HomeMy WebLinkAboutBKKS Holdings, LLC - 2nd Amendment and Collateral Assignment of DA -(RECORDED) 6.1.2026 ti ' /
2026-08548
RECORDED:06/09/2026 03:33:14 PM
RECORDING FEE:$42.00
REVENUE TAX:$
COMBINED FEE:$42.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
ROLII r 1 61 C-\ (4- LOC . cke)
Prepared by and return to: Lynn Wickham Hartman, Simmons Perrine PLC, 115 Third St SE, Suite 1200, Cedar Rapids, IA
52401-2366;telephone:319/366-7641
Document or Instrument number: 2025-13843 and 2026-01741
SECOND AMENDMENT TO AND COLLATERAL ASSIGNMENT OF
DEVELOPMENT AGREEMENT
THIS SECOND AMENDMENT TO AND COLLATERAL ASSIGNMENT OF THE
DEVELOPMENT AGREEMENT (collectively, the "Second Amendment and Assignment"), is
made effective as of the f Siday of , 2026 ("Effective Date") by and among
BKKS Holdings, LLC (the "Company"), the/City of Waterloo, Iowa (the "City") and Farmers
State Bank(the "Bank").
WITNESSETH:
WHEREAS, the City and the Company are parties to that certain Development
Agreement entered into as of July 7, 2025 and filed of record on September 22, 2025 with the
Black Hawk County Recorder's office as Document No. 2025-13843, as amended by a First
Amendment dated February 2, 2026 and filed of record on February 10, 2026 as Document No.
2026-01741 (collectively, the "Development Agreement"), pursuant to which the City has agreed
to rebate property tax with respect to the Phase 1 Improvements and Phase 2 Improvements
("Tax Rebates").
WHEREAS, the Company owns the Property subject to the Development Agreement.
WHEREAS, the City and the Company desire to amend the Development Agreement to
allow the Company to obtain credit from the Bank for financing the construction and erection of
structures and improvements on the Property for Phase 1 of the Project.
WHEREAS, the Bank has required, as an express condition to making a loan for the
Phase 1 Improvements, that the Company assign its rights under the Development Agreement,
which includes without limitation the Tax Rebates, to the Bank to secure the obligations of the
Company under the loan.
NOW THEREFORE, for good and valuable consideration, the parties agree as follows:
1
1. Capitalized Terms. Any terms not defined herein shall have the meanings given
such terms in the Development Agreement.
2. Amendment. Notwithstanding the language to the contrary in the Development
Agreement, the City acknowledges and consents to the following: (a) the Bank will have a first
and valid mortgage on the Property, which includes without limitation the Improvements; and (b)
the Company will not be required to proceed with Phase II of the Project if it is not able to secure
adequate financing for the Phase II Improvements.
3. Assignment. The Company hereby assigns to Bank all of its right, title and
interest in and to the Development Agreement, together with all documents and agreements
attached as exhibits thereto, and all amendments, addenda and modifications thereof, whether
made now or hereafter, including any and all Tax Rebates, to secure the obligations of the
Company under its loan obligations with the Bank.
4. Events Triggering Termination and/ or Reverter. The Development Agreement is
hereby amended to delete Section 4(B) and replace it with the following new Section 4(B):
B. Events Triggering Termination and/ or Reverter. If Company does
not timely Begin Construction or Substantially Complete construction of the
Phase 1 or Phase 2 Improvements on the schedule stated above, subject to
Unavoidable Delays, then such shall constitute a default hereunder, and the City
may terminate this Agreement as set forth in Section 18 and City shall then have
no further obligation to Company under this Agreement. In connection with the
termination of this Agreement by the City, and in addition to any other remedies
available to the City under this Agreement, the parties agree that the City is
entitled to have title to the undeveloped portions of the Property conveyed to it,
and Company agrees that it shall, at its own expense, promptly execute all
documents, including but not limited to, a special warranty deed, or take such
other actions as the City may reasonably request to effectuate said conveyance
and to deliver to City title to the undeveloped portions of the Property, free and
clear of any lien, claim, charge, security interest, mortgage or encumbrance, or
past- due or currently due property taxes collectively, "Liens") arising by or
through Company. Concurrently with delivery of the deed, Company shall also
deliver to City the abstract of title. Company shall pay in full, so as to discharge
or satisfy, all Liens on or against
ainst the undeveloped portions of the Property.
