1. MIDA Bond-Oak Grove School - Laserfiche WebLink

4. The Issuer will not: (a) exercise or attempt to exercise any remedies under the Loan Agreement except as permitted by Sections 9.02 ofthe Loan Agreement, or terminate, modify or accept a surrender of the same, or by affirmative act, consent to the creation or existence of any security interest or other lien in the Loan Agreement to secure payment of any other indebtedness; or (b) receive or collect or permit the receipt or collection of any payments, receipts, rentals, profits or other moneys under the Loan Agreement (except as allowed under Sections 4.03, 7.03 and 9.04 thereof) or assign, transfer or hypothecate (other than to the Lender hereunder) any or the same then due or to accrue in the future. 5. The Issuer expressly covenants and agrees that the Lender shall be entitled to receive all payments under the Loan Agreement (except any payments due the Issuer under Sections 4.03, 7.03 and 9.04 thereof) and hereby authorizes and directs the Corporation to make such payments directly to the Lender. The Lender covenants and agrees that all payments received by the Lender pursuant to the Loan Agreement shall be applied to the payment of principal and interest on the Bonds. 6. If an Event of Default (as defined in the Loan Agreement) shall occur and be continuing, the Lender may exercise anyone or more or all, and in any order, of the remedies set forth in Section 9.02 ofthe Loan Agreement, it being expressly understood that no remedy therein conferred is intended to be exclusive of any other remedy or remedies; but each and every remedy shall be cumulative and shall be in addition to every other remedy given therein or now or hereafter existing at law or in equity or by statute. 7. This Pledge Agreement shall terminate when the Bonds have been fully paid and discharged. 8. Whenever any of the parties hereto is referred to, such reference shall be deemed to include the successors and assigns of such party; and all the covenants, prornises and agreements in this Pledge Agreement contained by or on behalf of the Issuer or the Lender shall bind and inure to the benefit of the respective successors and assigns of such parties whether or not so expressed. 9. The unenforceability or invalidity of any provision or provisions of this Pledge Agreement shall not render any other provision or provisions herein contained unenforceable or invalid. 10. This Pledge Agreement shall in all respects be construed in accordance with and governed by the laws of the State of North Dakota. This Pledge Agreement may not be amended or modified except in writing signed by the Issuer and the Lender. -2-