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D-1 <br />EL185\77\970529.v2 <br />EXHIBIT D <br />CERTIFICATE OF RELEASE <br />1.Recitals. <br />1.1.Recital One. Jade Elk Properties LLC, a Minnesota limited liability company <br />(the “Developer”), is the owner of the real property legally described on the attached Exhibit A <br />(the “Development Property”). <br />1.2.Recital Two. The Developer acquired title to the Development Property from the <br />City of Elk River, Minnesota (the “City”) pursuant to a deed dated _________ ____, 2024 and <br />recorded in the office of the Sherburne County Recorder on ___________________ as Document <br />No. ______________ (the “Deed”). <br />1.3.Recital Three. The Deed includes a right of re-entry for breach of conditions <br />subsequent in favor of the City (the “Right of Re-entry”). <br />1.4.Recital Four. The City, the Developer and Heritage Millwork, Inc., a Minnesota <br />corporation, are parties to a Amended and Restated Development Assistance Agreement recorded <br />in the office of the Sherburne County Recorder on ______________ as Document No. <br />_____________ (the “Development Assistance Agreement”). <br />1.5.Recital Five. Pursuant to Section 3.4 of the Development Assistance Agreement, <br />the Developer is obligated to commence, or cause to be commenced, construction of the <br />foundation of the Project (as defined in the Development Assistance Agreement) on the <br />Development Property by December 31, 2024. <br />1.6.Recital Six. The City’s Right of Re-entry would be triggered by the Developer’s <br />failure to commence, or cause to be commenced, construction of the foundation of the Project by <br />the date 12 months from the date of the Deed, subject to Unavoidable Delays. <br />1.7.Recital Seven. The Developer has represented to the City that the Developer has <br />commenced construction of the foundation of the Project and has requested this Certificate of <br />Release from the City. <br />2.Certificate of Release. The City hereby certifies that the Developer has satisfied its <br />obligations with respect to commencing construction of the foundation of the Project on the Development <br />Property. The City further acknowledges and agrees that the Development Property is released from the <br />Right of Re-Entry. <br />Page 263 of 327