Appointment of Attorney in Fact: If Company fails to deliver such documents,
including but not limited to a special warranty deed, to City within thirty (30)
days after written demand by City, then City shall be authorized to execute, on
Company's behalf and as its attorney-in-fact, the special warranty deed or other
documents required by this Section, and for such limited purpose Company does
hereby irrevocably constitute and appoint City as its attorney-in-fact.
Notwithstanding the above, in the event that Company does not Begin
Construction or Substantially Complete construction of the Phase II
Improvements, Company may retain title to the undeveloped portions of the
2
Property by making payment to the City for the fair market value of the
undeveloped portions of the Property, as determined by appraisal performed by a
mutually agreeable appraiser. In the event that payment by Company to City for
the fair market value of the undeveloped portions of the Property is not made
within ninety (90) days of the date of a notice delivered to Company pursuant to
Section 18, then the terms immediately above shall be applicable as to the
undeveloped portions of the Property.
5. Deadlines to Begin and Substantially Complete. The Development Agreement is
hereby amended to delete Section 4(A) and replace it with the following new Section 4(A):
A. Deadlines to Begin and Substantially Complete. All deadlines are
subject to Unavoidable Delays ( defined below) and other applicable provisions of
this Agreement governing modifications or extensions.
Company must obtain necessary permits and Begin Construction of the
Phase 1 Improvements within the later of ten (10) months of the date of this
Agreement or closing on the Property (the "Phase 1 Start Date") and must
Substantially Complete the Phase 1 Improvements within twenty (20) months
thereafter (the "Phase 1 Completion Deadline"). With respect to the Phase 2
Improvements, Company must obtain necessary permits and Begin Construction
of the Phase 2 Improvements within eighteen (18) months of Substantial
Completion of the Phase 1 Improvements and must Substantially Complete the
Phase 2 Improvements within fourteen (14) months thereafter. For purposes of
this Agreement, " Begin Construction" shall mean the mobilization and entry by
the Company' s general contractor on the Property to start construction of the
Project pursuant to the construction contract executed between the Company and
the general contractor, and " Substantially Complete" shall mean the date on
which the phase Improvements have been completed to the extent necessary for
the City to issue a certificate of occupancy relating thereto and the City has
verified that any Project element for which no permit was necessary has been
completed to City' s reasonable satisfaction. The City's Community Planning and
Development Director may, but shall not be required to, consent to an extension
of time of up to six 6) months for the construction of the Improvements. Any
additional or longer time extensions will require consent of the City Council.
6. Representations and Warranties of the Company. The Company hereby
represents and warrants that there have been no prior assignments of its rights under the
Development Agreement, that the Development Agreement is a valid and enforceable
agreement, that neither the City nor the Company is in default thereunder and that all covenants,
conditions and agreements have been performed as required therein, except those not to be
performed until after the date hereof. The Company agrees not to sell, assign, pledge, mortgage
or otherwise transfer or encumber its interest in the Development Agreement as long as this
Second Amendment and Assignment is in effect. The Company hereby irrevocably constitutes
and appoints the Bank as its attorney in fact to demand, receive and enforce the Company's
rights under the Development Agreement for and on behalf of and in the name of the Company
3
or, at the option of the Bank, in the name of Bank, with the same force and effect as the
Company could do if this Second Amendment and Assignment had not been made.
7. Attorney-in-Fact. Upon the occurrence of a default or event of default under the
loan obligations with the Bank (a "Default"), without affecting any of the Bank's rights or
remedies against the Company under any other instrument, the Company shall be deemed to
have irrevocably appointed the Bank as the Company's attorney in fact to exercise any or all of
the Company's rights in, to and under the Development Agreement and to give appropriate
receipts, releases and satisfactions on behalf of the Company in connection with the performance
by any party to the Development Agreement and to do any or all other acts in the Company's
name or in Bank's own name that the Company could do under the Development Agreement
with the same force and effect as if this Second Amendment and Assignment had not been made.
In addition, the Bank shall have the right to exercise and enforce any and all rights and remedies
available after a default to a secured party under the Uniform Commercial Code as adopted in the
State of Iowa. If notice to the Company of any intended disposition of collateral or of any
intended action as required by law in any particular instance, such notice shall be deemed
commercially reasonable if given in writing at least ten (10) days prior to the intended
disposition or other action.
8. City Consent. The City hereby consents and agrees to the terms and conditions of
the Second Amendment and Assignment. The City is not in breach or default of its obligations
under the Development Agreement and, to the City's knowledge, the Company is not in breach
or default of its obligations under the Development Agreement.
