CONTRACT
      OF SALE

    


    Agreement
      made as of the Effective time (as hereinafter defined) between EAST COAST
ETHANOL,
      LLC ("Purchaser") and L & C DEVELOPMENT CORPORATION ("Seller").

    


    1. DEFINITIONS_
      As used herein the following terms shall have the following meanings:

    


    A.
       Property
      - Laud consisting of approximately 319 acres in Chester County, South
      Carolina, and being generally shown or described on the attached Exhibit
      "A", initially
      for purposes of bio-fuel and by-product production.

    

      B.  
        Purchase
        Price - Seven Thousand Five -Hundred
        Dollars ($7,500.00) per acre to be calculated based on final survey as
        hereinafter provided. 

    

     

    
      C.  Initial
        Earnest Money
        -
Ten
        Thousand Dollars ($10,000.00). 

    

    


    D. Extension
      Deposit(s): - Twenty Thousand Dollars ($20,000.00) each.

    


    E. Earnest
      Money - The Initial Earnest Money and, if deposited, any Extension
      Deposit, together with any interest earned thereon.

    


    F. Escrow
      Agent - Folks Khoury & DeVenny, 1045 Catawba Street, P.O. Box 1657,
      Lancaster, SC 29201, Telephone: 893-286-6647, Telecopy: 803-286-8528.


    


    G. Effective
      Date - The date on which this Contract has been duly executed by
      both
      parties as
      indicated by the dates beside the signature of each party and delivered to
      Purchaser.
      If this Contract is not executed by both parties on or before September 21,
      2007, it shall
      become null and void and neither party shall have any legal or financial
      recourse against the other
      party.

    


    H. Inspection
      Period
      - The
      period ending on the two hundred seventieth (270th)
      day following the Effective Date, as same may be extended pursuant to this
      Contract.

    


    I. Closing
      Date - The thirtieth (30th) day following the end of the Inspection
      Period.

    


    II. PURCHASE
      AND SALE.

    


    A. Seller
      agrees to sell and Purchaser agrees to buy the Property for the Purchase Price
      subject to the terms and conditions hereof. 

     

    B. Seller
      shall have the exclusive right to repurchase the Property from Purchaser for
      the
      same Purchase Price paid by Purchaser if Purchaser fails to begin construction
      of the proposed facility within two (2) years from the Closing Date (the
“Repurchase Right”). The Repurchase Right shall exist for a period of ninety
      (90) days following the second anniversary of Closing (the “Window”) and must be
      exercised during said ninety (90) day period by thirty (30) days written notice
      (the “Repurchase Notice”) from Seller to Purchaser. The repurchase pursuant to
      the Repurchase Right shall close within sixty (60) days following Repurchase
      Notice. Notwithstanding anything herein to the contrary, if construction is
      commenced during the aforesaid thirty (30) day notice period the Repurchase
      Right shall terminate.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    


    C. If
      Seller
      does not give the Repurchase Notice within the Window or if the Repurchase
      Notice is given and Seller fails to close the repurchase within sixty (60)
      days
thereafter
      (other than on account of Purchaser’s failure to perform)
      the Repurchase Right shall terminate and Purchaser shall be
      entitled to use or sell the Property free of the Repurchase Right and
      any
      use restrictions.

    


    III. ESCROW
      DEPOSIT. Upon the execution hereof Purchaser shall deposit the Initial
      Earnest Money with Escrow Agent. The Earnest Money shall be deposited into
      an
      FDIC insured
      account. Interest, if any, shall accrue for the benefit of Purchaser (but shall
      be paid to Seller
      if
      Purchaser defaults). In the event Purchaser has the right to and elects to
      terminate this Contract or allows same to terminate as prrovided herein, Escrow
      Agent shall refund the Earnest Money
      upon receipt of notice of such termination. At closing Escrow Agent shall pay
      the Earnest
      Money to Seller to be credited against the Purchase Price. Notwithstanding
      anything in this
      Contract to the contrary, if Escrow Agent receives notice of termination from
      Purchaser, or Purchaser's
      attorneys, prior to the end of the initial two hundred seventy (270) day
      Inspection Period
      Escrow Agent shall and is ___________ directed by Seller to refund the Earnest
      Money to Purchaser.
      All Earnest Money shall be applicable to the Purchase Price.

