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No. R-1 EXHIBIT D FORM OF TAXABLE TIF NOTE UNITED STATES OF AMERICA STATE OF MINNESOTA COUNTY OF S14ERBURNE CITY OF ELK RIVER TAXABLE TAX INCREMENT REVENUE NOTE (JACKSON HILLS RESIDENTIAL SUITES, LLC PROJECT) , 201 $463,297 The City of Elk River, Minnesota (the "City"), hereby acknowledges itself to be indebted and, for value received, hereby promises to pay the amounts hereinafter described (the "Payment Amounts") to Jackson Hills Residential Suites, LLC, a Minnesota limited liability company or its registered assigns (the "Registered Owner"), the principal amount of Four Hundred Sixty -Three Thousand Two Hundred Ninety Seven and 00/100 Dollars ($463,297), but only in the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. This Note is issued pursuant to that certain TIF Development Assistance Agreement, dated as of , 2018, as the same may be mutually amended from time to time (the "Development Agreement'), by and between the City and Jackson Hills Residential Suites, LLC (the "Developer"). Unless otherwise defined herein or unless context requires otherwise, undefined terms used herein shall have the meanings set forth in the Development Agreement. This Note shall bear simple, non -compounding interest at the rate of 5.0% per annum; provided that no interest shall accrue on this Note during any period that an Event of Default has occurred, and such Event of Default is continuing, under the Development Agreement and City has exercised its remedy under the Development Agreement to suspend payment on the Note. Interest shall be computed on the basis of a 360 -day year of twelve 30 -day months. The amounts due under this Note shall be payable on August 1, 2021 and on each February 1 and August 1 thereafter to and including the earlier of (i) the date on which the entire principal and accrued interest on this Note has been paid in full, or (ii) February 1, 2036, or (iii) any earlier date the Development Agreement or this Note is cancelled in accordance with the terms of the Development Agreement or deemed paid in full, or (iv) the February 1 following termination of TIF District in accordance with the TIF Act (the "Final Payment Date") or, if the first should not be a Business Day (as defined in the Development Agreement) the next succeeding Business Day (collectively, the "Payment Dates"). On each Payment Date, the City shall pay by check or draft mailed to the person that was the Registered Owner of this Note at the close of the last business day preceding such Payment Date an amount equal to 90% of the Available Tax Increments (as hereinafter defined) received by the City during the six month period preceding such Payment Date ("Pledged Tax Increments"). "Available Tax Increments" are the Tax Increments (as hereinafter defined) received and permitted to be retained by the City, D-1 519394v8 JSB EL185-49