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172981943v5 <br /> <br />Taft Draft June 27, 2025 <br /> <br /> <br />LOAN AGREEMENT <br />BETWEEN <br />CITY OF HUGO, MINNESOTA <br /> <br /> <br />AND <br /> <br /> <br />LEGACY CHRISTIAN ACADEMY <br /> <br /> <br /> <br />Dated as of September [__], 2025 <br /> <br /> <br /> <br />Except for certain reserved rights, the interest of the City of Hugo, Minnesota, in this Loan <br />Agreement has been pledged and assigned to Falcon National Bank, pursuant to a Pledge <br />Agreement of even date herewith. <br />This instrument was drafted by: <br />Taft Stettinius & Hollister LLP (CJC) <br />2200 IDS Center <br />80 South 8th Street <br />Minneapolis, Minnesota 55402