Exhibit 10.23


 


HOME FEDERAL
BANK


PROMISSORY
NOTE MODIFICATION AGREEMENT


 


	
  Modification
  #4386

  	
   

  	
   

  	
  Loan
  #9206756

  



 


This Agreement is made as of February 16, 2006, between Home
Federal Bank having its office at 225 South Main Avenue, Post Office Box 5000,
Sioux Falls, South Dakota 57117-5000 (“Lender”) and Great Plains Ethanol LLC,
27716 462nd Ave., Chancellor, SD 57015 (“Borrower”).


 


RECITAL 5:


 


A.                                   Lender is the holder
of a Promissory Note of Borrower dated February 28, 2003 payable to the
Lender in the original principal amount not to exceed $1,600,000.00 (the “Loan”).


 


B.                                     Lender is willing
to modify payment terms of the Loan evidenced by the Loan Documents in the
manner set forth below. These proposed changes are requested by and acceptable
to Borrower. Borrower acknowledges that the Loan Documents shall remain the
legal and binding obligation of Borrower, endorsers and guarantors, free of any
claim, defense or offset.


 


Accordingly, In consideration of the premises
and other good and valuable consideration, each paid to the other, the parties
agree as follows:


 


1.                                       Effective as of,
N/A and until the Loan is fully paid or Lender changes the number of basis
points or the Index, whichever is the first to occur, the unpaid balance of the
Loan shall bear interest at a variable rate of N/A basis points in excess of
the N/A (“Index”). Lender at its discretion, may change
the number of basis points or Index upon thirty (30) days’ prior written notice
to Borrowers. 


 


2.                                       The unpaid
principal balance of the Loan and Interest thereon shall be paid in full on or
before March 1, 2007.


 


3.                                       The maximum
amount of the Loan is changed to and shall not exceed $960,000.00.


 


4.                                       The Loan
Documents are amended to the extent necessary to reflect the changes set forth
above. No other amendments are made to the Loan Documents. Except as amended
herein, the terms and conditions contained in the Loan Documents, and the
Related Documents described therein, shall continue to govern the relationship
of the parties.


 


5.                                       It is understood
and agreed by the parties that this Agreement shall not operate as a novation
of the Loan Documents or the Loan,


 

















 


6. A Loan Modification Fee of $2,812.50 will
be charged.


 


IN WITNESS WHEREOF, the parties hereto each duly executed this
Agreement as of the day and year first above written.


 


	
   

  	
  HOME FEDERAL
  BANK

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  BY:

  	
  Terry Cleberg

  	
   

  	
   

  
	
   

  	
  ITS:

  	
  VP

  	
   

  	
   

  
							



 


 


	
   

  	
  BORROWER:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  GREAT PLAINS
  ETHANOL LLC

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Darrin Ihnen

  	
   

  
	
   

  	
  DARRIN IHNEN, PRESIDENT