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GDO Draft June 6, 2025
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<br />MORTGAGE, ASSIGNMENT OF LEASES AND RENTS,
<br />SECURITY AGREEMENT AND FIXTURE FINANCING STATEMENT
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<br /> THIS MORTGAGE, ASSIGNMENT OF LEASES AND RENTS, SECURITY
<br />AGREEMENT AND FIXTURE FINANCING STATEMENT (the "Mortgage"), made this
<br />____ day of _____________, 2025, by Legacy Christian Academy, a Minnesota nonprofit
<br />corporation, with an address at 3037 Bunker Lake Boulevard, Andover, Minnesota 55304
<br />("Mortgagor") in favor of Falcon National Bank, a national banking association, with an
<br />address at 1010 W. St. Germain Street, Ste. 150, St. Cloud, Minnesota 56301
<br />("Mortgagee").
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<br />WITNESSETH:
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<br /> To secure the payment by the Mortgagor of the principal of and interest accruing
<br />at a variable rate on a loan in the total amount of $5,500,000.00 made in accordance with
<br />the terms and conditions of a Loan Agreement, dated __________ 1, 2025 (the “Loan
<br />Agreement”), between the City of Hugo, Minnesota (the “Issuer”), and the Mortgagor. The
<br />loan was made from the proceeds derived from the sale by the Issuer of its City of Hugo,
<br />Minnesota Educational Facilities Revenue Note (Legacy Christian Academy Project)
<br />Series 2025 (the “Note”), issued in the original principal amount of $5,500,000.00. The
<br />payments to be made by the Mortgagor under the terms of the Loan Agreement have
<br />been assigned to the Mortgagee and will be applied by the Mortgagee to the payment of
<br />the principal, interest, and other charges due on the Note; together with interest thereon
<br />at a variable rate as provided in the Note, on or before July ___, 2045, and to also secure
<br />the payment of debts, obligations and liabilities of Mortgagor, heretofore, now or hereafter
<br />made, incurred or created, whether voluntary or involuntary and however arising, whether
<br />due or not due, absolute or contingent, liquidated or unliquidated, determined or
<br />undetermined, including under any swap, derivative, foreign exchange, hedge, deposit,
<br />treasury management or other similar transaction or arrangement, and whether
<br />Mortgagor may be liable individually or jointly with others.
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<br /> To the extent that this Mortgage secures future advances or obligations, the
<br />amount of such advances or obligations is not currently known. By accepting this
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