The toolkit on my K4 is hidden is a 'box' which forms the bottom part of the undertray, down near the rear suspension, and is accessed by pulling out a small 'pin' on the nearside of the bike. A flap approx 1.5" by 4" should then come off in your hand, and the tool kit should be in there.
I thought the main difference between the K3 and earlier bikes is that the K3 has fuel injection, and the others are carbs - so it's a completely different engine
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