FORM OFLoan and Security Agreement • September 17th, 2008 • American Church Mortgage Co • Real estate • Minnesota
FORM OF Exhibit 10.3 SECURITIES ACCOUNT CONTROL AGREEMENT This Securities Account Control Agreement ("Agreement") is dated as of September 12, 2008, by and among HERRING BANK, a Texas state banking institution, in its capacity as a "securities...Control Agreement • September 17th, 2008 • American Church Mortgage Co • Real estate • Texas
Exhibit 10.2 FORM OF REVOLVING NOTEAmerican Church Mortgage Co • September 17th, 2008 • Real estate
American Church Mortgage Company, a Minnesota corporation (the "Borrower"), for value received, hereby promises to pay to the order of Beacon Bank, a Minnesota banking corporation ("Lender"), at the Lender's principal place of business at 19765 Highway Seven, Shorewood, MN 55331, or at such other place as may be designated by the holder hereof, in lawful money of the United States of America, the principal sum of Eight Million Dollars ($8,000,000.00), or such lesser amount as may be advanced from time to time, together with interest at the Wall Street Journal Prime Rate (the "Prime Rate") as such rate is established from time to time. The Prime Rate is currently 5%. The interest rate is subject to a floor of 5%. If the Prime Rate is greater than 6%, the interest rate hereon shall be reduced by 50 basis points, subject to a floor of 6% (e.g., if the Prime Rate is 6.25%, the interest rate hereon shall be equal to 6%; if the Prime Rate is 7%, then the interest rate hereon shall be equal t