    


    IV. CLOSING
      DATE. The closing shall occur at the offices of Escrow Agent or another
      mutually agreeable location on the Closing Date or such earlier date established
      by Purchaser
      on reasonable notice to Seller.

    


    V. CLOSING.
      At Closing Purchaser shall tender the Purchase Price (plus or minus normal
      closing adjustments) by cashiers check or wire transfer of collected funds
      and
      Seller shall deliver
      the following:

    


    A. A
      duly
      executed limited warranty deed conveying marketable fee simple title
      in
      the Property to Purchaser subject to easements, conditions, and restrictions
      of
      record as of the
      date
      hereof.

     

    B. An
      owner's affidavit sufficient to enable Purchaser's title insurance company
      to delete exceptions as to mechanic's liens (other then mechanic's liens or
      potential mechanic's liens
      which might arise as a result of activities of Purchaser), other monetary liens
      and
      other
      matters to the extent not inconsistent with a limited warranty
      deed.

    


    C. If
      Seller
      is not a foreign person, a certificate and affidavit of non-foreign status
      (FIRPTA affidavit), and if Seller is not a qualified United States taxpayer
      the
      appropriate amount
      shall be withheld according to law.

    


    D. Possession
      of the property, subject to existing tenancies.

    


    E. Such
      other documents as Purchaser may reasonably request.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    VI. PRORAT1ONS
      AND EXPENSES; COMMISSIONS.

    


    A. Real
      property taxes attributable to the year of Closing shall be prorated at Closing
      with Seller giving Purchaser a credit against the Purchase Price for Seller's
      share. If current
      tax bills are not immediately available, such prorations shall be made on the
      basis of the taxes
      assessed for the preceding year and such proration shall be final. Seller shall
      pay one-half (1/2)
      of
      the rollback taxes in connection with the Property.

     

    B. Rents,
      water rent, and all other items customarily prorated shall be prorated at
      Closing.

    


    C. Purchaser
      and Seller represent that each has dealt with no real estate companies in
      connection with this transaction.

    


    D. Seller
      shall pay for its own attorneys' fees, one-half (1/2) of the survey costs,
      and for deed recording and/or transfer fees based in whole or in part upon
      the
consideration
      for or value of the Property. Purchaser shall pay all other closing costs,
      including its
      own
      attorneys' fees, title examination, title insurance premiums, and one-half
      (1/2)
      of the
      survey
      costs.

    


    VII. TITLE.
      Seller
      shall convey to Purchaser at Closing marketable fee simple title in
      and to
      the Property. For the purpose of this Contract, “marketable fee simple title"
      shall mean
      fee
      simple ownership which is: free of all claims, liens and encumbrances of any
      kind or
      nature
      whatsoever other than the Permitted Exceptions (as hereinafter defined); and
      (ii) insurable
      by a title insurance company reasonably acceptable to Purchaser, at then current
      standard
      rates under the ALTA Owner's Policy of Title Insurance with all standard printed
      exceptions
      therein deleted and without exception other than for the Permitted Exceptions.
      For the
      purposes of this Contract, the term “Permitted Exceptions" shall
      mean:
      (i)
      current city, state, and county ad valorem taxes not yet due and payable; (ii)
      easements for the installation or maintenance
      of public utilities serving only the Property provided same do not interfere
      with development
      and use of the Property Purchaser; and (iii) all, if any, other easements of
      record as
      of the
      date of Seller's execution of this Contract provided same do not interfere
      with
      the development
      and use of the Property by Purchaser or render title unmarketable. Seller will
      use reasonable
      efforts to eliminate claims, liens, and encumbrances
      other than Permitted Exceptions. Notwithstanding
      anything herein to the contrary, if Seller is unable to convey marketable fee
      simple
      title as herein provided (and same
      is
      not caused by the willful act of Seller), Purchaser's sole
      remedy shall be to terminate this Contract and receive a refund of the Earnest
      Money or accept Seller's title "as is" without any reduction in the Purchase
      Price and Seller thereafter shall have
      no
      liability to Purchaser.

