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AMENDED AND RESTATED MORTGAGE, SEC11RITY AGREEME11T,
<br />FIXTURE FfNANCING STATEMENrl-'AND
<br />4�.SSIGNM ENT OF LEASES AND RENTS
<br />THIS AMENDED AND RESTATED MORTGAGE, SECURITY AGREEMENT., FIXTURE
<br />FINANCING STATEMENT AND ASSIGNMENT' OF LEASES AND RENTS (the
<br />"Mortgage") made as of the day of March, 2008, by CONCORDIA ACADEMY OF
<br />ASSOCIATION OF SCHOOLS, a Minnesota nonprofit corporation the "Mortgagorl"), 'in favor
<br />of PREMIER BANK,, a Minnesota corporation the ""Mortgages'" "i ).
<br />01
<br />0110mass
<br />WHEREAS, Lutheran Hi ofh School Association of St. Paul ('"Lutheran"), a predecessor to the
<br />Mortgagor executed and delivered to the Mortgagee a Promissory Niotle dated February 20, 2002
<br />in the principal amount of $4,500,000 of which $ principal amount remains
<br />outstanding the "2002 Loan") to finance certain improvements to the MortgagiortS, high school
<br />located at 2400 North Dale Street in the City of Roseville, Minnesota (the "',City"),.
<br />WHEREAS, such Promissory Note and repayment of 'the 2002 Loan are secured by a Mortgage
<br />Security Agreement, Fixture Financial Statement and Assignment of Leases and Rents dated
<br />February 20, 2002 and recorded on February 26, 2002 in the office olf the County Recorded for
<br />Ramsey County, Minnesota as Document No. 3470612 the "'2002 Mortgage"').
<br />WHEREAS,, On 2002 Lutheran [merged, changed its name,, pleasie describe
<br />how 1"t became Concordia Academy Association of ISicholols] to become the Mortgagor.
<br />WHEREAS, (a) the Mortgagor, the Mortgagee and the City have agreed to arnend and restate the
<br />terms of the 2002 Loan including changes to the interest rate, redemption and repayment terms,
<br />and (b) the Mortgagor has agreed to lend an additional $ to the Mortgagor
<br />and the City to refinance the cost of acquisition by the Mortgagor of a high school located at
<br />8201 Park Avenue South in the City of Bloomington, Minnesota and to finance certain
<br />improvements to such school. The 2002 Loan is amended and restated in Its entirety by the Loan
<br />Agreement and Note.
<br />WHEREAS, NOTWITHSTANDING THE REFUNDING OF SHE 2002 LOAN WITH A
<br />PORTION OF THE NET PROCEEDS OF THE NOTE, TH E 20,02 LOAN 'S,ECURED BY THE
<br />2002 MORTGAGE IS NOT BEING PAID OFF OR SATISFIED AND SHALL REMAIN
<br />OUTSTANDING AS ONGOING, EXISTING I`NDEBTEDNESS OF THE MORTGAGOR
<br />AND THE 2002 LOAN IS BEING AMENDED AND RESTATED IN ITS ENTIRETY
<br />PURSUANT TO THE LOAN AGREEMENT UNDER WHICH A TOTAL O,F $7,01010,000 IS
<br />DUE AND OWING, AND THE LOAN AGREEMENT., AMENDS AND, RESTATES 1"N ITS
<br />ENTIRETY, THE 2002 , LOAN TO REFLECT AMONG OT'HE,R THINGS,, A CHANGE IN
<br />THE INTEREST RATE AND THE TERMS OF'PIAYMENT. THE MORTGAGOR IS, NOW
<br />OBLIGATED TO PAY AMOUNTS DUE UNDER THE LOAN AGREEMENT IN
<br />ACCORDANCE WITH ITS TERMS BUT IS NO LONGER OBLIGATED TO PAY THE 2002
<br />LOAN.
<br />"Mr&A
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