1. MIDA Bond Oak Grove Lutheran School

ARTICLE 2 REPRESENT A TIONS SECTION 2.01. REPRESENTATIONS BY THE ISSUER. The Issuer makes the following representations as the basis for its covenants herein: (a) the Issuer is a duly organized and existing political subdivision under the laws of the State; (b) in authorizing the loan for the construction of the Facilities, the Issuer's purpose is, and in its judgment the effect thereof will be, to promote the public welfare by providing improved educational facilities for Oak Grove Lutheran School; (el the financing of the Facilities, the issuance and sale of the Bonds, the execution and delivery of this Loan Agreement, the Pledge Agreement and the Resolution, and the performance of all covenants and agreements of the Issuer eontained in the Bonds, this Loan Agreement and the Resolution, and of all other aets and things required under the Constitution and laws of the State to make the Bonds, this Loan Agreement and the Resolution valid and binding obligations of the Issuer in aecordance with their terms, are authorized by the Act and have been duly authorized by the Resolution; (d) under the provisions of the Pledge Agreement, the Issuer's interest in this Loan Agreement and eertain payments due hereunder are pledged and assigned to the Lender as seeurity for the payment of the principal of and interest and premium, if any, on the Bonds; (e) no elected public official ofthe Issuer has either a direct or indirect financial interest in this Loan Agreement nor will any elected public official either directly or indirectly benefit financially from this Loan Agreement. SECTION 2.02.REPRESENTATIONS BY THE CORPORATION. The Corporation makes the following representations as the basis for its eovenants herein: (a) the Corporation is a nonprofit corporation duly incorporated, validly existing and in good standing under the laws of the State, and is authorized and qualified to do business in the State, has authority to enter into this Loan Agreement, and has duly authorized the execution and delivery of this Loan Agreement; (b) the execution and delivery of this Loan Agreement, the Mortgage and the Assignment, and the consummation of the transactions contemplated thereby, and the fulfillment of the terms and conditions thereof, do not and will not conflict with or result in a breach of the Articles of Incorporation, By-laws, any restriction of any agreement or instrument to which the Corporation is now a party and do not and will not constitute a default under any of the foregoing, or result in the ereation or imposition of any lien, charge 2-1