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LOAN AGREEMENT <br /> THIS LOAN AGREEMENT,dated as of September 1,2022 (as amended or supplemented <br /> from time to time,the "Loan Agreement"), is between the CITY OF RAMSEY,MINNESOTA, <br /> a home rule charter city and political subdivision organized and existing under the Constitution <br /> and laws of the State of Minnesota (the "Issuer"), and PCS BUILDING COMPANY, a <br /> Minnesota nonprofit corporation (or any successor thereto, the "Company"). <br /> WITNESETH: <br /> Reference is hereby made to the Indenture of Trust, dated as of September 1, 2022 (as <br /> amended or supplemented from time to time, the "Indenture"), between the Issuer and U.S. Bank <br /> Trust Company, National Association, a national banking association (or any successor thereto, <br /> the "Trustee"), for the recitals and the definitions of various terms used herein. <br /> In consideration of the premises, the respective representations and agreements contained <br /> herein,and for other good and valuable consideration,the receipt whereof is hereby acknowledged, <br /> and in order to secure the payments to be made by the Company pursuant to Article IV of this <br /> Loan Agreement and the performance of all the covenants of the Company contained in this Loan <br /> Agreement, the parties to this Loan Agreement agree as follows: <br /> (The remainder of this page is intentionally left blank.) <br /> 730911770 <br />