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132777076v2
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<br />air-conditioning, sprinkling and plumbing fixtures, water and power systems, engines and
<br />machinery, boilers, furnaces, oil burners, elevators and motors, communication systems,
<br />dynamos, transformers, electrical equipment and all other fixtures of every description located in
<br />or on, or used, or intended to be used in connection with the Land or any building now or
<br />hereafter located thereon (excluding, however, fixtures owned by tenants occupying space in any
<br />building now or hereafter located on the Land); (iii) all hereditaments, easements, appurtenances,
<br />riparian rights, rents, issues, profits, insurance proceeds, condemnation awards, mineral rights
<br />and water rights now or hereafter belonging or in any way pertaining to the Land or to any
<br />building now or hereafter located thereon and all the estates, rights and interests of the
<br />Mortgagor in the Land; (iv) all building materials for the improvements on the Land, furniture,
<br />furnishings, maintenance equipment and all other personal property now or hereafter located in,
<br />or on, or used, or intended to be used in connection with the Land or any building now or
<br />hereafter located thereon (excluding personal property owned by tenants or members occupying
<br />space in any building now or hereafter located on the Land and excluding any personal property
<br />released as provided herein); and (v) all replacements, additions and proceeds of all of the
<br />foregoing (all of the foregoing, together with the Land, are hereinafter referred to as the
<br />“Mortgaged Property”); and the filing of this Mortgage shall constitute the filing of a financing
<br />statement in the office wherein it is filed and a carbon, photographic or other reproduction of this
<br />document may also be filed as a financing statement:
<br />Name and Address of Debtor and Record
<br />Owner of the Mortgaged Property:
<br />White Bear Montessori School, Inc.
<br />1201 East County Road E
<br />White Bear Lake, MN 55110
<br />Attention: Head of School
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<br />Names and Addresses of Secured Party: Premier Bank,
<br />2151 3rd Street
<br />White Bear Lake, MN 55110
<br />Attn: President – White Bear Lake
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<br />Description of the Types (or items) of
<br />property covered by this financing
<br />statement:
<br />See above
<br />Description of real estate to which all or a
<br />part of the collateral is attached or upon
<br />which it is located:
<br />See Exhibit “A” attached hereto.
<br />Some of the above described collateral is or is to become fixtures upon the real estate described
<br />on Exhibit “A”, and this financing statement is to be filed for record in the public real estate
<br />records.
<br />TO HAVE AND TO HOLD the Mortgaged Property unto the Mortgagee forever.
<br />PROVIDED, NEVERTHELESS, that if the Mortgagor, by making all payments required
<br />of it under the Loan Agreement hereinafter referred to, shall cause and permit to be paid the
<br />principal sum of Three Million Dollars ($3,000,000), with interest at the rate set forth in the
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