    


    VIII. SURVEYS
      AND STUDIES

    


    A. During
      the Inspection Period Purchaser shall be permitted to enter the Property
      and to inspect and evaluate the Property, to conduct studies thereon, and to
      interview Tenants.
      If Purchaser determines for an reason that the Property is not suitable for
      Purchaser’s purposes.
      Purchaser may terminate this Contract upon written notice to Seller and to
      Escrow Agent
      prior to the end of the Inspection Period whereupon the Earnest Money shall
      be
      refunded to Purchaser.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    B. Purchaser
      may extend the Inspection Period for up to two (2) additional consecutive ninety
      (90) day periods by giving notice of such extension(s) to Seller and paying
      an
Extension
      Deposit to Escrow Agent Rum to the expiration of the Inspection Period
      (including previous
      extensions). All Earnest Money shall be deemed to be "at risk" and
      non-refundable but for
      Seller's default when the first Extension Deposit has been paid.

    


    C. If
      Purchaser desires to continue this Contract beyond the initial two hundred
      seventy (270) day Inspection Period it shall give written notice or same to
      Seller within the
      next
      business day following the end of the initial two hundred seventy (270) day
      Inspection Period
      whereupon the Earnest Money shall be deemed “at risk” and non-refundable but for
Seller's
      default. During the Inspection Period Seller shall promptly provide Purchaser
      with information
      and documentation (to the extent same is reasonably available) requested try
      Purchaser to facilitate its evaluation of the Property.

    


    D. Purchaser
      shall hold Seller harmless from any damage caused by Purchaser,
      its agents or contractors, in the course of conducting such surveys and/or
      studies. The indemnities
      herein shall expressly survey the Closing or the termination of this Contract
      and shall
      be
      in addition to any liquidated damage provisions contained in this
      Contract.

    


    E. Prior
      to
      Closing Purchaser shall cause the Property to be surveyed by a registered
      land surveyor reasonably satisfactory to Seller. The surveyor shall certify
      the
      land area
      to
      the nearest thousandth of an acre and the Purchase Price shall be calculated
      based thereon.

    


    IX.
       DEFAULT.

    


    A. If
      Purchaser fails to consummate the purchase as herein provided, except in the
      event of a default by Seller or failure for any conditions to Closing to have
      been satisfied, Purchaser
      and Seller have agreed that Purchaser shall pay the Earnest Money to Seller
      as
liquidated
      damages for Purchaser's failure to consummate the purchase as herein provided
      and as Seller's
      sole remedy.

    


    B. If
      Seller
      fails to consummate the sale and is in default hereof, Purchaser shall
      be
      entitled to terminate this Contract and receive a refund of the Earnest Money
      and proceed
      to enforce this Contract by an action of specific performance in a court of
      competent jurisdiction.
      Purchaser shall not be entitled to recover damages from Seller except in the
      event of
      Seller's willful default.

    


    C. In
      the
      event of a legal action between Purchaser and Seller pursuant to the
Contract,
      the prevailing party shall be entitled to recover reasonable attorneys' fees
      and
      costs from the other.

    


    X. “AS
      IS”
CONDITION/ENVIRONMENTAL.

     

    
      A.
Purchaser
        acknowledges that it is purchasing the Property “AS IS"  as
        of
the
        date
        hereof and not on the basis of representations or warranties made by Seller
        (or
        anyone claiming
        to act on Setter's behalf) either express or implied other than as set forth
        or
        provided for herein. 

    

    


    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    B. Seller
      has no actual knowledge of the presence or existence of any asbestos, toxins,
      or
      hazardous substances (as defined or regulated by applicable federal, state,
      or
      local laws) or contamination upon or under the Property. 

    


    XI. RAIL
      CONTRACT. Sellers affiliate is L&C Railway Company (the "Railroad").
Purchaser
      anticipates that its intended business will create a shipping volume of at
      least
      5,000 rail cars per year. This prospect is an inducement to Seller and the
      fact
      that rail service is available
      to the Property is an inducement to Purchaser.
      It shall be a condition of Closing that Purchaser
      and the Railroad enter into a shipping contract that shall meet the requirements
      of both Purchaser and the Railroad
      in regard to the Railroad local rates, switching contract, service, and
      demurrage. It
      shall
      also be a condition of Closing that Purchaser guarantee a minimum 5,000 car
      annual
      shipping volume to the Railroad for the fast five (5)
      years
      of
      the shipping contract. Seller acknowledges
      the value of
      the
      volume guarantee to the Railroad and Seller agrees to assist Purchaser
      in the negotiation process with the CSX and NS Railroads to the benefit of
      both
Purchaser
      and Seller. If Purchaser and the Railroad cannot agree to
      said
      shipping contract between
      Purchaser and the Railroad then neither Purchaser
      and/or Seller shall be obligated to close and all Earnest Money shall be
      refunded to Purchaser. The parties shall endeavor to finalize the shipping
      contract during the
      Inspection Period.

