1. MIDA Bond Oak Grove Lutheran School

or encumbrance of any nature upon any ofthe property or assets ofthe Corporation contrary to the terms of any instrument or agreement; (e) the proceeds of the Bonds together with funds provided by the Corporation are estimated to be sufficient to pay the costs of the Project and pay a portion of the Issuance Expenses; Cd) subject to the other provisions of this Loan Agreement, it is presently intended and reasonably expected that the Facilities will be permanently located and exclusively used on the Land and that the Corporation will operate the Facilities throughout the term of this Loan Agreement; (e) there is public access to the Facilities; and, as of the date hereof, the use of the Facilities as designed and proposed to be operated complies, in all material respects, with all presently applicable zoning, development, pollution control, water conservation and other laws, regulations, rules and ordinances of the federal government and the State and the respective agencies thereof and the political subdivisions in which the Facilities are located. The Corporation has obtained all necessary and material approvals of and licenses, permits, consents and franchises from federal, state, county, municipal or other governmental autllorities havingjurisdiction over the Facilities to acquire, construct and install the Projeet, and operate the Facilities and to enter into, execute and perform its obligations under this Loan Agreement, the Mortgage and the Assignment; if) the Corporation does not rely on any warranty of the Issuer either express or implied, that the Facilities will be suitable to the Corporation's needs, and recognizes that under the Act the Issuer is not authorized to operate the Facilities or to expend any funds thereon other than the revenues received by it from the Loan Agreement or the proceeds of the Bonds, or other funds granted to it for purposes contemplated in the Act; (g) there is no litigation pending nor threatened questioning the right of the Corporation to construct the Project, or operate or maintain the Facilities, or questioning the validity of the Loan Agreement, the Bonds, or the pledging of security for the payment of the Bonds; (h) no member of the County Commission nor any member of his or her immediate family has a personal financial interest in the issuance of the Bonds or in the Facilities or Corporation or will personally benefit financially therefrom; (i) the Corporation is organized and operated exclusively for benevolent, and charitable purposes within the meaning of Section 50 I (c )(3) of the Code and not for pecuniary profit; and no substantial part ofthe net earnings of the Corporation inures to the benefit of any person, private shareholder or individual; (j) the Corporation covenants that all property provided with the proceeds of the Bonds will be owned (as ownership is determined for purposes offederal income taxation) 2-2