section 3 of the Terms. The Portal is not directed to anyone under 18, is not intended to appeal to minors, and may not be accessed or used by anyone under 18 for any purpose. We do not knowingly collect, use, disclose, or sell Personal Information of anyone under 18, and we do not knowingly market to minors. By registering for or using the Portal, you represent that you are at least 18 years of age. If we learn that an account has been registered by, or that Personal Information has been collected through the Portal directly from, a person under 18, we will terminate the account, treat any submissions made through it as void consistent with the Terms, and delete the Personal Information promptly, except to the extent retention is required by law or necessary to document the termination. For clarity, this Section does not prohibit an adult investor acting in a fiduciary or custodial capacity, such as a trustee, custodian under a UTMA or UGMA account, or guardian, from providing information about a minor beneficiary where necessary to establish or administer an investment; any such information is provided by the adult, is governed by Section 12 of this Notice and the applicable Investment Documents, and is used solely to administer the investment and comply with law. If you are a parent or guardian and believe a person under 18 has provided Personal Information through the Portal, or if you believe an account is held by a minor, contact us as described in Section 33 and we will investigate and take appropriate action. We comply with the Children’s Online Privacy Protection Act, which applies to children under 13, and with state law restrictions on the sale or sharing of minors’ personal information, none of which we conduct.
24. Third-Party Platforms, Services, and Links
The Portal is operated on, integrates with, and links to third-party platforms and services that are necessary to provide it, including the Platform Provider that hosts and powers the Portal, identity and accredited investor verification providers, electronic signature providers, payment, banking, and ACH or wire processors, fund administration providers, tax document providers, and data storage, analytics, and communications providers. Each such third party may collect or process your Personal Information both as a service provider acting on AARO’s behalf under its contractual obligations to AARO, and, separately, under its own terms of service and privacy notice for its own operational, security, legal, or other purposes. This Notice governs AARO’s collection, use, and disclosure of Personal Information and AARO’s direction of service providers acting on its behalf; it does not govern, and AARO does not control, a third party’s independent collection, use, retention, or disclosure of information under that third party’s own practices.
Where you interact or contract directly with a third party, including when you complete a verification flow, electronically sign through a signature provider, or submit banking details to a payment processor, the information you provide directly to that third party is collected and governed by that third party’s own terms and privacy notice, which may differ from this Notice. Any Biometric Information involved in a verification process is governed by Section 10 and by the verification provider’s biometric notice. We encourage you to review the privacy notices of the Platform Provider and of any verification, signature, payment, or other provider you interact with before providing information to them.
The Portal, and communications and documents delivered through it, may also contain links to, or content from, third-party websites, brand or franchisor sites, and other resources provided for convenience and information only. A link or integration does not constitute AARO’s endorsement, sponsorship, or verification of the third party or its content, and AARO does not control and is not responsible for the availability, content, accuracy, products, services, security, or privacy or data practices of any third-party platform, service, or site, in each case beyond AARO’s contractual arrangements with its own service providers and as provided in Sections 13 and 19 of the Terms. Your access to and use of any third-party platform, service, or site is at your own risk and subject to that third party’s terms and policies, and any dispute regarding a third party’s own practices is between you and that third party. This Section is subject to Sections 28 and 30, and nothing in it limits any protection, limitation, or disclaimer afforded to AARO or any Covered Person elsewhere in this Notice or the Terms.
25. Accessibility of This Notice
We strive to make this Notice and the Portal accessible. If you have difficulty accessing this Notice or any portion of the Portal, or would like this Notice in an alternative format, contact us as described in Section 33 and we will make reasonable efforts to assist.
26. Changes to This Notice
We may update this Notice at any time to reflect changes in our practices, the Portal, or applicable law. The “Last Updated” date reflects the most recent revision, and we will post the revised Notice through the Portal and may provide additional notice of material changes, including by email or by requesting renewed acceptance at log-in. Your continued access to or use of the Portal after a revised Notice is posted constitutes your acceptance of it. We maintain prior versions, and this Notice is reviewed and updated as needed at least once every twelve months.
