1. MIDA Bond Oak Grove Lutheran School

"Event ofDefau/t" means any of the events described as such in Section 9.01 hereof. "Facilities" means the Project, the Elementary School, the Equipment, the Land and any Improvements located on the Land and owned by the Corporation. "Fiscal Year" means July I through June 30 of the following year, or any other period which constitutes the Corporation's fiscal year from time to time. "Governmental Obligations" means direct general obligations of, or obligations the timely payment of the principal of and interest on which is unconditionally guaranteed by, the United States of America. "Improvements" means any additions, enlargements, improvements, extensions or alterations to the Facilities as they then exist (other than the Project), and any fixtures or equipment aequired, eonstructed or owned by the Corporation and loeated on the Land. "Interest Payment Date" means (a) the dates required for payment of interest or interest and principal and premium, if any, on the Bonds, i.e., January I and July I of each year until the Bonds are paid (or provisions made therefor) in accordance with the Resolution, the first Interest Payment Date being January I, 2007, and (b) for Bonds subject to redemption on any date, the date of such redemption. "Issuance Expenses" means any and all costs and expenses relating to the issuanee, sale and delivery of the Bonds, including, but not limited to, Lender's discount or origination fee, all fees and expenses oflegal counsel, financial consultants, feasibility consultants and accountants, any fee to be paid to the Issuer, the preparation and printing of this Loan Agreement, the Resolution, the Bonds and all other related closing documents, and all other expenses relating to the issuance, sale and delivery of the Bonds and any other costs which are treated as "issuance costs" within the meaning of Section 147(g) of the Code. "Issuer" means Cass County, North Dakota, its sueeessors and assigns. "Land" means the real estate described in Exhibit A attached hereto. "Lender" means Wells Fargo Brokerage Services, LLC, Minneapolis, Milmesota, or any successor Lender at the time serving as such under the Resolution. "Loan Agreement" means this Loan Agreement executed by and between the Issuer and the Corporation as the same may be amended from time to time. "Mortgage" means the Mortgage, Security Agreement and Fixture Financing Statement from the Corporation to the Lender dated as of the date hereof, as the same may be amended from time to time. 1-3