9. No Amendment. The Company and the City agree that no material change or
amendment shall be made to terms of the Development Agreement without the prior written
consent of the Bank, which consent shall not be unreasonably withheld or delayed.
10. No Waiver. This Second Amendment and Assignment can be waived, modified,
amended, terminated or discharged only explicitly in a writing signed by Bank. A waiver by
Bank shall be effective only in the specific instance and for the specific purpose given. Mere
delay or failure to act shall not preclude the exercise or enforcement of any of Bank's rights or
remedies hereunder. All rights and remedies of Bank shall be cumulative and shall be exercised
singularly or concurrently, at Bank's option, and any exercise or enforcement of any one such
right or remedy shall neither be a condition to nor bar the exercise or enforcement of any other.
11. Notice. Any notice, request, demand or other communication hereunder shall be
deemed duly given if delivered to the Bank as set forth below:
Farmers State Bank
131 Tower Park Drive Suite 100
Waterloo, IA 50701
12. Counterparts. This agreement may be executed in multiple counterparts, and by
different parties on separate counterparts, each of which, when executed and delivered, shall be
deemed to be an original, and all of which, when taken together, shall constitute but one and the
same agreement.
4
13. No Effect. Except as modified herein, the Development Agreement shall remain
in full force and effect.
14. The Development Agreement shall inure to the benefit of and be binding upon the
parties and their respective successors and assigns.
[Signature Pages Next Page]
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IN WITNESS WHEREOF, the parties have executed this Second Amendment and
Assignment by their duly authorized representatives as of the date set forth above.
CITY OF WATERLOO, IOWA
By:
David Boesen, Mayor
By:
K ey Felc le, ty erk
STATE OF IOWA )
ss
COUNTY OF BLACK HAWK )
On this day of , 2026, before me a Notary Public in and
for said State,personally appeared David Boesen and Kelley Felchle,to me personally known,
who being duly sworn, did say that they are the Mayor and City Clerk,respectively of the City of
Waterloo, Iowa, a municipal corporation, created and existing under the laws of the State of
Iowa, and that the seal affixed to the foregoing instrument is the seal of said municipal
corporation, and that said instrument was signed and sealed on behalf of said municipal
corporation by authority and resolution of its City Council and said Mayor and City Clerk
acknowledged said instrument to be the free act and deed of said municipal corporation by it
voluntarily executed.
0104 NANCY ANNE HIGBY Notary Public ' and for State f a
a COMMISSION NO.853884 Mycommission expires: — 13—�2-1
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BKKS HOLDINGS, LLC
B
y:
Tyler Kunkle, President
STATE OF I O WA )
) ss
COUNTY OF BLACK HAWK )
Acknowled ed before me on this day offeCCuf 2026 ler Kunkleg y by Tyler
as the President of BKKS Holdings, LLC.
Notary Public in and'for State of Iowa
Mycommission expires: ; `C -- i/ -C 6.
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7
FARMERS STATE BANK
By:
Luke Knutson, Assistant Vice President
STATE OF IOWA )
) ss
COUNTY OF BLACK HAWK )
Acknowledged before me on thid6A day of I , 2026, by Luke Knutson,
Assistant Vice President of Farmers State Bank.
Notary� Public in d for State of Iowa
My commission expires: p -w - ka
„ "`L s KARLA J TRI
COMMISSION NO. 171479
* * MY COMMISSION EXPIRES
OCTOBER 11, 2026
8
Docusign Envelope ID:4E141DC0-92E1-8004-81E8-088ECDB35EBC
2026-08547
RECORDED:06/09/2026 03:33:13 PM
RECORDING FEE:$7.00
REVENUE TAX:$
COMBINED FEE:$7.00
SANDIE L.SMITH,RECORDER
BLACK HAWK COUNTY,IOWA
Prepared by LeAnn M. Even, Deputy City Clerk, City of Waterloo, 715 Mulberry Street,
Waterloo, IA 50703, (319) 291-4323.
RESOLUTION NO. 2026-301
RESOLUTION APPROVING A SECOND AMENDMENT AND
COLLATERAL ASSIGNMENT OF THE DEVELOPMENT
AGREEMENT WITH BKKS HOLDINGS, LLC AND
FARMERS STATE BANK, AND AUTHORIZING THE
MAYOR TO EXECUTE SAID DOCUMENT.
