|
This Pledge Agreement is dated March � 2008, between 'THE, CITY OF ROSEVILLE,
<br />MINNESOTA, a municipal corporation existing under the constitution and laws of the, State of
<br />Minnesota the "City") and PREMIER BANK, in Maplewood, Minnesota, a Minnesota
<br />corporation the "Lender").
<br />WHEREAS, Concordia Academy Association of Schools,, a Minnesota nonprofit
<br />corporation the "Borrower"), the Lender and the City havie entered into an Amended and
<br />Restated Loan Agreement (the "Loan Agreement,") of' eve n date hierewith, Pursuant ,to which the
<br />City will lend to the Borrower the proceeds of its $17,000,0010 Educational Facilities, Revenue
<br />Note, Series 2008 (Concordia Academy Association of Schools PrQjeet) the IiNotei")� and
<br />WHEREAS,, the Note is payable from and secured by the loan repayments to be made by
<br />the Borrower Linder the Loan Agreement; and the Liender, as a condition to, the purchase of the
<br />Note, has required the execution of this Pledge Agreement.
<br />NOW THEREFORE, as an 'inducement to the Lender to purchase the Note, and ill
<br />-1
<br />consideration of the promises and other good an arid.
<br />valuable consideration, the receipt a
<br />sufficiency whereof is hereby acknowledged, the parties hereby agree as follows:
<br />I . In order to secure the due and punctual payment of the Note and all other sums
<br />due the Lender Linder the Loan Agreement,, the City does hereby pledge and assign to, the Lender
<br />all of the City's right, title and interest in and to tie Loan Agreement, su�jipct to the City"s rights
<br />under the provisions of Section 7.9 thereof.
<br />2. The City hereby represents and warrants to, the Lender that the City"s right, title
<br />and interest in the Loan Agreement is fi -ee and clear of any lien, security interest or other
<br />encumbrance other than that arising under this Pledge Agreement,.
<br />3. The City hereby authorizes the Lender to exercise, whether or not a default exists
<br />under the Note or an Event of Default has occurred under the Loan Agreement, either 'in the
<br />City's name or the Lender's name, any and all rights or rien-ledicis available to, the City under the
<br />Loan Agreement. The City agrees, on request of the Lie der, to execute and deliver, to the Lender
<br />such other documents or instruments as shall be deemied necessary or appriopri'ate, by the Lender
<br />at any time to confirm or perfect the security interest hereby granted., The City hereby appoints
<br />the Lender its attorney -in -fact to execute on behalf of the City, and 'in its name, any and all such
<br />assignments, financing statements or, other documents or instruments which the Lender may
<br />deem necessary or appropriate to perfect, protect or enforce the security interest hereby granted.
<br />4. The City will not:
<br />(a) exercise or attempt to exercise an), ren-iedies, under the Loan Agrelernent except as
<br />1''o
<br />permitted by Sections 6.2 and 7.9 of the L m
<br />Lan Agreeen iodit t, or terminate, m y or accept a
<br />surrender of the same, or by affirmative act, consent to the creation or existence of any security
<br />interest or other lien in the Loan Agreement to secure payment of any other indebtedness-1 or
<br />21448]5vl
<br />
|