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4894-0244-9308.3
<br />KUTAK ROCK DRAFT 04/15/2024
<br />SECURITY AGREEMENT
<br />May __, 2024
<br />
<br />SAINT PAUL ACADEMY AND SUMMIT SCHOOL, a Minnesota nonprofit corporation (the
<br />“Debtor”), whose address is 1712 Randolph Avenue, Saint Paul, Minnesota 55105, and BREMER
<br />BANK, NATIONAL ASSOCIATION, a national banking association, whose address is 380 St.
<br />Peter Street, Suite 500, St. Paul, MN 55102 (the “Secured Party"), agree as follows:
<br />The Debtor hereby grants to the Secured Party a first position security interest in the property
<br />described below together with any additions and accessions thereto, replacements thereof, and all
<br />insurance, condemnation and other products or proceeds thereof, to secure prompt payment when
<br />due of all amounts owed by the Debtor to the Secured Party whether now existing or hereafter
<br />existing, including all amounts owed pursuant to that certain Loan Agreement, dated May ___,
<br />2024 (the “Loan Agreement”), between the City of Little Canada, Minnesota (the “Issuer”) and
<br />the Debtor and the $10,000,000 City of Little Canada, Minnesota Capital Campaign Financing
<br />Note, Series 2024 (Saint Paul Academy and Summit School Project), dated May ___, 2024 (the
<br />“Note”), together with all other liabilities of the Debtor to the Secured Party (primary, secondary,
<br />direct, contingent, sole, joint, or several) due or to become due or which may be hereafter
<br />contracted or acquired and the performance of all of the terms and conditions of this Security
<br />Agreement:
<br />All assets of the Debtor, including, but not limited to: (a) all fixtures,
<br />equipment, vehicles and personal property of every kind and nature
<br />whatsoever now owned or hereafter owned, including all extensions,
<br />additions, improvements, betterments, renewals and replacements
<br />of any of the foregoing; (b) all Accounts, Chattel Paper, Commercial
<br />Tort or other claims, and General Intangibles; (c) all inventory now
<br />owned or hereafter owned; and (d) all insurance, condemnation and
<br />other products or proceeds of the foregoing.
<br />The above-described property hereinafter referred to as the "Collateral".
<br />DEBTOR HEREBY AGREES, WARRANTS AND COVENANTS THAT:
<br />1. The Collateral will be kept in the State of Minnesota. The Debtor will not remove the
<br />Collateral from the State of Minnesota without the prior written consent of the Secured
<br />Party. The Secured Party may examine and inspect the Collateral at any time, wherever
<br />located; provided, that, so long as no Event of Default (as defined in the Loan Agreement)
<br />has occurred and is outstanding, all such examinations shall take place during Debtor's
<br />ordinary business hours following two (2) business days prior written notice to Debtor.
<br />2. The Collateral is for business use and is specifically to be used in operation of the Debtor's
<br />business.
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