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"Pledged Accounts" shall mean the right to receive all receipts, revenues and income
<br />derived by the Company, or on behalf of the Company by the Issuer or the Trustee or a receiver,
<br />from the Mortgaged Property, including, without limiting the generality of the foregoing,
<br />revenues derived from the operation of the Mortgaged Property, whether in the form of accounts
<br />receivable, contract rights, general intangibles or other rights, and the proceeds of such rights,
<br />whether now owned or held or hereafter coming into existence.
<br />"School" means PACT Charter School, a Minnesota nonprofit corporation, formed as a
<br />public (charter) school.
<br />"Trustee" shall mean Wells Fargo Bank, National Association_ and any successor trustee
<br />under the Indenture.
<br />ARTICLE II
<br />MORTGAGE AND SECURITY INTEREST
<br />Section 2.1. Mortgage and Security Interest. In order to secure, and as security for, (i)
<br />the making of the Loan Repayments by the Company to the Trustee for the account of the Issuer
<br />and the benefit of registered owners of the Bonds, pursuant to the Loan Agreement, and (ii) the
<br />performance and observance by the Company of all of the other covenants, agreements,
<br />representations, warranties and conditions contained herein or in the Loan Agreement, the
<br />Company by these presents does hereby sell, assign, mortgage, grant, convey, transfer, pledge,
<br />set over and confirm unto the Trustee, and its successors and assigns forever, with power of sale,
<br />and grant a lien and security interest in, the Mortgaged Property, consisting of all and singular
<br />the following described premises and property of the Company:
<br />(a) That real estate lying and being in the City of Ramsey, located in Anoka
<br />County, Minnesota, described in Exhibit A attached hereto and made a part hereof as
<br />though set forth in full herein;
<br />(b) All buildings, improvements, structures and appurtenances now standing,
<br />or at any time hereafter constructed or placed upon the real estate described in Exhibit A
<br />attached hereto and made a part hereof as though set forth in frill herein or any part
<br />thereof, including all right, title and interest of the Company in and to all building
<br />material, plants, fixtures and trade fixtures of every kind and nature whatsoever on said
<br />premises or in any building now or hereafter standing on said real estate, or any part
<br />thereof,
<br />(c) The reversion or reversions, remainder or remainders, in and to the real
<br />estate described in Exhibit A hereto and each and every part thereof, together with the
<br />entire interest of the Company in and to all and singular the tenements, hereditaments,
<br />easements, rights, privileges and appurtenances to said real estate belonging or in any
<br />way appertaining thereto;
<br />(d) All the estate, right, title, interest, claim or demand whatsoever of the
<br />Company, either in law or in equity in possession or expectancy, of, in and to the real
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