PARCEL 3:
Lots 25 and 26 in Block "M" of Kingsburg, according to the map thereof recorded in Book 3
Fresno County APN: 396-102-16
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 13 4918-2586-6419, v. 3
EXHIBIT “B”
Form of Promissory Note follows this page
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 14 4918-2586-6419, v. 3
SECURED PROMISSORY NOTE
(“Note”)
Principal: $3,000,000.00 __________________ __, 2026
For value received, CITY OF KINGSBURG, a Charter City and a municipal corporation ("Maker") promises to pay to VB INVESTMENTS, a California general partnership ("Holder") the principal sum of Three Million Dollars ($3,000,000.00) (the "Principal"). Maker and Holder are sometimes referred to herein individually as a "party" and collectively as the "parties".
1. Payments. Unless accelerated by Holder as a result of a default under this Note, the Principal, together with interest, shall be due and payable in equal monthly installments of principal and interest as set forth on the amortization schedule attached hereto as Exhibit A.
From the date of this Note until the Maturity Date (as hereinafter defined), interest will accrue on the unpaid principal balance at the fixed rate equal to 5.0% per annum (the "Rate").
Maker shall make two hundred forty (240) consecutive monthly installments of principal and interest, each in the amount of $19,798.67 (except that the final installment shall be in the amount necessary to pay all then-remaining principal and accrued interest in full), in accordance with the amortization schedule attached hereto as Exhibit A. The installments shall commence on the date one (1) month after the date of this Note and continue on the same day of each successive month thereafter until the Maturity Date. Each installment shall be applied first to accrued and unpaid interest, and the remainder to Principal, with interest accruing on the unpaid principal balance at the Rate (computed at one-twelfth (1/12) of the Rate per month). The entire unpaid principal balance, together with all accrued and unpaid interest and any other sums due under this Note, shall be due and payable in full on the date that is twenty (20) years after the date of this Note (the "Maturity Date").
2. Method of Payment. All payments of Principal, interest, and any other sums due hereunder shall be made payable to VB Investments and delivered to Holder at the following address:
1600 Draper Street, Kingsburg, California 93631 (or at such other place, and/or to such other holder of this Note, as Holder may designate in writing from time to time).
3. Electronic Payments. If directed in writing by Holder, payments due under this Note shall be made by electronic funds transfer to Holder’s accounts. Maker shall, at Maker’s sole cost and expense, direct its bank in writing to permit and initiate an electronic fund transfer to Holder.
4. Prepayment. Maker reserves the right at any time, and from time to time, to prepay all of the amounts outstanding hereunder without penalty.
5. Application of Payments. Except for regularly scheduled monthly installments, which shall be applied as provided in Section 1, all other payments received under this Note shall be applied in the following order: (a) first, to any costs, expenses, and other amounts (other than principal and interest) then due under this Note; (b) second, to any late charges or other fees then due under this Note; (c) third, to accrued and unpaid interest; and (d) fourth, to principal. Any prepayment of principal shall be applied to the unpaid principal balance and shall not postpone the due date of any scheduled installment unless Holder otherwise agrees in writing.
6. Certain Preferential Payments. To the extent that Maker makes any payment hereunder or Holder receives any payment or proceeds for Holder’s benefit, which are subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid to trustee, debtor in possession, receiver, custodian or any other party under any bankruptcy law, common law or equitable cause, then, to Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 15 4918-2586-6419, v. 3
such extent, the obligations of Holder hereunder intended to be satisfied shall be revived and continue as if such payment or proceeds had not been received by Holder.
7. Security. Maker acknowledges and understands that this Note and the obligations hereunder are secured by a first priority deed of trust (“Deed of Trust”) on the real property identified as Fresno County APN: 396-102-16.
8. Waiver of Presentment, Demand. Maker waives, for itself and for all endorsers and any party who now or may hereafter become liable with respect to this Note, the defense of the statute of limitations in any action hereunder or for the collection or performance of this Note, as well as presentment, demand, notice of dishonor, notice of default or delinquency, notice of acceleration, notice of protest and nonpayment, and diligence in taking any action to collect any amount owing under this Note, without in any way affecting the liability of Maker and any other party who now or may hereafter become liable with respect to this Note. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation maker or endorser, shall be released from liability. All such parties agree that Holder may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect Holder's security interest in the collateral; and take any other action deemed necessary by Holder without the consent of or notice to anyone.
9. Legal Costs. In the event that Holder engages attorneys to represent Holder in connection with (i) any breach, violation or Event of Default by Maker under this Note, (ii) the enforcement of any of Holder’s rights and remedies under this Note, (iii) bankruptcy or other insolvency proceedings commenced by or against Maker and/or (iv) any litigation arising out of or related to any of the foregoing, then Maker shall be liable to and shall reimburse Holder on demand for all attorneys’ fees, costs and expenses (including costs of experts) incurred by Holder in connection with any of the foregoing. For the purposes of this section, attorneys’ and experts’ fees and costs shall include, without limitation, fees and costs incurred in the following: (a) post-judgment motions; (b) contempt proceedings; (c) garnishment, levy, and debtor and third party examinations; (d) discovery; (e) bankruptcy litigation; and (f) appeals.
