12-19-2007 Council Agenda - Laserfiche WebLink

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no material adverse changes in the financial condition of the Borrower subsequent to the date of the most recent financial statement supplied to Lender; (14) this Agreement, the Mortgage, the Security Agreement, and the documents and agreements relating to the foregoing, when executed and delivered by the Borrower, constitute legal, valid and binding obligations of the Borrower, enforceable against the Borrower in accordance with their respective terms (subject, as to enforceability, to limitations resulting from bankruptcy, insolvency, and other similar laws affecting creditors' rights generally); (15) no proceeds of the Note will be used to finance portions of the Project used for any religious purpose; (16) that, for so tong as the Note is outstanding: (a) the Borrower shall not impose any qualifications related to religious beliefs on any of its teaching faculty or staff and shall not consider an applicant's religious beliefs when hiring teaching faculty or staff (except to the extent based on a bona fide occupational qualification); (b) the Borrower's core curriculum shall include instruction in subjects and in a manner generally consistent with the compulsory instruction report issued by the Minnesota Department of Education; (c) the Borrower shall maintain a policy for the Project of open enrollment of students without regard to race, religion, color, sex or national or ethnic origin and a policy of hiring of faculty and staff without regard to race, religion, color, sex or national or ethnic origin (except to the extent based on a bona fide occupational qualification); and (d) the Borrower shall not require students to participate in religious services; and (17) The Borrower agrees that the foregoing representations and warranties shall be continuing in nature and shall remain in full force and effect until such time as the Loan shall be paid in full. 2I10583v4 8-26-