1. MIDA Bond Sisters of Presentation

PLEDGE AGREEMENT THIS PLEDGE AGREEMENT is made as of October I, 2006. between the COUNTY OF CASS, NORTH DAKOTA (the "Issuer"), a political subdivision organized under the constitution and laws ofthe State ofNOlih Dakota, and WELLS FARGO BROKERAGE SERVICES, LLC (the "Lender"). RECITALS: WHEREAS, Sisters of the Presentation of the Blessed Virgin Mary, Fargo (the "Corporation"), a North Dakota nonprofit corporation, and the Issuer have entered into a Loan Agreement (the "Loan Agreement") of even date herewith, pursuant to which the Issuer will lend 10 the Corporation the proceeds of the $450,000 Multifamily Housing Revenue Bonds (Sisters ofthe Presentation BVM Project), Series 2006 (the "Bonds''), issued pursuant to North Dakota Century Code, Chapter 40-57 (the "Act"); and WHEREAS, the Bonds are payable from and secured by the loan repayments to be made by the Corporation under the Loan Agreement: and the Lender, as a condition to the purchase of the Bonds, has required the execution of this Pledge Agreement; NOW, THEREFORE, as an inducement to the Lender to purchase the Bonds, and in consideration of the promises and other good and valuable consideration, the receipt and sufficiency whereof is hereby acknowledged, the parties hereby agree as follows: 1. In order to secure the due and punctual payment of the Bonds and all other sums due the Lender under the Loan Agreement, the Issuer does hereby pledge and assign to the Lender all of the Issuer's right, title and interest in and to the Loan Agreement, subject to the Issuer's rights under the provisions of Sections 4.03, 7.03 and 9.04 thereof. 2. The Issuer hereby represents and warrants to the Lender that the Issuer's right, title and interest in the Loan Agreement is free and clear of any lien, security interest or other encumbrance other than that arising under this Pledge Agreement. 3. The Issuer hereby authorizes the Lender to exercise. whether or not a default exists under the Bonds or an Event of Default has occurred under the Loan Agreement, either in the Issuer's name or the Lender's name, any and all rights or remedies available to the Issuer under the Loan Agreement. The Issuer agrees, on request of the Lender, to execute and deliver to the Lender such other documents or instruments as shall be deemed necessary or appropriate by the Lender at any time to confilID or perfect the security interest hereby granted. The Issuer hereby appoints the Lender its attorney-in-fact to execute on behalf of the Issuer, and in its name, any and all such assignments, financing statements or other documents or instruments which the Lender may deem necessary or appropriate to perfect, protect or enforce the security interest hereby granted. -1-