10. Amendment and Waiver; Cumulative Remedies. This Note may not be amended, modified or changed except only by written instrument signed by the party against whom enforcement of any amendment, change, modification or discharge is sought. No failure or delay on the part of Holder in the exercise of any power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other or further exercise thereof or of any other right, power or privilege. A waiver of any term of this Note must be made in writing and shall be limited to the express written terms of such waiver. The rights, powers and remedies of Holder permitted by law or contract or as set forth herein shall be cumulative and concurrent, and may be pursued singularly, successively or together against Maker, in the sole discretion of Holder, and such rights, powers and remedies shall not be exhausted by any exercise thereof but may be exercised as often as occasion therefore shall occur. Additionally, the failure to exercise any such rights, powers and remedies or the acceptance by Holder of any payment hereunder which is less than payment in full shall not constitute a waiver of the right to exercise any of Holder’ rights, powers or remedies at that time or any subsequent time.
11. Time of the Essence; Dates. Time is of the essence of each provision of this Note. For purposes of this Note, “Business Day” means any day other than a Saturday, Sunday, or legal holiday on which banks located in California are authorized or required by law to close. If any date on which a payment or other performance is due under this Note falls on a day that is not a Business Day, such date shall be deemed to be the next succeeding Business Day.
12. Governing Law. This Note shall be construed and enforced in accordance with the laws of the State of California.
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 16 4918-2586-6419, v. 3
13. Default. Each of the following shall constitute an “Event of Default” under this Note: (a) Maker fails to make any payment when due under this Note and fails to cure the non-payment within ten (10) days after written notice of the non-payment is given to the Maker; (b) Maker sells, transfers or assigns all or substantially all of its assets; (c) Maker (i) applies for or consents to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (ii) makes a general assignment for the benefit of its or any of its creditors, (iii) dissolves or liquidates in full or in substantial part, (iv) commences a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consents to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it, (v) takes any action for the purpose of effecting any of the foregoing; (vi) the commencement of an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to Maker or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect and an order for relief entered or such proceeding shall not be dismissed or discharged within thirty (30) days of commencement; or (d) Maker fails to timely perform any obligation under the Note or the Deed of Trust.
14. Certain Remedies, Including Acceleration. Upon the occurrence of any Event of Default, Holder may do any one or all of the following: (a) accelerate the Maturity Date of this Note and all sums evidenced hereby shall immediately become due and payable; (b) exercise all of the rights, benefits, privileges and remedies set forth under this Note; and (c) exercise Holder’s rights, benefits, privileges and remedies under any applicable law or allowed in equity.
15. Successor Interests. This Note shall be binding upon and inure to the benefit of the parties, their successors, and assigns. Holder shall have the right to assign this Note and the obligations of Maker hereunder at any time without notice to Maker. Maker shall not have the right to assign its obligations under this Note without the written consent of Holder, which consent may be withheld by Holder in its sole and absolute discretion.
16. Severability. In case any provision of this Note is held by a court of competent jurisdiction to be excessive in scope or otherwise invalid or unenforceable, such provision shall be adjusted rather than voided, if possible, so that it is enforceable to the maximum extent possible, and the validity and enforceability of the remaining provisions of this Note will not in any way be affected or impaired thereby. If such adjustment is not legally permissible, then the offending provision shall be ineffective to the extent of the prohibition or invalidity without invalidating the remainder of such or the remaining provisions of this Note.
17. Authorization and Binding Effect. Maker represents and warrants that (a) Maker is a duly organized and validly existing charter city and municipal corporation under the laws of the State of California; (b) the execution, delivery, and performance of this Note by Maker have been duly authorized by all necessary governmental action; (c) the individual executing this Note on behalf of Maker is duly authorized to do so and to bind Maker to the terms of this Note; and (d) this Note constitutes the legal, valid, and binding obligation of Maker, enforceable against Maker in accordance with its terms, except as enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, or other laws affecting creditors’ rights generally and by general principles of equity.
18. Captions. The captions and headings in this Note are merely for convenience and substantively are not a part of this Note.
19. Notices. All notices and other communications required or permitted under this Note shall be in writing and shall be deemed given: (a) on the date of delivery if delivered personally; (b) on the first Business Day after deposit with a nationally recognized overnight delivery service, postage prepaid; or (c) three (3) Business Days after being deposited in the United States mail, certified or registered mail, postage prepaid, return receipt requested, in each case addressed to the applicable party at its address set forth below (or at such other address as a party may designate by notice given in accordance with this Section).