WHEREAS, the City of Waterloo, Iowa, previously entered into a Development
Agreement with BKKS Holdings, LLC on July 7,2025, and amended February 2, 2026; and
WHEREAS, the parties now desire to enter into a Second Amendment and Collateral
Assignment of Development Agreement with BKKS Holdings, LLC and Farmers State Bank, to
allow the Company to obtain credit from the Bank for financing the construction and erection of
structures and improvement on the Property for Phase 1 of the Project; and
WHEREAS, the City Council has reviewed the proposed Second Amendment and
Collateral Assignment of Development Agreement and finds that approval of said document is in
the best interests of the City.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Waterloo,
Iowa, that:
1. The Second Amendment and Collateral Assignment of Development Agreement by
and among the City of Waterloo, Iowa, BKKS Holdings, LLC, and Farmers State Bank is hereby
approved.
2. The Mayor is authorized and directed to execute said document on behalf of the City
of Waterloo, Iowa.
PASSED AND ADOPTED this 1s1 day of June 2026.
"—Signed by:
`-393Ep3,�d31)J411..
David tioesen, Mayor
ATTEST:
e,--Signed by:
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Kelley Feichie, City Clerk
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Prepared by and return to: Lynn Wickham Hartman, Simmons Perrine PLC, 115 Third St SE, Suite 1200, Cedar Rapids, IA
52401-2366;telephone:319/366-7641
Document or Instrument number: 2025-13843 and 2026-01741
SECOND AMENDMENT TO AND COLLATERAL ASSIGNMENT OF
DEVELOPMENT AGREEMENT
THIS SECOND AMENDMENT TO AND COLLATERAL ASSIGNMENT OF THE
DEVELOPMENT AGREEMENT (collectively, the "Second Amendment and Assignment"), is
made effective as of the 1ST-day of , 2026 ("Effective Date") by and among
BKKS Holdings, LLC (the "Company"), th City of Waterloo, Iowa (the "City") and Farmers
State Bank(the "Bank").
WITNESSETH:
WHEREAS, the City and the Company are parties to that certain Development
Agreement entered into as of July 7, 2025 and filed of record on September 22, 2025 with the
Black Hawk County Recorder's office as Document No. 2025-13843, as amended by a First
Amendment dated February 2, 2026 and filed of record on February 10, 2026 as Document No.
2026-01741 (collectively, the"Development Agreement"), pursuant to which the City has agreed
to rebate property tax with respect to the Phase 1 Improvements and Phase 2 Improvements
("Tax Rebates").
WHEREAS, the Company owns the Property subject to the Development Agreement.
WHEREAS, the City and the Company desire to amend the Development Agreement to
allow the Company to obtain credit from the Bank for financing the construction and erection of
structures and improvements on the Property for Phase 1 of the Project.
WHEREAS, the Bank has required, as an express condition to making a loan for the
Phase 1 Improvements, that the Company assign its rights under the Development Agreement,
which includes without limitation the Tax Rebates, to the Bank to secure the obligations of the
Company under the loan.
NOW THEREFORE, for good and valuable consideration, the parties agree as follows:
1
1. Capitalized Terms. Any terms not defined herein shall have the meanings given
such terms in the Development Agreement.
2. Amendment. Notwithstanding the language to the contrary in the Development
Agreement, the City acknowledges and consents to the following: (a) the Bank will have a first
and valid mortgage on the Property, which includes without limitation the Improvements; and(b)
the Company will not be required to proceed with Phase II of the Project if it is not able to secure
adequate financing for the Phase II Improvements.
3. Assignment. The Company hereby assigns to Bank all of its right, title and
interest in and to the Development Agreement, together with all documents and agreements
attached as exhibits thereto, and all amendments, addenda and modifications thereof, whether
made now or hereafter, including any and all Tax Rebates, to secure the obligations of the
Company under its loan obligations with the Bank.
