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Draft 4.15.2004 • EXHIBIT I MORTGAGE THIS MORTGAGE is given on , 2004. The borrower is Pro Craft Development, LLC, a limited liability company under the laws of the State of Minnesota ("Borrower"). This Mortgage is given to the Mounds View Economic Development Authority, a public body corporate and politic (the "Lender"). Borrower owes Lender the principal sum of $240,000.00. This debt is evidenced by a promissory note dated as of even date herewith (the "Note"). This Mortgage secures to Lender: (a) the repayment of the debt evidenced by the Note, and all renewals, extensions and modifications of the Note; (b) the payment of all other sums, advanced to protect the security of this Mortgage; (c) the performance of Borrower's covenants and agreements under this Mortgage and the Note; and (d) is subject to the terms and conditions of that certain Purchase and Redevelopment Agreement between Borrower and Lender and dated as of , 2004. For this purpose, Borrower does hereby mortgage, grant and convey to Lender, with power of sale, the property located in Ramsey County, Minnesota and fully described in the attached Exhibit A, together with all the improvements now or hereafter erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the property. All replacements and additions shall also be covered by this Mortgage. 0 All of the foregoing is referred to in this Mortgage as the "Property". BORROWER COVENANTS that Borrower is lawfully seized of the estate hereby conveyed and has the right to mortgage, grant and convey the Property and that the Property is unencumbered, except for encumbrances of record and as set forth in paragraph 19. Borrower warrants and will defend generally the title to the Property against all claims and demands, subject to any encumbrances of record. Borrower and Lender agree as follows: 1. PAYMENT OF PRINCIPAL AND INTEREST; LATE CHARGES. Borrower shall promptly pay when due the principal on the debt evidenced by the Note and any late charges due under the Note. 2. CHARGES; LIENS. Borrower shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Mortgage, and leasehold payments or ground rents, if any. Borrower shall pay these obligations on time directly to the person owed payment. Borrower shall promptly discharge any lien which has priority over this Mortgage unless Borrower: (a) agrees in writing to the payment of the obligation secured by the lien in a manner reasonably acceptable to Lender; (b) contests in good faith the lien by, or defends against • SJR-245249v4 MU205-29 I-1