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EL185\77\970529.v2 <br />EXHIBIT H <br />DEVELOPMENT PROPERTY MORTGAGE <br />MORTGAGE <br />THE MAXIMUM PRINCIPAL INDEBTEDNESS SECURED BY THIS <br />MORTGAGE IS $1,378,019.60. <br />THIS MORTGAGE (the “Mortgage”) is given on ________, 2024, from JADE ELK <br />PROPERTIES LLC, a Minnesota limited liability company (“Developer”), to the CITY OF ELK RIVER, <br />MINNESOTA, a municipal corporation and political subdivision of the State of Minnesota (“City”). <br />Developer owes City the principal sum of ONE MILLION THREE HUNDRED SEVENTY- <br />EIGHT THOUSAND ONE HUNDRED NINETEEN DOLLARS AND 60/100 ($1,378,019.60), which <br />debt is evidenced by a Purchase Price Note of even date herewith (the “Note”), the terms and conditions <br />of which are incorporated herein and matures on February 1, 2035, or such earlier date provided in the <br />Note. This Mortgage secures to City: (a) the repayment of the debt evidenced by the Note, and all <br />renewals, extensions, and modifications of the Note; (b) the payment of all other sums, with interest <br />thereon, advanced to protect the security of this Mortgage; (c) the performance of Developer’s covenants <br />and agreements under this Mortgage and the Note; and (d) is subject to the terms and conditions of that <br />certain Amended and Restated Development Assistance Agreement, between the Developer and the City, <br />dated ________, 2024 (the “Development Assistance Agreement”). For this purpose, Developer does <br />hereby mortgage, grant, and convey to City, with power of sale, the property located in the City, and <br />legally described in EXHIBIT A attached hereto, together with all the improvements now or hereafter <br />erected on the property, and all easements, appurtenances, and fixtures now or hereafter a part of the <br />property. All replacements and additions shall also be covered by this Mortgage. All of the foregoing is <br />referred to in this Mortgage as the “Property.” <br />DEVELOPER COVENANTS that Developer is lawfully seized of the estate hereby conveyed <br />and has the right to mortgage, grant, and convey the Property and that the Property is free from all <br />encumbrances except as may be further stated in EXHIBIT B attached hereto (the “Permitted <br />Encumbrances”). Developer warrants and will defend generally the title to the Property against all claims <br />and demands, subject to any encumbrances of record. <br />Page 278 of 327