##### 



Exhibit 10.25
 * Portions omitted pursuant to a request for confidential treatment and filed separately
with the Securities and Exchange Commission.
 First Amendment
to the
Lump Sum Design-Build Agreement
between
Homeland Energy Solutions, LLC
and
Fagen, Inc.
dated July 6, 2007
  RECITALS
 A.
    
    Fagen and Owner desire to amend the Agreement to the benefit of each party.
 B.
    
    In exchange for an increase in the Contract Price, Fagen agrees to accept Notice to Proceed
earlier than required per the terms of the Agreement.
 NOW, THEREFORE
  6.2 Notice to Proceed; Commencement. Notice to Proceed
  1




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##### 



9.1 Contract Price.
 Contract Price
 9.2 Effect of Cost Increase on Contract Price.
   2




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##### 



9.2.1 Construction Cost Index Increase. Baseline Index CCI CCI
 9.3 Promissory Note.
  3




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##### 



Table 3 Owners Milestones
 Number Of Days To Be CompletedOwners Responsibilities
    
    After Notice To ProceedTemporary Electrical Service In Place
    
    0Obtain Builders Risk policy in the
amount of the Contract Price, obtain
Boiler and Machinery Insurance, and
obtain Terrorism Coverage per TRIA as
long as it is required under Article 17
of the Agreement.
    
    0Phase II Owner Deliverables (as defined
in Exhibit L)
    
    30Storm Water Permits Complete: Modify the
existing storm water discharge permit to
reflect the ethanol plant, if required.
    
    60Natural Gas/Propane Transportation /
Storage Agreement Complete
    
    90Water Supply and Service Agreements
Complete
    
    90Electrical Service Arrangement
    
    90Wastewater Discharge System Complete
    
    180TTB Operating Permits Complete
    
    200Discharge Permits Complete
    
    200Pumphouse/Water System Complete
    
    305Fire Protection System Complete
    
    305Paving (Plant Roads) Complete
    
    90 days prior to SCRail Spur Complete
    
    90 days prior to SCPermanent Electrical Service Complete
    
    60 days prior to SCMaintenance and Power Equipment Onsite
(Table 2)
    
    60 days prior to SCEmployees Hired and Ready for Training
    
    60 days prior to SCNatural Gas Pipeline/Delivery System
Complete
    
    60 days prior to SC
   4




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##### 



EXHIBIT E
 Schedule of Values
 HOMELAND ENERGY SOLUTIONS  New Hampton, IA  100 MGY Dry Grind Ethanol Plant
 DESCRIPTION1
    
    
    MOBILIZATION
    
    $
    20,000,0002
    
    
    ENGINEERING
    
    $
    [*]3
    
    
    GENERAL CONDITIONS
    
    $
    [*]4
    
    
    SITEWORK
    
    $
    [*]5
    
    
    CONCRETE
    
    $
    [*]6
    
    
    MASONRY / ARCHITECTURAL
    
    $
    [*]7
    
    
    STRUCTURAL STEEL  MISC. METALS
    
    $
    [*]8
    
    
    PRE-ENGINEERED BUILDINGS
    
    $
    [*]9
    
    
    GRAIN HANDLING SYSTEM
    
    $
    [*]10
    
    
    PROCESS TANKS & VESSELS
    
    $
    [*]11
    
    
    FIELD ERECTED TANKS
    
    $
    [*]12
    
    
    HEAT EXCHANGERS
    
    $
    [*]13
    
    
    PROCESS EQUIPMENT
    
    $
    [*]14
    
    
    CENTRIFUGES
    
    $
    [*]15
    
    
    CHILLER
    
    $
    [*]16
    
    
    TRUCK SCALES & PROBE
    
    $
    [*]17
    
    
    ETHANOL LOADOUT & FLARE SYSTEM
    
    $
    [*]18
    
    
    COOLING TOWER
    
    $
    [*]19
    
    
    DRYER SYSTEM
    
    $
    [*]20
    
    
    THERMAL OXIDIZER
    
    $
    [*]21
    
    
    METHANATOR
    
    $
    [*]22
    
    
    PROCESS PIPING & VALVES
    
    $
    [*]23
    
    
    PAINTING
    
    $
    [*]24
    
    
    INSULATION
    
    $
    [*]25
    
    
    PLUMBING & HVAC
    
    $
    [*]26
    
    
    ELECTRICAL
    
    $
    [*]27
    
    
    START-UP
    
    $
    [*]28
    
    
    DEMOBILIZATION
    
    $
    [*]$
    -TOTAL
    
    $
    120,000,000
 
  5




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##### 



Exhibit J
 Draw Schedule
 HOMELAND ENERGY SOLUTIONS  New Hampton, IA
 PreviouslyMonth #
    
