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laws of the State, including Minnesota Statutes, Chapter 469462C, as amended
<br /> (the"Act"),to issue bonds for the purposes stated in the Indenture,to enter into
<br /> this Bond Purchase Agreement,the Indenture,the Loan Agreement,the Mortgage,_
<br /> the Subordinate Mortgage and the Mortgage Assignment, and the Tax Regulatory
<br /> to pledge the trust estate as defined in the Indenture and as described
<br /> in the Official Statement, and to loan the proceeds of the Bonds to the Borrower to
<br /> be applied to the purposes stated in the Indenture.
<br /> (iii) The execution and delivery of this Bond Purchase Agreement does
<br /> not, and the execution and delivery of the Bonds,the Loan Agreement,the
<br /> Indenture,the Mortgage, the Subordinate Mortgage and the Mortgage
<br /> Assignment, the Tax Regulatory Agreement and the adoption of the Resolution,
<br /> and compliance with the provisions of each of them, under the circumstances
<br /> contemplated thereby, will not, in any material respect, conflict with or constitute
<br /> on the part of the Issuer a breach of or default under any other agreement or
<br /> instrument to which the Issuer is a party or any existing law, administrative
<br /> regulation, court order or consent decree to which the Issuer is subject.
<br /> (iv) With respect to such matters that are preconditions to the issuance
<br /> of the Bonds that are identified in the Indenture and the Loan Agreement,the
<br /> Issuer has, and at the date of the Closing will have, in all respects complied with
<br /> the Act.
<br /> (v) All approvals, consents and orders of any governmental authority,
<br /> board, agency,council, commission or other body in or of the Issuer or the State
<br /> having jurisdiction which would constitute a condition precedent to the
<br /> performance by the Issuer of its obligations hereunder and under the Indenture, the
<br /> Loan Agreement, the Mortgage Assignment and the Tax Regulatory Agreement
<br /> and the Bonds, have been obtained or, if not, will be obtained at the time of or
<br /> prior to the Closing(provided no representation or warranty is expressed as to any
<br /> action required under federal or state securities or Blue Sky laws in connection
<br /> with the purchase of the Bonds by the Underwriter).
<br /> (vi) The Bonds, when duly issued, authenticated and delivered in
<br /> accordance with the Resolution and the Indenture and purchased by the
<br /> Underwriter as provided herein,will be the validly issued and outstanding special
<br /> limited obligations of the Issuer entitled to the benefits of the Indenture; provided,
<br /> however, neither the Bonds nor any interest or premium thereon will ever
<br /> constitute a debt of the Issuer, the State, or any political subdivision thereof or a
<br /> loan of credit thereof within the meaning of any constitutional or statutory
<br /> provision or limitation,nor constitute or give rise to a pecuniary liability of the
<br /> Issuer.
<br /> (vii) The Resolution and this Bond Purchase Agreement are, and the
<br /> Indenture,the Loan Agreement, the Mortgage Assignment and the Tax Regulatory
<br /> Agreement, when each of them has been executed and delivered by the Issuer,
<br /> will, assuming due authorization, execution and delivery by the Borrower and the
<br />
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