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132759067v2 <br /> <br /> <br /> 3 <br /> <br />Note: the Issuer's $3,000,000 Educational Facilities Revenue Note, Series 2024 (White <br />Bear Montessori School, Inc. Project), as it may be amended from time to time; <br />Pledge Agreement: the Pledge Agreement of even date herewith between the Issuer and <br />the Lender pledging and assigning the Issuer's interest in this Agreement to the Lender to the <br />extent provided therein; <br />Principal Balance: so much of the principal sum on the Note as from time to time <br />remains unpaid; <br />Project: the construction of a 5,350 addition to, and improvement of, the Borrower’s <br />existing Facility; <br />Project Costs: all direct costs authorized by the Act and paid or incurred by the Borrower <br />with respect to the Project; <br />Resolution: the Final Note Resolution of the Issuer, adopted May 21, 2024, authorizing <br />the issuance of the Note together with any supplement or amendment thereto; <br />Security Agreement: the Security Agreement of even date herewith by the Borrower for <br />the benefit of the Lender pledging and granting a security interest in the collateral described <br />therein; <br />State: the State of Minnesota; and <br />Treasury Regulations: all proposed, temporary or permanent federal income tax <br />regulations then in effect and applicable. <br />Section 1.2 Rules of Interpretation. <br />(1) This Agreement shall be interpreted in accordance with and governed by <br />the laws of the State of Minnesota. <br />(2) The words "herein" and "hereof" and words of similar import, without <br />reference to any particular section or subdivision, refer to this Agreement as a whole rather than <br />to any particular section or subdivision hereof. <br />(3) References herein to any particular section or subdivision hereof are to the <br />section or subdivision of this instrument as originally executed. <br />(4) Where the Borrower is permitted or required to do or accomplish any act <br />or thing hereunder, the Issuer may cause the same to be done or accomplished with the same <br />force and effect as if done or accomplished by the Borrower. <br />(5) The Table of Contents and titles of articles and sections herein are for <br />convenience only and are not a part of this Agreement.