    


    XII. MISCELLANEOUS.

    


    A. This
      Contract and all terms, provisions, and covenants contained herein shall
      apply to, be binding upon and inure to the benefit of the parties hereto
      and their
      respective heirs,
      executors, administrators, successors and
      assigns.

    


    B. The
      captions employed in this Connect are for convenience
      only and are not
      intended to in any way limit or amplify the terms and provisions
      hereof.

    


    C. Any
      notices, requests, or other communications required or permitted to be given
      hereunder shall be in writing and shall be either (i) delivered by hand, (ii)
      mailed by United States certified mail, return receipt requested, postage
      prepaid, (iii) sent by a reputable, national
      overnight delivery service (e.g. Federal Express, Airborne, etc.), or (iv)
      sent
      by facsimile
      (with the
      original being sent by one of the other permitted means or by regular United
      States
      mail) and addressed to each party at the applicable address set forth beside
      the
      signature of each
      party or elsewhere herein. Any such notice, request or other communication
      shall
      be considered
      given or delivered, as the case may be, on the date of hand delivery (if
      delivered by hand),
      on
      the day following deposit in the United. States mail (if sent by United States
      certified mail),
      on
      the next business day following deposit with an overnight delivery service
      with
instructions
      to deliver on the next day or on the next business day (if sent by overnight
      delivery service),
      or on the day sent by facsimile sent by facsimile, provided the original is
      sent
      by one of
      the
      other permitted means as provided in this paragraph or by regular United States
      mail). However,
      the time period within which response to any notice or request must be given,
      if
      any, shall
      commence to run from the date of actual receipt of such notice, request, or
      other communication
      by the addressee thereof. Rejection or other refusal to accept or inability
      to
deliver
      because of a changed address of which no notice was given shall be deemed to
      be
      receipt of
      the
      notice, request, or other communication. By giving a least five (5) days prior
      written notice thereof, any party hereto may, from time to time and at any
      time,
      change its mailing address
      hereunder.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    


    D. Pending
      consummation of the sale as herein provided, Seller will not impose any
      easements, covenants, conditions, restrictions or other encumbrances upon the
      Property or any part thereof without prior written consent of Purchase, which
      consent shall not be unreasonably withheld.

    


    E. This
      Contract constitutes the entire agreement between the parties and no
      changes
      shall be effective unless in writing signed by the party adversely
      affected.

    


    F. All
      terms
      and conditions of this Contract which by their nature and effect if
      required to be observed, kept or performed after closing shall survive the
      closing and remain binding upon and for the benefit of the parties hereto until
      fully observed, kept or performed.

    


    G.
       Any
      time
      period provided for in this Contract,
      the last day of which falls on
      a
      Saturday, Sunday, or legal holiday, shall be extended until the next following
      business day.

    


    H. TIME
      IS
      OF THE ESSENCE HEREUNDER.

    


    I. CONFIDENTIALITY.
      Seller acknowledges Purchaser’s desire that this transaction
      and Purchaser's intended use of the Property be held in strict confidence.
      Seller agrees
      that it shall not disclose the existence of this Contract, the proposed
      transaction contemplated
      hereby, or Purchaser's intended use of the Property accept as required by law
      and as
      may be
      permitted in writing by Purchaser to make the purchase possible.

    


    SIGNED
      SEALED AND DELIVERED as of the date first above set forth.

     

    
      	 	 	 
	Address:	EAST
              COAST
              ETHANOL, LLC
	 
 	 
 	 
 
	
              1907
                Thurmond Mall

            	By:  	/s/ Randy
              D.
              Hudson (SEAL)
	
              Columbia,
                SC 29201     

              Attn:
                John F. Long

            	
              
Randy
              D. Hudson, President
	Telephone:
              803-799-0033	
            
	Telecopy: 803-799-5658	Date: September 12
              ,
              2007




    


    
      	 	 	 
	
            	L
&
C
              DEVELOPMENT CORPORATION
	 
 	 
 	 
 
	
              512
                S. Main Street, P.O. Box 1450 

            	By:  	/s/ Stephen
              M. Gedney (SEAL)
	
               Lancaster,
                SC 29720

              Attn:
                S.M. Gedney

            	
              