27. Governing Law; Dispute Resolution; Class Waiver; Jury Trial Waiver
This Notice is governed by the laws of the State of Texas, without regard to conflict-of-law principles. Any dispute, claim, or controversy arising out of or relating to this Notice, your Personal Information, or your access to or use of the Portal shall be resolved exclusively in accordance with Section 20 of the Terms (Governing Law, Dispute Resolution, and Class Waiver), which is incorporated into this Notice by reference in its entirety, including its pre-arbitration notice and informal resolution requirement, individual arbitration before the American Arbitration Association in Harris County, Texas, delegation of arbitrability to the arbitrator, batching procedures for coordinated demands, carve-outs for small-claims court and for injunctive relief and non-arbitrable claims in the state and federal courts located in Harris County, Texas, exceptions required by law including under the federal Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act, and one-year limitations period to the extent permitted by law. To the fullest extent permitted by applicable law, you and AARO each agree that any claim may be brought only in an individual capacity and not as a plaintiff or class member in any class, collective, consolidated, mass, or representative proceeding, and each party waives any right to a jury trial. This Section is subject to Section 30.
28. Limitation of Liability
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT SHALL ANY COVERED PERSON BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, PUNITIVE, OR ENHANCED DAMAGES, OR FOR ANY LOSS OF PROFITS, REVENUE, BUSINESS, DATA, GOODWILL, ANTICIPATED SAVINGS, INVESTMENT OPPORTUNITY, OR OTHER INTANGIBLE OR ECONOMIC LOSS, ARISING OUT OF OR RELATING TO THIS NOTICE OR TO THE COLLECTION, USE, DISCLOSURE, STORAGE, LOSS, OR PROTECTION OF PERSONAL INFORMATION IN CONNECTION WITH THE PORTAL, INCLUDING ANY SECURITY INCIDENT, UNAUTHORIZED ACCESS, DATA BREACH, LOSS OR CORRUPTION OF DATA, SYSTEM FAILURE, OR ACT OR OMISSION OF ANY PLATFORM PROVIDER, VERIFICATION PROVIDER, OR OTHER SERVICE PROVIDER, WHETHER BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, STATUTE, WARRANTY, OR ANY OTHER LEGAL OR EQUITABLE THEORY, AND WHETHER OR NOT ANY COVERED PERSON HAS BEEN ADVISED OF, OR COULD HAVE FORESEEN, THE POSSIBILITY OF SUCH DAMAGES, AND EVEN IF ANY LIMITED REMEDY IS FOUND TO HAVE FAILED OF ITS ESSENTIAL PURPOSE.
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE TOTAL, AGGREGATE LIABILITY OF THE COVERED PERSONS, TAKEN TOGETHER, ARISING OUT OF OR RELATING TO THIS NOTICE AND THE SUBJECT MATTER OF THIS NOTICE, FROM ALL CLAIMS AND CAUSES OF ACTION COMBINED, SHALL NOT EXCEED ONE HUNDRED U.S. DOLLARS ($100), consistent with and not in addition to the aggregate liability cap in Section 16 of the Terms, such that the single one hundred dollar ($100) cap applies collectively across this Notice and the Terms and is not multiplied by the number of documents, Covered Persons, claims, or theories asserted. The exclusions and limitations in this Section apply to the fullest extent permitted by applicable law, allocate risk reasonably between you and AARO in light of the Portal being made available on these terms, form an essential basis of the bargain between you and AARO, and survive termination of your access to the Portal and any expiration or termination of your relationship with AARO.
This Section does not limit liability arising under the Investment Documents, which is governed by, and allocated in, those documents. Some jurisdictions do not allow the exclusion or limitation of certain damages, so one or more of the above exclusions or limitations may not apply to you, in which case the liability of the Covered Persons is limited to the greatest extent permitted by applicable law. Nothing in this Section limits, and this Section is expressly subject to, any liability that cannot be limited or excluded under applicable law, including as set forth in Section 30 (Reservation of Regulatory and Non-Waivable Rights).
29. Indemnification
To the fullest extent permitted by applicable law, you agree to indemnify, defend, and hold harmless each and all of the Covered Persons from and against any and all claims, demands, actions, proceedings, investigations, liabilities, damages, losses, judgments, settlements, fines, penalties, costs, and expenses of every kind, including reasonable attorneys’ fees, expert fees, and court or arbitration costs, whether or not involving a third party, that arise out of or relate to: (a) Personal Information or other information you provide to or through the Portal that is false, inaccurate, incomplete, outdated, misleading, infringing, or provided without authorization; (b) information about any other person that you provide in violation of Section 12, including any failure to obtain a required notice, consent, or authorization from that person; (c) your breach or alleged breach of any representation, warranty, covenant, or obligation in this Notice or in the Terms, including the representations regarding age and eligibility, authority, sanctions and anti-money-laundering status, and lawful source of funds; (d) your violation of any applicable law, regulation, or legal or contractual right of any third party; (e) your access to or use or misuse of the Portal, or any activity occurring under your account or credentials, whether or not authorized by you, as provided in Section 4 of the Terms; or (f) any dispute between you and any co-investor, joint holder, beneficial owner, authorized representative, advisor, or other third party relating to your use of the Portal or the information you provide.