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 17 4918-2586-6419, v. 3
20. WAIVER OF TRIAL BY JURY. MAKER BY ITS EXECUTION HEREOF AND NOTE
HOLDER BY ITS ACCEPTANCE HEREOF HEREBY WAIVE TO THE FULLEST EXTENT
PERMITTED BY LAW, THE RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTER CLAIM, WHETHER IN CONTRACT, TORT OR OTHERWISE, RELATING DIRECTLY
OR INDIRECTLY TO THE LOAN EVIDENCED BY THIS NOTE, THE APPLICATION FOR THE
LOAN EVIDENCED BY THIS NOTE, THIS NOTE, OR ANY OTHER LOAN DOCUMENT OR ANY
ACTS OR OMISSIONS OF HOLDER OR ITS OFFICERS, EMPLOYEES, DIRECTORS OR AGENTS IN CONNECTION THEREWITH.
21. Further Action. Maker shall perform all further acts, and shall execute, acknowledge, and deliver any other documents, which may be reasonably necessary, appropriate or desirable to carry out the provisions of this Note.
22. Ambiguities or Uncertainties. This Note and any ambiguities or uncertainties herein or therein, shall be equally and fairly interpreted and construed without reference to the identity of the party or parties preparing this document or the documents referred to herein, on the express understanding and agreement that the parties participated equally in the negotiation and preparation of the Note and the documents referred to herein, or have had equal opportunity to do so. Accordingly, the parties hereby waive the benefit of California Civil Code Section 1654 and any successor or amended statute, providing that in cases of uncertainty, language of a contract should be interpreted most strongly against the party who caused the uncertainty to exist.
IN WITNESS WHEREOF, the undersigned has executed this Note at _________________, California as of the date set forth above.
“Maker”
CITY OF KINGSBURG
By:
Its:
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 18 4918-2586-6419, v. 3
EXHIBIT A
Amortization Schedule
to Secured Promissory Note
Maker: City of Kingsburg
Holder: VB Investments
Date of Note / Closing Date: ______________, 2026 (to be completed at Closing) Original Principal: $3,000,000.00
Interest Rate: 5.00% per annum
Term: 240 months (20 years), fully amortizing
Monthly Payment (P&I): $19,798.67 (final installment $19,799.54) First Payment Date: the day one (1) month after the date of the Note Payment
No. Payment Amount Interest Principal Remaining Balance — Original Principal — — $3,000,000.00
1 $19,798.67 $12,500.00 $7,298.67 $2,992,701.33
2 $19,798.67 $12,469.59 $7,329.08 $2,985,372.25
3 $19,798.67 $12,439.05 $7,359.62 $2,978,012.63
4 $19,798.67 $12,408.39 $7,390.28 $2,970,622.35
5 $19,798.67 $12,377.59 $7,421.08 $2,963,201.27
6 $19,798.67 $12,346.67 $7,452.00 $2,955,749.27
7 $19,798.67 $12,315.62 $7,483.05 $2,948,266.22
8 $19,798.67 $12,284.44 $7,514.23 $2,940,751.99
9 $19,798.67 $12,253.13 $7,545.54 $2,933,206.45
10 $19,798.67 $12,221.69 $7,576.98 $2,925,629.47
11 $19,798.67 $12,190.12 $7,608.55 $2,918,020.92
12 $19,798.67 $12,158.42 $7,640.25 $2,910,380.67
13 $19,798.67 $12,126.59 $7,672.08 $2,902,708.59
14 $19,798.67 $12,094.62 $7,704.05 $2,895,004.54
15 $19,798.67 $12,062.52 $7,736.15 $2,887,268.39
16 $19,798.67 $12,030.28 $7,768.39 $2,879,500.00
17 $19,798.67 $11,997.92 $7,800.75 $2,871,699.25
18 $19,798.67 $11,965.41 $7,833.26 $2,863,865.99
19 $19,798.67 $11,932.77 $7,865.90 $2,856,000.09
