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TJH 12/07/04
<br />SECURITY AGREEMENT
<br />CONCORDIA ACADEMY ASSOCIATION OF SCHOOLS, a Minnesota nonprofit corporation
<br />(hereinafter called the "Debtor") and PREMIER BA'N"K, a Minnesota corporation, Whose
<br />address is 2866 White Bear Avenue in the City of Maplewood, in the County of Ramsey, State
<br />of Minnesota. (hereinafter called the "Secured Party 111), agree as follows: The Debtor grants to
<br />the Secured Party a security interest in the property described below together with any additions
<br />and accessions thereto, replacements thereof, and all insurance, condemnation. and other products
<br />or proceeds thereof, to secure prompt payment when due of the sum. of �seven Million and
<br />No/100 Dollars ($x',000,000) as evidenced by that certain City of Roseville, Minnesota,
<br />$7,000,000 Educational Facilities Revenue Note, Series 2008 (Coneor is Academy Association
<br />of Sc bools Project) of even date herewith from the City of Roseville, Minnesota (the `�Icityl',) to
<br />the Secured Party and the Amended and Restated Loan Agreement of even date herewith among
<br />the City, the Debtor and the, Secured Party (the ;,'Loan Agreement"):
<br />(a) all fixtures., equipment, vehicles and personal property of' every 1(in a, nd
<br />nature whatsoever now owned or hereafter owned,, including all extensions,
<br />additions, improvements, betterments, renewals and replacements of any of the
<br />foregoing, but specifically excluding therefrom religio-as objects,
<br />(b) all Accounts, Chattel Paper, Commercial Tort or other claims, and General
<br />Intangibles;
<br />IP
<br />(c) all inventory now owned or hereafter owned
<br />The above-described property hereinafter referred to as the "Collateral".
<br />1. The Collateral will be kept in the State of Minnesota, The Debtor will not remove the
<br />Collateral from the State of Minnesota without the prior written consent of the Secured
<br />Party. Upon reasonable notice to the Debtor, th e Secured Party may exarmne and inspect
<br />the Collateral at any time, wherever located. The Secured Party will use all reasonable
<br />efforts to insure inat any such examination or inspection will not disrupt or interfere with
<br />religious services or activities or school classes,, operations or activities.
<br />2. The C fo i
<br />Collateral is
<br />r business use and s, specifically to be used in operation of the
<br />Debtor's business.
<br />3. Except for the security interest granted hereby and other security interests granted by the
<br />Debtor to the Secured Party, the Debtor is the owner of the Collateral, free and clear of
<br />all liens, security interests or encumbrances except purchase money security interests and
<br />capitalized leases and other Permitted Liens, (as hereinafter defined), and the Debtor will
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<br />defend the Collateral againstall claims and demands of all persons at any time claiming
<br />the same or any interest therein, "Permitted Liens" shall 'Include i(i) restrictions existing
<br />on, or imposed by the donor at the time of conveyance, any gift, contribution, grant or
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