2. MIDA Bond/NDSU - Laserfiche WebLink

3.2. PERFORMANCE OF ISSUER COVENANTS. The Issuer covenants that it will faithfully perform at all times any and all covenants, undertakings, stipulations and provisions contained in this Bond Resolution, in the Bonds executed, authenticated and delivered hereunder and in all proceedings of the County Commission pertaining thereto; that it is duly authorized under the constitution and laws of the State of North Dakota including particularly and without limitation the Act, to issue the Bonds authorized hereby, pledge the revenues and assign the Loan Agreement in the manner and to the extent set forth in this Bond Resolution, the Bonds, the Loan Agreement and the Pledge Agreement; that all action on its part for the issuance of the Bonds and for the execution and delivery thereof has been duly and effectively taken; and that the Bonds in the hands of the Lender are and will be a valid and enforceable special limited obligation of the Issuer according to the terms thereof. 3.3. ENFORCEMENT AND PERFORMANCE OF COVENANTS. The Issuer agrees to enforce all covenants and obligations of the Corporation under the Loan Agreement upon request of the Lender and being indemnified to the satisfaction of the Issuer for all expenses and claims arising therefrom, and to perform all covenants and other provisions pertaining to the Issuer contained herein and in the Bonds, the Loan Agreement and the Pledge Agreement, subject to Section 3.4. 3.4. NATURE OF SECURITY. Notwithstanding anything contained in the Bonds, the Loan Agreement or the Pledge Agreement to the contrary, under the provisions ofthe Act the Bonds may not be payable from or be a charge upon any funds ofthe Issuer other than the Bond Account or the Proceeds Account and the revenues and proceeds pledged to the payment thereof, nor shall the Issuer be subject to any liability thereon, nor shall the Bonds otherwise constitute or give rise to a pecuniary liability of the Issuer or, to the extent permitted by law, any of the Issuer's officers, employees and agents. No holder of the Bonds shall ever have the right to compel any exercise of the taxing power of the Issuer to pay the Bonds or the interest thereon, or to enforce payment thereof against any property of the Issuer other than the revenues pledged under the Pledge Agreement; and the Bonds shall not constitute a charge, lien or encumbrance, legal or equitable, upon any property ofthe Issuer, other than sums held in the Bond Account and the Proceeds Account; and the Bonds shall not constitute a debt of the Issuer within the meaning of any constitutional or statutory limitation of indebtedness; but nothing in the Act impairs the rights of the Lender to enforce the covenants made for the security thereof as provided in this Bond Resolution, the Loan Agreement and the Pledge Agreement, and in the Act, and the Issuer has made the covenants and agreements herein for the benefit of the Lender; provided that in any event, the agreement of the Issuer to perform or enforce the covenants and other provisions contained herein and in the Bonds, the Loan Agreement and the Pledge Agreement shall be subject at all times to the availability of revenue under the Loan Agreement or held in the Bond Account and the Proceeds Account sufficient to pay all costs of such performance or the enforcement; thereof, and the Issuer shall not be subject to any personal or pecuniary liability thereon. ARTICLE FOUR MISCELLANEOUS 4.1. SEVERABILITY. If any provision of this Bond Resolution shall be held or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any -5-