20 $19,798.67 $11,900.00 $7,898.67 $2,848,101.42
21 $19,798.67 $11,867.09 $7,931.58 $2,840,169.84
22 $19,798.67 $11,834.04 $7,964.63 $2,832,205.21
23 $19,798.67 $11,800.86 $7,997.81 $2,824,207.40
24 $19,798.67 $11,767.53 $8,031.14 $2,816,176.26
25 $19,798.67 $11,734.07 $8,064.60 $2,808,111.66
26 $19,798.67 $11,700.47 $8,098.20 $2,800,013.46
27 $19,798.67 $11,666.72 $8,131.95 $2,791,881.51
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 19 4918-2586-6419, v. 3
Payment
No. Payment Amount Interest Principal Remaining Balance 28 $19,798.67 $11,632.84 $8,165.83 $2,783,715.68
29 $19,798.67 $11,598.82 $8,199.85 $2,775,515.83
30 $19,798.67 $11,564.65 $8,234.02 $2,767,281.81
31 $19,798.67 $11,530.34 $8,268.33 $2,759,013.48
32 $19,798.67 $11,495.89 $8,302.78 $2,750,710.70
33 $19,798.67 $11,461.29 $8,337.38 $2,742,373.32
34 $19,798.67 $11,426.56 $8,372.11 $2,734,001.21
35 $19,798.67 $11,391.67 $8,407.00 $2,725,594.21
36 $19,798.67 $11,356.64 $8,442.03 $2,717,152.18
37 $19,798.67 $11,321.47 $8,477.20 $2,708,674.98
38 $19,798.67 $11,286.15 $8,512.52 $2,700,162.46
39 $19,798.67 $11,250.68 $8,547.99 $2,691,614.47
40 $19,798.67 $11,215.06 $8,583.61 $2,683,030.86
41 $19,798.67 $11,179.30 $8,619.37 $2,674,411.49
42 $19,798.67 $11,143.38 $8,655.29 $2,665,756.20
43 $19,798.67 $11,107.32 $8,691.35 $2,657,064.85
44 $19,798.67 $11,071.10 $8,727.57 $2,648,337.28
45 $19,798.67 $11,034.74 $8,763.93 $2,639,573.35
46 $19,798.67 $10,998.22 $8,800.45 $2,630,772.90
47 $19,798.67 $10,961.55 $8,837.12 $2,621,935.78
48 $19,798.67 $10,924.73 $8,873.94 $2,613,061.84
49 $19,798.67 $10,887.76 $8,910.91 $2,604,150.93
50 $19,798.67 $10,850.63 $8,948.04 $2,595,202.89
51 $19,798.67 $10,813.35 $8,985.32 $2,586,217.57
52 $19,798.67 $10,775.91 $9,022.76 $2,577,194.81
53 $19,798.67 $10,738.31 $9,060.36 $2,568,134.45
54 $19,798.67 $10,700.56 $9,098.11 $2,559,036.34
55 $19,798.67 $10,662.65 $9,136.02 $2,549,900.32
56 $19,798.67 $10,624.58 $9,174.09 $2,540,726.23
57 $19,798.67 $10,586.36 $9,212.31 $2,531,513.92
58 $19,798.67 $10,547.97 $9,250.70 $2,522,263.22
59 $19,798.67 $10,509.43 $9,289.24 $2,512,973.98
60 $19,798.67 $10,470.72 $9,327.95 $2,503,646.03
61 $19,798.67 $10,431.86 $9,366.81 $2,494,279.22
62 $19,798.67 $10,392.83 $9,405.84 $2,484,873.38
63 $19,798.67 $10,353.64 $9,445.03 $2,475,428.35
64 $19,798.67 $10,314.28 $9,484.39 $2,465,943.96
65 $19,798.67 $10,274.77 $9,523.90 $2,456,420.06
66 $19,798.67 $10,235.08 $9,563.59 $2,446,856.47
67 $19,798.67 $10,195.24 $9,603.43 $2,437,253.04
68 $19,798.67 $10,155.22 $9,643.45 $2,427,609.59
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 20 4918-2586-6419, v. 3
Payment
No. Payment Amount Interest Principal Remaining Balance 69 $19,798.67 $10,115.04 $9,683.63 $2,417,925.96
70 $19,798.67 $10,074.69 $9,723.98 $2,408,201.98
71 $19,798.67 $10,034.17 $9,764.50 $2,398,437.48
72 $19,798.67 $9,993.49 $9,805.18 $2,388,632.30
73 $19,798.67 $9,952.63 $9,846.04 $2,378,786.26
74 $19,798.67 $9,911.61 $9,887.06 $2,368,899.20
75 $19,798.67 $9,870.41 $9,928.26 $2,358,970.94
76 $19,798.67 $9,829.05 $9,969.62 $2,349,001.32
77 $19,798.67 $9,787.51 $10,011.16 $2,338,990.16
78 $19,798.67 $9,745.79 $10,052.88 $2,328,937.28
79 $19,798.67 $9,703.91 $10,094.76 $2,318,842.52
80 $19,798.67 $9,661.84 $10,136.83 $2,308,705.69