AARO may, at its option and your expense, assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which case you agree to cooperate fully with AARO’s defense and to pay the reasonable costs and attorneys’ fees incurred. You shall not settle any such matter in a manner that imposes any obligation, admission, or liability on, or requires any act or forbearance by, any Covered Person without AARO’s prior written consent. AARO’s assumption of defense does not relieve you of your indemnification obligations, and your failure to satisfy those obligations does not limit any other remedy available to AARO.
This Section is in addition to, and does not limit, the indemnification obligations in Section 18 of the Terms, and is cumulative with all other rights and remedies of the Covered Persons. Your obligations under this Section survive termination of your access to the Portal and the expiration or termination of your relationship with AARO. This Section is subject to Section 30 (Reservation of Regulatory and Non-Waivable Rights) and to any limitation that applicable law places on a party’s ability to be indemnified for its own conduct.
30. Reservation of Regulatory and Non-Waivable Rights
Nothing in this Notice is intended to, and nothing in this Notice shall, waive, limit, disclaim, abrogate, or require you to forgo any right, protection, or remedy that cannot lawfully be waived, limited, disclaimed, or abrogated under applicable law. Without limiting the foregoing, this reservation applies to rights, protections, and remedies arising under: the federal securities laws, including the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940, and the rules and regulations thereunder; applicable state securities or “blue sky” laws, including the Texas Securities Act; the Gramm-Leach-Bliley Act and other financial privacy and data-security laws; state comprehensive privacy laws, including the Texas Data Privacy and Security Act and the California Consumer Privacy Act; biometric privacy laws, including the Illinois Biometric Information Privacy Act and the Texas Capture or Use of Biometric Identifier Act; consumer protection, unfair or deceptive practices, telemarketing, and electronic communications laws; and any other federal, state, or local law conferring rights or remedies that may not be waived by agreement.
Nothing in this Notice shall be construed as a waiver of compliance with, or as an attempt to contract around, any provision of the federal securities laws or the rules and regulations thereunder, or any other non-waivable law. No provision of this Notice, or of any provision incorporated into this Notice from the Terms, that limits or excludes liability, caps damages, disclaims warranties, releases or waives claims, requires arbitration, waives a jury trial or class or representative proceeding, obtains consent, shifts responsibility or risk, or imposes a limitations period or any condition precedent, shall apply to, or be given effect in, any instance to the extent that such application is prohibited by, or would be unenforceable or unconscionable under, any such law. In any such instance, the affected provision shall be limited, reformed, or applied only to the extent permitted by applicable law in accordance with Section 31, and shall remain in full force and effect in all other respects and as to all other claims, persons, and circumstances.
This Section is a rule of construction and priority: it controls over, and operates as an exception to, any other provision of this Notice that conflicts with it, and it applies notwithstanding any choice-of-law, arbitration, limitation, release, or other provision of this Notice or the Terms. The inclusion of this Section is not, and shall not be construed as, an admission that any provision of this Notice or the Terms is in fact contrary to, prohibited by, or unenforceable under any law, and this Section shall not be used as evidence that any such provision is invalid; its sole purpose is to preserve the enforceability of this Notice and to confirm that AARO does not seek, through this Notice, to limit any right or remedy that cannot lawfully be limited.
31. Severability, Savings, and No Waiver
(a) Severability and Reformation. If any provision of this Notice, or the application of any provision to any person or circumstance, is held invalid, void, unenforceable, or unconscionable by a court or arbitrator of competent jurisdiction, that provision shall be modified and reformed to the minimum extent necessary to render it valid and enforceable while preserving, to the maximum extent possible, its intent and economic effect, and if it cannot be so modified, it shall be severed. In either case, the invalidity or unenforceability of that provision, or of its application to a particular person or circumstance, shall not affect the validity or enforceability of any other provision of this Notice, or of that same provision as applied to any other person or circumstance, and all remaining provisions shall continue in full force and effect.
