1. MIDA Bond Oak Grove Lutheran School

Grove Lutheran School Foundation (the "Foundation") or Corporation to the extent the Purchase Price therefor was paid direetly or indirectly by or on behalf of the Foundation or Corporation. With respect to each Tender Date, there shall be deposited or credited to a Purchase Account established therefor, all moneys deposited with the Remarketing Agent from the proceeds of remarketing the Bonds (other than to the Foundation, or the Corporation, or a related person). On each Tender Date the Remarketing Agent shall apply amounts in the applicable Purchase Account to purchase Tendered Bonds. The Purchase Price for Tendered Bonds shall be paid on each Tender Date from the following sources and amounts in the Purchase Account in the following order, with each source of funds being deemed applied allocable to all Tendered Bonds in respect of whieh a payment is made: (a) first, from amounts derived from the remarketing of the Tendered Bonds (to any person other than the Foundation, or the Corporation, or a related person); and (b) next, from any other amounts provided by the Foundation or the Corporation for purchase of the Tendered Bonds. ARTICLE THREE GENERAL COVENANTS 3.1. PAYMENTOl'PRINCIPALAND INTEREST. The Issuer covenants that it will promptly payor cause to be paid the principal of and interest on the Bonds at the place and on the dates required, but solely from the source and in the maImer provided herein and in the Bonds. The principal and interest are payable solely from and secured by revenues and proceeds derived from the Loan Agreement, or credited to the Bond Account or the Proeeeds Account, which revenues and proceeds are hereby specifically pledged to the payment thereof in the manner and to the extent specified herein and in the Bonds, the Loan Agreement and the Pledge Agreement, and nothing in the Bonds or in this Bond Resolution shall be considered as assigning, pledging or otherwise encumbering any other funds or assets of the Issuer. 3.2. PERFORMANCE 01' ISSUER COVENANTS. The Issuer covenants that it will faithfully perfoml at all times any and all covenants, undertakings, stipulations and provisions contained in this Bond Resolution, in the Bonds executed, authenticated and delivered hereunder and in all proceedings of the County Commission pertaining thereto; that it is duly authorized under the constitution and laws of the State of North Dakota including particularly and without limitation the Act, to issue the Bonds authorized hereby, pledge the revenues and assign the Loan Agreement in the manner and to the extent set forth in this Bond Resolution, the Bonds, the Loan Agreement and the Pledge Agreement; that all action on its part for the issuance of the Bonds and for the execution and delivery thereof has been duly and effeetively taken; and that the Bonds in the hands of the Lender are and will be a valid and enforceable special limited obligation of the Issuer according to the terms thereof. -5-