81 $19,798.67 $9,619.61 $10,179.06 $2,298,526.63
82 $19,798.67 $9,577.19 $10,221.48 $2,288,305.15
83 $19,798.67 $9,534.60 $10,264.07 $2,278,041.08
84 $19,798.67 $9,491.84 $10,306.83 $2,267,734.25
85 $19,798.67 $9,448.89 $10,349.78 $2,257,384.47
86 $19,798.67 $9,405.77 $10,392.90 $2,246,991.57
87 $19,798.67 $9,362.46 $10,436.21 $2,236,555.36
88 $19,798.67 $9,318.98 $10,479.69 $2,226,075.67
89 $19,798.67 $9,275.32 $10,523.35 $2,215,552.32
90 $19,798.67 $9,231.47 $10,567.20 $2,204,985.12
91 $19,798.67 $9,187.44 $10,611.23 $2,194,373.89
92 $19,798.67 $9,143.22 $10,655.45 $2,183,718.44
93 $19,798.67 $9,098.83 $10,699.84 $2,173,018.60
94 $19,798.67 $9,054.24 $10,744.43 $2,162,274.17
95 $19,798.67 $9,009.48 $10,789.19 $2,151,484.98
96 $19,798.67 $8,964.52 $10,834.15 $2,140,650.83
97 $19,798.67 $8,919.38 $10,879.29 $2,129,771.54
98 $19,798.67 $8,874.05 $10,924.62 $2,118,846.92
99 $19,798.67 $8,828.53 $10,970.14 $2,107,876.78
100 $19,798.67 $8,782.82 $11,015.85 $2,096,860.93
101 $19,798.67 $8,736.92 $11,061.75 $2,085,799.18
102 $19,798.67 $8,690.83 $11,107.84 $2,074,691.34
103 $19,798.67 $8,644.55 $11,154.12 $2,063,537.22
104 $19,798.67 $8,598.07 $11,200.60 $2,052,336.62
105 $19,798.67 $8,551.40 $11,247.27 $2,041,089.35
106 $19,798.67 $8,504.54 $11,294.13 $2,029,795.22
107 $19,798.67 $8,457.48 $11,341.19 $2,018,454.03
108 $19,798.67 $8,410.23 $11,388.44 $2,007,065.59
109 $19,798.67 $8,362.77 $11,435.90 $1,995,629.69
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 21 4918-2586-6419, v. 3
Payment
No. Payment Amount Interest Principal Remaining Balance 110 $19,798.67 $8,315.12 $11,483.55 $1,984,146.14
111 $19,798.67 $8,267.28 $11,531.39 $1,972,614.75
112 $19,798.67 $8,219.23 $11,579.44 $1,961,035.31
113 $19,798.67 $8,170.98 $11,627.69 $1,949,407.62
114 $19,798.67 $8,122.53 $11,676.14 $1,937,731.48
115 $19,798.67 $8,073.88 $11,724.79 $1,926,006.69
116 $19,798.67 $8,025.03 $11,773.64 $1,914,233.05
117 $19,798.67 $7,975.97 $11,822.70 $1,902,410.35
118 $19,798.67 $7,926.71 $11,871.96 $1,890,538.39
119 $19,798.67 $7,877.24 $11,921.43 $1,878,616.96
120 $19,798.67 $7,827.57 $11,971.10 $1,866,645.86
121 $19,798.67 $7,777.69 $12,020.98 $1,854,624.88
122 $19,798.67 $7,727.60 $12,071.07 $1,842,553.81
123 $19,798.67 $7,677.31 $12,121.36 $1,830,432.45
124 $19,798.67 $7,626.80 $12,171.87 $1,818,260.58
125 $19,798.67 $7,576.09 $12,222.58 $1,806,038.00
126 $19,798.67 $7,525.16 $12,273.51 $1,793,764.49
127 $19,798.67 $7,474.02 $12,324.65 $1,781,439.84
128 $19,798.67 $7,422.67 $12,376.00 $1,769,063.84
129 $19,798.67 $7,371.10 $12,427.57 $1,756,636.27
130 $19,798.67 $7,319.32 $12,479.35 $1,744,156.92
131 $19,798.67 $7,267.32 $12,531.35 $1,731,625.57
132 $19,798.67 $7,215.11 $12,583.56 $1,719,042.01
133 $19,798.67 $7,162.68 $12,635.99 $1,706,406.02
134 $19,798.67 $7,110.03 $12,688.64 $1,693,717.38
135 $19,798.67 $7,057.16 $12,741.51 $1,680,975.87
136 $19,798.67 $7,004.07 $12,794.60 $1,668,181.27
137 $19,798.67 $6,950.76 $12,847.91 $1,655,333.36
138 $19,798.67 $6,897.22 $12,901.45 $1,642,431.91
139 $19,798.67 $6,843.47 $12,955.20 $1,629,476.71
140 $19,798.67 $6,789.49 $13,009.18 $1,616,467.53
141 $19,798.67 $6,735.28 $13,063.39 $1,603,404.14
142 $19,798.67 $6,680.85 $13,117.82 $1,590,286.32
143 $19,798.67 $6,626.19 $13,172.48 $1,577,113.84
144 $19,798.67 $6,571.31 $13,227.36 $1,563,886.48
