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ABSENCE OF LITIGATION
<br /> Issuer
<br /> To the actual knowledge of the Issuer, without inquiry or investigation, there is no litigation
<br /> pending against the Issuer seeking to restrain or enjoin the issuance or delivery of the Series 2022 Bonds,
<br /> questioning or affecting the legality of the Series 2022 Bonds or the proceedings and authority under which
<br /> the Series 2022 Bonds are to be issued or questioning the validity or enforceability of the Indenture, the
<br /> Bond Purchase Agreement or the Loan Agreement.
<br /> Company and Charter School
<br /> In connection with the issuance of the Series 2022 Bonds, the Company and the Charter School,
<br /> respectively, have represented that there is no litigation pending, seeking to restrain or enjoin the issuance
<br /> or delivery of the Series 2022 Bonds or questioning or affecting the legality of the Series 2022 Bonds or
<br /> the proceedings and authority under which the Series 2022 Bonds are to be issued. There is no litigation
<br /> pending which in any manner questions the undertaking of the financing by the Company or the Charter
<br /> School or the validity or enforceability of the Loan Agreement, the Bond Purchase Agreement, the Tax
<br /> Certificate, the Tax Regulatory Agreement, the Continuing Disclosure Agreement, the Disbursing
<br /> Agreement, the SNDA, the Account Control Agreement, the Intercreditor Agreement, the Leases, the
<br /> Assignment of Lease,the Pledge Agreement, or the Mortgage and the other financing documents to which
<br /> the Company and/or the Charter School,respectively, are parties.
<br /> THE TRUSTEE
<br /> The Issuer has appointed U.S. Bank Trust Company,National Association, a non-depository trust
<br /> company, to serve as Trustee. Except for the contents of this section, the Trustee has not reviewed or
<br /> participated in the preparation of this Official Statement and assumes no responsibility for the nature,
<br /> contents, accuracy, fairness or completeness of the information set forth in this Official Statement or for
<br /> the recitals contained in the Indenture or the Series 2022 Bonds, or for the validity, sufficiency, or legal
<br /> effect of any of such documents.
<br /> Furthermore, the Trustee has no oversight responsibility, and is not accountable, for the use or
<br /> application by the Issuer of any of the Series 2022 Bonds authenticated or delivered pursuant to the
<br /> Indenture or for the use or application of the proceeds of such Series 2022 Bonds by the Issuer.The Trustee
<br /> has not evaluated the risks,benefits, or propriety of any investment in the Series 2022 Bonds and makes no
<br /> representation, and has reached no conclusions,regarding the value or condition of any assets or revenues
<br /> pledged or assigned as security for the Series 2022 Bonds, or the investment quality of the Series 2022
<br /> Bonds, about all of which the Trustee expresses no opinion and expressly disclaims the expertise to
<br /> evaluate.
<br /> MISCELLANEOUS
<br /> The foregoing does not purport to be comprehensive or definitive, and all references to any
<br /> document herein are qualified in their entirety by reference to each such document. All references to the
<br /> Series 2022 Bonds are qualified in their entirety by reference to the forms thereof and the information with
<br /> respect thereto included in the aforesaid documents. Copies of these documents are available for inspection
<br /> during the period of the offering at the offices of the Underwriter in Minneapolis,Minnesota and thereafter
<br /> at the designated corporate trust office of the Trustee in Minneapolis, Minnesota. In addition to certain
<br /> information provided herein, all information contained in the Appendices A, B, C, D, and E, along with
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