(b) Blue Pencil; Enforcement in AARO’s Favor. Where a provision is held overbroad, it is the express intent of the parties that the court or arbitrator apply the “blue pencil” doctrine and narrow the provision to the greatest scope that is enforceable, rather than voiding it, and the parties request such reformation as the preferred remedy. This Notice shall be construed to give the maximum protection to AARO and the Covered Persons permitted by applicable law, and no provision shall be struck in its entirety where a narrowing construction or reformation is legally available.
(c) Class and Representative Action Waiver. If the class-and-representative-action waiver incorporated into this Notice through Section 27 and Section 20 of the Terms is held unenforceable as to any particular claim or any particular form of relief, that claim or request for that relief, and only that claim or request, shall proceed in a court of competent jurisdiction, while all other claims and all other requests for relief shall remain subject to individual arbitration as provided in Section 27. The class-and-representative-action waiver is not severable from the agreement to arbitrate with respect to any claim required to be arbitrated, except as expressly provided in this subsection and in Section 20 of the Terms.
(d) Survival of Core Protections. The disclaimers, limitation of liability, indemnification, release and risk-allocation provisions, the reservation of regulatory and non-waivable rights, and the dispute-resolution provisions of or incorporated into this Notice are each intended to be independent and severable, and if any one is limited or held unenforceable in whole or in part, the others, and any enforceable remainder of that one, shall continue in full force and effect.
(e) No Waiver. No failure or delay by AARO in exercising or enforcing any right, power, or provision under this Notice shall operate as a waiver of that or any other right, power, or provision, and no single or partial exercise of any right shall preclude any further exercise of it or of any other right. No waiver by AARO shall be effective unless in a writing signed by an authorized representative of AARO, and any such waiver shall apply only to the specific instance and purpose for which it is given and shall not constitute a waiver of any subsequent breach or of any other provision. AARO’s acceptance of, or failure to act upon, any information, payment, or performance shall not waive any right or any provision of this Notice.
32. Entire Agreement; Order of Precedence
This Notice, together with the Terms and any non-disclosure agreement you accept through the Portal, constitutes the entire agreement and understanding between you and AARO regarding the collection, use, disclosure, and protection of Personal Information in connection with the Portal, and supersedes all prior and contemporaneous agreements, understandings, representations, warranties, and communications, whether written or oral, relating to that subject matter. You acknowledge that, in accepting this Notice and using the Portal, you have not relied on any statement, representation, or assurance regarding Personal Information not expressly set forth in this Notice, consistent with Section 9 of the Terms, and no such extrinsic statement shall have any force or effect. This Notice may be amended only as provided in Section 26, and not by any oral statement or course of dealing.
In the event of a conflict or inconsistency, the following order of precedence governs, in each case only to the extent of the conflict: (a) with respect to any specific investment, the applicable Investment Documents control over this Notice and the Terms, as provided in Section 2 of the Terms; (b) with respect to the collection, use, disclosure, retention, and protection of Personal Information, this Notice controls over the Terms and any non-disclosure agreement; (c) with respect to all other matters, including dispute resolution, limitation of liability, indemnification, eligibility, account use, and the operation of the Portal, the Terms control over this Notice; and (d) a non-disclosure agreement you accept through the Portal controls over this Notice and the Terms with respect to the specific confidential information and obligations it covers, except as to the treatment of Personal Information, which is governed by this Notice.
Notwithstanding the foregoing order of precedence, Section 30 (Reservation of Regulatory and Non-Waivable Rights) controls over any conflicting provision of this Notice as provided in that Section, and no order of precedence shall be construed to reduce, waive, or limit any right, protection, limitation of liability, release, indemnity, or disclaimer afforded to AARO or any Covered Person under this Notice, the Terms, any non-disclosure agreement, or AARO’s other governing documents, all of which are cumulative and independent. The resolution of a conflict under this Section applies only to the conflicting provisions and only to the extent of the conflict, and all other provisions of each document remain in full force and effect.
33. Contact Us
Questions, requests, or appeals regarding this Notice or your Personal Information:
admin@aarorealestate.com
AARO Real Estate LLC, 10050 Northwest Freeway, Suite 105, Houston, TX 77092