145 $19,798.67 $6,516.19 $13,282.48 $1,550,604.00
146 $19,798.67 $6,460.85 $13,337.82 $1,537,266.18
147 $19,798.67 $6,405.28 $13,393.39 $1,523,872.79
148 $19,798.67 $6,349.47 $13,449.20 $1,510,423.59
149 $19,798.67 $6,293.43 $13,505.24 $1,496,918.35
150 $19,798.67 $6,237.16 $13,561.51 $1,483,356.84
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 22 4918-2586-6419, v. 3
Payment
No. Payment Amount Interest Principal Remaining Balance 151 $19,798.67 $6,180.65 $13,618.02 $1,469,738.82
152 $19,798.67 $6,123.91 $13,674.76 $1,456,064.06
153 $19,798.67 $6,066.93 $13,731.74 $1,442,332.32
154 $19,798.67 $6,009.72 $13,788.95 $1,428,543.37
155 $19,798.67 $5,952.26 $13,846.41 $1,414,696.96
156 $19,798.67 $5,894.57 $13,904.10 $1,400,792.86
157 $19,798.67 $5,836.64 $13,962.03 $1,386,830.83
158 $19,798.67 $5,778.46 $14,020.21 $1,372,810.62
159 $19,798.67 $5,720.04 $14,078.63 $1,358,731.99
160 $19,798.67 $5,661.38 $14,137.29 $1,344,594.70
161 $19,798.67 $5,602.48 $14,196.19 $1,330,398.51
162 $19,798.67 $5,543.33 $14,255.34 $1,316,143.17
163 $19,798.67 $5,483.93 $14,314.74 $1,301,828.43
164 $19,798.67 $5,424.29 $14,374.38 $1,287,454.05
165 $19,798.67 $5,364.39 $14,434.28 $1,273,019.77
166 $19,798.67 $5,304.25 $14,494.42 $1,258,525.35
167 $19,798.67 $5,243.86 $14,554.81 $1,243,970.54
168 $19,798.67 $5,183.21 $14,615.46 $1,229,355.08
169 $19,798.67 $5,122.31 $14,676.36 $1,214,678.72
170 $19,798.67 $5,061.16 $14,737.51 $1,199,941.21
171 $19,798.67 $4,999.76 $14,798.91 $1,185,142.30
172 $19,798.67 $4,938.09 $14,860.58 $1,170,281.72
173 $19,798.67 $4,876.17 $14,922.50 $1,155,359.22
174 $19,798.67 $4,814.00 $14,984.67 $1,140,374.55
175 $19,798.67 $4,751.56 $15,047.11 $1,125,327.44
176 $19,798.67 $4,688.86 $15,109.81 $1,110,217.63
177 $19,798.67 $4,625.91 $15,172.76 $1,095,044.87
178 $19,798.67 $4,562.69 $15,235.98 $1,079,808.89
179 $19,798.67 $4,499.20 $15,299.47 $1,064,509.42
180 $19,798.67 $4,435.46 $15,363.21 $1,049,146.21
181 $19,798.67 $4,371.44 $15,427.23 $1,033,718.98
182 $19,798.67 $4,307.16 $15,491.51 $1,018,227.47
183 $19,798.67 $4,242.61 $15,556.06 $1,002,671.41
184 $19,798.67 $4,177.80 $15,620.87 $987,050.54
185 $19,798.67 $4,112.71 $15,685.96 $971,364.58
186 $19,798.67 $4,047.35 $15,751.32 $955,613.26
187 $19,798.67 $3,981.72 $15,816.95 $939,796.31
188 $19,798.67 $3,915.82 $15,882.85 $923,913.46
189 $19,798.67 $3,849.64 $15,949.03 $907,964.43
190 $19,798.67 $3,783.19 $16,015.48 $891,948.95
191 $19,798.67 $3,716.45 $16,082.22 $875,866.73
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 23 4918-2586-6419, v. 3
Payment
No. Payment Amount Interest Principal Remaining Balance 192 $19,798.67 $3,649.44 $16,149.23 $859,717.50
193 $19,798.67 $3,582.16 $16,216.51 $843,500.99
194 $19,798.67 $3,514.59 $16,284.08 $827,216.91
195 $19,798.67 $3,446.74 $16,351.93 $810,864.98
196 $19,798.67 $3,378.60 $16,420.07 $794,444.91
197 $19,798.67 $3,310.19 $16,488.48 $777,956.43
198 $19,798.67 $3,241.49 $16,557.18 $761,399.25
199 $19,798.67 $3,172.50 $16,626.17 $744,773.08
200 $19,798.67 $3,103.22 $16,695.45 $728,077.63
201 $19,798.67 $3,033.66 $16,765.01 $711,312.62
202 $19,798.67 $2,963.80 $16,834.87 $694,477.75
203 $19,798.67 $2,893.66 $16,905.01 $677,572.74
204 $19,798.67 $2,823.22 $16,975.45 $660,597.29
205 $19,798.67 $2,752.49 $17,046.18 $643,551.11
