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for the account of the Issuer. Tne Company's obligations under the Agreement ar` secured by a ntortqagz and Security Agreeinent, dated as of even date herewith (the "Mortgage" ) by and between the Company and the Hol.der. The Issuer's rights and interests in and to the Agreement (except as reserved therein), in and to that certain promissory note dated as oi even date herewith and evidencing the obligations of the Company under the Agreernent to repay the Loan and to pay all amounts due with respect to this Bond (the "Note"), and in and to the Pledged Receipts have been assigned to the Holder by the Assigninent of Loan Agreement, Note and Pledgzd Receipts clated as of even date nerewith (the "Assignment") from the Issuer to the Holder. As further - tn, ?x? `ssi . ,trl unpaid principal sum hereof and then to thz payment of such principal sum. Payment of principal and interest sYiall be made in lawful money of the Unized States of America at the principal office of the Holder of this i3ond, as specified by such Holder, which in the case of TRANSO_-iI0 Savings Association, shal.l be its office at One Terminal Tower, Cleveland, Ohio 44113. 'ihis 3ond represents the Iridustrial Development First Mortgage Revenue Bond (Bryant & Stratton Project) in the principal amount of $590,000 aut'nor_i.zed by an ordinance duly passed by the City Council of the Issuer on January , 1931 (the "Bond Leg islation" ). Refereilce is hereby made to the Bond Legislal-ion for a more comUlete description of the terms and conditions upon which this Bond is issued and of the rights, duties and obligations of the Zssuer and the Flolder heyeunder. This Bond is issued for the purpose of malcing a loan (the "Loan") to assist Fogg - ilorth Olmsted, Ltd., an Ohio limited partnership (the "Company"), in the financing of costs of acquiring, constructing, equipping and improving real and personal property comprising a co;nmercial facility within the boundaries of the Issuer to be leased to Bryant & Stratton Business Institute, Inc. to be used by auch corporation for the training and education of its stuc3ents for various business career programs including managhrial, technical, rlerical, secretarial and for o.ther co;nmercial purposes, (the °'Projer.t"), pursuant to a Loan Agreemerit, dated as of llecernbar 15, 1980 (the "Agreement" ), between the Issuer and the Cornpany. This Bond is issued pursuant ta Section 13 of Article VIII of the Constitution of the State of Ohio, the laws of said State, particularly Chapter 165 of the Ohia Revised Code, and the Bond Legislation, in order to promote the economic welfare of the people of the State by creating and preserving jobs and employment opportunities. This Bond is a special obligation of the Issuer, and the principal of, and interest and any prernium and Late Charges on, this Bond (collectively the "Bond Service Charges") are payable solely from the Pledged Receipts (as defined in the Bond Legislation), which include, generally, payments and other amounts that under the Agreement are payable by the Company, or are received by the Issuer, the Holder or the Escrow Agent (as defined in the Bond Legislation) for the account of the Issuer, for apnlication to repayment of the Loan. This Bond is not otherwise an obligation of the Issuer, is not secured by an obligation or pledge of any moneys raised by taxation and does not represent or constitute a debt or oledge of the faith and credit of the Issuer. PursuanE to the Agreernent, the Company is required to make payments in the amounts and at the times necessary tor the prornpt payment of the Bond Service Charqes when due. Such payments are to be made by the Cornnany directly to the Holder 2