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ARTICLE I <br />DEFINITIONS <br />The terms defined in this Article I shall for all purposes of this Mortgage have the <br />meanings herein specified or those meanings specified in the Loan Agreement or the Indenture, <br />unless the context clearly requires otherwise: <br />"Bonds" shall mean the Issue's $ Lease Revenue Refunding Bonds <br />(PACT Charter School Project), Series 2013A and its $ Taxable Lease Revenue <br />Refunding Bonds (PACT Charter School Project), Series 2013B. <br />"Company" shall mean PCS Building Company, a Minnesota nonprofit corporation, and <br />any successor owner of the Mortgaged Property who agrees to be bound by this Mortgage. <br />"Event of Default" shall mean any event defined as such in Section 8.1 of the Loan <br />Agreement or Section 9.01 of the Indenture, or any default under the Lease or this Mortgage. <br />"Indenture" shall mean the indenture of Trust, dated as of the date hereof, between the <br />Issuer and the Trustee, as amended and supplemented from time to time. <br />"Issuer" shall mean the City of Ramsey, Minnesota, a municipal corporation organized <br />and existing under the laws of the State of Minnesota, and any successor to its rights, duties and <br />functions. <br />"Lease" means the Amended and Restated Lease Agreement with respect to the Project <br />dated as of the date hereof by and between the Company, as Lessor, and the School, as Lessee, <br />and any amendment thereto. <br />"Loan Agreement" shall mean the Loan Agreement, dated as of the date hereof, between <br />the Company and the Issuer, as amended from time to time. <br />"Loan Repayments" shall mean the payments required to be made by the Company <br />pursuant to Section 4.2(a) of the Loan Agreement. <br />"Master Agreement" shall mean the Master Development Agreement for Ramsey Town <br />Center by and between the Issuer and Ramsey Town Center LLC. <br />"Mortgage" shall mean this Amended and Restated Mortgage, Security Agreement and <br />Assignment of Rents, as amended and supplemented from time to time. <br />"Mortgaged Property" shall mean all real estate, buildings, equipment and other interests <br />as more particularly described in subsections (a) through (g), inclusive, of Section 2.1 hereof, <br />including the real estate described in Exhibit A hereto. <br />"Permitted Encumbrances" shall mean those encumbrances set forth in Section 3.2 hereof <br />and Exhibit B hereto. <br />3 <br />56013621.'2 <br />