206 $19,798.67 $2,681.46 $17,117.21 $626,433.90
207 $19,798.67 $2,610.14 $17,188.53 $609,245.37
208 $19,798.67 $2,538.52 $17,260.15 $591,985.22
209 $19,798.67 $2,466.61 $17,332.06 $574,653.16
210 $19,798.67 $2,394.39 $17,404.28 $557,248.88
211 $19,798.67 $2,321.87 $17,476.80 $539,772.08
212 $19,798.67 $2,249.05 $17,549.62 $522,222.46
213 $19,798.67 $2,175.93 $17,622.74 $504,599.72
214 $19,798.67 $2,102.50 $17,696.17 $486,903.55
215 $19,798.67 $2,028.76 $17,769.91 $469,133.64
216 $19,798.67 $1,954.72 $17,843.95 $451,289.69
217 $19,798.67 $1,880.37 $17,918.30 $433,371.39
218 $19,798.67 $1,805.71 $17,992.96 $415,378.43
219 $19,798.67 $1,730.74 $18,067.93 $397,310.50
220 $19,798.67 $1,655.46 $18,143.21 $379,167.29
221 $19,798.67 $1,579.86 $18,218.81 $360,948.48
222 $19,798.67 $1,503.95 $18,294.72 $342,653.76
223 $19,798.67 $1,427.72 $18,370.95 $324,282.81
224 $19,798.67 $1,351.18 $18,447.49 $305,835.32
225 $19,798.67 $1,274.31 $18,524.36 $287,310.96
226 $19,798.67 $1,197.13 $18,601.54 $268,709.42
227 $19,798.67 $1,119.62 $18,679.05 $250,030.37
228 $19,798.67 $1,041.79 $18,756.88 $231,273.49
229 $19,798.67 $963.64 $18,835.03 $212,438.46
230 $19,798.67 $885.16 $18,913.51 $193,524.95
231 $19,798.67 $806.35 $18,992.32 $174,532.63
232 $19,798.67 $727.22 $19,071.45 $155,461.18
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12 24 4918-2586-6419, v. 3
Payment
No. Payment Amount Interest Principal Remaining Balance 233 $19,798.67 $647.75 $19,150.92 $136,310.26
234 $19,798.67 $567.96 $19,230.71 $117,079.55
235 $19,798.67 $487.83 $19,310.84 $97,768.71
236 $19,798.67 $407.37 $19,391.30 $78,377.41
237 $19,798.67 $326.57 $19,472.10 $58,905.31
238 $19,798.67 $245.44 $19,553.23 $39,352.08
239 $19,798.67 $163.97 $19,634.70 $19,717.38
240 $19,799.54 $82.16 $19,717.38 $0.00
Totals $4,751,681.67 $1,751,681.67 $3,000,000.00 $0.00
Because the actual Closing Date is not yet known, payment due dates are stated by payment number rather than by calendar date. Payment No. 1 is due on the date one (1) month after the date of the Note, and each subsequent payment is due on the same day of each successive month thereafter. Interest is computed at one-twelfth (1/12) of the annual Interest Rate on the outstanding principal balance. The final payment has been adjusted for rounding.
Docusign Envelope ID: EF66FCB6-3632-893F-83E8-7A6EBAAC1A12
Date: January 14, 2026
Preliminary Budget Quantity Unit Unit Cost Total
Off Site
Clear & grub 13128 SF 0.81 10,634
Rough grading 13128 SF 0.53 6,958
Road cut & fill 950 CY 4.77 4,532
Scarify & compact 13128 SF 1.27 16,673
Curb and gutter 650 LF 47.56 30,914
AC paving 13100 SF 9.32 122,092
Concrete Walk 1633 SF 25.70 41,968
Striping 650 LF 2.11 1,372
Bus stop 1 LS 2000.00 2,000
Sewer 270 LF 90.17 24,346
Water 270 LF 62.50 16,875
Storm drain 270 LF 99.77 26,938
Power 270 LF 150.00 40,500
Data 270 LF 125.00 33,750
$ 379,550
SITE DEVELOPMENT
Clear & grub 88642 SF 0.81 71,800
Rough grading 88642 SF 0.53 46,980
fine grading 88642 SF 0.88 78,005
Fire lane cut & fill 1889 CY 4.77 9,011
Building cut & fill 998 CY 32.92 32,854
Scarify & compact 88642 SF 1.27 112,575
Curb and gutter 2767 LF 47.56 131,599
ADA Ramp w/ Truncated Domes 8 EA 650.00 5,200
Drive approach 670 SF 35.75 23,953
AC paving fire lane 16945 SF 9.32 157,927
