1. MIDA Bond Oak Grove Lutheran School

ARTICLE 9 EVENTS OF DEFAULT AND REMEDIES SECTION 9.01. EVENTS OF DEFAULT. Anyone or more of the following events shall constitute a Default or an Event of Default under this Loan Agreement: (a) failure by the Corporation to pay any amounts required under Section 4.02 to be paid hereunder on or before the date the payment is due; (b) failure by the Corporation to deliver to the Lender the moneys needed to redeem any Outstanding Bonds in the manner and upon the date required by the terms of the Bonds or the Resolution; (e) failure by the Corporation to observe and perform any covenant, eondition, or agreement on its part to be observed or performed, other than as referred to in all subsections other than subsection (c) of this Section, for a period of30 days after notice of such failure requesting such failure to be remedied, given to the Corporation by the Lender or the Issuer, unless the Lender and the Issuer shall agree in writing to an extension of such time prior to its expiration; provided, however, that if and so long as the Corporation is proceeding with due diligenee to cure the default, such 30 day period shall be extended to such period as is required to permit the Corporation proceeding with due diligence to cure such default; (d) the dissolution or liquidation of the Corporation or the filing by the Corporation ofa voluntary petition in bankruptcy, or failure by the Corporation promptly to lift any exeeution, garnishment, or attachment of such consequence as will impair its ability to carry out its obligations under this Loan Agreement, or the commission by the Corporation of any act of bankruptcy, or adjudication of the Corporation as a bankrupt under the Federal Bankruptcy Act, or assignment by the Corporation into an agreement of composition with its creditors, or the approval by a court of eompetent jurisdiction of a petition applicable to the Corporation in any proceeding for its reorganization or arrangement instituted under the provisions of the Federal Bankruptcy Code, or under any similar act which may hereafter be enacted. The term "dissolution or liquidation of the Corporation," as used in this subsection, shall not be construed to include the cessation of the corporate existence of the Corporation resulting either from a merger or consolidation of the Corporation into or with another corporation or a dissolution or liquidation of the Corporation following a transfer of all or substantially all of its assets as an entirety, under the conditions permitting such actions contained in Section 7.04; and (e) default under the Mortgage or the Assignment. The provisions of subsection (c) of this Section are subject to the following limitations: If by reason of acts of God; fire; epidemics; landslides; floods; strikes; lockouts; or other industrial disturbances; acts of public enemies; acts or orders of any kind of any governmental authority; 9-1