Stephen
              M. Gedney, President 
	Telephone:
              803-286-2100	
            
	Telecopy: 803-286-4158	Date: September 12
              , 2007

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      “A”

    


    Property

    


    L
&
C
      DEVELOPMENT CORPORATION

    (SITE
      “A”, KEY FARM TRACT - PARCEL “A1”)

    


    ALL
      THAT
      CERTAIN piece, parcel or tract of land situated in Chester County, South
      Carolina and being a portion of the property as described in Deed Book 572
      at
      Page 251 and being more particularly bounded and described as
      follows:

    


    BEGINNING
      at an existing p.k.nail reference mark in the intersection of Belt Line Road
      S12-335 and Hamilton Road S12-441: said reference mark having South Carolina
      State Plane NAD83(2001) Grid Coordinates of 1043142.68 ift NORTH, 1949265.68
      ift
      EAST: thence the following two (2) calls to the POINT OF BEGINNING: 1)
      N73°29’30”W 382.14’ to a p.k.nail set in the center Belt Line Road S12-335 and
      Hamilton Road S12-441; 2) N12°16’38”E226.78’ to a number six rebar set in the
      center of the L & C Railway mainline track and the POINT OF BEGINNING; said
      point being the southwest most corner of PARCEL “A1”, thence N05°16’59”E 550.30’
to an existing 1⁄2” diameter iron pipe; thence N56°39’17”E 3040.82 to an existing
      number five rebar; thence N70°15’10”E 502.80 to an existing number five rebar;
      thence S85°42’06”E 1869.29’ (passing a number six rebar set at 867.08’) to an
      existing number five rebar; thence N00°54’36”W 482.62’ to an existing number
      five rebar; thence S82°41’49”E 472.63’ to an existing number five rebar, thence
      N00°09’12”W 379.93’ to a number six rebar set; thence S86°35’02”E 1309.51’
(passing an existing 1⁄2” diameter bolt at 742.50’ and a number six rebar set at
      1144.13’) to the center of Rocky Cree; thence the following fifteen (15) calls
      with the center of Rocky Creek: 1) S26°42’29”E 66.49; 2) S27°44’33”E 170.69’;
      3)S08°04’04”E 265.83’; 4) S55°35’36”W 92.50’; 5) S03°15’23”E 188.00’; 6)
      S57°46’34”W 46.64’; 7) S02°52’42”E 193.69’; 8) S59°05’19WW 123.06’; 9)
      S41°25’36”E 96.41’; 10) S02°52’29”E 255.58’; 11) S70°29’53”E 66.13’; 12)
      S13°40’38”W 94.28’; 13)S48°32’10”E101.81’; 15)S42°46’22”E 64.06’; to the center
      of Rocky Creek, said point being N42°46’22”W 117.53’ from an existing nail in
      the center of the L & C Railway mainline track and the center of Rocky
      Creek; said point also being 115.00’ northwest of and perpendicular to the
      center of the L & C Railway mainline track; thence S59°07’34”W 1408.74’ to a
      point being 115.00’ northwest of and perpendicular to the center of the L &
C Railway mainline track; thence with a circular curve to the right having
      an
      arc length of 683.63’ a radius of 1785.00’ and a chord bearing and distance of
      S70°05’52”W 679.46’ to a point being 115.00’ north of and perpendicular to the
      center of the L & C Railway mainline track; thence S81°04’10”W 3172.84’ to a
      point being 115.00’ north of and perpendicular to the center of the L & C
      Railway mainline track; thence S81°06’42”W 235.45’ to a point being 115.00’
north of and perpendicular to the center of the L & C Railway mainline
      track; thence with a circular curve to the right having an arc length of
      515.30’; a radius of 1310.00’ and a chord bearing and distance of N87°37’10”W
      511.99’ to a point being 115.00’ northeast of and perpendicular to the center of
      the L & C Railway mainline track; thence S13°38’59”W 115.00’ to a point
      being at the center of the L & C Railway mainline track; thence N76°21’02”W
      1451.08’ to a POINT OF BEGINNING and being all of the tract labeled as PARCEL
“A1” and containing 319.45’ ACRES and shown on map of “PLAT OF BOUNDARY SURVEY
      FOR L & C DEVELOPMENT CORPORATION, SITE “A” KEY FARM TRACT”, file LTIGCACA
      dated September 10th,
      2007 as
      surveyed by Enfinger & Associates Professional Land Surveyors.