AC Paving 30630 SF 6.58 201,545
Striping 27687 LF 1.01 27,964
Decorative Fence 825 LF 200.00 165,000
Man Gate 2 EA 2,936.90 5,874
Rolling gate 2 EA 5,873.81 11,748
Concrete Walk 5580 SF 25.70 143,406
Mow Strip 825 SF 25.70 21,203
Signs 8 EA 408.26 3,266
Flag pole 1 EA 9763.21 9,763
monument 1 LS 10000.00 10,000
Generator 150 kw 1 LS 155,735.19 155,735
Trash enclosure 1 LS 10,000.00 10,000
Site water 150 LF 62.50 9,375
Site fire water 150 LF 62.50 9,375
Site irrigation water 100 LF 62.50 6,250
Back flow, thrust blocks for all water utilities 3 EA 1,500.00 4,500 Storm Drain 900 LF 99.77 89,793
Site sewer 400 LF 90.17 36,068
New PG&E service 1 LS 49588.00 49,588
Site power 1 LS 150000.00 150,000
Light poles 47575 SF 3.12 148,434
irrigation 22166 SF 4.38 97,087
Landscape-grass 13322 SF 2.44 32,506
Ground cover, shrubs 5030 SF 1.07 5,382
Tree 21 EA 2957.70 62,112
2,135,877
BUILDING
Footings 92 CY 1274.37 117,242
SOG 10392 SF 17.00 176,664
Structural Steel 10392 SF 52.18 542,255
Kingsburg
New City/Emergency Operations Center
Exterior Walls 6539 SF 19.97 130,584
Interior Walls 8228 SF 17.66 145,306
Hard Lids 495 SF 17.49 8,658
Plywood Shear Walls 66 MBF 6110.13 403,269
Roof Deck 10000 SF 9.89 98,900
Roof- Single ply 100 SQ 1025.64 102,564
Roof- Metal 3250 SF 28.58 92,885
Roof insulation 10392 SF 4.21 43,750
Insulation Exterior Walls 6539 SF 1.74 11,378
Insulation Sound 500 SF 1.13 565
Cement Plaster 727 SY 349.36 253,985
Run Mold at parapets and frames 500 LF 100.81 50,405
Gyp Board- Wall 22485 SF 7.08 159,194
Gyp Board- Ceiling 495 SF 5.40 2,673
Storefront Doors glazibng system 100 SF 84.17 8,417
Storefront Doors 2 EA 3887.68 7,775
Hollow Metal Door- Exterior 6 EA 1675.31 10,052
Interior solid core doors, pre hung 30 EA 424.51 12,735 Hollow Metal Doors and Frames 3x7 6 EA 873.49 5,241
Hollow Metal Doors and Frames 6x7 3 EA 765.69 2,297
Door hardware 37 EA 626.16 23,168
Windows 33 EA 606.90 20,028
Paint Exterior 5654 SF 2.89 16,340
Paint walls, ceiling 22845 SF 2.19 50,031
Paint doors and frames 36 EA 165.00 5,940
Casework lower w/ counter top 140 LF 367.69 51,477
Upper casework 50 LF 290.01 14,501
Building Signs per letter 24 EA 146.85 3,524
Room Signs 45 EA 26.68 1,201
T-bar ceiling 8960 SF 12.49 111,910
Ceramic Tile- floor 543 SF 23.16 12,576
Ceramic Tile- wall 2011 SF 23.29 46,836
Carpet 877 SY 49.20 43,148
RTB 1640 LF 5.02 8,233
Sheet vinyl 30 SY 110.00 3,300
Toilet Partitions 3 EA 1502.97 4,509
Urinal Screen 1 EA 666.37 666
Toilet Accessories, incl. install 31 EA 348.66 10,808
Water 10392 SF 4.65 48,323
Sewer 10392 SF 3.45 35,852
Gas 10392 SF 2.23 23,174
Plumbing fixtures in place 21 EA 7595.10 159,497
Water heater10827. 1 EA 10828.00 10,828
HVAC 10392 SF 54.89 570,417
Electrical Work 10392 SF 50.04 520,016
Lighting Fixtures 10392 SF 7.16 74,407
Low Voltage- Data 10392 SF 20.15 209,399
Fire Alarm 10392 SF 20.15 209,399
Fire Riser- alarm and valves 1 EA 7469.62 7,470
Fire Sprinklers 10392 SF 12.36 128,445
4,812,215
Subtotal: $ 7,327,642
General Conditions: 15% $1,099,146
General Contractor Overhead & Profit: 15% 1,099,146
Total Hard Cost (Construction Cost) $ 9,525,935
Soft Cost- DSA, A&E, Testing, Inspection, Furniture: 15% 1,428,890 Project Contingency: 3% 285,778
Total Project Cost: $ 11,240,603
Solar not included.