1. MIDA Bond Oak Grove Lutheran School

The Corporation has agreed under the Loan Agreement to repay the Loan, together with interest thereon, in amounts and at times sufficient to pay the principal of and interest on the Bonds as the same shall become due and payable (the "Basic Payments"). Pursuant to the Pledge Agreement, the Issuer has assigned and pledged to the Lender, the Basic Payments due under said Loan Agreement and all other assets and revenues held pursuant to the Resolution and Loan Agreement from time to time. Payments under the Loan Agreement are secured by a Mortgage, Security Agreement and Fixture Financing Statement dated as of July 1,2006 (the "Mortgage") from the Corporation to the Lender and an Assignment of Capital Campaign Contributions dated as of July 1,2006 (the "Assignment"), from the Corporation and Oak Grove Lutheran School Foundation (the "Foundation") to the Lender. Reference is hereby made to the Loan Agreement, the Mortgage, the Assignment and the Pledge Agreement for a description of the properties; and rights encumbered and assigned, the provisions, among others, with respect to the nature and extent of the security. the rights of the Lender, and the rights, duties and obligations of the Corporation and the terms upon whieh the Bonds are issued and secured. This Series 2006C Bond and the issue of Bonds of which it forms a part are issued pursuant to and in full compliance with the Constitution and laws of the State of North Dakota particularly North Dakota Century Code, Chapter 40-57, and pursuant to a resolution adopted and approved by the County Commission on July 17,2006. This Series 2006C Bond and the issue of which it forms a part are limited obligations of the Issuer and are payable solely out of the revenues and other amounts derived from the Loan Agreement or sale or other disposition of the Facility financed through the issuance of the Bonds. The Bonds do not now and shall never constitute an indebtedness of the Issuer within the meaning of any State constitutional provision or statutory limitation and shall not constitute nor give rise to a pecuniary liability ofthe Issuer nor a charge against the general credit or taxing powers of the Issuer. Basic Payments sufficient for the prompt payment when due of the interest on and prineipal of said Bonds are to be paid directly to the Lender by the Corporation for the account of the Issuer. This Series 2006C Bond is transferable, but only upon registration books of the Issuer at the office of the County Auditor, as Bond Registrar, by the registered holder hereof in person or by his attorney duly authorized in writing, upon the surrender of this Series 2006C Bond, together with a written instrument of transfer satisfactory to the Bond Registrar duly executed by the registered owner or his attorney duly authorized in writing and thereupon, Bond or Bonds, in registered form, in the same aggregate principal amount, maturity and interest rate shall be issued to the transferee in exchange thercfor. The registration, registration of transfer, and exchange of this Series 2006C Bond is subject to a eharge by the Bond Registrar sufficient to cover any governmental tax or fee in connection therewith. No registration, registration of transfer, or exchange shall be made by the Bond Registrar during the period beginning on the fifteenth (15th) day of the month next preceding an Interest Payment Date and ending on such Interest Payment Date, during the period of ten (10) days preceding the giving of notice of redemption or after this Series 2006C Bond shall be called for redemption in whole or in part. c-]