    This Month
    
    
    Completed
    
    
    Total1
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]2
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]3
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]4
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]5
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]6
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]7
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]8
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]9
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]10
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]11
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]12
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]13
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]14
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]15
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]16
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    [*]17
    
    $
    [*]
    
    
    $
    [*]
    
    
    $
    120,000,000$
    120,000,000
 *** $20,000,000 Mobilization Fee included in 1st Billing
DISCLAIMER: This Draw (Payment) Schedule is an illustrative estimate only and is not
intended as actual payment amounts which will be based on Applications for Payment
issued pursuant to Article 10 of this Agreement.
 
  6




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##### 



OWNER:
    
    DESIGN-BUILDER:HOMELAND ENERGY SOLUTIONS
LLC
    
    FAGEN, INC.By:
    
    /s/ Stephen K. Eastman
    
    By:
    
    /s/ Roland Ron FagenAuthorized Representative
    
    
    
    Authorized RepresentativeTitle:
    
    President
    
    Title:
    
    COO and Pres
  7




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##### 



Exhibit 1
 Promissory Note




---



##### 



Exhibit 2
 Mortgage
 
  9




---



##### 



WITNESSETH
   REAL PROPERTY
 Exhibit A
  1




---



##### 



BUILDINGS, IMPROVEMENTS AND INTERESTS
      Personalty
    2




---



##### 



MAINTENANCE OF MORTGAGED PROPERTY
 General Maintenance
 INSURANCE
 Insurance
 Miscellaneous
 OFF-SET
 Off-Set
  3




---



##### 



TAXES AND IMPOSITIONS
 Payment of Taxes and Impositions
 Evidence of Payment
 Right to Contest
  4




---



##### 



ADDITIONAL COVENANTS
 Payment of Utilities and other Expenses
 Defense of Title
 Performance in Mortgagors Stead
 No Removal of Fixtures
 CONDEMNATION AWARDS
  DUE ON SALE
 Right to Accelerate
  5




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##### 



GENERAL PROVISIONS
 Notices
 If to Mortgagor:
    
    Homeland Energy Solutions, LLC
Attn: Stephen Eastman
951 North Linn Avenue
New Hampton, Iowa 50659with a copy to:
    
    Thomas D. Johnson
666 Grand Avenue, Suite 2000
Des Moines, Iowa, 50309If to Mortgagee:
    
    Fagen, Inc.
Attn: Jennifer Johnson
501 W Highway 212
P.O. Box 159
Granite Falls, Minnesota 56241
 Severability
 Amendments, Changes, and Modifications
  6




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##### 



Governing Law
 Interpretation
 Binding Effect
 Access
 Heirs, Successors, Etc., Definitions
 Agricultural Purposes; Homestead Waiver
 EVENTS OF DEFAULT AND REMEDIES
 Events of Default
   7




---



##### 



Acceleration; Notice
 Remedies
 Surrender of Possession
 Fixture Filing Exhibit C
 ppointing a Receiver
    8




---



##### 



No Remedy Exclusive
 Rights Upon Default
 Partial Release of Property
  MORTGAGOR:HOMELAND ENERGY SOLUTIONS, LLC an Iowa limited
liability companyBy:Stephen Eastman, President  9




---



##### 



STATE OF IOWA
    
    
    
    
    )
    
    
    :ss.COUNTY OF
    
    
    
    
    )
 
 NOTARY PUBLIC
  10




---



##### 



EXHIBIT A
  
  A-1




---



##### 



EXHIBIT B
  1.
    
    Mortgage dated  granted by the Mortgagor in favor of , securing indebtedness in the amount of $ .2.
    
    Easements and restrictive covenants of record.3.
    
    Taxes and Special Assessments.4.
    
    Zoning restrictions, ordinances and governmental restrictions.
 [Additional items to be added per title commitment]
  B-1




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##### 



EXHIBIT C
  The Secured Party is:
    
    Fagen, Inc.501 W. Highway 212P.O. Box 159Granite Falls, Minnesota 56241The Debtor is:
    
    Homeland Energy Solutions, LLC951 North Linn AvenueNew Hampton, Iowa 50659
   C-1