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22164_Umland_Promissory_Note - 22164 Umland Cir, Jenner, CA 95450.docx

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PROMISSORY NOTE Secured by Second Position Deed of Trust Principal Amount: $208,000.00 Date: June 10, 2026 1. PROMISE TO PAY FOR VALUE RECEIVED, Beagle LFTY0454 DAO LLC, a California limited liability company (the "Borrower"), promises to pay to the order of Jimmy Murray (the "Lender"), the principal sum of TWO HUNDRED EIGHT THOUSAND DOLLARS ($208,000.00), with no interest charged. 2. SECURITY This Promissory Note is secured by a second position Deed of Trust (the "Security Instrument") on the r

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PROMISSORY NOTE Secured by Second Position Deed of Trust Principal Amount: $208,000.00 Date: June 10, 2026 1. PROMISE TO PAY FOR VALUE RECEIVED, Beagle LFTY0454 DAO LLC, a California limited liability company (the "Borrower"), promises to pay to the order of Jimmy Murray (the "Lender"), the principal sum of TWO HUNDRED EIGHT THOUSAND DOLLARS ($208,000.00), with no interest charged. 2. SECURITY This Promissory Note is secured by a second position Deed of Trust (the "Security Instrument") on the real property located at: 22164 Umland Circle, Jenner, CA 95450 County: Sonoma County, California APNs: 109-420-030-000 and 109-420-031-000 The Security Instrument is junior to existing first position lien(s) totaling approximately $785,000.00. 3. REPAYMENT TERMS 3.1 Payment from Sale Proceeds The Borrower shall repay the Principal Amount to the Lender from the proceeds of any sale, refinance, or other disposition of the Property, subject to the following priority: (a) First, payment of costs of sale and closing costs; (b) Second, payoff of all first position lien(s) (currently approximately $785,000.00); (c) Third, payment to the Lender of the Principal Amount ($208,000.00), representing a 100% return on the Lender's equity investment of $104,000.00; (d) Fourth, any remaining proceeds to the Borrower and its Members. 3.2 No Periodic Payments No periodic payments of principal or interest are required prior to a sale, refinance, or disposition of the Property. This Note remains open-ended until such disposition event occurs. 3.3 Prepayment The Borrower may prepay this Note, in whole or in part, at any time without penalty. 4. RETURN GUARANTEE The Lender's equity investment of $104,000.00 (represented by the purchase of 4,160 shares at $25.00 per share) is guaranteed a 100% return via this Promissory Note in the amount of $208,000.00, payable from sale proceeds as described in Section 3.1 above. No additional interest shall accrue. 5. DEFAULT 5.1 Events of Default The following shall constitute events of default: (a) Failure to pay amounts due under this Note when due; (b) Breach of any covenant or agreement in this Note or the Security Instrument; (c) Insolvency or bankruptcy of the Borrower; (d) Waste or impairment of the Property securing this Note. 5.2 Remedies Upon an Event of Default, the Lender may accelerate the entire unpaid principal and pursue all remedies available under the Security Instrument and applicable law. 6. CONCURRENT RECORDING The Borrower and Lender acknowledge that this Promissory Note, the accompanying Organizational Resolution Agreement, and the Quitclaim Deed from Kraig Clark to Beagle LFTY0454 DAO LLC (dated February 21, 2025) shall be recorded concurrently with the Sonoma County Recorder's Office. 7. GOVERNING LAW This Note shall be governed by and construed in accordance with the laws of the State of California. 8. SUCCESSORS AND ASSIGNS This Note shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. 9. ENTIRE AGREEMENT This Note, together with the Security Instrument and Organizational Resolution Agreement, constitutes the entire agreement between the parties with respect to the subject matter hereof. SIGNATURES BORROWER: BEAGLE LFTY0454 DAO LLC By: _______________________________________________ Earl Vanze, Member and Authorized Representative Date: _______________ LENDER: _______________________________________________ Jimmy Murray, Member Date: _______________ ACKNOWLEDGED AND AGREED: _______________________________________________ Kraig Clark, Member and Co-Owner/Borrower Date: _______________ NOTARY ACKNOWLEDGMENT [California All-Purpose Acknowledgment - attach separate sheet for all three signers]