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<br />EXHIBIT D <br /> <br />FORM OF PHASE ONE TAXABLE TIF NOTE <br />No. R-1 $_________ <br />UNITED STATES OF AMERICA <br />STATE OF MINNESOTA <br />COUNTY OF SHERBURNE <br />CITY OF ELK RIVER, MINNESOTA <br />TAXABLE TAX INCREMENT REVENUE NOTE <br />(DELTA APARTMENTS PHASE I PROJECT) <br /> <br />___________, 20___ <br />The City of Elk River, Minnesota (the “City”), hereby acknowledges itself to be indebted <br />and, for value received, hereby promises to pay the amounts hereinafter described (the “Payment <br />Amounts”) to Stonewood Development LLC, a _______ limited liability company or its registered <br />assigns (the “Registered Owner”), the principal amount of ___________ ($________), but only in <br />the manner, at the times, from the sources of revenue, and to the extent hereinafter provided. <br />This Note is issued pursuant to that certain TIF Assistance Agreement, dated as of <br />__________, 2021, as the same may be amended from time to time (the “TIF Assistance <br />Agreement”), by and between the City and Stonewood Development LLC (the “Developer”). <br />Unless otherwise defined herein or unless context requires otherwise, undefined terms used herein <br />shall have the meanings set forth in the TIF Assistance Agreement. <br />The outstanding and unpaid principal amount of this Note shall not bear interest. <br />The amounts due under this Note shall be payable on August 1, 2023 and on each February <br />1 and August 1 thereafter to and including the earliest of (i) the date on which the entire principal <br />on the TIF Note has been paid in full; or (ii) February 1, 2043; or (iii) any earlier date the TIF <br />Assistance Agreement or this Note is cancelled in accordance with the terms of the TIF Assistance <br />Agreement or deemed paid in full; or (iv) the February 1 following the date the TIF District is <br />terminated in accordance with the TIF Act (the “Final Payment Date”) or, if the first should not be <br />a Business Day (as defined in the TIF Assistance Agreement) the next succeeding Business Day <br />(collectively, the “Payment Dates”). On each Payment Date, the City shall pay by check or draft <br />mailed to the person that was the Registered Owner of this Note at the close of the last business <br />day preceding such Payment Date an amount equal to 90% of the Tax Increments (as defined in <br />the TIF Assistance Agreement) received by the City during the 6-month period preceding such <br />Payment Date (“Pledged Tax Increments”). <br />Payments on this Note shall be payable solely from the Pledged Tax Increments. <br /> This Note shall terminate and be of no further force and effect following the Final Payment <br />Date defined above, or any date upon which the City shall have terminated the TIF Assistance <br />Agreement under Section 4.2 thereof or on the date that all principal payable hereunder shall have <br />D-1 <br />EL185-50-718703.v2 <br /> <br />