4. Events Triggering Termination and/ or Reverter. The Development Agreement is
hereby amended to delete Section 4(B) and replace it with the following new Section 4(B):
B. Events Triggering Termination and/ or Reverter. If Company does
not timely Begin Construction or Substantially Complete construction of the
Phase 1 or Phase 2 Improvements on the schedule stated above, subject to
Unavoidable Delays, then such shall constitute a default hereunder, and the City
may terminate this Agreement as set forth in Section 18 and City shall then have
no further obligation to Company under this Agreement. In connection with the
termination of this Agreement by the City, and in addition to any other remedies
available to the City under this Agreement, the parties agree that the City is
entitled to have title to the undeveloped portions of the Property conveyed to it,
and Company agrees that it shall, at its own expense, promptly execute all
documents, including but not limited to, a special warranty deed, or take such
other actions as the City may reasonably request to effectuate said conveyance
and to deliver to City title to the undeveloped portions of the Property, free and
clear of any lien, claim, charge, security interest, mortgage or encumbrance, or
past- due or currently due property taxes collectively, "Liens") arising by or
through Company. Concurrently with delivery of the deed, Company shall also
deliver to City the abstract of title. Company shall pay in full, so as to discharge
or satisfy, all Liens on or against the undeveloped portions of the Property.
Appointment of Attorney in Fact: If Company fails to deliver such documents,
including but not limited to a special warranty deed, to City within thirty (30)
days after written demand by City, then City shall be authorized to execute, on
Company's behalf and as its attorney-in-fact, the special warranty deed or other
documents required by this Section, and for such limited purpose Company does
hereby irrevocably constitute and appoint City as its attorney-in-fact.
Notwithstanding the above, in the event that Company does not Begin
Construction or Substantially Complete construction of the Phase II
Improvements, Company may retain title to the undeveloped portions of the
2
Property by making payment to the City for the fair market value of the
undeveloped portions of the Property, as determined by appraisal performed by a
mutually agreeable appraiser. In the event that payment by Company to City for
the fair market value of the undeveloped portions of the Property is not made
within ninety (90) days of the date of a notice delivered to Company pursuant to
Section 18, then the terms immediately above shall be applicable as to the
undeveloped portions of the Property.
5. Deadlines to Begin and Substantially Complete. The Development Agreement is
hereby amended to delete Section 4(A) and replace it with the following new Section 4(A):
A. Deadlines to Begin and Substantially Complete. All deadlines are
subject to Unavoidable Delays ( defined below) and other applicable provisions of
this Agreement governing modifications or extensions.
Company must obtain necessary permits and Begin Construction of the
Phase 1 Improvements within the later of ten (10) months of the date of this
Agreement or closing on the Property (the "Phase 1 Start Date") and must
Substantially Complete the Phase 1 Improvements within twenty (20) months
thereafter (the "Phase 1 Completion Deadline"). With respect to the Phase 2
Improvements, Company must obtain necessary permits and Begin Construction
of the Phase 2 Improvements within eighteen (18) months of Substantial
Completion of the Phase 1 Improvements and must Substantially Complete the
Phase 2 Improvements within fourteen (14) months thereafter. For purposes of
this Agreement, " Begin Construction" shall mean the mobilization and entry by
the Company' s general contractor on the Property to start construction of the
Project pursuant to the construction contract executed between the Company and
the general contractor, and " Substantially Complete" shall mean the date on
which the phase Improvements have been completed to the extent necessary for
the City to issue a certificate of occupancy relating thereto and the City has
verified that any Project element for which no permit was necessary has been
completed to City' s reasonable satisfaction. The City's Community Planning and
Development Director may, but shall not be required to, consent to an extension
of time of up to six 6) months for the construction of the Improvements. Any
additional or longer time extensions will require consent of the City Council.
6. Representations and Warranties of the Company. The Company hereby
represents and warrants that there have been no prior assignments of its rights under the
Development Agreement, that the Development Agreement is a valid and enforceable
agreement, that neither the City nor the Company is in default thereunder and that all covenants,
conditions and agreements have been performed as required therein, except those not to be
performed until after the date hereof. The Company agrees not to sell, assign, pledge, mortgage
or otherwise transfer or encumber its interest in the Development Agreement as long as this
Second Amendment and Assignment is in effect. The Company hereby irrevocably constitutes
and appoints the Bank as its attorney in fact to demand, receive and enforce the Company's
rights under the Development Agreement for and on behalf of and in the name of the Company
3
or, at the option of the Bank, in the name of Bank, with the same force and effect as the
Company could do if this Second Amendment and Assignment had not been made.
7. Attorney-in-Fact. Upon the occurrence of a default or event of default under the
loan obligations with the Bank (a "Default"), without affecting any of the Bank's rights or
remedies against the Company under any other instrument, the Company shall be deemed to
have irrevocably appointed the Bank as the Company's attorney in fact to exercise any or all of
the Company's rights in, to and under the Development Agreement and to give appropriate
receipts, releases and satisfactions on behalf of the Company in connection with the performance
by any party to the Development Agreement and to do any or all other acts in the Company's
name or in Bank's own name that the Company could do under the Development Agreement
with the same force and effect as if this Second Amendment and Assignment had not been made.
