04-25-2018 Council Packet - Laserfiche WebLink

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PLEDGE AND SECURITY AGREEMENT THIS PLEDGE AND SECURITY AGREEMENT, is made and entered into as of ________, 20___, by and between Joel Larson , having an office at _____________ ("Pledgor"), and Economic Development Authority of the City Little Canada, a political subdivision, having an address at 515 Little Canada Road East, Little Canada, MN 55117 ("Lender”). RECITALS A. Pledgor has requested Lender to make a loan to Dignicare Properties I, LLC in the original principal amount of $600,000 (the "Loan") to be evidenced by a Promissory Note of even date herewith (as amended, modified, renewed or restated and together with any substitutions or replacements therefore, hereinafter, the "Note"); B. Pledgor is the owner of _______ membership units or membership interests (the “Collateral”) of, Dignicare Properties I, LLC, a Minnesota Limited Liability Company (the “Company”); C. In order to induce Lender to make the Loan to the Pledgor, and as a condition precedent to Lender making the Loan, Pledgor is executing and delivering this Agreement to Lender; NOW, THEREFORE, in consideration of the Recitals and to induce Lender to make the Loan, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Defined Terms. As used in this Agreement, the following terms have the meanings set forth in or incorporated by reference below: "Agreement" means this Agreement, as amended, supplemented or otherwise modified from time to time. "Code" means the Uniform Commercial Code from time to time in effect in the State of Minnesota. "Collateral" has the meaning described in Section 2 hereof. “Company” means the Company described in the Recitals above. "Lender" means Economic Development Authority of the City of Little Canada. "Loan" has the meaning described in the Recitals above. 65