EXHIBIT 10.2.1


 


EXTENSION OF OPTION


 


This EXTENSION
OF OPTION given this 28 day of June, 2007, by DAVID L. SCULLY TRUST #4, David
L. Scully, Peter D. Scully and John B. Snyder, Jr., Co-Trustees (hereinafter
referred to as “Owner”) to ILLINI BIO-ENERGY, LLC (hereinafter referred to as “Purchaser”).


 


WHEREAS,
pursuant to an Option Agreement dated June 29, 2005 Owner granted to Purchaser
an option to the Property described in said Option Agreement, which consists of
approximately 220 acres, more or less, located in Logan County, Illinois (a
copy of such Option Agreement is attached hereto as Exhibit A
and referred to hereinafter as “Option”); and


 


WHEREAS,
said Option expires June 29, 2007 and Owner and Purchaser desire to extend
the expiration of said Option through September 27, 2007 under the same
terms as the Option, except as such terms are modified hereafter.


 


NOW,
THEREFORE, Owner and Purchaser hereby agree to the foregoing recitals and
further agree as follows:


 


1.                                       Owner
and Purchaser agree that the Option Period shall be extended through September 27,
2007 and that except as modified herein, the terms of the Option shall continue
to be binding upon Owner and Purchaser until September 27, 2007.


 


2.                                       In
consideration for Owner granting the foregoing extension of the Option Period
to Purchaser, Purchaser shall pay to Owner, by wire transfer, the following
payments (“Extension Payments”):


 


a.                                       On
June 29, 2007, the sum of $18,500.00, of which $2,500.00 shall be applied
toward the purchase price if Purchaser elects to exercise its right to purchase
the


 


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property under the Option,
and $16,000.00 shall be non-refundable and shall not be applied toward the
purchase price; and


 


b.                                      If
Purchaser has not closed on the purchase of the property on or before August 1,
2007, on August 1, 2007 the additional sum of $16,000.00, which shall be
non-refundable and shall not be applied toward the purchase price; and


 


c.                                       If
Purchaser has not closed on the purchase of the property on or before September 1,
2007, on September 1, 2007 the additional sum of $16,000.00, which shall
be non-refundable and shall not be applied toward the purchase price.


 


3.                                       This
Extension of Option, along with the Option Agreement, as modified herein, is the
entire agreement of the parties with respect to its subject matter, and all
prior representations and negotiations are expressly disclaimed. This Agreement
may be amended only by a writing signed by all the parties.


 


4.                                       All
capitalized terms in this Extension of Option, if not defined herein, shall
have the same meaning as defined in the Option.


 


5.                                       This
Extension of Option may be executed in several counterparts, each of which
shall be an original, but all of which shall constitute one and the same instrument.


 


6.                                       This
Extension of Option shall be governed by and construed in all respects in
accordance with the laws of the State of Illinois.


 


IN
WITNESS WHEREOF, the parties hereto have executed this Extension of Option on
the date first hereinbefore mentioned.


 


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  OWNER:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  DAVID L. SCULLY
  TRUST #4

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ David L. Scully

  	
   

  	
   

  
	
   

  	
  David L. Scully, Co-trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Peter D. Scully

  	
   

  	
   

  
	
   

  	
  Peter D. Scully, Co-trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ John B. Snyder, Jr.

  	
   

  	
   

  
	
   

  	
  John B. Snyder, Jr., Co-trustee

  	
   

  	
   

  



 


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  PURCHASER:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  ILLINI
  BIO-ENERGY, LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
  /s/ Ernest D. Moody

  	
   

  
	
   

  	
  Ernest D. Moody, Chairman

  	
   

  



 


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