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Name and address of debtor: LC Apartments, LP 1801 County Road B West, Suite 201 Roseville, Minnesota 55113 Fed. ID# or State Filing No.: 1565741400025 Name and address of secured party: City of Little Canada, Minnesota [515 Little Canada Rd E, Little Canada, MN 55117] Attn: City Administrator Description of the type (or items) of property covered by this financing statement: Collateral, as defined in Section 3.1 herein. Description of real estate to which Collateral is in attached or upon which it is located: Real estate as legally described in Exhibit A attached hereto Some of the above Collateral are or are to become fixtures upon the above-described real estate, and this security agreement is to serve as a fixture financing statement to be filed for record with the real estate records. Mortgagor agrees to execute and deliver all financing and continuation statements which may be further required and pay all filing fees. ARTICLE 4 INSURANCE Section 4.1 INSURANCE. Mortgagor shall obtain and keep in full force and effect during the term of this Mortgage, at Mortgagor's sole cost and expense, insurance upon the following terms: (a) Insurance against loss by fire, lightning, flood (if the Premises are in an officially designated flood hazard area) and risk customarily covered by standard extended coverage endorsement, including the cost of debris removal, together with a vandalism and malicious mischief endorsement, all in amounts of not less than the full insurable value or full replacement cost of the improvements on the Premises, whichever is greater. Such insurance policies shall name as the insured parties Mortgagor and Mortgagee as their interests may appear, shall be in amounts sufficient to prevent Mortgagor from becoming a co-insurer of any loss thereunder, and shall bear a satisfactory mortgagee clause in favor of Mortgagee, with loss proceeds under any such policies to be made payable to Mortgagee, subject to the rights of holders of all prior mortgages listed as Permitted Encumbrances. (b) Mortgagor shall obtain and keep in full force and effect during the term of this Mortgage comprehensive general public liability insurance covering the legal liability of Mortgagor against claims for bodily injury, death, or property damage occurring on, in, or about the Premises, in such minimal amounts and with minimal limits as Mortgagee may require. (c) All required policies of insurance or acceptable certificates thereof, together with evidence of the payment of current premiums therefor, shall be delivered to Mortgagee. Mortgagor shall, within thirty (30) days prior to the expiration of any such policy, deliver other original