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132435584v2 20 waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Lender and, then only to the extent specifically set forth in the writing. A waiver with reference to one event shall not be construed as continuing or as a bar to or waiver of any right or remedy as to a subsequent event. Section 6.7 Default Rate. Following an Event of Default hereunder, and for so long as such Event of Default shall continue, the obligations of the Borrower hereunder shall bear interest at an annual rate equal to 5% per annum over the interest rate on the Note that would otherwise be applicable (the “Default Rate”), for so long as such Event of Default continues. ARTICLE VII GENERAL Section 7.1 Notices. All notices, certificates or other communications hereunder shall be sufficiently given and shall be deemed given when hand delivered or received by certified or registered United States mail, return receipt requested, postage prepaid, with proper address as indicated below. The Issuer, the Borrower, and the Lender may, by written notice given by each to the others, designate any address or addresses to which notices, certificates or other communications to them shall be sent when required as contemplated by this Agreement. Until otherwise provided by the respective parties, all notices, certificates and communications to each of them shall be addressed as follows: To the Issuer: City of Little Canada, Minnesota 515 Little Canada Road East Little Canada, MN 55117 Attn: City Administrator To the Borrower: Saint Paul Academy and Summit School 1712 Randolph Ave. Saint Paul, MN 55105 Attn: Director of Finance To the Lender: Bremer Bank, National Association [225 S. Sixth Street, Suite 200 Minneapolis, MN 55402] Attn: David Borden Section 7.2 Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the Issuer and the Borrower and their respective successors and assigns. Section 7.3 Severability. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any other provision hereof. Section 7.4 Amendments, Changes and Modifications. Except as otherwise provided in this Agreement or in the Resolution, subsequent to the Closing date and before the Note are satisfied and discharged in accordance with their terms, this Agreement may not be effectively