In addition, the Bank shall have the right to exercise and enforce any and all rights and remedies
available after a default to a secured party under the Uniform Commercial Code as adopted in the
State of Iowa. If notice to the Company of any intended disposition of collateral or of any
intended action as required by law in any particular instance, such notice shall be deemed
commercially reasonable if given in writing at least ten (10) days prior to the intended
disposition or other action.
8. City Consent. The City hereby consents and agrees to the terms and conditions of
the Second Amendment and Assignment. The City is not in breach or default of its obligations
under the Development Agreement and, to the City's knowledge, the Company is not in breach
or default of its obligations under the Development Agreement.
9. No Amendment. The Company and the City agree that no material change or
amendment shall be made to terms of the Development Agreement without the prior written
consent of the Bank, which consent shall not be unreasonably withheld or delayed.
10. No Waiver. This Second Amendment and Assignment can be waived, modified,
amended, terminated or discharged only explicitly in a writing signed by Bank. A waiver by
Bank shall be effective only in the specific instance and for the specific purpose given. Mere
delay or failure to act shall not preclude the exercise or enforcement of any of Bank's rights or
remedies hereunder. All rights and remedies of Bank shall be cumulative and shall be exercised
singularly or concurrently, at Bank's option, and any exercise or enforcement of any one such
right or remedy shall neither be a condition to nor bar the exercise or enforcement of any other.
11. Notice. Any notice, request, demand or other communication hereunder shall be
deemed duly given if delivered to the Bank as set forth below:
Farmers State Bank
131 Tower Park Drive Suite 100
Waterloo, IA 50701
12. Counterparts. This agreement may be executed in multiple counterparts, and by
different parties on separate counterparts, each of which, when executed and delivered, shall be
deemed to be an original, and all of which, when taken together, shall constitute but one and the
same agreement.
4
13. No Effect. Except as modified herein, the Development Agreement shall remain
in full force and effect.
14. The Development Agreement shall inure to the benefit of and be binding upon the
parties and their respective successors and assigns.
[Signature Pages Next Page]
5
IN WITNESS WHEREOF, the parties have executed this Second Amendment and
Assignment by their duly authorized representatives as of the date set forth above.
CITY OF WATERLOO,IOWA
By:
David Boesen, Mayor
By:
K ey Felc le, ty erk
STATE OF IOWA )
) s s
COUNTY OF BLACK HAWK )
On this day of , 2026, before me a Notary Public in and
for said State,personally appeared David Boesen and Kelley Felchle, to me personally known,
who being duly sworn, did say that they are the Mayor and City Clerk, respectively of the City of
Waterloo, Iowa, a municipal corporation, created and existing under the laws of the State of
Iowa, and that the seal affixed to the foregoing instrument is the seal of said municipal
corporation, and that said instrument was signed and sealed on behalf of said municipal
corporation by authority and resolution of its City Council and said Mayor and City Clerk
acknowledged said instrument to be the free act and deed of said municipal corporation by it
voluntarily executed.
(--jr1WV,416(41fIell-1-472
a NANCYANNE HIGBY Notary Public iy and for State of Iowa
COMMISSION NO.853884 Mycommission expires: l3—�Z1
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BKKS HOLDINGS, LLC
By:
-7;4. Zikr
Tyler Kunkle, President
STATE OF IOWA )
) ss
COUNTY OF BLACK HAWK )
,it
Acknowledged before me on this = day of a-1,/ , 2026, by Tyler Kunkle,
as the President of BKKS Holdings, LLC.
e
Notary Public in and for State of Iowa
My commission expires: /0--/i— ?
4.0"4 J KARLA J TRI
_ T- COMMISSION NO.171479
* " "_* MY COMMISSION EXPIRES
, � OCTOBER 11,2026
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FARMERS STATE BANK
By:
Luke Knutson, Assistant Vice President
STATE OF IOWA )
) ss
COUNTY OF BLACK HAWK )
Acknowledged before me on this?1 day of , 2026, by Luke Knutson,
Assistant Vice President of Farmers State Bank.
Not Public in d for State of Iowa
My commission expires: /O-/('24
KARLA J TRI
T COMMISSION NO. 171479
-" *' MY COMMISSION,EXPIRES2026
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